Tucows Inc. Registry Operations
Pro Forma Income Statement
Jan 2001 - Dec 2004
Month Total Total Total Total
Year   Jan-01 Feb-01 Mar-01 Apr-01 May-01 Jun-01 Jul-01 Aug-01 Sep-01 Oct-01 Nov-01 Dec-01 Total-01   Jan-02 Feb-02 Mar-02 Apr-02 May-02 Jun-02 Jul-02 Aug-02 Sep-02 Oct-02 Nov-02 Dec-02 Total-02   Jan-03 Feb-03 Mar-03 Apr-03 May-03 Jun-03 Jul-03 Aug-03 Sep-03 Oct-03 Nov-03 Dec-03 Total-03   Jan-04 Feb-04 Mar-04 Apr-04 May-04 Jun-04 Jul-04 Aug-04 Sep-04 Oct-04 Nov-04 Dec-04 Total-04   2001 2002 2003 2004
Registrations
New 37,500 37,500 56,300 56,300 75,000 75,000 56,300 56,300 75,000 75,000 56,300 93,800 750,300 43,100 43,100 64,700 64,700 86,300 86,300 64,700 64,700 86,300 86,300 64,700 107,800 862,700 49,600 49,600 74,400 74,400 99,200 99,200 74,400 74,400 99,200 99,200 74,400 124,000 992,000 57,000 57,000 85,500 85,500 114,100 114,100 85,500 85,500 114,100 114,100 85,500 142,600 1,140,500 750,300 862,700 992,000 1,140,500
Renewals & Transfers - - - - - - - - - - - - -   33,000 33,000 49,500 49,500 66,000 66,000 49,500 49,500 66,000 66,000 49,500 82,500 660,000   67,000 67,000 100,500 100,500 134,000 134,000 100,500 100,500 134,000 134,000 100,500 167,500 1,340,000   102,600 102,600 153,900 153,900 205,200 205,200 153,900 153,900 205,200 205,200 153,900 256,500 2,052,000   - 660,000 1,340,000 2,052,000
Total Registrations 37,500 37,500 56,300 56,300 75,000 75,000 56,300 56,300 75,000 75,000 56,300 93,800 750,300 76,100 76,100 114,200 114,200 152,300 152,300 114,200 114,200 152,300 152,300 114,200 190,300 1,522,700 116,600 116,600 174,900 174,900 233,200 233,200 174,900 174,900 233,200 233,200 174,900 291,500 2,332,000 159,600 159,600 239,400 239,400 319,300 319,300 239,400 239,400 319,300 319,300 239,400 399,100 3,192,500 750,300 1,522,700 2,332,000 3,192,500
Revenue
New Registrations 225,000 225,000 337,800 337,800 450,000 450,000 337,800 337,800 450,000 450,000 337,800 562,800 4,501,800 237,050 237,050 355,850 355,850 474,650 474,650 355,850 355,850 474,650 474,650 355,850 592,900 4,744,850 248,000 248,000 372,000 372,000 496,000 496,000 372,000 372,000 496,000 496,000 372,000 620,000 4,960,000 256,500 256,500 384,750 384,750 513,450 513,450 384,750 384,750 513,450 513,450 384,750 641,700 5,132,250 4,501,800 4,744,850 4,960,000 5,132,250
Renewals and Transfers - - - - - - - - - - - - - 181,500 181,500 272,250 272,250 363,000 363,000 272,250 272,250 363,000 363,000 272,250 453,750 3,630,000 335,000 335,000 502,500 502,500 670,000 670,000 502,500 502,500 670,000 670,000 502,500 837,500 6,700,000 461,700 461,700 692,550 692,550 923,400 923,400 692,550 692,550 923,400 923,400 692,550 1,154,250 9,234,000 - 3,630,000 6,700,000 9,234,000
Registrar Fees 45,000 30,000 15,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 117,000   9,000 9,000 9,000 9,000 9,000 9,000 9,000 6,000 6,000 6,000 6,000 6,000 93,000   9,000 9,000 9,000 9,000 9,000 9,000 9,000 6,000 6,000 6,000 6,000 6,000 93,000   9,000 9,000 9,000 9,000 9,000 9,000 9,000 6,000 6,000 6,000 6,000 6,000 93,000   117,000 93,000 93,000 93,000
270,000 255,000 352,800 340,800 453,000 453,000 340,800 340,800 453,000 453,000 340,800 565,800 4,618,800 427,550 427,550 637,100 637,100 846,650 846,650 637,100 634,100 843,650 843,650 634,100 1,052,650 8,467,850 592,000 592,000 883,500 883,500 1,175,000 1,175,000 883,500 880,500 1,172,000 1,172,000 880,500 1,463,500 11,753,000 727,200 727,200 1,086,300 1,086,300 1,445,850 1,445,850 1,086,300 1,083,300 1,442,850 1,442,850 1,083,300 1,801,950 14,459,250 4,618,800 8,467,850 11,753,000 14,459,250
Cost of Goods Sold
            0.30 ICANN 11,250 11,250 16,890 16,890 22,500 22,500 16,890 16,890 22,500 22,500 16,890 28,140 225,090 22,830 22,830 34,260 34,260 45,690 45,690 34,260 34,260 45,690 45,690 34,260 57,090 456,810 34,980 34,980 52,470 52,470 69,960 69,960 52,470 52,470 69,960 69,960 52,470 87,450 699,600 47,880 47,880 71,820 71,820 95,790 95,790 71,820 71,820 95,790 95,790 71,820 119,730 957,750 225,090 456,810 699,600 957,750
Sponsor 131,250 131,250 197,050 197,050 262,500 262,500 197,050 197,050 262,500 262,500 197,050 328,300 2,626,050   247,325 247,325 371,150 371,150 494,975 494,975 371,150 371,150 494,975 494,975 371,150 618,475 4,948,775   349,800 349,800 524,700 524,700 699,600 699,600 524,700 524,700 699,600 699,600 524,700 874,500 6,996,000   438,900 438,900 658,350 658,350 878,075 878,075 658,350 658,350 878,075 878,075 658,350 1,097,525 8,779,375   2,626,050 4,948,775 6,996,000 8,779,375
Total Cost of Goods Sold 142,500 142,500 213,940 213,940 285,000 285,000 213,940 213,940 285,000 285,000 213,940 356,440 2,851,140 270,155 270,155 405,410 405,410 540,665 540,665 405,410 405,410 540,665 540,665 405,410 675,565 5,405,585 384,780 384,780 577,170 577,170 769,560 769,560 577,170 577,170 769,560 769,560 577,170 961,950 7,695,600 486,780 486,780 730,170 730,170 973,865 973,865 730,170 730,170 973,865 973,865 730,170 1,217,255 9,737,125 2,851,140 5,405,585 7,695,600 9,737,125
Gross Profit 127,500 112,500 138,860 126,860 168,000 168,000 126,860 126,860 168,000 168,000 126,860 209,360 1,767,660 157,395 157,395 231,690 231,690 305,985 305,985 231,690 228,690 302,985 302,985 228,690 377,085 3,062,265 207,220 207,220 306,330 306,330 405,440 405,440 306,330 303,330 402,440 402,440 303,330 501,550 4,057,400 240,420 240,420 356,130 356,130 471,985 471,985 356,130 353,130 468,985 468,985 353,130 584,695 4,722,125 1,767,660 3,062,265 4,057,400 4,722,125
Gross Margin 47% 44% 39% 37% 37% 37% 37% 37% 37% 37% 37% 37% 38% 37% 37% 36% 36% 36% 36% 36% 36% 36% 36% 36% 36% 36% 35% 35% 35% 35% 35% 35% 35% 34% 34% 34% 34% 34% 35% 33% 33% 33% 33% 33% 33% 33% 33% 33% 33% 33% 32% 33% 38% 36% 35% 33%
Operating Expenses
Amortization 10,000 10,000 10,000 10,000 10,000 10,000 14,200 14,200 14,200 14,200 14,200 14,200 145,200 18,400 18,400 18,400 18,400 21,100 21,100 21,100 21,100 25,300 25,300 25,300 25,300 259,200 29,500 29,500 29,500 29,500 33,600 33,600 33,600 33,600 36,400 36,400 36,400 36,400 398,000 36,400 36,400 36,400 39,200 39,200 39,200 39,200 39,200 42,000 42,000 42,000 42,000 473,200 145,200 259,200 398,000 473,200
3.25% Bank Charges 8,800 8,300 11,500 11,100 14,700 14,700 11,100 11,100 14,700 14,700 11,100 18,400 150,200 13,900 13,900 20,700 20,700 27,500 27,500 20,700 20,600 27,400 27,400 20,600 34,200 275,100 19,200 19,200 28,700 28,700 38,200 38,200 28,700 28,600 38,100 38,100 28,600 47,600 381,900 23,600 23,600 35,300 35,300 47,000 47,000 35,300 35,200 46,900 46,900 35,200 58,600 469,900 150,200 275,100 381,900 469,900
Insurance 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 18,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 24,000 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 30,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 36,000 18,000 24,000 30,000 36,000
Marketing - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Office Supplies 750 750 750 750 750 750 750 750 750 750 750 750 9,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 12,000 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 15,000 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 18,000 9,000 12,000 15,000 18,000
Premises - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Accounting & Legal 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 12,000 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 15,000 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 18,000 1,750 1,750 1,750 1,750 1,750 1,750 1,750 1,750 1,750 1,750 1,750 1,750 21,000 12,000 15,000 18,000 21,000
Salaries & Benefits 23,800 23,800 27,500 27,500 27,500 27,500 27,500 27,500 37,800 37,800 38,900 38,900 366,000 40,900 40,900 40,900 40,900 40,900 40,900 40,900 40,900 40,900 40,900 42,800 42,800 494,600 45,100 45,100 45,100 45,100 45,100 45,100 45,100 45,100 45,100 45,100 47,500 47,500 546,000 49,900 49,900 49,900 49,900 49,900 49,900 49,900 49,900 49,900 49,900 52,300 52,300 603,600 366,000 494,600 546,000 603,600
Telecommunications 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 36,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 60,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 84,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 84,000 36,000 60,000 84,000 84,000
System Maintenance 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 36,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 60,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 84,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 84,000 36,000 60,000 84,000 84,000
Research & Development 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 120,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 180,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 180,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 180,000 120,000 180,000 180,000 180,000
Miscellaneous 750 750 750 750 750 750 750 750 750 750 750 750 9,000   1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 12,000   1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 15,000   1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 18,000   9,000 12,000 15,000 18,000
Total Operating Expenses 62,600 62,100 69,000 68,600 72,200 72,200 72,800 72,800 86,700 86,700 84,200 91,500 901,400 103,450 103,450 110,250 110,250 119,750 119,750 112,950 112,850 123,850 123,850 118,950 132,550 1,391,900 129,300 129,300 138,800 138,800 152,400 152,400 142,900 142,800 155,100 155,100 148,000 167,000 1,751,900 146,650 146,650 158,350 161,150 172,850 172,850 161,150 161,050 175,550 175,550 166,250 189,650 1,987,700 901,400 1,391,900 1,751,900 1,987,700
Income Before Taxes 64,900 50,400 69,860 58,260 95,800 95,800 54,060 54,060 81,300 81,300 42,660 117,860 866,260 53,945 53,945 121,440 121,440 186,235 186,235 118,740 115,840 179,135 179,135 109,740 244,535 1,670,365 77,920 77,920 167,530 167,530 253,040 253,040 163,430 160,530 247,340 247,340 155,330 334,550 2,305,500 93,770 93,770 197,780 194,980 299,135 299,135 194,980 192,080 293,435 293,435 186,880 395,045 2,734,425 866,260 1,670,365 2,305,500 2,734,425
- Taxes - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Net Income 64,900 50,400 69,860 58,260 95,800 95,800 54,060 54,060 81,300 81,300 42,660 117,860 866,260 53,945 53,945 121,440 121,440 186,235 186,235 118,740 115,840 179,135 179,135 109,740 244,535 1,670,365 77,920 77,920 167,530 167,530 253,040 253,040 163,430 160,530 247,340 247,340 155,330 334,550 2,305,500 93,770 93,770 197,780 194,980 299,135 299,135 194,980 192,080 293,435 293,435 186,880 395,045 2,734,425 866,260 1,670,365 2,305,500 2,734,425
19% 20% 20% 19%
Tucows Inc. Registry Operations
Pro Forma Cash Flow Statement
Jan 2001 - Dec 2004
Month
Year   Jan-01 Feb-01 Mar-01 Apr-01 May-01 Jun-01 Jul-01 Aug-01 Sep-01 Oct-01 Nov-01 Dec-01 Total-01   Jan-02 Feb-02 Mar-02 Apr-02 May-02 Jun-02 Jul-02 Aug-02 Sep-02 Oct-02 Nov-02 Dec-02 Total-02   Jan-03 Feb-03 Mar-03 Apr-03 May-03 Jun-03 Jul-03 Aug-03 Sep-03 Oct-03 Nov-03 Dec-03 Total-03   Jan-04 Feb-04 Mar-04 Apr-04 May-04 Jun-04 Jul-04 Aug-04 Sep-04 Oct-04 Nov-04 Dec-04 Total-04   2001 2002 2003 2004            
Cash Receipts
New Registrations - 225,000 225,000 337,800 337,800 450,000 450,000 337,800 337,800 450,000 450,000 337,800 3,939,000 562,800 237,050 237,050 355,850 355,850 474,650 474,650 355,850 355,850 474,650 474,650 355,850 4,714,750 592,900 248,000 248,000 372,000 372,000 496,000 496,000 372,000 372,000 496,000 496,000 372,000 4,932,900 620,000 256,500 256,500 384,750 384,750 513,450 513,450 384,750 384,750 513,450 513,450 384,750 5,110,550 3,939,000 4,714,750 4,932,900 5,110,550
Renewals and Transfers - - - - - - - - - - - - - - 181,500 181,500 272,250 272,250 363,000 363,000 272,250 272,250 363,000 363,000 272,250 3,176,250 453,750 335,000 335,000 502,500 502,500 670,000 670,000 502,500 502,500 670,000 670,000 502,500 6,316,250 837,500 461,700 461,700 692,550 692,550 923,400 923,400 692,550 692,550 923,400 923,400 692,550 8,917,250 - 3,176,250 6,316,250 8,917,250
Registrar Fees - 45,000 30,000 15,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 114,000   3,000 9,000 9,000 9,000 9,000 9,000 9,000 9,000 6,000 6,000 6,000 6,000 90,000   6,000 9,000 9,000 9,000 9,000 9,000 9,000 9,000 6,000 6,000 6,000 6,000 93,000   6,000 9,000 9,000 9,000 9,000 9,000 9,000 9,000 6,000 6,000 6,000 6,000 93,000   114,000 90,000 93,000 93,000  
Cash Receipts - 270,000 255,000 352,800 340,800 453,000 453,000 340,800 340,800 453,000 453,000 340,800 4,053,000 565,800 427,550 427,550 637,100 637,100 846,650 846,650 637,100 634,100 843,650 843,650 634,100 7,981,000 1,052,650 592,000 592,000 883,500 883,500 1,175,000 1,175,000 883,500 880,500 1,172,000 1,172,000 880,500 11,342,150 1,463,500 727,200 727,200 1,086,300 1,086,300 1,445,850 1,445,850 1,086,300 1,083,300 1,442,850 1,442,850 1,083,300 14,120,800 4,053,000 7,981,000 11,342,150 14,120,800  
Disbursements
ICANN - 11,250 11,250 16,890 16,890 22,500 22,500 16,890 16,890 22,500 22,500 16,890 196,950 28,140 22,830 22,830 34,260 34,260 45,690 45,690 34,260 34,260 45,690 45,690 34,260 427,860 57,090 34,980 34,980 52,470 52,470 69,960 69,960 52,470 52,470 69,960 69,960 52,470 669,240 87,450 47,880 47,880 71,820 71,820 95,790 95,790 71,820 71,820 95,790 95,790 71,820 925,470 196,950 427,860 669,240 925,470 2,219,520 2,219,520
Sponsor - 131,250 131,250 197,050 197,050 262,500 262,500 197,050 197,050 262,500 262,500 197,050 2,297,750 328,300 247,325 247,325 371,150 371,150 494,975 494,975 371,150 371,150 494,975 494,975 371,150 4,658,600 618,475 349,800 349,800 524,700 524,700 699,600 699,600 524,700 524,700 699,600 699,600 524,700 6,739,975 874,500 438,900 438,900 658,350 658,350 878,075 878,075 658,350 658,350 878,075 878,075 658,350 8,556,350 2,297,750 4,658,600 6,739,975 8,556,350 22,252,675 22,252,675
Bank Charges 8,800 8,300 11,500 11,100 14,700 14,700 11,100 11,100 14,700 14,700 11,100 18,400 150,200 13,900 13,900 20,700 20,700 27,500 27,500 20,700 20,600 27,400 27,400 20,600 34,200 275,100 19,200 19,200 28,700 28,700 38,200 38,200 28,700 28,600 38,100 38,100 28,600 47,600 381,900 23,600 23,600 35,300 35,300 47,000 47,000 35,300 35,200 46,900 46,900 35,200 58,600 469,900 150,200 275,100 381,900 469,900 1,277,100 1,277,100
Insurance 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 18,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 24,000 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 30,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 36,000 18,000 24,000 30,000 36,000 108,000
Marketing - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Office Supplies 750 750 750 750 750 750 750 750 750 750 750 750 9,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 12,000 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 15,000 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 18,000 9,000 12,000 15,000 18,000 54,000
Premises - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Accounting & Legal 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 12,000 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 15,000 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 18,000 1,750 1,750 1,750 1,750 1,750 1,750 1,750 1,750 1,750 1,750 1,750 1,750 21,000 12,000 15,000 18,000 21,000 66,000
Salaries & Benefits 23,800 23,800 27,500 27,500 27,500 27,500 27,500 27,500 37,800 37,800 38,900 38,900 366,000 40,900 40,900 40,900 40,900 40,900 40,900 40,900 40,900 40,900 40,900 42,800 42,800 494,600 45,100 45,100 45,100 45,100 45,100 45,100 45,100 45,100 45,100 45,100 47,500 47,500 546,000 49,900 49,900 49,900 49,900 49,900 49,900 49,900 49,900 49,900 49,900 52,300 52,300 603,600 366,000 494,600 546,000 603,600 2,010,200 2,010,200
Telecommunications 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 36,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 60,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 84,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 84,000 36,000 60,000 84,000 84,000 264,000
System Maintenance 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 36,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 60,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 84,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 84,000 36,000 60,000 84,000 84,000 264,000
Research & Development 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 120,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 180,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 180,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 180,000 120,000 180,000 180,000 180,000 660,000 660,000  
Miscellaneous 750 750 750 750 750 750 750 750 750 750 750 750 9,000   1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 12,000   1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 15,000   1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 18,000   9,000 12,000 15,000 18,000 54,000  
Total Operating Disbursements 52,600 194,600 201,500 272,540 276,140 347,200 343,600 272,540 286,440 357,500 355,000 291,240 3,250,900 441,490 355,205 362,005 497,260 504,060 639,315 632,515 497,160 503,960 639,215 634,315 512,660 6,219,160 775,365 484,580 494,080 686,470 695,970 888,360 878,860 686,370 695,870 888,260 881,160 707,770 8,763,115 1,072,200 597,030 608,730 852,120 863,820 1,107,515 1,095,815 852,020 863,720 1,107,415 1,098,115 877,820 10,996,320 3,250,900 6,219,160 8,763,115 10,996,320 29,229,495 28,419,495 810,000
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Cash Flow from Operations (52,600) 75,400 53,500 80,260 64,660 105,800 109,400 68,260 54,360 95,500 98,000 49,560 802,100 124,310 72,345 65,545 139,840 133,040 207,335 214,135 139,940 130,140 204,435 209,335 121,440 1,761,840 277,285 107,420 97,920 197,030 187,530 286,640 296,140 197,130 184,630 283,740 290,840 172,730 2,579,035 391,300 130,170 118,470 234,180 222,480 338,335 350,035 234,280 219,580 335,435 344,735 205,480 3,124,480 802,100 1,761,840 2,579,035 3,124,480 8,267,455
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Capital Assets (358,250) - (2,750) - - - (150,000) - - - - - (511,000) (150,000) - - - (100,000) - - - (150,000) - - - (400,000) (150,000) - - - (150,000) - - - (100,000) - - - (400,000) - - - (100,000) - - - - (100,000) - - - (200,000) (511,000) (400,000) (400,000) (200,000) (1,511,000)
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Capital Raised Through Equity - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
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Taxes Paid - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
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Net Cash Flow - Period (410,850) 75,400 50,750 80,260 64,660 105,800 (40,600) 68,260 54,360 95,500 98,000 49,560 291,100 (25,690) 72,345 65,545 139,840 33,040 207,335 214,135 139,940 (19,860) 204,435 209,335 121,440 1,361,840 127,285 107,420 97,920 197,030 37,530 286,640 296,140 197,130 84,630 283,740 290,840 172,730 2,179,035 391,300 130,170 118,470 134,180 222,480 338,335 350,035 234,280 119,580 335,435 344,735 205,480 2,924,480 291,100 1,361,840 2,179,035 2,924,480 6,756,455
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- Closing Cash Position (410,850) (335,450) (284,700) (204,440) (139,780) (33,980) (74,580) (6,320) 48,040 143,540 241,540 291,100 291,100 265,410 337,755 403,300 543,140 576,180 783,515 997,650 1,137,590 1,117,730 1,322,165 1,531,500 1,652,940 1,652,940 1,780,225 1,887,645 1,985,565 2,182,595 2,220,125 2,506,765 2,802,905 3,000,035 3,084,665 3,368,405 3,659,245 3,831,975 3,831,975 4,223,275 4,353,445 4,471,915 4,606,095 4,828,575 5,166,910 5,516,945 5,751,225 5,870,805 6,206,240 6,550,975 6,756,455 6,756,455 291,100 1,652,940 3,831,975 6,756,455 12,532,470
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Tucows Inc. Registry Operations
Pro Forma Balance Sheet
Year Ending December 31st
Month
Year   Jan-01 Feb-01 Mar-01 Apr-01 May-01 Jun-01 Jul-01 Aug-01 Sep-01 Oct-01 Nov-01 Dec-01 Total-01   Jan-02 Feb-02 Mar-02 Apr-02 May-02 Jun-02 Jul-02 Aug-02 Sep-02 Oct-02 Nov-02 Dec-02 Total-02   Jan-03 Feb-03 Mar-03 Apr-03 May-03 Jun-03 Jul-03 Aug-03 Sep-03 Oct-03 Nov-03 Dec-03 Total-03   Jan-04 Feb-04 Mar-04 Apr-04 May-04 Jun-04 Jul-04 Aug-04 Sep-04 Oct-04 Nov-04 Dec-04 Total-04   2001 2002 2003 2004
Assets
Current Assets
Cash (410,850) (335,450) (284,700) (204,440) (139,780) (33,980) (74,580) (6,320) 48,040 143,540 241,540 291,100 291,100 265,410 337,755 403,300 543,140 576,180 783,515 997,650 1,137,590 1,117,730 1,322,165 1,531,500 1,652,940 1,652,940 1,780,225 1,887,645 1,985,565 2,182,595 2,220,125 2,506,765 2,802,905 3,000,035 3,084,665 3,368,405 3,659,245 3,831,975 3,831,975 4,223,275 4,353,445 4,471,915 4,606,095 4,828,575 5,166,910 5,516,945 5,751,225 5,870,805 6,206,240 6,550,975 6,756,455 6,756,455 291,100 1,652,940 3,831,975 6,756,455
Accounts Receivable 270,000 255,000 352,800 340,800 453,000 453,000 340,800 340,800 453,000 453,000 340,800 565,800 565,800 427,550 427,550 637,100 637,100 846,650 846,650 637,100 634,100 843,650 843,650 634,100 1,052,650 1,052,650 592,000 592,000 883,500 883,500 1,175,000 1,175,000 883,500 880,500 1,172,000 1,172,000 880,500 1,463,500 1,463,500 727,200 727,200 1,086,300 1,086,300 1,445,850 1,445,850 1,086,300 1,083,300 1,442,850 1,442,850 1,083,300 1,801,950 1,801,950 565,800 1,052,650 1,463,500 1,801,950
Prepaid Expenses - - - - - - - - - - - - -   - - - - - - - - - - - - -   - - - - - - - - - - - - -   - - - - - - - - - - - - -   - - - -
Total Current Assets (140,850) (80,450) 68,100 136,360 313,220 419,020 266,220 334,480 501,040 596,540 582,340 856,900 856,900 692,960 765,305 1,040,400 1,180,240 1,422,830 1,630,165 1,634,750 1,771,690 1,961,380 2,165,815 2,165,600 2,705,590 2,705,590 2,372,225 2,479,645 2,869,065 3,066,095 3,395,125 3,681,765 3,686,405 3,880,535 4,256,665 4,540,405 4,539,745 5,295,475 5,295,475 4,950,475 5,080,645 5,558,215 5,692,395 6,274,425 6,612,760 6,603,245 6,834,525 7,313,655 7,649,090 7,634,275 8,558,405 8,558,405 856,900 2,705,590 5,295,475 8,558,405
Fixed Assets
Fixed Assets 358,250 358,250 361,000 361,000 361,000 361,000 511,000 511,000 511,000 511,000 511,000 511,000 511,000 661,000 661,000 661,000 661,000 761,000 761,000 761,000 761,000 911,000 911,000 911,000 911,000 911,000 1,061,000 1,061,000 1,061,000 1,061,000 1,211,000 1,211,000 1,211,000 1,211,000 1,311,000 1,311,000 1,311,000 1,311,000 1,311,000 1,311,000 1,311,000 1,311,000 1,411,000 1,411,000 1,411,000 1,411,000 1,411,000 1,511,000 1,511,000 1,511,000 1,511,000 1,511,000 511,000 911,000 1,311,000 1,511,000
  Cumulative Amortization (10,000) (20,000) (30,000) (40,000) (50,000) (60,000) (74,200) (88,400) (102,600) (116,800) (131,000) (145,200) (145,200)   (163,600) (182,000) (200,400) (218,800) (239,900) (261,000) (282,100) (303,200) (328,500) (353,800) (379,100) (404,400) (404,400)   (433,900) (463,400) (492,900) (522,400) (556,000) (589,600) (623,200) (656,800) (693,200) (729,600) (766,000) (802,400) (802,400)   (838,800) (875,200) (911,600) (950,800) (990,000) (1,029,200) (1,068,400) (1,107,600) (1,149,600) (1,191,600) (1,233,600) (1,275,600) (1,275,600)   (145,200) (404,400) (802,400) (1,275,600)
Total Fixed Assets 348,250 338,250 331,000 321,000 311,000 301,000 436,800 422,600 408,400 394,200 380,000 365,800 365,800 497,400 479,000 460,600 442,200 521,100 500,000 478,900 457,800 582,500 557,200 531,900 506,600 506,600 627,100 597,600 568,100 538,600 655,000 621,400 587,800 554,200 617,800 581,400 545,000 508,600 508,600 472,200 435,800 399,400 460,200 421,000 381,800 342,600 303,400 361,400 319,400 277,400 235,400 235,400 365,800 506,600 508,600 235,400
Total Assets 207,400 257,800 399,100 457,360 624,220 720,020 703,020 757,080 909,440 990,740 962,340 1,222,700 1,222,700 1,190,360 1,244,305 1,501,000 1,622,440 1,943,930 2,130,165 2,113,650 2,229,490 2,543,880 2,723,015 2,697,500 3,212,190 3,212,190 2,999,325 3,077,245 3,437,165 3,604,695 4,050,125 4,303,165 4,274,205 4,434,735 4,874,465 5,121,805 5,084,745 5,804,075 5,804,075 5,422,675 5,516,445 5,957,615 6,152,595 6,695,425 6,994,560 6,945,845 7,137,925 7,675,055 7,968,490 7,911,675 8,793,805 8,793,805 1,222,700 3,212,190 5,804,075 8,793,805
Liabilities & Shareholders' Equity
Current Liabilities
Accounts Payable 142,500 142,500 213,940 213,940 285,000 285,000 213,940 213,940 285,000 285,000 213,940 356,440 356,440 270,155 270,155 405,410 405,410 540,665 540,665 405,410 405,410 540,665 540,665 405,410 675,565 675,565 384,780 384,780 577,170 577,170 769,560 769,560 577,170 577,170 769,560 769,560 577,170 961,950 961,950 486,780 486,780 730,170 730,170 973,865 973,865 730,170 730,170 973,865 973,865 730,170 1,217,255 1,217,255 356,440 675,565 961,950 1,217,255
Advances from Shareholders - - - - - - - - - - - - -   - - - - - - - - - - - - -   - - - - - - - - - - - - -   - - - - - - - - - - - - -   - - - -
Total Current Liabilities 142,500 142,500 213,940 213,940 285,000 285,000 213,940 213,940 285,000 285,000 213,940 356,440 356,440 270,155 270,155 405,410 405,410 540,665 540,665 405,410 405,410 540,665 540,665 405,410 675,565 675,565 384,780 384,780 577,170 577,170 769,560 769,560 577,170 577,170 769,560 769,560 577,170 961,950 961,950 486,780 486,780 730,170 730,170 973,865 973,865 730,170 730,170 973,865 973,865 730,170 1,217,255 1,217,255 356,440 675,565 961,950 1,217,255
Shareholders  Equity
Capital Stock - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Retained Earnings (Deficit) 64,900 115,300 185,160 243,420 339,220 435,020 489,080 543,140 624,440 705,740 748,400 866,260 866,260   920,205 974,150 1,095,590 1,217,030 1,403,265 1,589,500 1,708,240 1,824,080 2,003,215 2,182,350 2,292,090 2,536,625 2,536,625   2,614,545 2,692,465 2,859,995 3,027,525 3,280,565 3,533,605 3,697,035 3,857,565 4,104,905 4,352,245 4,507,575 4,842,125 4,842,125   4,935,895 5,029,665 5,227,445 5,422,425 5,721,560 6,020,695 6,215,675 6,407,755 6,701,190 6,994,625 7,181,505 7,576,550 7,576,550   866,260 2,536,625 4,842,125 7,576,550
Total Shareholders' Equity 64,900 115,300 185,160 243,420 339,220 435,020 489,080 543,140 624,440 705,740 748,400 866,260 866,260 920,205 974,150 1,095,590 1,217,030 1,403,265 1,589,500 1,708,240 1,824,080 2,003,215 2,182,350 2,292,090 2,536,625 2,536,625 2,614,545 2,692,465 2,859,995 3,027,525 3,280,565 3,533,605 3,697,035 3,857,565 4,104,905 4,352,245 4,507,575 4,842,125 4,842,125 4,935,895 5,029,665 5,227,445 5,422,425 5,721,560 6,020,695 6,215,675 6,407,755 6,701,190 6,994,625 7,181,505 7,576,550 7,576,550 866,260 2,536,625 4,842,125 7,576,550
Total Liabilities & Equity 207,400 257,800 399,100 457,360 624,220 720,020 703,020 757,080 909,440 990,740 962,340 1,222,700 1,222,700 1,190,360 1,244,305 1,501,000 1,622,440 1,943,930 2,130,165 2,113,650 2,229,490 2,543,880 2,723,015 2,697,500 3,212,190 3,212,190 2,999,325 3,077,245 3,437,165 3,604,695 4,050,125 4,303,165 4,274,205 4,434,735 4,874,465 5,121,805 5,084,745 5,804,075 5,804,075 5,422,675 5,516,445 5,957,615 6,152,595 6,695,425 6,994,560 6,945,845 7,137,925 7,675,055 7,968,490 7,911,675 8,793,805 8,793,805 1,222,700 3,212,190 5,804,075 8,793,805
Net Tangible Assets (62,600) 2,800 46,300 116,560 171,220 267,020 362,220 416,280 456,440 537,740 621,540 656,900 656,900   762,810 816,755 863,900 985,340 1,097,280 1,283,515 1,476,550 1,595,390 1,700,230 1,879,365 2,063,400 2,159,540 2,159,540   2,407,325 2,485,245 2,553,665 2,721,195 2,875,125 3,128,165 3,390,705 3,554,235 3,702,465 3,949,805 4,204,245 4,340,575 4,340,575   4,695,475 4,789,245 4,871,315 5,066,295 5,249,575 5,548,710 5,859,545 6,054,625 6,232,205 6,525,640 6,828,375 6,991,855 6,991,855   656,900 2,159,540 4,340,575 6,991,855
Balance Sheet Check Digit - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Income Statement check - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
SCFP check - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -