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 30,000 30,000 45,000 45,000 60,000 60,000 45,000 45,000 60,000 60,000 45,000 75,000 600,000 34,500 34,500 51,800 51,800 69,000 69,000 51,800 51,800 69,000 69,000 51,800 86,300 690,300 39,700 39,700 59,500 59,500 79,400 79,400 59,500 59,500 79,400 79,400 59,500 99,200 793,700 45,600 45,600 68,400 68,400 91,300 91,300 68,400 68,400 91,300 91,300 68,400 114,100 912,500 600,000 690,300 793,700 912,500
Renewals & Transfers - - - - - - - - - - - - -   26,400 26,400 39,600 39,600 52,800 52,800 39,600 39,600 52,800 52,800 39,600 66,000 528,000   53,600 53,600 80,400 80,400 107,200 107,200 80,400 80,400 107,200 107,200 80,400 134,000 1,072,000   82,100 82,100 123,100 123,100 164,200 164,200 123,100 123,100 164,200 164,200 123,100 205,200 1,641,700   - 528,000 1,072,000 1,641,700
Total Registrations 30,000 30,000 45,000 45,000 60,000 60,000 45,000 45,000 60,000 60,000 45,000 75,000 600,000 60,900 60,900 91,400 91,400 121,800 121,800 91,400 91,400 121,800 121,800 91,400 152,300 1,218,300 93,300 93,300 139,900 139,900 186,600 186,600 139,900 139,900 186,600 186,600 139,900 233,200 1,865,700 127,700 127,700 191,500 191,500 255,500 255,500 191,500 191,500 255,500 255,500 191,500 319,300 2,554,200 600,000 1,218,300 1,865,700 2,554,200
Revenue
New Registrations 180,000 180,000 270,000 270,000 360,000 360,000 270,000 270,000 360,000 360,000 270,000 450,000 3,600,000 189,750 189,750 284,900 284,900 379,500 379,500 284,900 284,900 379,500 379,500 284,900 474,650 3,796,650 198,500 198,500 297,500 297,500 397,000 397,000 297,500 297,500 397,000 397,000 297,500 496,000 3,968,500 205,200 205,200 307,800 307,800 410,850 410,850 307,800 307,800 410,850 410,850 307,800 513,450 4,106,250 3,600,000 3,796,650 3,968,500 4,106,250
Renewals and Transfers - - - - - - - - - - - - - 145,200 145,200 217,800 217,800 290,400 290,400 217,800 217,800 290,400 290,400 217,800 363,000 2,904,000 268,000 268,000 402,000 402,000 536,000 536,000 402,000 402,000 536,000 536,000 402,000 670,000 5,360,000 369,450 369,450 553,950 553,950 738,900 738,900 553,950 553,950 738,900 738,900 553,950 923,400 7,387,650 - 2,904,000 5,360,000 7,387,650
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
225,000 210,000 285,000 273,000 363,000 363,000 273,000 273,000 363,000 363,000 273,000 453,000 3,717,000 343,950 343,950 511,700 511,700 678,900 678,900 511,700 508,700 675,900 675,900 508,700 843,650 6,793,650 475,500 475,500 708,500 708,500 942,000 942,000 708,500 705,500 939,000 939,000 705,500 1,172,000 9,421,500 583,650 583,650 870,750 870,750 1,158,750 1,158,750 870,750 867,750 1,155,750 1,155,750 867,750 1,442,850 11,586,900 3,717,000 6,793,650 9,421,500 11,586,900
Cost of Goods Sold
            0.30 ICANN 9,000 9,000 13,500 13,500 18,000 18,000 13,500 13,500 18,000 18,000 13,500 22,500 180,000 18,270 18,270 27,420 27,420 36,540 36,540 27,420 27,420 36,540 36,540 27,420 45,690 365,490 27,990 27,990 41,970 41,970 55,980 55,980 41,970 41,970 55,980 55,980 41,970 69,960 559,710 38,310 38,310 57,450 57,450 76,650 76,650 57,450 57,450 76,650 76,650 57,450 95,790 766,260 180,000 365,490 559,710 766,260
Sponsor 105,000 105,000 157,500 157,500 210,000 210,000 157,500 157,500 210,000 210,000 157,500 262,500 2,100,000   197,925 197,925 297,050 297,050 395,850 395,850 297,050 297,050 395,850 395,850 297,050 494,975 3,959,475   279,900 279,900 419,700 419,700 559,800 559,800 419,700 419,700 559,800 559,800 419,700 699,600 5,597,100   351,175 351,175 526,625 526,625 702,625 702,625 526,625 526,625 702,625 702,625 526,625 878,075 7,024,050   2,100,000 3,959,475 5,597,100 7,024,050
Total Cost of Goods Sold 114,000 114,000 171,000 171,000 228,000 228,000 171,000 171,000 228,000 228,000 171,000 285,000 2,280,000 216,195 216,195 324,470 324,470 432,390 432,390 324,470 324,470 432,390 432,390 324,470 540,665 4,324,965 307,890 307,890 461,670 461,670 615,780 615,780 461,670 461,670 615,780 615,780 461,670 769,560 6,156,810 389,485 389,485 584,075 584,075 779,275 779,275 584,075 584,075 779,275 779,275 584,075 973,865 7,790,310 2,280,000 4,324,965 6,156,810 7,790,310
Gross Profit 111,000 96,000 114,000 102,000 135,000 135,000 102,000 102,000 135,000 135,000 102,000 168,000 1,437,000 127,755 127,755 187,230 187,230 246,510 246,510 187,230 184,230 243,510 243,510 184,230 302,985 2,468,685 167,610 167,610 246,830 246,830 326,220 326,220 246,830 243,830 323,220 323,220 243,830 402,440 3,264,690 194,165 194,165 286,675 286,675 379,475 379,475 286,675 283,675 376,475 376,475 283,675 468,985 3,796,590 1,437,000 2,468,685 3,264,690 3,796,590
Gross Margin 49% 46% 40% 37% 37% 37% 37% 37% 37% 37% 37% 37% 39% 37% 37% 37% 37% 36% 36% 37% 36% 36% 36% 36% 36% 36% 35% 35% 35% 35% 35% 35% 35% 35% 34% 34% 35% 34% 35% 33% 33% 33% 33% 33% 33% 33% 33% 33% 33% 33% 33% 33% 39% 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 7,300 6,800 9,300 8,900 11,800 11,800 8,900 8,900 11,800 11,800 8,900 14,700 120,900 11,200 11,200 16,600 16,600 22,100 22,100 16,600 16,500 22,000 22,000 16,500 27,400 220,800 15,500 15,500 23,000 23,000 30,600 30,600 23,000 22,900 30,500 30,500 22,900 38,100 306,100 19,000 19,000 28,300 28,300 37,700 37,700 28,300 28,200 37,600 37,600 28,200 46,900 376,800 120,900 220,800 306,100 376,800
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 61,100 60,600 66,800 66,400 69,300 69,300 70,600 70,600 83,800 83,800 82,000 87,800 872,100 100,750 100,750 106,150 106,150 114,350 114,350 108,850 108,750 118,450 118,450 114,850 125,750 1,337,600 125,600 125,600 133,100 133,100 144,800 144,800 137,200 137,100 147,500 147,500 142,300 157,500 1,676,100 142,050 142,050 151,350 154,150 163,550 163,550 154,150 154,050 166,250 166,250 159,250 177,950 1,894,600 872,100 1,337,600 1,676,100 1,894,600
Income Before Taxes 49,900 35,400 47,200 35,600 65,700 65,700 31,400 31,400 51,200 51,200 20,000 80,200 564,900 27,005 27,005 81,080 81,080 132,160 132,160 78,380 75,480 125,060 125,060 69,380 177,235 1,131,085 42,010 42,010 113,730 113,730 181,420 181,420 109,630 106,730 175,720 175,720 101,530 244,940 1,588,590 52,115 52,115 135,325 132,525 215,925 215,925 132,525 129,625 210,225 210,225 124,425 291,035 1,901,990 564,900 1,131,085 1,588,590 1,901,990
- Taxes - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Net Income 49,900 35,400 47,200 35,600 65,700 65,700 31,400 31,400 51,200 51,200 20,000 80,200 564,900 27,005 27,005 81,080 81,080 132,160 132,160 78,380 75,480 125,060 125,060 69,380 177,235 1,131,085 42,010 42,010 113,730 113,730 181,420 181,420 109,630 106,730 175,720 175,720 101,530 244,940 1,588,590 52,115 52,115 135,325 132,525 215,925 215,925 132,525 129,625 210,225 210,225 124,425 291,035 1,901,990 564,900 1,131,085 1,588,590 1,901,990
15% 17% 17% 16%
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 - 180,000 180,000 270,000 270,000 360,000 360,000 270,000 270,000 360,000 360,000 270,000 3,150,000 450,000 189,750 189,750 284,900 284,900 379,500 379,500 284,900 284,900 379,500 379,500 284,900 3,772,000 474,650 198,500 198,500 297,500 297,500 397,000 397,000 297,500 297,500 397,000 397,000 297,500 3,947,150 496,000 205,200 205,200 307,800 307,800 410,850 410,850 307,800 307,800 410,850 410,850 307,800 4,088,800 3,150,000 3,772,000 3,947,150 4,088,800
Renewals and Transfers - - - - - - - - - - - - - - 145,200 145,200 217,800 217,800 290,400 290,400 217,800 217,800 290,400 290,400 217,800 2,541,000 363,000 268,000 268,000 402,000 402,000 536,000 536,000 402,000 402,000 536,000 536,000 402,000 5,053,000 670,000 369,450 369,450 553,950 553,950 738,900 738,900 553,950 553,950 738,900 738,900 553,950 7,134,250 - 2,541,000 5,053,000 7,134,250
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 - 225,000 210,000 285,000 273,000 363,000 363,000 273,000 273,000 363,000 363,000 273,000 3,264,000 453,000 343,950 343,950 511,700 511,700 678,900 678,900 511,700 508,700 675,900 675,900 508,700 6,403,000 843,650 475,500 475,500 708,500 708,500 942,000 942,000 708,500 705,500 939,000 939,000 705,500 9,093,150 1,172,000 583,650 583,650 870,750 870,750 1,158,750 1,158,750 870,750 867,750 1,155,750 1,155,750 867,750 11,316,050 3,264,000 6,403,000 9,093,150 11,316,050  
Disbursements
ICANN - 9,000 9,000 13,500 13,500 18,000 18,000 13,500 13,500 18,000 18,000 13,500 157,500 22,500 18,270 18,270 27,420 27,420 36,540 36,540 27,420 27,420 36,540 36,540 27,420 342,300 45,690 27,990 27,990 41,970 41,970 55,980 55,980 41,970 41,970 55,980 55,980 41,970 535,440 69,960 38,310 38,310 57,450 57,450 76,650 76,650 57,450 57,450 76,650 76,650 57,450 740,430 157,500 342,300 535,440 740,430 1,775,670
Sponsor - 105,000 105,000 157,500 157,500 210,000 210,000 157,500 157,500 210,000 210,000 157,500 1,837,500 262,500 197,925 197,925 297,050 297,050 395,850 395,850 297,050 297,050 395,850 395,850 297,050 3,727,000 494,975 279,900 279,900 419,700 419,700 559,800 559,800 419,700 419,700 559,800 559,800 419,700 5,392,475 699,600 351,175 351,175 526,625 526,625 702,625 702,625 526,625 526,625 702,625 702,625 526,625 6,845,575 1,837,500 3,727,000 5,392,475 6,845,575 17,802,550
Bank Charges 7,300 6,800 9,300 8,900 11,800 11,800 8,900 8,900 11,800 11,800 8,900 14,700 120,900 11,200 11,200 16,600 16,600 22,100 22,100 16,600 16,500 22,000 22,000 16,500 27,400 220,800 15,500 15,500 23,000 23,000 30,600 30,600 23,000 22,900 30,500 30,500 22,900 38,100 306,100 19,000 19,000 28,300 28,300 37,700 37,700 28,300 28,200 37,600 37,600 28,200 46,900 376,800 120,900 220,800 306,100 376,800 1,024,600
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 Disbursements 51,100 164,600 170,800 227,400 230,300 287,300 284,400 227,400 240,600 297,600 295,800 244,600 2,721,900 367,350 298,545 303,945 412,220 417,720 525,640 520,140 412,120 417,620 525,540 521,940 424,920 5,147,700 636,765 403,990 411,490 565,270 572,870 726,980 719,380 565,170 572,770 726,880 721,680 582,770 7,206,015 875,210 495,135 504,435 699,025 708,425 903,625 894,225 698,925 708,325 903,525 896,525 720,025 9,007,405 2,721,900 5,147,700 7,206,015 9,007,405
Cash Flow from Operations (51,100) 60,400 39,200 57,600 42,700 75,700 78,600 45,600 32,400 65,400 67,200 28,400 542,100 85,650 45,405 40,005 99,480 93,980 153,260 158,760 99,580 91,080 150,360 153,960 83,780 1,255,300 206,885 71,510 64,010 143,230 135,630 215,020 222,620 143,330 132,730 212,120 217,320 122,730 1,887,135 296,790 88,515 79,215 171,725 162,325 255,125 264,525 171,825 159,425 252,225 259,225 147,725 2,308,645 542,100 1,255,300 1,887,135 2,308,645
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)
Capital Raised Through Equity - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
- - - - -
Taxes Paid - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Net Cash Flow - Period (409,350) 60,400 36,450 57,600 42,700 75,700 (71,400) 45,600 32,400 65,400 67,200 28,400 31,100 (64,350) 45,405 40,005 99,480 (6,020) 153,260 158,760 99,580 (58,920) 150,360 153,960 83,780 855,300 56,885 71,510 64,010 143,230 (14,370) 215,020 222,620 143,330 32,730 212,120 217,320 122,730 1,487,135 296,790 88,515 79,215 71,725 162,325 255,125 264,525 171,825 59,425 252,225 259,225 147,725 2,108,645 31,100 855,300 1,487,135 2,108,645
- Closing Cash Position (409,350) (348,950) (312,500) (254,900) (212,200) (136,500) (207,900) (162,300) (129,900) (64,500) 2,700 31,100 31,100 (33,250) 12,155 52,160 151,640 145,620 298,880 457,640 557,220 498,300 648,660 802,620 886,400 886,400 943,285 1,014,795 1,078,805 1,222,035 1,207,665 1,422,685 1,645,305 1,788,635 1,821,365 2,033,485 2,250,805 2,373,535 2,373,535 2,670,325 2,758,840 2,838,055 2,909,780 3,072,105 3,327,230 3,591,755 3,763,580 3,823,005 4,075,230 4,334,455 4,482,180 4,482,180 31,100 886,400 2,373,535 4,482,180
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 (409,350) (348,950) (312,500) (254,900) (212,200) (136,500) (207,900) (162,300) (129,900) (64,500) 2,700 31,100 31,100 (33,250) 12,155 52,160 151,640 145,620 298,880 457,640 557,220 498,300 648,660 802,620 886,400 886,400 943,285 1,014,795 1,078,805 1,222,035 1,207,665 1,422,685 1,645,305 1,788,635 1,821,365 2,033,485 2,250,805 2,373,535 2,373,535 2,670,325 2,758,840 2,838,055 2,909,780 3,072,105 3,327,230 3,591,755 3,763,580 3,823,005 4,075,230 4,334,455 4,482,180 4,482,180 31,100 886,400 2,373,535 4,482,180
Accounts Receivable 225,000 210,000 285,000 273,000 363,000 363,000 273,000 273,000 363,000 363,000 273,000 453,000 453,000 343,950 343,950 511,700 511,700 678,900 678,900 511,700 508,700 675,900 675,900 508,700 843,650 843,650 475,500 475,500 708,500 708,500 942,000 942,000 708,500 705,500 939,000 939,000 705,500 1,172,000 1,172,000 583,650 583,650 870,750 870,750 1,158,750 1,158,750 870,750 867,750 1,155,750 1,155,750 867,750 1,442,850 1,442,850 453,000 843,650 1,172,000 1,442,850
Prepaid Expenses - - - - - - - - - - - - -   - - - - - - - - - - - - -   - - - - - - - - - - - - -   - - - - - - - - - - - - -   - - - -
Total Current Assets (184,350) (138,950) (27,500) 18,100 150,800 226,500 65,100 110,700 233,100 298,500 275,700 484,100 484,100 310,700 356,105 563,860 663,340 824,520 977,780 969,340 1,065,920 1,174,200 1,324,560 1,311,320 1,730,050 1,730,050 1,418,785 1,490,295 1,787,305 1,930,535 2,149,665 2,364,685 2,353,805 2,494,135 2,760,365 2,972,485 2,956,305 3,545,535 3,545,535 3,253,975 3,342,490 3,708,805 3,780,530 4,230,855 4,485,980 4,462,505 4,631,330 4,978,755 5,230,980 5,202,205 5,925,030 5,925,030 484,100 1,730,050 3,545,535 5,925,030
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 163,900 199,300 303,500 339,100 461,800 527,500 501,900 533,300 641,500 692,700 655,700 849,900 849,900 808,100 835,105 1,024,460 1,105,540 1,345,620 1,477,780 1,448,240 1,523,720 1,756,700 1,881,760 1,843,220 2,236,650 2,236,650 2,045,885 2,087,895 2,355,405 2,469,135 2,804,665 2,986,085 2,941,605 3,048,335 3,378,165 3,553,885 3,501,305 4,054,135 4,054,135 3,726,175 3,778,290 4,108,205 4,240,730 4,651,855 4,867,780 4,805,105 4,934,730 5,340,155 5,550,380 5,479,605 6,160,430 6,160,430 849,900 2,236,650 4,054,135 6,160,430
Liabilities & Shareholders' Equity
Current Liabilities
Accounts Payable 114,000 114,000 171,000 171,000 228,000 228,000 171,000 171,000 228,000 228,000 171,000 285,000 285,000 216,195 216,195 324,470 324,470 432,390 432,390 324,470 324,470 432,390 432,390 324,470 540,665 540,665 307,890 307,890 461,670 461,670 615,780 615,780 461,670 461,670 615,780 615,780 461,670 769,560 769,560 389,485 389,485 584,075 584,075 779,275 779,275 584,075 584,075 779,275 779,275 584,075 973,865 973,865 285,000 540,665 769,560 973,865
Advances from Shareholders - - - - - - - - - - - - -   - - - - - - - - - - - - -   - - - - - - - - - - - - -   - - - - - - - - - - - - -   - - - -
Total Current Liabilities 114,000 114,000 171,000 171,000 228,000 228,000 171,000 171,000 228,000 228,000 171,000 285,000 285,000 216,195 216,195 324,470 324,470 432,390 432,390 324,470 324,470 432,390 432,390 324,470 540,665 540,665 307,890 307,890 461,670 461,670 615,780 615,780 461,670 461,670 615,780 615,780 461,670 769,560 769,560 389,485 389,485 584,075 584,075 779,275 779,275 584,075 584,075 779,275 779,275 584,075 973,865 973,865 285,000 540,665 769,560 973,865
Shareholders  Equity
Capital Stock - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Retained Earnings (Deficit) 49,900 85,300 132,500 168,100 233,800 299,500 330,900 362,300 413,500 464,700 484,700 564,900 564,900   591,905 618,910 699,990 781,070 913,230 1,045,390 1,123,770 1,199,250 1,324,310 1,449,370 1,518,750 1,695,985 1,695,985   1,737,995 1,780,005 1,893,735 2,007,465 2,188,885 2,370,305 2,479,935 2,586,665 2,762,385 2,938,105 3,039,635 3,284,575 3,284,575   3,336,690 3,388,805 3,524,130 3,656,655 3,872,580 4,088,505 4,221,030 4,350,655 4,560,880 4,771,105 4,895,530 5,186,565 5,186,565   564,900 1,695,985 3,284,575 5,186,565
Total Shareholders' Equity 49,900 85,300 132,500 168,100 233,800 299,500 330,900 362,300 413,500 464,700 484,700 564,900 564,900 591,905 618,910 699,990 781,070 913,230 1,045,390 1,123,770 1,199,250 1,324,310 1,449,370 1,518,750 1,695,985 1,695,985 1,737,995 1,780,005 1,893,735 2,007,465 2,188,885 2,370,305 2,479,935 2,586,665 2,762,385 2,938,105 3,039,635 3,284,575 3,284,575 3,336,690 3,388,805 3,524,130 3,656,655 3,872,580 4,088,505 4,221,030 4,350,655 4,560,880 4,771,105 4,895,530 5,186,565 5,186,565 564,900 1,695,985 3,284,575 5,186,565
Total Liabilities & Equity 163,900 199,300 303,500 339,100 461,800 527,500 501,900 533,300 641,500 692,700 655,700 849,900 849,900 808,100 835,105 1,024,460 1,105,540 1,345,620 1,477,780 1,448,240 1,523,720 1,756,700 1,881,760 1,843,220 2,236,650 2,236,650 2,045,885 2,087,895 2,355,405 2,469,135 2,804,665 2,986,085 2,941,605 3,048,335 3,378,165 3,553,885 3,501,305 4,054,135 4,054,135 3,726,175 3,778,290 4,108,205 4,240,730 4,651,855 4,867,780 4,805,105 4,934,730 5,340,155 5,550,380 5,479,605 6,160,430 6,160,430 849,900 2,236,650 4,054,135 6,160,430
Net Tangible Assets (61,100) (10,700) 18,500 66,100 98,800 164,500 228,900 260,300 278,500 329,700 382,700 396,900 396,900   464,150 491,155 512,760 593,840 666,720 798,880 936,540 1,015,020 1,080,800 1,205,860 1,334,520 1,393,000 1,393,000   1,570,385 1,612,395 1,646,905 1,760,635 1,862,665 2,044,085 2,233,105 2,342,835 2,439,165 2,614,885 2,795,805 2,882,135 2,882,135   3,142,525 3,194,640 3,237,455 3,369,980 3,493,105 3,709,030 3,934,355 4,066,980 4,184,405 4,394,630 4,611,855 4,717,580 4,717,580   396,900 1,393,000 2,882,135 4,717,580
Balance Sheet Check Digit - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Income Statement check - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
SCFP check - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Tucows Inc. Registry Operations
Salaries, Benefits & Leases
Month