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 22,500 22,500 33,800 33,800 45,000 45,000 33,800 33,800 45,000 45,000 33,800 56,300 450,300 25,900 25,900 38,800 38,800 51,800 51,800 38,800 38,800 51,800 51,800 38,800 64,700 517,700 29,800 29,800 44,600 44,600 59,500 59,500 44,600 44,600 59,500 59,500 44,600 74,400 595,000 34,200 34,200 51,300 51,300 68,400 68,400 51,300 51,300 68,400 68,400 51,300 85,500 684,000 450,300 517,700 595,000 684,000
Renewals & Transfers - - - - - - - - - - - - -   19,800 19,800 29,700 29,700 39,600 39,600 29,700 29,700 39,600 39,600 29,700 49,500 396,000   40,200 40,200 60,300 60,300 80,400 80,400 60,300 60,300 80,400 80,400 60,300 100,500 804,000   61,600 61,600 92,300 92,300 123,100 123,100 92,300 92,300 123,100 123,100 92,300 153,900 1,231,000   - 396,000 804,000 1,231,000
Total Registrations 22,500 22,500 33,800 33,800 45,000 45,000 33,800 33,800 45,000 45,000 33,800 56,300 450,300 45,700 45,700 68,500 68,500 91,400 91,400 68,500 68,500 91,400 91,400 68,500 114,200 913,700 70,000 70,000 104,900 104,900 139,900 139,900 104,900 104,900 139,900 139,900 104,900 174,900 1,399,000 95,800 95,800 143,600 143,600 191,500 191,500 143,600 143,600 191,500 191,500 143,600 239,400 1,915,000 450,300 913,700 1,399,000 1,915,000
Revenue
New Registrations 135,000 135,000 202,800 202,800 270,000 270,000 202,800 202,800 270,000 270,000 202,800 337,800 2,701,800 142,450 142,450 213,400 213,400 284,900 284,900 213,400 213,400 284,900 284,900 213,400 355,850 2,847,350 149,000 149,000 223,000 223,000 297,500 297,500 223,000 223,000 297,500 297,500 223,000 372,000 2,975,000 153,900 153,900 230,850 230,850 307,800 307,800 230,850 230,850 307,800 307,800 230,850 384,750 3,078,000 2,701,800 2,847,350 2,975,000 3,078,000
Renewals and Transfers - - - - - - - - - - - - - 108,900 108,900 163,350 163,350 217,800 217,800 163,350 163,350 217,800 217,800 163,350 272,250 2,178,000 201,000 201,000 301,500 301,500 402,000 402,000 301,500 301,500 402,000 402,000 301,500 502,500 4,020,000 277,200 277,200 415,350 415,350 553,950 553,950 415,350 415,350 553,950 553,950 415,350 692,550 5,539,500 - 2,178,000 4,020,000 5,539,500
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
180,000 165,000 217,800 205,800 273,000 273,000 205,800 205,800 273,000 273,000 205,800 340,800 2,818,800 260,350 260,350 385,750 385,750 511,700 511,700 385,750 382,750 508,700 508,700 382,750 634,100 5,118,350 359,000 359,000 533,500 533,500 708,500 708,500 533,500 530,500 705,500 705,500 530,500 880,500 7,088,000 440,100 440,100 655,200 655,200 870,750 870,750 655,200 652,200 867,750 867,750 652,200 1,083,300 8,710,500 2,818,800 5,118,350 7,088,000 8,710,500
Cost of Goods Sold
            0.30 ICANN 6,750 6,750 10,140 10,140 13,500 13,500 10,140 10,140 13,500 13,500 10,140 16,890 135,090 13,710 13,710 20,550 20,550 27,420 27,420 20,550 20,550 27,420 27,420 20,550 34,260 274,110 21,000 21,000 31,470 31,470 41,970 41,970 31,470 31,470 41,970 41,970 31,470 52,470 419,700 28,740 28,740 43,080 43,080 57,450 57,450 43,080 43,080 57,450 57,450 43,080 71,820 574,500 135,090 274,110 419,700 574,500
Sponsor 78,750 78,750 118,300 118,300 157,500 157,500 118,300 118,300 157,500 157,500 118,300 197,050 1,576,050   148,525 148,525 222,625 222,625 297,050 297,050 222,625 222,625 297,050 297,050 222,625 371,150 2,969,525   210,000 210,000 314,700 314,700 419,700 419,700 314,700 314,700 419,700 419,700 314,700 524,700 4,197,000   263,450 263,450 394,900 394,900 526,625 526,625 394,900 394,900 526,625 526,625 394,900 658,350 5,266,250   1,576,050 2,969,525 4,197,000 5,266,250
Total Cost of Goods Sold 85,500 85,500 128,440 128,440 171,000 171,000 128,440 128,440 171,000 171,000 128,440 213,940 1,711,140 162,235 162,235 243,175 243,175 324,470 324,470 243,175 243,175 324,470 324,470 243,175 405,410 3,243,635 231,000 231,000 346,170 346,170 461,670 461,670 346,170 346,170 461,670 461,670 346,170 577,170 4,616,700 292,190 292,190 437,980 437,980 584,075 584,075 437,980 437,980 584,075 584,075 437,980 730,170 5,840,750 1,711,140 3,243,635 4,616,700 5,840,750
Gross Profit 94,500 79,500 89,360 77,360 102,000 102,000 77,360 77,360 102,000 102,000 77,360 126,860 1,107,660 98,115 98,115 142,575 142,575 187,230 187,230 142,575 139,575 184,230 184,230 139,575 228,690 1,874,715 128,000 128,000 187,330 187,330 246,830 246,830 187,330 184,330 243,830 243,830 184,330 303,330 2,471,300 147,910 147,910 217,220 217,220 286,675 286,675 217,220 214,220 283,675 283,675 214,220 353,130 2,869,750 1,107,660 1,874,715 2,471,300 2,869,750
Gross Margin 53% 48% 41% 38% 37% 37% 38% 38% 37% 37% 38% 37% 39% 38% 38% 37% 37% 37% 37% 37% 36% 36% 36% 36% 36% 37% 36% 36% 35% 35% 35% 35% 35% 35% 35% 35% 35% 34% 35% 34% 34% 33% 33% 33% 33% 33% 33% 33% 33% 33% 33% 33% 39% 37% 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 5,900 5,400 7,100 6,700 8,900 8,900 6,700 6,700 8,900 8,900 6,700 11,100 91,900 8,500 8,500 12,500 12,500 16,600 16,600 12,500 12,400 16,500 16,500 12,400 20,600 166,100 11,700 11,700 17,300 17,300 23,000 23,000 17,300 17,200 22,900 22,900 17,200 28,600 230,100 14,300 14,300 21,300 21,300 28,300 28,300 21,300 21,200 28,200 28,200 21,200 35,200 283,100 91,900 166,100 230,100 283,100
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
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 59,700 59,200 64,600 64,200 66,400 66,400 68,400 68,400 80,900 80,900 79,800 84,200 843,100 98,050 98,050 102,050 102,050 108,850 108,850 104,750 104,650 112,950 112,950 110,750 118,950 1,282,900 121,800 121,800 127,400 127,400 137,200 137,200 131,500 131,400 139,900 139,900 136,600 148,000 1,600,100 137,350 137,350 144,350 147,150 154,150 154,150 147,150 147,050 156,850 156,850 152,250 166,250 1,800,900 843,100 1,282,900 1,600,100 1,800,900
Income Before Taxes 34,800 20,300 24,760 13,160 35,600 35,600 8,960 8,960 21,100 21,100 (2,440) 42,660 264,560 65 65 40,525 40,525 78,380 78,380 37,825 34,925 71,280 71,280 28,825 109,740 591,815 6,200 6,200 59,930 59,930 109,630 109,630 55,830 52,930 103,930 103,930 47,730 155,330 871,200 10,560 10,560 72,870 70,070 132,525 132,525 70,070 67,170 126,825 126,825 61,970 186,880 1,068,850 264,560 591,815 871,200 1,068,850
- Taxes - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Net Income 34,800 20,300 24,760 13,160 35,600 35,600 8,960 8,960 21,100 21,100 (2,440) 42,660 264,560 65 65 40,525 40,525 78,380 78,380 37,825 34,925 71,280 71,280 28,825 109,740 591,815 6,200 6,200 59,930 59,930 109,630 109,630 55,830 52,930 103,930 103,930 47,730 155,330 871,200 10,560 10,560 72,870 70,070 132,525 132,525 70,070 67,170 126,825 126,825 61,970 186,880 1,068,850 264,560 591,815 871,200 1,068,850
9% 12% 12% 12%
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 - 135,000 135,000 202,800 202,800 270,000 270,000 202,800 202,800 270,000 270,000 202,800 2,364,000 337,800 142,450 142,450 213,400 213,400 284,900 284,900 213,400 213,400 284,900 284,900 213,400 2,829,300 355,850 149,000 149,000 223,000 223,000 297,500 297,500 223,000 223,000 297,500 297,500 223,000 2,958,850 372,000 153,900 153,900 230,850 230,850 307,800 307,800 230,850 230,850 307,800 307,800 230,850 3,065,250 2,364,000 2,829,300 2,958,850 3,065,250
Renewals and Transfers - - - - - - - - - - - - - - 108,900 108,900 163,350 163,350 217,800 217,800 163,350 163,350 217,800 217,800 163,350 1,905,750 272,250 201,000 201,000 301,500 301,500 402,000 402,000 301,500 301,500 402,000 402,000 301,500 3,789,750 502,500 277,200 277,200 415,350 415,350 553,950 553,950 415,350 415,350 553,950 553,950 415,350 5,349,450 - 1,905,750 3,789,750 5,349,450
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 - 180,000 165,000 217,800 205,800 273,000 273,000 205,800 205,800 273,000 273,000 205,800 2,478,000 340,800 260,350 260,350 385,750 385,750 511,700 511,700 385,750 382,750 508,700 508,700 382,750 4,825,050 634,100 359,000 359,000 533,500 533,500 708,500 708,500 533,500 530,500 705,500 705,500 530,500 6,841,600 880,500 440,100 440,100 655,200 655,200 870,750 870,750 655,200 652,200 867,750 867,750 652,200 8,507,700 2,478,000 4,825,050 6,841,600 8,507,700  
Disbursements
ICANN - 6,750 6,750 10,140 10,140 13,500 13,500 10,140 10,140 13,500 13,500 10,140 118,200 16,890 13,710 13,710 20,550 20,550 27,420 27,420 20,550 20,550 27,420 27,420 20,550 256,740 34,260 21,000 21,000 31,470 31,470 41,970 41,970 31,470 31,470 41,970 41,970 31,470 401,490 52,470 28,740 28,740 43,080 43,080 57,450 57,450 43,080 43,080 57,450 57,450 43,080 555,150 118,200 256,740 401,490 555,150 1,331,580
Sponsor - 78,750 78,750 118,300 118,300 157,500 157,500 118,300 118,300 157,500 157,500 118,300 1,379,000 197,050 148,525 148,525 222,625 222,625 297,050 297,050 222,625 222,625 297,050 297,050 222,625 2,795,425 371,150 210,000 210,000 314,700 314,700 419,700 419,700 314,700 314,700 419,700 419,700 314,700 4,043,450 524,700 263,450 263,450 394,900 394,900 526,625 526,625 394,900 394,900 526,625 526,625 394,900 5,132,600 1,379,000 2,795,425 4,043,450 5,132,600 13,350,475
Bank Charges 5,900 5,400 7,100 6,700 8,900 8,900 6,700 6,700 8,900 8,900 6,700 11,100 91,900 8,500 8,500 12,500 12,500 16,600 16,600 12,500 12,400 16,500 16,500 12,400 20,600 166,100 11,700 11,700 17,300 17,300 23,000 23,000 17,300 17,200 22,900 22,900 17,200 28,600 230,100 14,300 14,300 21,300 21,300 28,300 28,300 21,300 21,200 28,200 28,200 21,200 35,200 283,100 91,900 166,100 230,100 283,100 771,200
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 49,700 134,700 140,100 182,640 184,840 227,400 225,200 182,640 195,140 237,700 236,600 198,440 2,195,100 293,590 241,885 245,885 326,825 330,925 412,220 408,120 326,725 330,825 412,120 409,920 336,825 4,075,865 497,710 323,300 328,900 444,070 449,770 565,270 559,570 443,970 449,670 565,170 561,870 457,770 5,647,040 678,120 393,140 400,140 545,930 552,930 699,025 692,025 545,830 552,830 698,925 694,325 562,230 7,015,450 2,195,100 4,075,865 5,647,040 7,015,450
Cash Flow from Operations (49,700) 45,300 24,900 35,160 20,960 45,600 47,800 23,160 10,660 35,300 36,400 7,360 282,900 47,210 18,465 14,465 58,925 54,825 99,480 103,580 59,025 51,925 96,580 98,780 45,925 749,185 136,390 35,700 30,100 89,430 83,730 143,230 148,930 89,530 80,830 140,330 143,630 72,730 1,194,560 202,380 46,960 39,960 109,270 102,270 171,725 178,725 109,370 99,370 168,825 173,425 89,970 1,492,250 282,900 749,185 1,194,560 1,492,250
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)
Capital Raised Through Equity - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
- - - - -
Taxes Paid - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Net Cash Flow - Period (407,950) 45,300 22,150 35,160 20,960 45,600 (102,200) 23,160 10,660 35,300 36,400 7,360 (228,100) (102,790) 18,465 14,465 58,925 (45,175) 99,480 103,580 59,025 (98,075) 96,580 98,780 45,925 349,185 (13,610) 35,700 30,100 89,430 (66,270) 143,230 148,930 89,530 (19,170) 140,330 143,630 72,730 794,560 202,380 46,960 39,960 9,270 102,270 171,725 178,725 109,370 (630) 168,825 173,425 89,970 1,292,250 (228,100) 349,185 794,560 1,292,250
- Closing Cash Position (407,950) (362,650) (340,500) (305,340) (284,380) (238,780) (340,980) (317,820) (307,160) (271,860) (235,460) (228,100) (228,100) (330,890) (312,425) (297,960) (239,035) (284,210) (184,730) (81,150) (22,125) (120,200) (23,620) 75,160 121,085 121,085 107,475 143,175 173,275 262,705 196,435 339,665 488,595 578,125 558,955 699,285 842,915 915,645 915,645 1,118,025 1,164,985 1,204,945 1,214,215 1,316,485 1,488,210 1,666,935 1,776,305 1,775,675 1,944,500 2,117,925 2,207,895 2,207,895 (228,100) 121,085 915,645 2,207,895
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 (407,950) (362,650) (340,500) (305,340) (284,380) (238,780) (340,980) (317,820) (307,160) (271,860) (235,460) (228,100) (228,100) (330,890) (312,425) (297,960) (239,035) (284,210) (184,730) (81,150) (22,125) (120,200) (23,620) 75,160 121,085 121,085 107,475 143,175 173,275 262,705 196,435 339,665 488,595 578,125 558,955 699,285 842,915 915,645 915,645 1,118,025 1,164,985 1,204,945 1,214,215 1,316,485 1,488,210 1,666,935 1,776,305 1,775,675 1,944,500 2,117,925 2,207,895 2,207,895 (228,100) 121,085 915,645 2,207,895
Accounts Receivable 180,000 165,000 217,800 205,800 273,000 273,000 205,800 205,800 273,000 273,000 205,800 340,800 340,800 260,350 260,350 385,750 385,750 511,700 511,700 385,750 382,750 508,700 508,700 382,750 634,100 634,100 359,000 359,000 533,500 533,500 708,500 708,500 533,500 530,500 705,500 705,500 530,500 880,500 880,500 440,100 440,100 655,200 655,200 870,750 870,750 655,200 652,200 867,750 867,750 652,200 1,083,300 1,083,300 340,800 634,100 880,500 1,083,300
Prepaid Expenses - - - - - - - - - - - - -   - - - - - - - - - - - - -   - - - - - - - - - - - - -   - - - - - - - - - - - - -   - - - -
Total Current Assets (227,950) (197,650) (122,700) (99,540) (11,380) 34,220 (135,180) (112,020) (34,160) 1,140 (29,660) 112,700 112,700 (70,540) (52,075) 87,790 146,715 227,490 326,970 304,600 360,625 388,500 485,080 457,910 755,185 755,185 466,475 502,175 706,775 796,205 904,935 1,048,165 1,022,095 1,108,625 1,264,455 1,404,785 1,373,415 1,796,145 1,796,145 1,558,125 1,605,085 1,860,145 1,869,415 2,187,235 2,358,960 2,322,135 2,428,505 2,643,425 2,812,250 2,770,125 3,291,195 3,291,195 112,700 755,185 1,796,145 3,291,195
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 120,300 140,600 208,300 221,460 299,620 335,220 301,620 310,580 374,240 395,340 350,340 478,500 478,500 426,860 426,925 548,390 588,915 748,590 826,970 783,500 818,425 971,000 1,042,280 989,810 1,261,785 1,261,785 1,093,575 1,099,775 1,274,875 1,334,805 1,559,935 1,669,565 1,609,895 1,662,825 1,882,255 1,986,185 1,918,415 2,304,745 2,304,745 2,030,325 2,040,885 2,259,545 2,329,615 2,608,235 2,740,760 2,664,735 2,731,905 3,004,825 3,131,650 3,047,525 3,526,595 3,526,595 478,500 1,261,785 2,304,745 3,526,595
Liabilities & Shareholders' Equity
Current Liabilities
Accounts Payable 85,500 85,500 128,440 128,440 171,000 171,000 128,440 128,440 171,000 171,000 128,440 213,940 213,940 162,235 162,235 243,175 243,175 324,470 324,470 243,175 243,175 324,470 324,470 243,175 405,410 405,410 231,000 231,000 346,170 346,170 461,670 461,670 346,170 346,170 461,670 461,670 346,170 577,170 577,170 292,190 292,190 437,980 437,980 584,075 584,075 437,980 437,980 584,075 584,075 437,980 730,170 730,170 213,940 405,410 577,170 730,170
Advances from Shareholders - - - - - - - - - - - - -   - - - - - - - - - - - - -   - - - - - - - - - - - - -   - - - - - - - - - - - - -   - - - -
Total Current Liabilities 85,500 85,500 128,440 128,440 171,000 171,000 128,440 128,440 171,000 171,000 128,440 213,940 213,940 162,235 162,235 243,175 243,175 324,470 324,470 243,175 243,175 324,470 324,470 243,175 405,410 405,410 231,000 231,000 346,170 346,170 461,670 461,670 346,170 346,170 461,670 461,670 346,170 577,170 577,170 292,190 292,190 437,980 437,980 584,075 584,075 437,980 437,980 584,075 584,075 437,980 730,170 730,170 213,940 405,410 577,170 730,170
Shareholders  Equity
Capital Stock - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Retained Earnings (Deficit) 34,800 55,100 79,860 93,020 128,620 164,220 173,180 182,140 203,240 224,340 221,900 264,560 264,560   264,625 264,690 305,215 345,740 424,120 502,500 540,325 575,250 646,530 717,810 746,635 856,375 856,375   862,575 868,775 928,705 988,635 1,098,265 1,207,895 1,263,725 1,316,655 1,420,585 1,524,515 1,572,245 1,727,575 1,727,575   1,738,135 1,748,695 1,821,565 1,891,635 2,024,160 2,156,685 2,226,755 2,293,925 2,420,750 2,547,575 2,609,545 2,796,425 2,796,425   264,560 856,375 1,727,575 2,796,425
Total Shareholders' Equity 34,800 55,100 79,860 93,020 128,620 164,220 173,180 182,140 203,240 224,340 221,900 264,560 264,560 264,625 264,690 305,215 345,740 424,120 502,500 540,325 575,250 646,530 717,810 746,635 856,375 856,375 862,575 868,775 928,705 988,635 1,098,265 1,207,895 1,263,725 1,316,655 1,420,585 1,524,515 1,572,245 1,727,575 1,727,575 1,738,135 1,748,695 1,821,565 1,891,635 2,024,160 2,156,685 2,226,755 2,293,925 2,420,750 2,547,575 2,609,545 2,796,425 2,796,425 264,560 856,375 1,727,575 2,796,425
Total Liabilities & Equity 120,300 140,600 208,300 221,460 299,620 335,220 301,620 310,580 374,240 395,340 350,340 478,500 478,500 426,860 426,925 548,390 588,915 748,590 826,970 783,500 818,425 971,000 1,042,280 989,810 1,261,785 1,261,785 1,093,575 1,099,775 1,274,875 1,334,805 1,559,935 1,669,565 1,609,895 1,662,825 1,882,255 1,986,185 1,918,415 2,304,745 2,304,745 2,030,325 2,040,885 2,259,545 2,329,615 2,608,235 2,740,760 2,664,735 2,731,905 3,004,825 3,131,650 3,047,525 3,526,595 3,526,595 478,500 1,261,785 2,304,745 3,526,595
Net Tangible Assets (59,700) (24,400) (9,500) 15,660 26,620 62,220 95,820 104,780 101,240 122,340 144,540 137,700 137,700   166,510 166,575 162,640 203,165 236,890 315,270 397,750 435,675 462,300 533,580 607,060 627,685 627,685   734,575 740,775 741,375 801,305 851,435 961,065 1,076,395 1,132,325 1,176,755 1,280,685 1,387,915 1,424,245 1,424,245   1,590,225 1,600,785 1,604,345 1,674,415 1,737,485 1,870,010 2,009,535 2,079,705 2,137,075 2,263,900 2,395,325 2,443,295 2,443,295   137,700 627,685 1,424,245 2,443,295
Balance Sheet Check Digit - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Income Statement check - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
SCFP check - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Tucows Inc. Registry Operations
Salaries, Benefits & Leases
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