GUIDE

1 What is a cashflow forecast?

2 What is a P&L?

2.1 Revenues

2.2 Costs

a. Cost Of Good Sold (COGS) / production

cost

b. Operating Expenses (OPEX)

c. Capital Expenditure (CAPEX)

2.3 EBITDA (Earning Before Interest, Tax,

Depreciation and Amortization

a. Intrest
b. Tax

c. Depreciation

d. Amortization

3 What is a Balance Sheet ?

3.1 Assets
a. Tangible assets

b. Intangible assets

3.2 Liabilities

3.3 Shareholders equity

4 What is a Cash Flow Forecast

What is the Turnover ?

If ICT company
If industrial company
Estimate of the timing and amounts of cash inflows and outflows over a specific period. A cash flow forecast shows if a firm
how much, when, and how it will repay the loan. Also called cash flow budget or cash flow projection.

A financial statement that summarizes the revenues, costs and expenses incurred during a specific period of time - usually
year. These records provide information that shows the ability of a company to generate profit by increasing revenue and r
P&L statement is also known as a "statement of profit and loss", an "income statement" or an "income and expense statem

The incomegeneratedfromsaleofgoodsorservices,oranyotheruseofcapitalorassets,associa
mainoperationsofanorganizationbeforeanycostsorexpensesarededucted.Revenueisshown
iteminanincome(profitandloss)statementfromwhichallcharges,costs,andexpensesaresub
atnetincome.itiscalculatedas:PricexQuantity

An amountthathastobepaidorgivenupinordertogetsomething.Inbusiness,costisusually
amonetaryvaluationof(1)effort,(2)material,(3)resources,(4)timeandutilitiesconsumed,(5
and(6)opportunityforgoneinproductionanddeliveryofagoodorservice.Allexpensesarecosts
(suchasthoseincurredinacquisitionofanincome-generatingasset)areexpenses.wecanidentif
:variablecostsandfixedcost

COGS is the costs that go into creating the products that a company sells; therefore, the only costs included in the measure
directly tied to the production of the products. For example, the COGS for an automaker would include the material costs f
into making the car along with the labor costs used to put the car together. The cost of sending the cars to dealerships and
used to sell the car would be excluded. The exact costs included in the COGS calculation will differ from one type of busine

An expense incurredincarryingoutanorganization'sday-to-dayactivities,butnot
directlyassociatedwithproduction.Operatingexpensesincludesuchthingsaspayroll,sales
commissions,employee
benefitsandpensioncontributions,transportationandtravel,amortizationanddepreciation,rent,
taxes.Theseexpensesareusuallysubdividedintosellingexpensesandadministrativeandgenera
Alsocallednon-manufacturingexpenses.

Funds used by a company to acquire or upgrade physical assets such as property, industrial buildings or equipment. This ty
by companies to maintain or increase the scope of their operations. These expenditures can include everything from repair
a brand new factory.

An indicator of a company's financial performance which is calculated in the following

EBITDA calculation: Revenue - Expenses (Excluding Interest, Tax, Depreciation and Amortization)
EBITDA is essentially net income with i
depreciation, and amortization added back to it, and can be used to analyze and compare profitability between companies
because it eliminates the effects of financing and accounting decisions.

A feepaidfortheuseofanotherparty'smoney.Totheborroweritisthecostofrentingmoney,to
theincomefromlendingit.Interestonalldebtisnormallydeductiblebeforetaxesareassessedo
income.
Compulsory monetarycontributiontothestate'srevenue,assessedandimposedbyagovernmento
theactivities,enjoyment,expenditure,income,occupation,privilege,property,etc.,
ofindividualsandorganizations.
Depreciation, on the other hand, refers to prorating a tangible asset's cost over that asset's life. For example, an office build
number of years before it becomes run down and is sold. The cost of the building is spread out over the predicted life of th
portion of the cost being expensed each accounting year.

Amortizationusuallyreferstospreadinganintangibleasset'scostoverthatasset'susefullife.Forexample,apat
medicalequipmentusuallyhasalifeof17years.Thecostinvolvedwithcreatingthemedicalequipmentissprea
thepatent,witheachportionbeingrecordedasanexpenseonthecompany'sincomestatement.

The balancesheetprovidesinformationonwhatthecompanyowns(itsassets),whatitowes(itsliabilities)andth
businesstoitsstockholders(theshareholders'equity)asofaspecificdate.It'scalledabalancesheetbecauseth
out.Thismakessense:acompanyhastopayforallthethingsithas(assets)byeitherborrowingmoney(liabiliti
shareholders(shareholders'equity).

Cash,equipment,machinery,plant,propertyanythingthathaslong-termphysicalexistenceorisa
theoperationsofthebusinessandnotforsaletocustomers.Inthebalancesheetofthebusiness
suchassetsarelistedundertheheading'Plantandequipment'or'Plant,property,andequipment
unlikeintangibleassets,canbedestroyedbyfire,hurricane,orotherdisastersoraccidents.Howe
usedascollateraltoraiseloans,andcanbemorereadilysoldtoraisecashinemergencies.

Reputation,namerecognition,andintellectualpropertysuchasknowledgeandknowhow.Intangibl
thelong-termresourcesofanentity,buthavenophysicalexistence.Theyderivetheirvaluefrom
orlegalrights,andfromthevaluetheyaddtotheotherassets.Intangibleassetsaregenerallycla
broadcategories:(1)Limited-lifeintangibleassets,suchaspatents,copyrights,andgoodwill,and
intangibleassets,suchastrademarks.Incontrasttotangibleassets,intangibleassetscannotbed
hurricane,orotheraccidentsordisasters,

Recorded on the balance sheet (right side), liabilities include loans, accounts payable, mortgages, deferred revenues and ac
Liabilities are a vital aspect of a company's operations because they are used to finance operations and pay for large expan
make transactions between businesses more efficient. For example, the outstanding money that a company owes to its sup
considered a liability,

The portion of the balance sheet that represents the capital received from investors in exchange for stock (paid-in capital),
retained earnings. Stockholders' equity represents the equity stake currently held on the books by a firm's equity investors
as a firm's total assets minus its total liabilities

Estimateofthetimingandamountsofcashinflowsandoutflowsoveraspecificperiod(usuallyone
flowforecastshowsifafirmneedstoborrow,howmuch,when,andhowitwillrepaytheloan.Als
flowbudgetorcashflowprojection.
The annual salesvolumenetofalldiscountsandsalestaxes.
http://www.businessdictionary.com/definition/cash-flow-forecast.html

http://www.investopedia.com/terms/p/plstatement.
asp

http://www.businessdictionary.com/definition/reve
nue.html

http://www.businessdictionary.com/definition/cost.
html

http://www.investopedia.com/terms/c/cogs.asp

http://www.businessdictionary.com/definition/oper
ating-expenses.html

http://www.investopedia.com/terms/c/capitalexpen
diture.asp

http://www.investopedia.com/terms/e/ebitda.asp

http://www.businessdictionary.com/definition/inter
est.html
http://www.businessdictionary.com/definition/tax.h
tml

http://www.investopedia.com/ask/answers/06/amo
rtizationvsdepreciation.asp

http://www.investopedia.com/ask/answers/06/amo
rtizationvsdepreciation.asp

http://www.investopedia.com/walkthrough/corporate-finance/2/financial-statements/balance-sheet.aspx

http://www.businessdictionary.com/definition/tangible-asset.html

http://www.businessdictionary.com/definition/intangible-asset.html

http://www.investopedia.com/terms/l/liability.asp

http://www.investopedia.com/terms/s/shareholdersequity.asp

http://www.businessdictionary.com/definition/cash-
flow-forecast.html
http://www.businessdictionary.com/definition/turn
over.html
ASSUMPTIONS

Growth rate sales % year %

Product/Service A 20.00%
Product/Service B 40.00%
Product/Service C 80.00%

REVENUES

Quantity
2015 2016 2017 2018 2019
QuantityProductA 500 600 720 864 1,037
QuantityProductB 1,000 1,400 1,960 2,744 3,842
QuantityProductC 3,000 5,400 9,720 17,496 31,493

Price
2015
PriceProductA 200.00
PriceProductB 100.00
PriceProductC 50.00

2015 2016 2017 2018 2019

RevenuesA 100,000.00 120,000.00 144,000.00 172,800.00 207,360.00
RevenuesB 100,000.00 140,000.00 196,000.00 274,400.00 384,160.00
RevenuesC 150,000.00 270,000.00 486,000.00 874,800.00 1,574,640.00
TOTAL 350,000.00 530,000.00 826,000.00 1,322,000.00 2,166,160.00
 EXPENSES

Cost of good sold

2015 2016 2017 2018
COGS 222,500.00 329,500.00 502,700.00 789,100.00
Producta 75,000.00 90,000.00 108,000.00 129,600.00
Productb 65,000.00 91,000.00 127,400.00 178,360.00
Productc 82,500.00 148,500.00 267,300.00 481,140.00

Overhead expenses 2015 2016

Management
CEO 3,000.00 1 1
CTO 2,000.00 1
CFO 2,000.00
R&D
R&D 2,000.00 1 2
Sales & Marketing
Sales&Marketing 1,800.00 1 2
Administrative
Administrative 1,500.00 0 0
3 6

2015 2016 2017 2018

OPEX 200,600.00 318,000.00 457,400.00 599,000.00

113,100.00 185,500.00 250,900.00 268,500.00

Salarypool 81,600.00 151,200.00 214,800.00 232,800.00
Furnitures/computers 1,500.00 1,500.00 1,500.00 500.00
Mobilephones 1,800.00 3,600.00 5,400.00 6,000.00
Rent 24,000.00 24,000.00 24,000.00 24,000.00
Accounting 4,200.00 4,200.00 4,200.00 4,200.00
Audit 1,000.00 1,000.00 1,000.00

Marketingandadvertisingexpenses
87,500.00 132,500.00 206,500.00 330,500.00
Marketingandtravelexpenses 35,000.00 53,000.00 82,600.00 132,200.00
Advertisingcosts 52,500.00 79,500.00 123,900.00 198,300.00
 Cost Amount Frequency
Rentanddomiciliationexpenses 2,000.00 Monthly
Accounting 350.00 Monthly
Audit 1,000.00 Yearly
Mobilephones 50.00 Monthly
Computer 500.00 Yearly
OtherG&A -
TrainingandSeminars -
Externalexperts -
Legalsupport -
Cars&Advantages -
Travel&Accomodation -
IP-rights -
ICTinfrastructure -
Productmaintenance&Enhancement -

Marketingandtravelexpenses 10% Monthly

Advertisingcosts 15% Monthly
 2019
1,271,276.00 COGS
155,520.00 Producta 75%
249,704.00 Productb 65%
866,052.00 Productc 55%

2017 2018 2019

1 1 1
1 1 1
1 1 1

2 2 2

3 3 4

1 2 2
9 10 11

2019
832,240.00

290,700.00
254,400.00
500.00
6,600.00
24,000.00
4,200.00
1,000.00

541,540.00
216,616.00
324,924.00
BUSINESS PLAN TIP TOP Jan-15
In EUR

1
REVENUES 29,166.67
Sales

Product/ServiceA 42
Cumul 42
PriceproductA 200.00
Revenues product A 8,333.33

Product/ServiceB 83
Cumul 83
PriceproductB 100.00
Revenues product B 8,333.33

Product/ServiceC 250
Cumul 250
PriceproductC 50.00
Revenues product C 12,500.00

COST OF GOOD SALE 18,541.67

COGS product A 6,250.00

COGS product B 5,416.67
COGS product C 6,875.00

GROSS MARGIN 10,625.00

OPERATING EXPENSES 16,716.67

Salary & Benefits 6,800.00

IT (CTO) -
R&D 2,000.00
Sales & Marketing 1,800.00
Financial (CFO) -
Support -
CEO 3,000.00

R&D -
Product maintenance & Enhancement -

Investments -
ICT infrastructure -

Marketing expenses 7,291.67

Marketing and travel expenses 2,916.67
 Advertising costs 4,375.00

General & Administrative 2,625.00

Office rent 2,000.00
Mobile Phones 150.00
Legal & Accounting 350.00
Audit
Furnitures/computers 125.00

External costs -
External experts -
Legal support -

Other expenses -
Cars & Advantages -
Travel & Accomodation -
IP-rights -

EBITDA - 6,091.67

Amortization -
Depreciation of intangible assets

Depreciatiom -
Depreciation of tangible assets

EBIT - 6,091.67

Interest income

Interest expenses

Net Profit before Tax

Taxes
Corporate tax

Net profit
 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15
2015

2 3 4 5 6 7
29,166.67 29,166.67 29,166.67 29,166.67 29,166.67 29,166.67

42 42 42 42 42 42
83 125 167 208 250 292
200.00 200.00 200.00 200.00 200.00 200.00
8,333.33 8,333.33 8,333.33 8,333.33 8,333.33 8,333.33

83 83 83 83 83 83
167 250 333 417 500 583
100.00 100.00 100.00 100.00 100.00 100.00
8,333.33 8,333.33 8,333.33 8,333.33 8,333.33 8,333.33

250 250 250 250 250 250

500 750 1000 1250 1500 1750
50.00 50.00 50.00 50.00 50.00 50.00
12,500.00 12,500.00 12,500.00 12,500.00 12,500.00 12,500.00

18,541.67 18,541.67 18,541.67 18,541.67 18,541.67 18,541.67

6,250.00 6,250.00 6,250.00 6,250.00 6,250.00 6,250.00

5,416.67 5,416.67 5,416.67 5,416.67 5,416.67 5,416.67
6,875.00 6,875.00 6,875.00 6,875.00 6,875.00 6,875.00

10,625.00 10,625.00 10,625.00 10,625.00 10,625.00 10,625.00

16,716.67 16,716.67 16,716.67 16,716.67 16,716.67 16,716.67

6,800.00 6,800.00 6,800.00 6,800.00 6,800.00 6,800.00

- - - - - -
2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00
1,800.00 1,800.00 1,800.00 1,800.00 1,800.00 1,800.00
- - - - - -
- - - - - -
3,000.00 3,000.00 3,000.00 3,000.00 3,000.00 3,000.00

- - - - - -
- - - - - -

- - - - - -
- - - - - -

7,291.67 7,291.67 7,291.67 7,291.67 7,291.67 7,291.67

2,916.67 2,916.67 2,916.67 2,916.67 2,916.67 2,916.67
4,375.00 4,375.00 4,375.00 4,375.00 4,375.00 4,375.00

2,625.00 2,625.00 2,625.00 2,625.00 2,625.00 2,625.00

2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00

150.00 150.00 150.00 150.00 150.00 150.00
350.00 350.00 350.00 350.00 350.00 350.00

125.00 125.00 125.00 125.00 125.00 125.00

- - - - - -
- - - - - -
- - - - - -

- - - - - -
- - - - - -
- - - - - -
- - - - - -

- 6,091.67 - 6,091.67 - 6,091.67 - 6,091.67 - 6,091.67 - 6,091.67

- - - - - -

- - - - - -

- 6,091.67 - 6,091.67 - 6,091.67 - 6,091.67 - 6,091.67 - 6,091.67

 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16

8 9 10 11 12 13
29,166.67 29,166.67 29,166.67 29,166.67 29,166.67 44,166.67

42 42 42 42 42 50
333 375 417 458 500 550
200.00 200.00 200.00 200.00 200.00 200.00
8,333.33 8,333.33 8,333.33 8,333.33 8,333.33 10,000.00

83 83 83 83 83 117
667 750 833 917 1000 1117
100.00 100.00 100.00 100.00 100.00 100.00
8,333.33 8,333.33 8,333.33 8,333.33 8,333.33 11,666.67

250 250 250 250 250 450

2000 2250 2500 2750 3000 3450
50.00 50.00 50.00 50.00 50.00 50.00
12,500.00 12,500.00 12,500.00 12,500.00 12,500.00 22,500.00

18,541.67 18,541.67 18,541.67 18,541.67 18,541.67 27,458.33

6,250.00 6,250.00 6,250.00 6,250.00 6,250.00 7,500.00

5,416.67 5,416.67 5,416.67 5,416.67 5,416.67 7,583.33
6,875.00 6,875.00 6,875.00 6,875.00 6,875.00 12,375.00

10,625.00 10,625.00 10,625.00 10,625.00 10,625.00 16,708.33

16,716.67 16,716.67 16,716.67 16,716.67 16,716.67 26,500.00

6,800.00 6,800.00 6,800.00 6,800.00 6,800.00 12,600.00

- - - - - 2,000.00
2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 4,000.00
1,800.00 1,800.00 1,800.00 1,800.00 1,800.00 3,600.00
- - - - - -
- - - - - -
3,000.00 3,000.00 3,000.00 3,000.00 3,000.00 3,000.00

- - - - - -
- - - - - -

- - - - - -
- - - - - -

7,291.67 7,291.67 7,291.67 7,291.67 7,291.67 11,041.67

2,916.67 2,916.67 2,916.67 2,916.67 2,916.67 4,416.67
4,375.00 4,375.00 4,375.00 4,375.00 4,375.00 6,625.00

2,625.00 2,625.00 2,625.00 2,625.00 2,625.00 2,858.33

2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00

150.00 150.00 150.00 150.00 150.00 300.00
350.00 350.00 350.00 350.00 350.00 350.00
83.33
125.00 125.00 125.00 125.00 125.00 125.00

- - - - - -
- - - - - -
- - - - - -

- - - - - -
- - - - - -
- - - - - -
- - - - - -

- 6,091.67 - 6,091.67 - 6,091.67 - 6,091.67 - 6,091.67 - 9,791.67

- - - - - -

- - - - - -

- 6,091.67 - 6,091.67 - 6,091.67 - 6,091.67 - 6,091.67 - 9,791.67

 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16
2016

14 15 16 17 18 19
44,166.67 44,166.67 44,166.67 44,166.67 44,166.67 44,166.67

50 50 50 50 50 50
600 650 700 750 800 850
200.00 200.00 200.00 200.00 200.00 200.00
10,000.00 10,000.00 10,000.00 10,000.00 10,000.00 10,000.00

117 117 117 117 117 117

1233 1350 1467 1583 1700 1817
100.00 100.00 100.00 100.00 100.00 100.00
11,666.67 11,666.67 11,666.67 11,666.67 11,666.67 11,666.67

450 450 450 450 450 450

3900 4350 4800 5250 5700 6150
50.00 50.00 50.00 50.00 50.00 50.00
22,500.00 22,500.00 22,500.00 22,500.00 22,500.00 22,500.00

27,458.33 27,458.33 27,458.33 27,458.33 27,458.33 27,458.33

7,500.00 7,500.00 7,500.00 7,500.00 7,500.00 7,500.00

7,583.33 7,583.33 7,583.33 7,583.33 7,583.33 7,583.33
12,375.00 12,375.00 12,375.00 12,375.00 12,375.00 12,375.00

16,708.33 16,708.33 16,708.33 16,708.33 16,708.33 16,708.33

26,500.00 26,500.00 26,500.00 26,500.00 26,500.00 26,500.00

12,600.00 12,600.00 12,600.00 12,600.00 12,600.00 12,600.00

2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00
4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00
3,600.00 3,600.00 3,600.00 3,600.00 3,600.00 3,600.00
- - - - - -
- - - - - -
3,000.00 3,000.00 3,000.00 3,000.00 3,000.00 3,000.00

- - - - - -
- - - - - -

- - - - - -
- - - - - -

11,041.67 11,041.67 11,041.67 11,041.67 11,041.67 11,041.67

4,416.67 4,416.67 4,416.67 4,416.67 4,416.67 4,416.67
6,625.00 6,625.00 6,625.00 6,625.00 6,625.00 6,625.00

2,858.33 2,858.33 2,858.33 2,858.33 2,858.33 2,858.33

2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00

300.00 300.00 300.00 300.00 300.00 300.00
350.00 350.00 350.00 350.00 350.00 350.00
83.33 83.33 83.33 83.33 83.33 83.33
125.00 125.00 125.00 125.00 125.00 125.00

- - - - - -
- - - - - -
- - - - - -

- - - - - -
- - - - - -
- - - - - -
- - - - - -

- 9,791.67 - 9,791.67 - 9,791.67 - 9,791.67 - 9,791.67 - 9,791.67

- - - - - -

- - - - - -

- 9,791.67 - 9,791.67 - 9,791.67 - 9,791.67 - 9,791.67 - 9,791.67

 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17

20 21 22 23 24 25
44,166.67 44,166.67 44,166.67 44,166.67 44,166.67 68,833.33

50 50 50 50 50 60
900 950 1000 1050 1100 1160
200.00 200.00 200.00 200.00 200.00 200.00
10,000.00 10,000.00 10,000.00 10,000.00 10,000.00 12,000.00

117 117 117 117 117 163

1933 2050 2167 2283 2400 2563
100.00 100.00 100.00 100.00 100.00 100.00
11,666.67 11,666.67 11,666.67 11,666.67 11,666.67 16,333.33

450 450 450 450 450 810

6600 7050 7500 7950 8400 9210
50.00 50.00 50.00 50.00 50.00 50.00
22,500.00 22,500.00 22,500.00 22,500.00 22,500.00 40,500.00

27,458.33 27,458.33 27,458.33 27,458.33 27,458.33 41,891.67

7,500.00 7,500.00 7,500.00 7,500.00 7,500.00 9,000.00

7,583.33 7,583.33 7,583.33 7,583.33 7,583.33 10,616.67
12,375.00 12,375.00 12,375.00 12,375.00 12,375.00 22,275.00

16,708.33 16,708.33 16,708.33 16,708.33 16,708.33 26,941.67

26,500.00 26,500.00 26,500.00 26,500.00 26,500.00 38,116.67

12,600.00 12,600.00 12,600.00 12,600.00 12,600.00 17,900.00

2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00
4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00
3,600.00 3,600.00 3,600.00 3,600.00 3,600.00 5,400.00
- - - - - 2,000.00
- - - - - 1,500.00
3,000.00 3,000.00 3,000.00 3,000.00 3,000.00 3,000.00

- - - - - -
- - - - - -

- - - - - -
- - - - - -

11,041.67 11,041.67 11,041.67 11,041.67 11,041.67 17,208.33

4,416.67 4,416.67 4,416.67 4,416.67 4,416.67 6,883.33
6,625.00 6,625.00 6,625.00 6,625.00 6,625.00 10,325.00

2,858.33 2,858.33 2,858.33 2,858.33 2,858.33 3,008.33

2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00

300.00 300.00 300.00 300.00 300.00 450.00
350.00 350.00 350.00 350.00 350.00 350.00
83.33 83.33 83.33 83.33 83.33 83.33
125.00 125.00 125.00 125.00 125.00 125.00

- - - - - -
- - - - - -
- - - - - -

- - - - - -
- - - - - -
- - - - - -
- - - - - -

- 9,791.67 - 9,791.67 - 9,791.67 - 9,791.67 - 9,791.67 - 11,175.00

- - - - - -

- - - - - -

- 9,791.67 - 9,791.67 - 9,791.67 - 9,791.67 - 9,791.67 - 11,175.00

 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17
2017

26 27 28 29 30 31
68,833.33 68,833.33 68,833.33 68,833.33 68,833.33 68,833.33

60 60 60 60 60 60
1220 1280 1340 1400 1460 1520
200.00 200.00 200.00 200.00 200.00 200.00
12,000.00 12,000.00 12,000.00 12,000.00 12,000.00 12,000.00

163 163 163 163 163 163

2727 2890 3053 3217 3380 3543
100.00 100.00 100.00 100.00 100.00 100.00
16,333.33 16,333.33 16,333.33 16,333.33 16,333.33 16,333.33

810 810 810 810 810 810

10020 10830 11640 12450 13260 14070
50.00 50.00 50.00 50.00 50.00 50.00
40,500.00 40,500.00 40,500.00 40,500.00 40,500.00 40,500.00

41,891.67 41,891.67 41,891.67 41,891.67 41,891.67 41,891.67

9,000.00 9,000.00 9,000.00 9,000.00 9,000.00 9,000.00

10,616.67 10,616.67 10,616.67 10,616.67 10,616.67 10,616.67
22,275.00 22,275.00 22,275.00 22,275.00 22,275.00 22,275.00

26,941.67 26,941.67 26,941.67 26,941.67 26,941.67 26,941.67

38,116.67 38,116.67 38,116.67 38,116.67 38,116.67 38,116.67

17,900.00 17,900.00 17,900.00 17,900.00 17,900.00 17,900.00

2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00
4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00
5,400.00 5,400.00 5,400.00 5,400.00 5,400.00 5,400.00
2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00
1,500.00 1,500.00 1,500.00 1,500.00 1,500.00 1,500.00
3,000.00 3,000.00 3,000.00 3,000.00 3,000.00 3,000.00

- - - - - -
- - - - - -

- - - - - -
- - - - - -

17,208.33 17,208.33 17,208.33 17,208.33 17,208.33 17,208.33

6,883.33 6,883.33 6,883.33 6,883.33 6,883.33 6,883.33
10,325.00 10,325.00 10,325.00 10,325.00 10,325.00 10,325.00

3,008.33 3,008.33 3,008.33 3,008.33 3,008.33 3,008.33

2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00

450.00 450.00 450.00 450.00 450.00 450.00
350.00 350.00 350.00 350.00 350.00 350.00
83.33 83.33 83.33 83.33 83.33 83.33
125.00 125.00 125.00 125.00 125.00 125.00

- - - - - -
- - - - - -
- - - - - -

- - - - - -
- - - - - -
- - - - - -
- - - - - -

- 11,175.00 - 11,175.00 - 11,175.00 - 11,175.00 - 11,175.00 - 11,175.00

- - - - - -

- - - - - -

- 11,175.00 - 11,175.00 - 11,175.00 - 11,175.00 - 11,175.00 - 11,175.00

 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18

32 33 34 35 36 37
68,833.33 68,833.33 68,833.33 68,833.33 68,833.33 110,166.67

60 60 60 60 60 72
1580 1640 1700 1760 1820 1892
200.00 200.00 200.00 200.00 200.00 200.00
12,000.00 12,000.00 12,000.00 12,000.00 12,000.00 14,400.00

163 163 163 163 163 229

3707 3870 4033 4197 4360 4589
100.00 100.00 100.00 100.00 100.00 100.00
16,333.33 16,333.33 16,333.33 16,333.33 16,333.33 22,866.67

810 810 810 810 810 1458

14880 15690 16500 17310 18120 19578
50.00 50.00 50.00 50.00 50.00 50.00
40,500.00 40,500.00 40,500.00 40,500.00 40,500.00 72,900.00

41,891.67 41,891.67 41,891.67 41,891.67 41,891.67 65,758.33

9,000.00 9,000.00 9,000.00 9,000.00 9,000.00 10,800.00

10,616.67 10,616.67 10,616.67 10,616.67 10,616.67 14,863.33
22,275.00 22,275.00 22,275.00 22,275.00 22,275.00 40,095.00

26,941.67 26,941.67 26,941.67 26,941.67 26,941.67 44,408.33

38,116.67 38,116.67 38,116.67 38,116.67 38,116.67 49,916.67

17,900.00 17,900.00 17,900.00 17,900.00 17,900.00 19,400.00

2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00
4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00
5,400.00 5,400.00 5,400.00 5,400.00 5,400.00 5,400.00
2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00
1,500.00 1,500.00 1,500.00 1,500.00 1,500.00 3,000.00
3,000.00 3,000.00 3,000.00 3,000.00 3,000.00 3,000.00

- - - - - -
- - - - - -

- - - - - -
- - - - - -

17,208.33 17,208.33 17,208.33 17,208.33 17,208.33 27,541.67

6,883.33 6,883.33 6,883.33 6,883.33 6,883.33 11,016.67
10,325.00 10,325.00 10,325.00 10,325.00 10,325.00 16,525.00

3,008.33 3,008.33 3,008.33 3,008.33 3,008.33 2,975.00

2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00

450.00 450.00 450.00 450.00 450.00 500.00
350.00 350.00 350.00 350.00 350.00 350.00
83.33 83.33 83.33 83.33 83.33 83.33
125.00 125.00 125.00 125.00 125.00 41.67

- - - - - -
- - - - - -
- - - - - -

- - - - - -
- - - - - -
- - - - - -
- - - - - -

- 11,175.00 - 11,175.00 - 11,175.00 - 11,175.00 - 11,175.00 - 5,508.33

- - - - - -

- - - - - -

- 11,175.00 - 11,175.00 - 11,175.00 - 11,175.00 - 11,175.00 - 5,508.33

 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18
2018

38 39 40 41 42 43
110,166.67 110,166.67 110,166.67 110,166.67 110,166.67 110,166.67

72 72 72 72 72 72
1964 2036 2108 2180 2252 2324
200.00 200.00 200.00 200.00 200.00 200.00
14,400.00 14,400.00 14,400.00 14,400.00 14,400.00 14,400.00

229 229 229 229 229 229

4817 5046 5275 5503 5732 5961
100.00 100.00 100.00 100.00 100.00 100.00
22,866.67 22,866.67 22,866.67 22,866.67 22,866.67 22,866.67

1458 1458 1458 1458 1458 1458

21036 22494 23952 25410 26868 28326
50.00 50.00 50.00 50.00 50.00 50.00
72,900.00 72,900.00 72,900.00 72,900.00 72,900.00 72,900.00

65,758.33 65,758.33 65,758.33 65,758.33 65,758.33 65,758.33

10,800.00 10,800.00 10,800.00 10,800.00 10,800.00 10,800.00

14,863.33 14,863.33 14,863.33 14,863.33 14,863.33 14,863.33
40,095.00 40,095.00 40,095.00 40,095.00 40,095.00 40,095.00

44,408.33 44,408.33 44,408.33 44,408.33 44,408.33 44,408.33

49,916.67 49,916.67 49,916.67 49,916.67 49,916.67 49,916.67

19,400.00 19,400.00 19,400.00 19,400.00 19,400.00 19,400.00

2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00
4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00
5,400.00 5,400.00 5,400.00 5,400.00 5,400.00 5,400.00
2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00
3,000.00 3,000.00 3,000.00 3,000.00 3,000.00 3,000.00
3,000.00 3,000.00 3,000.00 3,000.00 3,000.00 3,000.00

- - - - - -
- - - - - -

- - - - - -
- - - - - -

27,541.67 27,541.67 27,541.67 27,541.67 27,541.67 27,541.67

11,016.67 11,016.67 11,016.67 11,016.67 11,016.67 11,016.67
16,525.00 16,525.00 16,525.00 16,525.00 16,525.00 16,525.00

2,975.00 2,975.00 2,975.00 2,975.00 2,975.00 2,975.00

2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00

500.00 500.00 500.00 500.00 500.00 500.00
350.00 350.00 350.00 350.00 350.00 350.00
83.33 83.33 83.33 83.33 83.33 83.33
41.67 41.67 41.67 41.67 41.67 41.67

- - - - - -
- - - - - -
- - - - - -

- - - - - -
- - - - - -
- - - - - -
- - - - - -

- 5,508.33 - 5,508.33 - 5,508.33 - 5,508.33 - 5,508.33 - 5,508.33

- - - - - -

- - - - - -

- 5,508.33 - 5,508.33 - 5,508.33 - 5,508.33 - 5,508.33 - 5,508.33

 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19

44 45 46 47 48 49
110,166.67 110,166.67 110,166.67 110,166.67 110,166.67 180,513.33

72 72 72 72 72 86
2396 2468 2540 2612 2684 2770
200.00 200.00 200.00 200.00 200.00 200.00
14,400.00 14,400.00 14,400.00 14,400.00 14,400.00 17,280.00

229 229 229 229 229 320

6189 6418 6647 6875 7104 7424
100.00 100.00 100.00 100.00 100.00 100.00
22,866.67 22,866.67 22,866.67 22,866.67 22,866.67 32,013.33

1458 1458 1458 1458 1458 2624

29784 31242 32700 34158 35616 38240
50.00 50.00 50.00 50.00 50.00 50.00
72,900.00 72,900.00 72,900.00 72,900.00 72,900.00 131,220.00

65,758.33 65,758.33 65,758.33 65,758.33 65,758.33 105,939.67

10,800.00 10,800.00 10,800.00 10,800.00 10,800.00 12,960.00

14,863.33 14,863.33 14,863.33 14,863.33 14,863.33 20,808.67
40,095.00 40,095.00 40,095.00 40,095.00 40,095.00 72,171.00

44,408.33 44,408.33 44,408.33 44,408.33 44,408.33 74,573.67

49,916.67 49,916.67 49,916.67 49,916.67 49,916.67 69,353.33

19,400.00 19,400.00 19,400.00 19,400.00 19,400.00 21,200.00

2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00
4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00
5,400.00 5,400.00 5,400.00 5,400.00 5,400.00 7,200.00
2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00
3,000.00 3,000.00 3,000.00 3,000.00 3,000.00 3,000.00
3,000.00 3,000.00 3,000.00 3,000.00 3,000.00 3,000.00

- - - - - -
- - - - - -

- - - - - -
- - - - - -

27,541.67 27,541.67 27,541.67 27,541.67 27,541.67 45,128.33

11,016.67 11,016.67 11,016.67 11,016.67 11,016.67 18,051.33
16,525.00 16,525.00 16,525.00 16,525.00 16,525.00 27,077.00

2,975.00 2,975.00 2,975.00 2,975.00 2,975.00 3,025.00

2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00

500.00 500.00 500.00 500.00 500.00 550.00
350.00 350.00 350.00 350.00 350.00 350.00
83.33 83.33 83.33 83.33 83.33 83.33
41.67 41.67 41.67 41.67 41.67 41.67

- - - - - -
- - - - - -
- - - - - -

- - - - - -
- - - - - -
- - - - - -
- - - - - -

- 5,508.33 - 5,508.33 - 5,508.33 - 5,508.33 - 5,508.33 5,220.33

- - - - - -

- - - - - -

- 5,508.33 - 5,508.33 - 5,508.33 - 5,508.33 - 5,508.33 5,220.33

 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19
2019

50 51 52 53 54 55
180,513.33 180,513.33 180,513.33 180,513.33 180,513.33 180,513.33

86 86 86 86 86 86
2857 2943 3030 3116 3202 3289
200.00 200.00 200.00 200.00 200.00 200.00
17,280.00 17,280.00 17,280.00 17,280.00 17,280.00 17,280.00

320 320 320 320 320 320

7744 8064 8385 8705 9025 9345
100.00 100.00 100.00 100.00 100.00 100.00
32,013.33 32,013.33 32,013.33 32,013.33 32,013.33 32,013.33

2624 2624 2624 2624 2624 2624

40865 43489 46114 48738 51362 53987
50.00 50.00 50.00 50.00 50.00 50.00
131,220.00 131,220.00 131,220.00 131,220.00 131,220.00 131,220.00

105,939.67 105,939.67 105,939.67 105,939.67 105,939.67 105,939.67

12,960.00 12,960.00 12,960.00 12,960.00 12,960.00 12,960.00

20,808.67 20,808.67 20,808.67 20,808.67 20,808.67 20,808.67
72,171.00 72,171.00 72,171.00 72,171.00 72,171.00 72,171.00

74,573.67 74,573.67 74,573.67 74,573.67 74,573.67 74,573.67

69,353.33 69,353.33 69,353.33 69,353.33 69,353.33 69,353.33

21,200.00 21,200.00 21,200.00 21,200.00 21,200.00 21,200.00

2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00
4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00
7,200.00 7,200.00 7,200.00 7,200.00 7,200.00 7,200.00
2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00
3,000.00 3,000.00 3,000.00 3,000.00 3,000.00 3,000.00
3,000.00 3,000.00 3,000.00 3,000.00 3,000.00 3,000.00

- - - - - -
- - - - - -

- - - - - -
- - - - - -

45,128.33 45,128.33 45,128.33 45,128.33 45,128.33 45,128.33

18,051.33 18,051.33 18,051.33 18,051.33 18,051.33 18,051.33
27,077.00 27,077.00 27,077.00 27,077.00 27,077.00 27,077.00

3,025.00 3,025.00 3,025.00 3,025.00 3,025.00 3,025.00

2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00

550.00 550.00 550.00 550.00 550.00 550.00
350.00 350.00 350.00 350.00 350.00 350.00
83.33 83.33 83.33 83.33 83.33 83.33
41.67 41.67 41.67 41.67 41.67 41.67

- - - - - -
- - - - - -
- - - - - -

- - - - - -
- - - - - -
- - - - - -
- - - - - -

5,220.33 5,220.33 5,220.33 5,220.33 5,220.33 5,220.33

- - - - - -

- - - - - -

5,220.33 5,220.33 5,220.33 5,220.33 5,220.33 5,220.33

 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19

56 57 58 59 60
180,513.33 180,513.33 180,513.33 180,513.33 180,513.33

86 86 86 86 86
3375 3462 3548 3634 3721
200.00 200.00 200.00 200.00 200.00
17,280.00 17,280.00 17,280.00 17,280.00 17,280.00

320 320 320 320 320

9665 9985 10305 10625 10946
100.00 100.00 100.00 100.00 100.00
32,013.33 32,013.33 32,013.33 32,013.33 32,013.33

2624 2624 2624 2624 2624

56611 59236 61860 64484 67109
50.00 50.00 50.00 50.00 50.00
131,220.00 131,220.00 131,220.00 131,220.00 131,220.00

105,939.67 105,939.67 105,939.67 105,939.67 105,939.67

12,960.00 12,960.00 12,960.00 12,960.00 12,960.00

20,808.67 20,808.67 20,808.67 20,808.67 20,808.67
72,171.00 72,171.00 72,171.00 72,171.00 72,171.00

74,573.67 74,573.67 74,573.67 74,573.67 74,573.67

69,353.33 69,353.33 69,353.33 69,353.33 69,353.33

21,200.00 21,200.00 21,200.00 21,200.00 21,200.00

2,000.00 2,000.00 2,000.00 2,000.00 2,000.00
4,000.00 4,000.00 4,000.00 4,000.00 4,000.00
7,200.00 7,200.00 7,200.00 7,200.00 7,200.00
2,000.00 2,000.00 2,000.00 2,000.00 2,000.00
3,000.00 3,000.00 3,000.00 3,000.00 3,000.00
3,000.00 3,000.00 3,000.00 3,000.00 3,000.00

- - - - -
- - - - -

- - - - -
- - - - -

45,128.33 45,128.33 45,128.33 45,128.33 45,128.33

18,051.33 18,051.33 18,051.33 18,051.33 18,051.33
27,077.00 27,077.00 27,077.00 27,077.00 27,077.00

3,025.00 3,025.00 3,025.00 3,025.00 3,025.00

2,000.00 2,000.00 2,000.00 2,000.00 2,000.00

550.00 550.00 550.00 550.00 550.00
350.00 350.00 350.00 350.00 350.00
83.33 83.33 83.33 83.33 83.33
41.67 41.67 41.67 41.67 41.67

- - - - -
- - - - -
- - - - -

- - - - -
- - - - -
- - - - -
- - - - -

5,220.33 5,220.33 5,220.33 5,220.33 5,220.33

- - - - -

- - - - -

5,220.33 5,220.33 5,220.33 5,220.33 5,220.33

 CASHFLOW FORECAST
A Beginning Cash Balance

Cash inflows
Turnover
Capitalcontribution
Loans
Otherincome
B Total cash inflows

Cash outflows
Personnelcosts
Productioncosts
Marketingcosts
Administrativecosts
Supplies(inc.VAT)
Investments
Externalcosts
Otherexpenses
C Total cash outflows

A+B-C Ending cash balance (without YIE grant and private matching)
CUMUL
Privateinvestmenttomatchgrant
Younginnovativeenterprise(YIE)grant
D Total YIE grant and private matching

A+B-C+D Ending cash balance (with YIE grant and private matching)

CF - 776,379.67
JEI - 310,551.87
PRIVATE - 465,827.80
 Jan-15 Feb-15 Mar-15 Apr-15 May-15

- - 6,091.67 - 6,091.67 - 6,091.67 - 6,091.67

29,166.67 29,166.67 29,166.67 29,166.67 29,166.67

0
0
0
29166.67 29,166.67 29166.67 29166.67 29166.67

6,800.00 6,800.00 6,800.00 6,800.00 6,800.00

18,541.67 18,541.67 18,541.67 18,541.67 18,541.67
7,291.67 7,291.67 7,291.67 7,291.67 7,291.67
2,625.00 2,625.00 2,625.00 2,625.00 2,625.00

35,258.33 35,258.33 35,258.33 35,258.33 35,258.33

- 6,091.67 - 12,183.33 - 12,183.33 - 12,183.33 - 12,183.33

-6,091.67 -18,275.00 -30,458.33 -42,641.67 -54,825.00
38,818.98 38,818.98 38,818.98 38,818.98 38,818.98
25879.322222222 25879.322222222 25879.322222222 25879.3222222222 25879.3222222222
64698.305555556 64698.305555556 64698.305555556 64698.3055555556 64698.3055555556

58,606.64 52,514.97 52,514.97 52,514.97 52,514.97

70,000.00

60,000.00

50,000.00

40,000.00

30,000.00

20,000.00

10,000.00

-
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
(10,000.00)

(20,000.00)

(30,000.00)
(10,000.00)

(20,000.00)

(30,000.00)
 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15

- 6,091.67 - 6,091.67 - 6,091.67 - 6,091.67 - 6,091.67

29,166.67 29,166.67 29,166.67 29,166.67 29,166.67

29166.67 29166.67 29166.67 29166.67 29166.67

6,800.00 6,800.00 6,800.00 6,800.00 6,800.00

18,541.67 18,541.67 18,541.67 18,541.67 18,541.67
7,291.67 7,291.67 7,291.67 7,291.67 7,291.67
2,625.00 2,625.00 2,625.00 2,625.00 2,625.00

35,258.33 35,258.33 35,258.33 35,258.33 35,258.33

- 12,183.33 - 12,183.33 - 12,183.33 - 12,183.33 - 12,183.33

-67,008.33 -79,191.67 -91,375.00 -103,558.33 -115,741.67
38,818.98 38,818.98 38,818.98 38,818.98 38,818.98
25879.3222222222 25879.3222222222 25879.3222222222 25879.3222222222 25879.3222222222
64698.3055555556 64698.3055555556 64698.3055555556 64698.3055555556 64698.3055555556

52,514.97 52,514.97 52,514.97 52,514.97 52,514.97

Ending cash balance (without

Ending cash balance (with YIE

9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36
 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16

- 6,091.67 - 6,091.67 - 6,091.67 - 9,791.67 - 9,791.67 - 9,791.67

29,166.67 29,166.67 44,166.67 44,166.67 44,166.67 44,166.67

29166.67 29166.67 44166.67 44166.67 44166.67 44166.67

6,800.00 6,800.00 12,600.00 12,600.00 12,600.00 12,600.00

18,541.67 18,541.67 27,458.33 27,458.33 27,458.33 27,458.33
7,291.67 7,291.67 11,041.67 11,041.67 11,041.67 11,041.67
2,625.00 2,625.00 2,858.33 2,858.33 2,858.33 2,858.33

35,258.33 35,258.33 53,958.33 53,958.33 53,958.33 53,958.33

- 12,183.33 - 12,183.33 - 15,883.33 - 19,583.33 - 19,583.33 - 19,583.33

-127,925.00 -140,108.33 -155,991.67 -175,575.00 -195,158.33 -214,741.67
38,818.98 38,818.98 38,818.98 38,818.98 38,818.98 38,818.98
25879.3222222222 25879.3222222222 25879.3222222222 25879.3222222222 25879.3222222222 25879.3222222222
64698.3055555556 64698.3055555556 64698.3055555556 64698.3055555556 64698.3055555556 40000

52,514.97 52,514.97 48,814.97 45,114.97 45,114.97 20,416.67

Ending cash balance (without YIE grant and private matching)

Ending cash balance (with YIE grant and private matching)
 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16

- 9,791.67 - 9,791.67 - 9,791.67 - 9,791.67 - 9,791.67 - 9,791.67

44,166.67 44,166.67 44,166.67 44,166.67 44,166.67 44,166.67

44166.67 44166.67 44166.67 44166.67 44166.67 44166.67

12,600.00 12,600.00 12,600.00 12,600.00 12,600.00 12,600.00

27,458.33 27,458.33 27,458.33 27,458.33 27,458.33 27,458.33
11,041.67 11,041.67 11,041.67 11,041.67 11,041.67 11,041.67
2,858.33 2,858.33 2,858.33 2,858.33 2,858.33 2,858.33

53,958.33 53,958.33 53,958.33 53,958.33 53,958.33 53,958.33

- 19,583.33 - 19,583.33 - 19,583.33 - 19,583.33 - 19,583.33 - 19,583.33

-234,325.00 -253,908.33 -273,491.67 -293,075.00 -312,658.33 -332,241.67
38,818.98 38,818.98 38,818.98 38,818.98 38,818.98 38,818.98
25879.3222222222 25879.3222222222 25879.3222222222 25879.3222222222 25879.3222222222 25879.3222222222
64698.3055555556 64698.3055555556 64698.3055555556 64698.3055555556 64698.3055555556 64698.3055555556

45,114.97 45,114.97 45,114.97 45,114.97 45,114.97 45,114.97

 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17

- 9,791.67 - 9,791.67 - 9,791.67 - 11,175.00 - 11,175.00 - 11,175.00

44,166.67 44,166.67 68,833.33 68,833.33 68,833.33 68,833.33

44166.67 44166.67 68833.33 68833.33 68833.33 68833.33

12,600.00 12,600.00 17,900.00 17,900.00 17,900.00 17,900.00

27,458.33 27,458.33 41,891.67 41,891.67 41,891.67 41,891.67
11,041.67 11,041.67 17,208.33 17,208.33 17,208.33 17,208.33
2,858.33 2,858.33 3,008.33 3,008.33 3,008.33 3,008.33

53,958.33 53,958.33 80,008.33 80,008.33 80,008.33 80,008.33

- 19,583.33 - 19,583.33 - 20,966.67 - 22,350.00 - 22,350.00 - 22,350.00

-351,825.00 -371,408.33 -392,375.00 -414,725.00 -437,075.00 -459,425.00
38,818.98 38,818.98 38,818.98 38,818.98 38,818.98 38,818.98
25879.3222222222 25879.3222222222 25879.3222222222 25879.3222222222 25879.3222222222 25879.3222222222
64698.3055555556 64698.3055555556 64698.3055555556 64698.3055555556 64698.3055555556 64698.3055555556

45,114.97 45,114.97 43,731.64 42,348.31 42,348.31 42,348.31

 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17

- 11,175.00 - 11,175.00 - 11,175.00 - 11,175.00 - 11,175.00 - 11,175.00

68,833.33 68,833.33 68,833.33 68,833.33 68,833.33 68,833.33

68833.33 68833.33 68833.33 68833.33 68833.33 68833.33

17,900.00 17,900.00 17,900.00 17,900.00 17,900.00 17,900.00

41,891.67 41,891.67 41,891.67 41,891.67 41,891.67 41,891.67
17,208.33 17,208.33 17,208.33 17,208.33 17,208.33 17,208.33
3,008.33 3,008.33 3,008.33 3,008.33 3,008.33 3,008.33

80,008.33 80,008.33 80,008.33 80,008.33 80,008.33 80,008.33

- 22,350.00 - 22,350.00 - 22,350.00 - 22,350.00 - 22,350.00 - 22,350.00

-481,775.00 -504,125.00 -526,475.00 -548,825.00 -571,175.00 -593,525.00
38,818.98 38,818.98 38,818.98 38,818.98 38,818.98 38,818.98
25879.3222222222 25879.3222222222 25879.3222222222 25879.3222222222 25879.3222222222 25879.3222222222
64698.3055555556 64698.3055555556 64698.3055555556 64698.3055555556 64698.3055555556 64698.3055555556

42,348.31 42,348.31 42,348.31 42,348.31 42,348.31 42,348.31

 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18

- 11,175.00 - 11,175.00 - 11,175.00 - 5,508.33 - 5,508.33 - 5,508.33 - 5,508.33

68,833.33 68,833.33 110,166.67 110,166.67 110,166.67 110,166.67 110,166.67

68833.33 68833.33 110166.67 110166.67 110166.67 110166.67 110166.67

17,900.00 17,900.00 19,400.00 19,400.00 19,400.00 19,400.00 19,400.00

41,891.67 41,891.67 65,758.33 65,758.33 65,758.33 65,758.33 65,758.33
17,208.33 17,208.33 27,541.67 27,541.67 27,541.67 27,541.67 27,541.67
3,008.33 3,008.33 2,975.00 2,975.00 2,975.00 2,975.00 2,975.00

80,008.33 80,008.33 115,675.00 115,675.00 115,675.00 115,675.00 115,675.00

- 22,350.00 - 22,350.00 - 16,683.33 - 11,016.67 - 11,016.67 - 11,016.67 - 11,016.67

-615,875.00 -638,225.00 -654,908.33 -665,925.00 -676,941.67 -687,958.33 -698,975.00
38,818.98 38,818.98 38,818.98 38,818.98 38,818.98 38,818.98 38,818.98
25879.3222222222 25879.3222222222 25879.3222222 25879.322222222 25879.322222222 25879.322222222 25879.322222222
64698.3055555556 64698.3055555556 64698.3055556 64698.305555556 64698.305555556 64698.305555556 64698.305555556

42,348.31 42,348.31 48,014.97 53,681.64 53,681.64 53,681.64 53,681.64

 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18

- 5,508.33 - 5,508.33 - 5,508.33 - 5,508.33 - 5,508.33 - 5,508.33 - 5,508.33

110,166.67 110,166.67 110,166.67 110,166.67 110,166.67 110,166.67 110,166.67

110166.67 110166.67 110166.67 110166.67 110166.67 110166.67 110166.67

19,400.00 19,400.00 19,400.00 19,400.00 19,400.00 19,400.00 19,400.00

65,758.33 65,758.33 65,758.33 65,758.33 65,758.33 65,758.33 65,758.33
27,541.67 27,541.67 27,541.67 27,541.67 27,541.67 27,541.67 27,541.67
2,975.00 2,975.00 2,975.00 2,975.00 2,975.00 2,975.00 2,975.00

115,675.00 115,675.00 115,675.00 115,675.00 115,675.00 115,675.00 115,675.00

- 11,016.67 - 11,016.67 - 11,016.67 - 11,016.67 - 11,016.67 - 11,016.67 - 11,016.67

-709,991.67 -721,008.33 -732,025.00 -743,041.67 -754,058.33 -765,075.00 -776,091.67
38,818.98 38,818.98 38,818.98 38,818.98 38,818.98 38,818.98 38,818.98
25879.322222222 25879.322222222 25879.322222222 25879.322222222 25879.322222222 25879.322222222 25879.322222222
64698.305555556 64698.305555556 64698.305555556 64698.305555556 64698.305555556 64698.305555556 64698.305555556

53,681.64 53,681.64 53,681.64 53,681.64 53,681.64 53,681.64 53,681.64

 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19

- 5,508.33 5,220.33 5,220.33 5,220.33 5,220.33 5,220.33 5,220.33

180,513.33 180,513.33 180,513.33 180,513.33 180,513.33 180,513.33 180,513.33

180513.33 180513.33 180513.33 180513.33 180513.33 180513.33 180513.33

21,200.00 21,200.00 21,200.00 21,200.00 21,200.00 21,200.00 21,200.00

105,939.67 105,939.67 105,939.67 105,939.67 105,939.67 105,939.67 105,939.67
45,128.33 45,128.33 45,128.33 45,128.33 45,128.33 45,128.33 45,128.33
3,025.00 3,025.00 3,025.00 3,025.00 3,025.00 3,025.00 3,025.00

175,293.00 175,293.00 175,293.00 175,293.00 175,293.00 175,293.00 175,293.00

- 288.00 10,440.67 10,440.67 10,440.67 10,440.67 10,440.67 10,440.67

-776,379.67 -765,939.00 -755,498.33 -745,057.67 -734,617.00 -724,176.33 -713,735.67
38,818.98 38,818.98 38,818.98 38,818.98 38,818.98 38,818.98 38,818.98
25879.322222222 25879.32222222 25879.32222222 25879.32222222 25879.32222222 25879.32222222 25879.32222222
64698.305555556 64698.30555556 64698.30555556 64698.30555556 64698.30555556 64698.30555556 64698.30555556

64,410.31 75,138.97 75,138.97 75,138.97 75,138.97 75,138.97 75,138.97

 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19

5,220.33 5,220.33 5,220.33 5,220.33 5,220.33

180,513.33 180,513.33 180,513.33 180,513.33 180,513.33

180513.33 180513.33 180513.33 180513.33 180513.33

21,200.00 21,200.00 21,200.00 21,200.00 21,200.00

105,939.67 105,939.67 105,939.67 105,939.67 105,939.67
45,128.33 45,128.33 45,128.33 45,128.33 45,128.33
3,025.00 3,025.00 3,025.00 3,025.00 3,025.00

175,293.00 175,293.00 175,293.00 175,293.00 175,293.00

10,440.67 10,440.67 10,440.67 10,440.67 10,440.67

-703,295.00 -692,854.33 -682,413.67 -671,973.00 -661,532.33
38,818.98 38,818.98 38,818.98 38,818.98 38,818.98
25879.32222222 25879.32222222 25879.32222222 25879.32222222 25879.32222222
64698.30555556 64698.30555556 64698.30555556 64698.30555556 64698.30555556

75,138.97 75,138.97 75,138.97 75,138.97 75,138.97

Overhead expenses 2015
Management 1
CEO 3,000.00 1
CTO 2,000.00
CFO 2,000.00
R&D
R&D 2,000.00 1
Sales & Marketing
Sales&Marketing 1,800.00 1
Administrative
Administrative 1,500.00 0
3

SALARIES Jan-15 Feb-15 Mar-15

Management 3,000.00 3,000.00 3,000.00

CEO 3,000.00 3,000.00 3,000.00
CTO - - -
CFO - - -

R&D 2,000.00 2,000.00 2,000.00

R&D #1 2,000.00 2,000.00 2,000.00
R&D #2 - - -

Sales & Marketing 1,800.00 1,800.00 1,800.00

Sales & Marketing #1 1,800.00 1,800.00 1,800.00
Sales & Marketing #2 - - -
Sales & Marketing #3 - - -
Sales & Marketing #4 - - -

Administrative - - -
Administrative #1 - - -
Administrative #2 - - -

TOTAL PERSONNEL COSTS 6,800.00 6,800.00 6,800.00

 2016 2017 2018 2019
2 3 3 3
1 1 1 1
1 1 1 1
1 1 1

2 2 2 2

2 3 3 4

0 1 2 2
6 9 10 11

Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15

3,000.00 3,000.00 3,000.00 3,000.00 3,000.00 3,000.00 3,000.00

3,000.00 3,000.00 3,000.00 3,000.00 3,000.00 3,000.00 3,000.00
- - - - - - -
- - - - - - -

2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00

2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00
- - - - - - -

1,800.00 1,800.00 1,800.00 1,800.00 1,800.00 1,800.00 1,800.00

1,800.00 1,800.00 1,800.00 1,800.00 1,800.00 1,800.00 1,800.00
- - - - - - -
- - - - - - -
- - - - - - -

- - - - - - -
- - - - - - -
- - - - - - -

6,800.00 6,800.00 6,800.00 6,800.00 6,800.00 6,800.00 6,800.00

 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16

3,000.00 3,000.00 5,000.00 5,000.00 5,000.00 5,000.00

3,000.00 3,000.00 3,000.00 3,000.00 3,000.00 3,000.00
- - 2,000.00 2,000.00 2,000.00 2,000.00
- - - - - -

2,000.00 2,000.00 4,000.00 4,000.00 4,000.00 4,000.00

2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00
- - 2,000.00 2,000.00 2,000.00 2,000.00

1,800.00 1,800.00 3,600.00 3,600.00 3,600.00 3,600.00

1,800.00 1,800.00 1,800.00 1,800.00 1,800.00 1,800.00
- - 1,800.00 1,800.00 1,800.00 1,800.00
- - 1,800.00 1,800.00 1,800.00 1,800.00
- - - - - -

- - - - - -
- - - - - -
- - - - - -

6,800.00 6,800.00 12,600.00 12,600.00 12,600.00 12,600.00

 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16

5,000.00 5,000.00 5,000.00 5,000.00 5,000.00 5,000.00

3,000.00 3,000.00 3,000.00 3,000.00 3,000.00 3,000.00
2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00
- - - - - -

4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00

2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00
2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00

3,600.00 3,600.00 3,600.00 3,600.00 3,600.00 3,600.00

1,800.00 1,800.00 1,800.00 1,800.00 1,800.00 1,800.00
1,800.00 1,800.00 1,800.00 1,800.00 1,800.00 1,800.00
1,800.00 1,800.00 1,800.00 1,800.00 1,800.00 1,800.00
- - - - - -

- - - - - -
- - - - - -
- - - - - -

12,600.00 12,600.00 12,600.00 12,600.00 12,600.00 12,600.00

 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17

5,000.00 5,000.00 7,000.00 7,000.00 7,000.00 7,000.00

3,000.00 3,000.00 3,000.00 3,000.00 3,000.00 3,000.00
2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00
- - 2,000.00 2,000.00 2,000.00 2,000.00

4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00

2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00
2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00

3,600.00 3,600.00 5,400.00 5,400.00 5,400.00 5,400.00

1,800.00 1,800.00 1,800.00 1,800.00 1,800.00 1,800.00
1,800.00 1,800.00 1,800.00 1,800.00 1,800.00 1,800.00
1,800.00 1,800.00 1,800.00 1,800.00 1,800.00 1,800.00
- - - - - -

- - 1,500.00 1,500.00 1,500.00 1,500.00

- - 1,500.00 1,500.00 1,500.00 1,500.00
- - - - - -

12,600.00 12,600.00 17,900.00 17,900.00 17,900.00 17,900.00

 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17

7,000.00 7,000.00 7,000.00 7,000.00 7,000.00 7,000.00

3,000.00 3,000.00 3,000.00 3,000.00 3,000.00 3,000.00
2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00
2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00

4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00

2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00
2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00

5,400.00 5,400.00 5,400.00 5,400.00 5,400.00 5,400.00

1,800.00 1,800.00 1,800.00 1,800.00 1,800.00 1,800.00
1,800.00 1,800.00 1,800.00 1,800.00 1,800.00 1,800.00
1,800.00 1,800.00 1,800.00 1,800.00 1,800.00 1,800.00
- - - - - -

1,500.00 1,500.00 1,500.00 1,500.00 1,500.00 1,500.00

1,500.00 1,500.00 1,500.00 1,500.00 1,500.00 1,500.00
- - - - - -

17,900.00 17,900.00 17,900.00 17,900.00 17,900.00 17,900.00

 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18

7,000.00 7,000.00 7,000.00 7,000.00 7,000.00 7,000.00

3,000.00 3,000.00 3,000.00 3,000.00 3,000.00 3,000.00
2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00
2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00

4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00

2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00
2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00

5,400.00 5,400.00 5,400.00 5,400.00 5,400.00 5,400.00

1,800.00 1,800.00 1,800.00 1,800.00 1,800.00 1,800.00
1,800.00 1,800.00 1,800.00 1,800.00 1,800.00 1,800.00
1,800.00 1,800.00 1,800.00 1,800.00 1,800.00 1,800.00
- - - - - -

1,500.00 1,500.00 3,000.00 3,000.00 3,000.00 3,000.00

1,500.00 1,500.00 1,500.00 1,500.00 1,500.00 1,500.00
- - 1,500.00 1,500.00 1,500.00 1,500.00

17,900.00 17,900.00 19,400.00 19,400.00 19,400.00 19,400.00

 May-18 Jun-18 Jul-18 Aug-18 Sep-18

7,000.00 7,000.00 7,000.00 7,000.00 7,000.00

3,000.00 3,000.00 3,000.00 3,000.00 3,000.00
2,000.00 2,000.00 2,000.00 2,000.00 2,000.00
2,000.00 2,000.00 2,000.00 2,000.00 2,000.00

4,000.00 4,000.00 4,000.00 4,000.00 4,000.00

2,000.00 2,000.00 2,000.00 2,000.00 2,000.00
2,000.00 2,000.00 2,000.00 2,000.00 2,000.00

5,400.00 5,400.00 5,400.00 5,400.00 5,400.00

1,800.00 1,800.00 1,800.00 1,800.00 1,800.00
1,800.00 1,800.00 1,800.00 1,800.00 1,800.00
1,800.00 1,800.00 1,800.00 1,800.00 1,800.00
- - - - -

3,000.00 3,000.00 3,000.00 3,000.00 3,000.00

1,500.00 1,500.00 1,500.00 1,500.00 1,500.00
1,500.00 1,500.00 1,500.00 1,500.00 1,500.00

19,400.00 19,400.00 19,400.00 19,400.00 19,400.00

 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19

7,000.00 7,000.00 7,000.00 7,000.00 7,000.00 7,000.00

3,000.00 3,000.00 3,000.00 3,000.00 3,000.00 3,000.00
2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00
2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00

4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00

2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00
2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00

5,400.00 5,400.00 5,400.00 7,200.00 7,200.00 7,200.00

1,800.00 1,800.00 1,800.00 1,800.00 1,800.00 1,800.00
1,800.00 1,800.00 1,800.00 1,800.00 1,800.00 1,800.00
1,800.00 1,800.00 1,800.00 1,800.00 1,800.00 1,800.00
- - - 1,800.00 1,800.00 1,800.00

3,000.00 3,000.00 3,000.00 3,000.00 3,000.00 3,000.00

1,500.00 1,500.00 1,500.00 1,500.00 1,500.00 1,500.00
1,500.00 1,500.00 1,500.00 1,500.00 1,500.00 1,500.00

19,400.00 19,400.00 19,400.00 21,200.00 21,200.00 21,200.00

 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19

7,000.00 7,000.00 7,000.00 7,000.00 7,000.00 7,000.00

3,000.00 3,000.00 3,000.00 3,000.00 3,000.00 3,000.00
2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00
2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00

4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00

2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00
2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00

7,200.00 7,200.00 7,200.00 7,200.00 7,200.00 7,200.00

1,800.00 1,800.00 1,800.00 1,800.00 1,800.00 1,800.00
1,800.00 1,800.00 1,800.00 1,800.00 1,800.00 1,800.00
1,800.00 1,800.00 1,800.00 1,800.00 1,800.00 1,800.00
1,800.00 1,800.00 1,800.00 1,800.00 1,800.00 1,800.00

3,000.00 3,000.00 3,000.00 3,000.00 3,000.00 3,000.00

1,500.00 1,500.00 1,500.00 1,500.00 1,500.00 1,500.00
1,500.00 1,500.00 1,500.00 1,500.00 1,500.00 1,500.00

21,200.00 21,200.00 21,200.00 21,200.00 21,200.00 21,200.00

 Oct-19 Nov-19 Dec-19

7,000.00 7,000.00 7,000.00

3,000.00 3,000.00 3,000.00
2,000.00 2,000.00 2,000.00
2,000.00 2,000.00 2,000.00

4,000.00 4,000.00 4,000.00

2,000.00 2,000.00 2,000.00
2,000.00 2,000.00 2,000.00

7,200.00 7,200.00 7,200.00

1,800.00 1,800.00 1,800.00
1,800.00 1,800.00 1,800.00
1,800.00 1,800.00 1,800.00
1,800.00 1,800.00 1,800.00

3,000.00 3,000.00 3,000.00

1,500.00 1,500.00 1,500.00
1,500.00 1,500.00 1,500.00

21,200.00 21,200.00 21,200.00

OPEX

Salary & Benefits

IT (CTO)
R&D
Sales & Marketing
Financial (CFO)
Support
CEO

R&D
Product maintenance & Enhancement

Investments
ICT infrastructure

Marketing expenses
Marketing and travel expenses
Advertising costs

General & Administrative

Office rent
Mobile Phones
Furnitures/computers
Accounting
Other G&A
Training and Seminars

External costs
External experts
Legal support

Other expenses
Cars & Advantages
Travel & Accomodation
IP-rights
 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15

6,800.00 6,800.00 6,800.00 6,800.00 6,800.00 6,800.00

- - - - - -
2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00
1,800.00 1,800.00 1,800.00 1,800.00 1,800.00 1,800.00
- - - - - -
- - - - - -
3,000.00 3,000.00 3,000.00 3,000.00 3,000.00 3,000.00

- - - - - -
- - - - - -

- - - - - -
- - - - - -

7,291.67 7,291.67 7,291.67 7,291.67 7,291.67 7,291.67

2,916.67 2,916.67 2,916.67 2,916.67 2,916.67 2,916.67
4,375.00 4,375.00 4,375.00 4,375.00 4,375.00 4,375.00

2,625.00 2,625.00 2,625.00 2,625.00 2,625.00 2,625.00

2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00
150.00 150.00 150.00 150.00 150.00 150.00
125.00 125.00 125.00 125.00 125.00 125.00
350.00 350.00 350.00 350.00 350.00 350.00
- - - - - -
- - - - - -

- - - - - -
- - - - - -
- - - - - -

- - - - - -
- - - - - -
- - - - - -
- - - - - -
 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16

6,800.00 6,800.00 6,800.00 6,800.00 6,800.00 6,800.00 12,600.00

- - - - - - 2,000.00
2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 4,000.00
1,800.00 1,800.00 1,800.00 1,800.00 1,800.00 1,800.00 3,600.00
- - - - - - -
- - - - - - -
3,000.00 3,000.00 3,000.00 3,000.00 3,000.00 3,000.00 3,000.00

- - - - - - -
- - - - - - -

- - - - - - -
- - - - - - -

7,291.67 7,291.67 7,291.67 7,291.67 7,291.67 7,291.67 11,041.67

2,916.67 2,916.67 2,916.67 2,916.67 2,916.67 2,916.67 4,416.67
4,375.00 4,375.00 4,375.00 4,375.00 4,375.00 4,375.00 6,625.00

2,625.00 2,625.00 2,625.00 2,625.00 2,625.00 2,625.00 2,775.00

2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00
150.00 150.00 150.00 150.00 150.00 150.00 300.00
125.00 125.00 125.00 125.00 125.00 125.00 125.00
350.00 350.00 350.00 350.00 350.00 350.00 350.00
- - - - - - -
- - - - - - -

- - - - - - -
- - - - - - -
- - - - - - -

- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16

12,600.00 12,600.00 12,600.00 12,600.00 12,600.00 12,600.00

2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00
4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00
3,600.00 3,600.00 3,600.00 3,600.00 3,600.00 3,600.00
- - - - - -
- - - - - -
3,000.00 3,000.00 3,000.00 3,000.00 3,000.00 3,000.00

- - - - - -
- - - - - -

- - - - - -
- - - - - -

11,041.67 11,041.67 11,041.67 11,041.67 11,041.67 11,041.67

4,416.67 4,416.67 4,416.67 4,416.67 4,416.67 4,416.67
6,625.00 6,625.00 6,625.00 6,625.00 6,625.00 6,625.00

2,775.00 2,775.00 2,775.00 2,775.00 2,775.00 2,775.00

2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00
300.00 300.00 300.00 300.00 300.00 300.00
125.00 125.00 125.00 125.00 125.00 125.00
350.00 350.00 350.00 350.00 350.00 350.00
- - - - - -
- - - - - -

- - - - - -
- - - - - -
- - - - - -

- - - - - -
- - - - - -
- - - - - -
- - - - - -
 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17

12,600.00 12,600.00 12,600.00 12,600.00 12,600.00 17,900.00

2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00
4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00
3,600.00 3,600.00 3,600.00 3,600.00 3,600.00 5,400.00
- - - - - 2,000.00
- - - - - 1,500.00
3,000.00 3,000.00 3,000.00 3,000.00 3,000.00 3,000.00

- - - - - -
- - - - - -

- - - - - -
- - - - - -

11,041.67 11,041.67 11,041.67 11,041.67 11,041.67 17,208.33

4,416.67 4,416.67 4,416.67 4,416.67 4,416.67 6,883.33
6,625.00 6,625.00 6,625.00 6,625.00 6,625.00 10,325.00

2,775.00 2,775.00 2,775.00 2,775.00 2,775.00 2,925.00

2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00
300.00 300.00 300.00 300.00 300.00 450.00
125.00 125.00 125.00 125.00 125.00 125.00
350.00 350.00 350.00 350.00 350.00 350.00
- - - - - -
- - - - - -

- - - - - -
- - - - - -
- - - - - -

- - - - - -
- - - - - -
- - - - - -
- - - - - -
 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17

17,900.00 17,900.00 17,900.00 17,900.00 17,900.00 17,900.00

2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00
4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00
5,400.00 5,400.00 5,400.00 5,400.00 5,400.00 5,400.00
2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00
1,500.00 1,500.00 1,500.00 1,500.00 1,500.00 1,500.00
3,000.00 3,000.00 3,000.00 3,000.00 3,000.00 3,000.00

- - - - - -
- - - - - -

- - - - - -
- - - - - -

17,208.33 17,208.33 17,208.33 17,208.33 17,208.33 17,208.33

6,883.33 6,883.33 6,883.33 6,883.33 6,883.33 6,883.33
10,325.00 10,325.00 10,325.00 10,325.00 10,325.00 10,325.00

2,925.00 2,925.00 2,925.00 2,925.00 2,925.00 2,925.00

2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00
450.00 450.00 450.00 450.00 450.00 450.00
125.00 125.00 125.00 125.00 125.00 125.00
350.00 350.00 350.00 350.00 350.00 350.00
- - - - - -
- - - - - -

- - - - - -
- - - - - -
- - - - - -

- - - - - -
- - - - - -
- - - - - -
- - - - - -
 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18

17,900.00 17,900.00 17,900.00 17,900.00 17,900.00 19,400.00

2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00
4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00
5,400.00 5,400.00 5,400.00 5,400.00 5,400.00 5,400.00
2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00
1,500.00 1,500.00 1,500.00 1,500.00 1,500.00 3,000.00
3,000.00 3,000.00 3,000.00 3,000.00 3,000.00 3,000.00

- - - - - -
- - - - - -

- - - - - -
- - - - - -

17,208.33 17,208.33 17,208.33 17,208.33 17,208.33 27,541.67

6,883.33 6,883.33 6,883.33 6,883.33 6,883.33 11,016.67
10,325.00 10,325.00 10,325.00 10,325.00 10,325.00 16,525.00

2,925.00 2,925.00 2,925.00 2,925.00 2,925.00 2,975.00

2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00
450.00 450.00 450.00 450.00 450.00 500.00
125.00 125.00 125.00 125.00 125.00 125.00
350.00 350.00 350.00 350.00 350.00 350.00
- - - - - -
- - - - - -

- - - - - -
- - - - - -
- - - - - -

- - - - - -
- - - - - -
- - - - - -
- - - - - -
 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18

19,400.00 19,400.00 19,400.00 19,400.00 19,400.00 19,400.00

2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00
4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00
5,400.00 5,400.00 5,400.00 5,400.00 5,400.00 5,400.00
2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00
3,000.00 3,000.00 3,000.00 3,000.00 3,000.00 3,000.00
3,000.00 3,000.00 3,000.00 3,000.00 3,000.00 3,000.00

- - - - - -
- - - - - -

- - - - - -
- - - - - -

27,541.67 27,541.67 27,541.67 27,541.67 27,541.67 27,541.67

11,016.67 11,016.67 11,016.67 11,016.67 11,016.67 11,016.67
16,525.00 16,525.00 16,525.00 16,525.00 16,525.00 16,525.00

2,975.00 2,975.00 2,975.00 2,975.00 2,975.00 2,975.00

2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00
500.00 500.00 500.00 500.00 500.00 500.00
125.00 125.00 125.00 125.00 125.00 125.00
350.00 350.00 350.00 350.00 350.00 350.00
- - - - - -
- - - - - -

- - - - - -
- - - - - -
- - - - - -

- - - - - -
- - - - - -
- - - - - -
- - - - - -
 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19

19,400.00 19,400.00 19,400.00 19,400.00 19,400.00 21,200.00

2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00
4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00
5,400.00 5,400.00 5,400.00 5,400.00 5,400.00 7,200.00
2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00
3,000.00 3,000.00 3,000.00 3,000.00 3,000.00 3,000.00
3,000.00 3,000.00 3,000.00 3,000.00 3,000.00 3,000.00

- - - - - -
- - - - - -

- - - - - -
- - - - - -

27,541.67 27,541.67 27,541.67 27,541.67 27,541.67 45,128.33

11,016.67 11,016.67 11,016.67 11,016.67 11,016.67 18,051.33
16,525.00 16,525.00 16,525.00 16,525.00 16,525.00 27,077.00

2,975.00 2,975.00 2,975.00 2,975.00 2,975.00 3,025.00

2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00
500.00 500.00 500.00 500.00 500.00 550.00
125.00 125.00 125.00 125.00 125.00 125.00
350.00 350.00 350.00 350.00 350.00 350.00
- - - - - -
- - - - - -

- - - - - -
- - - - - -
- - - - - -

- - - - - -
- - - - - -
- - - - - -
- - - - - -
 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19

21,200.00 21,200.00 21,200.00 21,200.00 21,200.00 21,200.00

2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00
4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00
7,200.00 7,200.00 7,200.00 7,200.00 7,200.00 7,200.00
2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00
3,000.00 3,000.00 3,000.00 3,000.00 3,000.00 3,000.00
3,000.00 3,000.00 3,000.00 3,000.00 3,000.00 3,000.00

- - - - - -
- - - - - -

- - - - - -
- - - - - -

45,128.33 45,128.33 45,128.33 45,128.33 45,128.33 45,128.33

18,051.33 18,051.33 18,051.33 18,051.33 18,051.33 18,051.33
27,077.00 27,077.00 27,077.00 27,077.00 27,077.00 27,077.00

3,025.00 3,025.00 3,025.00 3,025.00 3,025.00 3,025.00

2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00
550.00 550.00 550.00 550.00 550.00 550.00
125.00 125.00 125.00 125.00 125.00 125.00
350.00 350.00 350.00 350.00 350.00 350.00
- - - - - -
- - - - - -

- - - - - -
- - - - - -
- - - - - -

- - - - - -
- - - - - -
- - - - - -
- - - - - -
 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19

21,200.00 21,200.00 21,200.00 21,200.00 21,200.00

2,000.00 2,000.00 2,000.00 2,000.00 2,000.00
4,000.00 4,000.00 4,000.00 4,000.00 4,000.00
7,200.00 7,200.00 7,200.00 7,200.00 7,200.00
2,000.00 2,000.00 2,000.00 2,000.00 2,000.00
3,000.00 3,000.00 3,000.00 3,000.00 3,000.00
3,000.00 3,000.00 3,000.00 3,000.00 3,000.00

- - - - -
- - - - -

- - - - -
- - - - -

45,128.33 45,128.33 45,128.33 45,128.33 45,128.33

18,051.33 18,051.33 18,051.33 18,051.33 18,051.33
27,077.00 27,077.00 27,077.00 27,077.00 27,077.00

3,025.00 3,025.00 3,025.00 3,025.00 3,025.00

2,000.00 2,000.00 2,000.00 2,000.00 2,000.00
550.00 550.00 550.00 550.00 550.00
125.00 125.00 125.00 125.00 125.00
350.00 350.00 350.00 350.00 350.00
- - - - -
- - - - -

- - - - -
- - - - -
- - - - -

- - - - -
- - - - -
- - - - -
- - - - -
COGS %Revenue
Producta 75%
Productb 65%
Productc 55%

Jan-15 Feb-15 Mar-15 Apr-15

TOTAL COGS 18,541.67 18,541.67 18,541.67 18,541.67

COGSProductA 6,250.00 6,250.00 6,250.00 6,250.00

COGSProductB 5,416.67 5,416.67 5,416.67 5,416.67

COGSProductC 6,875.00 6,875.00 6,875.00 6,875.00

 2015
May-15 Jun-15 Jul-15 Aug-15 Sep-15

18,541.67 18,541.67 18,541.67 18,541.67 18,541.67

6,250.00 6,250.00 6,250.00 6,250.00 6,250.00

5,416.67 5,416.67 5,416.67 5,416.67 5,416.67

6,875.00 6,875.00 6,875.00 6,875.00 6,875.00

 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16

18,541.67 18,541.67 18,541.67 27,458.33 27,458.33

6,250.00 6,250.00 6,250.00 7,500.00 7,500.00

5,416.67 5,416.67 5,416.67 7,583.33 7,583.33

6,875.00 6,875.00 6,875.00 12,375.00 12,375.00

 2016
Mar-16 Apr-16 May-16 Jun-16 Jul-16

27,458.33 27,458.33 27,458.33 27,458.33 27,458.33

7,500.00 7,500.00 7,500.00 7,500.00 7,500.00

7,583.33 7,583.33 7,583.33 7,583.33 7,583.33

12,375.00 12,375.00 12,375.00 12,375.00 12,375.00

 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16

27,458.33 27,458.33 27,458.33 27,458.33 27,458.33

7,500.00 7,500.00 7,500.00 7,500.00 7,500.00

7,583.33 7,583.33 7,583.33 7,583.33 7,583.33

12,375.00 12,375.00 12,375.00 12,375.00 12,375.00

 Jan-17 Feb-17 Mar-17 Apr-17 May-17

41,891.67 41,891.67 41,891.67 41,891.67 41,891.67

9,000.00 9,000.00 9,000.00 9,000.00 9,000.00

10,616.67 10,616.67 10,616.67 10,616.67 10,616.67

22,275.00 22,275.00 22,275.00 22,275.00 22,275.00

 2017
Jun-17 Jul-17 Aug-17 Sep-17 Oct-17

41,891.67 41,891.67 41,891.67 41,891.67 41,891.67

9,000.00 9,000.00 9,000.00 9,000.00 9,000.00

10,616.67 10,616.67 10,616.67 10,616.67 10,616.67

22,275.00 22,275.00 22,275.00 22,275.00 22,275.00

 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18

41,891.67 41,891.67 65,758.33 65,758.33 65,758.33

9,000.00 9,000.00 10,800.00 10,800.00 10,800.00

10,616.67 10,616.67 14,863.33 14,863.33 14,863.33

22,275.00 22,275.00 40,095.00 40,095.00 40,095.00

 2018
Apr-18 May-18 Jun-18 Jul-18 Aug-18

65,758.33 65,758.33 65,758.33 65,758.33 65,758.33

10,800.00 10,800.00 10,800.00 10,800.00 10,800.00

14,863.33 14,863.33 14,863.33 14,863.33 14,863.33

40,095.00 40,095.00 40,095.00 40,095.00 40,095.00

 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19

65,758.33 65,758.33 65,758.33 65,758.33 105,939.67

10,800.00 10,800.00 10,800.00 10,800.00 12,960.00

14,863.33 14,863.33 14,863.33 14,863.33 20,808.67

40,095.00 40,095.00 40,095.00 40,095.00 72,171.00

 2019
Feb-19 Mar-19 Apr-19 May-19 Jun-19

105,939.67 105,939.67 105,939.67 105,939.67 105,939.67

12,960.00 12,960.00 12,960.00 12,960.00 12,960.00

20,808.67 20,808.67 20,808.67 20,808.67 20,808.67

72,171.00 72,171.00 72,171.00 72,171.00 72,171.00

2019
Jul-19 Aug-19 Sep-19 Oct-19 Nov-19

105,939.67 105,939.67 105,939.67 105,939.67 105,939.67

12,960.00 12,960.00 12,960.00 12,960.00 12,960.00

20,808.67 20,808.67 20,808.67 20,808.67 20,808.67

72,171.00 72,171.00 72,171.00 72,171.00 72,171.00

 Dec-19

105,939.67

12,960.00

20,808.67

72,171.00
 2015 2016 2017 2018 2019

A Turnover
xx
xx

B Personnel costs
Management
R&D
Sales & Marketing
Adminsitrative

C Other costs
Marketing
Travel & Accomodation
Cars & Advantages
Office building
Phone
Accounting
Administration
Legal support
IP-rights
ICT infrastructure
Office supplies
 TIPTOP COMPAGNY S.A.

P&L 2015 2016 2017 2018

Revenues 350,000.00 530,000.00 826,000.00 1,322,000.00
COGS 222,500.00 329,500.00 502,700.00 789,100.00
Gross margin 127,500.00 200,500.00 323,300.00 532,900.00
Operationalcosts 200,600.00 318,000.00 457,400.00 599,000.00
EBITDA - 73,100.00 - 117,500.00 - 134,100.00 - 66,100.00
Depreciation - - - -
EBIT - 73,100.00 - 117,500.00 - 134,100.00 - 66,100.00
Tax - - - -
Net profit - 73,100.00 - 117,500.00 - 134,100.00 - 66,100.00

Cash flow from operations 2015 2016 2017 2018

Revenues 350,000.00 530,000.00 826,000.00 1,322,000.00
COGS 222,500.00 329,500.00 502,700.00 789,100.00
Operationalcosts 200,600.00 318,000.00 457,400.00 599,000.00
Tax - - - -
Cash flow from operations - 73,100.00 - 117,500.00 - 134,100.00 - 66,100.00
Capitalexpenditure
Net cash flow #REF! #REF! #REF! #REF!
 2019 Balance Sheet 2013 2014 2015 2016

2,166,160.00 Assets

1,271,276.00 CurrentAssets

894,884.00 FixedAssets

832,240.00 RegularizationAccount

62,644.00 Total Assets 0 0 0 0

-
62,644.00 Liabilities

- CommonStock

62,644.00 Premium
RetainedEarnings
CurrentLiabilities

2019 LongTermDebt

2,166,160.00 DeferredTaxes

1,271,276.00 RegularizationAccount

832,240.00 Total Liabilities 0 0 0 0

-
62,644.00

#REF!
2017 2018 2019

0 0 0

0 0 0