Business plan Si14Bet

C O N F I D E N T I A L
Si14 Betting Exchange
I N T E R N A T I O N A L P E E R - T O - P E E R S P O R T S E V E N T B E T T I N G
E X C H A N G E .
Business plan
Prepared March 2020
Contact Information
Viktor Kopylov
info@si14.bet
+38263438723
http://si14bet.io

Si14 Betting Exchange i
CONFIDENTIAL - DO NOT DISSEMINATE
Table of Contents
Executive Summary ..................................................................................................1
Opportunity.........................................................................................................................................................................................1
Expectations .......................................................................................................................................................................................8
Opportunity................................................................................................................. 9
Problem & Solution.......................................................................................................................................................................... 9
Target Market.................................................................................................................................................................................... 9
Competition......................................................................................................................................................................................10
Execution..................................................................................................................... 11
Marketing & Sales ...........................................................................................................................................................................11
Operations......................................................................................................................................................................................... 12
Milestones & Metrics .................................................................................................................................................................... 14
Company......................................................................................................................15
Overview.............................................................................................................................................................................................15
Team .................................................................................................................................................................................................... 16
Financial Plan.............................................................................................................19
Forecast .............................................................................................................................................................................................. 19
Financing ...........................................................................................................................................................................................20
Statements ........................................................................................................................................................................................ 21
Appendix.....................................................................................................................25

Si14 Betting Exchange 1
Executive Summary
Opportunity
Problem
Problem Overview
Throughout 2009-2019 the online sports betting industry has been
characterized by the strong growth and remains a fast-growing and highly liquid market with millions
of players.
Since 2009 the online gambling market has doubled and currently has a volume of nearly $60 billion a
year. However, despite this growth the
bookmaker industry has experienced a decline in confidence and reputation over recent years. Online
sports event betting users and bookmakers have to face several challenges:
Opacity From the user's point of view, the process of determining odds of most bookmakers is
completely transparent. It is difficult to understand what information has led to forming the market, and
it is almost impossible to establish whether these odds are fair, or how they are laid in favour of
bookmakers, because they do not represent players’ aggregated opinions.
Also, traditional bookmakers do not provide any information on market volatility and the amount of
funds for a sports event. Thus, the entire process remains hidden. All these problems are a direct result
of one simple fact: the current online sports event betting market is very centralised.
Centralized companies are responsible for markets, outcomes, odds and even players’ funds.
Intrusion by Providers Traditional bookmakers often intrude into betting on their platforms and thus,
actively regulate the behaviour of their users. They block players who often win by limiting their
activity. Players often have to wait a long time before they get paid off the gain.
This leads to disappointment and reduced confidence in the bookmaker.
Trust in a Bookmaker
Nowadays in the sports betting market anyone who wants to bet online have to pass several verification
stages (often there are several consecutive identical verifications. It occurs in case of withdrawing funds
from a winning account).
Consequently players are completely isolated from their funds, which remain in the bookmaker's central
deposit. This requires a high degree of trust, which is sometimes used by bookmakers to the
disadvantage of their users. On the other hand, this liability leads to high procedural and financial costs
for bookmakers and as a result incorrect formation of odds in the sports event market and delay of
payments to users.The ability not to receive money when requesting withdrawal via online billing is a
real risk that players face.

On all conventional online betting platforms players have a delay when it comes to withdrawing cash
because it takes some days to transfer funds from a bookmaker to their bank accounts.
“INDUSTRY PAIN”
- Was your bet recalculated by another factor?
- Is your account often blocked if you have a winning account?
- What are references to obscure contract clauses to avoid making a payment?
Transparency of any bookmaker’s operation and formation processes of odds remain hidden. Up to the
present day operation algorithms have remained unclear for market participants. There are many
reasons for this: starting from regulatory activity and banal blocking due to the use of multi-accounts
and VPN.
All bookmaker offices have their mathematical modelling of profit generation and a large staff of
employees. This profit is contained in distorted odds for its users, on whose shoulders this load is fallen.
When working with any bookmaker you will experience a large number of restrictions of the following
nature:
- Event bet amount
- Reduced odds
- Closing the market in case of an event
- Lack of a wide action line
- Account Limitation
- Additional Verification
- Delays in payment of gains

Our company has had experience with bookmakers for more than 10 years. During this time we have
fully studied the structure and algorithms of bookmakers and offer a unique product that will take the
lead in the sports betting market.
We know what product players need.
Market Trends
The potential of the bookmaker service market points to huge growth opportunities for the Si14Bet
Exchange. The combination of sports betting, the ability to automate strategies, the environment of
trust management in sports events and the market of forecasts will open new opportunities in the
future.
Cybersport
The cyber sports betting market is the fastest growing segment in the betting world. Cybersport is one
of the most dynamic hierarchy in the gambling industry. According to the schedule below, cyber sports
bets will increase from $315 million in 2015 to $23.5 billion in 2020. This represents +640% over 5 years
and shows the incredible growth potential for this young market segment to be included in the Si14Bet
exchange.
Below you can view the chart which shows the shares of the online gambling industry worldwide in
comparison with sports event betting. The online betting market is leading and the share is nearly 50
percent and the casino market is around 24 percent.

Sports Event Betting
Betting and sports events have been the most popular industry tools for centuries. Online sports betting
is the largest sector of the online gambling industry, and it is still characterized by huge growth. It is a
highly liquid market with the potential for significant growth over the coming years.
The growth of new technologies opens up new opportunities for user online betting. New features such
as mechanization of trading systems, caching-out offer new opportunities for potential expansion of the
Si14Bet exchange.
The quarterly earnings comparison according to bets of the 4th quarter of 2017 shows huge growth
rates currently experienced in the betting industry.
On average, the revenue has increased by 44% in the 4th quarter of 2017.
Online sports betting: number of bets and volume of gains ($billion)

Quarterly gains earnings
Among the huge potential in the industry, several selected players are increasingly dominant. Major
bookmakers such as Unibet, Betsson, William Hill, bet365, Bwin and Betfair have gained an extensive
market share.
Solution
Si14Bet is ready to change the situation in the market and eliminate the existing problems. Players will
get full transparency, gaining full control over their bets.
Si14Bet allows becoming strong in the international betting market and in the future to take the lead due
to the quality of the service and financial company model.
Unique trade offer in the betting market
- Si14Bet does not cut odds
- Si14Bet makes payouts according to the gain
- Si14Bet verifies a client once (no verification)
- Si14Bet does not block accounts for unclear reasons
- Si14Bet does not require turnover to withdraw funds
- Si14Bet does not delay client withdrawals
- Si14Bet does not sanction unwanted players
- Si14Bet allows “arbitration" and “forks” and position hedging
The created product has no analogs in the world market of bookmaker services. The system works as
P2P, which eliminates difficulties with calculations by our users.

The hybrid financial interaction model allows our clients to have minimum fees of 1% per gain.
Our company implements an environment for creating personal robots and mechanized trading systems
for automatic bets according to your personal strategy.
Presently there are plenty of strategies that require constant market surveillance. You have a unique
opportunity to work mechanically. You only need to set the algorithm and compile the robot.
The market of odds is formed by users.
Lack of external factors for bet market formation.
Market
The market capacity is 51.96 billion US dollars
In 2019 the online gambling industry which is largely run by betting, casino and poker apps has a market
size of about US $51.96 billion. Almost half of it (47.6%) is in EU markets. Although online gambling is
legal in most European Union countries, many other countries around the world have banned or
restricted access to online gambling. The online gambling industry is thriving. It is an industry that is in
rapid development, with an annual growth rate of more than 10%. The dynamics of the online gambling
market development is also positive.
Quarterly gains earnings – Q4/2015 up to Q4/2017

Competition
“Betfair”. The exchange of bets with high sports event liquidity is in the top list. British site. The fee is
2.5%
“Matchbook”. The betting exchange with sufficiently high odds is included in the top list. British site.
“Betdaq”. Irish Betting Exchange. The low fee for this industry, that is only 3%. Good line for top football
European Championships.
“Betsson”. The main office is located in Stockholm. It is now prohibited in the territory of the Russian
Federation and in some countries.
“MyBet” is Sports Betting Exchange which is licensed by Malta.
No localizations except English. Bets are accepted exclusively in euros.
“Smarkets” is the British Betting Exchange. The fee is 2%.
“Betliner”. The betting exchange was founded in 2007. Curacao and the Antilles have a license.
Compared to analogs it provides rather low odds and an average action line.
Why Us?
Thanks to the mathematical model developed by Si14Bet mathematicians, we have the opportunity to
create a system of P2P bets without intermediaries.
Si14Bet will focus on the key points:
Si14Bet will allow sports betting markets to function independently of any intermediary, using the
liquidity distribution technology.

This makes it possible to bet in the form of delayed warrants BACK AND LAY. When combined with the
creation of an environment for the development of automated trading systems, it has a positive effect.
In the past, it was possible to bet only LAY that had their own algorithms of market and odds
adjustment, but with Si14Bet users would be able to create private betting markets for closed groups (for
example, legal entities that perform trust management service to their clients).
Peer-to-peer
Unlike bookmaker betting platforms aimed at intermediaries, Si14Bet will allow betting having a
possibility of personal formation of odds, as on the classical exchange. Si14Bet will create all the
necessary infrastructure to organize the entire betting process and test its community of users, there
are already more than 10,000 people.
Structure Transparency
Since Si14Bet is a betting exchange, odds are generated solely due to users’ demand and offer (it is
comparable to the stock exchange operation). This will eliminate the opaque and unfair definition of
odds that is common among traditional bookmakers.
On the Si14Bet exchange, these odds represent the probability of occurring a specific result based on the
demand and offer of specific users who have placed their sports event bet.
Expectations
Forecast
Due to the advanced servo development and innovative products, the Si14Bet platform will
receive 0.5% of the betting market within 1 year.
Financial Highlights by Year

Opportunity
Problem & Solution
Problem Worth Solving
“INDUSTRY PAIN”
- Was your bet recalculated by another factor?
- Is your account often blocked if you have a winning account?
- What are references to obscure contract clauses to avoid making a payment?
Transparency of any bookmaker’s operation and formation processes of odds remain hidden. Up to the
present day operation algorithms have remained unclear for market participants. There are many
reasons for this: starting from the regulatory activity and banal blocking due to the use of multi-
accounts and VPN.
All bookmaker offices have their mathematical modeling of profit generation and a large staff of
employees. This profit is contained in distorted odds for its users, on whose shoulders this load is fallen.
Our solution
The created product has no analogs in the world market of bookmaker services. The system works as
P2P, which eliminates difficulties with calculations by our users.
The hybrid financial interaction model allows our clients to have minimum fees of 1% per gain.
for automatic bets according to your personal strategy.
Presently there are plenty of strategies that require constant market surveillance. You have a unique
opportunity to work mechanically. You only need to set the algorithm and compile the robot.
Lack of external factors for bet market formation.
Target Market
Betting and sports events have been the most popular industry tools for centuries. Online sports betting
is the largest sector of the online gambling industry, and it is still characterized by huge growth. It is a
highly liquid market with the potential for significant growth over the coming years.

The growth of new technologies opens up new opportunities for user online betting. New features such
as mechanization of trading systems, caching-out offer new opportunities for potential expansion of the
Si14Bet exchange. The quarterly earnings comparison according to bets of the 4th quarter of 2019 shows
huge growth rates currently experienced in the betting industry.
On average, the revenue has increased by 44% in the 4th quarter of 2019
Competition
Current alternatives
Possible analogues, competitors, competitive technologies or existing solutions aimed at the same task:
“Betfair”
“Matchbook”
“Betdaq”
“Betsson”
“MyBet”
“Smarkets”
“Betliner”.
Our advantages
for automatic bets according to your personal strategy. Presently there are plenty of strategies that
require constant market surveillance. You have a unique opportunity to work mechanically. You only
need to set the algorithm and compile the robot.
- Wide line, i.e. more than 400 events
- API documentation for users
- The market is always open during any events
- Deal entry per 0.1 second
- BACK and LAY (Hedging Opportunity)
- Cash-out at the market-dependent rate without delays
- Possibility of effecting arbitration deals
- Instant deposit/withdrawal
The exchange operates according to the P2P principle (Peer to peer).
We have no external factors to form the market of sports event bets. The Si14.Bet has also created a
transparent 1% fee structure for its users. These funds are used to maintain the internal exchange eco-
system and improve its service and software.
Any user of the Si14.Bet exchange will be able to form a market. The P2P
the exchange allows us to form own odds BACK and LAY.

Execution
Marketing & Sales
Marketing Plan
Recapitalization of profits from the company's activities will be spent on marketing (Internet, television,
social networks, sponsorship of sports teams). The cost of 1 user will be $ 128.
Company staff units:
SERM and Messenger’s Expert.
Writing one or two exchange articles a day, coordination of news and texts. Sending them to all
cooperating agencies to translate into current languages and place them on our sites. Measuring the
effectiveness of news and the loyalty of our clients. The goal is to increase a loyal audience. Serm means
reputation management. Work with negative and positive reviews in the English-speaking environment
in specialized forums of our operating exchange. Keeping the Twitter exchange.
Contextual Advertising Expert.
Creating AB/ABC testing, agreeing on the exchange contextual advertising and special offers by
agencies of operating countries. Daily measuring of the targeted advertising effectiveness with the help
of special software. The objective increases in the quantitative specialized audience.
Emailing Expert
Creating automatic replies in English and operating languages. Keeping client databases. Newsletters.
Advertising Offer Mailing. Email Updates. Preparation of action incompleteness emailing. Keeping the
email purchase funnel of each client.
SMM Expert
Keeping targeted advertising according to the division strategy by psychotypes and social statuses.
ICO Marketing Expert
This expert controls and manages the entire workload of SMM EMAIL SERM Messengers YouTube, but
only within the ICO exchange.

Deputy Chief Marketing Officer
An expert in creating and keeping a sales funnel. He combines and controls parameters of the data input
and passing by each client through the sales funnel, systematizes failing data, compiles return programs
(motivations for those who refuse) on each “Spiral Turn”, interacts and manages the Client Technical
Support Service, controls the stages according to the main marketing plan.
Sales Plan
• 1 exchange user costs 128 USD
• Weighted average monthly user makes a turnover of 5000 USD on the exchange according to
the statistics of gambling.
• Weighted average profit per user is USD 50 (exchange commission 1%).
Operations
Locations & Facilities
Si14 LLC is registered in Switzerland, under the jurisdiction of some of the most stringent and advanced
legislation. Compliance with the requirements of Swiss regulators provides the company with reliable
work not only in the local market but also in the international market. Our global strategy is to strictly
follow the laws of the most stringent jurisdictions. This is the best protection for Si14 clients regardless
of their location.
The main members of the Si14Bet team can be found in the relevant section of White Paper.
In recent years, Switzerland has done a lot of work to create legislation that meets the most modern
requirements of the sports betting market. Stringent laws of Switzerland primarily aim at protecting
players, so Si14Bet wants to meet the advanced requirements of local regulators by being proactive for
many other jurisdictions. We ‘re proud of that.
The office in Switzerland allows Si14 to react quickly to changes in the legislative and business
landscape.
It is the best place to conduct global business in the operation of the sports event exchange.
Now Si14 has already resolved the issues of opening a legal entity in Switzerland. We are planning
activities and recruit additional staff of experts. Their tasks will be marketing, strategic planning,
investor search, and technical support. Establishing the office is scheduled for the 3rd quarter of 2020.
In the current active phase of market entry preparation, we have decided to concentrate the entire team,
including founders, developers, marketers, and managers in Montenegro. This minimizes delays
between solutions and implementation. In the future, remote offices of Si14Bet will be united by full-time
communication using advanced technologies of corporate interaction.

Technology
When creating a user cabinet of Si14 exchange we use Laravel - ecosystem. Laravel is the ideal solution
for an exchange with the ability to create a safe and reliable project, while always remaining at the peak
of technology. Laravel works with the progressive JavaScript framework Vue and this allows our
company to create an exchange based on this JS-frame.
The core of the exchange Si14 is implemented on GO.
Go is the server language of the future.
Most modern programming languages (such as Java, etc.) support multi-threading. But the real problem
is related to simultaneous execution, blocking threads, race condition and interlocking. This makes it
difficult to develop a multi-threaded application.
Go is created and maintained by a successful corporation. Google has one of the largest cloud
infrastructures in the world, and it continues to grow.
Frontend - developed on React.js. React's strength is that it does not force a developer to use classes. In
React, all interface components can be expressed as sets of pure functions.
The most speed-critical parts of the Si14 exchange are made in C++.

Milestones & Metrics
Milestones Table
Milestone Due Date Details
Beta testing of the
Si14.bet platform
March 25, 2020 Testing the exchange by closed subscription
Official launch of Si14
platform
September 07, 2020 The full launch of the Si14 platform.
Launch of mechanized
trading systems software
December 20, 2020 Open access for Si14 platform members to create
robotic trading systems and create their strategies
Integration of the Si14
asset management
program
December 27, 2020 Launching the additional section of the exchange.
Conducting an IPO of
Si14
August 10, 2021 Preparation of documentation for the company's IPO
Listing of Si14 shares on
the NASDAQ exchange
January 18, 2022 Issuance and listing of Si14 shares on the
international NASDAQ
Secret takeover of betting
companies
April 20, 2022 Based on the liquidity received from the sale of
shares - Si14 will acquire betting companies
Key metrics
We are currently focusing on the most basic indicators: daily income:
• user price reduction
• company expenses
• money
• company security
• profit

Company
Overview
Market Growth
In 2019 the online gambling industry which is largely run by betting, casino and poker apps has a market
size of about US $51.96 billion. Almost half of it (47.6%) is in EU markets. Although online gambling is
legal in most European Union countries, many other countries around the world have banned or
restricted access to online gambling. The online gambling industry is thriving. It is an industry that is in
rapid development, with an annual growth rate of more than 10%. The dynamics of the online gambling
market development is also positive.
Company history
History of creation
“Human activity is empty and insignificant when not animated by an idea” -
Chernyshevsky N.G.
The history of the company begins with an idea
Working in the gambling market since 2005, our team constantly faced difficulties and, having learned
all the "charms" of the betting industry and the obvious injustice towards players, it was decided to
create our own product in the sports betting market. Product from players to players.
The development of the platform concept began in September 2018 by a group of Si14 companies, which
is a combination of specialized directions.
Roadmap
• March 25 Beta testing of the Si14.bet platform
• September 7 Official launch of Si14 platform
• December 20 Launch of mechanized trading systems software
• December 27 Integration of the Si14 asset management program
• August 10 Conducting an IPO of Si14
• January 18 Listing of Si14 shares on the NASDAQ exchange
• April 20 Secret takeover of betting companies

Ownership & Structure
Organizational and Legal Form of the Project
Joint-stock company
Location
Switzerland, Montenegro
Actual Location
Switzerland, Canton of Zug
Company owner
Viktor Kopylov (100% shareholder)
Intellectual Property
The company programmed the development of the exchange core for sporting events from scratch. All
available developments are proprietary and have unique development algorithms.
Team
Management team
Viktor Kopylov, CEO of Si14, started his career in BCS brokerage company as a stock market analyst. He
underwent training at Chartered Financial Analyst in the USA. Later, Viktor Kopylov became Head of
Corporate Sales at Banque Société Générale Vostok
(formerly ROSBANK).
The department's management included more than RUB 8 billion in investment funds from the bank's
clients. Then it was decided to create their company Si14 and provide asset management services to
banks and investment companies, which is successfully implemented to date.
In 2018, the CEO of Si14 was puzzled by the search for new inefficient markets and the closest marketing
was betting. He is a developer of programs based on the technology of investment
projects through Eurobonds.
Si14 CEO invited an experienced betting trader Arkady Garsh, who has expertise in the domestic sports
betting market. Thanks to the interaction and development of systems to search for arbitration
situations in the market, it was decided to create a structure of Si14Bet, where

Arkady Garsh becomes Chief Information Officer in the company and leads the system of
implementation of innovative products of the exchange, based on personal experience of trading in
betting companies.
The next stage of product development was the decision to interact with the promotion team.
Experienced specialists, who have a positive experience in raising funds from crowded investment
platforms:
- MIKHAIL KOTENKO Chief Marketing Officer.
He is the head of marketing and developer of unique strategies to promote services on the world market.
Experience of participation in large investment projects as a supervisor (platinum coin, bitcoin steppe,
etc.).
- SERGEI BECHTGOLD Chief Development Officer.
Head of Platform Development at si14bet.io. Experience in developing strategies and an internal
understanding of the cryptographic market conditions allowed the Si14Bet platform to reach a
qualitatively new level of the formed investment proposal for the crypto community.
- VLAD GRUBNIK Chief Analytics Officer.
Vlad unique experience in the banking sector allows him to negotiate with a formed Si14Bet community.
Based on the banking experience and personal qualities of the department leader, an ideal structure of
interaction and communication between departments has been built.
The Si14Bet structural unit is Si14 LLC:
DMITRY FEDOTOV is the Chief Financial Officer.
He has experience in creating financial structures such as banking systems, micro-financing systems.
Experience in the investment sector allows closing key negotiations with institutional investors on the
purchase of Eurobonds.
MAXIM SVETLIY Chief Sales Officer.
Head of Investor Relations. Experience in managing companies focused on Privat Placement.

Advisors
SWISSQUOTE BANK LTD
Partners & Resources

Financial Plan
Forecast
Key assumptions
We expect the volume of 300,000 exchange users per month and then increase this figure to 1% of the
total market volume, which is 590,000 users.
We have innovative software and server capacity and we have no limit on the number of newcomers and
the scaling of exchange volumes.
The commission on the exchange is 1% of the users' winning transactions, which is the lowest in the
market of the exchange rates. The average profit per client will be USD 50 per month, the average
monthly user turnover will be USD 5,000.
For the first two years, we forecast revenue of US$21 million in 2021 and then US$99.3 million in 2022
with a profit of US$6.8 million in 2021 and then US$67.6 million in 2022. We expect marketing to be the
main cost item.
Payroll costs in the first year will be minimal as a proportion of profit. The company's planned scale-up
will take place in 2025. At the moment, the company is staffed and designed to serve 400,000 exchange
users.
Revenue by Month

Expenses by Month
Net Profit (or Loss) by Year
Financing
Use of funds
The largest expenses will be related to marketing. We have a ready-made platform and with the full
investment, we are ready to launch a large-scale advertising company in the world. For the received
investment of 19.8M USD, we will pay 6.3M USD and attract 49.219 users to our platform, which will give
a total turnover of 246.1M USD in addition to the existing users. The economic profit from these
investments will be paid back within two months if the platform is used by users.

The rest of the money will go to the company's stabilization fund.
Sources of Funds
Si14 has invested US$430,000 of its resources in the development and innovation of the platform, which
is available at Si14bet.io. Jobs were organized for the core of the company in Montenegro, Podgorica.
Today, after receiving the investment, our company is planning to open its head office in Switzerland,
Zug.
SWOT Analysis
The strengths of our platform are clear: a unique exchange concept, a professional staff of software
developers, innovative GO Lang programming, reliable jurisdiction of finding a legal entity and solid
business expertise to manage costs and help the company develop. Also, strengths are a ready-made
marketing point of sale of exchange services, existing potential client base, studied demand, highly liquid
sports betting market, market knowledge, knowledge of competitors, knowledge of industry
development prospects, a ready-made team of employees.
As for opportunities, we see promising growth potential in increasing the number of users of our
exchange and expanding geographical markets.
The greatest concern is the threat of political risks.
We are working hard to make the most of our pioneering advantage.
Statements
Expected return
Creation of a closed pool of investors and partners with a total capitalization of US$19.8 million for co-
investment of SI14's high-yield project with the funds of the investor, which is exchanged for equity
participation in the project and subsequent dividends from it.
Requirements for an investor:
- The minimum deposit for equity participation in the project is 200 000 USD;
Conditioned by the minimum lot value when buying a Eurobond
- Age from 18 years.
Investor benefits:
+ Total transparency and legality of interaction;
+ Complete control over its assets;
+ Guarantee of Si14Bet project success;
+ Opportunity to receive the first dividends in a year after the conclusion of the contract;
+ Opportunity for long-term cooperation and further participation in the projects of Si14.

Projected Profit and Loss
FY2021 FY2022 FY2023 FY2024 FY2025
Revenue $21,014,500 $99,250,000 $157,050,000 $160,000,000 $200,000,000
Direct Costs $1,579,685 $5,571,460 $8,530,460 $8,858,960 $11,018,960
Gross Margin $19,434,815 $93,678,540 $148,519,540 $151,141,040 $188,981,040
Gross Margin % 92% 94% 95% 94% 94%
Operating
Expenses
Salaries &
Wages
$8,545,800 $8,545,800 $8,545,800 $8,545,800 $8,545,800
Employee
Related
Expenses
$1,709,160 $1,709,160 $1,709,160 $1,709,160 $1,709,160
Office
equipment
$381,010
Peripheral
devices
$63,040
Server
hardware
$80,000
Concerned
goods
$2,500
Office
Furniture
$194,000
Security
System
$19,580
Total Operating
Expenses
$10,995,090 $10,254,960 $10,254,960 $10,254,960 $10,254,960
Operating
Income
$8,439,725 $83,423,580 $138,264,580 $140,886,080 $178,726,080
Interest Incurred
Depreciation and
Amortization
Gain or Loss
from Sale of
Assets
Income Taxes $1,603,548 $15,850,480 $26,270,270 $26,768,355 $33,957,956
Total Expenses $14,178,323 $31,676,900 $45,055,690 $45,882,275 $55,231,876
Net Profit $6,836,177 $67,573,100 $111,994,310 $114,117,725 $144,768,124
Net Profit /
Sales
33% 68% 71% 71% 72%

Projected Balance Sheet
FY2021 FY2022 FY2023 FY2024 FY2025
Cash $27,209,807 $96,144,982 $208,891,766 $322,685,344 $468,085,929
Accounts
Receivable
$0 $0 $0 $0 $0
Inventory
Other Current
Assets
Total Current
Assets
$27,209,807 $96,144,982 $208,891,766 $322,685,344 $468,085,929
Long-Term
Assets
Accumulated
Depreciation
Total Long-
Term Assets
Total Assets $27,209,807 $96,144,982 $208,891,766 $322,685,344 $468,085,929
Accounts
Payable
$0 $0 $0 $0 $0
Income Taxes
Payable
$534,630 $1,825,205 $2,538,179 $2,230,699 $2,829,827
Sales Taxes
Payable
$39,000 $110,500 $150,000 $133,333 $166,666
Short-Term Debt
Prepaid
Revenue
Total Current
Liabilities
$573,630 $1,935,705 $2,688,179 $2,364,032 $2,996,493
Long-Term Debt
Long-Term
Liabilities
Total Liabilities $573,630 $1,935,705 $2,688,179 $2,364,032 $2,996,493
Paid-In Capital $19,800,000 $19,800,000 $19,800,000 $19,800,000 $19,800,000
Retained
Earnings
$6,836,177 $74,409,277 $186,403,587 $300,521,312
Earnings $6,836,177 $67,573,100 $111,994,310 $114,117,725 $144,768,124
Total Owner's
Equity
$26,636,177 $94,209,277 $206,203,587 $320,321,312 $465,089,436
Total Liabilities
& Equity
$27,209,807 $96,144,982 $208,891,766 $322,685,344 $468,085,929

Projected Cash Flow Statement
FY2021 FY2022 FY2023 FY2024 FY2025
Net Cash Flow from
Operations
Net Profit $6,836,177 $67,573,100 $111,994,310 $114,117,725 $144,768,124
Depreciation &
Amortization
Change in Accounts
Receivable
$0 $0 $0 $0 $0
Change in Inventory
Change in Accounts
Payable
$0 $0 $0 $0 $0
Change in Income
Tax Payable
$534,630 $1,290,575 $712,974 ($307,480) $599,128
Change in Sales Tax
Payable
$39,000 $71,500 $39,500 ($16,667) $33,333
Change in Prepaid
Revenue
Net Cash Flow from
Operations
$7,409,807 $68,935,175 $112,746,784 $113,793,578 $145,400,585
Investing &
Financing
Assets Purchased or
Sold
Net Cash from
Investing
Investments
Received
$19,800,000
Dividends &
Distributions
Change in Short-
Term Debt
Change in Long-
Term Debt
Net Cash from
Financing
$19,800,000
Cash at Beginning of
Period
$0 $27,209,807 $96,144,982 $208,891,766 $322,685,344
Net Change in Cash $27,209,807 $68,935,175 $112,746,784 $113,793,578 $145,400,585
Cash at End of
Period
$27,209,807 $96,144,982 $208,891,766 $322,685,344 $468,085,929

Appendix
Profit and Loss Statement (With monthly detail)
FY2021 Sept '20 Oct '20 Nov '20 Dec '20 Jan '21 Feb '21 Mar '21 Apr '21 May '21 June '21 July '21 Aug '21
Revenue
Exchange fee $605,000 $786,500 $827,750 $937,750 $1,102,500 $1,250,000 $1,550,000 $1,850,000 $2,200,000 $2,900,000 $3,105,000 $3,900,000
Unit Sales 12,100 15,730 16,555 18,755 22,050 25,000 31,000 37,000 44,000 58,000 62,100 78,000
Unit Prices $50 $50 $50 $50 $50 $50 $50 $50 $50 $50 $50 $50
Total
Revenue
$605,000 $786,500 $827,750 $937,750 $1,102,500 $1,250,000 $1,550,000 $1,850,000 $2,200,000 $2,900,000 $3,105,000 $3,900,000
Direct Costs
Marketing $30,250 $39,325 $41,388 $46,887 $55,125 $62,500 $77,500 $92,500 $110,000 $145,000 $155,250 $195,000
Office rent $11,800 $11,800 $11,800 $11,800 $11,800 $11,800 $11,800 $11,800 $11,800 $11,800 $11,800 $11,800
Server rental $23,800 $23,800 $23,800 $23,800 $23,800 $23,800 $23,800 $23,800 $23,800 $23,800 $23,800 $23,800
Payments for
gembling licenses
$90,000
Utility payments $980 $980 $980 $980 $980 $980 $980 $980 $980 $980 $980 $980
Total Direct
Costs
$156,830 $75,905 $77,968 $83,467 $91,705 $99,080 $114,080 $129,080 $146,580 $181,580 $191,830 $231,580
Gross Margin $448,170 $710,595 $749,783 $854,283 $1,010,795 $1,150,920 $1,435,920 $1,720,920 $2,053,420 $2,718,420 $2,913,170 $3,668,420
Gross Margin
%
74% 90% 91% 91% 92% 92% 93% 93% 93% 94% 94% 94%
Operating
Expenses
Salaries and
Wages
Programmers
Division (11)
$556,600 $556,600 $556,600 $556,600 $556,600 $556,600 $556,600 $556,600 $556,600 $556,600 $556,600 $556,600

Support
Services
Division (40)
$24,000 $24,000 $24,000 $24,000 $24,000 $24,000 $24,000 $24,000 $24,000 $24,000 $24,000 $24,000
Payment
Processing
Division (14)
$32,200 $32,200 $32,200 $32,200 $32,200 $32,200 $32,200 $32,200 $32,200 $32,200 $32,200 $32,200
Security
Division (7)
$29,050 $29,050 $29,050 $29,050 $29,050 $29,050 $29,050 $29,050 $29,050 $29,050 $29,050 $29,050
Accounting
Department (7)
$23,100 $23,100 $23,100 $23,100 $23,100 $23,100 $23,100 $23,100 $23,100 $23,100 $23,100 $23,100
Marketing
Department
(10)
$42,000 $42,000 $42,000 $42,000 $42,000 $42,000 $42,000 $42,000 $42,000 $42,000 $42,000 $42,000
Audit staff (2) $5,200 $5,200 $5,200 $5,200 $5,200 $5,200 $5,200 $5,200 $5,200 $5,200 $5,200 $5,200
Total Salaries &
Wages
$712,150 $712,150 $712,150 $712,150 $712,150 $712,150 $712,150 $712,150 $712,150 $712,150 $712,150 $712,150
Employee
Related
Expenses
$142,430 $142,430 $142,430 $142,430 $142,430 $142,430 $142,430 $142,430 $142,430 $142,430 $142,430 $142,430
Office equipment $381,010
Peripheral
devices
$63,040
Server hardware $80,000
Concerned goods $2,500
Office Furniture $194,000
Security System $19,580
Total
Operating
Expenses
$1,133,700 $1,235,590 $934,580 $854,580 $854,580 $854,580 $854,580 $854,580 $854,580 $854,580 $854,580 $854,580
Operating
Income
($685,530) ($524,995) ($184,798) ($297) $156,215 $296,340 $581,340 $866,340 $1,198,840 $1,863,840 $2,058,590 $2,813,840
Interest Incurred
Depreciation and
Amortization
Gain or Loss from
Sale of Assets
Income Taxes $0 $0 $0 $0 $0 $0 $0 $95,877 $227,779 $354,130 $391,132 $534,630

Total
Expenses
$1,290,530 $1,311,495 $1,012,548 $938,047 $946,285 $953,660 $968,660 $1,079,537 $1,228,939 $1,390,290 $1,437,542 $1,620,790
Net Profit ($685,530) ($524,995) ($184,798) ($297) $156,215 $296,340 $581,340 $770,463 $971,061 $1,509,710 $1,667,458 $2,279,210
Net Profit /
Sales
(113%) (67%) (22%) 0% 14% 24% 38% 42% 44% 52% 54% 58%

Revenue
Exchange fee $4,550,000 $4,950,000 $5,500,000 $6,550,000 $7,250,000 $9,000,000 $9,500,000 $9,800,000 $10,000,000 $10,250,000 $10,850,000 $11,050,000
Unit Sales 91,000 99,000 110,000 131,000 145,000 180,000 190,000 196,000 200,000 205,000 217,000 221,000
Unit Prices $50 $50 $50 $50 $50 $50 $50 $50 $50 $50 $50 $50
Total
Revenue
$4,550,000 $4,950,000 $5,500,000 $6,550,000 $7,250,000 $9,000,000 $9,500,000 $9,800,000 $10,000,000 $10,250,000 $10,850,000 $11,050,000
Direct Costs
Marketing $227,500 $247,500 $275,000 $327,500 $362,500 $450,000 $475,000 $490,000 $500,000 $512,500 $542,500 $552,500
Office rent $11,800 $11,800 $11,800 $11,800 $11,800 $11,800 $11,800 $11,800 $11,800 $11,800 $11,800 $11,800
Server rental $23,800 $23,800 $23,800 $23,800 $23,800 $23,800 $23,800 $23,800 $23,800 $23,800 $23,800 $23,800
Payments for
gembling licenses
$170,000
Total Direct
Costs
$434,080 $284,080 $311,580 $364,080 $399,080 $486,580 $511,580 $526,580 $536,580 $549,080 $579,080 $589,080
Gross Margin $4,115,920 $4,665,920 $5,188,420 $6,185,920 $6,850,920 $8,513,420 $8,988,420 $9,273,420 $9,463,420 $9,700,920 $10,270,920 $10,460,920
Gross Margin
%
90% 94% 94% 94% 94% 95% 95% 95% 95% 95% 95% 95%
Operating
Expenses
Salaries and
Wages
Programmers
Division (11)
$556,600 $556,600 $556,600 $556,600 $556,600 $556,600 $556,600 $556,600 $556,600 $556,600 $556,600 $556,600
Support
Services
Division (40)
$24,000 $24,000 $24,000 $24,000 $24,000 $24,000 $24,000 $24,000 $24,000 $24,000 $24,000 $24,000
Payment
Processing
Division (14)
$32,200 $32,200 $32,200 $32,200 $32,200 $32,200 $32,200 $32,200 $32,200 $32,200 $32,200 $32,200
Security
Division (7)
$29,050 $29,050 $29,050 $29,050 $29,050 $29,050 $29,050 $29,050 $29,050 $29,050 $29,050 $29,050
Accounting
Department (7)
$23,100 $23,100 $23,100 $23,100 $23,100 $23,100 $23,100 $23,100 $23,100 $23,100 $23,100 $23,100

Marketing
Department
(10)
$42,000 $42,000 $42,000 $42,000 $42,000 $42,000 $42,000 $42,000 $42,000 $42,000 $42,000 $42,000
Audit staff (2) $5,200 $5,200 $5,200 $5,200 $5,200 $5,200 $5,200 $5,200 $5,200 $5,200 $5,200 $5,200
Total Salaries &
Wages
$712,150 $712,150 $712,150 $712,150 $712,150 $712,150 $712,150 $712,150 $712,150 $712,150 $712,150 $712,150
Employee
Related
Expenses
$142,430 $142,430 $142,430 $142,430 $142,430 $142,430 $142,430 $142,430 $142,430 $142,430 $142,430 $142,430
Office equipment
Peripheral
devices
Server hardware
Concerned goods
Office Furniture
Security System
Total
Operating
Expenses
$854,580 $854,580 $854,580 $854,580 $854,580 $854,580 $854,580 $854,580 $854,580 $854,580 $854,580 $854,580
Operating
Income
$3,261,340 $3,811,340 $4,333,840 $5,331,340 $5,996,340 $7,658,840 $8,133,840 $8,418,840 $8,608,840 $8,846,340 $9,416,340 $9,606,340
Interest Incurred
Depreciation and
Amortization
Gain or Loss from
Sale of Assets
Income Taxes $619,654 $724,155 $823,430 $1,012,954 $1,139,305 $1,455,179 $1,545,430 $1,599,580 $1,635,679 $1,680,805 $1,789,104 $1,825,205
Total
Expenses
$1,908,314 $1,862,815 $1,989,590 $2,231,614 $2,392,965 $2,796,339 $2,911,590 $2,980,740 $3,026,839 $3,084,465 $3,222,764 $3,268,865
Net Profit $2,641,686 $3,087,185 $3,510,410 $4,318,386 $4,857,035 $6,203,661 $6,588,410 $6,819,260 $6,973,161 $7,165,535 $7,627,236 $7,781,135
Net Profit /
Sales
58% 62% 64% 66% 67% 69% 69% 70% 70% 70% 70% 70%

Revenue
Exchange fee $11,400,000 $11,550,000 $11,900,000 $12,100,000 $12,550,000 $12,800,000 $13,300,000 $14,000,000 $14,500,000 $14,000,000 $13,950,000 $15,000,000
Unit Sales 228,000 231,000 238,000 242,000 251,000 256,000 266,000 280,000 290,000 280,000 279,000 300,000
Unit Prices $50 $50 $50 $50 $50 $50 $50 $50 $50 $50 $50 $50
Total
Revenue
$11,400,000 $11,550,000 $11,900,000 $12,100,000 $12,550,000 $12,800,000 $13,300,000 $14,000,000 $14,500,000 $14,000,000 $13,950,000 $15,000,000
Direct Costs
Marketing $570,000 $577,500 $595,000 $605,000 $627,500 $640,000 $665,000 $700,000 $725,000 $700,000 $697,500 $750,000
Office rent $11,800 $11,800 $11,800 $11,800 $11,800 $11,800 $11,800 $11,800 $11,800 $11,800 $11,800 $11,800
Server rental $23,800 $23,800 $23,800 $23,800 $23,800 $23,800 $23,800 $23,800 $23,800 $23,800 $23,800 $23,800
Payments for
gembling licenses
$239,000
Total Direct
Costs
$845,580 $614,080 $631,580 $641,580 $664,080 $676,580 $701,580 $736,580 $761,580 $736,580 $734,080 $786,580
Gross Margin $10,554,420 $10,935,920 $11,268,420 $11,458,420 $11,885,920 $12,123,420 $12,598,420 $13,263,420 $13,738,420 $13,263,420 $13,215,920 $14,213,420
Gross Margin
%
93% 95% 95% 95% 95% 95% 95% 95% 95% 95% 95% 95%
Operating
Expenses
Salaries and
Wages
Programmers
Division (11)
$556,600 $556,600 $556,600 $556,600 $556,600 $556,600 $556,600 $556,600 $556,600 $556,600 $556,600 $556,600
Support
Services
Division (40)
$24,000 $24,000 $24,000 $24,000 $24,000 $24,000 $24,000 $24,000 $24,000 $24,000 $24,000 $24,000
Payment
Processing
Division (14)
$32,200 $32,200 $32,200 $32,200 $32,200 $32,200 $32,200 $32,200 $32,200 $32,200 $32,200 $32,200
Security
Division (7)
$29,050 $29,050 $29,050 $29,050 $29,050 $29,050 $29,050 $29,050 $29,050 $29,050 $29,050 $29,050
Accounting
Department (7)
$23,100 $23,100 $23,100 $23,100 $23,100 $23,100 $23,100 $23,100 $23,100 $23,100 $23,100 $23,100

Marketing
Department
(10)
$42,000 $42,000 $42,000 $42,000 $42,000 $42,000 $42,000 $42,000 $42,000 $42,000 $42,000 $42,000
Audit staff (2) $5,200 $5,200 $5,200 $5,200 $5,200 $5,200 $5,200 $5,200 $5,200 $5,200 $5,200 $5,200
Total Salaries &
Wages
$712,150 $712,150 $712,150 $712,150 $712,150 $712,150 $712,150 $712,150 $712,150 $712,150 $712,150 $712,150
Employee
Related
Expenses
$142,430 $142,430 $142,430 $142,430 $142,430 $142,430 $142,430 $142,430 $142,430 $142,430 $142,430 $142,430
Office equipment
Peripheral
devices
Server hardware
Concerned goods
Office Furniture
Security System
Total
Operating
Expenses
$854,580 $854,580 $854,580 $854,580 $854,580 $854,580 $854,580 $854,580 $854,580 $854,580 $854,580 $854,580
Operating
Income
$9,699,840 $10,081,340 $10,413,840 $10,603,840 $11,031,340 $11,268,840 $11,743,840 $12,408,840 $12,883,840 $12,408,840 $12,361,340 $13,358,840
Interest Incurred
Depreciation and
Amortization
Gain or Loss from
Sale of Assets
Income Taxes $1,842,970 $1,915,454 $1,978,630 $2,014,729 $2,095,955 $2,141,080 $2,231,329 $2,357,680 $2,447,929 $2,357,680 $2,348,655 $2,538,179
Total
Expenses
$3,543,130 $3,384,114 $3,464,790 $3,510,889 $3,614,615 $3,672,240 $3,787,489 $3,948,840 $4,064,089 $3,948,840 $3,937,315 $4,179,339
Net Profit $7,856,870 $8,165,886 $8,435,210 $8,589,111 $8,935,385 $9,127,760 $9,512,511 $10,051,160 $10,435,911 $10,051,160 $10,012,685 $10,820,661
Net Profit /
Sales
69% 71% 71% 71% 71% 71% 72% 72% 72% 72% 72% 72%

FY2021 FY2022 FY2023 FY2024 FY2025
Revenue
Exchange fee $21,014,500 $99,250,000 $157,050,000 $160,000,000 $200,000,000
Unit Sales 420,290 1,985,000 3,141,000 3,200,000 4,000,000
Unit Prices $50 $50 $50 $50 $50
Total Revenue $21,014,500 $99,250,000 $157,050,000 $160,000,000 $200,000,000
Direct Costs
Marketing $1,050,725 $4,962,500 $7,852,500 $8,000,000 $10,000,000
Office rent $141,600 $141,600 $141,600 $141,600 $141,600
Server rental $285,600 $285,600 $285,600 $285,600 $285,600
Payments for gembling licenses $90,000 $170,000 $239,000 $420,000 $580,000
Utility payments $11,760 $11,760 $11,760 $11,760 $11,760
Total Direct Costs $1,579,685 $5,571,460 $8,530,460 $8,858,960 $11,018,960
Gross Margin $19,434,815 $93,678,540 $148,519,540 $151,141,040 $188,981,040
Gross Margin % 92% 94% 95% 94% 94%
Operating Expenses
Salaries and Wages
Programmers Division (11) $6,679,200 $6,679,200 $6,679,200 $6,679,200 $6,679,200
Support Services Division (40) $288,000 $288,000 $288,000 $288,000 $288,000
Payment Processing Division (14) $386,400 $386,400 $386,400 $386,400 $386,400
Security Division (7) $348,600 $348,600 $348,600 $348,600 $348,600
Accounting Department (7) $277,200 $277,200 $277,200 $277,200 $277,200
Marketing Department (10) $504,000 $504,000 $504,000 $504,000 $504,000
Audit staff (2) $62,400 $62,400 $62,400 $62,400 $62,400
Total Salaries & Wages $8,545,800 $8,545,800 $8,545,800 $8,545,800 $8,545,800
Employee Related Expenses $1,709,160 $1,709,160 $1,709,160 $1,709,160 $1,709,160
Office equipment $381,010
Peripheral devices $63,040
Server hardware $80,000

Concerned goods $2,500
Office Furniture $194,000
Security System $19,580
Total Operating Expenses $10,995,090 $10,254,960 $10,254,960 $10,254,960 $10,254,960
Operating Income $8,439,725 $83,423,580 $138,264,580 $140,886,080 $178,726,080
Interest Incurred
Depreciation and Amortization
Gain or Loss from Sale of Assets
Income Taxes $1,603,548 $15,850,480 $26,270,270 $26,768,355 $33,957,956
Total Expenses $14,178,323 $31,676,900 $45,055,690 $45,882,275 $55,231,876
Net Profit $6,836,177 $67,573,100 $111,994,310 $114,117,725 $144,768,124
Net Profit / Sales 33% 68% 71% 71% 72%

Balance Sheet (With Monthly Detail)
Cash $19,120,520 $18,597,340 $18,412,956 $18,413,757 $18,571,620 $18,869,435 $19,453,775 $20,323,115 $21,429,578 $23,072,639 $24,779,149 $27,209,807
Accounts
Receivable
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Inventory
Other Current
Assets
Total Current
Assets
$19,120,520 $18,597,340 $18,412,956 $18,413,757 $18,571,620 $18,869,435 $19,453,775 $20,323,115 $21,429,578 $23,072,639 $24,779,149 $27,209,807
Long-Term
Assets
Accumulated
Depreciation
Total Long-
Term Assets
Total Assets $19,120,520 $18,597,340 $18,412,956 $18,413,757 $18,571,620 $18,869,435 $19,453,775 $20,323,115 $21,429,578 $23,072,639 $24,779,149 $27,209,807
Accounts
Payable
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Income Taxes
Payable
$0 $0 $0 $0 $0 $0 $0 $95,877 $227,779 $354,130 $391,132 $534,630
Sales Taxes
Payable
$6,050 $7,865 $8,278 $9,377 $11,025 $12,500 $15,500 $18,500 $22,000 $29,000 $31,050 $39,000
Short-Term Debt
Prepaid Revenue
Total Current
Liabilities
$6,050 $7,865 $8,278 $9,377 $11,025 $12,500 $15,500 $114,377 $249,779 $383,130 $422,182 $573,630
Long-Term Debt
Long-Term
Liabilities
Total
Liabilities
$6,050 $7,865 $8,278 $9,377 $11,025 $12,500 $15,500 $114,377 $249,779 $383,130 $422,182 $573,630

Paid-In Capital $19,800,000 $19,800,000 $19,800,000 $19,800,000 $19,800,000 $19,800,000 $19,800,000 $19,800,000 $19,800,000 $19,800,000 $19,800,000 $19,800,000
Retained
Earnings
Earnings ($685,530) ($1,210,525) ($1,395,323) ($1,395,620) ($1,239,405) ($943,065) ($361,725) $408,738 $1,379,799 $2,889,509 $4,556,967 $6,836,177
Total Owner's
Equity
$19,114,470 $18,589,475 $18,404,678 $18,404,380 $18,560,595 $18,856,935 $19,438,275 $20,208,738 $21,179,799 $22,689,509 $24,356,967 $26,636,177
Total
Liabilities &
Equity
$19,120,520 $18,597,340 $18,412,956 $18,413,757 $18,571,620 $18,869,435 $19,453,775 $20,323,115 $21,429,578 $23,072,639 $24,779,149 $27,209,807

Cash $30,477,647 $33,673,333 $36,753,888 $41,272,298 $46,262,684 $52,799,719 $59,483,380 $66,359,790 $73,371,050 $80,584,211 $88,325,746 $96,144,982
Accounts
Receivable
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Inventory
Other Current
Assets
Total Current
Assets
$30,477,647 $33,673,333 $36,753,888 $41,272,298 $46,262,684 $52,799,719 $59,483,380 $66,359,790 $73,371,050 $80,584,211 $88,325,746 $96,144,982
Long-Term
Assets
Accumulated
Depreciation
Total Long-
Term Assets
Total Assets $30,477,647 $33,673,333 $36,753,888 $41,272,298 $46,262,684 $52,799,719 $59,483,380 $66,359,790 $73,371,050 $80,584,211 $88,325,746 $96,144,982
Accounts
Payable
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Income Taxes
Payable
$1,154,284 $1,258,785 $823,430 $1,012,954 $1,139,305 $1,455,179 $1,545,430 $1,599,580 $1,635,679 $1,680,805 $1,789,104 $1,825,205
Sales Taxes
Payable
$45,500 $49,500 $55,000 $65,500 $72,500 $90,000 $95,000 $98,000 $100,000 $102,500 $108,500 $110,500
Short-Term Debt
Prepaid Revenue
Total Current
Liabilities
$1,199,784 $1,308,285 $878,430 $1,078,454 $1,211,805 $1,545,179 $1,640,430 $1,697,580 $1,735,679 $1,783,305 $1,897,604 $1,935,705
Long-Term Debt
Long-Term
Liabilities
Total
Liabilities
$1,199,784 $1,308,285 $878,430 $1,078,454 $1,211,805 $1,545,179 $1,640,430 $1,697,580 $1,735,679 $1,783,305 $1,897,604 $1,935,705
Paid-In Capital $19,800,000 $19,800,000 $19,800,000 $19,800,000 $19,800,000 $19,800,000 $19,800,000 $19,800,000 $19,800,000 $19,800,000 $19,800,000 $19,800,000
Retained
Earnings
$6,836,177 $6,836,177 $6,836,177 $6,836,177 $6,836,177 $6,836,177 $6,836,177 $6,836,177 $6,836,177 $6,836,177 $6,836,177 $6,836,177

Earnings $2,641,686 $5,728,871 $9,239,281 $13,557,667 $18,414,702 $24,618,363 $31,206,773 $38,026,033 $44,999,194 $52,164,729 $59,791,965 $67,573,100
Total Owner's
Equity
$29,277,863 $32,365,048 $35,875,458 $40,193,844 $45,050,879 $51,254,540 $57,842,950 $64,662,210 $71,635,371 $78,800,906 $86,428,142 $94,209,277
Total
Liabilities &
Equity
$30,477,647 $33,673,333 $36,753,888 $41,272,298 $46,262,684 $52,799,719 $59,483,380 $66,359,790 $73,371,050 $80,584,211 $88,325,746 $96,144,982

Cash $105,848,322 $114,088,192 $120,764,873 $129,392,083 $138,413,194 $147,588,579 $157,196,339 $167,380,850 $177,912,010 $187,867,921 $197,871,081 $208,891,766
Accounts
Receivable
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Inventory
Other Current
Assets
Total Current
Assets
$105,848,322 $114,088,192 $120,764,873 $129,392,083 $138,413,194 $147,588,579 $157,196,339 $167,380,850 $177,912,010 $187,867,921 $197,871,081 $208,891,766
Long-Term
Assets
Accumulated
Depreciation
Total Long-
Term Assets
Total Assets $105,848,322 $114,088,192 $120,764,873 $129,392,083 $138,413,194 $147,588,579 $157,196,339 $167,380,850 $177,912,010 $187,867,921 $197,871,081 $208,891,766
Accounts
Payable
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Income Taxes
Payable
$3,668,175 $3,740,659 $1,978,630 $2,014,729 $2,095,955 $2,141,080 $2,231,329 $2,357,680 $2,447,929 $2,357,680 $2,348,655 $2,538,179
Sales Taxes
Payable
$114,000 $115,500 $119,000 $121,000 $125,500 $128,000 $133,000 $140,000 $145,000 $140,000 $139,500 $150,000
Short-Term Debt
Prepaid Revenue
Total Current
Liabilities
$3,782,175 $3,856,159 $2,097,630 $2,135,729 $2,221,455 $2,269,080 $2,364,329 $2,497,680 $2,592,929 $2,497,680 $2,488,155 $2,688,179
Long-Term Debt
Long-Term
Liabilities
Total
Liabilities
$3,782,175 $3,856,159 $2,097,630 $2,135,729 $2,221,455 $2,269,080 $2,364,329 $2,497,680 $2,592,929 $2,497,680 $2,488,155 $2,688,179
Paid-In Capital $19,800,000 $19,800,000 $19,800,000 $19,800,000 $19,800,000 $19,800,000 $19,800,000 $19,800,000 $19,800,000 $19,800,000 $19,800,000 $19,800,000
Retained
Earnings
$74,409,277 $74,409,277 $74,409,277 $74,409,277 $74,409,277 $74,409,277 $74,409,277 $74,409,277 $74,409,277 $74,409,277 $74,409,277 $74,409,277

Earnings $7,856,870 $16,022,756 $24,457,966 $33,047,077 $41,982,462 $51,110,222 $60,622,733 $70,673,893 $81,109,804 $91,160,964 $101,173,649 $111,994,310
Total Owner's
Equity
$102,066,147 $110,232,033 $118,667,243 $127,256,354 $136,191,739 $145,319,499 $154,832,010 $164,883,170 $175,319,081 $185,370,241 $195,382,926 $206,203,587
Total
Liabilities &
Equity
$105,848,322 $114,088,192 $120,764,873 $129,392,083 $138,413,194 $147,588,579 $157,196,339 $167,380,850 $177,912,010 $187,867,921 $197,871,081 $208,891,766

FY2021 FY2022 FY2023 FY2024 FY2025
Cash $27,209,807 $96,144,982 $208,891,766 $322,685,344 $468,085,929
Accounts Receivable $0 $0 $0 $0 $0
Inventory
Other Current Assets
Total Current Assets $27,209,807 $96,144,982 $208,891,766 $322,685,344 $468,085,929
Long-Term Assets
Accumulated Depreciation
Total Long-Term Assets
Total Assets $27,209,807 $96,144,982 $208,891,766 $322,685,344 $468,085,929
Accounts Payable $0 $0 $0 $0 $0
Income Taxes Payable $534,630 $1,825,205 $2,538,179 $2,230,699 $2,829,827
Sales Taxes Payable $39,000 $110,500 $150,000 $133,333 $166,666
Short-Term Debt
Prepaid Revenue
Total Current Liabilities $573,630 $1,935,705 $2,688,179 $2,364,032 $2,996,493
Long-Term Debt
Long-Term Liabilities
Total Liabilities $573,630 $1,935,705 $2,688,179 $2,364,032 $2,996,493
Paid-In Capital $19,800,000 $19,800,000 $19,800,000 $19,800,000 $19,800,000
Retained Earnings $6,836,177 $74,409,277 $186,403,587 $300,521,312
Earnings $6,836,177 $67,573,100 $111,994,310 $114,117,725 $144,768,124
Total Owner's Equity $26,636,177 $94,209,277 $206,203,587 $320,321,312 $465,089,436
Total Liabilities & Equity $27,209,807 $96,144,982 $208,891,766 $322,685,344 $468,085,929
Cash Flow Statement (With Monthly Detail)

Net Cash
Flow from
Operations
Net Profit ($685,530) ($524,995) ($184,798) ($297) $156,215 $296,340 $581,340 $770,463 $971,061 $1,509,710 $1,667,458 $2,279,210
Depreciation &
Amortization
Change in
Accounts
Receivable
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Change in
Inventory
Change in
Accounts
Payable
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Change in
Income Tax
Payable
$0 $0 $0 $0 $0 $0 $0 $95,877 $131,902 $126,351 $37,002 $143,498
Change in
Sales Tax
Payable
$6,050 $1,815 $413 $1,099 $1,648 $1,475 $3,000 $3,000 $3,500 $7,000 $2,050 $7,950
Change in
Prepaid
Revenue
Net Cash
Flow from
Operations
($679,480) ($523,180) ($184,385) $802 $157,863 $297,815 $584,340 $869,340 $1,106,463 $1,643,061 $1,706,510 $2,430,658
Investing &
Financing
Assets
Purchased or
Sold
Net Cash
from
Investing
Investments
Received
$19,800,000
Dividends &
Distributions

Change in
Short-Term
Debt
Change in
Long-Term
Debt
Net Cash
from
Financing
$19,800,000
Cash at
Beginning of
Period
$0 $19,120,520 $18,597,340 $18,412,956 $18,413,757 $18,571,620 $18,869,435 $19,453,775 $20,323,115 $21,429,578 $23,072,639 $24,779,149
Net Change in
Cash
$19,120,520 ($523,180) ($184,385) $802 $157,863 $297,815 $584,340 $869,340 $1,106,463 $1,643,061 $1,706,510 $2,430,658
Cash at End
of Period
$19,120,520 $18,597,340 $18,412,956 $18,413,757 $18,571,620 $18,869,435 $19,453,775 $20,323,115 $21,429,578 $23,072,639 $24,779,149 $27,209,807

Net Cash
Flow from
Operations
Net Profit $2,641,686 $3,087,185 $3,510,410 $4,318,386 $4,857,035 $6,203,661 $6,588,410 $6,819,260 $6,973,161 $7,165,535 $7,627,236 $7,781,135
Depreciation &
Amortization
Change in
Accounts
Receivable
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Change in
Inventory
Change in
Accounts
Payable
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Change in
Income Tax
Payable
$619,654 $104,501 ($435,355) $189,524 $126,351 $315,874 $90,251 $54,150 $36,099 $45,126 $108,299 $36,101
Change in
Sales Tax
Payable
$6,500 $4,000 $5,500 $10,500 $7,000 $17,500 $5,000 $3,000 $2,000 $2,500 $6,000 $2,000
Change in
Prepaid
Revenue
Net Cash
Flow from
Operations
$3,267,840 $3,195,686 $3,080,555 $4,518,410 $4,990,386 $6,537,035 $6,683,661 $6,876,410 $7,011,260 $7,213,161 $7,741,535 $7,819,236
Investing &
Financing
Assets
Purchased or
Sold
Net Cash
from
Investing
Investments
Received
Dividends &
Distributions

Change in
Short-Term
Debt
Change in
Long-Term
Debt
Net Cash
from
Financing
Cash at
Beginning of
Period
$27,209,807 $30,477,647 $33,673,333 $36,753,888 $41,272,298 $46,262,684 $52,799,719 $59,483,380 $66,359,790 $73,371,050 $80,584,211 $88,325,746
Net Change in
Cash
$3,267,840 $3,195,686 $3,080,555 $4,518,410 $4,990,386 $6,537,035 $6,683,661 $6,876,410 $7,011,260 $7,213,161 $7,741,535 $7,819,236
Cash at End
of Period
$30,477,647 $33,673,333 $36,753,888 $41,272,298 $46,262,684 $52,799,719 $59,483,380 $66,359,790 $73,371,050 $80,584,211 $88,325,746 $96,144,982

Net Cash
Flow from
Operations
Net Profit $7,856,870 $8,165,886 $8,435,210 $8,589,111 $8,935,385 $9,127,760 $9,512,511 $10,051,160 $10,435,911 $10,051,160 $10,012,685 $10,820,661
Depreciation &
Amortization
Change in
Accounts
Receivable
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Change in
Inventory
Change in
Accounts
Payable
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Change in
Income Tax
Payable
$1,842,970 $72,484 ($1,762,029) $36,099 $81,226 $45,125 $90,249 $126,351 $90,249 ($90,249) ($9,025) $189,524
Change in
Sales Tax
Payable
$3,500 $1,500 $3,500 $2,000 $4,500 $2,500 $5,000 $7,000 $5,000 ($5,000) ($500) $10,500
Change in
Prepaid
Revenue
Net Cash
Flow from
Operations
$9,703,340 $8,239,870 $6,676,681 $8,627,210 $9,021,111 $9,175,385 $9,607,760 $10,184,511 $10,531,160 $9,955,911 $10,003,160 $11,020,685
Investing &
Financing
Assets
Purchased or
Sold
Net Cash
from
Investing
Investments
Received
Dividends &
Distributions

Change in
Short-Term
Debt
Change in
Long-Term
Debt
Net Cash
from
Financing
Cash at
Beginning of
Period
$96,144,982 $105,848,322 $114,088,192 $120,764,873 $129,392,083 $138,413,194 $147,588,579 $157,196,339 $167,380,850 $177,912,010 $187,867,921 $197,871,081
Net Change in
Cash
$9,703,340 $8,239,870 $6,676,681 $8,627,210 $9,021,111 $9,175,385 $9,607,760 $10,184,511 $10,531,160 $9,955,911 $10,003,160 $11,020,685
Cash at End
of Period
$105,848,322 $114,088,192 $120,764,873 $129,392,083 $138,413,194 $147,588,579 $157,196,339 $167,380,850 $177,912,010 $187,867,921 $197,871,081 $208,891,766

FY2021 FY2022 FY2023 FY2024 FY2025
Net Cash Flow from Operations
Net Profit $6,836,177 $67,573,100 $111,994,310 $114,117,725 $144,768,124
Depreciation & Amortization
Change in Accounts Receivable $0 $0 $0 $0 $0
Change in Inventory
Change in Accounts Payable $0 $0 $0 $0 $0
Change in Income Tax Payable $534,630 $1,290,575 $712,974 ($307,480) $599,128
Change in Sales Tax Payable $39,000 $71,500 $39,500 ($16,667) $33,333
Change in Prepaid Revenue
Net Cash Flow from Operations $7,409,807 $68,935,175 $112,746,784 $113,793,578 $145,400,585
Investing & Financing
Assets Purchased or Sold
Net Cash from Investing
Investments Received $19,800,000
Dividends & Distributions
Change in Short-Term Debt
Change in Long-Term Debt
Net Cash from Financing $19,800,000
Cash at Beginning of Period $0 $27,209,807 $96,144,982 $208,891,766 $322,685,344
Net Change in Cash $27,209,807 $68,935,175 $112,746,784 $113,793,578 $145,400,585
Cash at End of Period $27,209,807 $96,144,982 $208,891,766 $322,685,344 $468,085,929

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