Projected Income Statement (‘000 $) 2011 2012 2013 2014Sales Premium Content Subscription 18 1,348 4,181 11,120 Ad Space 3 188 1,286 4,802Total Sales 21 1,536 5,467 15,922Cost of Goods Sold Premium Content Acquisition Cost 7 579 1,966 5,609 Traffic and Storage Cost 56 726 2,496 5,437Total Cost of Goods Sold 63 1,305 4,462 11,046Gross Profit -42 231 1,005 4,876Selling, General and Administrative Sales & Marketing 420 450 492 536 Payroll 405 435 550 595 Other General and Administrative 110 112 139 166Total Selling, General and Administrative 935 997 1,181 1,298EBITDA -977 -766 -176 3,578Depreciation and Amortization 156 262 380 508EBT -1,133 -1,028 -556 2,946
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