| Deep Current, Inc. |
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| Financial
Projections |
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| Income Statement |
FY 2001 |
FY 2002 |
FY 2003 |
FY 2004 |
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| Revenue |
385,954
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7,167,347 |
16,701,700 |
30,113,541 |
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| Cost of Sales |
43,000
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90,517 |
159,159 |
293,021 |
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| Gross Profit |
342,954
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7,076,830 |
16,542,541 |
29,820,521 |
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| Operating Expenses |
1,038,043 |
4,758,587 |
10,184,439 |
18,431,467 |
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| EBITDA |
(695,090) |
2,318,243 |
6,358,102 |
11,389,053 |
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| Net Income |
(731,366) |
1,617,386 |
3,662,965 |
6,460,200 |
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| Cash Flow |
FY 2001 |
FY 2002 |
FY 2003 |
FY 2004 |
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| Cash From Operations |
(779,140) |
1,090,049 |
3,094,817 |
6,976,355 |
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| Cash From Investing |
(176,393) |
(252,320) |
(697,473) |
(1,676,609) |
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| Cash From Financing |
1,532,500
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0 |
0 |
0 |
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| Cash Flow Net of Dividends |
576,967 |
837,729 |
2,397,344 |
5,299,746 |
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| Dividends |
0 |
0 |
0 |
0 |
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| Total Cash Flow |
576,967
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837,729
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2,397,344
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5,299,746
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| Balance Sheet |
FY 2001 |
FY 2002 |
FY 2003 |
FY 2004 |
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| Current Assets |
767,300 |
2,353,340 |
5,844,919 |
11,682,881 |
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| Net Fixed Assets |
121,862 |
238,744 |
571,536 |
1,335,383 |
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| Total Assets |
889,162
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2,592,084
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6,416,456
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13,018,264
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| Current Liabilities |
88,028 |
173,564 |
334,971 |
476,578 |
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| Long Term Debt |
0 |
0 |
0 |
0 |
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| Total Liabilities |
88,028
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173,564
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334,971
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476,578
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| Capital Stock |
1,602,500
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1,602,500
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1,602,500
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1,602,500
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| Retained Earnings |
(801,366) |
816,020 |
4,478,985 |
10,939,186 |
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| Total Equity |
801,134 |
2,418,520 |
6,081,485 |
12,541,686 |
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| Total Liabilities & Equity |
889,162
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2,592,084
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6,416,456
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13,018,264
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| Sources & Use of Funds |
2001 |
2002 |
Total |
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| Investment
|
1,500,000 |
0 |
1,500,000 |
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| Gross Profit |
342,954 |
7,076,830 |
7,419,784 |
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| Total Sources of Funds |
1,842,954 |
7,076,830 |
8,919,784 |
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| Marketing |
170,092 |
1,374,201 |
1,544,293 |
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| Overhead |
151,689
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803,651
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955,340 |
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| Compensation |
340,167 |
1,534,000 |
1,874,167 |
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| Module/Application Development |
376,095 |
1,046,735 |
1,422,830 |
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| Capital Expenses |
176,393 |
252,320 |
428,713 |
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| Working Capital |
51,550 |
651,227 |
702,777 |
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| Cash Balance |
576,967 |
1,414,696 |
1,991,663 |
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| Total Use of Funds |
1,842,953
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7,076,830
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8,919,783 |
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| Performance Metrics |
FY 2001 |
FY 2002 |
FY 2003 |
FY 2004 |
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| Revenue |
385,954 |
7,167,347
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16,701,700
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30,113,541
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| EBITDA |
(695,090) |
2,318,243 |
6,358,102 |
11,389,053 |
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| Net Income |
(731,366) |
1,617,386
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3,662,965
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6,460,200
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| Performance Metrics |
FY 2001 |
FY 2002 |
FY 2003 |
FY 2004 |
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| Users |
140,859 |
851,915 |
4,291,035 |
10,880,575 |
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| Valuation Projection |
FY 2001 |
FY 2002 |
FY 2003 |
FY 2004 |
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| 5X EBITDA |
n/a |
11,591,215
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31,790,510
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56,945,267
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| 7.8X Net Income |
n/a |
12,615,608 |
28,571,127 |
50,389,564 |
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