| 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 |
450,749
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8,393,400 |
20,528,629 |
37,969,248 |
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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 |
407,749
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8,302,883 |
20,369,470 |
37,676,227 |
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| Operating Expenses |
1,051,231 |
5,102,375 |
11,338,173 |
20,980,084 |
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| EBITDA |
(643,482) |
3,200,508 |
9,031,297 |
16,696,144 |
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| Net Income |
(679,739) |
2,133,046 |
5,298,169 |
9,737,804 |
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| Cash Flow |
FY 2001 |
FY 2002 |
FY 2003 |
FY 2004 |
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| Cash From Operations |
(756,946) |
1,493,386 |
4,456,959 |
10,080,168 |
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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 |
599,161 |
1,241,066 |
3,759,486 |
8,403,558 |
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| Dividends |
0 |
0 |
0 |
0 |
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| Total Cash Flow |
599,161
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1,241,066
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3,759,486
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8,403,558
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| Balance Sheet |
FY 2001 |
FY 2002 |
FY 2003 |
FY 2004 |
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| Current Assets |
821,448 |
2,939,437 |
8,098,395 |
17,245,087 |
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| Net Fixed Assets |
121,862 |
238,744 |
571,536 |
1,335,383 |
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| Total Assets |
943,310
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3,178,181
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8,669,931
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18,580,470
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| Current Liabilities |
90,549 |
192,374 |
385,955 |
558,689 |
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| Long Term Debt |
0 |
0 |
0 |
0 |
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| Total Liabilities |
90,549
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192,374
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385,955
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558,689
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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 |
(749,739) |
1,383,307 |
6,681,476 |
16,419,281 |
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| Total Equity |
852,761 |
2,985,807 |
8,283,976 |
18,021,781 |
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| Total Liabilities & Equity |
943,310
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3,178,181
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8,669,931
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18,580,470
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| Sources & Use of Funds |
2001 |
2002 |
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| Investment |
1,500,000 |
0 |
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| Gross Profit |
407,749 |
8,302,883 |
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| Total Sources of Funds |
1,907,749
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8,302,883
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Marketing |
175,504
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1,525,146 |
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Overhead |
152,985
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873,890
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Compensation |
340,167 |
1,534,000
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Module/Application Development |
382,575
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1,169,340 |
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Capital Expenses |
176,393 |
252,320 |
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| Working Capital |
20,332 |
308,678 |
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Cash Balance |
599,161 |
1,840,227 |
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| Total Use of Funds |
1,847,116
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7,503,600
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| Performance Metrics |
FY 2001 |
FY 2002 |
FY 2003 |
FY 2004 |
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| Revenue |
450,749 |
8,393,400
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20,528,629
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37,969,248
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| EBITDA |
(643,482) |
3,200,508 |
9,031,297 |
16,696,144 |
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| Net Income |
(679,739) |
2,133,046
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5,298,169
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9,737,804 |
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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 |
16,002,539
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45,156,486
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83,480,718
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| 7.8X Net Income |
n/a |
16,637,759 |
41,325,720 |
75,954,873 |
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