ff Venture Capital
ffvc.com
@ffvc
teten.com
@dteten
About
We developed this model as a simple end-to-end financial model for an early-stage startup, although
it is useful to anyone building a model for a company. The model outputs standard financial
statements and key operating metrics based on a wide range of user inputs, and is highly customizable
and entirely transparent.
Credits
This model was developed by Rodi Blokh in association with ff Venture Capital (www.ffvc.com) based
on a sanitized version of a financial model developed by David Teten (www.teten.com) for the
startups he has run. Rodi is a Berkeley MBA student (Haas MBA '13) and former corporate banker at
Bank of America Merrill Lynch (rblokh@gmail.com). David is a Partner at ff Venture Capital, Chair of
Harvard Business School Angels of Greater New York, and former Bear Stearns investment banker
(info@teten.com). Thank you to Adam Kalamchi (Columbia MBA 13) for some initial input on this
model.
If you have feedback on the model, contact info@teten.com . We are very interested in suggested
additional improvements and will try to reflect them. However, we cannot provide you with user
support.
Most recently updated November 4, 2011.
Instructions
Click on the "Model", "Valuation" and "Funding Rounds" tabs and input relevant data. All input cells
are highlighted yellow with blue-colored text.
To add personnel, add additional rows in the Personnel Assumptions section. Select the columns
where an employee starts to correspond with personnel hiring timing.
To add personnel, add additional rows in the Personnel Assumptions section. Select the columns
where an employee starts to correspond with personnel hiring timing.
The WACC section on the "Valuation" tab and the entire "Funding Rounds" tab is independent of the
"Model" and requires independent inputs.
Non-input cells should not be altered by inexperienced users. Cell A4 on the "Model" tab acts as a
check of the model and will display an error message if the model logic is broken. This error message
tests for most, but definitely not all possible errors.
Model Logic
Revenues in the model are arbitrarily assumed to be based primarily on employee headcount.
However, this is certainly not an accurate approach for all ventures, and in fact as venture capitalists
we prefer companies in which the correlation between headcount and revenues is very low. A
separate row labeled "Other Revenues" may be more relevant for modeling revenue projections for
your particular company.
The default approach to cash shortfalls is a draw-down of the revolver account. For most early-stage
startups, the company doesn't have a bank revolver, but uses the principal's credit cards as a de facto
revolver. This account has no max limit in the model.
The model utilizes a cash flow sweep. Any excess cash flow after dividends and minimum cash
balance is applied to repayment of the revolver account. Any additional cash is applied to the balance
sheet cash balance. You can manually make assumptions about dividends as you wish, but we assume
dividends are zero in perpetuity.
Any discrepancy in assets vs. liabilities and stockholder's equity at day 1 is applied to the revolver
account.
The model treats all interest rate assumptions as nominal interest rates given this is typically the
interest rate quoted by lending institutions to small business entrepreneurs for revolvers (credit cards)
and bank loans. As such, we convert the annual interest rate into a monthly interest rate using the
formula Rate / 12. If the interest rate being used is an effective interest rate, the monthly interest
rate calculation should be adjusted to (1 + Rate) ^ (1/12) - 1.
The model calculates interest income and interest expense using beginning balances for the period
only. The formula applied is (2 x Beginning Balance x Rate) / (2 - Rate).
This model assumes standard taxation for a C-Corporation using net operating loss carryforwards and
a 40% tax rate. If you structure the company as an LLC, note that LLCs do not pay corporate tax unless
they elect to (which is unlikely). However, the owners of the LLC (when combined with the underlying
asset) would face a similar financial environment to that of a conventional corporation, so this model
is still applicable even if the entity is an LLC.
StartupCo
0.5%
3.5%
5.5%
Personnel Assumptions
Senior Management Compensation
CEO
CTO
Other
Other
Other
Other
Other
Total Senior Management Salaries & Benefits
Total Senior Management Headcount
Associate
Associate
Other
Other
Total Business Development Salaries & Benefits
Total Business Development Headcount
35,000
35,000
-
Sales Compensation
Manager
Salesperson
Salesperson
Other
Other
Other
Other
Total Salesperson Salaries & Benefits
Total Salesperson Headcount
Marketing Compensation
Manager
Associate
Other
Other
Other
Other
Other
Total Marketing Salaries & Benefits
Total Marketing Headcount
IT Compensation
Manager
Developer
Developer
Other
Other
Other
Other
Total IT Salaries & Benefits
Total IT Headcount
Other Compensation
Legal Support
Finance Associate
HR Associate
Compliance Associate
Administrator
Other
Other
Total Other Salaries & Benefits
Total Other Headcount
Total Salaries & Benefits
Total Headcount
Income Statement
Revenues per Bus Dev Employee
Revenues per Salesperson
Other Revenues
Total Revenues
Cost of Goods Sold
Total Business Development Salaries & Benefits
Other Costs of Goods Sold
Total Cost of Goods Sold
% of Revenues
Gross Income
% of Revenues
Sales & Marketing Expenses
Total Salesperson Salaries & Benefits
Total Marketing Salaries & Benefits
Public Relations
Advertising
Other Sales & Marketing Expenses
Total Sales & Marketing Expenses
% of Revenues
General & Administrative Expenses
Total Senior Management Salaries & Benefits
Total IT Salaries & Benefits
Total Other Salaries & Benefits
Rent Expenses
Utilities Expenses
Other
Other
Other
Other
Other
Total General & Administrative Expenses
% of Revenues
Depreciation Expense
Total Operating Expenses
Operating Income
% of Revenues
EBITDA
% of Revenues
Interest Expense
Interest Income
Pre-Tax Profit (Loss)
% of Revenues
Add (Subtract) to Tax Loss Carryforward
Taxable Income (Loss)
Tax Expense
Net Income
% of Revenues
Balance Sheet
Assets
Cash
Accounts Receivable
Inventory
Gross PP&E
Accumulated Depreciation
Net PP&E
Intangibles
Total Assets
Liabilities & Shareholder's Equity
Revolver (Short-Term Debt)
Accounts Payable
Total Current Liabilities
Long-Term Debt
Total Liabilities
Paid-in Capital
Retained Earnings
Total Shareholder's Equity
Total Liabilities & Shareholder's Equity
Balance Sheet Check
Off-Balance Sheet Items
Tax Loss Carryforward
Cash Flow Statement
Cash Flow from (to) Operations
Net Income
Depreciation Expense
Change in A/R
Change in A/P
Change in Inventory
Change in Intangibles
Total Cash Flow from (to) Operations
Cash Flow from (to) Investing
Workstations (Computers & Desks)
Technology Equipment
Other Miscellaneous Items
Total Cash Flow from (to) Investing
Cash Flow from (to) Financing
Revolver Issuance / (Repayment)
Long-Term Debt Issuance / (Repayment)
New Equity Investments
Dividends
Total Cash Flow from (to) Financing
Beginning Cash
Change in Cash
Ending Cash
Debt
Cash Flow available for Financing
New Equity Investments
Dividends
Beginning Cash
Minimum Cash
Cash Flow available for Debt Repayment
(133,517)
7,650,351
Dec-11
Jan-12
Feb-12
Mar-12
Apr-12
May-12
0.0%
0.3%
0.5%
0.0%
0.0%
0.3%
0.5%
0.0%
0.0%
0.3%
0.5%
0.0%
0.0%
0.3%
0.5%
0.0%
0.0%
0.3%
0.5%
0.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
15
30
30
15
30
30
15
30
30
15
30
30
15
30
30
50,000
-
85,458
85,458
85,458
85,458
85,458
25.0%
25.0%
0.0%
0.0%
0.0%
0.0%
0.0%
18,229
18,229
1
18,229
18,229
1
18,229
18,229
1
18,229
18,229
1
18,229
18,229
1
25.0%
10.0%
10.0%
7,813
-
7,813
-
7,813
-
7,813
-
7,813
-
Benefits %
Benefits %
10.0%
10.0%
0.0%
0.0%
7,813
1
7,813
1
7,813
1
7,813
1
7,813
1
25.0%
15.0%
15.0%
0.0%
0.0%
0.0%
0.0%
25.0%
10.0%
0.0%
0.0%
0.0%
0.0%
0.0%
25.0%
10.0%
10.0%
0.0%
0.0%
0.0%
0.0%
25.0%
15.0%
10.0%
10.0%
10.0%
0.0%
13,021
3,667
-
13,021
3,667
-
13,021
3,667
-
13,021
3,667
-
13,021
3,667
-
Benefits %
Benefits %
Benefits %
Benefits %
0.0%
16,688
2
16,688
2
16,688
2
16,688
2
16,688
2
42,729
4
42,729
4
42,729
4
42,729
4
42,729
4
1,000
-
1,000
-
1,000
-
1,000
-
1,000
-
1,000
1,000
1,000
1,000
1,000
(7,813)
(1,500)
(9,313)
931.3%
(7,813)
(1,500)
(9,313)
931.3%
(7,813)
(1,500)
(9,313)
931.3%
(7,813)
(1,500)
(9,313)
931.3%
(7,813)
(1,500)
(9,313)
931.3%
(8,313)
(831.3%)
(8,313)
(831.3%)
(8,313)
(831.3%)
(8,313)
(831.3%)
(8,313)
(831.3%)
(250)
(500)
(250)
(1,000)
100.0%
(250)
(500)
(250)
(1,000)
100.0%
(250)
(500)
(250)
(1,000)
100.0%
(250)
(500)
(250)
(1,000)
100.0%
(250)
(500)
(250)
(1,000)
100.0%
(18,229)
(16,688)
(1,500)
(750)
(37,167)
3,716.7%
(18,229)
(16,688)
(1,500)
(750)
(37,167)
3,716.7%
(18,229)
(16,688)
(1,500)
(750)
(37,167)
3,716.7%
(18,229)
(16,688)
(1,500)
(750)
(37,167)
3,716.7%
(18,229)
(16,688)
(1,500)
(750)
(37,167)
3,716.7%
(1,075)
(1,133)
(1,192)
(1,250)
(1,308)
(39,242)
(47,554)
(4,755.4%)
(39,300)
(47,613)
(4,761.3%)
(39,358)
(47,671)
(4,767.1%)
(39,417)
(47,729)
(4,772.9%)
(39,475)
(47,788)
(4,778.8%)
(46,479)
(4,647.9%)
(46,479)
(4,647.9%)
(46,479)
(4,647.9%)
(46,479)
(4,647.9%)
(46,479)
(4,647.9%)
(264)
38
(47,781)
(4,778.1%)
(430)
61
(47,981)
(4,798.1%)
(577)
82
(48,165)
(4,816.5%)
(724)
103
(48,350)
(4,835.0%)
(872)
124
(48,535)
(4,853.5%)
47,781
(47,781)
(4,778.1%)
47,981
(47,981)
(4,798.1%)
48,165
(48,165)
(4,816.5%)
48,350
(48,350)
(4,835.0%)
48,535
(48,535)
(4,853.5%)
100,000
500
100,500
85,458
500
9,313
95,271
85,458
500
9,313
95,271
85,458
500
9,313
95,271
85,458
500
9,313
95,271
85,458
500
9,313
95,271
50,000
50,000
64,500
(1,075)
63,425
68,000
(2,208)
65,792
71,500
(3,400)
68,100
75,000
(4,650)
70,350
78,500
(5,958)
72,542
150,500
158,696
161,063
163,371
165,621
167,813
90,500
10,000
100,500
147,164
9,313
156,477
197,512
9,313
206,824
247,986
9,313
257,298
298,586
9,313
307,898
349,313
9,313
358,625
100,500
156,477
206,824
257,298
307,898
358,625
50,000
50,000
50,000
(47,781)
2,219
50,000
(95,762)
(45,762)
50,000
(143,927)
(93,927)
50,000
(192,277)
(142,277)
50,000
(240,813)
(190,813)
150,500
158,696
161,063
163,371
165,621
167,813
Ok
Ok
Ok
Ok
Ok
Ok
100,000
47,781
95,762
143,927
192,277
240,813
(47,781)
1,075
(500)
(688)
(8,813)
(56,706)
(47,981)
1,133
(46,848)
(48,165)
1,192
(46,974)
(48,350)
1,250
(47,100)
(48,535)
1,308
(47,227)
(6,000)
(5,000)
(3,500)
(14,500)
(3,500)
(3,500)
(3,500)
(3,500)
(3,500)
(3,500)
(3,500)
(3,500)
56,664
56,664
50,348
50,348
50,474
50,474
50,600
50,600
50,727
50,727
100,000
(14,542)
85,458
85,458
85,458
85,458
85,458
85,458
85,458
85,458
85,458
(71,206)
100,000
(85,458)
(56,664)
(50,348)
85,458
(85,458)
(50,348)
(50,474)
85,458
(85,458)
(50,474)
(50,600)
85,458
(85,458)
(50,600)
(50,727)
85,458
(85,458)
(50,727)
90,500
(56,664)
(50,348)
(50,474)
(50,600)
(50,727)
90,500
56,664
147,164
264
147,164
50,348
197,512
430
197,512
50,474
247,986
577
247,986
50,600
298,586
724
298,586
50,727
349,313
872
1,000
(9,313)
(39,242)
(46,479)
(264)
(47,781)
1,000
(9,313)
(39,300)
(46,479)
(430)
(47,981)
1,000
(9,313)
(39,358)
(46,479)
(577)
(48,165)
1,000
(9,313)
(39,417)
(46,479)
(724)
(48,350)
1,000
(9,313)
(39,475)
(46,479)
(872)
(48,535)
85,458
158,696
147,164
2,219
85,458
161,063
197,512
(45,762)
85,458
163,371
247,986
(93,927)
85,458
165,621
298,586
(142,277)
85,458
167,813
349,313
(190,813)
4
42,729
4
42,729
4
42,729
4
42,729
4
42,729
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
0.0%
0.3%
0.5%
0.0%
0.0%
0.3%
0.5%
0.0%
0.0%
0.3%
0.5%
0.0%
0.0%
0.3%
0.5%
0.0%
0.0%
0.3%
0.5%
0.0%
0.0%
0.3%
0.5%
0.0%
0.0%
0.3%
0.5%
0.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
15
30
30
15
30
30
400,000
15
30
30
15
30
30
15
30
30
15
30
30
15
30
30
129,896
174,333
174,333
174,333
174,333
174,333
195,854
18,229
18,229
1
18,229
15,625
33,854
2
18,229
15,625
33,854
2
18,229
15,625
33,854
2
18,229
15,625
33,854
2
18,229
15,625
33,854
2
18,229
15,625
33,854
2
7,813
-
7,813
-
7,813
-
7,813
-
7,813
-
7,813
-
7,813
-
7,813
1
7,813
1
7,813
1
7,813
1
7,813
1
7,813
1
7,813
1
6,250
6,250
1
6,250
6,250
1
6,250
6,250
1
6,250
6,250
1
6,250
6,250
1
6,250
6,250
1
7,813
7,813
1
7,813
7,813
1
7,813
7,813
1
7,813
7,813
1
7,813
7,813
1
7,813
7,813
1
8,333
6,417
14,750
2
8,333
6,417
14,750
2
8,333
6,417
14,750
2
8,333
6,417
14,750
2
8,333
6,417
14,750
2
8,333
6,417
14,750
2
13,021
3,667
-
13,021
3,667
-
13,021
3,667
-
13,021
3,667
-
13,021
3,667
-
13,021
3,667
-
13,021
3,667
-
16,688
2
16,688
2
16,688
2
16,688
2
16,688
2
16,688
2
16,688
2
42,729
4
87,167
9
87,167
9
87,167
9
87,167
9
87,167
9
87,167
9
10,000
5,000
5,000
10,000
5,000
5,000
10,000
5,000
5,000
10,000
5,000
5,000
10,000
5,000
10,000
10,000
5,000
10,000
10,000
5,000
10,000
15,000
20,000
20,000
20,000
25,000
25,000
25,000
(7,813)
(1,500)
(9,313)
62.1%
(7,813)
(1,500)
(9,313)
46.6%
(7,813)
(1,500)
(9,313)
46.6%
(7,813)
(1,500)
(9,313)
46.6%
(7,813)
(1,500)
(9,313)
37.3%
(7,813)
(1,500)
(9,313)
37.3%
(7,813)
(1,500)
(9,313)
37.3%
5,688
37.9%
10,688
53.4%
10,688
53.4%
10,688
53.4%
15,688
62.8%
15,688
62.8%
15,688
62.8%
(250)
(500)
(250)
(1,000)
6.7%
(6,250)
(7,813)
(250)
(500)
(250)
(15,063)
75.3%
(6,250)
(7,813)
(250)
(500)
(250)
(15,063)
75.3%
(6,250)
(7,813)
(250)
(500)
(250)
(15,063)
75.3%
(6,250)
(7,813)
(250)
(500)
(250)
(15,063)
60.3%
(6,250)
(7,813)
(250)
(500)
(250)
(15,063)
60.3%
(6,250)
(7,813)
(250)
(500)
(250)
(15,063)
60.3%
(18,229)
(16,688)
(1,500)
(750)
(37,167)
247.8%
(33,854)
(14,750)
(16,688)
(1,500)
(750)
(67,542)
337.7%
(33,854)
(14,750)
(16,688)
(1,500)
(750)
(67,542)
337.7%
(33,854)
(14,750)
(16,688)
(1,500)
(750)
(67,542)
337.7%
(33,854)
(14,750)
(16,688)
(1,500)
(750)
(67,542)
270.2%
(33,854)
(14,750)
(16,688)
(1,500)
(750)
(67,542)
270.2%
(33,854)
(14,750)
(16,688)
(1,500)
(750)
(67,542)
270.2%
(1,367)
(1,550)
(1,608)
(1,667)
(1,725)
(1,783)
(1,842)
(39,533)
(33,846)
(225.6%)
(84,154)
(73,467)
(367.3%)
(84,213)
(73,525)
(367.6%)
(84,271)
(73,583)
(367.9%)
(84,329)
(68,642)
(274.6%)
(84,388)
(68,700)
(274.8%)
(84,446)
(68,758)
(275.0%)
(32,479)
(216.5%)
(71,917)
(359.6%)
(71,917)
(359.6%)
(71,917)
(359.6%)
(66,917)
(267.7%)
(66,917)
(267.7%)
(66,917)
(267.7%)
(1,020)
146
(34,721)
(231.5%)
(1,278)
182
(74,563)
(372.8%)
(492)
70
(73,947)
(369.7%)
(714)
102
(74,195)
(371.0%)
(936)
134
(69,444)
(277.8%)
(1,151)
164
(69,687)
(278.7%)
(1,360)
194
(69,924)
(279.7%)
34,721
-
74,563
-
73,947
-
74,195
-
69,444
-
69,687
-
69,924
-
(34,721)
(231.5%)
(74,563)
(372.8%)
(73,947)
(369.7%)
(74,195)
(371.0%)
(69,444)
(277.8%)
(69,687)
(278.7%)
(69,924)
(279.7%)
129,896
7,500
9,313
146,708
174,333
10,000
9,313
193,646
174,333
10,000
9,313
193,646
174,333
10,000
9,313
193,646
174,333
12,500
9,313
196,146
174,333
12,500
9,313
196,146
195,854
12,500
9,313
217,667
100,000
(12,150)
87,850
103,500
(13,875)
89,625
107,000
(15,658)
91,342
110,500
(17,500)
93,000
82,000
(7,325)
74,675
93,000
(8,875)
84,125
96,500
(10,483)
86,017
221,383
277,771
279,663
281,496
285,771
287,488
310,667
437,604
9,313
446,917
168,554
9,313
177,867
244,393
9,313
253,705
320,421
9,313
329,734
394,141
9,313
403,453
465,544
9,313
474,857
558,647
9,313
567,960
446,917
177,867
253,705
329,734
403,453
474,857
567,960
50,000
(275,533)
(225,533)
450,000
(350,096)
99,904
450,000
(424,043)
25,957
450,000
(498,238)
(48,238)
450,000
(567,682)
(117,682)
450,000
(637,369)
(187,369)
450,000
(707,293)
(257,293)
221,383
277,771
279,663
281,496
285,771
287,488
310,667
Ok
Ok
Ok
Ok
Ok
Ok
Ok
275,533
350,096
424,043
498,238
567,682
637,369
707,293
(34,721)
1,367
(7,000)
(40,354)
(74,563)
1,550
(2,500)
(75,513)
(73,947)
1,608
(72,339)
(74,195)
1,667
(72,529)
(69,444)
1,725
(2,500)
(70,219)
(69,687)
1,783
(67,904)
(69,924)
1,842
(68,082)
(3,500)
(3,500)
(7,500)
(3,500)
(11,000)
(3,500)
(3,500)
(3,500)
(3,500)
(3,500)
(3,500)
(3,500)
(3,500)
(3,500)
(3,500)
88,291
88,291
(269,050)
400,000
130,950
75,839
75,839
76,029
76,029
73,719
73,719
71,404
71,404
93,103
93,103
85,458
44,438
129,896
129,896
44,438
174,333
174,333
174,333
174,333
174,333
174,333
174,333
174,333
174,333
174,333
21,521
195,854
(43,854)
85,458
(129,896)
(88,291)
(86,513)
400,000
129,896
(174,333)
269,050
(75,839)
174,333
(174,333)
(75,839)
(76,029)
174,333
(174,333)
(76,029)
(73,719)
174,333
(174,333)
(73,719)
(71,404)
174,333
(174,333)
(71,404)
(71,582)
174,333
(195,854)
(93,103)
(88,291)
-
269,050
-
(75,839)
(76,029)
(73,719)
(71,404)
(93,103)
349,313
88,291
437,604
1,020
437,604
(269,050)
168,554
1,278
168,554
75,839
244,393
492
244,393
76,029
320,421
714
320,421
73,719
394,141
936
394,141
71,404
465,544
1,151
465,544
93,103
558,647
1,360
15,000
(9,313)
(39,533)
(32,479)
(1,020)
(34,721)
20,000
(9,313)
(84,154)
(71,917)
(1,278)
(74,563)
20,000
(9,313)
(84,213)
(71,917)
(492)
(73,947)
20,000
(9,313)
(84,271)
(71,917)
(714)
(74,195)
25,000
(9,313)
(84,329)
(66,917)
(936)
(69,444)
25,000
(9,313)
(84,388)
(66,917)
(1,151)
(69,687)
25,000
(9,313)
(84,446)
(66,917)
(1,360)
(69,924)
129,896
221,383
437,604
(225,533)
174,333
277,771
168,554
99,904
174,333
279,663
244,393
25,957
174,333
281,496
320,421
(48,238)
174,333
285,771
394,141
(117,682)
174,333
287,488
465,544
(187,369)
195,854
310,667
558,647
(257,293)
4
42,729
9
87,167
9
87,167
9
87,167
9
87,167
9
87,167
9
87,167
Jan-13
Feb-13
Mar-13
Apr-13
May-13
Jun-13
Jul-13
0.0%
0.3%
0.5%
0.0%
0.0%
0.3%
0.5%
0.0%
0.0%
0.3%
0.5%
0.0%
0.0%
0.3%
0.5%
0.0%
0.0%
0.3%
0.5%
0.0%
0.0%
0.3%
0.5%
0.0%
0.0%
0.3%
0.5%
0.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
15
30
30
15
30
30
15
30
30
15
30
30
1,000,000
15
30
30
15
30
30
15
30
30
217,375
217,375
217,375
217,375
217,375
220,583
223,792
18,229
15,625
33,854
2
18,229
15,625
33,854
2
18,229
15,625
33,854
2
18,229
15,625
33,854
2
18,229
15,625
33,854
2
18,229
15,625
33,854
2
18,229
15,625
33,854
2
7,813
3,208
-
7,813
3,208
-
7,813
3,208
-
7,813
3,208
-
7,813
3,208
-
7,813
3,208
-
7,813
3,208
3,208
11,021
2
11,021
2
11,021
2
11,021
2
11,021
2
11,021
2
14,229
3
6,250
2,875
2,875
12,000
3
6,250
2,875
2,875
12,000
3
6,250
2,875
2,875
12,000
3
6,250
2,875
2,875
12,000
3
6,250
2,875
2,875
12,000
3
6,250
2,875
2,875
12,000
3
6,250
2,875
2,875
12,000
3
7,813
7,813
1
7,813
7,813
1
7,813
7,813
1
7,813
7,813
1
7,813
7,813
1
7,813
7,813
1
7,813
7,813
1
8,333
6,417
14,750
2
8,333
6,417
14,750
2
8,333
6,417
14,750
2
8,333
6,417
14,750
2
8,333
6,417
14,750
2
8,333
6,417
14,750
2
8,333
6,417
14,750
2
13,021
4,313
4,125
4,125
3,667
-
13,021
4,313
4,125
4,125
3,667
-
13,021
4,313
4,125
4,125
3,667
-
13,021
4,313
4,125
4,125
3,667
-
13,021
4,313
4,125
4,125
3,667
-
13,021
4,313
4,125
4,125
3,667
-
13,021
4,313
4,125
4,125
3,667
-
29,250
5
29,250
5
29,250
5
29,250
5
29,250
5
29,250
5
29,250
5
108,688
15
108,688
15
108,688
15
108,688
15
108,688
15
108,688
15
111,896
16
10,000
5,000
20,000
10,000
5,000
20,000
10,000
5,000
20,000
10,000
5,000
20,000
10,000
5,000
20,000
10,000
5,000
20,000
10,000
5,000
35,000
55,000
55,000
55,000
55,000
55,000
55,000
80,000
(11,021)
(1,500)
(12,521)
22.8%
(11,021)
(1,500)
(12,521)
22.8%
(11,021)
(1,500)
(12,521)
22.8%
(11,021)
(1,500)
(12,521)
22.8%
(11,021)
(1,500)
(12,521)
22.8%
(11,021)
(1,500)
(12,521)
22.8%
(14,229)
(1,500)
(15,729)
19.7%
42,479
77.2%
42,479
77.2%
42,479
77.2%
42,479
77.2%
42,479
77.2%
42,479
77.2%
64,271
80.3%
(12,000)
(7,813)
(250)
(500)
(250)
(20,813)
37.8%
(12,000)
(7,813)
(250)
(500)
(250)
(20,813)
37.8%
(12,000)
(7,813)
(250)
(500)
(250)
(20,813)
37.8%
(12,000)
(7,813)
(250)
(500)
(250)
(20,813)
37.8%
(12,000)
(7,813)
(250)
(500)
(250)
(20,813)
37.8%
(12,000)
(7,813)
(250)
(500)
(250)
(20,813)
37.8%
(12,000)
(7,813)
(250)
(500)
(250)
(20,813)
26.0%
(33,854)
(14,750)
(29,250)
(1,500)
(1,000)
(80,354)
146.1%
(33,854)
(14,750)
(29,250)
(1,500)
(1,000)
(80,354)
146.1%
(33,854)
(14,750)
(29,250)
(1,500)
(1,000)
(80,354)
146.1%
(33,854)
(14,750)
(29,250)
(1,500)
(1,000)
(80,354)
146.1%
(33,854)
(14,750)
(29,250)
(1,500)
(1,000)
(80,354)
146.1%
(33,854)
(14,750)
(29,250)
(1,500)
(1,000)
(80,354)
146.1%
(33,854)
(14,750)
(29,250)
(1,500)
(1,000)
(80,354)
100.4%
(2,125)
(2,175)
(2,225)
(2,275)
(2,325)
(2,375)
(2,450)
(103,292)
(60,813)
(110.6%)
(103,342)
(60,863)
(110.7%)
(103,392)
(60,913)
(110.8%)
(103,442)
(60,963)
(110.8%)
(103,492)
(61,013)
(110.9%)
(103,542)
(61,063)
(111.0%)
(103,617)
(39,346)
(49.2%)
(58,688)
(106.7%)
(58,688)
(106.7%)
(58,688)
(106.7%)
(58,688)
(106.7%)
(58,688)
(106.7%)
(58,688)
(106.7%)
(36,896)
(46.1%)
(1,632)
233
(62,211)
(113.1%)
(1,964)
280
(62,546)
(113.7%)
(2,149)
307
(62,755)
(114.1%)
(2,334)
333
(62,964)
(114.5%)
(61,013)
(110.9%)
(61,063)
(111.0%)
(39,346)
(49.2%)
62,211
-
62,546
-
62,755
-
62,964
-
61,013
-
61,063
-
39,346
-
(62,211)
(113.1%)
(62,546)
(113.7%)
(62,755)
(114.1%)
(62,964)
(114.5%)
(61,013)
(110.9%)
(61,063)
(111.0%)
(39,346)
(49.2%)
217,375
27,500
12,521
257,396
217,375
27,500
12,521
257,396
217,375
27,500
12,521
257,396
354,531
27,500
12,521
394,552
292,843
27,500
12,521
332,864
231,156
27,500
12,521
271,177
223,792
40,000
15,729
279,521
127,500
(19,625)
107,875
130,500
(21,800)
108,700
133,500
(24,025)
109,475
136,500
(26,300)
110,200
139,500
(28,625)
110,875
142,500
(31,000)
111,500
147,000
(33,450)
113,550
365,271
366,096
366,871
504,752
443,739
382,677
393,071
672,255
12,521
684,776
735,626
12,521
748,147
799,155
12,521
811,676
12,521
12,521
12,521
12,521
12,521
12,521
46,532
15,729
62,261
684,776
748,147
811,676
12,521
12,521
12,521
62,261
450,000
(769,505)
(319,505)
450,000
(832,051)
(382,051)
450,000
(894,805)
(444,805)
1,450,000
(957,769)
492,231
1,450,000
(1,018,782)
431,218
365,271
366,096
366,871
504,752
443,739
382,677
393,071
Ok
Ok
Ok
Ok
Ok
Ok
Ok
769,505
832,051
894,805
957,769
(62,211)
2,125
(15,000)
3,208
(3,208)
(75,086)
(62,546)
2,175
(60,371)
(62,755)
2,225
(60,530)
(62,964)
2,275
(60,689)
(61,013)
2,325
(58,688)
(61,063)
2,375
(58,688)
(39,346)
2,450
(12,500)
3,208
(3,208)
(49,396)
(9,000)
(5,000)
(3,000)
(17,000)
(3,000)
(3,000)
(3,000)
(3,000)
(3,000)
(3,000)
(3,000)
(3,000)
(3,000)
(3,000)
(1,500)
(3,000)
(4,500)
113,607
113,607
63,371
63,371
63,530
63,530
(799,155)
1,000,000
200,845
46,532
46,532
195,854
21,521
217,375
217,375
217,375
217,375
217,375
217,375
137,156
354,531
354,531
(61,688)
292,843
292,843
(61,688)
231,156
231,156
(7,364)
223,792
(92,086)
195,854
(217,375)
(113,607)
(63,371)
217,375
(217,375)
(63,371)
(63,530)
217,375
(217,375)
(63,530)
(63,689)
1,000,000
217,375
(217,375)
936,311
(61,688)
354,531
(217,375)
75,468
(61,688)
292,843
(220,583)
10,573
(53,896)
231,156
(223,792)
(46,532)
1,018,782
1,450,000
(1,079,844)
370,156
1,079,844
1,450,000
(1,119,190)
330,810
1,119,190
(113,607)
-
(63,371)
(63,530)
936,311
-
75,468
10,573
(46,532)
46,532
46,532
-
558,647
113,607
672,255
1,632
672,255
63,371
735,626
1,964
735,626
63,530
799,155
2,149
799,155
(799,155)
2,334
55,000
(12,521)
(103,292)
(58,688)
(1,632)
(62,211)
55,000
(12,521)
(103,342)
(58,688)
(1,964)
(62,546)
55,000
(12,521)
(103,392)
(58,688)
(2,149)
(62,755)
55,000
(12,521)
(103,442)
(58,688)
(2,334)
(62,964)
55,000
(12,521)
(103,492)
(58,688)
(61,013)
55,000
(12,521)
(103,542)
(58,688)
(61,063)
80,000
(15,729)
(103,617)
(36,896)
(39,346)
217,375
365,271
672,255
(319,505)
217,375
366,096
735,626
(382,051)
217,375
366,871
799,155
(444,805)
354,531
504,752
492,231
292,843
443,739
431,218
231,156
382,677
370,156
223,792
393,071
46,532
330,810
15
108,688
15
108,688
15
108,688
15
108,688
15
108,688
15
108,688
16
111,896
Aug-13
Sep-13
Oct-13
Nov-13
Dec-13
Jan-14
Feb-14
0.0%
0.3%
0.5%
0.0%
0.0%
0.3%
0.5%
0.0%
0.0%
0.3%
0.5%
0.0%
0.0%
0.3%
0.5%
0.0%
0.0%
0.3%
0.5%
0.0%
0.0%
0.3%
0.5%
0.0%
0.0%
0.3%
0.5%
0.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
15
30
30
15
30
30
15
30
30
15
30
30
15
30
30
15
30
30
15
30
30
223,792
223,792
223,792
223,792
234,792
245,792
245,792
18,229
15,625
33,854
2
18,229
15,625
33,854
2
18,229
15,625
33,854
2
18,229
15,625
33,854
2
18,229
15,625
33,854
2
18,229
15,625
33,854
2
18,229
15,625
33,854
2
7,813
3,208
3,208
7,813
3,208
3,208
7,813
3,208
3,208
7,813
3,208
3,208
7,813
3,208
3,208
7,813
3,208
3,208
7,813
3,208
3,208
14,229
3
14,229
3
14,229
3
14,229
3
14,229
3
14,229
3
14,229
3
6,250
2,875
2,875
12,000
3
6,250
2,875
2,875
12,000
3
6,250
2,875
2,875
12,000
3
6,250
2,875
2,875
12,000
3
6,250
2,875
2,875
12,000
3
6,250
2,875
2,875
12,000
3
6,250
2,875
2,875
12,000
3
7,813
7,813
1
7,813
7,813
1
7,813
7,813
1
7,813
7,813
1
7,813
7,813
1
7,813
4,583
12,396
2
7,813
4,583
12,396
2
8,333
6,417
14,750
2
8,333
6,417
14,750
2
8,333
6,417
14,750
2
8,333
6,417
14,750
2
8,333
6,417
14,750
2
8,333
6,417
6,417
21,167
3
8,333
6,417
6,417
21,167
3
13,021
4,313
4,125
4,125
3,667
-
13,021
4,313
4,125
4,125
3,667
-
13,021
4,313
4,125
4,125
3,667
-
13,021
4,313
4,125
4,125
3,667
-
13,021
4,313
4,125
4,125
3,667
-
13,021
4,313
4,125
4,125
3,667
-
13,021
4,313
4,125
4,125
3,667
-
29,250
5
29,250
5
29,250
5
29,250
5
29,250
5
29,250
5
29,250
5
111,896
16
111,896
16
111,896
16
111,896
16
111,896
16
122,896
18
122,896
18
10,000
5,000
35,000
10,000
5,000
35,000
10,000
5,000
35,000
10,000
5,000
35,000
10,000
5,000
35,000
12,500
7,500
70,000
12,500
7,500
70,000
80,000
80,000
80,000
80,000
80,000
130,000
130,000
(14,229)
(1,500)
(15,729)
19.7%
(14,229)
(1,500)
(15,729)
19.7%
(14,229)
(1,500)
(15,729)
19.7%
(14,229)
(1,500)
(15,729)
19.7%
(14,229)
(1,500)
(15,729)
19.7%
(14,229)
(1,500)
(15,729)
12.1%
(14,229)
(1,500)
(15,729)
12.1%
64,271
80.3%
64,271
80.3%
64,271
80.3%
64,271
80.3%
64,271
80.3%
114,271
87.9%
114,271
87.9%
(12,000)
(7,813)
(250)
(500)
(250)
(20,813)
26.0%
(12,000)
(7,813)
(250)
(500)
(250)
(20,813)
26.0%
(12,000)
(7,813)
(250)
(500)
(250)
(20,813)
26.0%
(12,000)
(7,813)
(250)
(500)
(250)
(20,813)
26.0%
(12,000)
(7,813)
(250)
(500)
(250)
(20,813)
26.0%
(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
20.7%
(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
20.7%
(33,854)
(14,750)
(29,250)
(1,500)
(1,000)
(80,354)
100.4%
(33,854)
(14,750)
(29,250)
(1,500)
(1,000)
(80,354)
100.4%
(33,854)
(14,750)
(29,250)
(1,500)
(1,000)
(80,354)
100.4%
(33,854)
(14,750)
(29,250)
(1,500)
(1,000)
(80,354)
100.4%
(33,854)
(14,750)
(29,250)
(1,500)
(1,000)
(80,354)
100.4%
(33,854)
(21,167)
(29,250)
(3,000)
(1,250)
(88,521)
68.1%
(33,854)
(21,167)
(29,250)
(3,000)
(1,250)
(88,521)
68.1%
(2,500)
(2,550)
(2,600)
(2,650)
(2,700)
(2,883)
(2,933)
(103,667)
(39,396)
(49.2%)
(103,717)
(39,446)
(49.3%)
(103,767)
(39,496)
(49.4%)
(103,817)
(39,546)
(49.4%)
(103,867)
(39,596)
(49.5%)
(118,300)
(4,029)
(3.1%)
(118,350)
(4,079)
(3.1%)
(36,896)
(46.1%)
(36,896)
(46.1%)
(36,896)
(46.1%)
(36,896)
(46.1%)
(36,896)
(46.1%)
(1,146)
(0.9%)
(1,146)
(0.9%)
(136)
19
(39,512)
(49.4%)
(253)
36
(39,663)
(49.6%)
(370)
53
(39,813)
(49.8%)
(487)
70
(39,964)
(50.0%)
(605)
86
(40,115)
(50.1%)
(755)
108
(4,677)
(3.6%)
(898)
128
(4,849)
(3.7%)
39,512
-
39,663
-
39,813
-
39,964
-
40,115
-
4,677
-
4,849
-
(39,512)
(49.4%)
(39,663)
(49.6%)
(39,813)
(49.8%)
(39,964)
(50.0%)
(40,115)
(50.1%)
(4,677)
(3.6%)
(4,849)
(3.7%)
223,792
40,000
15,729
279,521
223,792
40,000
15,729
279,521
223,792
40,000
15,729
279,521
223,792
40,000
15,729
279,521
234,792
40,000
15,729
290,521
245,792
65,000
15,729
326,521
245,792
65,000
15,729
326,521
150,000
(35,950)
114,050
153,000
(38,500)
114,500
156,000
(41,100)
114,900
159,000
(43,750)
115,250
162,000
(46,450)
115,550
173,000
(49,333)
123,667
176,000
(52,267)
123,733
393,571
394,021
394,421
394,771
406,071
450,188
450,254
86,544
15,729
102,273
126,656
15,729
142,386
166,869
15,729
182,599
207,183
15,729
222,912
258,598
15,729
274,327
307,391
15,729
323,120
312,307
15,729
328,036
102,273
142,386
182,599
222,912
274,327
323,120
328,036
1,450,000
(1,158,702)
291,298
1,450,000
(1,198,365)
251,635
1,450,000
(1,238,178)
211,822
1,450,000
(1,278,142)
171,858
1,450,000
(1,318,256)
131,744
1,450,000
(1,322,933)
127,067
1,450,000
(1,327,782)
122,218
393,571
394,021
394,421
394,771
406,071
450,188
450,254
Ok
Ok
Ok
Ok
Ok
Ok
Ok
1,158,702
1,198,365
1,238,178
1,278,142
1,318,256
1,322,933
1,327,782
(39,512)
2,500
(37,012)
(39,663)
2,550
(37,113)
(39,813)
2,600
(37,213)
(39,964)
2,650
(37,314)
(40,115)
2,700
(37,415)
(4,677)
2,883
(25,000)
(26,793)
(4,849)
2,933
(1,916)
(3,000)
(3,000)
(3,000)
(3,000)
(3,000)
(3,000)
(3,000)
(3,000)
(3,000)
(3,000)
(3,000)
(5,000)
(3,000)
(11,000)
(3,000)
(3,000)
40,012
40,012
40,113
40,113
40,213
40,213
40,314
40,314
51,415
51,415
48,793
48,793
4,916
4,916
223,792
223,792
223,792
223,792
223,792
223,792
223,792
223,792
223,792
11,000
234,792
234,792
11,000
245,792
245,792
(0)
245,792
(40,012)
223,792
(223,792)
(40,012)
(40,113)
223,792
(223,792)
(40,113)
(40,213)
223,792
(223,792)
(40,213)
(40,314)
223,792
(223,792)
(40,314)
(40,415)
223,792
(234,792)
(51,415)
(37,793)
234,792
(245,792)
(48,793)
(4,916)
245,792
(245,792)
(4,916)
(40,012)
(40,113)
(40,213)
(40,314)
(51,415)
(48,793)
(4,916)
46,532
40,012
86,544
136
86,544
40,113
126,656
253
126,656
40,213
166,869
370
166,869
40,314
207,183
487
207,183
51,415
258,598
605
258,598
48,793
307,391
755
307,391
4,916
312,307
898
80,000
(15,729)
(103,667)
(36,896)
(136)
(39,512)
80,000
(15,729)
(103,717)
(36,896)
(253)
(39,663)
80,000
(15,729)
(103,767)
(36,896)
(370)
(39,813)
80,000
(15,729)
(103,817)
(36,896)
(487)
(39,964)
80,000
(15,729)
(103,867)
(36,896)
(605)
(40,115)
130,000
(15,729)
(118,300)
(1,146)
(755)
(4,677)
130,000
(15,729)
(118,350)
(1,146)
(898)
(4,849)
223,792
393,571
86,544
291,298
223,792
394,021
126,656
251,635
223,792
394,421
166,869
211,822
223,792
394,771
207,183
171,858
234,792
406,071
258,598
131,744
245,792
450,188
307,391
127,067
245,792
450,254
312,307
122,218
16
111,896
16
111,896
16
111,896
16
111,896
16
111,896
18
122,896
18
122,896
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
0.0%
0.3%
0.5%
0.0%
0.0%
0.3%
0.5%
0.0%
0.0%
0.3%
0.5%
0.0%
0.0%
0.3%
0.5%
0.0%
0.0%
0.3%
0.5%
0.0%
0.0%
0.3%
0.5%
0.0%
0.0%
0.3%
0.5%
0.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
15
30
30
15
30
30
15
30
30
15
30
30
15
30
30
15
30
30
15
30
30
245,792
245,792
245,792
245,792
245,792
245,792
245,792
18,229
15,625
33,854
2
18,229
15,625
33,854
2
18,229
15,625
33,854
2
18,229
15,625
33,854
2
18,229
15,625
33,854
2
18,229
15,625
33,854
2
18,229
15,625
33,854
2
7,813
3,208
3,208
7,813
3,208
3,208
7,813
3,208
3,208
7,813
3,208
3,208
7,813
3,208
3,208
7,813
3,208
3,208
7,813
3,208
3,208
14,229
3
14,229
3
14,229
3
14,229
3
14,229
3
14,229
3
14,229
3
6,250
2,875
2,875
12,000
3
6,250
2,875
2,875
12,000
3
6,250
2,875
2,875
12,000
3
6,250
2,875
2,875
12,000
3
6,250
2,875
2,875
12,000
3
6,250
2,875
2,875
12,000
3
6,250
2,875
2,875
12,000
3
7,813
4,583
12,396
2
7,813
4,583
12,396
2
7,813
4,583
12,396
2
7,813
4,583
12,396
2
7,813
4,583
12,396
2
7,813
4,583
12,396
2
7,813
4,583
12,396
2
8,333
6,417
6,417
21,167
3
8,333
6,417
6,417
21,167
3
8,333
6,417
6,417
21,167
3
8,333
6,417
6,417
21,167
3
8,333
6,417
6,417
21,167
3
8,333
6,417
6,417
21,167
3
8,333
6,417
6,417
21,167
3
13,021
4,313
4,125
4,125
3,667
-
13,021
4,313
4,125
4,125
3,667
-
13,021
4,313
4,125
4,125
3,667
-
13,021
4,313
4,125
4,125
3,667
-
13,021
4,313
4,125
4,125
3,667
-
13,021
4,313
4,125
4,125
3,667
-
13,021
4,313
4,125
4,125
3,667
-
29,250
5
29,250
5
29,250
5
29,250
5
29,250
5
29,250
5
29,250
5
122,896
18
122,896
18
122,896
18
122,896
18
122,896
18
122,896
18
122,896
18
12,500
7,500
70,000
12,500
7,500
70,000
12,500
7,500
70,000
12,500
7,500
70,000
12,500
7,500
100,000
12,500
7,500
100,000
12,500
7,500
100,000
130,000
130,000
130,000
130,000
160,000
160,000
160,000
(14,229)
(1,500)
(15,729)
12.1%
(14,229)
(1,500)
(15,729)
12.1%
(14,229)
(1,500)
(15,729)
12.1%
(14,229)
(1,500)
(15,729)
12.1%
(14,229)
(1,500)
(15,729)
9.8%
(14,229)
(1,500)
(15,729)
9.8%
(14,229)
(1,500)
(15,729)
9.8%
114,271
87.9%
114,271
87.9%
114,271
87.9%
114,271
87.9%
144,271
90.2%
144,271
90.2%
144,271
90.2%
(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
20.7%
(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
20.7%
(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
20.7%
(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
20.7%
(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
16.8%
(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
16.8%
(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
16.8%
(33,854)
(21,167)
(29,250)
(3,000)
(1,250)
(88,521)
68.1%
(33,854)
(21,167)
(29,250)
(3,000)
(1,250)
(88,521)
68.1%
(33,854)
(21,167)
(29,250)
(3,000)
(1,250)
(88,521)
68.1%
(33,854)
(21,167)
(29,250)
(3,000)
(1,250)
(88,521)
68.1%
(33,854)
(21,167)
(29,250)
(3,000)
(1,250)
(88,521)
55.3%
(33,854)
(21,167)
(29,250)
(3,000)
(1,250)
(88,521)
55.3%
(33,854)
(21,167)
(29,250)
(3,000)
(1,250)
(88,521)
55.3%
(2,983)
(3,033)
(3,083)
(3,133)
(3,183)
(3,233)
(3,283)
(118,400)
(4,129)
(3.2%)
(118,450)
(4,179)
(3.2%)
(118,500)
(4,229)
(3.3%)
(118,550)
(4,279)
(3.3%)
(118,600)
25,671
16.0%
(118,650)
25,621
16.0%
(118,700)
25,571
16.0%
(1,146)
(0.9%)
(1,146)
(0.9%)
(1,146)
(0.9%)
(1,146)
(0.9%)
28,854
18.0%
28,854
18.0%
28,854
18.0%
(912)
130
(4,911)
(3.8%)
(927)
132
(4,974)
(3.8%)
(941)
134
(5,036)
(3.9%)
(956)
136
(5,098)
(3.9%)
(970)
138
24,839
15.5%
(941)
134
24,814
15.5%
(868)
124
24,827
15.5%
4,911
-
4,974
-
5,036
-
5,098
-
(24,839)
-
(24,814)
-
(24,827)
-
(4,911)
(3.8%)
(4,974)
(3.8%)
(5,036)
(3.9%)
(5,098)
(3.9%)
24,839
15.5%
24,814
15.5%
24,827
15.5%
245,792
65,000
15,729
326,521
245,792
65,000
15,729
326,521
245,792
65,000
15,729
326,521
245,792
65,000
15,729
326,521
245,792
80,000
15,729
341,521
245,792
80,000
15,729
341,521
245,792
80,000
15,729
341,521
179,000
(55,250)
123,750
182,000
(58,283)
123,717
185,000
(61,367)
123,633
188,000
(64,500)
123,500
191,000
(67,683)
123,317
194,000
(70,917)
123,083
197,000
(74,200)
122,800
450,271
450,238
450,154
450,021
464,838
464,604
464,321
317,235
15,729
332,964
322,175
15,729
337,904
327,128
15,729
342,857
332,093
15,729
347,822
322,070
15,729
337,799
297,022
15,729
312,752
271,912
15,729
287,641
332,964
337,904
342,857
347,822
337,799
312,752
287,641
1,450,000
(1,332,693)
117,307
1,450,000
(1,337,667)
112,333
1,450,000
(1,342,703)
107,297
1,450,000
(1,347,801)
102,199
1,450,000
(1,322,962)
127,038
1,450,000
(1,298,147)
151,853
1,450,000
(1,273,320)
176,680
450,271
450,238
450,154
450,021
464,838
464,604
464,321
Ok
Ok
Ok
Ok
Ok
Ok
Ok
1,332,693
1,337,667
1,342,703
1,347,801
1,322,962
1,298,147
1,273,320
(4,911)
2,983
(1,928)
(4,974)
3,033
(1,940)
(5,036)
3,083
(1,953)
(5,098)
3,133
(1,965)
24,839
3,183
(15,000)
13,023
24,814
3,233
28,048
24,827
3,283
28,110
(3,000)
(3,000)
(3,000)
(3,000)
(3,000)
(3,000)
(3,000)
(3,000)
(3,000)
(3,000)
(3,000)
(3,000)
(3,000)
(3,000)
4,928
4,928
4,940
4,940
4,953
4,953
4,965
4,965
(10,023)
(10,023)
(25,048)
(25,048)
(25,110)
(25,110)
245,792
245,792
245,792
245,792
245,792
245,792
245,792
245,792
245,792
245,792
245,792
245,792
245,792
245,792
(4,928)
245,792
(245,792)
(4,928)
(4,940)
245,792
(245,792)
(4,940)
(4,953)
245,792
(245,792)
(4,953)
(4,965)
245,792
(245,792)
(4,965)
10,023
245,792
(245,792)
10,023
25,048
245,792
(245,792)
25,048
25,110
245,792
(245,792)
25,110
(4,928)
(4,940)
(4,953)
(4,965)
10,023
25,048
25,110
312,307
4,928
317,235
912
317,235
4,940
322,175
927
322,175
4,953
327,128
941
327,128
4,965
332,093
956
332,093
(10,023)
322,070
970
322,070
(25,048)
297,022
941
297,022
(25,110)
271,912
868
130,000
(15,729)
(118,400)
(1,146)
(912)
(4,911)
130,000
(15,729)
(118,450)
(1,146)
(927)
(4,974)
130,000
(15,729)
(118,500)
(1,146)
(941)
(5,036)
130,000
(15,729)
(118,550)
(1,146)
(956)
(5,098)
160,000
(15,729)
(118,600)
28,854
(970)
24,839
160,000
(15,729)
(118,650)
28,854
(941)
24,814
160,000
(15,729)
(118,700)
28,854
(868)
24,827
245,792
450,271
317,235
117,307
245,792
450,238
322,175
112,333
245,792
450,154
327,128
107,297
245,792
450,021
332,093
102,199
245,792
464,838
322,070
127,038
245,792
464,604
297,022
151,853
245,792
464,321
271,912
176,680
18
122,896
18
122,896
18
122,896
18
122,896
18
122,896
18
122,896
18
122,896
Oct-14
Nov-14
Dec-14
Jan-15
Feb-15
Mar-15
Apr-15
0.0%
0.3%
0.5%
0.0%
0.0%
0.3%
0.5%
0.0%
0.0%
0.3%
0.5%
0.0%
0.0%
0.3%
0.5%
0.0%
0.0%
0.3%
0.5%
0.0%
0.0%
0.3%
0.5%
0.0%
0.0%
0.3%
0.5%
0.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
15
30
30
15
30
30
15
30
30
15
30
30
15
30
30
15
30
30
15
30
30
245,792
245,792
252,208
258,625
258,625
258,625
258,625
18,229
15,625
33,854
2
18,229
15,625
33,854
2
18,229
15,625
33,854
2
18,229
15,625
33,854
2
18,229
15,625
33,854
2
18,229
15,625
33,854
2
18,229
15,625
33,854
2
7,813
3,208
3,208
7,813
3,208
3,208
7,813
3,208
3,208
7,813
3,208
3,208
7,813
3,208
3,208
7,813
3,208
3,208
7,813
3,208
3,208
14,229
3
14,229
3
14,229
3
3,208
3,208
20,646
5
3,208
3,208
20,646
5
3,208
3,208
20,646
5
3,208
3,208
20,646
5
6,250
2,875
2,875
12,000
3
6,250
2,875
2,875
12,000
3
6,250
2,875
2,875
12,000
3
6,250
2,875
2,875
12,000
3
6,250
2,875
2,875
12,000
3
6,250
2,875
2,875
12,000
3
6,250
2,875
2,875
12,000
3
7,813
4,583
12,396
2
7,813
4,583
12,396
2
7,813
4,583
12,396
2
7,813
4,583
12,396
2
7,813
4,583
12,396
2
7,813
4,583
12,396
2
7,813
4,583
12,396
2
8,333
6,417
6,417
21,167
3
8,333
6,417
6,417
21,167
3
8,333
6,417
6,417
21,167
3
8,333
6,417
6,417
21,167
3
8,333
6,417
6,417
21,167
3
8,333
6,417
6,417
21,167
3
8,333
6,417
6,417
21,167
3
13,021
4,313
4,125
4,125
3,667
-
13,021
4,313
4,125
4,125
3,667
-
13,021
4,313
4,125
4,125
3,667
-
13,021
4,313
4,125
4,125
3,667
-
13,021
4,313
4,125
4,125
3,667
-
13,021
4,313
4,125
4,125
3,667
-
13,021
4,313
4,125
4,125
3,667
-
29,250
5
29,250
5
29,250
5
29,250
5
29,250
5
29,250
5
29,250
5
122,896
18
122,896
18
122,896
18
129,313
20
129,313
20
129,313
20
129,313
20
12,500
7,500
100,000
12,500
7,500
100,000
12,500
7,500
100,000
12,500
7,500
150,000
12,500
7,500
150,000
12,500
7,500
150,000
12,500
7,500
150,000
160,000
160,000
160,000
235,000
235,000
235,000
235,000
(14,229)
(1,500)
(15,729)
9.8%
(14,229)
(1,500)
(15,729)
9.8%
(14,229)
(1,500)
(15,729)
9.8%
(20,646)
(1,500)
(22,146)
9.4%
(20,646)
(1,500)
(22,146)
9.4%
(20,646)
(1,500)
(22,146)
9.4%
(20,646)
(1,500)
(22,146)
9.4%
144,271
90.2%
144,271
90.2%
144,271
90.2%
212,854
90.6%
212,854
90.6%
212,854
90.6%
212,854
90.6%
(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
16.8%
(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
16.8%
(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
16.8%
(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
11.4%
(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
11.4%
(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
11.4%
(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
11.4%
(33,854)
(21,167)
(29,250)
(3,000)
(1,250)
(88,521)
55.3%
(33,854)
(21,167)
(29,250)
(3,000)
(1,250)
(88,521)
55.3%
(33,854)
(21,167)
(29,250)
(3,000)
(1,250)
(88,521)
55.3%
(33,854)
(21,167)
(29,250)
(3,000)
(1,500)
(88,771)
37.8%
(33,854)
(21,167)
(29,250)
(3,000)
(1,500)
(88,771)
37.8%
(33,854)
(21,167)
(29,250)
(3,000)
(1,500)
(88,771)
37.8%
(33,854)
(21,167)
(29,250)
(3,000)
(1,500)
(88,771)
37.8%
(3,333)
(3,383)
(3,433)
(3,617)
(3,667)
(3,717)
(3,767)
(118,750)
25,521
16.0%
(118,800)
25,471
15.9%
(118,850)
25,421
15.9%
(119,283)
93,571
39.8%
(119,333)
93,521
39.8%
(119,383)
93,471
39.8%
(119,433)
93,421
39.8%
28,854
18.0%
28,854
18.0%
28,854
18.0%
97,188
41.4%
97,188
41.4%
97,188
41.4%
97,188
41.4%
(794)
113
24,840
15.5%
(721)
103
24,853
15.5%
(647)
92
24,866
15.5%
(592)
84
93,063
39.6%
(470)
67
93,118
39.6%
(196)
28
93,303
39.7%
93,421
39.8%
(24,840)
-
(24,853)
-
(24,866)
-
(93,063)
-
(93,118)
-
(93,303)
-
(93,421)
-
24,840
15.5%
24,853
15.5%
24,866
15.5%
93,063
39.6%
93,118
39.6%
93,303
39.7%
93,421
39.8%
245,792
80,000
15,729
341,521
245,792
80,000
15,729
341,521
252,208
80,000
15,729
347,938
258,625
117,500
22,146
398,271
258,625
117,500
22,146
398,271
285,573
117,500
22,146
425,219
379,760
117,500
22,146
519,406
200,000
(77,533)
122,467
203,000
(80,917)
122,083
206,000
(84,350)
121,650
217,000
(87,967)
129,033
220,000
(91,633)
128,367
223,000
(95,350)
127,650
226,000
(99,117)
126,883
463,988
463,604
469,588
527,304
526,638
552,869
646,290
246,739
15,729
262,468
221,503
15,729
237,232
202,620
15,729
218,349
160,856
22,146
183,002
67,072
22,146
89,217
22,146
22,146
22,146
22,146
262,468
237,232
218,349
183,002
89,217
22,146
22,146
1,450,000
(1,248,480)
201,520
1,450,000
(1,223,628)
226,372
1,450,000
(1,198,761)
251,239
1,450,000
(1,105,698)
344,302
1,450,000
(1,012,580)
437,420
1,450,000
(919,277)
530,723
1,450,000
(825,856)
624,144
463,988
463,604
469,588
527,304
526,638
552,869
646,290
Ok
Ok
Ok
Ok
Ok
Ok
Ok
1,012,580
919,277
825,856
1,248,480
1,223,628
1,198,761
1,105,698
24,840
3,333
28,173
24,853
3,383
28,236
24,866
3,433
28,299
93,063
3,617
(37,500)
6,417
(6,417)
59,180
93,118
3,667
96,785
93,303
3,717
97,020
93,421
3,767
97,188
(3,000)
(3,000)
(3,000)
(3,000)
(3,000)
(3,000)
(3,000)
(5,000)
(3,000)
(11,000)
(3,000)
(3,000)
(3,000)
(3,000)
(3,000)
(3,000)
(25,173)
(25,173)
(25,236)
(25,236)
(18,883)
(18,883)
(41,763)
(41,763)
(93,785)
(93,785)
(67,072)
(67,072)
245,792
245,792
245,792
245,792
245,792
6,417
252,208
252,208
6,417
258,625
258,625
258,625
258,625
26,948
285,573
285,573
94,188
379,760
25,173
245,792
(245,792)
25,173
25,236
245,792
(245,792)
25,236
25,299
245,792
(252,208)
18,883
48,180
252,208
(258,625)
41,763
93,785
258,625
(258,625)
93,785
94,020
258,625
(258,625)
94,020
94,188
285,573
(258,625)
121,135
25,173
25,236
18,883
41,763
93,785
94,020
121,135
271,912
(25,173)
246,739
794
246,739
(25,236)
221,503
721
221,503
(18,883)
202,620
647
202,620
(41,763)
160,856
592
160,856
(93,785)
67,072
470
67,072
(67,072)
196
160,000
(15,729)
(118,750)
28,854
(794)
24,840
160,000
(15,729)
(118,800)
28,854
(721)
24,853
160,000
(15,729)
(118,850)
28,854
(647)
24,866
235,000
(22,146)
(119,283)
97,188
(592)
93,063
235,000
(22,146)
(119,333)
97,188
(470)
93,118
235,000
(22,146)
(119,383)
97,188
(196)
93,303
235,000
(22,146)
(119,433)
97,188
93,421
245,792
463,988
246,739
201,520
245,792
463,604
221,503
226,372
252,208
469,588
202,620
251,239
258,625
527,304
160,856
344,302
258,625
526,638
67,072
437,420
285,573
552,869
530,723
379,760
646,290
624,144
18
122,896
18
122,896
18
122,896
20
129,313
20
129,313
20
129,313
20
129,313
May-15
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
0.0%
0.3%
0.5%
0.0%
0.0%
0.3%
0.5%
0.0%
0.0%
0.3%
0.5%
0.0%
0.0%
0.3%
0.5%
0.0%
0.0%
0.3%
0.5%
0.0%
0.0%
0.3%
0.5%
0.0%
0.0%
0.3%
0.5%
0.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
15
30
30
15
30
30
15
30
30
15
30
30
15
30
30
15
30
30
15
30
30
258,625
258,625
258,625
258,625
258,625
258,625
258,625
18,229
15,625
33,854
2
18,229
15,625
33,854
2
18,229
15,625
33,854
2
18,229
15,625
33,854
2
18,229
15,625
33,854
2
18,229
15,625
33,854
2
18,229
15,625
33,854
2
7,813
3,208
3,208
7,813
3,208
3,208
7,813
3,208
3,208
7,813
3,208
3,208
7,813
3,208
3,208
7,813
3,208
3,208
7,813
3,208
3,208
3,208
3,208
20,646
5
3,208
3,208
20,646
5
3,208
3,208
20,646
5
3,208
3,208
20,646
5
3,208
3,208
20,646
5
3,208
3,208
20,646
5
3,208
3,208
20,646
5
6,250
2,875
2,875
12,000
3
6,250
2,875
2,875
12,000
3
6,250
2,875
2,875
12,000
3
6,250
2,875
2,875
12,000
3
6,250
2,875
2,875
12,000
3
6,250
2,875
2,875
12,000
3
6,250
2,875
2,875
12,000
3
7,813
4,583
12,396
2
7,813
4,583
12,396
2
7,813
4,583
12,396
2
7,813
4,583
12,396
2
7,813
4,583
12,396
2
7,813
4,583
12,396
2
7,813
4,583
12,396
2
8,333
6,417
6,417
21,167
3
8,333
6,417
6,417
21,167
3
8,333
6,417
6,417
21,167
3
8,333
6,417
6,417
21,167
3
8,333
6,417
6,417
21,167
3
8,333
6,417
6,417
21,167
3
8,333
6,417
6,417
21,167
3
13,021
4,313
4,125
4,125
3,667
-
13,021
4,313
4,125
4,125
3,667
-
13,021
4,313
4,125
4,125
3,667
-
13,021
4,313
4,125
4,125
3,667
-
13,021
4,313
4,125
4,125
3,667
-
13,021
4,313
4,125
4,125
3,667
-
13,021
4,313
4,125
4,125
3,667
-
29,250
5
29,250
5
29,250
5
29,250
5
29,250
5
29,250
5
29,250
5
129,313
20
129,313
20
129,313
20
129,313
20
129,313
20
129,313
20
129,313
20
12,500
7,500
150,000
12,500
7,500
150,000
12,500
7,500
150,000
12,500
7,500
150,000
12,500
7,500
150,000
12,500
7,500
150,000
12,500
7,500
150,000
235,000
235,000
235,000
235,000
235,000
235,000
235,000
(20,646)
(1,500)
(22,146)
9.4%
(20,646)
(1,500)
(22,146)
9.4%
(20,646)
(1,500)
(22,146)
9.4%
(20,646)
(1,500)
(22,146)
9.4%
(20,646)
(1,500)
(22,146)
9.4%
(20,646)
(1,500)
(22,146)
9.4%
(20,646)
(1,500)
(22,146)
9.4%
212,854
90.6%
212,854
90.6%
212,854
90.6%
212,854
90.6%
212,854
90.6%
212,854
90.6%
212,854
90.6%
(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
11.4%
(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
11.4%
(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
11.4%
(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
11.4%
(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
11.4%
(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
11.4%
(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
11.4%
(33,854)
(21,167)
(29,250)
(3,000)
(1,500)
(88,771)
37.8%
(33,854)
(21,167)
(29,250)
(3,000)
(1,500)
(88,771)
37.8%
(33,854)
(21,167)
(29,250)
(3,000)
(1,500)
(88,771)
37.8%
(33,854)
(21,167)
(29,250)
(3,000)
(1,500)
(88,771)
37.8%
(33,854)
(21,167)
(29,250)
(3,000)
(1,500)
(88,771)
37.8%
(33,854)
(21,167)
(29,250)
(3,000)
(1,500)
(88,771)
37.8%
(33,854)
(21,167)
(29,250)
(3,000)
(1,500)
(88,771)
37.8%
(3,817)
(3,867)
(3,917)
(3,967)
(4,017)
(4,067)
(4,117)
(119,483)
93,371
39.7%
(119,533)
93,321
39.7%
(119,583)
93,271
39.7%
(119,633)
93,221
39.7%
(119,683)
93,171
39.6%
(119,733)
93,121
39.6%
(119,783)
93,071
39.6%
97,188
41.4%
97,188
41.4%
97,188
41.4%
97,188
41.4%
97,188
41.4%
97,188
41.4%
97,188
41.4%
93,371
39.7%
93,321
39.7%
93,271
39.7%
93,221
39.7%
93,171
39.6%
93,121
39.6%
93,071
39.6%
(93,371)
-
(93,321)
-
(93,271)
-
(93,221)
-
(93,171)
-
(93,121)
-
(93,071)
-
93,371
39.7%
93,321
39.7%
93,271
39.7%
93,221
39.7%
93,171
39.6%
93,121
39.6%
93,071
39.6%
473,948
117,500
22,146
613,594
568,135
117,500
22,146
707,781
662,323
117,500
22,146
801,969
756,510
117,500
22,146
896,156
850,698
117,500
22,146
990,344
944,885
117,500
22,146
1,084,531
1,039,073
117,500
22,146
1,178,719
229,000
(102,933)
126,067
232,000
(106,800)
125,200
235,000
(110,717)
124,283
238,000
(114,683)
123,317
241,000
(118,700)
122,300
244,000
(122,767)
121,233
-
247,000
(126,883)
120,117
-
739,660
832,981
926,252
1,019,473
1,112,644
1,205,765
1,298,835
22,146
22,146
22,146
22,146
22,146
22,146
22,146
22,146
22,146
22,146
22,146
22,146
22,146
22,146
22,146
22,146
22,146
22,146
22,146
22,146
22,146
1,450,000
(732,485)
717,515
1,450,000
(639,165)
810,835
1,450,000
(545,894)
904,106
1,450,000
(452,673)
997,327
1,450,000
(359,502)
1,090,498
1,450,000
(266,381)
1,183,619
1,450,000
(173,310)
1,276,690
739,660
832,981
926,252
1,019,473
1,112,644
1,205,765
1,298,835
Ok
Ok
Ok
Ok
Ok
Ok
Ok
732,485
639,165
545,894
452,673
359,502
266,381
173,310
93,371
3,817
97,188
93,321
3,867
97,188
93,271
3,917
97,188
93,221
3,967
97,188
93,171
4,017
97,188
93,121
4,067
97,188
93,071
4,117
97,188
(3,000)
(3,000)
(3,000)
(3,000)
(3,000)
(3,000)
(3,000)
(3,000)
(3,000)
(3,000)
(3,000)
(3,000)
(3,000)
(3,000)
379,760
94,188
473,948
473,948
94,188
568,135
568,135
94,188
662,323
662,323
94,188
756,510
756,510
94,188
850,698
850,698
94,188
944,885
94,188
379,760
(258,625)
215,323
94,188
473,948
(258,625)
309,510
94,188
568,135
(258,625)
403,698
94,188
662,323
(258,625)
497,885
94,188
756,510
(258,625)
592,073
94,188
850,698
(258,625)
686,260
944,885
94,188
1,039,073
94,188
944,885
(258,625)
780,448
215,323
309,510
403,698
497,885
592,073
686,260
780,448
235,000
(22,146)
(119,483)
97,188
93,371
235,000
(22,146)
(119,533)
97,188
93,321
235,000
(22,146)
(119,583)
97,188
93,271
235,000
(22,146)
(119,633)
97,188
93,221
235,000
(22,146)
(119,683)
97,188
93,171
235,000
(22,146)
(119,733)
97,188
93,121
235,000
(22,146)
(119,783)
97,188
93,071
473,948
739,660
717,515
568,135
832,981
810,835
662,323
926,252
904,106
756,510
1,019,473
997,327
850,698
1,112,644
1,090,498
944,885
1,205,765
1,183,619
1,039,073
1,298,835
1,276,690
20
129,313
20
129,313
20
129,313
20
129,313
20
129,313
20
129,313
20
129,313
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
0.0%
0.3%
0.5%
100.0%
0.0%
0.3%
0.5%
0.0%
0.0%
0.3%
0.5%
0.0%
0.0%
0.3%
0.5%
0.0%
0.0%
0.3%
0.5%
0.0%
0.0%
0.3%
0.5%
0.0%
0.0%
0.3%
0.5%
0.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
15
30
30
15
30
30
15
30
30
15
30
30
15
30
30
15
30
30
15
30
30
258,625
258,625
258,625
258,625
258,625
258,625
258,625
18,229
15,625
33,854
2
18,229
15,625
33,854
2
18,229
15,625
33,854
2
18,229
15,625
33,854
2
18,229
15,625
33,854
2
18,229
15,625
33,854
2
18,229
15,625
33,854
2
7,813
3,208
3,208
7,813
3,208
3,208
7,813
3,208
3,208
7,813
3,208
3,208
7,813
3,208
3,208
7,813
3,208
3,208
7,813
3,208
3,208
3,208
3,208
20,646
5
3,208
3,208
20,646
5
3,208
3,208
20,646
5
3,208
3,208
20,646
5
3,208
3,208
20,646
5
3,208
3,208
20,646
5
3,208
3,208
20,646
5
6,250
2,875
2,875
12,000
3
6,250
2,875
2,875
12,000
3
6,250
2,875
2,875
12,000
3
6,250
2,875
2,875
12,000
3
6,250
2,875
2,875
12,000
3
6,250
2,875
2,875
12,000
3
6,250
2,875
2,875
12,000
3
7,813
4,583
12,396
2
7,813
4,583
12,396
2
7,813
4,583
12,396
2
7,813
4,583
12,396
2
7,813
4,583
12,396
2
7,813
4,583
12,396
2
7,813
4,583
12,396
2
8,333
6,417
6,417
21,167
3
8,333
6,417
6,417
21,167
3
8,333
6,417
6,417
21,167
3
8,333
6,417
6,417
21,167
3
8,333
6,417
6,417
21,167
3
8,333
6,417
6,417
21,167
3
8,333
6,417
6,417
21,167
3
13,021
4,313
4,125
4,125
3,667
-
13,021
4,313
4,125
4,125
3,667
-
13,021
4,313
4,125
4,125
3,667
-
13,021
4,313
4,125
4,125
3,667
-
13,021
4,313
4,125
4,125
3,667
-
13,021
4,313
4,125
4,125
3,667
-
13,021
4,313
4,125
4,125
3,667
-
29,250
5
29,250
5
29,250
5
29,250
5
29,250
5
29,250
5
29,250
5
129,313
20
129,313
20
129,313
20
129,313
20
129,313
20
129,313
20
129,313
20
12,500
7,500
150,000
12,500
7,500
150,000
12,500
7,500
150,000
12,500
7,500
150,000
12,500
7,500
150,000
12,500
7,500
150,000
12,500
7,500
150,000
235,000
235,000
235,000
235,000
235,000
235,000
235,000
(20,646)
(1,500)
(22,146)
9.4%
(20,646)
(1,500)
(22,146)
9.4%
(20,646)
(1,500)
(22,146)
9.4%
(20,646)
(1,500)
(22,146)
9.4%
(20,646)
(1,500)
(22,146)
9.4%
(20,646)
(1,500)
(22,146)
9.4%
(20,646)
(1,500)
(22,146)
9.4%
212,854
90.6%
212,854
90.6%
212,854
90.6%
212,854
90.6%
212,854
90.6%
212,854
90.6%
212,854
90.6%
(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
11.4%
(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
11.4%
(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
11.4%
(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
11.4%
(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
11.4%
(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
11.4%
(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
11.4%
(33,854)
(21,167)
(29,250)
(3,000)
(1,500)
(88,771)
37.8%
(33,854)
(21,167)
(29,250)
(3,000)
(1,750)
(89,021)
37.9%
(33,854)
(21,167)
(29,250)
(3,000)
(1,750)
(89,021)
37.9%
(33,854)
(21,167)
(29,250)
(3,000)
(1,750)
(89,021)
37.9%
(33,854)
(21,167)
(29,250)
(3,000)
(1,750)
(89,021)
37.9%
(33,854)
(21,167)
(29,250)
(3,000)
(1,750)
(89,021)
37.9%
(33,854)
(21,167)
(29,250)
(3,000)
(1,750)
(89,021)
37.9%
(4,167)
(4,300)
(4,350)
(4,400)
(4,450)
(4,500)
(4,550)
(119,833)
93,021
39.6%
(120,217)
92,638
39.4%
(120,267)
92,588
39.4%
(120,317)
92,538
39.4%
(120,367)
92,488
39.4%
(120,417)
92,438
39.3%
(120,467)
92,388
39.3%
97,188
41.4%
96,938
41.3%
96,938
41.3%
96,938
41.3%
96,938
41.3%
96,938
41.3%
96,938
41.3%
93,021
39.6%
92,638
39.4%
92,588
39.4%
92,538
39.4%
92,488
39.4%
92,438
39.3%
92,388
39.3%
(93,021)
-
(80,290)
12,348
(4,939)
92,588
(37,035)
92,538
(37,015)
92,488
(36,995)
92,438
(36,975)
92,388
(36,955)
93,021
39.6%
87,698
37.3%
55,553
23.6%
55,523
23.6%
55,493
23.6%
55,463
23.6%
55,433
23.6%
1,133,260
117,500
22,146
1,272,906
1,217,259
117,500
22,146
1,356,905
1,274,161
117,500
22,146
1,413,807
1,331,084
117,500
22,146
1,470,730
1,388,026
117,500
22,146
1,527,672
1,444,989
117,500
22,146
1,584,635
1,501,971
117,500
22,146
1,641,617
250,000
(131,050)
118,950
-
258,000
(135,350)
122,650
-
261,000
(139,700)
121,300
-
264,000
(144,100)
119,900
-
267,000
(148,550)
118,450
-
270,000
(153,050)
116,950
-
273,000
(157,600)
115,400
-
1,391,856
1,479,555
1,535,107
1,590,630
1,646,122
1,701,585
1,757,017
22,146
22,146
22,146
22,146
22,146
22,146
22,146
22,146
22,146
22,146
22,146
22,146
22,146
22,146
22,146
22,146
22,146
22,146
22,146
22,146
22,146
1,450,000
(80,290)
1,369,710
1,450,000
7,409
1,457,409
1,450,000
62,961
1,512,961
1,450,000
118,484
1,568,484
1,450,000
173,976
1,623,976
1,450,000
229,439
1,679,439
1,450,000
284,871
1,734,871
1,391,856
1,479,555
1,535,107
1,590,630
1,646,122
1,701,585
1,757,017
Ok
Ok
Ok
Ok
Ok
Ok
Ok
80,290
93,021
4,167
97,188
87,698
4,300
91,998
55,553
4,350
59,903
55,523
4,400
59,923
55,493
4,450
59,943
55,463
4,500
59,963
55,433
4,550
59,983
(3,000)
(3,000)
(5,000)
(3,000)
(8,000)
(3,000)
(3,000)
(3,000)
(3,000)
(3,000)
(3,000)
(3,000)
(3,000)
(3,000)
(3,000)
1,039,073
94,188
1,133,260
1,133,260
83,998
1,217,259
1,217,259
56,903
1,274,161
1,274,161
56,923
1,331,084
1,331,084
56,943
1,388,026
1,388,026
56,963
1,444,989
1,444,989
56,983
1,501,971
94,188
1,039,073
(258,625)
874,635
83,998
1,133,260
(258,625)
958,634
56,903
1,217,259
(258,625)
1,015,536
56,923
1,274,161
(258,625)
1,072,459
56,943
1,331,084
(258,625)
1,129,401
56,963
1,388,026
(258,625)
1,186,364
56,983
1,444,989
(258,625)
1,243,346
874,635
958,634
1,015,536
1,072,459
1,129,401
1,186,364
1,243,346
235,000
(22,146)
(119,833)
97,188
93,021
235,000
(22,146)
(120,217)
96,938
87,698
235,000
(22,146)
(120,267)
96,938
55,553
235,000
(22,146)
(120,317)
96,938
55,523
235,000
(22,146)
(120,367)
96,938
55,493
235,000
(22,146)
(120,417)
96,938
55,463
235,000
(22,146)
(120,467)
96,938
55,433
1,133,260
1,391,856
1,369,710
1,217,259
1,479,555
1,457,409
1,274,161
1,535,107
1,512,961
1,331,084
1,590,630
1,568,484
1,388,026
1,646,122
1,623,976
1,444,989
1,701,585
1,679,439
1,501,971
1,757,017
1,734,871
20
129,313
20
129,313
20
129,313
20
129,313
20
129,313
20
129,313
20
129,313
Jul-16
Aug-16
Sep-16
Oct-16
Nov-16
Dec-16
Q1 2012
0.0%
0.3%
0.5%
0.0%
0.0%
0.3%
0.5%
0.0%
0.0%
0.3%
0.5%
0.0%
0.0%
0.3%
0.5%
0.0%
0.0%
0.3%
0.5%
0.0%
0.0%
0.3%
0.5%
0.0%
0.1%
0.9%
1.4%
0.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
15
30
30
15
30
30
15
30
30
15
30
30
15
30
30
15
30
30
15
30
30
258,625
258,625
258,625
258,625
258,625
258,625
85,458
18,229
15,625
33,854
2
18,229
15,625
33,854
2
18,229
15,625
33,854
2
18,229
15,625
33,854
2
18,229
15,625
33,854
2
18,229
15,625
33,854
2
54,688
54,688
1
7,813
3,208
3,208
7,813
3,208
3,208
7,813
3,208
3,208
7,813
3,208
3,208
7,813
3,208
3,208
7,813
3,208
3,208
23,438
-
3,208
3,208
20,646
5
3,208
3,208
20,646
5
3,208
3,208
20,646
5
3,208
3,208
20,646
5
3,208
3,208
20,646
5
3,208
3,208
20,646
5
23,438
1
6,250
2,875
2,875
12,000
3
6,250
2,875
2,875
12,000
3
6,250
2,875
2,875
12,000
3
6,250
2,875
2,875
12,000
3
6,250
2,875
2,875
12,000
3
6,250
2,875
2,875
12,000
3
7,813
4,583
12,396
2
7,813
4,583
12,396
2
7,813
4,583
12,396
2
7,813
4,583
12,396
2
7,813
4,583
12,396
2
7,813
4,583
12,396
2
8,333
6,417
6,417
21,167
3
8,333
6,417
6,417
21,167
3
8,333
6,417
6,417
21,167
3
8,333
6,417
6,417
21,167
3
8,333
6,417
6,417
21,167
3
8,333
6,417
6,417
21,167
3
13,021
4,313
4,125
4,125
3,667
-
13,021
4,313
4,125
4,125
3,667
-
13,021
4,313
4,125
4,125
3,667
-
13,021
4,313
4,125
4,125
3,667
-
13,021
4,313
4,125
4,125
3,667
-
13,021
4,313
4,125
4,125
3,667
-
39,063
11,000
-
29,250
5
29,250
5
29,250
5
29,250
5
29,250
5
29,250
5
50,063
2
129,313
20
129,313
20
129,313
20
129,313
20
129,313
20
129,313
20
128,188
4
12,500
7,500
150,000
12,500
7,500
150,000
12,500
7,500
150,000
12,500
7,500
150,000
12,500
7,500
150,000
12,500
7,500
150,000
3,000
-
235,000
235,000
235,000
235,000
235,000
235,000
3,000
(20,646)
(1,500)
(22,146)
9.4%
(20,646)
(1,500)
(22,146)
9.4%
(20,646)
(1,500)
(22,146)
9.4%
(20,646)
(1,500)
(22,146)
9.4%
(20,646)
(1,500)
(22,146)
9.4%
(20,646)
(1,500)
(22,146)
9.4%
(23,438)
(4,500)
(27,938)
931.3%
212,854
90.6%
212,854
90.6%
212,854
90.6%
212,854
90.6%
212,854
90.6%
212,854
90.6%
(24,938)
(831.3%)
(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
11.4%
(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
11.4%
(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
11.4%
(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
11.4%
(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
11.4%
(12,000)
(12,396)
(750)
(1,000)
(750)
(26,896)
11.4%
(750)
(1,500)
(750)
(3,000)
100.0%
(33,854)
(21,167)
(29,250)
(3,000)
(1,750)
(89,021)
37.9%
(33,854)
(21,167)
(29,250)
(3,000)
(1,750)
(89,021)
37.9%
(33,854)
(21,167)
(29,250)
(3,000)
(1,750)
(89,021)
37.9%
(33,854)
(21,167)
(29,250)
(3,000)
(1,750)
(89,021)
37.9%
(33,854)
(21,167)
(29,250)
(3,000)
(1,750)
(89,021)
37.9%
(33,854)
(21,167)
(29,250)
(3,000)
(1,750)
(89,021)
37.9%
(54,688)
(50,063)
(4,500)
(2,250)
(111,500)
3,716.7%
(4,600)
(4,650)
(4,700)
(4,750)
(4,800)
(4,850)
(3,400)
(120,517)
92,338
39.3%
(120,567)
92,288
39.3%
(120,617)
92,238
39.3%
(120,667)
92,188
39.2%
(120,717)
92,138
39.2%
(120,767)
92,088
39.2%
(117,900)
(142,838)
(4,761.3%)
96,938
41.3%
96,938
41.3%
96,938
41.3%
96,938
41.3%
96,938
41.3%
96,938
41.3%
(139,438)
(4,647.9%)
92,338
39.3%
92,288
39.3%
92,238
39.3%
92,188
39.2%
92,138
39.2%
92,088
39.2%
(1,271)
181
(143,927)
(4,797.6%)
92,338
(36,935)
92,288
(36,915)
92,238
(36,895)
92,188
(36,875)
92,138
(36,855)
92,088
(36,835)
143,927
-
55,403
23.6%
55,373
23.6%
55,343
23.6%
55,313
23.5%
55,283
23.5%
55,253
23.5%
(143,927)
(4,797.6%)
1,558,974
117,500
22,146
1,698,620
1,615,996
117,500
22,146
1,755,642
1,673,039
117,500
22,146
1,812,685
1,730,101
117,500
22,146
1,869,747
1,787,184
117,500
22,146
1,926,830
1,844,286
117,500
22,146
1,983,932
276,000
(162,200)
113,800
-
279,000
(166,850)
112,150
-
282,000
(171,550)
110,450
-
285,000
(176,300)
108,700
-
288,000
(181,100)
106,900
-
291,000
(185,950)
105,050
-
85,458
500
9,313
95,271
71,500
(3,400)
68,100
-
1,812,420
1,867,792
1,923,135
1,978,447
2,033,730
2,088,982
163,371
22,146
22,146
22,146
22,146
22,146
22,146
22,146
22,146
22,146
22,146
22,146
22,146
247,986
9,313
257,298
22,146
22,146
22,146
22,146
22,146
22,146
257,298
1,450,000
340,274
1,790,274
1,450,000
395,646
1,845,646
1,450,000
450,989
1,900,989
1,450,000
506,301
1,956,301
1,450,000
561,584
2,011,584
1,450,000
616,836
2,066,836
50,000
(143,927)
(93,927)
1,812,420
1,867,792
1,923,135
1,978,447
2,033,730
2,088,982
163,371
Ok
Ok
Ok
Ok
Ok
Ok
Ok
143,927
55,403
4,600
60,003
55,373
4,650
60,023
55,343
4,700
60,043
55,313
4,750
60,063
55,283
4,800
60,083
55,253
4,850
60,103
(143,927)
3,400
(500)
(688)
(8,813)
(150,527)
(3,000)
(3,000)
(3,000)
(3,000)
(3,000)
(3,000)
(3,000)
(3,000)
(3,000)
(3,000)
(3,000)
(3,000)
(6,000)
(5,000)
(10,500)
(21,500)
157,486
157,486
1,501,971
57,003
1,558,974
1,558,974
57,023
1,615,996
1,615,996
57,043
1,673,039
1,673,039
57,063
1,730,101
1,730,101
57,083
1,787,184
1,787,184
57,103
1,844,286
100,000
(14,542)
85,458
57,003
1,501,971
(258,625)
1,300,349
57,023
1,558,974
(258,625)
1,357,371
57,043
1,615,996
(258,625)
1,414,414
57,063
1,673,039
(258,625)
1,471,476
57,083
1,730,101
(258,625)
1,528,559
57,103
1,787,184
(258,625)
1,585,661
(172,027)
100,000
(85,458)
(157,486)
1,300,349
1,357,371
1,414,414
1,471,476
1,528,559
1,585,661
235,000
(22,146)
(120,517)
96,938
55,403
235,000
(22,146)
(120,567)
96,938
55,373
235,000
(22,146)
(120,617)
96,938
55,343
235,000
(22,146)
(120,667)
96,938
55,313
235,000
(22,146)
(120,717)
96,938
55,283
235,000
(22,146)
(120,767)
96,938
55,253
1,558,974
1,812,420
1,790,274
1,615,996
1,867,792
1,845,646
1,673,039
1,923,135
1,900,989
1,730,101
1,978,447
1,956,301
1,787,184
2,033,730
2,011,584
1,844,286
2,088,982
2,066,836
20
129,313
20
129,313
20
129,313
20
129,313
20
129,313
20
129,313
(157,486)
90,500
157,486
247,986
1,271
3,000
(27,938)
(117,900)
(139,438)
(1,271)
(143,927)
85,458
163,371
247,986
(93,927)
4
42,729
Q2 2012
Q3 2012
Q4 2012
Q1 2013
Q2 2013
Q3 2013
Q4 2013
0.1%
0.9%
1.4%
0.0%
0.1%
0.9%
1.4%
0.0%
0.1%
0.9%
1.4%
0.0%
0.1%
0.9%
1.4%
0.0%
0.1%
0.9%
1.4%
0.0%
0.1%
0.9%
1.4%
0.0%
0.1%
0.9%
1.4%
0.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
15
30
30
15
30
30
400,000
15
30
30
15
30
30
15
30
30
1,000,000
15
30
30
15
30
30
100,271
174,333
181,507
217,375
218,444
223,792
227,458
54,688
54,688
1
54,688
46,875
101,563
2
54,688
46,875
101,563
2
54,688
46,875
101,563
2
54,688
46,875
101,563
2
54,688
46,875
101,563
2
54,688
46,875
101,563
2
23,438
-
23,438
-
23,438
-
23,438
9,625
-
23,438
9,625
-
23,438
9,625
9,625
23,438
9,625
9,625
23,438
1
23,438
1
23,438
1
33,063
2
33,063
2
42,688
3
42,688
3
18,750
18,750
1
18,750
18,750
1
18,750
8,625
8,625
36,000
3
18,750
8,625
8,625
36,000
3
18,750
8,625
8,625
36,000
3
18,750
8,625
8,625
36,000
3
23,438
23,438
1
23,438
23,438
1
23,438
23,438
1
23,438
23,438
1
23,438
23,438
1
23,438
23,438
1
25,000
19,250
44,250
2
25,000
19,250
44,250
2
25,000
19,250
44,250
2
25,000
19,250
44,250
2
25,000
19,250
44,250
2
25,000
19,250
44,250
2
39,063
11,000
-
39,063
11,000
-
39,063
11,000
-
39,063
12,938
12,375
12,375
11,000
-
39,063
12,938
12,375
12,375
11,000
-
39,063
12,938
12,375
12,375
11,000
-
39,063
12,938
12,375
12,375
11,000
-
50,063
2
50,063
2
50,063
2
87,750
5
87,750
5
87,750
5
87,750
5
128,188
4
261,500
9
261,500
9
326,063
15
326,063
15
335,688
16
335,688
16
12,000
5,000
5,000
30,000
15,000
15,000
30,000
15,000
30,000
30,000
15,000
60,000
30,000
15,000
60,000
30,000
15,000
105,000
30,000
15,000
105,000
17,000
60,000
75,000
165,000
165,000
240,000
240,000
(23,438)
(4,500)
(27,938)
164.3%
(23,438)
(4,500)
(27,938)
46.6%
(23,438)
(4,500)
(27,938)
37.3%
(33,063)
(4,500)
(37,563)
22.8%
(33,063)
(4,500)
(37,563)
22.8%
(42,688)
(4,500)
(47,188)
19.7%
(42,688)
(4,500)
(47,188)
19.7%
(10,938)
(64.3%)
32,063
53.4%
47,063
62.8%
127,438
77.2%
127,438
77.2%
192,813
80.3%
192,813
80.3%
(750)
(1,500)
(750)
(3,000)
17.6%
(18,750)
(23,438)
(750)
(1,500)
(750)
(45,188)
75.3%
(18,750)
(23,438)
(750)
(1,500)
(750)
(45,188)
60.3%
(36,000)
(23,438)
(750)
(1,500)
(750)
(62,438)
37.8%
(36,000)
(23,438)
(750)
(1,500)
(750)
(62,438)
37.8%
(36,000)
(23,438)
(750)
(1,500)
(750)
(62,438)
26.0%
(36,000)
(23,438)
(750)
(1,500)
(750)
(62,438)
26.0%
(54,688)
(50,063)
(4,500)
(2,250)
(111,500)
655.9%
(101,563)
(44,250)
(50,063)
(4,500)
(2,250)
(202,625)
337.7%
(101,563)
(44,250)
(50,063)
(4,500)
(2,250)
(202,625)
270.2%
(101,563)
(44,250)
(87,750)
(4,500)
(3,000)
(241,063)
146.1%
(101,563)
(44,250)
(87,750)
(4,500)
(3,000)
(241,063)
146.1%
(101,563)
(44,250)
(87,750)
(4,500)
(3,000)
(241,063)
100.4%
(101,563)
(44,250)
(87,750)
(4,500)
(3,000)
(241,063)
100.4%
(3,925)
(4,825)
(5,350)
(6,525)
(6,975)
(7,500)
(7,950)
(118,425)
(129,363)
(761.0%)
(252,638)
(220,575)
(367.6%)
(253,163)
(206,100)
(274.8%)
(310,025)
(182,588)
(110.7%)
(310,475)
(183,038)
(110.9%)
(311,000)
(118,188)
(49.2%)
(311,450)
(118,638)
(49.4%)
(125,438)
(737.9%)
(215,750)
(359.6%)
(200,750)
(267.7%)
(176,063)
(106.7%)
(176,063)
(106.7%)
(110,688)
(46.1%)
(110,688)
(46.1%)
(2,617)
373
(131,606)
(774.2%)
(2,484)
354
(222,705)
(371.2%)
(3,447)
492
(209,055)
(278.7%)
(5,744)
820
(187,512)
(113.6%)
(2,334)
333
(185,039)
(112.1%)
(389)
55
(118,521)
(49.4%)
(1,463)
209
(119,891)
(50.0%)
131,606
-
222,705
-
209,055
-
187,512
-
185,039
-
118,521
-
119,891
-
(131,606)
(774.2%)
(222,705)
(371.2%)
(209,055)
(278.7%)
(187,512)
(113.6%)
(185,039)
(112.1%)
(118,521)
(49.4%)
(119,891)
(50.0%)
129,896
7,500
9,313
146,708
174,333
10,000
9,313
193,646
195,854
12,500
9,313
217,667
217,375
27,500
12,521
257,396
231,156
27,500
12,521
271,177
223,792
40,000
15,729
279,521
234,792
40,000
15,729
290,521
100,000
(12,150)
87,850
110,500
(17,500)
93,000
133,500
(24,025)
109,475
142,500
(31,000)
111,500
153,000
(38,500)
114,500
162,000
(46,450)
115,550
82,000
(7,325)
74,675
-
221,383
281,496
310,667
366,871
382,677
394,021
406,071
437,604
9,313
446,917
320,421
9,313
329,734
558,647
9,313
567,960
799,155
12,521
811,676
12,521
12,521
126,656
15,729
142,386
258,598
15,729
274,327
446,917
329,734
567,960
811,676
12,521
142,386
274,327
50,000
(275,533)
(225,533)
450,000
(498,238)
(48,238)
450,000
(707,293)
(257,293)
450,000
(894,805)
(444,805)
1,450,000
(1,079,844)
370,156
221,383
281,496
310,667
366,871
382,677
394,021
406,071
Ok
Ok
Ok
Ok
Ok
Ok
Ok
275,533
498,238
707,293
894,805
(131,606)
3,925
(7,000)
(134,681)
(222,705)
4,825
(2,500)
(220,380)
(209,055)
5,350
(2,500)
(206,205)
(187,512)
6,525
(15,000)
3,208
(3,208)
(195,987)
(185,039)
6,975
(178,064)
(118,521)
7,500
(12,500)
3,208
(3,208)
(123,521)
(119,891)
7,950
(111,941)
(10,500)
(10,500)
(7,500)
(10,500)
(18,000)
(10,500)
(10,500)
(9,000)
(5,000)
(9,000)
(23,000)
(9,000)
(9,000)
(1,500)
(9,000)
(10,500)
(9,000)
(9,000)
189,618
189,618
(117,183)
400,000
282,817
238,226
238,226
240,508
240,508
(799,155)
1,000,000
200,845
126,656
126,656
131,941
131,941
85,458
44,438
129,896
129,896
44,438
174,333
174,333
21,521
195,854
195,854
21,521
217,375
217,375
13,781
231,156
231,156
(7,364)
223,792
223,792
11,000
234,792
(145,181)
85,458
(100,271)
(159,993)
(238,380)
400,000
129,896
(174,333)
117,183
(216,705)
174,333
(181,507)
(223,879)
(218,987)
195,854
(217,375)
(240,508)
(187,064)
1,000,000
217,375
(218,444)
811,867
(134,021)
231,156
(223,792)
(126,656)
(120,941)
223,792
(227,458)
(124,608)
1,079,844
1,450,000
(1,198,365)
251,635
1,198,365
1,450,000
(1,318,256)
131,744
1,318,256
(159,993)
-
117,183
-
(223,879)
-
(240,508)
-
811,867
-
(126,656)
-
(124,608)
-
247,986
189,618
437,604
2,617
437,604
(117,183)
320,421
2,484
320,421
238,226
558,647
3,447
558,647
240,508
799,155
5,744
799,155
(799,155)
2,334
126,656
126,656
389
126,656
131,941
258,598
1,463
17,000
(27,938)
(118,425)
(125,438)
(2,617)
(131,606)
60,000
(27,938)
(252,638)
(215,750)
(2,484)
(222,705)
75,000
(27,938)
(253,163)
(200,750)
(3,447)
(209,055)
165,000
(37,563)
(310,025)
(176,063)
(5,744)
(187,512)
165,000
(37,563)
(310,475)
(176,063)
(2,334)
(185,039)
240,000
(47,188)
(311,000)
(110,688)
(389)
(118,521)
240,000
(47,188)
(311,450)
(110,688)
(1,463)
(119,891)
129,896
221,383
437,604
(225,533)
174,333
281,496
320,421
(48,238)
195,854
310,667
558,647
(257,293)
217,375
366,871
799,155
(444,805)
231,156
382,677
370,156
223,792
394,021
126,656
251,635
234,792
406,071
258,598
131,744
4
42,729
9
87,167
9
87,167
15
108,688
15
108,688
16
111,896
16
111,896
Q1 2014
Q2 2014
Q3 2014
Q4 2014
Q1 2015
Q2 2015
Q3 2015
0.1%
0.9%
1.4%
0.0%
0.1%
0.9%
1.4%
0.0%
0.1%
0.9%
1.4%
0.0%
0.1%
0.9%
1.4%
0.0%
0.1%
0.9%
1.4%
0.0%
0.1%
0.9%
1.4%
0.0%
0.1%
0.9%
1.4%
0.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
15
30
30
15
30
30
15
30
30
15
30
30
15
30
30
15
30
30
15
30
30
245,792
245,792
245,792
247,931
258,625
258,625
258,625
54,688
46,875
101,563
2
54,688
46,875
101,563
2
54,688
46,875
101,563
2
54,688
46,875
101,563
2
54,688
46,875
101,563
2
54,688
46,875
101,563
2
54,688
46,875
101,563
2
23,438
9,625
9,625
23,438
9,625
9,625
23,438
9,625
9,625
23,438
9,625
9,625
23,438
9,625
9,625
23,438
9,625
9,625
23,438
9,625
9,625
42,688
3
42,688
3
42,688
3
42,688
3
9,625
9,625
61,938
5
9,625
9,625
61,938
5
9,625
9,625
61,938
5
18,750
8,625
8,625
36,000
3
18,750
8,625
8,625
36,000
3
18,750
8,625
8,625
36,000
3
18,750
8,625
8,625
36,000
3
18,750
8,625
8,625
36,000
3
18,750
8,625
8,625
36,000
3
18,750
8,625
8,625
36,000
3
23,438
13,750
37,188
2
23,438
13,750
37,188
2
23,438
13,750
37,188
2
23,438
13,750
37,188
2
23,438
13,750
37,188
2
23,438
13,750
37,188
2
23,438
13,750
37,188
2
25,000
19,250
19,250
63,500
3
25,000
19,250
19,250
63,500
3
25,000
19,250
19,250
63,500
3
25,000
19,250
19,250
63,500
3
25,000
19,250
19,250
63,500
3
25,000
19,250
19,250
63,500
3
25,000
19,250
19,250
63,500
3
39,063
12,938
12,375
12,375
11,000
-
39,063
12,938
12,375
12,375
11,000
-
39,063
12,938
12,375
12,375
11,000
-
39,063
12,938
12,375
12,375
11,000
-
39,063
12,938
12,375
12,375
11,000
-
39,063
12,938
12,375
12,375
11,000
-
39,063
12,938
12,375
12,375
11,000
-
87,750
5
87,750
5
87,750
5
87,750
5
87,750
5
87,750
5
87,750
5
368,688
18
368,688
18
368,688
18
368,688
18
387,938
20
387,938
20
387,938
20
37,500
22,500
210,000
37,500
22,500
210,000
37,500
22,500
300,000
37,500
22,500
300,000
37,500
22,500
450,000
37,500
22,500
450,000
37,500
22,500
450,000
390,000
390,000
480,000
480,000
705,000
705,000
705,000
(42,688)
(4,500)
(47,188)
12.1%
(42,688)
(4,500)
(47,188)
12.1%
(42,688)
(4,500)
(47,188)
9.8%
(42,688)
(4,500)
(47,188)
9.8%
(61,938)
(4,500)
(66,438)
9.4%
(61,938)
(4,500)
(66,438)
9.4%
(61,938)
(4,500)
(66,438)
9.4%
342,813
87.9%
342,813
87.9%
432,813
90.2%
432,813
90.2%
638,563
90.6%
638,563
90.6%
638,563
90.6%
(36,000)
(37,188)
(2,250)
(3,000)
(2,250)
(80,688)
20.7%
(36,000)
(37,188)
(2,250)
(3,000)
(2,250)
(80,688)
20.7%
(36,000)
(37,188)
(2,250)
(3,000)
(2,250)
(80,688)
16.8%
(36,000)
(37,188)
(2,250)
(3,000)
(2,250)
(80,688)
16.8%
(36,000)
(37,188)
(2,250)
(3,000)
(2,250)
(80,688)
11.4%
(36,000)
(37,188)
(2,250)
(3,000)
(2,250)
(80,688)
11.4%
(36,000)
(37,188)
(2,250)
(3,000)
(2,250)
(80,688)
11.4%
(101,563)
(63,500)
(87,750)
(9,000)
(3,750)
(265,563)
68.1%
(101,563)
(63,500)
(87,750)
(9,000)
(3,750)
(265,563)
68.1%
(101,563)
(63,500)
(87,750)
(9,000)
(3,750)
(265,563)
55.3%
(101,563)
(63,500)
(87,750)
(9,000)
(3,750)
(265,563)
55.3%
(101,563)
(63,500)
(87,750)
(9,000)
(4,500)
(266,313)
37.8%
(101,563)
(63,500)
(87,750)
(9,000)
(4,500)
(266,313)
37.8%
(101,563)
(63,500)
(87,750)
(9,000)
(4,500)
(266,313)
37.8%
(8,800)
(9,250)
(9,700)
(10,150)
(11,000)
(11,450)
(11,900)
(355,050)
(12,238)
(3.1%)
(355,500)
(12,688)
(3.3%)
(355,950)
76,863
16.0%
(356,400)
76,413
15.9%
(358,000)
280,563
39.8%
(358,450)
280,113
39.7%
(358,900)
279,663
39.7%
(3,438)
(0.9%)
(3,438)
(0.9%)
86,563
18.0%
86,563
18.0%
291,563
41.4%
291,563
41.4%
291,563
41.4%
(2,565)
366
(14,437)
(3.7%)
(2,823)
403
(15,108)
(3.9%)
(2,778)
396
74,481
15.5%
(2,162)
308
74,559
15.5%
(1,258)
179
279,484
39.6%
280,113
39.7%
279,663
39.7%
14,437
-
15,108
-
(74,481)
-
(74,559)
-
(279,484)
-
(280,113)
-
(279,663)
-
(14,437)
(3.7%)
(15,108)
(3.9%)
74,481
15.5%
74,559
15.5%
279,484
39.6%
280,113
39.7%
279,663
39.7%
245,792
65,000
15,729
326,521
245,792
65,000
15,729
326,521
245,792
80,000
15,729
341,521
252,208
80,000
15,729
347,938
285,573
117,500
22,146
425,219
568,135
117,500
22,146
707,781
850,698
117,500
22,146
990,344
179,000
(55,250)
123,750
188,000
(64,500)
123,500
197,000
(74,200)
122,800
206,000
(84,350)
121,650
223,000
(95,350)
127,650
232,000
(106,800)
125,200
241,000
(118,700)
122,300
450,271
450,021
464,321
469,588
552,869
832,981
1,112,644
317,235
15,729
332,964
332,093
15,729
347,822
271,912
15,729
287,641
202,620
15,729
218,349
22,146
22,146
22,146
22,146
22,146
22,146
332,964
347,822
287,641
218,349
22,146
22,146
22,146
1,450,000
(1,332,693)
117,307
1,450,000
(1,347,801)
102,199
1,450,000
(1,273,320)
176,680
1,450,000
(1,198,761)
251,239
1,450,000
(919,277)
530,723
1,450,000
(639,165)
810,835
1,450,000
(359,502)
1,090,498
1,112,644
450,271
450,021
464,321
469,588
552,869
832,981
Ok
Ok
Ok
Ok
Ok
Ok
Ok
919,277
639,165
359,502
280,113
11,450
291,563
279,663
11,900
291,563
1,332,693
1,347,801
1,273,320
1,198,761
(14,437)
8,800
(25,000)
(30,637)
(15,108)
9,250
(5,858)
74,481
9,700
(15,000)
69,181
74,559
10,150
84,709
279,484
11,000
(37,500)
6,417
(6,417)
252,984
(3,000)
(5,000)
(9,000)
(17,000)
(9,000)
(9,000)
(9,000)
(9,000)
(9,000)
(9,000)
(3,000)
(5,000)
(9,000)
(17,000)
(9,000)
(9,000)
(9,000)
(9,000)
58,637
58,637
14,858
14,858
(60,181)
(60,181)
(69,292)
(69,292)
(202,620)
(202,620)
234,792
11,000
245,792
245,792
245,792
245,792
245,792
245,792
6,417
252,208
252,208
33,365
285,573
285,573
282,563
568,135
568,135
282,563
850,698
(47,637)
234,792
(245,792)
(58,637)
(14,858)
245,792
(245,792)
(14,858)
60,181
245,792
(245,792)
60,181
75,709
245,792
(247,931)
73,570
235,984
252,208
(258,625)
229,568
282,563
285,573
(258,625)
309,510
282,563
568,135
(258,625)
592,073
(58,637)
(14,858)
60,181
73,570
229,568
-
309,510
592,073
258,598
58,637
317,235
2,565
317,235
14,858
332,093
2,823
332,093
(60,181)
271,912
2,778
271,912
(69,292)
202,620
2,162
202,620
(202,620)
1,258
390,000
(47,188)
(355,050)
(3,438)
(2,565)
(14,437)
390,000
(47,188)
(355,500)
(3,438)
(2,823)
(15,108)
480,000
(47,188)
(355,950)
86,563
(2,778)
74,481
480,000
(47,188)
(356,400)
86,563
(2,162)
74,559
705,000
(66,438)
(358,000)
291,563
(1,258)
279,484
705,000
(66,438)
(358,450)
291,563
280,113
245,792
450,271
317,235
117,307
245,792
450,021
332,093
102,199
245,792
464,321
271,912
176,680
252,208
469,588
202,620
251,239
285,573
552,869
530,723
568,135
832,981
810,835
850,698
1,112,644
1,090,498
18
122,896
18
122,896
18
122,896
18
122,896
20
129,313
20
129,313
20
129,313
705,000
(66,438)
(358,900)
291,563
279,663
Q4 2015
Q1 2016
Q2 2016
Q3 2016
Q4 2016
2012
2013
0.1%
0.9%
1.4%
100.0%
0.1%
0.9%
1.4%
0.0%
0.1%
0.9%
1.4%
0.0%
0.1%
0.9%
1.4%
0.0%
0.1%
0.9%
1.4%
0.0%
0.5%
3.5%
5.5%
0.0%
0.5%
3.5%
5.5%
0.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
15
30
30
15
30
30
15
30
30
15
30
30
15
30
30
15
30
30
15
30
30
400,000
1,000,000
258,625
258,625
258,625
258,625
258,625
135,392
221,767
54,688
46,875
101,563
2
54,688
46,875
101,563
2
54,688
46,875
101,563
2
54,688
46,875
101,563
2
54,688
46,875
101,563
2
218,750
93,750
312,500
2
218,750
187,500
406,250
2
23,438
9,625
9,625
23,438
9,625
9,625
23,438
9,625
9,625
23,438
9,625
9,625
23,438
9,625
9,625
93,750
-
93,750
38,500
19,250
9,625
9,625
61,938
5
9,625
9,625
61,938
5
9,625
9,625
61,938
5
9,625
9,625
61,938
5
9,625
9,625
61,938
5
93,750
1
151,500
3
18,750
8,625
8,625
36,000
3
18,750
8,625
8,625
36,000
3
18,750
8,625
8,625
36,000
3
18,750
8,625
8,625
36,000
3
18,750
8,625
8,625
36,000
3
37,500
37,500
1
75,000
34,500
34,500
144,000
3
23,438
13,750
37,188
2
23,438
13,750
37,188
2
23,438
13,750
37,188
2
23,438
13,750
37,188
2
23,438
13,750
37,188
2
46,875
46,875
1
93,750
93,750
1
25,000
19,250
19,250
63,500
3
25,000
19,250
19,250
63,500
3
25,000
19,250
19,250
63,500
3
25,000
19,250
19,250
63,500
3
25,000
19,250
19,250
63,500
3
50,000
38,500
88,500
1
100,000
77,000
177,000
2
39,063
12,938
12,375
12,375
11,000
-
39,063
12,938
12,375
12,375
11,000
-
39,063
12,938
12,375
12,375
11,000
-
39,063
12,938
12,375
12,375
11,000
-
39,063
12,938
12,375
12,375
11,000
-
156,250
44,000
-
156,250
51,750
49,500
49,500
44,000
-
87,750
5
87,750
5
87,750
5
87,750
5
87,750
5
200,250
2
351,000
5
387,938
20
387,938
20
387,938
20
387,938
20
387,938
20
779,375
7
1,323,500
16
37,500
22,500
450,000
37,500
22,500
450,000
37,500
22,500
450,000
37,500
22,500
450,000
37,500
22,500
450,000
75,000
35,000
50,000
120,000
60,000
330,000
705,000
705,000
705,000
705,000
705,000
155,000
810,000
(61,938)
(4,500)
(66,438)
9.4%
(61,938)
(4,500)
(66,438)
9.4%
(61,938)
(4,500)
(66,438)
9.4%
(61,938)
(4,500)
(66,438)
9.4%
(61,938)
(4,500)
(66,438)
9.4%
(93,750)
(18,000)
(111,750)
72.1%
(151,500)
(18,000)
(169,500)
20.9%
638,563
90.6%
638,563
90.6%
638,563
90.6%
638,563
90.6%
638,563
90.6%
43,250
27.9%
640,500
79.1%
(36,000)
(37,188)
(2,250)
(3,000)
(2,250)
(80,688)
11.4%
(36,000)
(37,188)
(2,250)
(3,000)
(2,250)
(80,688)
11.4%
(36,000)
(37,188)
(2,250)
(3,000)
(2,250)
(80,688)
11.4%
(36,000)
(37,188)
(2,250)
(3,000)
(2,250)
(80,688)
11.4%
(36,000)
(37,188)
(2,250)
(3,000)
(2,250)
(80,688)
11.4%
(37,500)
(46,875)
(3,000)
(6,000)
(3,000)
(96,375)
62.2%
(144,000)
(93,750)
(3,000)
(6,000)
(3,000)
(249,750)
30.8%
(101,563)
(63,500)
(87,750)
(9,000)
(4,500)
(266,313)
37.8%
(101,563)
(63,500)
(87,750)
(9,000)
(5,250)
(267,063)
37.9%
(101,563)
(63,500)
(87,750)
(9,000)
(5,250)
(267,063)
37.9%
(101,563)
(63,500)
(87,750)
(9,000)
(5,250)
(267,063)
37.9%
(101,563)
(63,500)
(87,750)
(9,000)
(5,250)
(267,063)
37.9%
(312,500)
(88,500)
(200,250)
(18,000)
(9,000)
(628,250)
405.3%
(406,250)
(177,000)
(351,000)
(18,000)
(12,000)
(964,250)
119.0%
(12,350)
(13,050)
(13,500)
(13,950)
(14,400)
(17,500)
(28,950)
(359,350)
279,213
39.6%
(360,800)
277,763
39.4%
(361,250)
277,313
39.3%
(361,700)
276,863
39.3%
(362,150)
276,413
39.2%
(742,125)
(698,875)
(450.9%)
(1,242,950)
(602,450)
(74.4%)
291,563
41.4%
290,813
41.3%
290,813
41.3%
290,813
41.3%
290,813
41.3%
(681,375)
(439.6%)
(573,500)
(70.8%)
279,213
39.6%
277,763
39.4%
277,313
39.3%
276,863
39.3%
276,413
39.2%
(9,819)
1,401
(707,293)
(456.3%)
(9,930)
1,417
(610,963)
(75.4%)
(279,213)
-
(80,290)
197,473
(78,989)
277,313
(110,925)
276,863
(110,745)
276,413
(110,565)
707,293
-
610,963
-
279,213
39.6%
198,773
28.2%
166,388
23.6%
166,118
23.6%
165,848
23.5%
(707,293)
(456.3%)
(610,963)
(75.4%)
1,133,260
117,500
22,146
1,272,906
1,331,084
117,500
22,146
1,470,730
1,501,971
117,500
22,146
1,641,617
1,673,039
117,500
22,146
1,812,685
1,844,286
117,500
22,146
1,983,932
195,854
12,500
9,313
217,667
234,792
40,000
15,729
290,521
110,500
(17,500)
93,000
162,000
(46,450)
115,550
250,000
(131,050)
118,950
-
264,000
(144,100)
119,900
-
273,000
(157,600)
115,400
-
282,000
(171,550)
110,450
-
291,000
(185,950)
105,050
-
1,391,856
1,590,630
1,757,017
1,923,135
2,088,982
310,667
406,071
22,146
22,146
22,146
22,146
22,146
22,146
22,146
22,146
22,146
22,146
558,647
9,313
567,960
258,598
15,729
274,327
22,146
22,146
22,146
22,146
22,146
567,960
274,327
1,450,000
(80,290)
1,369,710
1,450,000
118,484
1,568,484
1,450,000
284,871
1,734,871
1,450,000
450,989
1,900,989
1,450,000
616,836
2,066,836
450,000
(707,293)
(257,293)
1,391,856
1,590,630
1,757,017
1,923,135
2,088,982
310,667
406,071
Ok
Ok
Ok
Ok
80,290
279,213
12,350
291,563
Ok
198,773
13,050
211,823
Ok
166,388
13,500
179,888
Ok
166,118
13,950
180,068
165,848
14,400
180,248
707,293
1,450,000
(1,318,256)
131,744
1,318,256
(707,293)
17,500
(12,500)
(688)
(8,813)
(711,793)
(610,963)
28,950
(27,500)
6,417
(6,417)
(609,513)
(10,500)
(5,000)
(36,000)
(51,500)
(9,000)
(9,000)
(5,000)
(9,000)
(14,000)
(9,000)
(9,000)
(9,000)
(9,000)
(9,000)
(9,000)
(13,500)
(5,000)
(42,000)
(60,500)
468,147
400,000
868,147
(300,050)
1,000,000
699,950
850,698
282,563
1,133,260
282,563
850,698
(258,625)
874,635
1,133,260
197,823
1,331,084
1,331,084
170,888
1,501,971
1,501,971
171,068
1,673,039
1,673,039
171,248
1,844,286
100,000
95,854
195,854
195,854
38,938
234,792
197,823
1,133,260
(258,625)
1,072,459
170,888
1,331,084
(258,625)
1,243,346
171,068
1,501,971
(258,625)
1,414,414
171,248
1,673,039
(258,625)
1,585,661
(772,293)
400,000
100,000
(135,392)
(468,147)
(661,013)
1,000,000
195,854
(221,767)
523,247
874,635
1,072,459
1,243,346
1,414,414
1,585,661
705,000
(66,438)
(359,350)
291,563
279,213
705,000
(66,438)
(360,800)
290,813
198,773
705,000
(66,438)
(361,250)
290,813
166,388
705,000
(66,438)
(361,700)
290,813
166,118
705,000
(66,438)
(362,150)
290,813
165,848
1,133,260
1,391,856
1,369,710
1,331,084
1,590,630
1,568,484
1,501,971
1,757,017
1,734,871
1,673,039
1,923,135
1,900,989
1,844,286
2,088,982
2,066,836
20
129,313
20
129,313
20
129,313
20
129,313
20
129,313
(468,147)
90,500
468,147
558,647
9,819
155,000
(111,750)
(742,125)
(681,375)
(9,819)
(707,293)
523,247
558,647
(300,050)
258,598
9,930
810,000
(169,500)
(1,242,950)
(573,500)
(9,930)
(610,963)
195,854
310,667
558,647
(257,293)
234,792
406,071
258,598
131,744
9
87,167
16
111,896
2014
2015
2016
Checksum
Ok
2012
Checksum
Ok
2013
Checksum
Ok
2014
Checksum
Ok
2015
0.5%
3.5%
5.5%
0.0%
0.5%
3.5%
5.5%
100.0%
0.5%
3.5%
5.5%
0.0%
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
35.0%
5.0%
35.0%
5.0%
35.0%
5.0%
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
15
30
30
15
30
30
15
30
30
246,326
258,625
258,625
Ok
Ok
Ok
Ok
218,750
187,500
406,250
2
218,750
187,500
406,250
2
218,750
187,500
406,250
2
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
93,750
38,500
38,500
93,750
38,500
38,500
93,750
38,500
38,500
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
170,750
3
38,500
38,500
247,750
5
38,500
38,500
247,750
5
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
75,000
34,500
34,500
144,000
3
75,000
34,500
34,500
144,000
3
75,000
34,500
34,500
144,000
3
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
93,750
55,000
148,750
2
93,750
55,000
148,750
2
93,750
55,000
148,750
2
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
100,000
77,000
77,000
254,000
3
100,000
77,000
77,000
254,000
3
100,000
77,000
77,000
254,000
3
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
156,250
51,750
49,500
49,500
44,000
-
156,250
51,750
49,500
49,500
44,000
-
156,250
51,750
49,500
49,500
44,000
-
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
351,000
5
351,000
5
351,000
5
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
1,474,750
18
1,551,750
20
1,551,750
20
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
150,000
90,000
1,020,000
150,000
90,000
1,800,000
150,000
90,000
1,800,000
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
1,740,000
2,820,000
2,820,000
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
(170,750)
(18,000)
(188,750)
10.8%
1,551,250
89.2%
(247,750)
(18,000)
(265,750)
9.4%
2,554,250
90.6%
(247,750)
(18,000)
(265,750)
9.4%
2,554,250
90.6%
(144,000)
(148,750)
(9,000)
(12,000)
(9,000)
(322,750)
18.5%
(144,000)
(148,750)
(9,000)
(12,000)
(9,000)
(322,750)
11.4%
(144,000)
(148,750)
(9,000)
(12,000)
(9,000)
(322,750)
11.4%
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
(406,250)
(254,000)
(351,000)
(36,000)
(15,000)
(1,062,250)
61.0%
(406,250)
(254,000)
(351,000)
(36,000)
(18,000)
(1,065,250)
37.8%
(406,250)
(254,000)
(351,000)
(36,000)
(21,000)
(1,068,250)
37.9%
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
(37,900)
(46,700)
(54,900)
Ok
Ok
Ok
Ok
(1,422,900)
128,350
7.4%
(1,434,700)
1,119,550
39.7%
(1,445,900)
1,108,350
39.3%
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
166,250
9.6%
1,166,250
41.4%
1,163,250
41.3%
Ok
Ok
Ok
Ok
(10,329)
1,474
119,495
6.9%
(1,258)
179
1,118,472
39.7%
1,108,350
39.3%
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
(119,495)
-
(1,118,472)
-
(80,290)
1,028,060
(411,224)
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
119,495
6.9%
1,118,472
39.7%
697,126
24.7%
Ok
Ok
Ok
Ok
252,208
80,000
15,729
347,938
1,133,260
117,500
22,146
1,272,906
1,844,286
117,500
22,146
1,983,932
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
206,000
(84,350)
121,650
-
250,000
(131,050)
118,950
-
291,000
(185,950)
105,050
-
469,588
1,391,856
2,088,982
Ok
Ok
Ok
Ok
202,620
15,729
218,349
22,146
22,146
22,146
22,146
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
218,349
22,146
22,146
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
1,450,000
(1,198,761)
251,239
469,588
Ok
1,198,761
1,450,000
(80,290)
1,369,710
1,450,000
616,836
2,066,836
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
1,391,856
2,088,982
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
697,126
54,900
752,026
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
80,290
Ok
119,495
37,900
(40,000)
117,395
1,118,472
46,700
(37,500)
6,417
(6,417)
1,127,672
(3,000)
(5,000)
(36,000)
(44,000)
(3,000)
(5,000)
(36,000)
(44,000)
(5,000)
(36,000)
(41,000)
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
(55,978)
(55,978)
(202,620)
(202,620)
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
234,792
17,417
252,208
252,208
881,052
1,133,260
1,133,260
711,026
1,844,286
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
73,395
234,792
(246,326)
55,978
1,083,672
252,208
(258,625)
4,710,537
711,026
1,133,260
(258,625)
15,263,570
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
55,978
-
4,710,537
-
15,263,570
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
258,598
(55,978)
202,620
10,329
202,620
(202,620)
1,258
1,740,000
(188,750)
(1,422,900)
166,250
(10,329)
119,495
2,820,000
(265,750)
(1,434,700)
1,166,250
(1,258)
1,118,472
2,820,000
(265,750)
(1,445,900)
1,163,250
697,126
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
252,208
469,588
202,620
251,239
1,133,260
1,391,856
1,369,710
1,844,286
2,088,982
2,066,836
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
18
122,896
20
129,313
20
129,313
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Checksum
Ok
2016
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Ok
Equity
Debt
Tax Rate
Levered Equity Beta (4)
Unlevered Equity Beta
1.9%
9.4%
Comparable Comparable Comparable
Firm 1
Firm 2
Firm 3
200,000
200,000
300,000
100,000
200,000
200,000
40.0%
35.0%
38.0%
1.1
1.3
0.9
0.8
0.8
0.6
Startup % Debt
Startup % Equity
Startup Tax Rate
Levered Equity Beta
Equity Risk Premium
40.0%
60.0%
40.0%
1.0
9.8%
Cost of Equity
Cost of Debt
Weighted Average Cost of Capital
11.7%
9.0%
9.2%
(1) Choosing WACC for an early-stage startup is a highly arbitrary exercise. A good baseline is to reflect the average IRR of an
investors (http://goo.gl/Wcoiw ) , these returns range from 18-37% to 27% to 30%.
(2) Initial placeholder based on the 10-Year Treasury Yield as of 9/9/2011.
(3) Initial placeholder based on the difference between the 1928-2010 arithmetic average return of stocks (Damodaran, Janu
(4) Available on Yahoo! Finance under "Key Statistics" for publicly-traded companies .
Valuation
Weighted Average Cost of Capital
Terminal Value Growth
Operating Income
Tax Expense
Tax-Effected EBIT (Earnings Before Interest)
Plus: Depreciation Expense
Capital Expenditures
Changes in Working Capital
Changes in Other Assets & Liabilities
Unlevered Free Cash Flow
9.2%
3.0%
2012
(698,875)
(698,875)
17,500
(60,500)
(22,000)
(763,875)
(699,543)
Terminal Value
Present Value of Terminal Value
NPV based on terminal year 3
NPV based on terminal year 5
(133,517)
7,650,351
Average
0.7
ect the average IRR of angel investors. According to three studies of early-stage
stocks (Damodaran, January 2011) and the 10-Year Treasury Yield as of 9/9/2011.
2013
(602,450)
(602,450)
28,950
(51,500)
(27,500)
(652,500)
2014
128,350
128,350
37,900
(44,000)
(40,000)
82,250
2015
1,119,550
1,119,550
46,700
(44,000)
(37,500)
1,084,750
2016
1,108,350
(411,224)
697,126
54,900
(41,000)
711,026
(547,224)
63,170
1,367,242
1,050,080
762,955
457,981
11,819,383
7,613,012
Angel / Seed
Initial Funding
Existing Common Shares
Existing Preferred Shares
Existing Options Granted
Total Cumulative Shares
1,000,000
1,000,000
Round 1
Investment Dollar Amount
Additional Common Shares
Additional Preferred Shares
Additional Options Granted
Cumulative Common Shares
Cumulative Preferred Shares
Cumulative Options Granted
Total Cumulative Shares
1,000,000
1,000,000
200,000
240,000
10,000
240,000
10,000
250,000
200,000
240,000
10,000
240,000
10,000
250,000
Round 2
Investment Dollar Amount
Additional Common Shares
Additional Preferred Shares
Additional Options Granted
Cumulative Common Shares
Cumulative Preferred Shares
Cumulative Options Granted
Total Cumulative Shares
1,000,000
1,000,000
240,000
10,000
250,000
240,000
10,000
250,000
Round 3
Investment Dollar Amount
Additional Common Shares
Additional Preferred Shares
Additional Options Granted
Cumulative Common Shares
Cumulative Preferred Shares
Cumulative Options Granted
Total Cumulative Shares
1,000,000
1,000,000
240,000
10,000
250,000
240,000
10,000
250,000
Round 4
Investment Dollar Amount
Additional Common Shares
Additional Preferred Shares
1,000,000
1,000,000
240,000
10,000
250,000
240,000
10,000
250,000
Series A
Series B
Series C
Series D
Options
Available
200,000
Total Shares
Pre-Money
Valuation
1,000,000
200,000
1,200,000
500,000
200,000
480,000
20,000
1,000,000
480,000
200,000
1,680,000
1,250,000
1,000,000
336,000
30,000
336,000
30,000
366,000
336,000
30,000
366,000
200,000
336,000
30,000
1,000,000
816,000
200,000
2,016,000
-
200,000
1,000,000
816,000
200,000
2,016,000
-
336,000
30,000
366,000
200,000
1,000,000
816,000
200,000
2,016,000
Price / Share
Total
Investment
Post-Money
Valuation
$0.42
400,000
900,000
$0.74
1,000,000
2,250,000
$0.00
$0.00