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Tucows Inc. Registry Operations
Pro Forma Income Statement
Jan 2001 - Dec 2004
Month Total Total Total Total
Year   Jan-01 Feb-01 Mar-01 Apr-01 May-01 Jun-01 Jul-01 Aug-01 Sep-01 Oct-01 Nov-01 Dec-01 Total-01   Jan-02 Feb-02 Mar-02 Apr-02 May-02 Jun-02 Jul-02 Aug-02 Sep-02 Oct-02 Nov-02 Dec-02 Total-02   Jan-03 Feb-03 Mar-03 Apr-03 May-03 Jun-03 Jul-03 Aug-03 Sep-03 Oct-03 Nov-03 Dec-03 Total-03   Jan-04 Feb-04 Mar-04 Apr-04 May-04 Jun-04 Jul-04 Aug-04 Sep-04 Oct-04 Nov-04 Dec-04 Total-04   2001 2002 2003 2004
Registrations
New 22,500 22,500 33,800 33,800 45,000 45,000 33,800 33,800 45,000 45,000 33,800 56,300 450,300 25,900 25,900 38,800 38,800 51,800 51,800 38,800 38,800 51,800 51,800 38,800 64,700 517,700 29,800 29,800 44,600 44,600 59,500 59,500 44,600 44,600 59,500 59,500 44,600 74,400 595,000 34,200 34,200 51,300 51,300 68,400 68,400 51,300 51,300 68,400 68,400 51,300 85,500 684,000 450,300 517,700 595,000 684,000
Renewals & Transfers - - - - - - - - - - - - -   19,800 19,800 29,700 29,700 39,600 39,600 29,700 29,700 39,600 39,600 29,700 49,500 396,000   40,200 40,200 60,300 60,300 80,400 80,400 60,300 60,300 80,400 80,400 60,300 100,500 804,000   61,600 61,600 92,300 92,300 123,100 123,100 92,300 92,300 123,100 123,100 92,300 153,900 1,231,000   - 396,000 804,000 1,231,000
Total Registrations 22,500 22,500 33,800 33,800 45,000 45,000 33,800 33,800 45,000 45,000 33,800 56,300 450,300 45,700 45,700 68,500 68,500 91,400 91,400 68,500 68,500 91,400 91,400 68,500 114,200 913,700 70,000 70,000 104,900 104,900 139,900 139,900 104,900 104,900 139,900 139,900 104,900 174,900 1,399,000 95,800 95,800 143,600 143,600 191,500 191,500 143,600 143,600 191,500 191,500 143,600 239,400 1,915,000 450,300 913,700 1,399,000 1,915,000
Revenue
New Registrations 135,000 135,000 202,800 202,800 270,000 270,000 202,800 202,800 270,000 270,000 202,800 337,800 2,701,800 142,450 142,450 213,400 213,400 284,900 284,900 213,400 213,400 284,900 284,900 213,400 355,850 2,847,350 149,000 149,000 223,000 223,000 297,500 297,500 223,000 223,000 297,500 297,500 223,000 372,000 2,975,000 153,900 153,900 230,850 230,850 307,800 307,800 230,850 230,850 307,800 307,800 230,850 384,750 3,078,000 2,701,800 2,847,350 2,975,000 3,078,000
Renewals and Transfers - - - - - - - - - - - - - 108,900 108,900 163,350 163,350 217,800 217,800 163,350 163,350 217,800 217,800 163,350 272,250 2,178,000 201,000 201,000 301,500 301,500 402,000 402,000 301,500 301,500 402,000 402,000 301,500 502,500 4,020,000 277,200 277,200 415,350 415,350 553,950 553,950 415,350 415,350 553,950 553,950 415,350 692,550 5,539,500 - 2,178,000 4,020,000 5,539,500
Registrar Fees 45,000 30,000 15,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 117,000   9,000 9,000 9,000 9,000 9,000 9,000 9,000 6,000 6,000 6,000 6,000 6,000 93,000   9,000 9,000 9,000 9,000 9,000 9,000 9,000 6,000 6,000 6,000 6,000 6,000 93,000   9,000 9,000 9,000 9,000 9,000 9,000 9,000 6,000 6,000 6,000 6,000 6,000 93,000   117,000 93,000 93,000 93,000
180,000 165,000 217,800 205,800 273,000 273,000 205,800 205,800 273,000 273,000 205,800 340,800 2,818,800 260,350 260,350 385,750 385,750 511,700 511,700 385,750 382,750 508,700 508,700 382,750 634,100 5,118,350 359,000 359,000 533,500 533,500 708,500 708,500 533,500 530,500 705,500 705,500 530,500 880,500 7,088,000 440,100 440,100 655,200 655,200 870,750 870,750 655,200 652,200 867,750 867,750 652,200 1,083,300 8,710,500 2,818,800 5,118,350 7,088,000 8,710,500
Cost of Goods Sold
            0.30 ICANN 6,750 6,750 10,140 10,140 13,500 13,500 10,140 10,140 13,500 13,500 10,140 16,890 135,090 13,710 13,710 20,550 20,550 27,420 27,420 20,550 20,550 27,420 27,420 20,550 34,260 274,110 21,000 21,000 31,470 31,470 41,970 41,970 31,470 31,470 41,970 41,970 31,470 52,470 419,700 28,740 28,740 43,080 43,080 57,450 57,450 43,080 43,080 57,450 57,450 43,080 71,820 574,500 135,090 274,110 419,700 574,500
Sponsor 78,750 78,750 118,300 118,300 157,500 157,500 118,300 118,300 157,500 157,500 118,300 197,050 1,576,050   148,525 148,525 222,625 222,625 297,050 297,050 222,625 222,625 297,050 297,050 222,625 371,150 2,969,525   210,000 210,000 314,700 314,700 419,700 419,700 314,700 314,700 419,700 419,700 314,700 524,700 4,197,000   263,450 263,450 394,900 394,900 526,625 526,625 394,900 394,900 526,625 526,625 394,900 658,350 5,266,250   1,576,050 2,969,525 4,197,000 5,266,250
Total Cost of Goods Sold 85,500 85,500 128,440 128,440 171,000 171,000 128,440 128,440 171,000 171,000 128,440 213,940 1,711,140 162,235 162,235 243,175 243,175 324,470 324,470 243,175 243,175 324,470 324,470 243,175 405,410 3,243,635 231,000 231,000 346,170 346,170 461,670 461,670 346,170 346,170 461,670 461,670 346,170 577,170 4,616,700 292,190 292,190 437,980 437,980 584,075 584,075 437,980 437,980 584,075 584,075 437,980 730,170 5,840,750 1,711,140 3,243,635 4,616,700 5,840,750
Gross Profit 94,500 79,500 89,360 77,360 102,000 102,000 77,360 77,360 102,000 102,000 77,360 126,860 1,107,660 98,115 98,115 142,575 142,575 187,230 187,230 142,575 139,575 184,230 184,230 139,575 228,690 1,874,715 128,000 128,000 187,330 187,330 246,830 246,830 187,330 184,330 243,830 243,830 184,330 303,330 2,471,300 147,910 147,910 217,220 217,220 286,675 286,675 217,220 214,220 283,675 283,675 214,220 353,130 2,869,750 1,107,660 1,874,715 2,471,300 2,869,750
Gross Margin 53% 48% 41% 38% 37% 37% 38% 38% 37% 37% 38% 37% 39% 38% 38% 37% 37% 37% 37% 37% 36% 36% 36% 36% 36% 37% 36% 36% 35% 35% 35% 35% 35% 35% 35% 35% 35% 34% 35% 34% 34% 33% 33% 33% 33% 33% 33% 33% 33% 33% 33% 33% 39% 37% 35% 33%
Operating Expenses
Amortization 10,000 10,000 10,000 10,000 10,000 10,000 14,200 14,200 14,200 14,200 14,200 14,200 145,200 18,400 18,400 18,400 18,400 21,100 21,100 21,100 21,100 25,300 25,300 25,300 25,300 259,200 29,500 29,500 29,500 29,500 33,600 33,600 33,600 33,600 36,400 36,400 36,400 36,400 398,000 36,400 36,400 36,400 39,200 39,200 39,200 39,200 39,200 42,000 42,000 42,000 42,000 473,200 145,200 259,200 398,000 473,200
3.25% Bank Charges 5,900 5,400 7,100 6,700 8,900 8,900 6,700 6,700 8,900 8,900 6,700 11,100 91,900 8,500 8,500 12,500 12,500 16,600 16,600 12,500 12,400 16,500 16,500 12,400 20,600 166,100 11,700 11,700 17,300 17,300 23,000 23,000 17,300 17,200 22,900 22,900 17,200 28,600 230,100 14,300 14,300 21,300 21,300 28,300 28,300 21,300 21,200 28,200 28,200 21,200 35,200 283,100 91,900 166,100 230,100 283,100
Insurance 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 18,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 24,000 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 30,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 36,000 18,000 24,000 30,000 36,000
Marketing - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Office Supplies 750 750 750 750 750 750 750 750 750 750 750 750 9,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 12,000 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 15,000 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 18,000 9,000 12,000 15,000 18,000
Premises - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Accounting & Legal 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 12,000 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 15,000 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 18,000 1,750 1,750 1,750 1,750 1,750 1,750 1,750 1,750 1,750 1,750 1,750 1,750 21,000 12,000 15,000 18,000 21,000
Salaries & Benefits 23,800 23,800 27,500 27,500 27,500 27,500 27,500 27,500 37,800 37,800 38,900 38,900 366,000 40,900 40,900 40,900 40,900 40,900 40,900 40,900 40,900 40,900 40,900 42,800 42,800 494,600 45,100 45,100 45,100 45,100 45,100 45,100 45,100 45,100 45,100 45,100 47,500 47,500 546,000 49,900 49,900 49,900 49,900 49,900 49,900 49,900 49,900 49,900 49,900 52,300 52,300 603,600 366,000 494,600 546,000 603,600
Telecommunications 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 36,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 60,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 84,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 84,000 36,000 60,000 84,000 84,000
System Maintenance 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 36,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 60,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 84,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 84,000 36,000 60,000 84,000 84,000
Research & Development 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 120,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 180,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 180,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 180,000 120,000 180,000 180,000 180,000
Miscellaneous 750 750 750 750 750 750 750 750 750 750 750 750 9,000   1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 12,000   1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 15,000   1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 18,000   9,000 12,000 15,000 18,000
Total Operating Expenses 59,700 59,200 64,600 64,200 66,400 66,400 68,400 68,400 80,900 80,900 79,800 84,200 843,100 98,050 98,050 102,050 102,050 108,850 108,850 104,750 104,650 112,950 112,950 110,750 118,950 1,282,900 121,800 121,800 127,400 127,400 137,200 137,200 131,500 131,400 139,900 139,900 136,600 148,000 1,600,100 137,350 137,350 144,350 147,150 154,150 154,150 147,150 147,050 156,850 156,850 152,250 166,250 1,800,900 843,100 1,282,900 1,600,100 1,800,900
Income Before Taxes 34,800 20,300 24,760 13,160 35,600 35,600 8,960 8,960 21,100 21,100 (2,440) 42,660 264,560 65 65 40,525 40,525 78,380 78,380 37,825 34,925 71,280 71,280 28,825 109,740 591,815 6,200 6,200 59,930 59,930 109,630 109,630 55,830 52,930 103,930 103,930 47,730 155,330 871,200 10,560 10,560 72,870 70,070 132,525 132,525 70,070 67,170 126,825 126,825 61,970 186,880 1,068,850 264,560 591,815 871,200 1,068,850
- Taxes - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Net Income 34,800 20,300 24,760 13,160 35,600 35,600 8,960 8,960 21,100 21,100 (2,440) 42,660 264,560 65 65 40,525 40,525 78,380 78,380 37,825 34,925 71,280 71,280 28,825 109,740 591,815 6,200 6,200 59,930 59,930 109,630 109,630 55,830 52,930 103,930 103,930 47,730 155,330 871,200 10,560 10,560 72,870 70,070 132,525 132,525 70,070 67,170 126,825 126,825 61,970 186,880 1,068,850 264,560 591,815 871,200 1,068,850
9% 12% 12% 12%
Tucows Inc. Registry Operations
Pro Forma Cash Flow Statement
Jan 2001 - Dec 2004
Month
Year   Jan-01 Feb-01 Mar-01 Apr-01 May-01 Jun-01 Jul-01 Aug-01 Sep-01 Oct-01 Nov-01 Dec-01 Total-01   Jan-02 Feb-02 Mar-02 Apr-02 May-02 Jun-02 Jul-02 Aug-02 Sep-02 Oct-02 Nov-02 Dec-02 Total-02   Jan-03 Feb-03 Mar-03 Apr-03 May-03 Jun-03 Jul-03 Aug-03 Sep-03 Oct-03 Nov-03 Dec-03 Total-03   Jan-04 Feb-04 Mar-04 Apr-04 May-04 Jun-04 Jul-04 Aug-04 Sep-04 Oct-04 Nov-04 Dec-04 Total-04   2001 2002 2003 2004            
Cash Receipts
New Registrations - 135,000 135,000 202,800 202,800 270,000 270,000 202,800 202,800 270,000 270,000 202,800 2,364,000 337,800 142,450 142,450 213,400 213,400 284,900 284,900 213,400 213,400 284,900 284,900 213,400 2,829,300 355,850 149,000 149,000 223,000 223,000 297,500 297,500 223,000 223,000 297,500 297,500 223,000 2,958,850 372,000 153,900 153,900 230,850 230,850 307,800 307,800 230,850 230,850 307,800 307,800 230,850 3,065,250 2,364,000 2,829,300 2,958,850 3,065,250
Renewals and Transfers - - - - - - - - - - - - - - 108,900 108,900 163,350 163,350 217,800 217,800 163,350 163,350 217,800 217,800 163,350 1,905,750 272,250 201,000 201,000 301,500 301,500 402,000 402,000 301,500 301,500 402,000 402,000 301,500 3,789,750 502,500 277,200 277,200 415,350 415,350 553,950 553,950 415,350 415,350 553,950 553,950 415,350 5,349,450 - 1,905,750 3,789,750 5,349,450
Registrar Fees - 45,000 30,000 15,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 114,000   3,000 9,000 9,000 9,000 9,000 9,000 9,000 9,000 6,000 6,000 6,000 6,000 90,000   6,000 9,000 9,000 9,000 9,000 9,000 9,000 9,000 6,000 6,000 6,000 6,000 93,000   6,000 9,000 9,000 9,000 9,000 9,000 9,000 9,000 6,000 6,000 6,000 6,000 93,000   114,000 90,000 93,000 93,000  
Cash Receipts - 180,000 165,000 217,800 205,800 273,000 273,000 205,800 205,800 273,000 273,000 205,800 2,478,000 340,800 260,350 260,350 385,750 385,750 511,700 511,700 385,750 382,750 508,700 508,700 382,750 4,825,050 634,100 359,000 359,000 533,500 533,500 708,500 708,500 533,500 530,500 705,500 705,500 530,500 6,841,600 880,500 440,100 440,100 655,200 655,200 870,750 870,750 655,200 652,200 867,750 867,750 652,200 8,507,700 2,478,000 4,825,050 6,841,600 8,507,700  
Disbursements
ICANN - 6,750 6,750 10,140 10,140 13,500 13,500 10,140 10,140 13,500 13,500 10,140 118,200 16,890 13,710 13,710 20,550 20,550 27,420 27,420 20,550 20,550 27,420 27,420 20,550 256,740 34,260 21,000 21,000 31,470 31,470 41,970 41,970 31,470 31,470 41,970 41,970 31,470 401,490 52,470 28,740 28,740 43,080 43,080 57,450 57,450 43,080 43,080 57,450 57,450 43,080 555,150 118,200 256,740 401,490 555,150 1,331,580
Sponsor - 78,750 78,750 118,300 118,300 157,500 157,500 118,300 118,300 157,500 157,500 118,300 1,379,000 197,050 148,525 148,525 222,625 222,625 297,050 297,050 222,625 222,625 297,050 297,050 222,625 2,795,425 371,150 210,000 210,000 314,700 314,700 419,700 419,700 314,700 314,700 419,700 419,700 314,700 4,043,450 524,700 263,450 263,450 394,900 394,900 526,625 526,625 394,900 394,900 526,625 526,625 394,900 5,132,600 1,379,000 2,795,425 4,043,450 5,132,600 13,350,475
Bank Charges 5,900 5,400 7,100 6,700 8,900 8,900 6,700 6,700 8,900 8,900 6,700 11,100 91,900 8,500 8,500 12,500 12,500 16,600 16,600 12,500 12,400 16,500 16,500 12,400 20,600 166,100 11,700 11,700 17,300 17,300 23,000 23,000 17,300 17,200 22,900 22,900 17,200 28,600 230,100 14,300 14,300 21,300 21,300 28,300 28,300 21,300 21,200 28,200 28,200 21,200 35,200 283,100 91,900 166,100 230,100 283,100 771,200
Insurance 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 18,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 24,000 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 30,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 36,000 18,000 24,000 30,000 36,000
Marketing - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Office Supplies 750 750 750 750 750 750 750 750 750 750 750 750 9,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 12,000 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 15,000 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 18,000 9,000 12,000 15,000 18,000