Income 2026 2027

Statement 2018 2019 2020 2021 2022 2023 2024 2025

22,850, 23,750, 25,750, 26,750,0 28,750,0 30,750,0 32,750,0 35,750,0 36,750,0 37,750,0
Revenue 000 000 000 00 00 00 00 00 00 00
Recurring
Service 5,800 8,100 9,000 9,800 9,860 10,935 12,150 13,230 15,800 17,860

Consulting 600 800 800 1,000 1,110 1,200 1,200 1,500 2,200 1,110

Support 1,100 1,600 1,700 2,000 2,035 2,400 2,550 3,000 2,000 2,035
Partnershi
ps - - - - - - - - - -
Other/Man
ual
Adjustments 800 1,100 1,100 1,100 1,100 1,100 1,100 1,100 1,500 1,700

8,025,40 8,338,00 8,764,25 9,006,75 9,831,85 9,856,75 9,881,85

COGS 3,100 3,900 4,400 0 0 0 0 0 0 0
Hosting 4,280,00 4,312,50 4,612,50 4,585,00 5,005,00 4,585,00 5,005,00
Fees 1,500 1,800 2,100 0 0 0 0 0 0 0
3rd Party - -
Fees - - - - - - - -
Customer 1,872,50 2,012,50 1,998,75 2,128,75 2,323,75 2,228,75 2,523,75
Support 700 900 900 0 0 0 0 0 0 0
Implement 1,872,50 2,012,50 2,152,50 2,292,50 2,502,50 2,592,50 2,702,50
ation 600 800 1,000 0 0 0 0 0 0 0

Fixed 300 400 400 400 500 500 500 600 500 600

22,846, 23,746, 25,745, 18,724,6 20,412,0 21,985,7 23,743,2 25,918,1 23,743,2 25,918,1
Gross profit 900 100 600 00 00 50 50 50 50 50

Operating 33,972,5 36,225,0 37,515,0 38,972,5 41,470,0 38,972,5 41,470,0

expense 12,700 14,000 15,700 00 00 00 00 00 00 00
Sales & 16,317,5 17,250,0 18,450,0 19,322,5 20,377,5 19,322,5 20,377,5
Marketing 5,500 6,300 7,000 00 00 00 00 00 00 00

5,082,50 5,462,50 5,535,00 5,567,50 5,720,00 5,567,50 5,720,00

G&A 2,300 2,600 2,800 0 0 0 0 0 0 0

10,165,0 10,925,0 10,762,5 11,462,5 12,512,5 11,462,5 12,512,5

R&D 4,100 4,100 4,700 00 00 00 00 00 00 00

2,407,50 2,587,50 2,767,50 2,620,00 2,860,00 2,620,00 2,860,00

Other 800 1,000 1,200 0 0 0 0 0 0 0
Manual
Adjustments - - - - - - - - - -

Operating 22,834, 23,732, 25,729, (15,247, (15,813, (15,529, (15,229, (15,551, (15,229, (15,551,
income 200 100 900 900) 000) 250) 250) 850) 250) 850)

Other
income/(expe
nse), net (800) (1,300) (1,600) (1,600) (2,000) (2,000) (1,800) (1,800) (1,800) (1,800)
Pre-tax 22,833, 23,730, 25,728, (15,249, (15,815, (15,531, (15,231, (15,553, (15,231, (15,553,
income 400 800 300 500) 000) 250) 050) 650) 050) 650)

Tax expense - - - - - - - - - -

Minority
interest - - - - - - - - - -

22,833, 23,730, 25,728, (15,249, (15,815, (15,531, (15,231, (15,553, (15,231, (15,553,
Net income 400 800 300 500) 000) 250) 050) 650) 050) 650)
 2026 2027
Bala
nce
Shee
t 2018 2019 2020 2021 2022 2023 2024 2025
Cash,
equival
ents, &
securiti 22,853 46,598 72,329 138,19 126,73 113,09 100,07 89,140 100,07 89,140
es ,300 ,900 ,200 7,861 3,728 3,728 9,841 ,280 9,841 ,280
Accoun
ts
receiva
ble 21,000 8,100 7,000 7,272 7,816 8,359 8,903 9,718 8,903 9,718
Invento
ry - - - - - - - - - -
Other
current 4,544, 4,845, 5,017, 5,212, 5,546, 5,212, 5,546,
assets 1,800 2,200 2,100 092 382 930 882 943 882 943
Total
current 22,876 46,609 72,338 142,74 131,58 118,12 105,30 94,696 105,30 94,696
assets ,100 ,200 ,300 9,225 6,926 0,017 1,626 ,941 1,626 ,941

PP&E, 805,90 1,668, 2,590, 3,573, 4,645, 3,573, 4,645,

net 2,600 2,900 3,400 0 400 900 400 900 400 900
Softwa
re
develo
pment, 267,50 555,00 862,50 1,190, 1,547, 1,190, 1,547,
net - - - 0 0 0 000 500 000 500
Goodw
ill - - - - - - - - - -
Intangi
ble
assets 2,100 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000
Other
assets 1,100 1,100 1,200 1,247 1,340 1,433 1,526 1,666 1,526 1,666
Invest
ment
in
equity
interes
ts - - - - - - - - - -
Total 22,881 46,615 72,344 143,82 133,81 121,57 110,06 100,89 110,06 100,89
assets ,900 ,200 ,900 5,872 3,666 6,850 8,552 4,007 8,552 4,007

Accoun
ts
payabl 6,491, 6,921, 7,168, 7,446, 7,924, 7,446, 7,924,
e 3,100 2,300 3,000 561 975 471 975 204 975 204
Accrue
d
expens 80,278 85,601 88,650 92,094 97,995 92,094 97,995
es 34,800 37,100 37,100 ,965 ,752 ,096 ,252 ,987 ,252 ,987
Other
current
liabiliti
es - - - - - - - - - -
Total
current
liabiliti 86,770 92,523 95,818 99,541 105,92 99,541 105,92
es 37,900 39,400 40,100 ,525 ,726 ,567 ,226 0,191 ,226 0,191

Long-
term
debt 7,000 6,900 7,000 7,000 6,500 6,000 6,000 6,000 6,000 6,000
Other
liabiliti
es 2,400 2,900 3,700 3,747 3,840 3,933 4,026 4,166 4,026 4,166
Total
liabiliti 86,781 92,534 95,828 99,551 105,93 99,551 105,93
es 47,300 49,200 50,800 ,272 ,066 ,500 ,252 0,357 ,252 0,357

Comm
on
stock &
add'tl
PIC 2,400 2,800 3,200 3,200 3,200 3,200 3,200 3,200 3,200 3,200
Treasur
y
shares - - - - - - - - - -
Retaine
d
earning (9,500 (16,90 (26,60 (15,27 (31,09 (46,62 (61,85 (77,40 (61,85 (77,40
s ) 0) 0) 6,100) 1,100) 2,350) 3,400) 7,050) 3,400) 7,050)
Accum.
other
comp. - - - - 50,000 50,000 50,000 50,000 50,000 50,000
(loss)
income
Total
shareh
olders (7,100 (14,10 (23,40 (15,27 (31,03 (46,56 (61,80 (77,35 (61,80 (77,35
equity ) 0) 0) 2,900) 7,900) 9,150) 0,200) 3,850) 0,200) 3,850)
Total
liabiliti
es and
shareh
olders 71,508 61,496 49,259 37,751 28,576 37,751 28,576
equity 40,200 35,100 27,400 ,372 ,166 ,350 ,052 ,507 ,052 ,507

(22,84 (46,58 (72,31 (72,31 (72,31 (72,31 (72,31 (72,31 (72,31 (72,31
1,700) 0,100) 7,500) 7,500) 7,500) 7,500) 7,500) 7,500) 7,500) 7,500)

Cash Flow Statement

2018 2019 2020 2021 2022 2023 2024

Net income 22,833,400 23,730,800 25,728,300 (15,249,500) (15,815,000) (15,531,250) (15,231,050)

Depreciation 200 300 300 535,000 575,000 615,000 655,000

Amortization
of intangibles 900 400 400 - - - -
Amortized
software
development 100 100 200 - - - -

D&A 1,200 800 900 535,000 575,000 615,000 655,000

Accounts
receivable (18,600) 12,900 1,200 (272) (544) (544) (544)

Inventory - - - - - - -
Other current
assets 20,100 2,600 600 (4,541,992) (301,290) (172,548) (194,952)
Accounts
payable 500 (800) 100 6,488,561 430,414 246,497 278,503
Accrued exp.
and other
liabilities - - - 80,241,865 5,322,787 3,048,344 3,444,156

Deferred taxes - - - - - - -

SBC - - - - - - -
Excess tax
benefits from
SBC - - - - - - -

Other items - - - - - - -
Cash from
operating
activities 22,836,600 23,746,300 25,731,100 67,473,661 (9,788,633) (11,794,501) (11,048,887)