Abri Co. Q12 DCF Valuation

8/9/2019 Abri Co. Q12 DCF Valuation

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Abri Co.

Input Page

Valuation Date December 11, 2014

Corporate Tax Rate 38.0%

Long-Term Growth Rate 3.0%

Speciic Ri!" Premium 55.0%



Abri Co.Di!counte# Ca!h $low %etho#olog&

'( Long-term Growth Rate

$or the Perio#

For the twelve months ending, Terminal

)ote! *ear ' *ear + *ear , *ear *ear *ear / Value

Re0enue! $

Gross sales $ 142,254,389 $ 333,795,254 134.6% $ 548,549,269 64.3% $ 803,130,985 46.4% $ 1,175,864,076 46.4% $ 1,721,582,593 46.4%

Licensing income 1,000,000 1,000,000 0.0% 1,000,000 0.0% 1,000,000 0.0% 1,000,000 0.0% 1,000,000 0.0%

Less rebates 130,200! 195,300! 50.0% 292,950! 50.0% 439,425! 50.0% 659,138! 50.0% 988,706! 50.0%

"et re#enes 143,124,189 334,599,954 133.8% 549,256,319 64.2% 803,691,560 46.3% 1,176,204,938 46.4% 1,721,593,887 46.4%

Co!t o Goo#! Sol# 65,730,142 154,233,620 134.6% 253,462,980 64.3% 371,095,149 46.4% 543,320,408 46.4% 795,475,409 46.4%

Gro!! %argin 77,394,047 180,366,333 133.0% 295,793,339 64.0% 432,596,411 46.2% 632,884,530 46.3% 926,118,478 46.3%

1perating 2xpen!e!

&erations o#er'ea( e)&enses

*)cess ca&acit+ 641,540 641,540 0.0% 641,540 0.0% 641,540 0.0% 641,540 0.0% 641,540 0.0%

n#entor+ 'ol(ing 1,842,596 7,118,475 286.3% 11,698,291 64.3% 17,127,468 46.4% 25,076,327 46.4% 36,714,250 46.4%

Licensing e)&ense - - 0.0% - 0.0% - 0.0% - 0.0% - 0.0%

alit+ 2,853,487 5,706,974 100.0% 7,989,764 40.0% 11,185,669 40.0% 15,659,937 40.0% 21,923,911 40.0%

/'i&&ing 2,060,987 4,534,171 120.0% 6,801,257 50.0% 9,521,760 40.0% 13,330,464 40.0% 18,662,649 40.0%

otal o&erations o#er'ea( 7,398,610 18,001,160 143.3% 27,130,852 50.7% 38,476,437 41.8% 54,708,267 42.2% 77,942,350 42.5%areting an( selling e)&enses

(#ertising 3,790,334 7,580,668 100.0% 10,612,935 40.0% 14,858,109 40.0% 20,801,353 40.0% 29,121,894 40.0%

areting researc' 460,000 828,000 80.0% 1,117,800 35.0% 1,509,030 35.0% 2,037,191 35.0% 2,750,207 35.0%

/ales orce e)&enses 5,641,997 13,238,761 134.6% 21,756,189 64.3% 31,853,236 46.4% 46,636,323 46.4% 68,280,240 46.4%

/ales oices an( eb centers 5,757,000 12,665,400 120.0% 20,264,640 60.0% 28,370,496 40.0% 39,718,694 40.0% 55,606,172 40.0%

eb mareting e)&enses 1,380,160 2,760,320 100.0% 3,864,448 40.0% 5,410,227 40.0% 7,574,318 40.0% 10,604,045 40.0%

otal mareting an( selling 17,029,491 37,073,149 117.7% 57,616,012 55.4% 82,001,098 42.3% 116,767,879 42.4% 166,362,559 42.5%

esearc' an( (e#elo&ment 17,665,617 38,864,357 120.0% 54,410,100 40.0% 76,174,141 40.0% 106,643,797 40.0% 149,301,315 40.0%

otal o&erating e)&enses 42,093,718 93,938,666 123.2% 139,156,964 48.1% 196,651,676 41.3% 278,119,942 41.4% 393,606,225 41.5%

35,300,329 86,427,667 156,636,375 235,944,735 354,764,588 532,512,253

De&reciation an( amortiation 887,501 3,416,667 6,250,000 8,666,667 12,000,000 15,333,333

t'er income e)&ense! - - 0.0% - 0.0% - 0.0% - 0.0% - 0.0%

2arning! 3eore Intere!t an# Taxe! 34,412,828 83,011,000 141.2% 150,386,375 81.2% 227,278,068 51.1% 342,764,588 50.8% 517,178,920 50.9%

ro#ision or :tre ncome a)es ; 38% 31,544,180 " 57,146,822 81.2% 86,365,666 51.1% 130,250,543 50.8% 196,527,990 50.9%

ter-ta) (ebt ree net income 34,412,828 51,466,820 49.6% 93,239,552 81.2% 140,912,402 51.1% 212,514,044 50.8% 320,650,930 50.9% 330,270,458

((< De&reciation=mortiation *)&ense 3,416,667 6,250,000 8,666,667 12,000,000 15,333,333

Less< >'anges in net oring ca&ital 38,221,532! 30,288,494! 40,773,829! 58,571,764! 37,955,923!

Less< >a&ital *)&en(itres 25,000,000! 9,000,000! 20,000,000! 20,000,000! 20,000,000!ter-ta) (ebt-ree cas' lo 8,338,045! 60,201,059 88,805,240 145,942,281 278,028,340

Di#i(en(s &ai(

"et ater-ta) (ebt-ree cas' lo 8,338,045! 60,201,059 88,805,240 145,942,281 278,028,340

(i#i(e( b+

>a&italiation ate 58%

569,431,825

) ) ) ) ) )

? actor at a (iscont rate o 61% 0.304 0.304 0.304 0.189 0.117 0.092

resent #ale o cas' lo $ 2,534,766! @ 18,301,122 @ 26,996,793 @ 27,583,091 @ 32,529,316 @ 52,387,728

:air aret ?ale o Asiness *nter&rise 155,300,000

/btract< otal nterest-Aearing Debt 3,500,000 n&t

/btract< aret ?ale o reerre( /toc n&t

*Bals< :air aret ?ale o :on(ers *Bit+ 151,800,000

Di#i(e( b+< otal "mber re-mone+ o /'ares 116,602 n&t

3u& 3ac" Gui#o4 5 +678/69:8.,/*Bals< :air aret ?ale &er /'are $ 1,302

/eries ners'i& ercentage 0.00%

/eries /'ares sse( -

2arning! 3eore Intere!t Taxe!Depreciation an# Amorti;ation



Abri Co.

Ater-Tax <eighte# A0erage Co!t o Capital

December ::6 97:+

A. A!!ume# Capital Structure

*Bit+ 92.5%

Debt 7.5%

3. Co!t o 2=uit& >R ? @3 x Rp ? R!B

C is-ree rate C ./. reasr+ 10-+ear bon( rate

C 2.58%

A C Aeta C a measre o t'e s+stematic ris or in(i#i(al &rice #olatilit+ relati#e to t'e maret

C 1.0

& C *Bit+ ris &remim C incremental retrn (eman(e( b+ an a#erage in#estor in small ca&italiation stocs C 7.0%

s C /&eciic ris &remim

C 55.0%

>ost o *Bit+ C 2.58% @ 1 ) 7%! @ 55% C 64.6% ron(e(!

C. Co!t o Debt

rime ate C 3.25%

Debt remim C 16.0%

>or& ta) rate C 38.0%

>ost o Debt C 3.25% @ 16%! ) 1 - 38%! C 11.9%

D. <eighte# A0erage Co!t o Capital

*stimate( ercentage eig'te(

>ost o otal >a&ital >ontribtion

>ost o *Bit+ 64.6% ) 92.5% C 59.7%

>ost o Debt 11.9% ) 7.5% C 0.9%

*stimate( eig'te( #erage >ost o >a&ital, ron(e( C :.7(



Abri Co.Valuation 3a!e# pon Comparable Companie!

>om&an+ "ame =* ttm! =/ ttm!

Leno#o L"?GE 18.85 0.4 9.12Felett-acar( F 12.87 0.61 11.43

os'iba /A: 39.32 0.031 6.38

#erage 23.68 0.35 8.98

Eear 6 ?ales $ 320,650,930 $ 1,721,593,887 $ 532,512,253

>om&arable ?alation $ 7,593,014,031 $ 597,393,079 $ 4,780,184,990

Discont or being ri#ate 0.0% 0.0% 0.0%

>om&arable ?ale $ 7,593,014,031 $ 597,393,079 $ 4,780,184,990

#erage o >om&arable ?ales $ 4,323,530,700

Discont :actor 0.092

Disconte( >om&arable ?ale $ 397,764,824

D>: ?ale $ 155,300,000

icer/+mbol

*AD= *nter&rise?ale





Eear 4 Eear 5 Eear 6 Eear 7

Aeginning >a&acit+ 77 777 1,077 1,577

Gross sales $ 333,795,254 $ 548,549,269 $ 803,130,985 $ 1,175,864,076

#erage nit &rice $ 2,634 $ 2,784 $ 2,934 $ 3,084

nits sol( &er +ear 126,726 197,036 273,732 381,279

/elling (a+s &er +ear 260 260 260 260

nits sol( &er (a+ 487 758 1,053 1,466Grot' rate 134.6% 64.3% 46.4% 46.4%

*n(ing ca&acit+ 623 905 1,260 1,757

Aer ca&acit+ 20% 20% 20% 20%

>a&acit+ nee(e( 750 1,090 1,510 2,110

Dierence 673 313 433 533

>a&acit+ a((e( &er (a+ 700 300 500 500

>ost to a(( $ 25,000,000 $ 9,000,000 $ 20,000,000 $ 20,000,000

Aeginning "et :i)e( ssets 6,574,999 28,158,332 6,575,000 17,908,333

De&reciation 3,416,667 6,250,000 8,666,667 12,000,000

*n(ing "et :i)e( ssets $ 28,158,332 $ 6,575,000 $ 17,908,333 $ 25,908,333

otal :i)e( ssets $ 33,000,000 $ 42,000,000 $ 62,000,000 $ 82,000,000

Aeginning n#entor+ $ 3,975,177 $ 23,520,958 $ 36,032,200 $ 52,754,744

>G/ $ 154,233,620 $ 253,462,980 $ 371,095,149 $ 543,320,408

/elling (a+s &er +ear 260 260 260 260

>G/ &er (a+ $ 593,206 $ 974,858 $ 1,427,289 $ 2,089,694

Desire( in#entor+ (a+s 30 30 30 30

Desire( a#erage in#entor+ $ 17,796,187 $ 29,245,728 $ 42,818,671 $ 62,690,816

*n(ing n#entor+ $ 23,520,958 $ 36,032,200 $ 52,754,744 $ 77,238,220

>'ange $ 19,545,781 $ 12,511,242 $ 16,722,544 $ 24,483,477

Aeginning >as' $ 21,667,723 $ 40,343,475 $ 58,120,726 $ 82,172,011 "on->G/ cas' e)&enses $ 93,938,666 $ 139,156,964 $ 196,651,676 $ 278,119,942

/&en(ing (a+s &er +ear 260 260 260 260

"on->G/ cas' &er (a+ $ 361,303 $ 535,219 $ 756,353 $ 1,069,692

Desire( (a+s o cas' 90 90 90 90

Desire( a#erage cas' $ 32,517,231 $ 48,169,718 $ 68,071,734 $ 96,272,288

*stimate( *n(ing >as' $ 40,343,475 $ 58,120,726 $ 82,172,011 $ 116,260,298

>'ange $ 18,675,752 $ 17,777,252 $ 24,051,285 $ 34,088,287

>'ange in oring ca&ital $ 38,221,532 $ 30,288,494 $ 40,773,829 $ 58,571,764

:air aret ?ale o Asiness *nter&rise $ 155,300,000

:or inormation &r&oses onl+



Eear 8

2,077 2,577

$ 1,721,582,593

$ 3,234

532,338

260

2,047 210946.4%

2,078

20%

2,490

413

500

$ 20,000,000

25,908,333

15,333,333

$ 30,575,000

$ 102,000,000

$ 77,238,220

$ 795,475,409

260

$ 3,059,521 $ 3,151,306

30 HHH

$ 91,785,624

$ 93,162,409

$ 15,924,188

$ 116,260,298 $ 138,292,033$ 393,606,225

260

$ 1,513,870 $ 1,559,286

90

$ 136,248,309

$ 138,292,033

$ 22,031,735

$ 37,955,923



11000



bri >o.

/tatements o ncome

arter 1 arter 2 arter 3 arter 4 Eear 1

Re0enue!

Gross sales $ - $ - $ 206,900 $ 458,536 $ 665,436

Licensing income - - - - -

Less rebates - - - - -

"et re#enes - - 206,900 458,536 665,436

Co!t o Goo#! Sol# - - 124,769 498,806 623,575

Gro!! %argin - - 82,131 40,270! 41,861

1perating 2xpen!e!

&erations o#er'ea( e)&enses

*)cess ca&acit+ - - 92,883 - 92,883

n#entor+ 'ol(ing - - 34,989 45,607 80,596

Licensing e)&ense - - - - -

alit+ - - 11,369 132,112 143,481/'i&&ing - - 4,939 7,261 12,200

otal o&erations o#er'ea( - - 144,180 184,980 329,160

areting an( selling e)&enses

(#ertising - - 128,927 69,916 198,843

areting researc' 88,000 - 23,000 23,000 134,000

/ales orce e)&enses - - 104,505 72,281 176,786

/ales oices an( eb centers - 140,000 60,000 330,000 530,000

eb mareting e)&enses - - - - -

otal mareting an( selling 88,000 140,000 316,432 495,197 1,039,629

esearc' an( (e#elo&ment - 120,000 158,000 60,000 338,000

otal o&erating e)&enses 88,000 260,000 618,612 740,177 1,706,789

88,000! 260,000! 536,481! 780,447! 1,664,928!

De&reciation an( amortiation - - 45,833 70,833 116,666

t'er income e)&ense! - - - - -

2arning! 3eore Intere!t an# Taxe! 88,000! 260,000! 582,314! 851,280! 1,781,594!

nterest income e)&ense! 13,680 8,485 15 - 22,180

2arning! 3eore Taxe! 74,320! 251,515! 582,299! 851,280! 1,759,414!

ro#ision or a)es - - - - -

)et Income $ 74,320! $ 251,515! $ 582,299! $ 851,280! $ 1,759,414!

2arning! 3eore Intere!t Taxe!Depreciation an# Amorti;ation



arter 5 arter 6 arter 7 arter 8 Eear 2 arter 9 arter 10

$ 1,784,395 $ 6,392,468 $ 8,140,103 $ 14,882,606 $ 31,199,572 $ 11,939,005 $ 36,039,105

- - - - - 1,000,000 -

- - - 24,175! 24,175! - 21,050!

1,784,395 6,392,468 8,140,103 14,858,431 31,175,397 12,939,005 36,018,055

850,791 2,749,635 3,337,559 7,612,890 14,550,875 6,309,129 17,502,653

933,604 3,642,833 4,802,544 7,245,541 16,624,522 6,629,876 18,515,402

- - - - - - -

157,224 232,588 237,777 1,583 629,172 613,931 336,592

- - - - - - -

123,775 349,029 339,094 346,308 1,158,206 628,050 748,53731,969 108,325 135,829 259,991 536,114 191,428 554,456

312,968 689,942 712,700 607,882 2,323,492 1,433,409 1,639,585

215,505 413,210 499,064 569,377 1,697,156 491,377 760,883

69,000 46,000 69,000 92,000 276,000 115,000 115,000

311,015 787,065 893,972 1,198,758 3,190,810 1,026,629 1,328,387

950,000 805,000 1,013,000 894,000 3,662,000 1,114,000 1,104,000

330,195 331,115 211,580 218,375 1,091,265 215,190 232,565

1,875,715 2,382,390 2,686,616 2,972,510 9,917,231 2,962,196 3,540,835

2,027,670 1,553,941 1,486,480 240,000 5,308,091 4,534,204 2,439,449

4,216,353 4,626,273 4,885,796 3,820,392 17,548,814 8,929,809 7,619,869

3,282,749! 983,440! 83,252! 3,425,149 924,292! 2,299,933! 10,895,533

70,833 116,667 116,667 116,667 420,834 116,667 241,667

- - - - - - -

3,353,582! 1,100,107! 199,919! 3,308,482 1,345,126! 2,416,600! 10,653,866

66,875! 65,000! 63,125! 120,000! 315,000! 105,375! 511,626!

3,420,457! 1,165,107! 263,044! 3,188,482 1,660,126! 2,521,975! 10,142,240

- - - - - - 1,260,218

$ 3,420,457! $ 1,165,107! $ 263,044! $ 3,188,482 $ 1,660,126! $ 2,521,975! $ 8,882,022







arter 5 arter 6 arter 7 arter 8 arter 9 arter 10 arter 11

$ 2,010,358 $ 83,277 $ 1 $ 6,252,099 $ 1 $ 6,270,414 $ 19,052,076

20 20 20 20 20 - -

1,572,242 2,325,882 2,377,771 15,833 6,139,307 3,365,919 4,945,5533,582,620 2,409,179 2,377,792 6,267,952 6,139,328 9,636,333 23,997,629

125,000 250,000 375,000 550,000 725,000 900,000 1,075,000

2,612,500 2,495,833 2,379,167 2,262,500 5,145,833 4,904,167 5,762,500

2,737,500 2,745,833 2,754,167 2,812,500 5,870,833 5,804,167 6,837,500

6,320,120 5,155,012 5,131,959 9,080,452 12,010,161 15,440,500 30,835,129

- - - - - - 7,000,000

2,500,000 2,500,000 2,500,000 3,500,000 3,500,000 3,500,000 3,500,000

- - 239,990 - 5,451,685 - -

2,500,000 2,500,000 2,739,990 3,500,000 8,951,685 3,500,000 3,500,000

2,500,000 2,500,000 2,739,990 3,500,000 8,951,685 3,500,000 10,500,000

8,999,990 8,999,990 8,999,990 8,999,990 8,999,990 8,999,990 8,999,990

5,179,870! 6,344,977! 6,608,021! 3,419,538! 5,941,513! 2,940,509 11,335,139

3,820,120 2,655,013 2,391,969 5,580,452 3,058,477 11,940,499 20,335,129

$ 6,320,120 $ 5,155,013 $ 5,131,959 $ 9,080,452 $ 12,010,162 $ 15,440,499 $ 30,835,129

3,582,620 2,409,179 2,377,792 6,267,952 6,139,328 9,636,333 16,997,629

2,925,367! 1,173,441 31,387 3,890,160! 128,624 3,497,005! 7,361,296!

1,700,000 2,800,000 2,800,000 2,800,000 2,800,000 5,800,000 5,800,000

1,100,000 - - - 3,000,000 - 1,100,000

2,800,000 2,800,000 2,800,000 2,800,000 5,800,000 5,800,000 6,900,000

187,499! 304,166! 420,833! 537,500! 654,167! 895,834! 1,137,501!

2,612,501 2,495,834 2,379,167 2,262,500 5,145,833 4,904,166 5,762,499

62.2% 84.7% 88.8% 52.9% 90.7% 21.8% 11.9%

37.8% 15.3% 11.2% 47.1% 9.3% 78.2% 88.1%

1,759,413! 5,179,870! 6,344,977! 6,608,021! 3,419,538! 5,941,513! 2,940,509

3,420,457! 1,165,107! 263,044! 3,188,482 2,521,975! 8,882,022 8,394,630

- - - 1 - - -

5,179,870! 6,344,977! 6,608,021! 3,419,538! 5,941,513! 2,940,509 11,335,139



arter 12 Eear 5 Eear 6 Eear 7 Eear 8

$ 21,667,723

-

3,975,17725,642,900

1,250,000

6,575,000

7,825,000

33,467,900

-

3,500,000

-

3,500,000

3,500,000

8,999,990

20,967,910

29,967,900

$ 33,467,900

25,642,900

8,645,271!

6,900,000

1,100,000

8,000,000

1,425,001!

6,574,999

7.5%

92.5%

11,335,139

9,632,771

-

20,967,910



Quarter 1 Quarter 2 Quarter 3 Quarter 4

0 0 206,900 458,536

'- Rebates 0 0 0 0

'- ost o! Goo"s So#" 0 0 124,$69 498,806

0 0 82,131 -40,270

0 120,000 158,000 60,000

'( Qua#)t* ost 0 0 11,369 132,112

'( +"ert)s)n 0 0 128,92$ 69,916

'( Sa#es .orce %&ense 0 0 104,505 $2,281

0 140,000 60,000 330,000

'( /aret)n Researc 88,000 0 23,000 23,000

'( S))n 0 0 4,939 $,261'( Inentor* o#")n osts 0 0 34,989 45,60$

'( %&cess aac)t* ost 0 0 92,883 0

'( erec)at)on 0 0 45,833 $0,833

'( eb /aret)n %&enses 0 0 0 0

88,000 260,000 664,445 811,010

-88,000 -260,000 -582,314 -851,280

'( )cens)n Income 0 0 0 0

'- )cens)n .ees 0 0 0 0

'( ter Income 0 0 0 0

'- ter %&enses 0 0 0 0

-88,000 -260,000 -582,314 -851,280

'( Interest Income 13,680 8,485 15 0

'- Interest ares 0 0 0 0

-74,320 -251,515 -582,299 -851,280

'- oss arr* .or7ar" 0 0 0 0

0 0 0 0

'- Income a&es 0 0 0 0

-74,320 -251,515 -582,298 -851,280

'%arn)ns er Sare -$ -13 -19 -21

' Reenues

'= Gross Proft

' Researc an" ee#oment

'( Sa#es :ce an" eb enter%&enses

'= Total Expenses

' Operatn! Proft

'= Earnn!s "e#ore $nterest an%Taxes

'= $n&o'e "e#ore Taxes

'= Taxa(le $n&o'e

'= )et $n&o'e



Income Statement

Quarter 5 Quarter 6 Quarter $ Quarter 8 Quarter 9

'Gross Proft

1,$84,395 6,392,468 8,140,103 14,882,606 11,939,005

0 0 0 24,1$5 0

850,$91 2,$49,635 3,33$,559 $,612,890 6,309,129

933,604 3,642,833 4,802,544 7,245,541 5,629,876

'%&enses

2,02$,6$0 1,553,941 1,486,480 240,000 4,534,204

123,$$5 349,029 339,094 346,308 628,050

215,505 413,210 499,064 569,3$$ 491,3$$

311,015 $8$,065 893,9$2 1,198,$58 1,026,629

950,000 805,000 1,013,000 894,000 1,114,000

69,000 46,000 69,000 92,000 115,000

31,969 108,325 135,829 259,991 191,42815$,224 232,588 23$,$$$ 1,583 613,931

0 0 0 0 0

$0,833 116,66$ 116,66$ 116,66$ 116,66$

330,195 331,115 211,580 218,3$5 215,190

4,287,186 4,742,940 5,002,463 3,937,059 9,046,476

-3,353,582 -1,100,107 -199,919 3,308,482 -3,416,600

'/)sce##aneous Income an" %&enses

0 0 0 0 1,000,000

0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

-3,353,582 -1,100,107 -199,919 3,308,482 -2,416,600

1,8$5 3,$50 5,625 8,250 10,8$5

68,$50 68,$50 68,$50 128,250 116,250

-3,420,457 -1,165,107 -263,044 3,188,482 -2,521,975

0 0 0 3,188,483 0

0 0 0 0 0

0 0 0 0 0

-3,420,457 -1,165,107 -263,044 3,188,483 -2,521,974

-5$ -20 -4 51 -22



Quarter 10 Quarter 11 Quarter 12

36,039,105 42,45$,592 51,818,68$

21,050 14,$00 94,450

1$,502,653 18,0$$,160 23,841,200

18,515,402 24,365,732 27,883,037

2,439,449 5,510,239 5,181,$25

$48,53$ 814,164 662,$36

$60,883 914,$20 1,623,354

1,328,38$ 1,29$,8$4 1,989,10$

1,104,000 1,604,000 1,935,000

115,000 115,000 115,000

554,456 601,065 $14,038336,592 494,555 39$,518

0 216,56$ 424,9$3

241,66$ 241,66$ 28$,500

232,565 238,920 693,485

7,861,536 12,048,771 14,024,436

10,653,866 12,316,961 13,858,601

0 0 0

0 0 0

0 0 0

0 0 0

10,653,866 12,316,961 13,858,601

13,500 16,125 18,$50

525,126 340,$5$ 116,250

10,142,240 11,992,329 13,761,101

5,941,513 0 0

4,200,727 11,992,329 13,761,101

1,260,218 3,59$,699 4,128,330

8,882,022 8,394,630 9,632,771

$6 $2 83



;a#ance Seet

Quarter 1 Quarter 2 Quarter 3 Quarter 4 Quarter 5 Quarter 6 Quarter $ Quarter 8 Quarter 9 Quarter 10 Quarter 11 Quarter 12

urrent +ssets

13,680 8,485 86,814 201,165 2,010,358 83,2$$ 1 6,252,099 1 6,2$0,414 19,052,0$6 21,66$,$23

'( 3 /ont ert)fcate o! eos)t 912,000 565,680 1,000 20 20 20 20 20 20 0 0 0

'( .)n)se" Goo"s Inentor* 0 0 349,886 456,068 1,5$2,242 2,325,882 2,3$$,$$1 15,833 6,139,30$ 3,365,919 4,945,553 3,9$5,1$$

on erm +ssets

'( S)n)n .un" 0 0 0 0 125,000 250,000 3$5,000 550,000 $25,000 900,000 1,0$5,000 1,250,000

'( <et .)&e" +ssets 0 1,100,000 1,654,16$ 1,583,333 2,612,500 2,495,833 2,3$9,16$ 2,262,500 5,145,833 4,904,16$ 5,$62,500 6,5$5,000

925,680 1,674,165 2,091,867 2,240,586 6,320,120 5,155,012 5,131,959 9,080,452 12,010,161 15,440,500 30,835,129 33,467,900

ebt

0 0 0 0 0 0 0 0 0 0 $,000,000 0

'( on-erm oan 0 0 0 0 2,500,000 2,500,000 2,500,000 3,500,000 3,500,000 3,500,000 3,500,000 3,500,000

'( %merenc* oan 0 0 0 0 0 0 239,990 0 5,451,685 0 0 0

%=u)t*

'( ommon Stoc 1,000,000 2,000,000 3,000,000 4,000,000 8,999,990 8,999,990 8,999,990 8,999,990 8,999,990 8,999,990 8,999,990 8,999,990

'( Reta)ne" %arn)ns -$4,320 -325,835 -908,133 -1,$59,413 -5,1$9,8$0 -6,344,9$$ -6,608,021 -3,419,538 -5,941,513 2,940,509 11,335,139 20,96$,910

925,680 1,674,165 2,091,867 2,240,586 6,320,120 5,155,012 5,131,959 9,080,452 12,010,161 15,440,500 30,835,129 33,467,900

' as

'= Total

' onent)ona# ;an oan

'= Total

Documents

Abri Co. Q12 DCF Valuation