KUC LIMITED

Assumptions

Handling Costs TZS/ton Growth (% p.a) Capacity

Cleaning 10,000 3% 600 tonnes/day
Drying (1% drop in moisture) 9,000 3% 600 tonnes/day
Bagging, Weighing + Loading 20,000 3% 1,000 tonnes/day
Warehouse (incl. insurance + fum 6,000 3% 17,267 tonnes 5,180
Silos (incl. insurance + fumigatio 5,000 3% 60,000 tonnes
403,600,000

Milling TZS/ton Growth (% p.a) Capacity Conversion Rate:

Sembe 800,000 0.5% 600 tones/day
Dona 800,000 0.5%
Pumba 350,000 1.0%
180,000 MT

SALES

UNITS SALES FY 2016 FY 2017 FY 2018 FY 2019 FY 2020

Rental Income - - - - -
Cleaning, Drying & Storage - - - - -
Maize Meal - - - - -
Animal Feed - - - - -

AVERAGE UNIT PRICE FY 2016 FY 2017 FY 2018 FY 2019 FY 2020

Rental Income - - - - -
Cleaning, Drying & Storage - - - - -
Maize Meal - - - - -
Animal Feed - - - - -

COST OF GOODS

AVERAGE UNIT COST FY 2016 FY 2017 FY 2018 FY 2019 FY 2020

Rental Income - - - - -
Cleaning, Drying & Storage - - - - -
Maize Meal - - - - -
Animal Feed - - - - -

Returns.................................................
(as a percentage of Rental Income revenue)................................................................
0%
Returns.................................................
(as a percentage of Cleaning, Drying & Storage revenue)................................................. 0%
Returns.................................................
(as a percentage of Maize Meal revenue)...................................................................0%

Page 2
KUC LIMITED
Assumptions
Returns.................................................
(as a percentage of Animal Feed revenue)..................................................................0%

BALANCE SHEET

Accounts Receivable (adjustable up to 360 days)...............................

(in days)............................................................................... 60 days
Accounts Payable (fixed at 30 days)..............................................
(in days)............................................................................... 30 days
Salaries Payable (fixed at 15 days)...............................................
(in days)............................................................................... 15 days
Taxes Payable (fixed at 90 days)..................................................
(in days)............................................................................... 90 days
Inventory (adjustable up to 360 days)............................................
(in days)............................................................................... 360 days
Available Credit Line...............................................................
(as a percentage of net accounts receivable).................................... 0%
Maximum Credit Line Used..........................................................
(amount borrowed not to exceed).................................................. $0
Capital Equipment Lease Term (1 year minimum)................................
(in years)............................................................................. 5 years
Long Term Borrowings Term (1 year minimum)...................................
(in years)............................................................................. 15 years
Grace Period (in years)............................................................................. 2 years

DEPRECIATION Hardware Software Furn & Fixtures

Content 3 years 3 years 3 years
Engineering 3 years 3 years 3 years
Sales & Marketing 3 years 3 years 3 years
Administration 3 years 3 years 3 years

EXPENSES

HEADCOUNT FY 2016 FY 2017 FY 2018 FY 2019 FY 2020

Content - - - - -
Engineering - - - - -
Sales & Marketing - - - - -
Administration - - - - -
TOTAL - - - - -

PER PERSON EXPENSES Supplies Travel & Meals Phone/Postage

Content 100 500 100
Engineering 100 500 100
Sales & Marketing 100 2,500 300
Administration 100 1,000 250

EQUIPMENT PURCHASES Hardware Software Furn & Fixtures

Content 3,000 1,500 1,000
Engineering 3,500 1,500 1,000
Sales & Marketing 2,500 1,000 1,000
Administration 1,500 1,000 1,000

Page 3
KUC LIMITED
Assumptions

Benefits & Taxes...................................................................

(as a percentage of salaries)...................................................... 25%
Salary Increases....................................................................
(as an annual percentage).......................................................... 5%
Sales Commissions..................................................................
(as a percentage of sales).......................................................... 100%
Total Sales Through Commissions............................................... (as a percentage of total revenue)..............................................10%
Business Insurance.................................................................
(as a percentage of total revenue)................................................1%
Anticipated Bad Debt..............................................................
(as a percentage of collections)................................................... 1%
Interest Revenue....................................................................
(as a percentage of cash balance).................................................4%
Interest Expense On Credit Line..................................................(as a percentage of outstanding balance)......................................... 16%
Interest Expense On Capital Equipment Lease................................... (as a percentage of outstanding balance)......................................... 16%
Interest Expense On Long Term Borrowings...................................... (as a percentage of outstanding balance)......................................... 16%
Facility Fee 1%
Combined Federal & State Tax Rate.............................................. (as a percentage of positive cumulative income)............................... 40%
Office Rent..........................................................................
(per square foot).................................................................... $1.50
Minimum Office Space..............................................................
(square footage per person)........................................................ 250 sq ft
Term of Office Lease...............................................................
(in months)........................................................................... 12 mos
Utilities Expense...................................................................
(per square foot).................................................................... $0.15
Maintanence Expense..............................................................(per square foot).................................................................... $0.10

Page 4
 NGM GOLD MINE LTD
Financial Model & Projections

Date: July 1, 2020

Project: GOLD MINING AND PROCESSING PROJECT

STRICTLY PRIVATE AND CONFIDENTIAL

Prepared by Derick Moshi

Contents
1 ASSUMPTIONS!A1
2 REVENUE!A1
3 OPEX!A1
4 PERSONNEL!A1
5 EXTRA!A1
6 TAXES!A1
7 Capex!A1
8 PROP & EQUIP'!A1
9 WORKCAP!A1
10 LOAN!A1
11 FUNDING!A1
12 INCOME!A1
13 CASHFLOW!A1
14 BREAKEVEN!A1
14 SUMMARY!A1
TD
ctions

ROCESSING PROJECT
 02/23/2021
Summary 19:15:43
"USD" 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
Summary Financials
Revenue 5,519,031 6,208,910 6,953,979 7,758,032 8,625,107 9,559,493 10,037,468 10,539,341 11,066,308 11,619,624
Gross Profit 1,424,388 1,607,925 2,008,534 2,457,773 2,958,998 3,515,780 3,882,993 4,268,549 4,673,364 5,098,398
EBIT 668,116 986,659 1,490,219 2,018,309 2,580,254 3,184,103 3,588,092 4,002,654 4,430,599 4,874,310
Net Earnings 449,800 -694,191 -75,268 446,142 904,204 1,442,824 1,857,709 2,296,859 2,764,384 3,264,370
Net Cash from Operating Activities -1,542,406 2,022,872 364,726 801,083 1,191,801 1,676,278 2,102,366 2,509,998 2,951,755 3,430,294
Capital Expenditures 148,795,337 0 0 0 0 0 0 0 0 0
Interest Income/(Expense) 0 -1,652,556 -1,534,234 -1,400,905 -1,250,667 -1,081,375 -890,612 -675,656 -433,438 -160,501
Dividends 0 0 0 0 0 0 0 0 0 0
Cash 204,404 -134,885,490 -135,547,380 -135,904,357 -136,018,841 -135,815,994 -135,391,381 -134,773,234 -133,954,647 -132,929,513
Total Equity 136,652,506 -244,391 -319,659 126,483 1,030,687 2,473,511 4,331,220 6,628,079 9,392,463 12,656,834
Total Debt 14,189,692 13,256,733 12,205,452 11,020,842 9,685,994 8,181,853 6,486,950 4,577,091 2,425,014 0
Growth
Revenue Growth Rate - CAGR: 13% 12% 12% 11% 11% 5% 5% 5% 5%
Net Earnings Growth Rate - CAGR: Nil Nil Nil 102.7% 59.6% 28.8% 23.6% 20.4% 18.1%
Ratios
Current Ratio 2.38 -109.29 -98.18 -88.31 -79.53 -71.65 -67.96 -64.36 -60.86 -57.44
Debt to Capital (LT Debt + Equity) 0.09 1.02 1.03 0.99 0.90 0.77 0.60 0.41 0.21 0.00
DCSR 0.00 0.00 0.78 0.95 1.14 1.36 1.50 1.65 1.81 1.97

Profitability
Gross Profit % 25.8% 25.9% 28.9% 31.7% 34.3% 36.8% 38.7% 40.5% 42.2% 43.9%
Net Earnings % 8.1% -11.2% -1.1% 5.8% 10.5% 15.1% 18.5% 21.8% 25.0% 28.1%

Returns
Return on Assets (ROA) 0.3% -0.5% -0.5% 3.4% 7.1% 11.6% 14.8% 18.0% 20.9% 23.4%
Return on Equity (ROE) 0.3% -0.5% 30.8% -139.6% 714.9% 140.0% 75.1% 53.0% 41.7% 34.8%
Return on Capital (LT Debt + Equity) 0.3% -5.3% -0.6% 4.0% 8.4% 13.5% 17.2% 20.5% 23.4% 25.8%
Internal Rate of Return (IRR) 25%
NPV 30,474,157.29
Annex 1:
Assumptions
Number of Days in a month 30.00 days
Number of Working Days 20.00 Days/Month
Number of Months Per Year 12 Months
Number of weeks per Year 52 Weeks
No of Hours/Shift 8 Hours/Day
No of Shift/day 2 Hours/Day
Cost of Inflation 5.00%
Exchange Rate 2,315

Revenue Drivers
Mine Life 10 years
Selling Price of Gold 1,500
Average Head Grade of Gold 2.60 g/t
Recovery Rate 95.52%

Conversion Rates
Conversion of grams of Gold to Ounces 28.3495000 Grams/Ounce
Conversion of Kilograms of Gold to Ounces .0311035 Kilograms/Ounce
Conversion of Tonnes of Gold to Ounces .0000311 tonnes/Ounce
Conversion of Kilograms to Tonnes 1000 Kilograms/Tonne
Exchange Rate TZS 2,315/USD
Conversion of Tonnes to Cubic Metre 2.83168466 Cubic Metre/Tonne

Mine Capacity
Number of PMLs 40 da
Plant installend Capacity 250 Tonnes/Day
Ore Mining Capacit 200 Tonnes/Day
Mineral Ore Crushed 60,000 Tonnes/Year
Grinding Capacity 60,000 Tonnes/Year
Mineral Ore Transported to Stockpile 48,000 Tonnes/Year
Wast produced -12,000 Tonnes/Year
Pure Gold produced per Annum 149,011 grams
Pure Gold produced per Annum 5,256 Ounce
Capacity Increase per annum 5%

Growth (%
p.a)
Repair and Maintance 3.000% 1.5% of Capex
Insurance 0.125% 1.5% of income
Licence Fee 1,102 USD

Direct Ore Mining (Extraction) Costs 30 USD/Tone

Chemicals Costs 30 USD/Tone
Corporate Social Responsibilities 0 of revenues
Legal & Consultancy Fee 0 of revenues
Mine Royalties 6% of revenues
Repair and Maintance 3.000% 0% of total income
Insurance 0.125% 0% of property value
Property Tax 0.100% 0% of property value
Land Rent 0.050% 0% of property value
Repair and Maintanance 10% of total costs direct cost
Income Tax rate 30%
Dividend Payout 0% on positive net income
Costs of Equity 12.5% yield on 15-yr bond
Costs of Debt 12.0%
Discount rate (WACC) 12.1%
Interest on Over Draft (This is on TZS) 12.0% Annual
Loan Tenure 10
Grace Period 1
Working Capital Loan 5,000,000

Growth (% p.a)
Required Amount of Water 50,000 Litre per day 2%
Cost per unit (lit) 0.0006
Electricity
Required Power 17,278.618 USD per Month
Diesel usage (Backup) Growth (% p.a)
Required Dieasel per day 50 litres
Dailly usage 10%
Price per litre 2,200 2%
Exchage Rates
TZS-USD 2,315 per US$
Currency Depreciation 2.00% Annual

Depreciation: Building 2.0% of property Value

Depreciation: Plant & Machinery 4.0% of property Value
Depreciation: Furniture and Fittings 12.5% of property Value
Depreciation: Motor Vehicles 25.0% of property Value
Depreciation: Pre-operational Expenses 10.0% of market value
Utilization Capacity FY2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026 FY 2027
Utilization Capacity 70% 75% 80% 85% 90% 95% 95%
Unit Output FY2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026 FY 2027
Tonage 42,000 45,000 48,000 51,000 54,000 57,000 57,000

AVERAGE UNIT OUTPUT PR FY2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026 FY 2027
Price of Gold 1,500 1,575 1,654 1,736 1,823 1,914 2,010

REVENUE FY2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026 FY 2027

Tonage 42,000 45,000 48,000 51,000 54,000 57,000 57,000
Grams 104,307.84 111,758.40 119,208.96 126,659.52 134,110.08 141,560.64 141,560.64
Ounce 3,679 3,942 4,205 4,468 4,731 4,993 4,993
Unit Price 1,500 1,575 1,654 1,736 1,823 1,914 2,010
Net Revenue 5,519,031 6,208,910 6,953,979 7,758,032 8,625,107 9,559,493 10,037,468
 FY 2028 FY 2029 FY 2030
95% 95% 95%
FY 2028 FY 2029 FY 2030
57,000 57,000 57,000

FY 2028 FY 2029 FY 2030

2,111 2,216 2,327

FY 2028 FY 2029 FY 2030

57,000 57,000 57,000
141,560.64 141,560.64 141,560.64
4,993 4,993 4,993
2,111 2,216 2,327
10,539,341 11,066,308 11,619,624
ANNEX 2: CAPEX
Investment Costs

CAPEX Total Cost (US$)

I. LAND AND BUILDING 141,565,492

Land 136,500,000
Building and Infrastructure 5,065,492

II. PLANT AND MACHINERY 5,195,914

CIL (Existing) 5,195,914
CIL Plant (Expansion) 0

III. MOTOR VEHICLE 2,033,931

Motor vehicles (Existing) 1,533,931
Motor vehicles (New) 500,000

TOTAL PROJECT COST 148,795,337

FINANCED BY;
EQUITY 136,202,706

LOAN 12,592,631
TIB Development Bank Ltd 11,092,631
New Loan 1,500,000
 02/23/2021
19:15:43
Cost of Revenues
"TZS" 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030

Revenue 5,519,031 6,208,910 6,953,979 7,758,032 8,625,107 9,559,493 10,037,468 10,539,341 11,066,308 11,619,624

Cost of Revenue
Direct Ore Mining (Extraction) Costs 1,260,000 1,350,000 1,440,000 1,530,000 1,620,000 1,710,000 1,710,000 1,710,000 1,710,000 1,710,000
Chemicals Costs 1,260,000 1,350,000 1,440,000 1,530,000 1,620,000 1,710,000 1,710,000 1,710,000 1,710,000 1,710,000
Mine Royalties 331,142 372,535 417,239 465,482 517,506 573,570 602,248 632,360 663,978 697,177
Water costs 7,775 8,327 8,919 9,552 10,230 10,956 11,734 12,567 13,460 14,415
Electricity 207,343 217,711 228,596 240,026 252,027 264,629 277,860 291,753 306,341 321,658

Total 3,066,261 3,298,573 3,534,754 3,775,060 4,019,764 4,269,155 4,311,842 4,356,681 4,403,779 4,453,251

Repair and Maintance 165,571 186,267 208,619 232,741 258,753 286,785 301,124 316,180 331,989 348,589
Insurance 3,247 3,247 3,247 3,247 3,247 3,247 3,247 3,247 3,247 3,247
Licence Fee 44,060 46,263 48,577 51,006 53,556 56,234 59,045 61,998 65,097 68,352
Total Direct Costs 212,879 235,778 260,443 286,994 315,556 346,266 363,417 381,425 400,334 420,188

Other Expenses
Interest - OD 367,951 395,829 424,170 453,007 482,372 512,299 517,421 522,802 528,453 534,390
Salary Expenses 171,600 360,360 378,378 397,297 417,162 438,020 459,921 482,917 507,063 532,416
All other costs % of Revenue 5% 275,952 310,445 347,699 387,902 431,255 477,975 501,873 526,967 553,315 580,981
Total Cost of Revenues 4,094,642 4,600,985 4,945,444 5,300,259 5,666,109 6,043,713 6,154,474 6,270,792 6,392,945 6,521,226
% of Revenue 74.2% 74.1% 71.1% 68.3% 65.7% 63.2% 61.3% 59.5% 57.8% 56.1%

Allocation of Cost of Revenue between:

Variable 3,066,261 3,298,573 3,534,754 3,775,060 4,019,764 4,269,155 4,311,842 4,356,681 4,403,779 4,453,251
Fixed 1,028,382 1,302,412 1,410,691 1,525,200 1,646,345 1,774,559 1,842,632 1,914,111 1,989,166 2,067,976
Total 4,094,642 4,600,985 4,945,444 5,300,259 5,666,109 6,043,713 6,154,474 6,270,792 6,392,945 6,521,226
 02/23/2021
19:15:43
Revenue Projections
"USD" 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
Tonage 42,000 45,000 48,000 51,000 54,000 57,000 57,000 57,000 57,000 57,000
Grams 104,308 111,758 119,209 126,660 134,110 141,561 141,561 141,561 141,561 141,561
Ounce 3,679 3,942 4,205 4,468 4,731 4,993 4,993 4,993 4,993 4,993
Unit Price 1,500 1,575 1,654 1,736 1,823 1,914 2,010 2,111 2,216 2,327
Net Revenue 5,519,031 6,208,910 6,953,979 7,758,032 8,625,107 9,559,493 10,037,468 10,539,341 11,066,308 11,619,624

Revenues by Months & Quarters

Months 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
Month 1 0 310,445 347,699 387,902 431,255 477,975 501,873 526,967 553,315 580,981
Month 2 0 310,445 347,699 387,902 431,255 477,975 501,873 526,967 553,315 580,981
Month 3 0 434,624 486,779 543,062 603,757 669,165 702,623 737,754 774,642 813,374
Total 1st Quarter 0 1,055,515 1,182,176 1,318,866 1,466,268 1,625,114 1,706,370 1,791,688 1,881,272 1,975,336
Month 4 0 372,535 417,239 465,482 517,506 573,570 602,248 632,360 663,978 697,177
Month 5 0 434,624 486,779 543,062 603,757 669,165 702,623 737,754 774,642 813,374
Month 6 0 434,624 486,779 543,062 603,757 669,165 702,623 737,754 774,642 813,374
Total 2nd Quarter 0 1,241,782 1,390,796 1,551,606 1,725,021 1,911,899 2,007,494 2,107,868 2,213,262 2,323,925
Month 7 551,903 496,713 556,318 620,643 690,009 764,759 802,997 843,147 885,305 929,570
Month 8 662,284 620,891 695,398 775,803 862,511 955,949 1,003,747 1,053,934 1,106,631 1,161,962
Month 9 827,855 620,891 695,398 775,803 862,511 955,949 1,003,747 1,053,934 1,106,631 1,161,962
Month 10 938,235 682,980 764,938 853,384 948,762 1,051,544 1,104,121 1,159,328 1,217,294 1,278,159
Month 11 1,158,996 745,069 834,477 930,964 1,035,013 1,147,139 1,204,496 1,264,721 1,327,957 1,394,355
Month 12 1,379,758 745,069 834,477 930,964 1,035,013 1,147,139 1,204,496 1,264,721 1,327,957 1,394,355
Total 4th Quarter 3,476,989 2,173,118 2,433,893 2,715,311 3,018,787 3,345,823 3,513,114 3,688,769 3,873,208 4,066,868
Total for year 5,519,031 6,208,910 6,953,979 7,758,032 8,625,107 9,559,493 10,037,468 10,539,341 11,066,308 11,619,624

Average Revenue
by Month 919,838 517,409 579,498 646,503 718,759 796,624 836,456 878,278 922,192 968,302
by Quarter 2,759,515 1,552,227 1,738,495 1,939,508 2,156,277 2,389,873 2,509,367 2,634,835 2,766,577 2,904,906
 02/23/2021
Personnel 19:15:43
"USD" Qt 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030

Net Revenues 5,519,031 6,208,910 6,953,979 7,758,032 8,625,107 9,559,493 10,037,468 10,539,341 11,066,308 11,619,624

Personnel Monthly Income

General Manager 1 3,000 3,000 3,150 3,308 3,473 3,647 3,829 4,020 4,221 4,432 4,654
Production Supervisor (Metulugist) 2 2,000 4,000 4,200 4,410 4,631 4,862 5,105 5,360 5,628 5,910 6,205
Mining Engineer 2 2,000 4,000 4,200 4,410 4,631 4,862 5,105 5,360 5,628 5,910 6,205
Geologist 2 1,500 3,000 3,150 3,308 3,473 3,647 3,829 4,020 4,221 4,432 4,654
Finance Manager 1 1,500 1,500 1,575 1,654 1,736 1,823 1,914 2,010 2,111 2,216 2,327
Surveyor 2 1,000 2,000 2,100 2,205 2,315 2,431 2,553 2,680 2,814 2,955 3,103
HR Officer 1 1,000 1,000 1,050 1,103 1,158 1,216 1,276 1,340 1,407 1,477 1,551
HSE Officer 1 1,000 1,000 1,050 1,103 1,158 1,216 1,276 1,340 1,407 1,477 1,551
Technician 1 800 800 840 882 926 972 1,021 1,072 1,126 1,182 1,241
Lab Technician 2 800 1,600 1,680 1,764 1,852 1,945 2,042 2,144 2,251 2,364 2,482
Production Operators 10 300 3,000 3,150 3,308 3,473 3,647 3,829 4,020 4,221 4,432 4,654
Dirvers 10 300 3,000 3,150 3,308 3,473 3,647 3,829 4,020 4,221 4,432 4,654
Security Guards 10 70 700 735 772 810 851 893 938 985 1,034 1,086
Total Salary 171,600 360,360 378,378 397,297 417,162 438,020 459,921 482,917 507,063 532,416

Benefits
Percent (%) 10% 10% 10% 10% 10% 10% 10% 10% 10% 10%
Total benefit costs 17,160 36,036 37,838 39,730 41,716 43,802 45,992 48,292 50,706 53,242
Total S & M Compensation 188,760 396,396 416,216 437,027 458,878 481,822 505,913 531,209 557,769 585,657
% of Revenue 3% 6% 6% 6% 5% 5% 5% 5% 5% 5%

Hourly Personnel
Number of employees 0 0 0 0 0 0 0 0 0 0
Average wages per employee 250,000 262,500 275,625 289,406 303,877 319,070 335,024 351,775 369,364 387,832
Total wages 0 0 0 0 0 0 0 0 0 0
Benefits
Percent (%) 10% 10% 10% 10% 10% 10% 10% 10% 10% 10%
Total benefit costs 0 0 0 0 0 0 0 0 0 0
Total Wage Costs 0 0 0 0 0 0 0 0 0 0
Total Salary & Wages 171,600 360,360 378,378 397,297 417,162 438,020 459,921 482,917 507,063 532,416
Total Benefits 17,160 36,036 37,838 39,730 41,716 43,802 45,992 48,292 50,706 53,242
Total S & M Compensation 188,760 396,396 416,216 437,027 458,878 481,822 505,913 531,209 557,769 585,657
% of Revenue 3.4% 6.4% 6.0% 5.6% 5.3% 5.0% 5.0% 5.0% 5.0% 5.0%
 02/23/2021
19:15:43
Working Capital
"TZS" 2019 2020 2021 2022 2023 2024
Net Revenues 5,519,031 6,208,910 6,953,979 7,758,032 8,625,107

Accounts Receivable
% of Revenue 20% 8% 8% 8% 8%
Days Outstanding 72 30 30 30 30
Accounts Receivable 2,914,048 742,089 831,140 927,240 1,030,873
(Increase)/Decrease from Prev. Period (2,914,048) 2,171,959 (89,051) (96,101) (103,633)

Inventory
% of Revenue 60% 60% 60% 60% 60%
Inventory Turns 12 2 2 2 2
Inventory Days 216 216 216 216 216
Inventory 0 0 0 0 0
(Increase)/Decrease from Prev. Period 0 0 0 0 0

Other Current Assets

% of Revenue 10% 10% 10% 10% 10%
Days 36 36 36 36 36
Other CA Value 1,611,557 894,083 1,001,373 1,117,157 1,242,015
(Increase)/Decrease from Prev. Period (1,611,557) 717,474 (107,290) (115,784) (124,859)

Accounts Payable & Accrued Expenses

% of Revenue 10% 10% 10% 10% 10%
Days 36 36 36 36 36
AP & Accrued Value 1,611,557 894,083 1,001,373 1,117,157 1,242,015
Increase/(Decrease) from Prev. Period 1,611,557 (717,474) 107,290 115,784 124,859

Other Current Liabilites

% of Revenue 1% 1% 1% 1% 1%
Days 4 4 4 4 4
Other Current Liabilities 165,571 89,408 100,137 111,716 124,202
Increase/(Decrease) from Prev. Period 165,571 (76,163) 10,729 11,578 12,486

Revenues by Months & Quarters

2019 2020 2021 2022 2023 2024

Month 1 0 310,445 347,699 387,902 431,255
Month 2 0 310,445 347,699 387,902 431,255
Month 3 0 434,624 486,779 543,062 603,757
Total 1st Quarter 0 1,055,515 1,182,176 1,318,866 1,466,268
Month 4 0 372,535 417,239 465,482 517,506
Month 5 0 434,624 486,779 543,062 603,757
Month 6 0 434,624 486,779 543,062 603,757
Total 2nd Quarter 0 1,241,782 1,390,796 1,551,606 1,725,021
Month 7 551,903 496,713 556,318 620,643 690,009
Month 8 662,284 620,891 695,398 775,803 02/23/2021
862,511
Month 9 827,855 620,891 695,398 775,803 19:15:43
862,511
Total 3rd Quarter 2,042,041 1,738,495 1,947,114 2,172,249 2,415,030
Month 10 938,235 682,980 764,938 853,384 948,762
Month 11 1,158,996 745,069 834,477 930,964 1,035,013
Month 12 1,379,758 745,069 834,477 930,964 1,035,013
Total 4th Quarter 3,476,989 2,173,118 2,433,893 2,715,311 3,018,787
Total for year 5,519,031 6,208,910 6,953,979 7,758,032 8,625,107

Accounts Receivable by Months & Quarters

2019 2020 2021 2022 2023 2024

Month 1 - 309,204 346,308 386,350 429,530
Month 2 - 309,204 346,308 386,350 429,530
Month 3 - 432,885 484,831 540,890 601,342
Month 4 - 371,044 415,570 463,620 515,436
Month 5 - 432,885 484,831 540,890 601,342
Month 6 - 432,885 484,831 540,890 601,342
Month 7 551,903 494,726 554,093 618,160 687,248
Month 8 1,214,187 618,407 692,616 772,700 859,061
Month 9 1,710,900 618,407 692,616 772,700 859,061
Month 10 2,031,003 680,248 761,878 849,970 944,967
Month 11 2,428,373 742,089 831,140 927,240 1,030,873
Month 12 2,914,048 742,089 831,140 927,240 1,030,873

Inventory by Months & Quarters

2019 2020 2021 2022 2023 2024

Month 1 - - - - -
Month 2 - - - - -
Month 3 - - - - -
Month 4 - - - - -
Month 5 - - - - -
Month 6 - - - - -
Month 7 - - - - -
Month 8 - - - - -
Month 9 - - - - -
Month 10 - - - - -
Month 11 - - - - -
Month 12 - - - - -

Other Current Assets by Months & Quarters

2019 2020 2021 2022 2023 2024

Month 1 - 586,397 496,713 554,797 617,448
Month 2 - 372,535 417,239 465,482 517,506
Month 3 - 496,713 556,318 620,643 690,009
Month 4 - 459,459 514,594 574,094 638,258
Month 5 - 509,131 570,226 636,159 707,259
Month 6 - 521,548 584,134 651,675 02/23/2021
724,509
Month 7 551,903 583,637 653,674 729,255 19:15:43
810,760
Month 8 772,664 720,234 806,662 899,932 1,000,512
Month 9 960,311 745,069 834,477 930,964 1,035,013
Month 10 1,103,806 807,158 904,017 1,008,544 1,121,264
Month 11 1,346,643 881,665 987,465 1,101,641 1,224,765
Month 12 1,611,557 894,083 1,001,373 1,117,157 1,242,015
Accounts Payble & Accrued Expenses by Months & Quarters 02/23/2021
19:15:43
2019 2020 2021 2022 2023 2024
Month 1 - 275,952 149,014 166,895 186,193
Month 2 0 0 0 0 0
Month 3 36 36 36 36 36
Month 4 - 459,459 514,594 574,094 638,258
Month 5 - 509,131 570,226 636,159 707,259
Month 6 - 521,548 584,134 651,675 724,509
Month 7 551,903 583,637 653,674 729,255 810,760
Month 8 772,664 720,234 806,662 899,932 1,000,512
Month 9 960,311 745,069 834,477 930,964 1,035,013
Month 10 1,103,806 807,158 904,017 1,008,544 1,121,264
Month 11 1,346,643 881,665 987,465 1,101,641 1,224,765
Month 12 1,611,557 894,083 1,001,373 1,117,157 1,242,015

Other Current Liabilities by Months & Quarters

2019 2020 2021 2022 2023 2024

Month 1 - 37,253 41,724 46,548 51,751
Month 2 - 37,253 41,724 46,548 51,751
Month 3 - 52,155 58,413 65,167 72,451
Month 4 - 44,704 50,069 55,858 62,101
Month 5 - 52,155 58,413 65,167 72,451
Month 6 - 52,155 58,413 65,167 72,451
Month 7 66,228 59,606 66,758 74,477 82,801
Month 8 79,474 74,507 83,448 93,096 103,501
Month 9 99,343 74,507 83,448 93,096 103,501
Month 10 112,588 81,958 91,793 102,406 113,851
Month 11 139,080 89,408 100,137 111,716 124,202
Month 12 165,571 89,408 100,137 111,716 124,202
 02/23/2021
19:15:43
Taxes
Years 1 to 15

### 2020 2021 2022 2023 2024

Revenues 5,519,031 6,208,910 6,953,979 7,758,032 8,625,107

Income Tax 0.30 0.30 0.30 0.30 0.30

Net Earnings Before Taxes 642,571 (694,191) (75,268) 582,965 1,291,720

Cumulative 642,571 (51,620) (126,887) 456,078 1,747,798

Taxes (192,771) 0 0 (136,823) (387,516)

Percent of Revenues -3.5% 0.0% 0.0% -1.8% -4.5%
 02/23/2021
Property and Equipment 19:15:43
"USD" 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030

Net Revenues 0 5,519,031 6,208,910 6,953,979 7,758,032 8,625,107 9,559,493 10,037,468 10,539,341 11,066,308 11,619,624

Capital Expenditures
Plant & Equipment 3,661,983
Buildings 5,065,492 0
Motor Vehicle 2,033,931 0
Land & Preliminaries Cost 136,500,000 0
Pre-operational Expenses 1,597,061
Total Capital Expenditures 148,858,467 0 0 0 0 0 0 0 0 0 0

Depreciation
Building 5,065,492 4,964,183 4,864,899 4,767,601 4,672,249 4,578,804 4,487,228 4,397,483 4,309,534 4,223,343
Depreciation of Building: 2% of CAPEX 2% 101,310 99,284 97,298 95,352 93,445 91,576 89,745 87,950 86,191 84,467
4,964,183 4,864,899 4,767,601 4,672,249 4,578,804 4,487,228 4,397,483 4,309,534 4,223,343 4,138,876

Machinery and Equipments: 4% of CAPEX 3,661,983 3,515,504 3,374,884 3,239,888 3,110,293 2,985,881 2,866,446 2,751,788 2,641,716 2,536,048
Depreciation of Machinery and Equipments 4.0% 146,479 140,620 134,995 129,596 124,412 119,435 114,658 110,072 105,669 101,442
3,515,504 3,374,884 3,239,888 3,110,293 2,985,881 2,866,446 2,751,788 2,641,716 2,536,048 2,434,606

Motor Vehicles: 12.5% of CAPEX 2,033,931 1,525,448 1,144,086 858,065 643,548 482,661 361,996 271,497 203,623 152,717
Depreciation of Motor Vehicles 25% 508,483 381,362 286,022 214,516 160,887 120,665 90,499 67,874 50,906 38,179
1,525,448 1,144,086 858,065 643,548 482,661 361,996 271,497 203,623 152,717 114,538

Pre-operation expenses: 20% 0 0 0 0 0 0 0 0 0 0

Depreciation of pre-operation expenses 10% 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0

TOTAL DEPRECIATION 756,272 621,266 518,315 439,464 378,744 331,677 294,901 265,895 242,765 224,088
% of revenue 13.7% 10.0% 7.5% 5.7% 4.4% 3.5% 2.9% 2.5% 2.2% 1.9%

PROPERTY & EQUIPMENT

Gross Asset Value 148,858,467 148,858,467 148,858,467 148,858,467 148,858,467 148,858,467 148,858,467 148,858,467 148,858,467 148,858,467
Accumulated Depreciation 756,272 1,377,538 1,895,853 2,335,316 2,714,060 3,045,737 3,340,638 3,606,534 3,849,299 4,073,387
Net Property and Equipment 148,102,195 147,480,929 146,962,615 146,523,151 146,144,407 145,812,730 145,517,829 145,251,934 145,009,169 144,785,081
Loan Amortization

Term Loan 11,092,630.84

W/C (New) 1,500,000.00
Interest Rate 12.0% Annualy
Interest Rate 1.0% Monthly
Loan Tenure 10 years
Grace Period 1 years
Repayment Period 9 years
Repayment Period 108 months

Year Month # of periods Beginning Balance Interest Expense Principal Repayment Total Payment Amount outstanding
January 1 12,592,631 125,926 - 12,718,557
February 2 12,718,557 127,186 - 12,845,743
March 3 12,845,743 128,457 - 12,974,200
April 4 12,974,200 129,742 - 13,103,942
May 5 13,103,942 131,039 - 13,234,982
June 6 13,234,982 132,350 - 13,367,331
2021
July 7 13,367,331 133,673 13,501,005
August 8 13,501,005 135,010 13,636,015
September 9 13,636,015 136,360 13,772,375
October 10 13,772,375 137,724 13,910,099
November 11 13,910,099 139,101 14,049,200
December 12 14,049,200 140,492 14,189,692
2021 Total 1,597,061 - -
January 13 14,189,692 141,897 73,563 215,460 14,116,129
February 14 14,116,129 141,161 74,298 215,460 14,041,831
March 15 14,041,831 140,418 75,041 215,460 13,966,789
April 16 13,966,789 139,668 75,792 215,460 13,890,998
May 17 13,890,998 138,910 76,550 215,460 13,814,448
June 18 13,814,448 138,144 77,315 215,460 13,737,133
2022
July 19 13,737,133 137,371 78,088 215,460 13,659,045
August 20 13,659,045 136,590 78,869 215,460 13,580,176
September 21 13,580,176 135,802 79,658 215,460 13,500,518
October 22 13,500,518 135,005 80,454 215,460 13,420,063
November 23 13,420,063 134,201 81,259 215,460 13,338,804
December 24 13,338,804 133,388 82,072 215,460 13,256,733
2022 Total 1,652,556 932,959 2,585,515
January 25 13,256,733 132,567 82,892 215,460 13,173,841
February 26 13,173,841 131,738 83,721 215,460 13,090,120
March 27 13,090,120 130,901 84,558 215,460 13,005,561
April 28 13,005,561 130,056 85,404 215,460 12,920,157
May 29 12,920,157 129,202 86,258 215,460 12,833,899
June 30 12,833,899 128,339 87,121 215,460 12,746,779
2023
July 31 12,746,779 127,468 87,992 215,460 12,658,787
August 32 12,658,787 126,588 88,872 215,460 12,569,915
September 33 12,569,915 125,699 89,760 215,460 12,480,155
October 34 12,480,155 124,802 90,658 215,460 12,389,497
November 35 12,389,497 123,895 91,565 215,460 12,297,932
December 36 12,297,932 122,979 92,480 215,460 12,205,452
2023Total 1,534,234 1,051,281 2,585,515
January 37 12,205,452 122,055 93,405 215,460 12,112,047
February 38 12,112,047 121,120 94,339 215,460 12,017,708
March 39 12,017,708 120,177 95,283 215,460 11,922,425
April 40 11,922,425 119,224 96,235 215,460 11,826,190
May 41 11,826,190 118,262 97,198 215,460 11,728,992
June 42 11,728,992 117,290 98,170 215,460 11,630,822
2024
July 43 11,630,822 116,308 99,151 215,460 11,531,671
August 44 11,531,671 115,317 100,143 215,460 11,431,528
September 45 11,431,528 114,315 101,144 215,460 11,330,384
October 46 11,330,384 113,304 102,156 215,460 11,228,228
November 47 11,228,228 112,282 103,177 215,460 11,125,051
December 48 11,125,051 111,251 104,209 215,460 11,020,842
2024 Total 1,400,905 1,184,610 2,585,515
January 49 11,020,842 110,208 105,251 215,460 10,915,591
February 50 10,915,591 109,156 106,304 215,460 10,809,287
March 51 10,809,287 108,093 107,367 215,460 10,701,920
April 52 10,701,920 107,019 108,440 215,460 10,593,480
May 53 10,593,480 105,935 109,525 215,460 10,483,955
June 54 10,483,955 104,840 110,620 215,460 10,373,335
2025
2025
July 55 10,373,335 103,733 111,726 215,460 10,261,609
August 56 10,261,609 102,616 112,843 215,460 10,148,765
September 57 10,148,765 101,488 113,972 215,460 10,034,793
October 58 10,034,793 100,348 115,112 215,460 9,919,682
November 59 9,919,682 99,197 116,263 215,460 9,803,419
December 60 9,803,419 98,034 117,425 215,460 9,685,994
2025 Total 1,250,667 1,334,848 2,585,515
January 61 9,685,994 96,860 118,600 215,460 9,567,394
February 62 9,567,394 95,674 119,786 215,460 9,447,608
March 63 9,447,608 94,476 120,983 215,460 9,326,625
April 64 9,326,625 93,266 122,193 215,460 9,204,432
May 65 9,204,432 92,044 123,415 215,460 9,081,016
June 66 9,081,016 90,810 124,649 215,460 8,956,367
2026
July 67 8,956,367 89,564 125,896 215,460 8,830,471
August 68 8,830,471 88,305 127,155 215,460 8,703,316
September 69 8,703,316 87,033 128,426 215,460 8,574,890
October 70 8,574,890 85,749 129,711 215,460 8,445,179
November 71 8,445,179 84,452 131,008 215,460 8,314,171
December 72 8,314,171 83,142 132,318 215,460 8,181,853
2026 Total 1,081,375 1,504,140 2,585,515
January 73 8,181,853 81,819 133,641 215,460 8,048,212
February 74 8,048,212 80,482 134,977 215,460 7,913,235
March 75 7,913,235 79,132 136,327 215,460 7,776,908
April 76 7,776,908 77,769 137,691 215,460 7,639,217
May 77 7,639,217 76,392 139,067 215,460 7,500,150
June 78 7,500,150 75,001 140,458 215,460 7,359,692
2027
July 79 7,359,692 73,597 141,863 215,460 7,217,829
August 80 7,217,829 72,178 143,281 215,460 7,074,548
September 81 7,074,548 70,745 144,714 215,460 6,929,834
October 82 6,929,834 69,298 146,161 215,460 6,783,672
November 83 6,783,672 67,837 147,623 215,460 6,636,049
December 84 6,636,049 66,360 149,099 215,460 6,486,950
2027 Total 890,612 1,694,903 2,585,515
January 85 6,486,950 64,870 150,590 215,460 6,336,360
February 86 6,336,360 63,364 152,096 215,460 6,184,264
March 87 6,184,264 61,843 153,617 215,460 6,030,647
April 88 6,030,647 60,306 155,153 215,460 5,875,494
May 89 5,875,494 58,755 156,705 215,460 5,718,790
June 90 5,718,790 57,188 158,272 215,460 5,560,518
2028
July 91 5,560,518 55,605 159,854 215,460 5,400,664
August 92 5,400,664 54,007 161,453 215,460 5,239,211
September 93 5,239,211 52,392 163,067 215,460 5,076,143
October 94 5,076,143 50,761 164,698 215,460 4,911,445
November 95 4,911,445 49,114 166,345 215,460 4,745,100
December 96 4,745,100 47,451 168,009 215,460 4,577,091
2028 Total 675,656 1,909,859 2,585,515
January 97 4,577,091 45,771 169,689 215,460 4,407,403
February 98 4,407,403 44,074 171,386 215,460 4,236,017
March 99 4,236,017 42,360 173,099 215,460 4,062,918
April 100 4,062,918 40,629 174,830 215,460 3,888,087
May 101 3,888,087 38,881 176,579 215,460 3,711,509
June 102 3,711,509 37,115 178,344 215,460 3,533,164
2029
July 103 3,533,164 35,332 180,128 215,460 3,353,036
August 104 3,353,036 33,530 181,929 215,460 3,171,107
September 105 3,171,107 31,711 183,749 215,460 2,987,358
October 106 2,987,358 29,874 185,586 215,460 2,801,772
November 107 2,801,772 28,018 187,442 215,460 2,614,331
December 108 2,614,331 26,143 189,316 215,460 2,425,014
2029 Total 433,438 2,152,077 2,585,515
January 109 2,425,014 24,250 191,209 215,460 2,233,805
February 110 2,233,805 22,338 193,122 215,460 2,040,683
March 111 2,040,683 20,407 195,053 215,460 1,845,631
April 112 1,845,631 18,456 197,003 215,460 1,648,627
May 113 1,648,627 16,486 198,973 215,460 1,449,654
June 114 1,449,654 14,497 200,963 215,460 1,248,691
2030
July 115 1,248,691 12,487 202,973 215,460 1,045,718
August 116 1,045,718 10,457 205,002 215,460 840,716
September 117 840,716 8,407 207,052 215,460 633,663
October 118 633,663 6,337 209,123 215,460 424,540
November 119 424,540 4,245 211,214 215,460 213,326
December 120 213,326 2,133 213,326 215,460 -
2030 Total 160,501 2,425,014 -
Grand Total 9,024,447 14,189,692
"TZS" 02/23/2021
19:15:44
Funding Projections
2020 2021 2022 2023 2024
Beginning Cash
Equity
Common 136,202,706
Increase / (Decrease) Previous Period 136,202,706 (136,202,706) 0
Preferred
A Round
B Round
Total Preferred
Increase / (Decrease) Previous Period
Total Equity 136,202,706 0 0 0 0

Debt
Short Term Debt 212,879 235,778 260,443 286,994 315,556
Increase / (Decrease) Previous Period 212,879 22,899 24,665 26,550 28,563

Long Term Debt

Current Portion
Long Term Portion 14,189,692 13,256,733 12,205,452 11,020,842 9,685,994
Total Long Term Debt 14,189,692 13,256,733 12,205,452 11,020,842 9,685,994

Increase / (Decrease) Previous Period

Current Portion
Long Term Protion 14,189,692 (932,959) (1,051,281) (1,184,610) (1,334,848)
Total Long Term Debt 14,189,692 (932,959) (1,051,281) (1,184,610) (1,334,848)

Total Equity & Debt 150,605,277 13,492,511 12,465,895 11,307,836 10,001,550

Interest
Interest Rate
Short Term Debt 12.0% 12.0% 12.0% 12.0% 12.0%
Long Term Debt 12.0% 12.0% 12.0% 12.0% 12.0%

Interest Expense
Short Term Debt 25,545 28,293 31,253 34,439 37,867
Long Term Debt 0 1,652,556 1,534,234 1,400,905 1,250,667
Total Interest 25,545 1,680,850 1,565,487 1,435,344 1,288,534

Interest Income
Interest Income 10

Retained Earnings
Net Income 449,800 (694,191) (75,268) 446,142 904,204
Dividends 0 0 0 0 0
Increase / (Decrease) Retained Earnings 449,800 (694,191) (75,268) 446,142 904,204
Beginning Retained Earnings 0 449,800 (244,391) (319,659) 126,483
Ending Retained Earnings 449,800 (244,391) (319,659) 126,483 1,030,687
 02/23/2021
Income Statement 19:15:44
"USD" 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030

NET REVENUES 5,519,031 6,208,910 6,953,979 7,758,032 8,625,107 9,559,493 10,037,468 10,539,341 11,066,308 11,619,624

COST OF PRODUCTION 4,094,642 4,600,985 4,945,444 5,300,259 5,666,109 6,043,713 6,154,474 6,270,792 6,392,945 6,521,226
% of Revenues 74% 74% 71% 68% 66% 63% 61% 59% 58% 56%

EARNINGS FROM OPERATION 1,424,388 1,607,925 2,008,534 2,457,773 2,958,998 3,515,780 3,882,993 4,268,549 4,673,364 5,098,398
% of Revenues 26% 26% 29% 32% 34% 37% 39% 41% 42% 44%

DEPRECIATION/ (EXPENSE) -756,272 -621,266 -518,315 -439,464 -378,744 -331,677 -294,901 -265,895 -242,765 -224,088

EARNINGS BEFORE INTEREST & TAXES 668,116 986,659 1,490,219 2,018,309 2,580,254 3,184,103 3,588,092 4,002,654 4,430,599 4,874,310

INTEREST INCOME / (EXPENSE) -25,545 -1,680,850 -1,565,487 -1,435,344 -1,288,534 -1,122,927 -934,222 -721,427 -481,478 -210,923

NET EARNINGS BEFORE TAXES 642,571 -694,191 -75,268 582,965 1,291,720 2,061,177 2,653,870 3,281,227 3,949,121 4,663,386

TAXES -192,771 0 0 -136,823 -387,516 -618,353 -796,161 -984,368 -1,184,736 -1,399,016

NET EARNINGS 449,800 -694,191 -75,268 446,142 904,204 1,442,824 1,857,709 2,296,859 2,764,384 3,264,370
% of Revenues 8% -11% -1% 6% 10% 15% 19% 22% 25% 28%

Commulative Net Earnings 449,800 -244,391 -319,659 126,483 1,030,687 2,473,511 4,331,220 6,628,079 9,392,463 12,656,834
 02/23/2021
19:15:44
Balance Sheet
"USD" 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030

ASSETS
CURRENT ASSETS
Cash 204,404 -134,885,490 -135,547,380 -135,904,357 -136,018,841 -135,815,994 -135,391,381 -134,773,234 -133,954,647 -132,929,513
Accounts Receivable 2,914,048 742,089 831,140 927,240 1,030,873 1,142,551 1,199,678 1,259,662 1,322,645 1,388,777
Inventories 0 0 0 0 0 0 0 0 0 0
Other Current Assets 1,611,557 894,083 1,001,373 1,117,157 1,242,015 1,376,567 1,445,395 1,517,665 1,593,548 1,673,226
Total Current Assets 4,730,009 -133,249,318 -133,714,868 -133,859,960 -133,745,953 -133,296,877 -132,746,307 -131,995,907 -131,038,454 -129,867,510
PROPERTY & EQUIPMENT 148,102,195 147,480,929 146,962,615 146,523,151 146,144,407 145,812,730 145,517,829 145,251,934 145,009,169 144,785,081
TOTAL ASSETS 152,832,205 14,231,611 13,247,747 12,663,191 12,398,454 12,515,854 12,771,522 13,256,027 13,970,715 14,917,571

LIABILITIES & SHAREHOLDERS' EQUITY

CURRENT LIABILITIES
Short Term Debt 212,879 235,778 260,443 286,994 315,556 346,266 363,417 381,425 400,334 420,188
Accounts Payable & Accrued Expen 1,611,557 894,083 1,001,373 1,117,157 1,242,015 1,376,567 1,445,395 1,517,665 1,593,548 1,673,226
Other Current Liab 165,571 89,408 100,137 111,716 124,202 137,657 144,540 151,767 159,355 167,323
Current portion of long term debt 0 0 0 0 0 0 0 0 0 0
Total Current Liabilities 1,990,007 1,219,269 1,361,954 1,515,866 1,681,773 1,860,490 1,953,352 2,050,857 2,153,237 2,260,737

LONG TERM DEBT (less current portion) 14,189,692 13,256,733 12,205,452 11,020,842 9,685,994 8,181,853 6,486,950 4,577,091 2,425,014 0

STOCKHOLDERS' EQUITY
CommonStock 136,202,706 0 0 0 0 0 0 0 0 0
Preferred Stock 0 0 0 0 0 0 0 0 0 0
Retained Earnings 449,800 -244,391 -319,659 126,483 1,030,687 2,473,511 4,331,220 6,628,079 9,392,463 12,656,834
Total Equity 136,652,506 -244,391 -319,659 126,483 1,030,687 2,473,511 4,331,220 6,628,079 9,392,463 12,656,834
TOTAL LIABILITIES & EQUITY 152,832,205 14,231,611 13,247,747 12,663,191 12,398,454 12,515,854 12,771,522 13,256,027 13,970,715 14,917,571
 02/23/2021
19:15:44
Cash Flow Statememt
"USD" 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
OPERATING ACTIVITIES
Net Earnings 449,800 -694,191 -75,268 446,142 904,204 1,442,824 1,857,709 2,296,859 2,764,384 3,264,370
Depreciation 756,272 621,266 518,315 439,464 378,744 331,677 294,901 265,895 242,765 224,088
Working Capital Changes
(Increase)/Decrease Accounts Receivable -2,914,048 2,171,959 -89,051 -96,101 -103,633 -111,678 -57,128 -59,984 -62,983 -66,132
(Increase)/Decrease Inventories 0 0 0 0 0 0 0 0 0 0
(Increase)/Decrease Other Current Assets -1,611,557 717,474 -107,290 -115,784 -124,859 -134,552 -68,828 -72,270 -75,883 -79,677
Increase/(Decrease) Accts Pay & Accrd Expenses 1,611,557 -717,474 107,290 115,784 124,859 134,552 68,828 72,270 75,883 79,677
Increase/(Decrease) Other Current Liab 165,571 -76,163 10,729 11,578 12,486 13,455 6,883 7,227 7,588 7,968
Net Cash Provided/(Used) by Operating Activities -1,542,406 2,022,872 364,726 801,083 1,191,801 1,676,278 2,102,366 2,509,998 2,951,755 3,430,294

INVESTING ACTIVITIES
Property & Equipment -148,858,467 0 0 0 0 0 0 0 0 0
Other
Net Cash Used in Investing Activities -148,858,467 0 0 0 0 0 0 0 0 0

FINANCING ACTIVITIES
Increase/(Decrease) Short Term Debt 212,879 22,899 24,665 26,550 28,563 30,709 17,151 18,008 18,909 19,854
Increase/(Decrease) Curr. Portion LTD 0 0 0 0 0 0 0 0 0 0
Increase/(Decrease) Long Term Debt 14,189,692 -932,959 -1,051,281 -1,184,610 -1,334,848 -1,504,140 -1,694,903 -1,909,859 -2,152,077 -2,425,014
Increase/(Decrease) Common Stock 136,202,706 -136,202,706 0 0 0 0 0 0 0 0
Increase/(Decrease) Preferred Stock 0 0 0 0 0 0 0 0 0 0
Dividends Declared 0 0 0 0 0 0 0 0 0 0
Net Cash Provided / (Used) by Financing 150,605,277 -137,112,766 -1,026,616 -1,158,060 -1,306,286 -1,473,431 -1,677,752 -1,891,851 -2,133,168 -2,405,160

INCREASE/(DECREASE) IN CASH 204,404 -135,089,894 -661,890 -356,976 -114,484 202,847 424,614 618,147 818,587 1,025,134

CASH AT BEGINNING OF YEAR 0 204,404 -134,885,490 -135,547,380 -135,904,357 -136,018,841 -135,815,994 -135,391,381 -134,773,234 -133,954,647
CASH AT END OF YEAR 204,404 -134,885,490 -135,547,380 -135,904,357 -136,018,841 -135,815,994 -135,391,381 -134,773,234 -133,954,647 -132,929,513
 02/23/2021
19:15:44

Break-Even Analysis
"USD" 2021 2022 2023 2024 2025
Revenue 5,519,031 6,208,910 6,953,979 7,758,032 8,625,107

Cost of Revenue
Variable 3,066,261 3,298,573 3,534,754 3,775,060 4,019,764
Fixed 1,028,382 1,302,412 1,410,691 1,525,200 1,646,345
Total 4,094,642 4,600,985 4,945,444 5,300,259 5,666,109

Operating Expenses
Variable 0.00 0.00 0.00 0.00 0.00
Fixed 0.00 0.00 0.00 0.00 0.00
Total 0.00 0.00 0.00 0.00 0.00

Total Costs & Expenses

Variable 3,066,261 3,298,573 3,534,754 3,775,060 4,019,764
Fixed 1,028,382 1,302,412 1,410,691 1,525,200 1,646,345
Total 4,094,642 4,600,985 4,945,444 5,300,259 5,666,109

Variable Costs/Revenue Ratio 0.56 0.53 0.51 0.49 0.47

Break-Even Point Revenues 2,313,984 2,778,565 2,869,046 2,970,783 3,083,354

 02/23/2021
19:15:44

#REF! Notes
Valuation
Venture Capital Method
Years 1 to 5

Assumptions: REF
Investor required IRR 60% A
P/E ratio at IPO or acquisition 15 B
Initial investment $1,500,000 C FV(A,C) G/F IRR(D,G)

REF D E F G H I J K
Market Required Future Investor's Investor's Investor's Investor's
Valuation Calculation Year Net Income Capitalization Value (Investor) Share Return ROI IRR IRR Calculation Workspace
Calculation Income Stmt B*E FV(F,D) C/G F*H I/C IRR(I,C,D) Start Year 1 Year 2 Year 3 Year 4 Year 5
Liquidity Event in Year 1 1 449,800 $6,746,996 $2,400,000 35.6% $2,400,000 160% 60% ($1,500,000) $2,400,000
Liquidity Event in Year 2 2 (694,191) ($10,412,865) $3,840,000 100.0% $0 0% #N/A ($1,500,000) $0 $0
Liquidity Event in Year 3 3 (75,268) ($1,129,013) $6,144,000 100.0% $0 0% #N/A ($1,500,000) $0 $0 $0
Liquidity Event in Year 4 4 446,142 $6,692,127 $9,830,400 146.9% $6,692,127 446% 45% ($1,500,000) $0 $0 $0 $6,692,127
Liquidity Event in Year 5 5 904,204 $13,563,065 $15,728,640 116.0% $13,563,065 904% 55% ($1,500,000) $0 $0 $0 $0 $13,563,065

Negotiation Workspace
Investor's Investor's Investor's Investor's
Year Share Return ROI IRR
1 25.0% $1,686,749 112% 12% ($1,500,000) $1,686,749
2 25.0% $0 0% #N/A ($1,500,000) $0 $0
3 25.0% $0 0% #N/A ($1,500,000) $0 $0 $0
4 25.0% $1,673,032 112% 3% ($1,500,000) $0 $0 $0 $1,673,032
5 40.0% $5,425,226 362% 29% ($1,500,000) $0 $0 $0 $0 $5,425,226
 02/23/2021
19:15:44

#REF!
Valuation
Venture Capital Method
Years 1 to 5
Multiple Rounds

Assumptions Ref Calculation

Month of IPO 60 A
Forecast annualized earnings at IPO $904,204 B
P/E ratio at IPO 15 C

Investment Round First Second Third

Month of Investment 0 24 C
Investor required IRR 60% 50% D
Amount of Investment $1,500,000 $500,000 E
Required Monthly IRR 5.00% 4.17% 0.00% F D/12
Duration of Investment 60 36 60 G A-C

Calculations
Market Capitalization at IPO $13,563,065 H B*C

First Second Third

Required FV for Investor at IPO $15,728,640 $1,687,500 $0 I E*(1+F)^G
Individual Investor's Share 116.0% 12.4% 0.0% J I/H
Individual Investor's ROI 1049% 338% #DIV/0! K I/E
Individual Investor's IRR 60% 50% #DIV/0! L (I/E)^(12/G)-1

Cumulative Investors' Share 116.0% 128.4% 128.4% M sum(J)

Cumulative Founders' Share -16.0% -28.4% -28.4% N 1-M

Negotiations Round First Second Third

Individual Investor's Share 15.0% 5.0% 3.0%
FV for Investor at IPO $2,034,460 $678,153 $406,892
Individual Investor's ROI 136% 136% #DIV/0!
Individual Investor's IRR 6% 11% #DIV/0!