LBO Case Study

BabyBurgers LLC - A Completely Fictional Company

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1 Sources & Uses LINK

2 Visuals LINK
3 CIM Financials LINK
4 Summary Financials LINK
5 Operating Model LINK

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Transaction: 12/31/2020
EBITDA
EBITDA at 12/31/2020 8,843
Sources Multiple
Senior Term Debt 25,000 2.8x
Subordinated Debt 17,000 1.9x
Equity 0.0x
TOTAL 42,000 4.7x

Uses Multiple
Seller Proceeds 0.0x
OldCo Debt 0.0x
Transaction Expenses 0.0x
Financing Fees 0.0x
TOTAL - 0.0x

This tab does not link to any other tab. It is provided as a template to help
you get started. You can manipulate it any way that you feel is appropriate.
Charts & Visuals
12/31/2011 12/31/2012 12/31/2013 12/31/2014 12/31/2015 12/31/2016
Revenue 1,078 5,851 6,518 6,848 7,820 9,913
EBITDA (214) 844 353 32 (330) 31
% of Revenue -19.8% 14.4% 5.4% 0.5% -4.2% 0.3%

21,558

13,843
9,913
6,518 6,848 7,820
5,851
2,535
844 353 32 (330) 31 843
12/31/2012 12/31/2013 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 1

Revenue EBITDA

60,071

51,118

34,603

21,558
2,535
13,843 843
10,706 11.8%
8,843
5,180 6.1%
2,535
843
12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2017 12/31/2018

Revenue EBITDA E
 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021
13,843 21,558 34,603 51,118 60,071
843 2,535 5,180 8,843 10,706
6.1% 11.8% 15.0% 17.3% 17.8%

60,071

51,118

34,603

21,558

13,843
10,706
8,843
5,180
2,535
843
016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021

venue EBITDA

10,706

8,843

5,180

2,535
843 17.3% 17.8%
11.8% 15.0%
6.1%

12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021

EBITDA % of Sales
CIM Financials
Income Statement 12/31/2017 12/31/2018 12/31/2019 12/31/2020
Revenue 13,842,500 21,558,250 34,602,910 51,118,010
Growth % 39.6% 55.7% 60.5% 47.7%
Cost of Goods Sold 10,436,441 15,691,667 24,913,852 36,534,048
Gross Margin 3,406,059 5,866,583 9,689,058 14,583,962
% of Sales 24.6% 27.2% 28.0% 28.5%
Total SG&A 2,999,525 3,811,160 5,067,858 6,423,441
EBIT 406,534 2,055,423 4,621,200 8,160,522
% of Sales 2.9% 9.5% 13.4% 16.0%
EBITDA 842,963 2,534,887 5,179,533 8,842,664
% of Sales 6.1% 11.8% 15.0% 17.3%
Balance Sheet 12/31/2017 12/31/2018 12/31/2019 12/31/2020
Cash 515,041 1,640,099 2,952,138 6,813,814
Accounts Receivable 1,365,000 2,209,815 3,506,100 4,934,785
Inventory 1,147,850 1,859,490 2,936,540 3,977,060
Current Assets 3,027,891 5,709,404 9,394,778 15,725,659
PP&E 1,958,333 2,153,869 2,395,536 2,763,393
Total Assets 4,986,224 7,863,273 11,790,314 18,489,052
Accounts Payable 583,500 945,324 1,490,484 1,991,372
Accrued Compensation 875,208 1,047,125 1,336,917 1,630,813
Current Liabilities 1,458,708 1,992,449 2,827,401 3,622,185
Revolving Line of Credit - - - -
Term Debt 3,600,000 4,200,000 3,800,000 3,400,000
Total Liabilities 5,058,708 6,192,449 6,627,401 7,022,185
Common Stock 750,000 750,000 750,000 750,000
Retained Earnings (822,484) 920,824 4,412,913 10,716,867
Total Equity (72,484) 1,670,824 5,162,913 11,466,867
Total Liabilities & Equity 4,986,224 7,863,273 11,790,314 18,489,052
Check - - - -
Investments 12/31/2017 12/31/2018 12/31/2019 12/31/2020
Capital Expenditures 600,000 675,000 800,000 1,050,000
% of Sales 4.3% 3.1% 2.3% 2.1%
12/31/2021
60,070,683
17.5%
43,014,284
17,056,399
28.4%
7,139,655
9,916,744
16.5%
10,706,030
17.8%
12/31/2021
12,771,242
5,481,000
5,000,000
23,252,242
3,224,107
26,476,349
2,500,000
1,802,313
4,302,313
-
3,000,000
7,302,313
750,000
18,424,037
19,174,037
26,476,349
-
12/31/2021
1,250,000
2.1%
Summary Financials
Income Statement 12/31/2011 12/31/2012 12/31/2013 12/31/2014
Revenue 1,078,125 5,851,000 6,517,875 6,847,750
YOY Growth NA 442.7% 11.4% 5.1%
Cost of Goods Sold
Direct Labor 134,167 563,750 992,500 1,172,500
Direct Labor Bonus 20,125 84,562 148,875 175,875
Ingredients 431,250 2,340,400 2,607,150 2,739,100
Packaging 80,859 438,825 488,841 513,581
Rent 78,000 111,000 144,000 144,000
Utilities 32,344 175,530 195,536 205,433
Supplies 48,516 263,295 293,304 308,149
Depreciation 50,714 59,048 79,286 178,095
Other 16,172 87,765 97,768 102,716
Total Cost of Goods Sold 892,147 4,124,175 5,047,260 5,539,449
Gross Margin 185,978 1,726,825 1,470,615 1,308,301
% of Sales 17.3% 29.5% 22.6% 19.1%
Selling, General & Administrative
Salaries 206,667 280,000 414,167 568,333
Employee Bonus 103,333 140,000 207,083 284,167
Rent 54,000 54,000 54,000 54,000
Freight 16,172 87,765 97,768 102,716
Advertising 43,125 234,040 260,715 273,910
Fees for Professional Services 26,953 146,275 162,947 171,194
Total SG&A 450,250 942,080 1,196,680 1,454,320
Earnings Before Interest and Taxes (264,272) 784,745 273,935 (146,019)
% of Sales -24.5% 13.4% 4.2% -2.1%
Interest Expense 221- 90,833- 70,833- 50,833-
PreTax Income (264,493)
- 693,912- 203,102- (196,852)
-
Tax Expense -- 150,297- 72,520- --
Net Income (264,493) 543,615 130,582 (196,852)
% of Sales -24.5% 9.3% 2.0% -2.9%
EBITDA (213,557) 843,793 353,221 32,076
% of Sales -19.8% 14.4% 5.4% 0.5%
Balance Sheet 12/31/2011 12/31/2012 12/31/2013 12/31/2014
Cash 2,028,430 1,540,272 1,078,735 198,036
Accounts Receivable - 537,375 550,125 596,000
Inventory 276,250 430,800 442,600 484,800
Current Assets 2,304,680 2,508,447 2,071,460 1,278,836
PP&E 304,286 345,238 865,952 1,187,857
Total Assets 2,608,965 2,853,685 2,937,412 2,466,693
Accounts Payable - - 221,750 243,800
Accrued Compensation 123,458 224,563 355,958 460,042
Current Liabilities 123,458 224,563 577,708 703,842
Revolving Line of Credit - - - -
Term Debt 2,000,000 1,600,000 1,200,000 800,000
Total Liabilities 2,123,458 1,824,563 1,777,708 1,503,842
Common Stock 750,000 750,000 750,000 750,000
Retained Earnings (264,493) 279,122 409,704 212,851
Total Equity 485,507 1,029,122 1,159,704 962,851
Total Liabilities & Equity 2,608,965 2,853,685 2,937,412 2,466,693
Check - - - -
Investments 12/31/2011 12/31/2012 12/31/2013 12/31/2014
Capital Expenditures 355,000 100,000 600,000 500,000
% of Revenue 32.9% 1.7% 9.2% 7.3%

HeadCount 12/31/2011 12/31/2012 12/31/2013 12/31/2014

Direct Labor
Hires 6 13 3 4
Cumulative 6 19 22 26
Revenue / Direct Labor Employee 179,688 307,947 296,267 263,375
SG&A Salaries
Hires 2 0 2 2
Cumulative 2 2 4 6
Revenue / SG&A Salary 539,063 2,925,500 1,629,469 1,141,292
Total Employees
Hires 8 13 5 6
Cumulative 8 21 26 32
Revenue / SG&A Salary 134,766 278,619 250,688 213,992
12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020
7,820,375 9,913,125 13,842,500 21,558,250 34,602,910 51,118,010
14.2% 26.8% 39.6% 55.7% 60.5% 47.7%

1,352,500 1,532,500 1,750,000 2,464,167 3,922,500 5,805,417

202,875 229,875 262,500 369,625 588,375 870,813
3,128,150 3,965,250 5,537,000 8,623,300 13,841,164 20,447,204
586,528 743,484 1,038,188 1,616,869 2,595,218 3,833,851
144,000 144,000 166,500 198,000 294,000 294,000
234,611 297,394 415,275 646,748 1,038,087 1,533,540
351,917 446,091 622,913 970,121 1,557,131 2,300,310
265,000 378,095 436,429 479,464 558,333 682,143
117,306 148,697 207,638 323,374 519,044 766,770
6,382,887 7,885,386 10,436,441 15,691,667 24,913,852 36,534,048
1,437,488 2,027,739 3,406,059 5,866,583 9,689,058 14,583,962
18.4% 20.5% 24.6% 27.2% 28.0% 28.5%

902,083 1,018,750 1,225,417 1,355,000 1,497,083 1,520,000

451,042 509,375 612,708 677,500 748,542 760,000
54,000 54,000 54,000 54,000 54,000 54,000
117,306 148,697 207,638 323,374 519,044 766,770
312,815 396,525 553,700 862,330 1,384,116 2,044,720
195,509 247,828 346,063 538,956 865,073 1,277,950
2,032,755 2,375,175 2,999,525 3,811,160 5,067,858 6,423,441
(595,267) (347,436) 406,534 2,055,423 4,621,200 8,160,522
-7.6% -3.5% 2.9% 9.5% 13.4% 16.0%
114,167- 194,167- 190,833- 177,337- 200,833- 180,833-
(709,434)
- (541,603)
- 215,701- 1,878,086- 4,420,366- 7,979,688-
-- -- -- 134,778- 928,277- 1,675,735-
(709,434) (541,603) 215,701 1,743,308 3,492,089 6,303,954
-9.1% -5.5% 1.6% 8.1% 10.1% 12.3%
(330,267) 30,659 842,963 2,534,887 5,179,533 8,842,664
-4.2% 0.3% 6.1% 11.8% 15.0% 17.3%
12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020
781,502 1,322,778 515,041 1,640,099 2,952,138 6,813,814
712,375 944,875 1,365,000 2,209,815 3,506,100 4,934,785
587,150 788,500 1,147,850 1,859,490 2,936,540 3,977,060
2,081,027 3,056,153 3,027,891 5,709,404 9,394,778 15,725,659
1,522,857 1,794,762 1,958,333 2,153,869 2,395,536 2,763,393
3,603,884 4,850,915 4,986,224 7,863,273 11,790,314 18,489,052
296,550 399,850 583,500 945,324 1,490,484 1,991,372
 653,917 739,250 875,208 1,047,125 1,336,917 1,630,813
950,467 1,139,100 1,458,708 1,992,449 2,827,401 3,622,185
- - - - - -
2,400,000 4,000,000 3,600,000 4,200,000 3,800,000 3,400,000
3,350,467 5,139,100 5,058,708 6,192,449 6,627,401 7,022,185
750,000 750,000 750,000 750,000 750,000 750,000
(496,582) (1,038,185) (822,484) 920,824 4,412,913 10,716,867
253,418 (288,185) (72,484) 1,670,824 5,162,913 11,466,867
3,603,884 4,850,915 4,986,224 7,863,273 11,790,314 18,489,052
- - - - - -
12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020
600,000 650,000 600,000 675,000 800,000 1,050,000
7.7% 6.6% 4.3% 3.1% 2.3% 2.1%

12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020

4 4 10 22 38 31
30 34 44 66 104 135
260,679 291,563 314,602 326,640 332,720 378,652

2 4 2 2 1 0
8 12 14 16 17 17
977,547 826,094 988,750 1,347,391 2,035,465 3,006,942

6 8 12 24 39 31
38 46 58 82 121 152
205,799 215,503 238,664 262,905 285,974 336,303
12/31/2021
60,070,683
17.5%

6,948,750
1,042,313
24,028,273
4,505,301
294,000
1,802,121
2,703,181
789,286
901,060
43,014,284
17,056,399
28.4%

1,520,000
760,000
54,000
901,060
2,402,827
1,501,767
7,139,655
9,916,744
16.5%
160,833-
9,755,911-
2,048,741-
7,707,170
12.8%
10,706,030
17.8%
12/31/2021
12,771,242
5,481,000
5,000,000
23,252,242
3,224,107
26,476,349
2,500,000
 1,802,313
4,302,313
-
3,000,000
7,302,313
750,000
18,424,037
19,174,037
26,476,349
-
12/31/2021
1,250,000
2.1%

12/31/2021

20
155
387,553

0
17
3,533,570

20
172
349,248
 BabyBurgers Operating Model
x Income Statement

Revenue
YOY Growth
Cost of Goods Sold % of Sales
Direct Labor NA
Direct Labor Bonus NA
Ingredients 40.0%
Packaging 7.5%
Rent NA
Utilities 3.0%
Supplies 4.5%
Depreciation NA
Other 1.5%
Total Cost of Goods Sold
Gross Margin
% of Sales
Selling, General & Administrative % of Sales
Salaries NA
Employee Bonus NA
Rent NA
Freight 1.5%
Advertising 4.0%
Fees for Professional Services 2.5%
Total SG&A
Earnings Before Interest and Taxes
% of Sales
Interest Expense
PreTax Income
Less: NOL Carryforward
Taxable Income
Tax Expense
Tax Rate
Net Income
% of Sales
x Revenue
x COGS Labor Year Start Date Salary
x SG&A Labor Year Start Date Salary
x NOL Carryforward
x Balance Sheet
Cash Raise: 750,000
Accounts Receivable
 Inventory
Current Assets
PP&E
Total Assets
Accounts Payable
Accrued Compensation
Current Liabilities
Revolving Line of Credit
Term Debt
Total Liabilities
Common Stock Raise: 750,000
Retained Earnings
Total Equity
Total Liabilities & Equity
Check
x Accounts Receivable
x Inventory
x Accounts Payable
x PP&E Schedule
x Line of Credit
x Term Debt
x Cash Flow Statement
Cash Flow from Operating Activities
Net Income
Add Back Non-Cash Items
Depreciation
Amortization
Total Non-Cash Adjustments
Operating Cash Flow Before Working Capital
Changes in Working Capital
Accounts Receivable
Inventory
Accounts Payable
Accruals Expenses
Total Changes in Working Capital
Cash Flow from Operations
Cash Flow from Investing Activities
Capital Expenditures
Cash Flow from Investing
Cash Flow from Financing Activities
Term Debt
Revolving Line of Credit
 Cash Flow from Financing Activities
Net Cash Flow
Beginning Cash Balance
Ending Cash Balance
x End.
1/31/2011 2/28/2011 3/31/2011 4/30/2011 5/31/2011
2011 2011 2011 2011 2011

12,500 15,625 21,875 28,125 25,000

NA NA NA NA NA

7,500 7,500 7,500 7,500 7,500

1,125 1,125 1,125 1,125 1,125
5,000 6,250 8,750 11,250 10,000
938 1,172 1,641 2,109 1,875
6,500 6,500 6,500 6,500 6,500
375 469 656 844 750
563 703 984 1,266 1,125
4,226 4,226 4,226 4,226 4,226
188 234 328 422 375
26,414 28,179 31,711 35,242 33,476
(13,914) (12,554) (9,836) (7,117) (8,476)
-111.3% -80.3% -45.0% -25.3% -33.9%

5,417 5,417 10,833 10,833 10,833

2,708 2,708 5,417 5,417 5,417
4,500 4,500 4,500 4,500 4,500
188 234 328 422 375
500 625 875 1,125 1,000
313 391 547 703 625
13,625 13,875 22,500 23,000 22,750
(27,539) (26,429) (32,336) (30,117) (31,226)
-220.3% -169.1% -147.8% -107.1% -124.9%
- - - - -
(27,539) (26,429) (32,336) (30,117) (31,226)
- - - - -
- - - - -
- - - - -
35% 35% 35% 35% 35%
(27,539) (26,429) (32,336) (30,117) (31,226)
-220.3% -169.1% -147.8% -107.1% -124.9%

1/31/2011 2/28/2011 3/31/2011 4/30/2011 5/31/2011

360,521 337,151 314,333 282,484 247,026
- - - - -
 15,000 20,000 21,250 33,750 48,750
375,521 357,151 335,583 316,234 295,776
350,774 346,548 342,321 338,095 333,869
726,295 703,699 677,905 654,330 629,645
- - - - -
3,833 7,667 14,208 20,750 27,292
3,833 7,667 14,208 20,750 27,292
- - - - -
- - - - -
3,833 7,667 14,208 20,750 27,292
750,000 750,000 750,000 750,000 750,000
(27,539) (53,968) (86,304) (116,420) (147,647)
722,461 696,032 663,696 633,580 602,353
726,295 703,699 677,905 654,330 629,645
- - - - -

1/31/2011 2/28/2011 3/31/2011 4/30/2011 5/31/2011

(27,539) (26,429) (32,336) (30,117) (31,226)

4,226 4,226 4,226 4,226 4,226

4,226 4,226 4,226 4,226 4,226

(23,313) (22,203) (28,109) (25,891) (27,000)

- - - - -
(15,000) (5,000) (1,250) (12,500) (15,000)
- - - - -
3,833 3,833 6,542 6,542 6,542
(11,167) (1,167) 5,292 (5,958) (8,458)
(34,479) (23,370) (22,818) (31,849) (35,458)

(355,000) - - - -
(355,000) - - - -

- - - - -
- - - - -
 - - - - -
(389,479) (23,370) (22,818) (31,849) (35,458)
750,000 360,521 337,151 314,333 282,484
360,521 337,151 314,333 282,484 247,026
6/30/2011 7/31/2011 8/31/2011 9/30/2011 10/31/2011
2011 2011 2011 2011 2011

59,375 62,500 65,625 96,875 153,125

NA NA NA NA NA

7,500 7,500 11,250 11,250 16,667

1,125 1,125 1,688 1,688 2,500
23,750 25,000 26,250 38,750 61,250
4,453 4,688 4,922 7,266 11,484
6,500 6,500 6,500 6,500 6,500
1,781 1,875 1,969 2,906 4,594
2,672 2,813 2,953 4,359 6,891
4,226 4,226 4,226 4,226 4,226
891 938 984 1,453 2,297
52,898 54,664 60,742 78,398 116,408
6,477 7,836 4,883 18,477 36,717
10.9% 12.5% 7.4% 19.1% 24.0%

23,333 23,333 23,333 23,333 23,333

11,667 11,667 11,667 11,667 11,667
4,500 4,500 4,500 4,500 4,500
891 938 984 1,453 2,297
2,375 2,500 2,625 3,875 6,125
1,484 1,563 1,641 2,422 3,828
44,250 44,500 44,750 47,250 51,750
(37,773) (36,664) (39,867) (28,773) (15,033)
-63.6% -58.7% -60.7% -29.7% -9.8%
- - - - -
(37,773) (36,664) (39,867) (28,773) (15,033)
- - - - -
- - - - -
- - - - -
35% 35% 35% 35% 35%
(37,773) (36,664) (39,867) (28,773) (15,033)
-63.6% -58.7% -60.7% -29.7% -9.8%

6/30/2011 7/31/2011 8/31/2011 9/30/2011 10/31/2011

223,771 190,375 133,089 108,146 10,255
- - - - -
 51,250 65,000 100,000 113,750 215,000
275,021 255,375 233,089 221,896 225,255
329,643 325,417 321,190 316,964 312,738
604,664 580,792 554,279 538,860 537,993
- - - - -
40,083 52,875 66,229 79,583 93,750
40,083 52,875 66,229 79,583 93,750
- - - - -
- - - - -
40,083 52,875 66,229 79,583 93,750
750,000 750,000 750,000 750,000 750,000
(185,420) (222,083) (261,950) (290,723) (305,757)
564,580 527,917 488,050 459,277 444,243
604,664 580,792 554,279 538,860 537,993
- - - - -

6/30/2011 7/31/2011 8/31/2011 9/30/2011 10/31/2011

(37,773) (36,664) (39,867) (28,773) (15,033)

4,226 4,226 4,226 4,226 4,226

4,226 4,226 4,226 4,226 4,226

(33,547) (32,437) (35,641) (24,547) (10,807)

- - - - -
(2,500) (13,750) (35,000) (13,750) (101,250)
- - - - -
12,792 12,792 13,354 13,354 14,167
10,292 (958) (21,646) (396) (87,083)
(23,255) (33,396) (57,286) (24,943) (97,891)

- - - - -
- - - - -

- - - - -
- - - - -
 - - - - -
(23,255) (33,396) (57,286) (24,943) (97,891)
247,026 223,771 190,375 133,089 108,146
223,771 190,375 133,089 108,146 10,255
11/30/2011 12/31/2011 1/31/2012 2/29/2012 3/31/2012
2011 2011 2012 2012 2012

131,250 406,250 278,125 412,500 415,625

NA NA 2125.0% 2540.0% 1800.0%

16,667 25,833 37,917 37,917 37,917

2,500 3,875 5,687 5,687 5,687
52,500 162,500 111,250 165,000 166,250
9,844 30,469 20,859 30,938 31,172
6,500 6,500 6,500 6,500 6,500
3,938 12,188 8,344 12,375 12,469
5,906 18,281 12,516 18,563 18,703
4,226 4,226 4,226 4,226 4,226
1,969 6,094 4,172 6,188 6,234
104,049 269,966 211,471 287,393 289,158
27,201 136,284 66,654 125,107 126,467
20.7% 33.5% 24.0% 30.3% 30.4%

23,333 23,333 23,333 23,333 23,333

11,667 11,667 11,667 11,667 11,667
4,500 4,500 4,500 4,500 4,500
1,969 6,094 4,172 6,188 6,234
5,250 16,250 11,125 16,500 16,625
3,281 10,156 6,953 10,313 10,391
50,000 72,000 61,750 72,500 72,750
(22,799) 64,284 4,904 52,607 53,717
-17.4% 15.8% 1.8% 12.8% 12.9%
221 - 8,333 8,333 7,917
(23,020) 64,284 (3,429) 44,274 45,800
- (64,284) - (44,274) (45,800)
- - - - -
- - - - -
35% 35% 35% 35% 35%
(23,020) 64,284 (3,429) 44,274 45,800
-17.5% 15.8% -1.2% 10.7% 11.0%

11/30/2011 12/31/2011 1/31/2012 2/29/2012 3/31/2012

- 2,028,430 1,713,456 1,622,435 1,416,982
- - 278,125 412,500 415,625
 273,750 276,250 331,250 353,750 400,000
273,750 2,304,680 2,322,831 2,388,685 2,232,607
308,512 304,286 300,060 295,833 291,607
582,262 2,608,965 2,622,890 2,684,518 2,524,214
- - - - -
107,917 123,458 140,813 158,167 52,063
107,917 123,458 140,813 158,167 52,063
53,122 - - - -
- 2,000,000 2,000,000 2,000,000 1,900,000
161,039 2,123,458 2,140,813 2,158,167 1,952,063
750,000 750,000 750,000 750,000 750,000
(328,777) (264,493) (267,922) (223,648) (177,849)
421,223 485,507 482,078 526,352 572,151
582,262 2,608,965 2,622,890 2,684,518 2,524,214
- - - - -

11/30/2011 12/31/2011 1/31/2012 2/29/2012 3/31/2012

(23,020) 64,284 (3,429) 44,274 45,800

4,226 4,226 4,226 4,226 4,226

4,226 4,226 4,226 4,226 4,226

(18,794) 68,510 797 48,500 50,026

- - (278,125) (134,375) (3,125)

(58,750) (2,500) (55,000) (22,500) (46,250)
- - - - -
14,167 15,542 17,354 17,354 (106,104)
(44,583) 13,042 (315,771) (139,521) (155,479)
(63,378) 81,552 (314,974) (91,021) (105,453)

- - - - -
- - - - -

- 2,000,000 - - (100,000)
53,122 (53,122) - - -
53,122 1,946,878 - - (100,000)
(10,255) 2,028,430 (314,974) (91,021) (205,453)
10,255 - 2,028,430 1,713,456 1,622,435
- 2,028,430 1,713,456 1,622,435 1,416,982
4/30/2012 5/31/2012 6/30/2012 7/31/2012 8/31/2012
2012 2012 2012 2012 2012

468,750 531,250 532,250 533,250 534,250

1566.7% 2025.0% 796.4% 753.2% 714.1%

43,333 43,333 43,333 47,083 47,083

6,500 6,500 6,500 7,063 7,063
187,500 212,500 212,900 213,300 213,700
35,156 39,844 39,919 39,994 40,069
6,500 6,500 6,500 12,000 12,000
14,063 15,938 15,968 15,998 16,028
21,094 23,906 23,951 23,996 24,041
4,226 4,226 5,417 5,417 5,417
7,031 7,969 7,984 7,999 8,014
325,403 360,716 362,471 372,849 373,414
143,347 170,534 169,779 160,401 160,836
30.6% 32.1% 31.9% 30.1% 30.1%

23,333 23,333 23,333 23,333 23,333

11,667 11,667 11,667 11,667 11,667
4,500 4,500 4,500 4,500 4,500
7,031 7,969 7,984 7,999 8,014
18,750 21,250 21,290 21,330 21,370
11,719 13,281 13,306 13,331 13,356
77,000 82,000 82,080 82,160 82,240
66,347 88,534 87,699 78,241 78,596
14.2% 16.7% 16.5% 14.7% 14.7%
7,917 7,917 7,500 7,500 7,500
58,430 80,618 80,199 70,741 71,096
(58,430) (80,618) (38,801) - -
- - 41,398 70,741 71,096
- - 14,489 24,759 24,884
35% 35% 35% 35% 35%
58,430 80,618 65,710 45,982 46,213
12.5% 15.2% 12.3% 8.6% 8.6%

4/30/2012 5/31/2012 6/30/2012 7/31/2012 8/31/2012

1,419,280 1,458,990 1,346,483 1,414,861 1,483,569
468,750 531,250 532,250 533,250 534,250
 425,400 426,200 427,000 427,750 428,400
2,313,430 2,416,440 2,305,733 2,375,861 2,446,219
287,381 283,155 377,738 372,321 366,905
2,600,811 2,699,595 2,683,471 2,748,182 2,813,124
- - - - -
70,229 88,396 106,563 125,292 144,021
70,229 88,396 106,563 125,292 144,021
- - - - -
1,900,000 1,900,000 1,800,000 1,800,000 1,800,000
1,970,229 1,988,396 1,906,563 1,925,292 1,944,021
750,000 750,000 750,000 750,000 750,000
(119,419) (38,801) 26,909 72,890 119,103
630,581 711,199 776,909 822,890 869,103
2,600,811 2,699,595 2,683,471 2,748,182 2,813,124
- - - - -

4/30/2012 5/31/2012 6/30/2012 7/31/2012 8/31/2012

58,430 80,618 65,710 45,982 46,213

4,226 4,226 5,417 5,417 5,417

4,226 4,226 5,417 5,417 5,417

62,656 84,844 71,126 51,398 51,629

(53,125) (62,500) (1,000) (1,000) (1,000)

(25,400) (800) (800) (750) (650)
- - - - -
18,167 18,167 18,167 18,729 18,729
(60,358) (45,133) 16,367 16,979 17,079
2,298 39,710 87,493 68,378 68,708

- - (100,000) - -
- - (100,000) - -

- - (100,000) - -
- - - - -
 - - (100,000) - -
2,298 39,710 (112,507) 68,378 68,708
1,416,982 1,419,280 1,458,990 1,346,483 1,414,861
1,419,280 1,458,990 1,346,483 1,414,861 1,483,569
9/30/2012 10/31/2012 11/30/2012 12/31/2012 1/31/2013
2012 2012 2012 2012 2013

535,125 535,875 536,625 537,375 538,125

452.4% 250.0% 308.9% 32.3% 93.5%

47,083 50,833 50,833 77,083 77,083

7,063 7,625 7,625 11,562 11,562
214,050 214,350 214,650 214,950 215,250
40,134 40,191 40,247 40,303 40,359
12,000 12,000 12,000 12,000 12,000
16,054 16,076 16,099 16,121 16,144
24,081 24,114 24,148 24,182 24,216
5,417 5,417 5,417 5,417 5,417
8,027 8,038 8,049 8,061 8,072
373,908 378,644 379,068 409,679 410,103
161,217 157,231 157,557 127,696 128,022
30.1% 29.3% 29.4% 23.8% 23.8%

23,333 23,333 23,333 23,333 23,333

11,667 11,667 11,667 11,667 11,667
4,500 4,500 4,500 4,500 4,500
8,027 8,038 8,049 8,061 8,072
21,405 21,435 21,465 21,495 21,525
13,378 13,397 13,416 13,434 13,453
82,310 82,370 82,430 82,490 82,550
78,907 74,861 75,127 45,206 45,472
14.7% 14.0% 14.0% 8.4% 8.5%
7,083 7,083 7,083 6,667 6,667
71,824 67,777 68,044 38,539 38,805
- - - - -
71,824 67,777 68,044 38,539 38,805
25,138 23,722 23,815 13,489 13,582
35% 35% 35% 35% 35%
46,685 44,055 44,228 25,050 25,223
8.7% 8.2% 8.2% 4.7% 4.7%

9/30/2012 10/31/2012 11/30/2012 12/31/2012 1/31/2013

1,452,925 1,520,339 1,587,925 1,540,272 1,808,641
535,125 535,875 536,625 537,375 538,125
 429,000 429,600 430,200 430,800 431,400
2,417,050 2,485,814 2,554,750 2,508,447 2,778,166
361,488 356,071 350,655 345,238 339,821
2,778,538 2,841,885 2,905,405 2,853,685 3,117,987
- - - - 215,850
162,750 182,042 201,333 224,563 247,792
162,750 182,042 201,333 224,563 463,642
- - - - -
1,700,000 1,700,000 1,700,000 1,600,000 1,600,000
1,862,750 1,882,042 1,901,333 1,824,563 2,063,642
750,000 750,000 750,000 750,000 750,000
165,788 209,843 254,072 279,122 304,345
915,788 959,843 1,004,072 1,029,122 1,054,345
2,778,538 2,841,885 2,905,405 2,853,685 3,117,987
- - - - -

9/30/2012 10/31/2012 11/30/2012 12/31/2012 1/31/2013

46,685 44,055 44,228 25,050 25,223

5,417 5,417 5,417 5,417 5,417

5,417 5,417 5,417 5,417 5,417

52,102 49,472 49,645 30,467 30,640

(875) (750) (750) (750) (750)

(600) (600) (600) (600) (600)
- - - - 215,850
18,729 19,292 19,292 23,229 23,229
17,254 17,942 17,942 21,879 237,729
69,356 67,414 67,587 52,346 268,369

- - - - -
- - - - -

(100,000) - - (100,000) -
- - - - -
(100,000) - - (100,000) -
(30,644) 67,414 67,587 (47,654) 268,369
1,483,569 1,452,925 1,520,339 1,587,925 1,540,272
1,452,925 1,520,339 1,587,925 1,540,272 1,808,641
2/28/2013 3/31/2013 4/30/2013 5/31/2013 6/30/2013
2013 2013 2013 2013 2013

538,875 539,625 540,375 541,125 542,000

30.6% 29.8% 15.3% 1.9% 1.8%

77,083 77,083 80,833 80,833 80,833

11,562 11,562 12,125 12,125 12,125
215,550 215,850 216,150 216,450 216,800
40,416 40,472 40,528 40,584 40,650
12,000 12,000 12,000 12,000 12,000
16,166 16,189 16,211 16,234 16,260
24,249 24,283 24,317 24,351 24,390
5,417 5,417 5,417 5,417 6,607
8,083 8,094 8,106 8,117 8,130
410,527 410,951 415,687 416,111 417,795
128,348 128,674 124,688 125,014 124,205
23.8% 23.8% 23.1% 23.1% 22.9%

23,333 23,333 23,333 23,333 42,500

11,667 11,667 11,667 11,667 21,250
4,500 4,500 4,500 4,500 4,500
8,083 8,094 8,106 8,117 8,130
21,555 21,585 21,615 21,645 21,680
13,472 13,491 13,509 13,528 13,550
82,610 82,670 82,730 82,790 111,610
45,738 46,004 41,958 42,224 12,595
8.5% 8.5% 7.8% 7.8% 2.3%
6,667 6,250 6,250 6,250 5,833
39,071 39,754 35,708 35,974 6,761
- - - - -
39,071 39,754 35,708 35,974 6,761
13,675 13,914 12,498 12,591 2,366
35% 35% 35% 35% 35%
25,396 25,840 23,210 23,383 4,395
4.7% 4.8% 4.3% 4.3% 0.8%

2/28/2013 3/31/2013 4/30/2013 5/31/2013 6/30/2013

1,861,633 1,590,507 1,641,875 1,693,367 1,536,469
538,875 539,625 540,375 541,125 542,000
 432,000 432,600 433,250 434,000 434,850
2,832,508 2,562,732 2,615,500 2,668,492 2,513,319
334,405 328,988 323,571 318,155 411,548
3,166,913 2,891,720 2,939,072 2,986,647 2,924,867
216,150 216,450 216,800 217,200 217,650
271,021 69,687 93,479 117,271 150,646
487,171 286,138 310,279 334,471 368,296
- - - - -
1,600,000 1,500,000 1,500,000 1,500,000 1,400,000
2,087,171 1,786,138 1,810,279 1,834,471 1,768,296
750,000 750,000 750,000 750,000 750,000
329,742 355,582 378,793 402,176 406,571
1,079,742 1,105,582 1,128,793 1,152,176 1,156,571
3,166,913 2,891,720 2,939,072 2,986,647 2,924,867
- - - - -

2/28/2013 3/31/2013 4/30/2013 5/31/2013 6/30/2013

25,396 25,840 23,210 23,383 4,395

5,417 5,417 5,417 5,417 6,607

5,417 5,417 5,417 5,417 6,607

30,813 31,257 28,627 28,800 11,002

(750) (750) (750) (750) (875)

(600) (600) (650) (750) (850)
300 300 350 400 450
23,229 (201,333) 23,792 23,792 33,375
22,179 (202,383) 22,742 22,692 32,100
52,992 (171,126) 51,369 51,492 43,102

- - - - (100,000)
- - - - (100,000)

- (100,000) - - (100,000)
- - - - -
 - (100,000) - - (100,000)
52,992 (271,126) 51,369 51,492 (156,898)
1,808,641 1,861,633 1,590,507 1,641,875 1,693,367
1,861,633 1,590,507 1,641,875 1,693,367 1,536,469
7/31/2013 8/31/2013 9/30/2013 10/31/2013 11/30/2013
2013 2013 2013 2013 2013

543,000 544,125 545,375 546,750 548,375

1.8% 1.8% 1.9% 2.0% 2.2%

84,583 84,583 84,583 88,333 88,333

12,687 12,687 12,687 13,250 13,250
217,200 217,650 218,150 218,700 219,350
40,725 40,809 40,903 41,006 41,128
12,000 12,000 12,000 12,000 12,000
16,290 16,324 16,361 16,403 16,451
24,435 24,486 24,542 24,604 24,677
6,607 6,607 6,607 6,607 6,607
8,145 8,162 8,181 8,201 8,226
422,673 423,309 424,015 429,104 430,022
120,327 120,816 121,360 117,646 118,353
22.2% 22.2% 22.3% 21.5% 21.6%

42,500 42,500 42,500 42,500 42,500

21,250 21,250 21,250 21,250 21,250
4,500 4,500 4,500 4,500 4,500
8,145 8,162 8,181 8,201 8,226
21,720 21,765 21,815 21,870 21,935
13,575 13,603 13,634 13,669 13,709
111,690 111,780 111,880 111,990 112,120
8,637 9,036 9,480 5,656 6,233
1.6% 1.7% 1.7% 1.0% 1.1%
5,833 5,833 5,417 5,417 5,417
2,804 3,203 4,063 239 816
- - - - -
2,804 3,203 4,063 239 816
981 1,121 1,422 84 286
35% 35% 35% 35% 35%
1,822 2,082 2,641 155 530
0.3% 0.4% 0.5% 0.0% 0.1%

7/31/2013 8/31/2013 9/30/2013 10/31/2013 11/30/2013

1,577,386 1,618,388 1,559,773 1,599,011 1,638,324
543,000 544,125 545,375 546,750 548,375
 435,800 436,850 438,050 439,400 440,900
2,556,186 2,599,363 2,543,198 2,585,161 2,627,599
404,940 398,333 391,726 385,119 378,512
2,961,126 2,997,696 2,934,925 2,970,280 3,006,110
218,150 218,700 219,350 220,050 220,850
184,583 218,521 252,458 286,958 321,458
402,733 437,221 471,808 507,008 542,308
- - - - -
1,400,000 1,400,000 1,300,000 1,300,000 1,300,000
1,802,733 1,837,221 1,771,808 1,807,008 1,842,308
750,000 750,000 750,000 750,000 750,000
408,393 410,475 413,116 413,272 413,802
1,158,393 1,160,475 1,163,116 1,163,272 1,163,802
2,961,126 2,997,696 2,934,925 2,970,280 3,006,110
- - - - -

7/31/2013 8/31/2013 9/30/2013 10/31/2013 11/30/2013

1,822 2,082 2,641 155 530

6,607 6,607 6,607 6,607 6,607

6,607 6,607 6,607 6,607 6,607

8,430 8,689 9,248 6,763 7,138

(1,000) (1,125) (1,250) (1,375) (1,625)

(950) (1,050) (1,200) (1,350) (1,500)
500 550 650 700 800
33,938 33,938 33,938 34,500 34,500
32,488 32,313 32,138 32,475 32,175
40,917 41,002 41,386 39,238 39,313

- - - - -
- - - - -

- - (100,000) - -
- - - - -
 - - (100,000) - -
40,917 41,002 (58,614) 39,238 39,313
1,536,469 1,577,386 1,618,388 1,559,773 1,599,011
1,577,386 1,618,388 1,559,773 1,599,011 1,638,324
12/31/2013 1/31/2014 2/28/2014 3/31/2014 4/30/2014
2013 2014 2014 2014 2014

550,125 552,125 554,375 557,000 559,875

2.4% 2.6% 2.9% 3.2% 3.6%

88,333 92,083 92,083 92,083 95,833

13,250 13,812 13,812 13,812 14,375
220,050 220,850 221,750 222,800 223,950
41,259 41,409 41,578 41,775 41,991
12,000 12,000 12,000 12,000 12,000
16,504 16,564 16,631 16,710 16,796
24,756 24,846 24,947 25,065 25,194
12,560 12,560 12,560 14,940 14,940
8,252 8,282 8,316 8,355 8,398
436,963 442,406 443,677 447,541 453,478
113,162 109,719 110,698 109,459 106,397
20.6% 19.9% 20.0% 19.7% 19.0%

42,500 42,500 42,500 42,500 42,500

21,250 21,250 21,250 21,250 21,250
4,500 4,500 4,500 4,500 4,500
8,252 8,282 8,316 8,355 8,398
22,005 22,085 22,175 22,280 22,395
13,753 13,803 13,859 13,925 13,997
112,260 112,420 112,600 112,810 113,040
902 (2,701) (1,902) (3,351) (6,643)
0.2% -0.5% -0.3% -0.6% -1.2%
5,000 5,000 5,000 4,583 4,583
(4,098) (7,701) (6,902) (7,935) (11,227)
- - - - -
- - - - -
- - - - -
35% 35% 35% 35% 35%
(4,098) (7,701) (6,902) (7,935) (11,227)
-0.7% -1.4% -1.2% -1.4% -2.0%

12/31/2013 1/31/2014 2/28/2014 3/31/2014 4/30/2014

1,078,735 1,115,756 1,153,175 535,510 570,724
550,125 552,125 554,375 557,000 559,875
 442,600 444,550 446,750 449,150 451,800
2,071,460 2,112,431 2,154,300 1,541,660 1,582,399
865,952 853,393 840,833 1,025,893 1,010,952
2,937,412 2,965,824 2,995,134 2,567,553 2,593,352
221,750 222,800 223,950 225,200 226,600
355,958 391,021 426,083 105,188 140,813
577,708 613,821 650,033 330,388 367,413
- - - - -
1,200,000 1,200,000 1,200,000 1,100,000 1,100,000
1,777,708 1,813,821 1,850,033 1,430,388 1,467,413
750,000 750,000 750,000 750,000 750,000
409,704 402,003 395,100 387,166 375,939
1,159,704 1,152,003 1,145,100 1,137,166 1,125,939
2,937,412 2,965,824 2,995,134 2,567,553 2,593,352
- - - - -

12/31/2013 1/31/2014 2/28/2014 3/31/2014 4/30/2014

(4,098) (7,701) (6,902) (7,935) (11,227)

12,560 12,560 12,560 14,940 14,940

12,560 12,560 12,560 14,940 14,940

8,461 4,859 5,657 7,006 3,714

(1,750) (2,000) (2,250) (2,625) (2,875)

(1,700) (1,950) (2,200) (2,400) (2,650)
900 1,050 1,150 1,250 1,400
34,500 35,063 35,063 (320,896) 35,625
31,950 32,163 31,763 (324,671) 31,500
40,411 37,021 37,420 (317,665) 35,214

(500,000) - - (200,000) -
(500,000) - - (200,000) -

(100,000) - - (100,000) -
- - - - -
(100,000) - - (100,000) -
(559,589) 37,021 37,420 (617,665) 35,214
1,638,324 1,078,735 1,115,756 1,153,175 535,510
1,078,735 1,115,756 1,153,175 535,510 570,724
5/31/2014 6/30/2014 7/31/2014 8/31/2014 9/30/2014
2014 2014 2014 2014 2014

563,000 566,500 570,375 574,625 579,375

4.0% 4.5% 5.0% 5.6% 6.2%

95,833 95,833 99,583 99,583 99,583

14,375 14,375 14,937 14,937 14,937
225,200 226,600 228,150 229,850 231,750
42,225 42,488 42,778 43,097 43,453
12,000 12,000 12,000 12,000 12,000
16,890 16,995 17,111 17,239 17,381
25,335 25,493 25,667 25,858 26,072
14,940 14,940 14,940 14,940 14,940
8,445 8,498 8,556 8,619 8,691
455,244 457,221 463,723 466,124 468,808
107,756 109,279 106,652 108,501 110,567
19.1% 19.3% 18.7% 18.9% 19.1%

42,500 48,750 48,750 48,750 48,750

21,250 24,375 24,375 24,375 24,375
4,500 4,500 4,500 4,500 4,500
8,445 8,498 8,556 8,619 8,691
22,520 22,660 22,815 22,985 23,175
14,075 14,163 14,259 14,366 14,484
113,290 122,945 123,255 123,595 123,975
(5,534) (13,666) (16,603) (15,094) (13,408)
-1.0% -2.4% -2.9% -2.6% -2.3%
4,583 4,167 4,167 4,167 3,750
(10,117) (17,833) (20,770) (19,261) (17,158)
- - - - -
- - - - -
- - - - -
35% 35% 35% 35% 35%
(10,117) (17,833) (20,770) (19,261) (17,158)
-1.8% -3.1% -3.6% -3.4% -3.0%

5/31/2014 6/30/2014 7/31/2014 8/31/2014 9/30/2014

606,648 537,455 565,363 594,205 524,500
563,000 566,500 570,375 574,625 579,375
 454,750 458,000 461,600 465,550 469,800
1,624,398 1,561,955 1,597,338 1,634,380 1,573,675
996,012 981,071 966,131 951,190 936,250
2,620,410 2,543,027 2,563,469 2,585,571 2,509,925
228,150 229,850 231,750 233,800 236,000
176,438 215,188 254,500 293,813 333,125
404,588 445,038 486,250 527,613 569,125
- - - - -
1,100,000 1,000,000 1,000,000 1,000,000 900,000
1,504,588 1,445,038 1,486,250 1,527,613 1,469,125
750,000 750,000 750,000 750,000 750,000
365,822 347,989 327,219 307,958 290,800
1,115,822 1,097,989 1,077,219 1,057,958 1,040,800
2,620,410 2,543,027 2,563,469 2,585,571 2,509,925
- - - - -

5/31/2014 6/30/2014 7/31/2014 8/31/2014 9/30/2014

(10,117) (17,833) (20,770) (19,261) (17,158)

14,940 14,940 14,940 14,940 14,940

14,940 14,940 14,940 14,940 14,940

4,823 (2,893) (5,829) (4,321) (2,218)

(3,125) (3,500) (3,875) (4,250) (4,750)

(2,950) (3,250) (3,600) (3,950) (4,250)
1,550 1,700 1,900 2,050 2,200
35,625 38,750 39,313 39,313 39,313
31,100 33,700 33,738 33,163 32,513
35,923 30,807 27,908 28,842 30,295

- - - - -
- - - - -

- (100,000) - - (100,000)
- - - - -
 - (100,000) - - (100,000)
35,923 (69,193) 27,908 28,842 (69,705)
570,724 606,648 537,455 565,363 594,205
606,648 537,455 565,363 594,205 524,500
10/31/2014 11/30/2014 12/31/2014 1/31/2015 2/28/2015
2014 2014 2014 2015 2015

584,500 590,000 596,000 602,500 609,500

6.9% 7.6% 8.3% 9.1% 9.9%

103,333 103,333 103,333 107,083 107,083

15,500 15,500 15,500 16,062 16,062
233,800 236,000 238,400 241,000 243,800
43,838 44,250 44,700 45,188 45,713
12,000 12,000 12,000 12,000 12,000
17,535 17,700 17,880 18,075 18,285
26,303 26,550 26,820 27,113 27,428
14,940 14,940 18,512 18,512 18,512
8,768 8,850 8,940 9,038 9,143
476,016 479,124 486,085 494,070 498,025
108,484 110,876 109,915 108,430 111,475
18.6% 18.8% 18.4% 18.0% 18.3%

48,750 48,750 63,333 63,333 63,333

24,375 24,375 31,667 31,667 31,667
4,500 4,500 4,500 4,500 4,500
8,768 8,850 8,940 9,038 9,143
23,380 23,600 23,840 24,100 24,380
14,613 14,750 14,900 15,063 15,238
124,385 124,825 147,180 147,700 148,260
(15,901) (13,949) (37,265) (39,270) (36,785)
-2.7% -2.4% -6.3% -6.5% -6.0%
3,750 3,750 3,333 3,333 3,333
(19,651) (17,699) (40,599) (42,604) (40,119)
- - - - -
- - - - -
- - - - -
35% 35% 35% 35% 35%
(19,651) (17,699) (40,599) (42,604) (40,119)
-3.4% -3.0% -6.8% -7.1% -6.6%

10/31/2014 11/30/2014 12/31/2014 1/31/2015 2/28/2015

552,339 581,556 198,036 212,373 228,446
584,500 590,000 596,000 602,500 609,500
 474,400 479,400 484,800 490,650 496,950
1,611,239 1,650,956 1,278,836 1,305,523 1,334,896
921,310 906,369 1,187,857 1,169,345 1,150,833
2,532,549 2,557,325 2,466,693 2,474,869 2,485,729
238,400 241,000 243,800 246,850 250,100
373,000 412,875 460,042 507,771 555,500
611,400 653,875 703,842 754,621 805,600
- - - - -
900,000 900,000 800,000 800,000 800,000
1,511,400 1,553,875 1,503,842 1,554,621 1,605,600
750,000 750,000 750,000 750,000 750,000
271,149 253,450 212,851 170,248 130,129
1,021,149 1,003,450 962,851 920,248 880,129
2,532,549 2,557,325 2,466,693 2,474,869 2,485,729
- - - - -

10/31/2014 11/30/2014 12/31/2014 1/31/2015 2/28/2015

(19,651) (17,699) (40,599) (42,604) (40,119)

14,940 14,940 18,512 18,512 18,512

14,940 14,940 18,512 18,512 18,512

(4,711) (2,758) (22,087) (24,092) (21,607)

(5,125) (5,500) (6,000) (6,500) (7,000)

(4,600) (5,000) (5,400) (5,850) (6,300)
2,400 2,600 2,800 3,050 3,250
39,875 39,875 47,167 47,729 47,729
32,550 31,975 38,567 38,429 37,679
27,839 29,217 16,480 14,338 16,072

- - (300,000) - -
- - (300,000) - -

- - (100,000) - -
- - - - -
 - - (100,000) - -
27,839 29,217 (383,520) 14,338 16,072
524,500 552,339 581,556 198,036 212,373
552,339 581,556 198,036 212,373 228,446
3/31/2015 4/30/2015 5/31/2015 6/30/2015 7/31/2015
2015 2015 2015 2015 2015

617,125 625,250 633,875 643,125 653,000

10.8% 11.7% 12.6% 13.5% 14.5%

107,083 110,833 110,833 110,833 114,583

16,062 16,625 16,625 16,625 17,188
246,850 250,100 253,550 257,250 261,200
46,284 46,894 47,541 48,234 48,975
12,000 12,000 12,000 12,000 12,000
18,514 18,758 19,016 19,294 19,590
27,771 28,136 28,524 28,941 29,385
20,893 20,893 20,893 23,274 23,274
9,257 9,379 9,508 9,647 9,795
504,714 513,617 518,491 526,098 535,990
112,411 111,633 115,384 117,027 117,010
18.2% 17.9% 18.2% 18.2% 17.9%

73,750 73,750 73,750 79,167 79,167

36,875 36,875 36,875 39,583 39,583
4,500 4,500 4,500 4,500 4,500
9,257 9,379 9,508 9,647 9,795
24,685 25,010 25,355 25,725 26,120
15,428 15,631 15,847 16,078 16,325
164,495 165,145 165,835 174,700 175,490
(52,084) (53,512) (50,451) (57,673) (58,480)
-8.4% -8.6% -8.0% -9.0% -9.0%
11,250 11,250 11,250 10,833 10,833
(63,334) (64,762) (61,701) (68,506) (69,313)
- - - - -
- - - - -
- - - - -
35% 35% 35% 35% 35%
(63,334) (64,762) (61,701) (68,506) (69,313)
-10.3% -10.4% -9.7% -10.7% -10.6%

3/31/2015 4/30/2015 5/31/2015 6/30/2015 7/31/2015

1,468,025 1,466,081 1,466,448 1,164,224 1,160,881
617,125 625,250 633,875 643,125 653,000
 503,650 510,800 518,450 526,600 535,250
2,588,800 2,602,131 2,618,773 2,333,949 2,349,131
1,329,940 1,309,048 1,288,155 1,464,881 1,441,607
3,918,741 3,911,178 3,906,928 3,798,830 3,790,738
253,550 257,250 261,200 265,400 269,850
148,396 201,896 255,396 311,604 368,375
401,946 459,146 516,596 577,004 638,225
- - - - -
2,700,000 2,700,000 2,700,000 2,600,000 2,600,000
3,101,946 3,159,146 3,216,596 3,177,004 3,238,225
750,000 750,000 750,000 750,000 750,000
66,795 2,032 (59,668) (128,174) (197,487)
816,795 752,032 690,332 621,826 552,513
3,918,741 3,911,178 3,906,928 3,798,830 3,790,738
- - - - -

3/31/2015 4/30/2015 5/31/2015 6/30/2015 7/31/2015

(63,334) (64,762) (61,701) (68,506) (69,313)

20,893 20,893 20,893 23,274 23,274

20,893 20,893 20,893 23,274 23,274

(42,441) (43,870) (40,808) (45,232) (46,039)

(7,625) (8,125) (8,625) (9,250) (9,875)

(6,700) (7,150) (7,650) (8,150) (8,650)
3,450 3,700 3,950 4,200 4,450
(407,104) 53,500 53,500 56,208 56,771
(417,979) 41,925 41,175 43,008 42,696
(460,421) (1,945) 367 (2,224) (3,343)

(200,000) - - (200,000) -
(200,000) - - (200,000) -

1,900,000 - - (100,000) -
- - - - -
1,900,000 - - (100,000) -
1,239,579 (1,945) 367 (302,224) (3,343)
228,446 1,468,025 1,466,081 1,466,448 1,164,224
1,468,025 1,466,081 1,466,448 1,164,224 1,160,881
8/31/2015 9/30/2015 10/31/2015 11/30/2015 12/31/2015
2015 2015 2015 2015 2015

663,500 674,625 686,500 699,000 712,375

15.5% 16.4% 17.5% 18.5% 19.5%

114,583 114,583 118,333 118,333 118,333

17,188 17,188 17,750 17,750 17,750
265,400 269,850 274,600 279,600 284,950
49,763 50,597 51,488 52,425 53,428
12,000 12,000 12,000 12,000 12,000
19,905 20,239 20,595 20,970 21,371
29,858 30,358 30,893 31,455 32,057
23,274 23,274 23,274 23,274 25,655
9,953 10,119 10,298 10,485 10,686
541,922 548,208 559,230 566,292 576,230
121,578 126,417 127,270 132,708 136,145
18.3% 18.7% 18.5% 19.0% 19.1%

79,167 79,167 79,167 79,167 79,167

39,583 39,583 39,583 39,583 39,583
4,500 4,500 4,500 4,500 4,500
9,953 10,119 10,298 10,485 10,686
26,540 26,985 27,460 27,960 28,495
16,588 16,866 17,163 17,475 17,809
176,330 177,220 178,170 179,170 180,240
(54,752) (50,803) (50,900) (46,462) (44,095)
-8.3% -7.5% -7.4% -6.6% -6.2%
10,833 10,417 10,417 10,417 10,000
(65,585) (61,219) (61,316) (56,879) (54,095)
- - - - -
- - - - -
- - - - -
35% 35% 35% 35% 35%
(65,585) (61,219) (61,316) (56,879) (54,095)
-9.9% -9.1% -8.9% -8.1% -7.6%

8/31/2015 9/30/2015 10/31/2015 11/30/2015 12/31/2015

1,160,390 1,063,340 1,065,756 1,071,634 781,502
663,500 674,625 686,500 699,000 712,375
 544,450 554,200 564,550 575,550 587,150
2,368,340 2,292,165 2,316,806 2,346,184 2,081,027
1,418,333 1,395,060 1,371,786 1,348,512 1,522,857
3,786,673 3,687,225 3,688,592 3,694,696 3,603,884
274,600 279,600 284,950 290,600 296,550
425,146 481,917 539,250 596,583 653,917
699,746 761,517 824,200 887,183 950,467
- - - - -
2,600,000 2,500,000 2,500,000 2,500,000 2,400,000
3,299,746 3,261,517 3,324,200 3,387,183 3,350,467
750,000 750,000 750,000 750,000 750,000
(263,073) (324,292) (385,608) (442,487) (496,582)
486,927 425,708 364,392 307,513 253,418
3,786,673 3,687,225 3,688,592 3,694,696 3,603,884
- - - - -

8/31/2015 9/30/2015 10/31/2015 11/30/2015 12/31/2015

(65,585) (61,219) (61,316) (56,879) (54,095)

23,274 23,274 23,274 23,274 25,655

23,274 23,274 23,274 23,274 25,655

(42,312) (37,946) (38,042) (33,605) (28,440)

(10,500) (11,125) (11,875) (12,500) (13,375)

(9,200) (9,750) (10,350) (11,000) (11,600)
4,750 5,000 5,350 5,650 5,950
56,771 56,771 57,333 57,333 57,333
41,821 40,896 40,458 39,483 38,308
(491) 2,950 2,416 5,878 9,868

- - - - (200,000)
- - - - (200,000)

- (100,000) - - (100,000)
- - - - -
 - (100,000) - - (100,000)
(491) (97,050) 2,416 5,878 (290,132)
1,160,881 1,160,390 1,063,340 1,065,756 1,071,634
1,160,390 1,063,340 1,065,756 1,071,634 781,502
1/31/2016 2/29/2016 3/31/2016 4/30/2016 5/31/2016
2016 2016 2016 2016 2016

726,500 741,375 757,250 774,000 791,625

20.6% 21.6% 22.7% 23.8% 24.9%

122,083 122,083 122,083 125,833 125,833

18,313 18,313 18,313 18,875 18,875
290,600 296,550 302,900 309,600 316,650
54,488 55,603 56,794 58,050 59,372
12,000 12,000 12,000 12,000 12,000
21,795 22,241 22,718 23,220 23,749
32,693 33,362 34,076 34,830 35,623
25,655 25,655 31,012 31,012 31,012
10,898 11,121 11,359 11,610 11,874
588,523 596,927 611,254 625,030 634,988
137,977 144,448 145,996 148,970 156,637
19.0% 19.5% 19.3% 19.2% 19.8%

79,167 79,167 79,167 79,167 79,167

39,583 39,583 39,583 39,583 39,583
4,500 4,500 4,500 4,500 4,500
10,898 11,121 11,359 11,610 11,874
29,060 29,655 30,290 30,960 31,665
18,163 18,534 18,931 19,350 19,791
181,370 182,560 183,830 185,170 186,580
(43,393) (38,112) (37,834) (36,200) (29,943)
-6.0% -5.1% -5.0% -4.7% -3.8%
10,000 10,000 17,917 17,917 17,917
(53,393) (48,112) (55,751) (54,117) (47,860)
- - - - -
- - - - -
- - - - -
35% 35% 35% 35% 35%
(53,393) (48,112) (55,751) (54,117) (47,860)
-7.3% -6.5% -7.4% -7.0% -6.0%

1/31/2016 2/29/2016 3/31/2016 4/30/2016 5/31/2016

791,585 805,798 1,612,463 1,624,017 1,640,552
726,500 741,375 757,250 774,000 791,625
 599,450 612,500 626,250 640,750 656,050
2,117,535 2,159,673 2,995,963 3,038,767 3,088,227
1,497,202 1,471,548 1,890,536 1,859,524 1,828,512
3,614,737 3,631,221 4,886,499 4,898,291 4,916,739
302,900 309,600 316,650 324,100 331,950
711,813 769,708 173,688 232,146 290,604
1,014,713 1,079,308 490,338 556,246 622,554
- - - - -
2,400,000 2,400,000 4,300,000 4,300,000 4,300,000
3,414,713 3,479,308 4,790,338 4,856,246 4,922,554
750,000 750,000 750,000 750,000 750,000
(549,975) (598,088) (653,838) (707,955) (755,815)
200,025 151,912 96,162 42,045 (5,815)
3,614,737 3,631,221 4,886,499 4,898,291 4,916,739
- - - - -

1/31/2016 2/29/2016 3/31/2016 4/30/2016 5/31/2016

(53,393) (48,112) (55,751) (54,117) (47,860)

25,655 25,655 31,012 31,012 31,012

25,655 25,655 31,012 31,012 31,012

(27,738) (22,458) (24,739) (23,105) (16,848)

(14,125) (14,875) (15,875) (16,750) (17,625)

(12,300) (13,050) (13,750) (14,500) (15,300)
6,350 6,700 7,050 7,450 7,850
57,896 57,896 (596,021) 58,458 58,458
37,821 36,671 (618,596) 34,658 33,383
10,083 14,213 (643,335) 11,553 16,535

- - (450,000) - -
- - (450,000) - -

- - 1,900,000 - -
- - - - -
 - - 1,900,000 - -
10,083 14,213 806,665 11,553 16,535
781,502 791,585 805,798 1,612,463 1,624,017
791,585 805,798 1,612,463 1,624,017 1,640,552
6/30/2016 7/31/2016 8/31/2016 9/30/2016 10/31/2016
2016 2016 2016 2016 2016

810,250 829,875 850,500 872,250 895,250

26.0% 27.1% 28.2% 29.3% 30.4%

125,833 129,583 129,583 129,583 133,333

18,875 19,438 19,438 19,438 20,000
324,100 331,950 340,200 348,900 358,100
60,769 62,241 63,788 65,419 67,144
12,000 12,000 12,000 12,000 12,000
24,308 24,896 25,515 26,168 26,858
36,461 37,344 38,273 39,251 40,286
33,393 33,393 33,393 33,393 33,393
12,154 12,448 12,758 13,084 13,429
647,892 663,293 674,946 687,235 704,542
162,358 166,582 175,554 185,015 190,708
20.0% 20.1% 20.6% 21.2% 21.3%

85,417 85,417 85,417 89,167 89,167

42,708 42,708 42,708 44,583 44,583
4,500 4,500 4,500 4,500 4,500
12,154 12,448 12,758 13,084 13,429
32,410 33,195 34,020 34,890 35,810
20,256 20,747 21,263 21,806 22,381
197,445 199,015 200,665 208,030 209,870
(35,087) (32,433) (25,111) (23,015) (19,162)
-4.3% -3.9% -3.0% -2.6% -2.1%
17,500 17,500 17,500 17,083 17,083
(52,587) (49,933) (42,611) (40,098) (36,246)
- - - - -
- - - - -
- - - - -
35% 35% 35% 35% 35%
(52,587) (49,933) (42,611) (40,098) (36,246)
-6.5% -6.0% -5.0% -4.6% -4.0%

6/30/2016 7/31/2016 8/31/2016 9/30/2016 10/31/2016

1,356,466 1,374,196 1,397,799 1,324,164 1,353,245
810,250 829,875 850,500 872,250 895,250
 672,150 689,100 707,000 725,850 745,700
2,838,866 2,893,171 2,955,299 2,922,264 2,994,195
1,995,119 1,961,726 1,928,333 1,894,940 1,861,548
4,833,985 4,854,897 4,883,632 4,817,205 4,855,742
340,200 348,900 358,100 367,750 377,950
352,188 414,333 476,479 540,500 605,083
692,388 763,233 834,579 908,250 983,033
- - - - -
4,200,000 4,200,000 4,200,000 4,100,000 4,100,000
4,892,388 4,963,233 5,034,579 5,008,250 5,083,033
750,000 750,000 750,000 750,000 750,000
(808,403) (858,336) (900,947) (941,045) (977,291)
(58,403) (108,336) (150,947) (191,045) (227,291)
4,833,985 4,854,897 4,883,632 4,817,205 4,855,742
- - - - -

6/30/2016 7/31/2016 8/31/2016 9/30/2016 10/31/2016

(52,587) (49,933) (42,611) (40,098) (36,246)

33,393 33,393 33,393 33,393 33,393

33,393 33,393 33,393 33,393 33,393

(19,195) (16,540) (9,218) (6,705) (2,853)

(18,625) (19,625) (20,625) (21,750) (23,000)

(16,100) (16,950) (17,900) (18,850) (19,850)
8,250 8,700 9,200 9,650 10,200
61,583 62,146 62,146 64,021 64,583
35,108 34,271 32,821 33,071 31,933
15,914 17,731 23,603 26,365 29,080

(200,000) - - - -
(200,000) - - - -

(100,000) - - (100,000) -
- - - - -
(100,000) - - (100,000) -
(284,086) 17,731 23,603 (73,635) 29,080
1,640,552 1,356,466 1,374,196 1,397,799 1,324,164
1,356,466 1,374,196 1,397,799 1,324,164 1,353,245
11/30/2016 12/31/2016 1/31/2017 2/28/2017 3/31/2017
2016 2016 2017 2017 2017

919,375 944,875 971,625 999,625 1,029,125

31.5% 32.6% 33.7% 34.8% 35.9%

133,333 133,333 137,083 137,083 137,083

20,000 20,000 20,563 20,563 20,563
367,750 377,950 388,650 399,850 411,650
68,953 70,866 72,872 74,972 77,184
12,000 12,000 12,000 12,000 12,000
27,581 28,346 29,149 29,989 30,874
41,372 42,519 43,723 44,983 46,311
33,393 33,393 33,393 33,393 35,774
13,791 14,173 14,574 14,994 15,437
718,173 732,581 752,007 767,827 786,875
201,202 212,294 219,618 231,798 242,250
21.9% 22.5% 22.6% 23.2% 23.5%

89,167 99,167 99,167 99,167 99,167

44,583 49,583 49,583 49,583 49,583
4,500 4,500 4,500 4,500 4,500
13,791 14,173 14,574 14,994 15,437
36,775 37,795 38,865 39,985 41,165
22,984 23,622 24,291 24,991 25,728
211,800 228,840 230,980 233,220 235,580
(10,598) (16,546) (11,362) (1,422) 6,670
-1.2% -1.8% -1.2% -0.1% 0.6%
17,083 16,667 16,667 16,667 16,250
(27,681) (33,212) (28,028) (18,088) (9,580)
- - - - -
- - - - -
- - - - -
35% 35% 35% 35% 35%
(27,681) (33,212) (28,028) (18,088) (9,580)
-3.0% -3.5% -2.9% -1.8% -0.9%

11/30/2016 12/31/2016 1/31/2017 2/28/2017 3/31/2017

1,389,214 1,322,778 1,360,339 1,405,989 421,228
919,375 944,875 971,625 999,625 1,029,125
 766,600 788,500 811,500 835,650 860,950
3,075,189 3,056,153 3,143,464 3,241,264 2,311,303
1,828,155 1,794,762 1,761,369 1,727,976 1,892,202
4,903,344 4,850,915 4,904,833 4,969,240 4,203,506
388,650 399,850 411,650 424,000 436,950
669,667 739,250 809,396 879,542 210,438
1,058,317 1,139,100 1,221,046 1,303,542 647,388
- - - - -
4,100,000 4,000,000 4,000,000 4,000,000 3,900,000
5,158,317 5,139,100 5,221,046 5,303,542 4,547,388
750,000 750,000 750,000 750,000 750,000
(1,004,972) (1,038,185) (1,066,213) (1,084,302) (1,093,882)
(254,972) (288,185) (316,213) (334,302) (343,882)
4,903,344 4,850,915 4,904,833 4,969,240 4,203,506
- - - - -

11/30/2016 12/31/2016 1/31/2017 2/28/2017 3/31/2017

(27,681) (33,212) (28,028) (18,088) (9,580)

33,393 33,393 33,393 33,393 35,774

33,393 33,393 33,393 33,393 35,774

5,711 181 5,364 15,304 26,194

(24,125) (25,500) (26,750) (28,000) (29,500)

(20,900) (21,900) (23,000) (24,150) (25,300)
10,700 11,200 11,800 12,350 12,950
64,583 69,583 70,146 70,146 (669,104)
30,258 33,383 32,196 30,346 (710,954)
35,970 33,564 37,560 45,650 (684,761)

- - - - (200,000)
- - - - (200,000)

- (100,000) - - (100,000)
- - - - -
 - (100,000) - - (100,000)
35,970 (66,436) 37,560 45,650 (984,761)
1,353,245 1,389,214 1,322,778 1,360,339 1,405,989
1,389,214 1,322,778 1,360,339 1,405,989 421,228
4/30/2017 5/31/2017 6/30/2017 7/31/2017 8/31/2017
2017 2017 2017 2017 2017

1,060,000 1,092,375 1,126,375 1,161,875 1,199,125

37.0% 38.0% 39.0% 40.0% 41.0%

140,833 140,833 140,833 144,583 144,583

21,125 21,125 21,125 21,688 21,688
424,000 436,950 450,550 464,750 479,650
79,500 81,928 84,478 87,141 89,934
12,000 12,000 12,000 12,000 16,500
31,800 32,771 33,791 34,856 35,974
47,700 49,157 50,687 52,284 53,961
35,774 35,774 36,964 36,964 36,964
15,900 16,386 16,896 17,428 17,987
808,632 826,924 847,324 871,694 897,241
251,368 265,451 279,051 290,181 301,884
23.7% 24.3% 24.8% 25.0% 25.2%

99,167 99,167 103,333 103,333 103,333

49,583 49,583 51,667 51,667 51,667
4,500 4,500 4,500 4,500 4,500
15,900 16,386 16,896 17,428 17,987
42,400 43,695 45,055 46,475 47,965
26,500 27,309 28,159 29,047 29,978
238,050 240,640 249,610 252,450 255,430
13,318 24,811 29,441 37,731 46,454
1.3% 2.3% 2.6% 3.2% 3.9%
16,250 16,250 15,833 15,833 15,833
(2,932) 8,561 13,607 21,897 30,621
- (8,561) (13,607) (21,897) (30,621)
- - - - -
- - - - -
35% 35% 35% 35% 35%
(2,932) 8,561 13,607 21,897 30,621
-0.3% 0.8% 1.2% 1.9% 2.6%

4/30/2017 5/31/2017 6/30/2017 7/31/2017 8/31/2017

480,953 550,021 425,184 507,000 595,139
1,060,000 1,092,375 1,126,375 1,161,875 1,199,125
 887,500 915,300 944,400 974,850 1,006,600
2,428,453 2,557,696 2,495,959 2,643,725 2,800,864
1,856,429 1,820,655 1,883,690 1,846,726 1,809,762
4,284,882 4,378,351 4,379,650 4,490,451 4,610,626
450,550 464,750 479,650 495,200 511,400
281,146 351,854 424,646 498,000 571,354
731,696 816,604 904,296 993,200 1,082,754
- - - - -
3,900,000 3,900,000 3,800,000 3,800,000 3,800,000
4,631,696 4,716,604 4,704,296 4,793,200 4,882,754
750,000 750,000 750,000 750,000 750,000
(1,096,814) (1,088,253) (1,074,646) (1,052,749) (1,022,128)
(346,814) (338,253) (324,646) (302,749) (272,128)
4,284,882 4,378,351 4,379,650 4,490,451 4,610,626
- - - - -

4/30/2017 5/31/2017 6/30/2017 7/31/2017 8/31/2017

(2,932) 8,561 13,607 21,897 30,621

35,774 35,774 36,964 36,964 36,964

35,774 35,774 36,964 36,964 36,964

32,842 44,335 50,571 58,861 67,585

(30,875) (32,375) (34,000) (35,500) (37,250)

(26,550) (27,800) (29,100) (30,450) (31,750)
13,600 14,200 14,900 15,550 16,200
70,708 70,708 72,792 73,354 73,354
26,883 24,733 24,592 22,954 20,554
59,725 69,068 75,163 81,816 88,139

- - (100,000) - -
- - (100,000) - -

- - (100,000) - -
- - - - -
 - - (100,000) - -
59,725 69,068 (124,837) 81,816 88,139
421,228 480,953 550,021 425,184 507,000
480,953 550,021 425,184 507,000 595,139
9/30/2017 10/31/2017 11/30/2017 12/31/2017 1/31/2018
2017 2017 2017 2017 2018

1,238,000 1,278,500 1,320,875 1,365,000 1,410,875

41.9% 42.8% 43.7% 44.5% 45.2%

144,583 152,083 159,583 170,833 178,333

21,688 22,813 23,938 25,625 26,750
495,200 511,400 528,350 546,000 564,350
92,850 95,888 99,066 102,375 105,816
16,500 16,500 16,500 16,500 16,500
37,140 38,355 39,626 40,950 42,326
55,710 57,533 59,439 61,425 63,489
36,964 36,964 36,964 40,536 36,310
18,570 19,178 19,813 20,475 21,163
919,205 950,713 983,279 1,024,719 1,055,037
318,795 327,787 337,596 340,281 355,838
25.8% 25.6% 25.6% 24.9% 25.2%

103,333 103,333 103,333 109,583 109,583

51,667 51,667 51,667 54,792 54,792
4,500 4,500 4,500 4,500 4,500
18,570 19,178 19,813 20,475 21,163
49,520 51,140 52,835 54,600 56,435
30,950 31,963 33,022 34,125 35,272
258,540 261,780 265,170 278,075 281,745
60,255 66,007 72,426 62,206 74,093
4.9% 5.2% 5.5% 4.6% 5.3%
15,417 15,417 15,417 15,000 15,000
44,838 50,591 57,009 47,206 59,093
(44,838) (50,591) (57,009) (47,206) (59,093)
- - - - -
- - - - -
35% 35% 35% 35% 21%
44,838 50,591 57,009 47,206 59,093
3.6% 4.0% 4.3% 3.5% 4.2%

9/30/2017 10/31/2017 11/30/2017 12/31/2017 1/31/2018

595,221 699,805 809,358 515,041 626,960
1,238,000 1,278,500 1,320,875 1,365,000 1,410,875
 1,039,750 1,074,350 1,110,350 1,147,850 1,186,900
2,872,971 3,052,655 3,240,583 3,027,891 3,224,735
1,772,798 1,735,833 1,698,869 1,958,333 1,922,024
4,645,769 4,788,489 4,939,452 4,986,224 5,146,759
528,350 546,000 564,350 583,500 603,400
644,708 719,188 794,792 875,208 956,750
1,173,058 1,265,188 1,359,142 1,458,708 1,560,150
- - - - -
3,700,000 3,700,000 3,700,000 3,600,000 3,600,000
4,873,058 4,965,188 5,059,142 5,058,708 5,160,150
750,000 750,000 750,000 750,000 750,000
(977,290) (926,699) (869,690) (822,484) (763,391)
(227,290) (176,699) (119,690) (72,484) (13,391)
4,645,769 4,788,489 4,939,452 4,986,224 5,146,759
- - - - -

9/30/2017 10/31/2017 11/30/2017 12/31/2017 1/31/2018

44,838 50,591 57,009 47,206 59,093

36,964 36,964 36,964 40,536 36,310

36,964 36,964 36,964 40,536 36,310

81,803 87,555 93,973 87,742 95,402

(38,875) (40,500) (42,375) (44,125) (45,875)

(33,150) (34,600) (36,000) (37,500) (39,050)
16,950 17,650 18,350 19,150 19,900
73,354 74,479 75,604 80,417 81,542
18,279 17,029 15,579 17,942 16,517
100,082 104,584 109,552 105,683 111,919

- - - (300,000) -
- - - (300,000) -

(100,000) - - (100,000) -
- - - - -
(100,000) - - (100,000) -
82 104,584 109,552 (294,317) 111,919
595,139 595,221 699,805 809,358 515,041
595,221 699,805 809,358 515,041 626,960
2/28/2018 3/31/2018 4/30/2018 5/31/2018 6/30/2018
2018 2018 2018 2018 2018

1,458,750 1,508,500 1,560,125 1,613,750 1,802,925

45.9% 46.6% 47.2% 47.7% 60.1%

178,333 178,333 182,083 182,083 209,583

26,750 26,750 27,313 27,313 31,438
583,500 603,400 624,050 645,500 721,170
109,406 113,138 117,009 121,031 135,219
16,500 16,500 16,500 16,500 16,500
43,763 45,255 46,804 48,413 54,088
65,644 67,883 70,206 72,619 81,132
36,310 36,310 36,310 36,310 42,262
21,881 22,628 23,402 24,206 27,044
1,082,087 1,110,195 1,143,676 1,173,974 1,318,435
376,663 398,305 416,449 439,776 484,490
25.8% 26.4% 26.7% 27.3% 26.9%

109,583 109,583 109,583 109,583 114,167

54,792 54,792 54,792 54,792 57,083
4,500 4,500 4,500 4,500 4,500
21,881 22,628 23,402 24,206 27,044
58,350 60,340 62,405 64,550 72,117
36,469 37,713 39,003 40,344 45,073
285,575 289,555 293,685 297,975 319,984
91,088 108,750 122,764 141,801 164,506
6.2% 7.2% 7.9% 8.8% 9.1%
15,000 14,920 14,583 14,583 15,606
76,088 93,830 108,181 127,218 148,900
(76,088) (93,830) (108,181) (127,218) (148,900)
- - - - -
- - - - -
21% 21% 21% 21% 21%
76,088 93,830 108,181 127,218 148,900
5.2% 6.2% 6.9% 7.9% 8.3%

2/28/2018 3/31/2018 4/30/2018 5/31/2018 6/30/2018

753,124 - 72,716 189,053 -
1,458,750 1,508,500 1,560,125 1,613,750 1,802,925
 1,227,450 1,269,550 1,366,670 1,467,288 1,518,048
3,439,324 2,778,050 2,999,511 3,270,091 3,320,973
1,885,714 1,849,405 1,813,095 1,776,786 2,234,524
5,325,039 4,627,455 4,812,607 5,046,876 5,555,497
624,050 645,500 721,170 746,118 771,930
1,038,292 244,625 326,729 408,833 497,354
1,662,342 890,125 1,047,899 1,154,951 1,269,284
- 80,803 - - 345,388
3,600,000 3,500,000 3,500,000 3,500,000 3,400,000
5,262,342 4,470,928 4,547,899 4,654,951 5,014,672
750,000 750,000 750,000 750,000 750,000
(687,303) (593,473) (485,293) (358,075) (209,175)
62,697 156,527 264,707 391,925 540,825
5,325,039 4,627,455 4,812,607 5,046,876 5,555,497
- - - - -

2/28/2018 3/31/2018 4/30/2018 5/31/2018 6/30/2018

76,088 93,830 108,181 127,218 148,900

36,310 36,310 36,310 36,310 42,262

36,310 36,310 36,310 36,310 42,262

112,398 130,139 144,490 163,527 191,162

(47,875) (49,750) (51,625) (53,625) (189,175)

(40,550) (42,100) (97,120) (100,618) (50,760)
20,650 21,450 75,670 24,948 25,812
81,542 (793,667) 82,104 82,104 88,521
13,767 (864,067) 9,029 (47,191) (125,602)
126,165 (733,928) 153,519 116,336 65,560

- - - - (500,000)
- - - - (500,000)

- (100,000) - - (100,000)
- 80,803 (80,803) - 345,388
 - (19,197) (80,803) - 245,388
126,165 (753,124) 72,716 116,336 (189,053)
626,960 753,124 - 72,716 189,053
753,124 - 72,716 189,053 -
7/31/2018 8/31/2018 9/30/2018 10/31/2018 11/30/2018
2018 2018 2018 2018 2018

1,865,295 1,929,825 1,996,515 2,065,365 2,136,510

60.5% 60.9% 61.3% 61.5% 61.7%

213,333 213,333 213,333 228,333 228,333

32,000 32,000 32,000 34,250 34,250
746,118 771,930 798,606 826,146 854,604
139,897 144,737 149,739 154,902 160,238
16,500 16,500 16,500 16,500 16,500
55,959 57,895 59,895 61,961 64,095
83,938 86,842 89,843 92,941 96,143
42,262 42,262 42,262 42,262 42,262
27,979 28,947 29,948 30,980 32,048
1,357,987 1,394,446 1,432,126 1,488,276 1,528,473
507,308 535,379 564,389 577,089 608,037
27.2% 27.7% 28.3% 27.9% 28.5%

114,167 114,167 114,167 114,167 114,167

57,083 57,083 57,083 57,083 57,083
4,500 4,500 4,500 4,500 4,500
27,979 28,947 29,948 30,980 32,048
74,612 77,193 79,861 82,615 85,460
46,632 48,246 49,913 51,634 53,413
324,974 330,136 335,471 340,979 346,671
182,334 205,243 228,918 236,109 261,366
9.8% 10.6% 11.5% 11.4% 12.2%
14,728 14,167 13,750 13,750 13,750
167,607 191,076 215,168 222,359 247,616
(167,607) (191,076) (215,168) (49,127) -
- - - 173,232 247,616
- - - 36,379 51,999
21% 21% 21% 21% 21%
167,607 191,076 215,168 185,981 195,616
9.0% 9.9% 10.8% 9.0% 9.2%

7/31/2018 8/31/2018 9/30/2018 10/31/2018 11/30/2018

- 96,597 248,880 471,148 699,893
1,865,295 1,929,825 1,996,515 2,065,365 2,136,510
 1,570,536 1,624,752 1,680,750 1,738,530 1,798,092
3,435,831 3,651,174 3,926,145 4,275,043 4,634,495
2,192,262 2,150,000 2,107,738 2,065,476 2,023,214
5,628,093 5,801,174 6,033,883 6,340,519 6,657,709
798,606 826,146 854,604 883,926 914,166
586,437 675,521 764,604 855,937 947,271
1,385,043 1,501,667 1,619,208 1,739,863 1,861,437
134,618 - - - -
3,400,000 3,400,000 3,300,000 3,300,000 3,300,000
4,919,661 4,901,667 4,919,208 5,039,864 5,161,437
750,000 750,000 750,000 750,000 750,000
(41,568) 149,508 364,675 550,656 746,272
708,432 899,508 1,114,675 1,300,656 1,496,272
5,628,093 5,801,174 6,033,883 6,340,519 6,657,709
- - - - -

7/31/2018 8/31/2018 9/30/2018 10/31/2018 11/30/2018

167,607 191,076 215,168 185,981 195,616

42,262 42,262 42,262 42,262 42,262

42,262 42,262 42,262 42,262 42,262

209,869 233,338 257,429 228,242 237,878

(62,370) (64,530) (66,690) (68,850) (71,145)

(52,488) (54,216) (55,998) (57,780) (59,562)
26,676 27,540 28,458 29,322 30,240
89,083 89,083 89,083 91,333 91,333
901 (2,123) (5,147) (5,975) (9,134)
210,770 231,215 252,283 222,268 228,745

- - - - -
- - - - -

- - (100,000) - -
(210,770) (134,618) - - -
(210,770) (134,618) (100,000) - -
- 96,597 152,283 222,268 228,745
- - 96,597 248,880 471,148
- 96,597 248,880 471,148 699,893
12/31/2018 1/31/2019 2/28/2019 3/31/2019 4/30/2019
2018 2019 2019 2019 2019

2,209,815 2,285,415 2,363,310 2,443,500 2,525,985

61.9% 62.0% 62.0% 62.0% 61.9%

258,750 258,750 258,750 281,250 281,250

38,813 38,813 38,813 42,188 42,188
883,926 914,166 945,324 977,400 1,010,394
165,736 171,406 177,248 183,263 189,449
16,500 24,500 24,500 24,500 24,500
66,294 68,562 70,899 73,305 75,780
99,442 102,844 106,349 109,958 113,669
44,345 44,345 44,345 45,536 45,536
33,147 34,281 35,450 36,653 37,890
1,606,953 1,657,667 1,701,678 1,774,051 1,820,655
602,862 627,748 661,632 669,449 705,330
27.3% 27.5% 28.0% 27.4% 27.9%

122,083 122,083 122,083 122,083 122,083

61,042 61,042 61,042 61,042 61,042
4,500 4,500 4,500 4,500 4,500
33,147 34,281 35,450 36,653 37,890
88,393 91,417 94,532 97,740 101,039
55,245 57,135 59,083 61,088 63,150
364,410 370,458 376,690 383,105 389,704
238,452 257,290 284,942 286,344 315,626
10.8% 11.3% 12.1% 11.7% 12.5%
17,500 17,500 17,500 17,083 17,083
220,952 239,790 267,442 269,261 298,543
- - - - -
220,952 239,790 267,442 269,261 298,543
46,400 50,356 56,163 56,545 62,694
21% 21% 21% 21% 21%
174,552 189,434 211,279 212,716 235,849
7.9% 8.3% 8.9% 8.7% 9.3%

12/31/2018 1/31/2019 2/28/2019 3/31/2019 4/30/2019

1,640,099 1,866,974 2,112,482 1,113,654 1,381,871
2,209,815 2,285,415 2,363,310 2,443,500 2,525,985
 1,859,490 1,922,724 1,987,794 2,054,700 2,203,378
5,709,404 6,075,113 6,463,586 5,611,854 6,111,234
2,153,869 2,109,524 2,065,179 2,119,643 2,074,107
7,863,273 8,184,637 8,528,765 7,731,497 8,185,341
945,324 977,400 1,010,394 1,044,306 1,159,072
1,047,125 1,146,979 1,246,833 302,937 406,167
1,992,449 2,124,379 2,257,227 1,347,244 1,565,239
- - - - -
4,200,000 4,200,000 4,200,000 4,100,000 4,100,000
6,192,449 6,324,379 6,457,227 5,447,244 5,665,239
750,000 750,000 750,000 750,000 750,000
920,824 1,110,258 1,321,537 1,534,253 1,770,102
1,670,824 1,860,258 2,071,537 2,284,253 2,520,102
7,863,273 8,184,637 8,528,765 7,731,497 8,185,341
- - - - -

12/31/2018 1/31/2019 2/28/2019 3/31/2019 4/30/2019

174,552 189,434 211,279 212,716 235,849

44,345 44,345 44,345 45,536 45,536

44,345 44,345 44,345 45,536 45,536

218,897 233,779 255,625 258,252 281,385

(73,305) (75,600) (77,895) (80,190) (82,485)

(61,398) (63,234) (65,070) (66,906) (148,678)
31,158 32,076 32,994 33,912 114,766
99,854 99,854 99,854 (943,896) 103,229
(3,691) (6,904) (10,117) (1,057,080) (13,168)
215,206 226,875 245,508 (798,828) 268,217

(175,000) - - (100,000) -
(175,000) - - (100,000) -

900,000 - - (100,000) -
- - - - -
 900,000 - - (100,000) -
940,206 226,875 245,508 (998,828) 268,217
699,893 1,640,099 1,866,974 2,112,482 1,113,654
1,640,099 1,866,974 2,112,482 1,113,654 1,381,871
5/31/2019 6/30/2019 7/31/2019 8/31/2019 9/30/2019
2019 2019 2019 2019 2019

2,610,765 2,897,680 2,993,380 3,091,400 3,191,740

61.8% 60.7% 60.5% 60.2% 59.9%

281,250 360,000 360,000 360,000 360,000

42,188 54,000 54,000 54,000 54,000
1,044,306 1,159,072 1,197,352 1,236,560 1,276,696
195,807 217,326 224,504 231,855 239,381
24,500 24,500 24,500 24,500 24,500
78,323 86,930 89,801 92,742 95,752
117,484 130,396 134,702 139,113 143,628
45,536 46,726 46,726 46,726 46,726
39,161 43,465 44,901 46,371 47,876
1,868,555 2,122,415 2,176,486 2,231,867 2,288,559
742,210 775,265 816,894 859,533 903,181
28.4% 26.8% 27.3% 27.8% 28.3%

122,083 126,667 126,667 126,667 126,667

61,042 63,333 63,333 63,333 63,333
4,500 4,500 4,500 4,500 4,500
39,161 43,465 44,901 46,371 47,876
104,431 115,907 119,735 123,656 127,670
65,269 72,442 74,835 77,285 79,794
396,486 426,314 433,970 441,812 449,839
345,723 348,950 382,924 417,721 453,342
13.2% 12.0% 12.8% 13.5% 14.2%
17,083 16,667 16,667 16,667 16,250
328,640 332,284 366,257 401,054 437,092
- - - - -
328,640 332,284 366,257 401,054 437,092
69,014 69,780 76,914 84,221 91,789
21% 21% 21% 21% 21%
259,626 262,504 289,343 316,833 345,302
9.9% 9.1% 9.7% 10.2% 10.8%

5/31/2019 6/30/2019 7/31/2019 8/31/2019 9/30/2019

1,590,715 1,392,084 1,710,579 2,053,315 2,321,273
2,610,765 2,897,680 2,993,380 3,091,400 3,191,740
 2,356,424 2,433,912 2,513,256 2,594,456 2,677,454
6,557,904 6,723,676 7,217,215 7,739,171 8,190,467
2,028,571 2,181,845 2,135,119 2,088,393 2,041,667
8,586,476 8,905,521 9,352,334 9,827,564 10,232,133
1,197,352 1,236,560 1,276,696 1,317,760 1,359,694
509,396 626,729 744,062 861,396 978,729
1,706,748 1,863,289 2,020,758 2,179,156 2,338,423
- - - - -
4,100,000 4,000,000 4,000,000 4,000,000 3,900,000
5,806,748 5,863,289 6,020,759 6,179,156 6,238,423
750,000 750,000 750,000 750,000 750,000
2,029,728 2,292,232 2,581,575 2,898,408 3,243,710
2,779,728 3,042,232 3,331,575 3,648,408 3,993,710
8,586,476 8,905,521 9,352,334 9,827,564 10,232,133
- - - - -

5/31/2019 6/30/2019 7/31/2019 8/31/2019 9/30/2019

259,626 262,504 289,343 316,833 345,302

45,536 46,726 46,726 46,726 46,726

45,536 46,726 46,726 46,726 46,726

305,161 309,230 336,069 363,559 392,028

(84,780) (286,915) (95,700) (98,020) (100,340)

(153,046) (77,488) (79,344) (81,200) (82,998)
38,280 39,208 40,136 41,064 41,934
103,229 117,333 117,333 117,333 117,333
(96,317) (207,862) (17,575) (20,823) (24,071)
208,845 101,369 318,495 342,736 367,958

- (200,000) - - -
- (200,000) - - -

- (100,000) - - (100,000)
- - - - -
 - (100,000) - - (100,000)
208,845 (198,631) 318,495 342,736 267,958
1,381,871 1,590,715 1,392,084 1,710,579 2,053,315
1,590,715 1,392,084 1,710,579 2,053,315 2,321,273
10/31/2019 11/30/2019 12/31/2019 1/31/2020 2/29/2020
2019 2019 2019 2020 2020

3,294,400 3,399,235 3,506,100 3,615,140 3,726,210

59.5% 59.1% 58.7% 58.2% 57.7%

360,000 360,000 401,250 401,250 401,250

54,000 54,000 60,188 60,188 60,188
1,317,760 1,359,694 1,402,440 1,446,056 1,490,484
247,080 254,943 262,958 271,136 279,466
24,500 24,500 24,500 24,500 24,500
98,832 101,977 105,183 108,454 111,786
148,248 152,966 157,775 162,681 167,679
46,726 46,726 52,679 52,679 52,679
49,416 50,989 52,592 54,227 55,893
2,346,562 2,405,794 2,519,563 2,581,170 2,643,925
947,838 993,441 986,537 1,033,970 1,082,285
28.8% 29.2% 28.1% 28.6% 29.0%

126,667 126,667 126,667 126,667 126,667

63,333 63,333 63,333 63,333 63,333
4,500 4,500 4,500 4,500 4,500
49,416 50,989 52,592 54,227 55,893
131,776 135,969 140,244 144,606 149,048
82,360 84,981 87,653 90,379 93,155
458,052 466,439 474,988 483,711 492,597
489,786 527,002 511,549 550,259 589,688
14.9% 15.5% 14.6% 15.2% 15.8%
16,250 16,250 15,833 15,833 15,833
473,536 510,752 495,716 534,425 573,855
- - - - -
473,536 510,752 495,716 534,425 573,855
99,443 107,258 104,100 112,229 120,510
21% 21% 21% 21% 21%
374,093 403,494 391,616 422,196 453,346
11.4% 11.9% 11.2% 11.7% 12.2%

10/31/2019 11/30/2019 12/31/2019 1/31/2020 2/29/2020

2,714,831 3,134,804 2,952,138 3,397,066 3,870,301
3,294,400 3,399,235 3,506,100 3,615,140 3,726,210
 2,762,134 2,848,496 2,936,540 3,026,208 3,117,500
8,771,365 9,382,535 9,394,778 10,038,414 10,714,011
1,994,940 1,948,214 2,395,536 2,342,857 2,290,179
10,766,306 11,330,750 11,790,314 12,381,271 13,004,189
1,402,440 1,446,056 1,490,484 1,535,724 1,581,776
1,096,063 1,213,396 1,336,917 1,460,438 1,583,958
2,498,503 2,659,452 2,827,401 2,996,162 3,165,734
- - - - -
3,900,000 3,900,000 3,800,000 3,800,000 3,800,000
6,398,503 6,559,452 6,627,401 6,796,162 6,965,734
750,000 750,000 750,000 750,000 750,000
3,617,803 4,021,298 4,412,913 4,835,109 5,288,455
4,367,803 4,771,298 5,162,913 5,585,109 6,038,455
10,766,306 11,330,750 11,790,314 12,381,271 13,004,189
- - - - -

10/31/2019 11/30/2019 12/31/2019 1/31/2020 2/29/2020

374,093 403,494 391,616 422,196 453,346

46,726 46,726 52,679 52,679 52,679

46,726 46,726 52,679 52,679 52,679

420,819 450,220 444,294 474,875 506,024

(102,660) (104,835) (106,865) (109,040) (111,070)

(84,680) (86,362) (88,044) (89,668) (91,292)
42,746 43,616 44,428 45,240 46,052
117,333 117,333 123,521 123,521 123,521
(27,261) (30,248) (26,960) (29,947) (32,789)
393,559 419,973 417,334 444,927 473,235

- - (500,000) - -
- - (500,000) - -

- - (100,000) - -
- - - - -
 - - (100,000) - -
393,559 419,973 (182,666) 444,927 473,235
2,321,273 2,714,831 3,134,804 2,952,138 3,397,066
2,714,831 3,134,804 2,952,138 3,397,066 3,870,301
3/31/2020 4/30/2020 5/31/2020 6/30/2020 7/31/2020
2020 2020 2020 2020 2020

3,839,310 3,954,440 4,071,310 4,190,065 4,310,415

57.1% 56.6% 55.9% 44.6% 44.0%

457,500 472,500 489,167 497,500 508,750

68,625 70,875 73,375 74,625 76,313
1,535,724 1,581,776 1,628,524 1,676,026 1,724,166
287,948 296,583 305,348 314,255 323,281
24,500 24,500 24,500 24,500 24,500
115,179 118,633 122,139 125,702 129,312
172,769 177,950 183,209 188,553 193,969
55,655 55,655 55,655 58,631 58,631
57,590 59,317 61,070 62,851 64,656
2,775,490 2,857,788 2,942,987 3,022,643 3,103,578
1,063,820 1,096,652 1,128,323 1,167,422 1,206,837
27.7% 27.7% 27.7% 27.9% 28.0%

126,667 126,667 126,667 126,667 126,667

63,333 63,333 63,333 63,333 63,333
4,500 4,500 4,500 4,500 4,500
57,590 59,317 61,070 62,851 64,656
153,572 158,178 162,852 167,603 172,417
95,983 98,861 101,783 104,752 107,760
501,645 510,855 520,205 529,705 539,333
562,175 585,796 608,119 637,717 667,504
14.6% 14.8% 14.9% 15.2% 15.5%
15,417 15,417 15,417 15,000 15,000
546,759 570,380 592,702 622,717 652,504
- - - - -
546,759 570,380 592,702 622,717 652,504
114,819 119,780 124,467 130,771 137,026
21% 21% 21% 21% 21%
431,939 450,600 468,235 491,947 515,478
11.3% 11.4% 11.5% 11.7% 12.0%

3/31/2020 4/30/2020 5/31/2020 6/30/2020 7/31/2020

2,643,784 3,122,370 3,618,595 3,690,236 4,234,863
3,839,310 3,954,440 4,071,310 4,190,065 4,310,415
 3,210,300 3,304,550 3,400,192 3,497,110 3,595,304
9,693,394 10,381,360 11,090,097 11,377,411 12,140,582
2,484,524 2,428,869 2,373,214 2,664,583 2,605,952
12,177,918 12,810,229 13,463,312 14,041,994 14,746,534
1,628,524 1,676,026 1,724,166 1,772,944 1,822,360
379,000 513,208 649,917 787,875 927,521
2,007,524 2,189,234 2,374,083 2,560,819 2,749,881
- - - - -
3,700,000 3,700,000 3,700,000 3,600,000 3,600,000
5,707,524 5,889,234 6,074,083 6,160,819 6,349,881
750,000 750,000 750,000 750,000 750,000
5,720,394 6,170,994 6,639,229 7,131,175 7,646,653
6,470,394 6,920,994 7,389,229 7,881,175 8,396,653
12,177,918 12,810,229 13,463,312 14,041,994 14,746,534
- - - - -

3/31/2020 4/30/2020 5/31/2020 6/30/2020 7/31/2020

431,939 450,600 468,235 491,947 515,478

55,655 55,655 55,655 58,631 58,631

55,655 55,655 55,655 58,631 58,631

487,594 506,255 523,889 550,577 574,109

(113,100) (115,130) (116,870) (118,755) (120,350)

(92,800) (94,250) (95,642) (96,918) (98,194)
46,748 47,502 48,140 48,778 49,416
(1,204,958) 134,208 136,708 137,958 139,646
(1,364,110) (27,670) (27,664) (28,937) (29,482)
(876,516) 478,585 496,226 521,641 544,627

(250,000) - - (350,000) -
(250,000) - - (350,000) -

(100,000) - - (100,000) -
- - - - -
 (100,000) - - (100,000) -
(1,226,516) 478,585 496,226 71,641 544,627
3,870,301 2,643,784 3,122,370 3,618,595 3,690,236
2,643,784 3,122,370 3,618,595 3,690,236 4,234,863
8/31/2020 9/30/2020 10/31/2020 11/30/2020 12/31/2020
2020 2020 2020 2020 2020

4,432,360 4,555,900 4,680,890 4,807,185 4,934,785

43.4% 42.7% 42.1% 41.4% 40.7%

508,750 508,750 520,000 520,000 520,000

76,313 76,313 78,000 78,000 78,000
1,772,944 1,822,360 1,872,356 1,922,874 1,973,914
332,427 341,693 351,067 360,539 370,109
24,500 24,500 24,500 24,500 24,500
132,971 136,677 140,427 144,216 148,044
199,456 205,016 210,640 216,323 222,065
58,631 58,631 58,631 58,631 58,036
66,485 68,339 70,213 72,108 74,022
3,172,477 3,242,277 3,325,834 3,397,190 3,468,689
1,259,883 1,313,623 1,355,056 1,409,995 1,466,096
28.4% 28.8% 28.9% 29.3% 29.7%

126,667 126,667 126,667 126,667 126,667

63,333 63,333 63,333 63,333 63,333
4,500 4,500 4,500 4,500 4,500
66,485 68,339 70,213 72,108 74,022
177,294 182,236 187,236 192,287 197,391
110,809 113,898 117,022 120,180 123,370
549,089 558,972 568,971 579,075 589,283
710,794 754,651 786,085 830,920 876,813
16.0% 16.6% 16.8% 17.3% 17.8%
15,000 14,583 14,583 14,583 14,167
695,794 740,068 771,502 816,336 862,646
- - - - -
695,794 740,068 771,502 816,336 862,646
146,117 155,414 162,015 171,431 181,156
21% 21% 21% 21% 21%
549,678 584,653 609,486 644,906 681,491
12.4% 12.8% 13.0% 13.4% 13.8%

8/31/2020 9/30/2020 10/31/2020 11/30/2020 12/31/2020

4,811,456 5,320,851 5,954,793 6,622,328 6,813,814
4,432,360 4,555,900 4,680,890 4,807,185 4,934,785
 3,694,716 3,795,230 3,896,788 3,959,602 3,977,060
12,938,532 13,671,981 14,532,471 15,389,115 15,725,659
2,547,321 2,488,690 2,430,060 2,371,429 2,763,393
15,485,854 16,160,671 16,962,531 17,760,544 18,489,052
1,872,356 1,922,874 1,973,914 1,985,688 1,991,372
1,067,167 1,206,813 1,348,146 1,489,479 1,630,813
2,939,523 3,129,687 3,322,060 3,475,167 3,622,185
- - - - -
3,600,000 3,500,000 3,500,000 3,500,000 3,400,000
6,539,523 6,629,687 6,822,060 6,975,167 7,022,185
750,000 750,000 750,000 750,000 750,000
8,196,331 8,780,984 9,390,471 10,035,377 10,716,867
8,946,331 9,530,984 10,140,471 10,785,377 11,466,867
15,485,854 16,160,671 16,962,531 17,760,544 18,489,052
- - - - -

8/31/2020 9/30/2020 10/31/2020 11/30/2020 12/31/2020

549,678 584,653 609,486 644,906 681,491

58,631 58,631 58,631 58,631 58,036

58,631 58,631 58,631 58,631 58,036

608,308 643,284 668,117 703,537 739,526

(121,945) (123,540) (124,990) (126,295) (127,600)

(99,412) (100,514) (101,558) (62,814) (17,458)
49,996 50,518 51,040 11,774 5,684
139,646 139,646 141,333 141,333 141,333
(31,715) (33,890) (34,175) (36,002) 1,959
576,593 609,394 633,943 667,535 741,486

- - - - (450,000)
- - - - (450,000)

- (100,000) - - (100,000)
- - - - -
 - (100,000) - - (100,000)
576,593 509,394 633,943 667,535 191,486
4,234,863 4,811,456 5,320,851 5,954,793 6,622,328
4,811,456 5,320,851 5,954,793 6,622,328 6,813,814
1/31/2021 2/28/2021 3/31/2021 4/30/2021 5/31/2021
2021 2021 2021 2021 2021

4,964,220 4,978,430 4,662,620 4,880,120 4,928,921

37.3% 33.6% 21.4% 23.4% 21.1%

546,250 546,250 561,250 565,000 565,000

81,938 81,938 84,188 84,750 84,750
1,985,688 1,991,372 1,865,048 1,952,048 1,971,568
372,317 373,382 349,697 366,009 369,669
24,500 24,500 24,500 24,500 24,500
148,927 149,353 139,879 146,404 147,868
223,390 224,029 209,818 219,605 221,801
58,036 58,036 63,393 63,393 63,393
74,463 74,676 69,939 73,202 73,934
3,515,508 3,523,536 3,367,711 3,494,911 3,522,483
1,448,712 1,454,894 1,294,909 1,385,209 1,406,438
29.2% 29.2% 27.8% 28.4% 28.5%

126,667 126,667 126,667 126,667 126,667

63,333 63,333 63,333 63,333 63,333
4,500 4,500 4,500 4,500 4,500
74,463 74,676 69,939 73,202 73,934
198,569 199,137 186,505 195,205 197,157
124,106 124,461 116,566 122,003 123,223
591,638 592,774 567,510 584,910 588,814
857,075 862,119 727,400 800,300 817,624
17.3% 17.3% 15.6% 16.4% 16.6%
14,167 14,167 13,750 13,750 13,750
842,908 847,953 713,650 786,550 803,874
- - - - -
842,908 847,953 713,650 786,550 803,874
177,011 178,070 149,866 165,175 168,814
21% 21% 21% 21% 21%
665,897 669,883 563,783 621,374 635,061
13.4% 13.5% 12.1% 12.7% 12.9%

1/31/2021 2/28/2021 3/31/2021 4/30/2021 5/31/2021

7,647,899 8,633,202 7,255,897 7,851,727 8,600,173
4,964,220 4,978,430 4,662,620 4,880,120 4,928,921
 3,856,420 3,817,096 3,923,616 3,992,426 4,021,507
16,468,539 17,428,728 15,842,133 16,724,273 17,550,601
2,705,357 2,647,321 3,233,929 3,170,536 3,107,143
19,173,896 20,076,049 19,076,062 19,894,808 20,657,744
1,865,048 1,952,048 1,971,568 2,020,858 2,000,649
1,776,083 1,921,354 438,063 586,146 734,229
3,641,131 3,873,402 2,409,631 2,607,004 2,734,878
- - - - -
3,400,000 3,400,000 3,300,000 3,300,000 3,300,000
7,041,131 7,273,402 5,709,631 5,907,004 6,034,878
750,000 750,000 750,000 750,000 750,000
11,382,765 12,052,647 12,616,431 13,237,805 13,872,865
12,132,765 12,802,647 13,366,431 13,987,805 14,622,865
19,173,896 20,076,049 19,076,062 19,894,808 20,657,744
- - - - -

1/31/2021 2/28/2021 3/31/2021 4/30/2021 5/31/2021

665,897 669,883 563,783 621,374 635,061

58,036 58,036 63,393 63,393 63,393

58,036 58,036 63,393 63,393 63,393

723,933 727,918 627,176 684,767 698,453

(29,435) (14,210) 315,810 (217,500) (48,801)

120,640 39,324 (106,520) (68,810) (29,081)
(126,324) 87,000 19,520 49,289 (20,209)
145,271 145,271 (1,483,292) 148,083 148,083
110,152 257,385 (1,254,482) (88,937) 49,993
834,085 985,303 (627,306) 595,830 748,446

- - (650,000) - -
- - (650,000) - -

- - (100,000) - -
- - - - -
 - - (100,000) - -
834,085 985,303 (1,377,306) 595,830 748,446
6,813,814 7,647,899 8,633,202 7,255,897 7,851,727
7,647,899 8,633,202 7,255,897 7,851,727 8,600,173
6/30/2021 7/31/2021 8/31/2021 9/30/2021 10/31/2021
2021 2021 2021 2021 2021

5,052,144 5,001,623 5,011,626 5,036,684 4,911,295

20.6% 16.0% 13.1% 10.6% 4.9%

595,000 595,000 595,000 595,000 595,000

89,250 89,250 89,250 89,250 89,250
2,020,858 2,000,649 2,004,650 2,014,674 1,964,518
378,911 375,122 375,872 377,751 368,347
24,500 24,500 24,500 24,500 24,500
151,564 150,049 150,349 151,101 147,339
227,346 225,073 225,523 226,651 221,008
68,155 68,155 68,155 70,536 70,536
75,782 75,024 75,174 75,550 73,669
3,631,366 3,602,822 3,608,473 3,625,012 3,554,167
1,420,778 1,398,801 1,403,153 1,411,672 1,357,128
28.1% 28.0% 28.0% 28.0% 27.6%

126,667 126,667 126,667 126,667 126,667

63,333 63,333 63,333 63,333 63,333
4,500 4,500 4,500 4,500 4,500
75,782 75,024 75,174 75,550 73,669
202,086 200,065 200,465 201,467 196,452
126,304 125,041 125,291 125,917 122,782
598,672 594,630 595,430 597,435 587,404
822,106 804,171 807,722 814,237 769,724
16.3% 16.1% 16.1% 16.2% 15.7%
13,333 13,333 13,333 12,917 12,917
808,773 790,838 794,389 801,320 756,807
- - - - -
808,773 790,838 794,389 801,320 756,807
169,842 166,076 166,822 168,277 158,930
21% 21% 21% 21% 21%
638,931 624,762 627,567 633,043 597,878
12.6% 12.5% 12.5% 12.6% 12.2%

6/30/2021 7/31/2021 8/31/2021 9/30/2021 10/31/2021

8,856,827 9,748,848 10,577,127 11,158,386 12,004,490
5,052,144 5,001,623 5,011,626 5,036,684 4,911,295
 4,005,300 4,019,324 3,979,192 4,029,318 4,257,200
17,914,271 18,769,794 19,567,944 20,224,389 21,172,985
3,438,988 3,370,833 3,302,679 3,432,143 3,361,607
21,353,259 22,140,628 22,870,623 23,656,531 24,534,593
2,004,650 2,014,674 1,964,518 2,064,800 2,192,400
886,813 1,039,396 1,191,979 1,344,563 1,497,146
2,891,463 3,054,069 3,156,497 3,409,363 3,689,546
- - - - -
3,200,000 3,200,000 3,200,000 3,100,000 3,100,000
6,091,463 6,254,069 6,356,497 6,509,363 6,789,546
750,000 750,000 750,000 750,000 750,000
14,511,796 15,136,558 15,764,126 16,397,169 16,995,047
15,261,796 15,886,558 16,514,126 17,147,169 17,745,047
21,353,259 22,140,628 22,870,623 23,656,531 24,534,593
- - - - -

6/30/2021 7/31/2021 8/31/2021 9/30/2021 10/31/2021

638,931 624,762 627,567 633,043 597,878

68,155 68,155 68,155 70,536 70,536

68,155 68,155 68,155 70,536 70,536

707,086 692,917 695,722 703,579 668,414

(123,223) 50,521 (10,003) (25,058) 125,389

16,207 (14,025) 40,132 (50,126) (227,882)
4,001 10,023 (50,156) 100,282 127,600
152,583 152,583 152,583 152,583 152,583
49,569 199,103 132,557 177,681 177,690
756,654 892,020 828,279 881,260 846,104

(400,000) - - (200,000) -
(400,000) - - (200,000) -

(100,000) - - (100,000) -
- - - - -
(100,000) - - (100,000) -
256,654 892,020 828,279 581,260 846,104
8,600,173 8,856,827 9,748,848 10,577,127 11,158,386
8,856,827 9,748,848 10,577,127 11,158,386 12,004,490
11/30/2021 12/31/2021 12/31/2011 12/31/2012 12/31/2013
2021 2021 2011 2012 2013

5,162,000 5,481,000 1,078,125 5,851,000 6,517,875

7.4% 11.1% 442.7% 11.4%

595,000 595,000 134,167 563,750 992,500

89,250 89,250 20,125 84,563 148,875
2,064,800 2,192,400 431,250 2,340,400 2,607,150
387,150 411,075 80,859 438,825 488,841
24,500 24,500 78,000 111,000 144,000
154,860 164,430 32,344 175,530 195,536
232,290 246,645 48,516 263,295 293,304
70,536 66,964 50,714 59,048 79,286
77,430 82,215 16,172 87,765 97,768
3,695,816 3,872,479 892,147 4,124,175 5,047,260
1,466,184 1,608,521 185,978 1,726,825 1,470,615
28.4% 29.3% 17.3% 29.5% 22.6%

126,667 126,667 206,667 280,000 414,167

63,333 63,333 103,333 140,000 207,083
4,500 4,500 54,000 54,000 54,000
77,430 82,215 16,172 87,765 97,768
206,480 219,240 43,125 234,040 260,715
129,050 137,025 26,953 146,275 162,947
607,460 632,980 450,250 942,080 1,196,680
858,724 975,541 (264,272) 784,745 273,935
16.6% 17.8% -24.5% 13.4% 4.2%
12,917 12,500 221 90,833 70,833
845,808 963,041 (264,493) 693,912 203,102
- -
845,808 963,041
177,620 202,239 - 150,297 72,520
21% 21% 35% 35% 35%
668,188 760,802 (264,493) 543,615 130,582
12.9% 13.9% -24.5% 9.3% 2.0%

11/30/2021 12/31/2021 12/31/2011 12/31/2012 12/31/2013

12,517,492 12,771,242 2,028,430 1,540,272 1,078,735
5,162,000 5,481,000 - 537,375 550,125
 4,692,400 5,000,000 276,250 430,800 442,600
22,371,892 23,252,242 2,304,680 2,508,447 2,071,460
3,291,071 3,224,107 304,286 345,238 865,952
25,662,964 26,476,349 2,608,965 2,853,685 2,937,412
2,500,000 2,500,000 - - 221,750
1,649,729 1,802,313 123,458 224,563 355,958
4,149,729 4,302,313 123,458 224,563 577,708
- - - - -
3,100,000 3,000,000 2,000,000 1,600,000 1,200,000
7,249,729 7,302,313 2,123,458 1,824,563 1,777,708
750,000 750,000 750,000 750,000 750,000
17,663,235 18,424,037 (264,493) 279,122 409,704
18,413,235 19,174,037 485,507 1,029,122 1,159,704
25,662,964 26,476,349 2,608,965 2,853,685 2,937,412
- - - - -

11/30/2021 12/31/2021 12/31/2011 12/31/2012 12/31/2013

668,188 760,802

70,536 66,964

70,536 66,964
738,724 827,766

(250,705) (319,000)
(435,200) (307,600)
307,600 -
152,583 152,583
(225,722) (474,017)
513,002 353,750

- -
- -

- (100,000)
- -
 - (100,000)
513,002 253,750
12,004,490 12,517,492
12,517,492 12,771,242
12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018
2014 2015 2016 2017 2018

6,847,750 7,820,375 9,913,125 13,842,500 21,558,250

5.1% 14.2% 26.8% 39.6% 55.7%

1,172,500 1,352,500 1,532,500 1,750,000 2,464,167

175,875 202,875 229,875 262,500 369,625
2,739,100 3,128,150 3,965,250 5,537,000 8,623,300
513,581 586,528 743,484 1,038,188 1,616,869
144,000 144,000 144,000 166,500 198,000
205,433 234,611 297,394 415,275 646,748
308,149 351,917 446,091 622,913 970,121
178,095 265,000 378,095 436,429 479,464
102,716 117,306 148,697 207,638 323,374
5,539,449 6,382,887 7,885,386 10,436,441 15,691,667
1,308,301 1,437,488 2,027,739 3,406,059 5,866,583
19.1% 18.4% 20.5% 24.6% 27.2%

568,333 902,083 1,018,750 1,225,417 1,355,000

284,167 451,042 509,375 612,708 677,500
54,000 54,000 54,000 54,000 54,000
102,716 117,306 148,697 207,638 323,374
273,910 312,815 396,525 553,700 862,330
171,194 195,509 247,828 346,063 538,956
1,454,320 2,032,755 2,375,175 2,999,525 3,811,160
(146,019) (595,267) (347,436) 406,534 2,055,423
-2.1% -7.6% -3.5% 2.9% 9.5%
50,833 114,167 194,167 190,833 177,337
(196,852) (709,434) (541,603) 215,701 1,878,086

- - - - 134,778
35% 35% 35% 35% 21%
(196,852) (709,434) (541,603) 215,701 1,743,308
-2.9% -9.1% -5.5% 1.6% 8.1%

12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018

198,036 781,502 1,322,778 515,041 1,640,099
596,000 712,375 944,875 1,365,000 2,209,815
 484,800 587,150 788,500 1,147,850 1,859,490
1,278,836 2,081,027 3,056,153 3,027,891 5,709,404
1,187,857 1,522,857 1,794,762 1,958,333 2,153,869
2,466,693 3,603,884 4,850,915 4,986,224 7,863,273
243,800 296,550 399,850 583,500 945,324
460,042 653,917 739,250 875,208 1,047,125
703,842 950,467 1,139,100 1,458,708 1,992,449
- - - - -
800,000 2,400,000 4,000,000 3,600,000 4,200,000
1,503,842 3,350,467 5,139,100 5,058,708 6,192,449
750,000 750,000 750,000 750,000 750,000
212,851 (496,582) (1,038,185) (822,484) 920,824
962,851 253,418 (288,185) (72,484) 1,670,824
2,466,693 3,603,884 4,850,915 4,986,224 7,863,273
- - - - -

12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018

12/31/2019 12/31/2020 12/31/2021
2019 2020 2021

34,602,910 51,118,010 60,070,683

60.5% 47.7% 17.5%

3,922,500 5,805,417 6,948,750

588,375 870,813 1,042,313
13,841,164 20,447,204 24,028,273
2,595,218 3,833,851 4,505,301
294,000 294,000 294,000
1,038,087 1,533,540 1,802,121
1,557,131 2,300,310 2,703,181
558,333 682,143 789,286
519,044 766,770 901,060
24,913,852 36,534,048 43,014,284
9,689,058 14,583,962 17,056,399
28.0% 28.5% 28.4%

1,497,083 1,520,000 1,520,000

748,542 760,000 760,000
54,000 54,000 54,000
519,044 766,770 901,060
1,384,116 2,044,720 2,402,827
865,073 1,277,950 1,501,767
5,067,858 6,423,441 7,139,655
4,621,200 8,160,522 9,916,744
13.4% 16.0% 16.5%
200,833 180,833 160,833
4,420,366 7,979,688 9,755,911

928,277 1,675,735 2,048,741

21% 21% 21%
3,492,089 6,303,954 7,707,170
10.1% 12.3% 12.8%

12/31/2019 12/31/2020 12/31/2021

2,952,138 6,813,814 12,771,242
3,506,100 4,934,785 5,481,000
 2,936,540 3,977,060 5,000,000
9,394,778 15,725,659 23,252,242
2,395,536 2,763,393 3,224,107
11,790,314 18,489,052 26,476,349
1,490,484 1,991,372 2,500,000
1,336,917 1,630,813 1,802,313
2,827,401 3,622,185 4,302,313
- - -
3,800,000 3,400,000 3,000,000
6,627,401 7,022,185 7,302,313
750,000 750,000 750,000
4,412,913 10,716,867 18,424,037
5,162,913 11,466,867 19,174,037
11,790,314 18,489,052 26,476,349
- - -

12/31/2019 12/31/2020 12/31/2021