Cavit Financial Model(1)

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Revenue Assumptions

Division A- Biopolymer
Scenario
Revenue Growth 1 2 3
2009 - - -
2010 - - -
2011 2.0% 20.0% 15.0%
2012 2.0% 18.0% 17.0%

2013 2.0% 15.0% 18.0%
2014 2.0% 10.0% 15.0%

2015 2.0% 8.0% 12.0%
2016 2.0% 6.0% 10.0%
2017 2.0% 4.0% 7.5%
2018 2.0% 3.0% 3.0%

Scenario
Revenues 1 2 3
2009 $0 $0 $0
2010 $18,000,000 $25,000,000 $36,000,000
2011 $18,360,000 $30,000,000 $41,400,000
2012 $18,727,200 $35,400,000 $48,438,000
2013 $19,101,744 $40,710,000 $57,156,840
2014 $19,483,779 $44,781,000 $65,730,366
2015 $19,873,454 $48,363,480 $73,618,010
2016 $20,270,924 $51,265,289 $80,979,811
2017 $20,676,342 $53,315,900 $87,053,297
2018 $21,089,869 $54,915,377 $89,664,896

Additional Sources of Revenue Scenario 1
International Licensing Revenue: Grants:
Burns Chronic Wounds Reconstruction AFFIRM Dept. of Defense
2009 $500,000
2010 $1,000,000 $5,000,000
2011 $125,222,002
2012 $1,565,275 $292,184,671
2013 $3,130,550 $3,652,308 $30,406,107
2014 $4,695,825 $7,304,617 $380,076
2015 $6,261,100 $10,956,925 $760,153
2016 $7,826,375 $14,609,234 $1,140,229
2017 $7,904,639 $18,261,542 $1,520,305
2018 $7,983,685 $18,444,157 $1,900,382

International Licensing Revenue: Grants:
Burns Chronic Wounds Reconstruction AFFIRM Dept. of Defense
2009 $500,000
2010 $250,000,000 $1,000,000 $5,000,000
2011 $25,000,000 $250,000,000 $7,500,000 $5,000,000

2012 $25,000,000 $25,000,000 $250,000,000 $5,000,000 $5,000,000
2013 $25,000,000 $25,000,000 $25,000,000 $5,000,000 $5,000,000
2014 $25,000,000 $25,000,000 $25,000,000
2015 $25,000,000 $25,000,000 $25,000,000
2016 $25,000,000 $25,000,000 $25,000,000
2017 $25,000,000 $25,000,000 $25,000,000
2018 $25,000,000 $25,000,000 $25,000,000

M

2009 2010 2011
Manufacturing (% of Revenues) 50% 50% 50%
Lonza Sales Fee (% of Revenues) 15% 15% 15%
Total Production Cost (% of Revenues) 65% 65% 65%
Lonzas Share of Profit 50% 50% 50%
McCoy's Profit (% of Revenues) 17.5% 17.5% 17.5%

In HUD Phase
2009 2010 2011
Manufacturing (% of Revenues) 85% 85% 85% Price Paid (per cm³)
Administrative (% of Revenues) 15% 15% 15% Selling Price (per cm³)
McCoy's Profit (% of Revenues) 0% 0% 0% Manufacturing (% of Revenues)
McCoy's Profit (% of Revenues)

Expense A
2009 2010 2011
Operating Expenses
Manufacturing Expenses- Division A $0 $12,500,000 $15,000,000
Manufacturing Expenses- Division B $0 $23,375,000 $46,750,000
Total Manufacturing Expense $0 $35,875,000 $61,750,000
Employee Expense
HDE Application Clinical $30,000 $0 $0
HDE Application Technical $30,000 $0 $0
PMA Application Clinical $0 $100,000 $100,000
PMA Application Technical $0 $100,000 $100,000
Total Employee Expense $60,000 $200,000 $200,000
Laboratory: Trial Tech Transfer Verification
Media Prep 1 $200,000 $400,000 $600,000
Media Release 1 $100,000 $200,000 $300,000
Lonza Skin Culture 1 $60,000 $120,000 $180,000
Cincinnati Skin Culture 1 $60,000 $60,000 $60,000
Lonza Mouse Graft Study 1 $50,000 $100,000 $150,000
Total Lab Expenses $470,000 $880,000 $1,290,000
Cost of Goods Sold $530,000 $36,955,000 $63,240,000

Sales, General & Administrative
Lonza's "Sales and Marketing" Payments $0 $8,125,000 $9,750,000
CEO/Regulatory $100,000 $200,000 $200,000
COO/Corporate Liason $100,000 $200,000 $200,000
Senior Research Scientist Boyce $100,000 $100,000 $100,000

Adult Clinical Program Manager $50,000 $100,000 $225,000
National Securities 7% $525,000 $525,000 $0
Accounting Expenses
Corporate Counsel $120,000 $200,000 $200,000
Total Personnel Expense $995,000 $9,450,000 $10,675,000
Patents $24,000 $24,000 $175,000
Office Supplies $1,200 $2,400 $4,800
Telephone, Internet Service $5,400 $10,800 $21,600
General Liability (Fire theft) $1,500 $3,000 $6,000
Product Liability $12,000 $24,000 $48,000
Key Man Insurance 3 Employees $5,400 $10,800 $21,600
Director & Officer Insurance $16,000 $32,000 $64,000
Employee Health Insurance $36,000 $72,000 $144,000
Marketing/Tradeshow/Conference $50,000 $100,000 $200,000
Employment Benefits $100,000 $200,000 $400,000
Travel $72,000 $144,000 $288,000
Increase in Patents & Legal due to Licensing Agreements 0 $25,000 $50,000
Increase in Travel due to Licensing Agreements 0 $25,000 $50,000
Additional Administrative Expense Related to HUD $0 $0 $0
Total Other Expenses $323,500 $673,000 $1,473,000
Total SG&A Expenses $1,318,500 $10,123,000 $12,148,000

R&D as % Gross Profit 10.0%
R&D Expenses $0 $0 $0

2009 2010 2011 2012
35% 35% 35% 35%

Am
Years to Amortize Intangibles 15

Total Intangible
Assets 2009 2010 2011
2009 $4,000,000 $266,667 $266,667 $266,667
2010 $4,000,000 $266,667 $266,667
2011 $- $0
2012 $-
2013 $-
2014 $-
2015 $-
2016 $-
2017 $-
2018 $-

Total Amortization $266,667 $533,333 $533,333

Straight L
Years to Depreciat Office Equipment 5
Years to Depreciate CAPEX 15

Office Equipment
Purchase Capital Expenditures 2009 2010
2009 $30,000 $6,000 $6,000
2010 $30,000 $6,000

2011 $30,000 $-
2012 $30,000 $-
2013 $30,000 $-
2014 $- $-
2015 $- $-
2016 $- $-
2017 $- $-
2018 $- $-

Total Depreciation $6,000 $12,000

CASH FLOW
2009 2010 2011
Equity Issuance in Year 1 $7,500,000 $0 $0

Intangible Assets
Licensing payment Lonza Marketing & Distribution $2,000,000 $0 $0
Cutanogen Final Payment Lonza $0 $2,000,000 $0
Milestone Payment Boyce HDE app $1,000,000 $0 $0
Milestone Payment University Cincinati HDE APP $1,000,000 $0 $0
Milestone Payment Boyce PMA application $0 $1,000,000 $0
Milestone Payment University Cinncinati PMA APP $0 $1,000,000 $0
Total Intangible Asset Purchased $4,000,000 $4,000,000 $0
Amortization $266,667 $533,333 $533,333
Net Intangible Value $3,733,333 $7,200,000 $6,666,667

Capital Expenditures
Capital Expenditures $0 $0 $0
Asset Purchases Office Equipment $30,000 $30,000 $30,000
Total Capital Expenditures $30,000 $30,000 $30,000
Net Asset Value $24,000 $42,000 $54,000

Balance She
2009 2010 2011
Assets
Accounts Receivable (% Revenues) 15% 15% 15%
Restricted Cash $0 $0 $0
Other Current Assets $0 $0 $0
Other Current Asssets $0 $0 $0
Existing Goodwill and Intangibles $0 $0 $0
Transaction Goodwill $0 $0 $0
Other Long-Term Assets $0 $0 $0

Liabilities
Accounts Payable (% Revenues) 10% 10% 10%
Other Current Liabilities $0 $0 $0
Existing Long-Term Debt $0 $0 $0
Exisiting Other Debt Affirm Grant Payment $500,000 $0
Other Long-Term Liabilities $0 $0 $0

Minority Interest $0 $0 $0
% of Dividend to be Paid out of CF After Operations and 80%
Investing Activities Post 2009

% of Dividend to be Paid out of CF After Operations and 80%
Investing Activities Post 2009

If debt is incurred, make sure to accou

Valuation Assumpt

Cost of Equity- CAPM 2009 2010 2011 2012
Risk Free Rate (20-Year Treasury) 4.47% 4.47% 4.47% 4.47%
Beta 1.0 1.0 1.0 1.0
Risk Premium 25% 25% 20% 20%
Cost of Equity- CAPM 29.5% 29.5% 24.5% 24.5%

Cost of Debt
Milestone Payments Interest 0% 0% 0% 0%
Working Capital
Working Capital as % of Revenues 2%

Terminal Value Calculation
Terminal Growth Rate 3.0%
Discount Rate 10.0%

1 2 3 4
2
3
4
5
6
7
8
9
10
11

Division B- HUD/PMA
Scenario
Revenue Growth 1
2009 -
2010 -
2011 -
2012 -

2013 -
2014 -

2015 0.0%
2016 0.0%
2017 0.0%
2018 0.0%

Scenario
Revenues 1
2009 $0
2010 $0
2011 $0
2012 $0
2013 $0
2014 $0
2015 $0
2016 $0
2017 $0
2018 $0

International Licensing Revenue:
Total Additional
Revenue Burns Chronic Wounds
$500,000 2009
$6,000,000 2010
$125,222,002 2011 $125,222,002
$293,749,946 2012 $1,565,275 $292,184,671
$37,188,966 2013 $3,130,550 $3,652,308
$12,380,518 2014 $4,695,825 $7,304,617
$17,978,178 2015 $6,261,100 $10,956,925
$23,575,838 2016 $7,826,375 $14,609,234
$27,686,486 2017 $7,904,639 $18,261,542
$28,328,224 2018 $7,983,685 $18,444,157

Total Additional Total Revenues
Revenue Scenario 1
$500,000 2009 $500,000
$256,000,000 2010 $24,000,000
$287,500,000 2011 $143,582,002

$310,000,000 2012 $312,477,146
$85,000,000 2013 $56,290,710
$75,000,000 2014 $31,864,297
$75,000,000 2015 $37,851,632
$75,000,000 2016 $43,846,761
$75,000,000 2017 $48,362,828
$75,000,000 2018 $49,418,093

Margin Assumptions
Division A
2012 2013 2014 2015 2016
50% 50% 50% 50% 50%
15% 15% 15% 15% 15%
65% 65% 65% 65% 65%
50% 50% 50% 50% 50%
17.5% 17.5% 17.5% 17.5% 17.5%

Division B
In PMA Phase
2012 2013 2014 2015
e Paid (per cm³) $25.00 $25.00 $20.00 $20.00
ing Price (per cm³) $55.00 $55.00 $55.00 $55.00
ufacturing (% of Revenues) 45% 45% 36% 36%
Coy's Profit (% of Revenues) 55% 55% 64% 64%

Expense Assumptions
2012 2013 2014 2015 2016

$17,700,000 $20,355,000 $22,390,500 $24,181,740 $25,632,644
$70,125,000 $93,500,000 $116,875,000 $119,796,875 $122,791,797
$87,825,000 $113,855,000 $139,265,500 $143,978,615 $148,424,441

$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$100,000 $100,000 $0 $0 $0
$100,000 $100,000 $0 $0 $0
$200,000 $200,000 $0 $0 $0

$400,000 $200,000 $0 $0 $0
$200,000 $100,000 $0 $0 $0
$120,000 $60,000 $0 $0 $0
$0 $0 $0 $0 $0
$100,000 $50,000 $0 $0 $0
$820,000 $410,000 $0 $0 $0
$88,845,000 $114,465,000 $139,265,500 $143,978,615 $148,424,441

$11,505,000 $13,230,750 $14,553,825 $15,718,131 $16,661,219
$200,000 $1,000,000 $1,000,000 $1,000,000 $1,000,000
$200,000 $1,000,000 $1,000,000 $1,000,000 $1,000,000
$100,000 $100,000 $100,000 $100,000 $100,000

$375,000 $375,000 $375,000 $375,000 $375,000
$0 $0 $0 $0 $0

$200,000 $200,000 $200,000 $200,000 $200,000
$12,580,000 $15,905,750 $17,228,825 $18,393,131 $19,336,219
$200,000 $200,000 $200,000 $200,000 $100,000
$9,600 $19,200 $19,200 $19,200 $19,200
$43,200 $86,400 $86,400 $86,400 $86,400
$12,000 $24,000 $24,000 $24,000 $24,000
$96,000 $192,000 $192,000 $192,000 $192,000
$43,200 $86,400 $86,400 $86,400 $86,400
$128,000 $256,000 $256,000 $256,000 $256,000
$288,000 $576,000 $576,000 $576,000 $576,000
$400,000 $800,000 $800,000 $800,000 $800,000
$800,000 $1,600,000 $1,600,000 $1,600,000 $1,600,000
$576,000 $1,152,000 $1,152,000 $1,152,000 $1,152,000
$50,000 $50,000 $50,000 $50,000 $50,000
$50,000 $50,000 $50,000 $50,000 $50,000
$0 $0 $0 $0 $0
$2,696,000 $5,092,000 $5,092,000 $5,092,000 $4,992,000
$15,276,000 $20,997,750 $22,320,825 $23,485,131 $24,328,219

$32,280,495 $7,343,397 $5,539,602 $6,330,054 $7,087,762

Tax Rate Assumption
2013 2014 2015 2016 2017
35% 35% 35% 35% 35%

Amortizaiton Schedule

2012 2013 2014 2015 2016
$266,667 $266,667 $266,667 $266,667 $266,667
$266,667 $266,667 $266,667 $266,667 $266,667
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0
$0 $0 $0
$0 $0
$0

$533,333 $533,333 $533,333 $533,333 $533,333

Straight Line Depreciation Schedule

2011 2012 2013 2014 2015
$6,000 $6,000 $6,000 $0 $0
$6,000 $6,000 $6,000 $6,000 $0

$6,000 $6,000 $6,000 $6,000 $6,000
$6,000 $6,000 $6,000 $6,000
$6,000 $6,000 $6,000
$0 $0
$0

$18,000 $24,000 $30,000 $24,000 $18,000

CASH FLOW ASSUMPTIONS
2012 2013 2014 2015 2016
$0 $0 $0 $0 $0

$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$533,333 $533,333 $533,333 $533,333 $533,333
$6,133,333 $5,600,000 $5,066,667 $4,533,333 $4,000,000

$0 $0 $0 $0 $0
$30,000 $30,000 $0 $0 $0
$30,000 $30,000 $0 $0 $0
$60,000 $60,000 $36,000 $18,000 $6,000

Balance Sheet Assumption
2012 2013 2014 2015 2016

15% 15% 15% 15% 15%
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0

10% 10% 10% 10% 10%
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0

$0 $0 $0 $0 $0

ebt is incurred, make sure to account for interest

Valuation Assumptions

2013 2014 2015 2016 2017
4.47% 4.47% 4.47% 4.47% 4.47%
1.0 1.0 1.0 1.0 1.0
20% 15% 15% 10% 10%
24.5% 19.5% 19.5% 14.5% 14.5%

0% 0% 0% 0% 0%

5 6 7 8 9

Division B- HUD/PMA
Scenario
2 3
- -
- -
- -
- -

- -
- -

2.5% 5.0%
2.5% 5.0%
2.5% 5.0%
2.5% 5.0%

Scenario
2 3
$0 $0
$27,500,000 $90,000,000
$55,000,000 $125,000,000
$82,500,000 $200,000,000
$110,000,000 $600,000,000
$137,500,000 $750,000,000
$140,937,500 $787,500,000
$144,460,938 $826,875,000
$148,072,461 $868,218,750
$151,774,272 $911,629,688

l Licensing Revenue: Grants:
Total Additional
Reconstruction AFFIRM Dept. of Defense Revenue
$500,000 $500,000
$1,000,000 $5,000,000 $6,000,000
$7,500,000 $5,000,000 $137,722,002
$293,749,946
$30,406,107 $37,188,966
$380,076 $12,380,518
$760,153 $17,978,178
$1,140,229 $23,575,838
$1,520,305 $27,686,486
$1,900,382 $28,328,224

Total Revenues
2 3
$500,000 $500,000
$58,500,000 $382,000,000
$222,722,002 $453,900,000

$411,649,946 $558,438,000
$187,898,966 $742,156,840
$194,661,518 $890,730,366
$207,279,158 $936,118,010
$219,302,064 $982,854,811
$229,074,847 $1,030,272,047
$235,017,874 $1,076,294,583

2017 2018
50% 50%
15% 15%
65% 65%
50% 50%
17.5% 17.5%

2016 2017 2018
$20.00 $20.00 $20.00
$55.00 $55.00 $55.00
36% 36% 36%
64% 64% 64%

2017 2018

$26,657,950 $27,457,689
$125,861,592 $129,008,132
$152,519,542 $156,465,820

$0 $0
$0 $0
$0 $0
$0 $0
$0 $0

$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$152,519,542 $156,465,820

$17,327,668 $17,847,498
$1,000,000 $1,000,000
$1,000,000 $1,000,000
$100,000 $100,000

$375,000 $375,000
$0 $0

$200,000 $200,000
$20,002,668 $20,522,498
$100,000 $100,000
$19,200 $19,200 Assumed Growth Rate in Item Line Expense (Year 1 - 5):
$1,600,000 $1,600,000 Assumed Growth Rate in Item Line Expense (Year 1 - 5):
$1,152,000 $1,152,000 Assumed Growth Rate in Item Line Expense (Year 1 - 5):
$50,000 $50,000
$50,000 $50,000
$0 $0
$4,992,000 $4,992,000
$24,994,668 $25,514,498

$7,655,531 $7,855,205

2018
35%

2017 2018
$266,667 $266,667
$266,667 $266,667
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0

$533,333 $533,333

2016 2017 2018
$0 $0 $0
$0 $0 $0

$0 $0 $0
$6,000 $0 $0
$6,000 $6,000 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0
$0

$12,000 $6,000 $0

2017 2018
$0 $0

$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$533,333 $533,333
$3,466,667 $2,933,333

$0 $0
$0 $0
$0 $0
$0 $0

2017 2018

15% 15%
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0
$0 $0

10% 10%
$0 $0
$0 $0
$0 $0
$0 $0

$0 $0

2018
4.47%
1.0
10%
14.5%

0%

10 11

USA STATISTICS USED FOR FORECASTING

Total expenditure on health as % GDP (2005)
GDP (2008, official exchange rate)

S. Korea
Total Expenditure on Health as % of GDP
(2005] 05.9%²
GDP (2008, official exchange rate) $857,500,000,000

Total Health Expenditure $50,592,500,000
Burns Market $69,681,520
Wounds $162,590,214
Reconstructive $12,310,402

Population and GDP figures from CIA world
Health Data from WHO
2 Data reported from WHO on Republic of Kor
Assumed Licensing Agreement as % of Mkt Value
S. Korea
Total Health Expenditure $50,592,500,000
Implied Burns Market $69,681,520
Implied Wounds $162,590,214
Implied Reconstructive $12,310,402
Licensing Agreement Payment S. Korea
Burns Market $2,787,261
Wounds $6,503,609
Reconstructive $492,416

Burn
1
2009 $-
2010 $-
2011 $125,222,002
2012 $1,565,275
2013 $3,130,550
2014 $4,695,825
2015 $6,261,100
2016 $7,826,375
2017 $7,904,639
2018 $7,983,685

R&D as % of Gross Profit Under 0% Scenario 5.0%

100%
100%
100%
100%
100%
100%
100%
100%
100%
100%

Forecasting Licensing Agreements and Royalty P

Health Care Expenditure
15.2% Burns Market
$14,330,000,000,000 Wounds
Reconstructive

China Japan India Denmark Finland

4.7% 8.2% 5.0% 9.1% 7.5%
$4,222,000,000,000 $4,844,000,000,000 $1,237,000,000,000 $369,600,000,000 $281,200,000,000

$198,434,000,000 $397,208,000,000 $61,850,000,000 $33,633,600,000 $21,090,000,000
$273,304,991 $547,078,268 $85,186,579 $46,323,870 $29,047,453
$637,711,647 $1,276,515,958 $198,768,685 $108,089,029 $67,777,390
$35,347,446 $149,899,445 $5,395,150 $12,986,125 $7,532,973

n and GDP figures from CIA world factbook

orted from WHO on Republic of Korea
4%
China Japan India "Europe" Denmark
$198,434,000,000 $397,208,000,000 $61,850,000,000 $1,564,861,800,000 $33,633,600,000
$273,304,991 $547,078,268 $85,186,579 $2,155,298,692 $46,323,870
$637,711,647 $1,276,515,958 $198,768,685 $5,029,030,282 $108,089,029
$35,347,446 $149,899,445 $5,395,150 $557,200,235 $12,986,125
China Japan India "Europe" Total
$10,932,200 $21,883,131 $3,407,463 $86,211,948 $125,222,002
$25,508,466 $51,060,638 $7,950,747 $201,161,211 $292,184,671
$1,413,898 $5,995,978 $215,806 $22,288,009 $30,406,107

Additional Sources of Revenue Hlookup T
International Licensing
Burn Chronic Wounds
2 3 1 2 3
$- $- $- $- $-
$- $250,000,000 $- $- $-
$125,222,002 $25,000,000 $- $- $250,000,000
$1,565,275 $25,000,000 $292,184,671 $292,184,671 $25,000,000
$3,130,550 $25,000,000 $3,652,308 $3,652,308 $25,000,000
$4,695,825 $25,000,000 $7,304,617 $7,304,617 $25,000,000
$6,261,100 $25,000,000 $10,956,925 $10,956,925 $25,000,000
$7,826,375 $25,000,000 $14,609,234 $14,609,234 $25,000,000
$7,904,639 $25,000,000 $18,261,542 $18,261,542 $25,000,000
$7,983,685 $25,000,000 $18,444,157 $18,444,157 $25,000,000

Forecasting Figures
Scenario 2 Revs as % of Skin Graft Market ($11,000,000,000)

0.250% Year 1
0.500% Year 2
0.750% Year 3
1.000% Year 4
1.250% Year 5

Assumed Royalty Payment
Assumed Growth in Markets after first 5 years

NI Under Revenue Scenario 1 for Valuation S
2009 2010 2011 2012
Revenues $0 $25,000,000 $30,000,000 $35,400,000
COGS $530,000 $10,080,000 $10,670,000 $10,383,600
SG&A $1,318,500 $7,798,000 $8,265,000 $9,757,340
R&D $0 $0 $0 $0
Depreciation $6,000 $12,000 $18,000 $24,000
Amortization $266,667 $533,333 $533,333 $533,333
Pretax Profit ($2,121,167) $6,576,667 $10,513,667 $14,701,727
Tax $0 $2,301,833 $3,679,783 $5,145,604
Corresponding NI ($2,121,167) $4,274,833 $6,833,883 $9,556,122

NI Under Revenue Scenario 2 for Valuation S
2009 2010 2011 2012
Revenues $500,000 $58,500,000 $222,722,002 $411,649,946
COGS $530,000 $36,955,000 $63,240,000 $88,845,000
SG&A $1,318,500 $10,073,000 $12,048,000 $15,176,000
R&D $0 $0 $0 $32,280,495
Depreciation $6,000 $12,000 $18,000 $24,000
Amortization $266,667 $533,333 $533,333 $533,333
Pretax Profit ($1,621,167) $10,926,667 $146,882,669 $274,791,119
Tax $0 $3,824,333 $51,408,934 $96,176,891
Corresponding NI ($1,621,167) $7,102,333 $95,473,735 $178,614,227

Matrix Calculations
Revenue Matrix
US Company Value with a 0% Chance of the Skin Gra
2009 2010 2011 2012
US 0% Skin Graft $500,000 $31,000,000 $42,500,000 $35,400,000
COGS $530,000 $12,500,000 $15,000,000 $17,700,000
SG&A $1,318,500 $10,073,000 $12,048,000 $15,176,000
R&D $0 $0 $0 $885,000
Depr. & Amort $272,667 $545,333 $551,333 $557,333
EBIT ($1,621,167) $7,881,667 $14,900,667 $1,081,667
Taxes $0 $2,758,583 $5,215,233 $378,583
NI ($1,621,167) $5,123,083 $9,685,433 $703,083
Non-Cash Charges $272,667 $545,333 $551,333 $557,333
Less Net Working Capital ($10,000) ($610,000) ($230,000) $142,000
FCFF ($1,358,500) $5,058,417 $10,006,767 $1,402,417
PV of FCFF ($1,068,339) $3,072,521 $4,883,255 $549,829
Terminal Value $0

Sum of PV of FCFF $6,698,474
Value of Firm $6,698,474

US 100% Skin Graft
Revenues $500,000 $58,500,000 $97,500,000 $117,900,000
COGS $530,000 $36,955,000 $63,240,000 $88,845,000
SG&A $1,318,500 $10,073,000 $12,048,000 $15,176,000
R&D $0 $0 $0 $32,280,495
Depr. & Amort $272,667 $545,333 $551,333 $557,333
EBIT ($1,621,167) $10,926,667 $21,660,667 ($18,958,828)
Taxes $0 $3,824,333 $7,581,233 ($6,635,590)
NI ($1,621,167) $7,102,333 $14,079,433 ($12,323,238)
Non-Cash Charges $272,667 $545,333 $551,333 $557,333
Less Net Working Capital ($10,000) ($1,160,000) ($780,000) ($408,000)
FCFF ($1,358,500) $6,487,667 $13,850,767 ($12,173,905)
PV of FCFF ($1,068,339) $3,940,659 $6,759,108 ($4,772,883)
Terminal Value
Sum of PV of FCFF $16,549,853
Value of Firm $16,549,853
International Revenues
South Korea
Burns $2,787,261 $34,841
Wounds $6,503,609
Reconstructive
South Korea Total $2,787,261 $6,538,449
China
Burns $10,932,200 $136,652
Wounds $25,508,466
Reconstructive
China Total $10,932,200 $25,645,118
Japan
Burns $21,883,131 $273,539
Wounds $51,060,638
Reconstructive
Japan Total $21,883,131 $51,334,177

India
Burns $3,407,463 $42,593
Wounds $7,950,747
Reconstructive
India Total $3,407,463 $7,993,341
Europe
Burns $86,211,948 $1,077,649
Wounds $201,161,211
Reconstructive
Europe Total $86,211,948 $202,238,861

Incremental Change in SG&A Expenses as a result of Licens
2009 2010 2011 2012
Patents & Legal $0 $5,000 $10,000 $10,000
Travel $0 $5,000 $10,000 $10,000
Total $0 $10,000 $20,000 $20,000

Value of South Korea Licensing Agr
2009 2010 2011 2012

Increase in Revenue $0 $0 $2,787,261 $6,538,449
Increase in Expenses $0 $10,000 $20,000 $20,000
Increase (Decrease) in Taxes $0 ($3,500) $968,541 $2,281,457
Increase in NI $0 ($6,500) $1,798,720 $4,236,992
Change in NWC $0 0 ($55,745) ($75,024)
Change in FCFF $0 ($6,500) $1,742,974 $4,161,968
PV of FCFF $0 ($3,948) $850,563 $1,631,735
Value of South Korea Licensing Agreement $2,924,935

Value of China Licensing Agreem
2009 2010 2011 2012
Increase (Decrease) in Taxes $0 ($3,500) $3,819,270 $8,968,791
Increase in NI $0 ($6,500) $7,092,930 $16,656,327
Change in NWC $0 0 ($218,644) ($294,258)
Change in FCFF $0 ($6,500) $6,874,286 $16,362,069
PV of FCFF $0 ($3,948) $3,354,619 $6,414,888
Value of China Licensing Agreement $11,450,226

Value of Japan Licensing Agreem
2009 2010 2011 2012
Increase in NI $0 ($6,500) $14,211,035 $33,354,215
Change in NWC $0 0 ($437,663) ($589,021)
Change in FCFF $0 ($6,500) $13,773,372 $32,765,194
PV of FCFF $0 ($3,948) $6,721,340 $12,845,874
Value of Japan Licensing Agreement $23,665,893

Value of India Licensing Agreem
2009 2010 2011 2012
Increase in NI $0 ($6,500) $2,201,851 $5,182,671
Change in NWC $0 0 ($68,149) ($91,718)
Change in FCFF $0 ($6,500) $2,133,702 $5,090,954
PV of FCFF $0 ($3,948) $1,041,236 $1,995,952
Value of India Licensing Agreement $3,495,956

Value of Europe Licensing Agreem
2009 2010 2011 2012
Increase in NI $0 ($6,500) $56,024,766 $131,442,259
Change in NWC $0 0 ($1,724,239) ($2,320,538)
Change in FCFF $0 ($6,500) $54,300,527 $129,121,721
PV of FCFF $0 ($3,948) $26,498,399 $50,623,271
Value of Europe Licensing Agreement $93,030,003

NI ($1,621,167) $7,069,833 $95,408,735 $178,549,227
PV of FCFF ($1,068,339) $3,920,918 $45,225,265 $68,738,837

NI difference $0 $0 $0
Revenues $58,500,000 $222,722,002 $411,649,946
COGS $36,955,000 $63,240,000 $88,845,000
SG&A $10,123,000 $12,148,000 $15,276,000
R&D $0 $0 $32,280,495
Taxes $0 $3,806,833 $51,373,934 $96,141,891

NWC ($10,000) ($1,160,000) ($3,284,440) ($3,778,559)

FCFF ($1,358,500) $6,455,167 $92,675,628 $175,328,001
($1,068,339) $3,920,918 $45,225,265 $68,738,837
$0 $0 $0 $0
($1,068,339) $3,920,918 $45,225,265 $68,738,837

greements and Royalty Payments Calculations

Market as % of Health
$2,178,160,000,000 Expenditures
$3,000,000,000 0.138%
$7,000,000,000 0.321%
$1,000,000,000 0.046%

France Germany Italy Netherlands Spain

11.2% 10.7% 8.9% 9.2% 8.2%
$2,987,000,000,000 $3,818,000,000,000 $2,399,000,000,000 $909,500,000,000 $1,683,000,000,000

$334,544,000,000 $408,526,000,000 $213,511,000,000 $83,674,000,000 $138,006,000,000
$460,770,559 $562,666,654 $294,070,684 $115,244,977 $190,076,946
$1,075,131,303 $1,312,888,860 $686,164,928 $268,904,947 $443,512,873
$122,718,559 $144,230,219 $75,086,048 $24,931,330 $45,238,313

Finland France Germany Italy Netherlands
$21,090,000,000 $334,544,000,000 $408,526,000,000 $213,511,000,000 $83,674,000,000
$29,047,453 $460,770,559 $562,666,654 $294,070,684 $115,244,977
$67,777,390 $1,075,131,303 $1,312,888,860 $686,164,928 $268,904,947
$7,532,973 $122,718,559 $144,230,219 $75,086,048 $24,931,330

nal Sources of Revenue Hlookup Table
Grants
Reconstruction AFIRM
1 2 3 1 2
$- $- $- $500,000 $500,000
$- $- $- $1,000,000 $1,000,000
$- $- $- $- $7,500,000
$- $- $250,000,000 $- $-
$30,406,107 $30,406,107 $25,000,000 $- $-
$380,076 $380,076 $25,000,000 $- $-
$760,153 $760,153 $25,000,000 $- $-
$1,140,229 $1,140,229 $25,000,000 $- $-
$1,520,305 $1,520,305 $25,000,000 $- $-
$1,900,382 $1,900,382 $25,000,000 $- $-

ting Figures
Graft Market ($11,000,000,000)

20%
1%

venue Scenario 1 for Valuation Sheet in Print Doc
2013 2014 2015 2016 2017
$40,710,000 $44,781,000 $48,363,480 $51,265,289 $53,315,900
$10,160,872 $9,741,889 $9,936,727 $10,135,462 $10,338,171
$13,875,067 $13,999,228 $14,125,873 $14,155,050 $14,286,811
$0 $0 $0 $0 $0
$30,000 $24,000 $18,000 $12,000 $6,000
$533,333 $533,333 $533,333 $533,333 $533,333
$16,110,728 $20,482,549 $23,749,547 $26,429,444 $28,151,585
$5,638,755 $7,168,892 $8,312,341 $9,250,305 $9,853,055
$10,471,973 $13,313,657 $15,437,205 $17,179,138 $18,298,530

venue Scenario 2 for Valuation Sheet in Print Doc
2013 2014 2015 2016 2017
$187,898,966 $194,661,518 $207,279,158 $219,302,064 $229,074,847
$114,465,000 $139,265,500 $143,978,615 $148,424,441 $152,519,542
$20,897,750 $22,220,825 $23,385,131 $24,228,219 $24,894,668
$7,343,397 $5,539,602 $6,330,054 $7,087,762 $7,655,531
$30,000 $24,000 $18,000 $12,000 $6,000
$533,333 $533,333 $533,333 $533,333 $533,333
$44,629,486 $27,078,258 $33,034,024 $39,016,308 $43,465,774
$15,620,320 $9,477,390 $11,561,909 $13,655,708 $15,213,021
$29,009,166 $17,600,868 $21,472,116 $25,360,600 $28,252,753

th a 0% Chance of the Skin Graft Getting FDA Approval
2013 2014 2015 2016 2017
$40,710,000 $44,781,000 $48,363,480 $51,265,289 $53,315,900
$20,355,000 $22,390,500 $24,181,740 $25,632,644 $26,657,950
$20,897,750 $22,220,825 $23,385,131 $24,228,219 $24,894,668
$1,017,750 $1,119,525 $1,209,087 $1,281,632 $1,332,898
$563,333 $557,333 $551,333 $545,333 $539,333
($2,123,833) ($1,507,183) ($963,811) ($422,540) ($108,948)
$0 $0 $0 $0 $0
($2,123,833) ($1,507,183) ($963,811) ($422,540) ($108,948)
$563,333 $557,333 $551,333 $545,333 $539,333
($106,200) ($81,420) ($71,650) ($58,036) ($41,012)
($1,666,700) ($1,031,270) ($484,128) $64,757 $389,373
($524,981) ($271,894) ($106,839) $12,484 $65,577

US 100% Skin Graft
$150,710,000 $182,281,000 $189,300,980 $195,726,226 $201,388,361
$114,465,000 $139,265,500 $143,978,615 $148,424,441 $152,519,542
$20,897,750 $22,220,825 $23,385,131 $24,228,219 $24,894,668
$7,343,397 $5,539,602 $6,330,054 $7,087,762 $7,655,531
$563,333 $557,333 $551,333 $545,333 $539,333
$7,440,520 $14,697,740 $15,055,846 $15,440,471 $15,779,288
$2,604,182 $5,144,209 $5,269,546 $5,404,165 $5,522,751
$4,836,338 $9,553,531 $9,786,300 $10,036,306 $10,256,537
$563,333 $557,333 $551,333 $545,333 $539,333
($656,200) ($631,420) ($140,400) ($128,505) ($113,243)
$4,743,471 $9,479,444 $10,197,234 $10,453,134 $10,682,628
$1,494,110 $2,499,253 $2,250,354 $2,015,224 $1,799,133

International Revenues

$69,682 $104,522 $139,363 $174,204 $175,946
$81,295 $162,590 $243,885 $325,180 $406,476
$492,416 $6,155 $12,310 $18,466 $24,621
$643,393 $273,268 $395,559 $517,850 $607,042

$273,305 $409,957 $546,610 $683,262 $690,095
$318,856 $637,712 $956,567 $1,275,423 $1,594,279
$1,413,898 $17,674 $35,347 $53,021 $70,695
$2,006,059 $1,065,343 $1,538,525 $2,011,707 $2,355,069

$547,078 $820,617 $1,094,157 $1,367,696 $1,381,373
$638,258 $1,276,516 $1,914,774 $2,553,032 $3,191,290
$5,995,978 $74,950 $149,899 $224,849 $299,799
$7,181,314 $2,172,083 $3,158,830 $4,145,577 $4,872,461

$85,187 $127,780 $170,373 $212,966 $215,096
$99,384 $198,769 $298,153 $397,537 $496,922
$215,806 $2,698 $5,395 $8,093 $10,790
$400,377 $329,246 $473,921 $618,597 $722,808

$2,155,299 $3,232,948 $4,310,597 $5,388,247 $5,442,129
$2,514,515 $5,029,030 $7,543,545 $10,058,061 $12,572,576
$22,288,009 $278,600 $557,200 $835,800 $1,114,400
$26,957,823 $8,540,578 $12,411,343 $16,282,108 $19,129,105

&A Expenses as a result of Licensing Agreements (per Country)
2013 2014 2015 2016 2017
$10,000 $10,000 $10,000 $10,000 $10,000
$10,000 $10,000 $10,000 $10,000 $10,000
$20,000 $20,000 $20,000 $20,000 $20,000

ue of South Korea Licensing Agreement
2013 2014 2015 2016 2017

$643,393 $273,268 $395,559 $517,850 $607,042
$20,000 $20,000 $20,000 $20,000 $20,000
$218,187 $88,644 $131,446 $174,247 $205,465
$405,205 $164,624 $244,113 $323,602 $381,577
$117,901 $7,403 ($2,446) ($2,446) ($1,784)
$523,106 $172,027 $241,667 $321,157 $379,794
$164,769 $45,355 $53,332 $61,915 $63,964

Value of China Licensing Agreement
2013 2014 2015 2016 2017
$2,006,059 $1,065,343 $1,538,525 $2,011,707 $2,355,069
$20,000 $20,000 $20,000 $20,000 $20,000
$695,121 $365,870 $531,484 $697,097 $817,274
$1,290,938 $679,473 $987,041 $1,294,610 $1,517,795
$472,781 $18,814 ($9,464) ($9,464) ($6,867)
$1,763,719 $698,287 $977,578 $1,285,146 $1,510,928
$555,540 $184,103 $215,735 $247,759 $254,465

Value of Japan Licensing Agreement
2013 2014 2015 2016 2017
$7,181,314 $2,172,083 $3,158,830 $4,145,577 $4,872,461
$20,000 $20,000 $20,000 $20,000 $20,000
$2,506,460 $753,229 $1,098,590 $1,443,952 $1,698,361
$4,654,854 $1,398,854 $2,040,239 $2,681,625 $3,154,100
$883,057 $100,185 ($19,735) ($19,735) ($14,538)
$5,537,911 $1,499,039 $2,020,505 $2,661,890 $3,139,562
$1,744,344 $395,221 $445,891 $513,177 $528,755

Value of India Licensing Agreement
2013 2014 2015 2016 2017
$400,377 $329,246 $473,921 $618,597 $722,808
$20,000 $20,000 $20,000 $20,000 $20,000
$133,132 $108,236 $158,872 $209,509 $245,983
$247,245 $201,010 $295,049 $389,088 $456,825
$151,859 $1,423 ($2,894) ($2,894) ($2,084)
$399,104 $202,433 $292,155 $386,194 $454,741
$125,711 $53,371 $64,474 $74,453 $76,586

alue of Europe Licensing Agreement
2013 2014 2015 2016 2017
$26,957,823 $8,540,578 $12,411,343 $16,282,108 $19,129,105
$20,000 $20,000 $20,000 $20,000 $20,000
$9,428,238 $2,982,202 $4,336,970 $5,691,738 $6,688,187
$17,509,585 $5,538,376 $8,054,373 $10,570,370 $12,420,918
$3,505,621 $368,345 ($77,415) ($77,415) ($56,940)
$21,015,206 $5,906,721 $7,976,958 $10,492,955 $12,363,979
$6,619,419 $1,557,305 $1,760,377 $2,022,901 $2,082,300

$28,944,166 $17,535,868 $21,407,116 $25,295,600 $28,187,753
$10,703,893 $4,734,609 $4,790,162 $4,935,428 $4,805,203

$0 $0 $0 $0 $0

$7,343,397
$15,585,320 $9,442,390 $11,526,909 $13,620,708 $15,178,021

$4,475,020 ($135,251) ($252,353) ($240,458) ($195,456)

$33,982,519 $17,957,950 $21,706,096 $25,600,476 $28,531,631
$10,703,893 $4,734,609 $4,790,162 $4,935,428 $4,805,203
$0 $0 $0 $0 $0
$10,703,893 $4,734,609 $4,790,162 $4,935,428 $4,805,203

Sweden Switzerland UK

9.2% 11.4% 8.2%
$512,900,000,000 $492,600,000,000 $2,787,000,000,000

$47,186,800,000 $56,156,400,000 $228,534,000,000
$64,990,818 $77,344,731 $314,762,001
$151,645,242 $180,471,040 $734,444,669
$17,699,166 $15,391,602 $91,385,901

Spain Sweden Switzerland UK
$138,006,000,000 $47,186,800,000 $56,156,400,000 $228,534,000,000
$190,076,946 $64,990,818 $77,344,731 $314,762,001
$443,512,873 $151,645,242 $180,471,040 $734,444,669
$45,238,313 $17,699,166 $15,391,602 $91,385,901

Grants
AFIRM Dept. of Defense
3 1 2 3
$500,000 $- $- $-
$1,000,000 $5,000,000 $5,000,000 $5,000,000
$7,500,000 $- $5,000,000 $5,000,000
$5,000,000 $- $- $5,000,000
$5,000,000 $- $- $5,000,000
$- $- $- $-
$- $- $- $-
$- $- $- $-
$- $- $- $-
$- $- $- $-

2018
$54,915,377
$10,544,934
$14,421,207
$0
$0
$533,333
$29,415,902
$10,295,566
$19,120,336

2018
$235,017,874
$156,465,820
$25,414,498
$7,855,205
$0
$533,333
$44,749,018
$15,662,156
$29,086,861

2018
$54,915,377 ***From 2010 Onward Assumes Lab Expenses and Employee Expenses for HUD are Done upon FDA FAILURE
$27,457,689
$25,414,498 ***Dropped R&D To 5% if HUD NOT APPROVE
$1,372,884
$533,333
$136,973
$47,941
$89,033
$533,333
($31,990)
$590,376
$86,861
Assumes Terminal Value is Zero, Update when you get SG&A numbers for this scenario and have a realistic 2018 FCFF

$206,689,650
$156,465,820 What is Difference Between SG&A for him if HUD Does NOT GET APPROVE???????
$25,414,498
$7,855,205
$533,333
$16,420,793
$5,747,278
$10,673,516
$533,333
($106,026)
$11,100,823
$1,633,235

$177,705
$410,540
$30,776
$619,022

$696,996
$1,610,222
$88,369
$2,395,587

$1,395,186
$3,223,203
$374,749
$4,993,138

$217,247
$501,891
$13,488
$732,626

$5,496,550
$12,698,301
$1,393,001
$19,587,853

2018
$10,000
$10,000
$20,000

2018

$619,022
$20,000
$209,658
$389,364
($240)
$389,124
$57,251

2018
$2,395,587
$20,000
$831,455
$1,544,131
($810)
$1,543,321
$227,065

2018
$4,993,138
$20,000
$1,740,598
$3,232,540
($2,414)
$3,230,126
$475,240

2018
$732,626
$20,000
$249,419
$463,207
($196)
$463,010
$68,122

2018
$19,587,853
$20,000
$6,848,748
$12,719,104
($9,175)
$12,709,929
$1,869,978

$29,021,861
$4,330,890

$0

$15,627,156

($118,861)

$29,436,334
$4,330,890
$0
$4,330,890

Other Potentially Useful Forecasting Statistics
S. Korea China Japan India Denmark
0-14 Population 8,166,097 265,167,835 17,149,265 362,874,979 997,664
15-64 Population 35,093,893 964,906,976 81,721,301 741,248,288 3,616,764

65 + Population 5,248,982 108,538,157 28,208,113 61,955,950 886,082
Population Growth 0.266% 0.655% -0.191% 1.548% 0.280%
Private Expenditure on Health as % of Total
Expenditures on Health (2005) 47.0%² 61.2% 17.8% 81.0% 15.9%
Public Expenditure ### ### ### ### ###
Private Expenditure ### ### ### ### $5,347,742,400

one upon FDA FAILURE

o and have a realistic 2018 FCFF

Finland France Germany Italy Netherlands Spain Sweden Switzerland
861,202 11,968,714 11,238,882 7,870,226 2,902,872 5,864,419 740,518 1,188,171
3,506,287 41,892,404 54,384,520 38,511,780 11,324,401 27,306,506 5,930,396 5,176,918

882,786 10,559,015 16,706,356 11,744,206 1,525,726 7,354,077 1,703,464 1,239,378
0.098% 0.549% -0.053% -0.047% 0.412% 0.072% 0.158% 0.276%

22.2% 20.1% 23.1% 23.4% 35.1% 28.6% 18.3% 40.3%
### ### ### ### ### ### ### ###
$4,681,980,000 ### ### ### ### ### ### ###

UK
10,219,887
41,020,711

9,872,607
0.279%

12.9%
$199,053,114,000
$29,480,886,000

Income Statement

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Net Sales $500,000 $58,500,000 $222,722,002 $411,649,946 $187,898,966 $194,661,518 $207,279,158 $219,302,064 $229,074,847 $235,017,874
% Growth NA 11600.0% 280.7% 84.8% -54.4% 3.6% 6.5% 5.8% 4.5% 2.6%

Cost of Goods Sold $530,000 $36,955,000 $63,240,000 $88,845,000 $114,465,000 $139,265,500 $143,978,615 $148,424,441 $152,519,542 $156,465,820
Gross Profit ($30,000) $21,545,000 $159,482,002 $322,804,946 $73,433,966 $55,396,018 $63,300,543 $70,877,623 $76,555,306 $78,552,054
Gross Profit Margin -6.0% 36.8% 71.6% 78.4% 39.1% 28.5% 30.5% 32.3% 33.4% 33.4%

SG&A $1,318,500 $10,123,000 $12,148,000 $15,276,000 $20,997,750 $22,320,825 $23,485,131 $24,328,219 $24,994,668 $25,514,498
SG&A (% of Sales) 263.7% 17.3% 5.5% 3.7% 11.2% 11.5% 11.3% 11.1% 10.9% 10.9%

R&D $0 $0 $0 $32,280,495 $7,343,397 $5,539,602 $6,330,054 $7,087,762 $7,655,531 $7,855,205
R&D (% of Sales) 0.0% 0.0% 0.0% 7.8% 3.9% 2.8% 3.1% 3.2% 3.3% 3.3%

EBITDA ($1,348,500) $11,422,000 $147,334,002 $275,248,452 $45,092,819 $27,535,591 $33,485,358 $39,461,642 $43,905,107 $45,182,351
EBITDA Margin -269.7% 19.5% 66.2% 66.9% 24.0% 14.1% 16.2% 18.0% 19.2% 19.2%

Depreciation $6,000 $12,000 $18,000 $24,000 $30,000 $24,000 $18,000 $12,000 $6,000 $0
Amortization $266,667 $533,333 $533,333 $533,333 $533,333 $533,333 $533,333 $533,333 $533,333 $533,333
Pretax Income ($1,621,167) $10,876,667 $146,782,669 $274,691,119 $44,529,486 $26,978,258 $32,934,024 $38,916,308 $43,365,774 $44,649,018
Pretax Margin -324.2% 18.6% 65.9% 66.7% 23.7% 13.9% 15.9% 17.7% 18.9% 19.0%

Income Taxes $0 $3,806,833 $51,373,934 $96,141,891 $15,585,320 $9,442,390 $11,526,909 $13,620,708 $15,178,021 $15,627,156
Effective Tax Rate 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0%
Net Income to Common ($1,621,167) $7,069,833 $95,408,735 $178,549,227 $28,944,166 $17,535,868 $21,407,116 $25,295,600 $28,187,753 $29,021,861
Net Income Margin -324.2% 12.1% 42.8% 43.4% 15.4% 9.0% 10.3% 11.5% 12.3% 12.3%

Cash F

Cash Flow from Operating Activities:
Net Income

Plus: Depreciation
Amortization

Funds Flow from Operations

(Increase) / Decrease in Accounts Receivable
(Increase) / Decrease in Other Current Assets
(Increase) / Decrease in Current Operating Assets

Increase / (Decrease) in Accounts Payable
Increase / (Decrease) in Other Current Liabilities
Increase / (Decrease) in Current Operating Liabilities

(Increase) Decrease in Operating Working Capital

(Increase) / Decrease in Other Long-Term Assets
Increase / (Decrease) in Other Long-Term Liabilities

Cash Flow from Operations

Cash Flow from Investing Activities:
Less: Capital Expenditures

Cash Flow from Investing

OPERATING CASH FLOW AFTER INVESTING ACTIVITIES

Cash Flow from Financing Activities:
Cash Flow from Anticipated Debt and Equity Issuance
Anticipated Issuance of New Common Equity Issuance
Total Anticipated Debt and Equity Issuance

Total Change in Cash

Beginning Cash Balance
Total Change in Cash
Ending Cash Balance

Cavit Financial Model(1)

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