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GuessBox Financial Model 2017

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GuessBox

The document presents a detailed financial model for Guessbox, covering key metrics such as sales, income statement, balance sheet, and cash flow projections from 2016 to 2020. It includes insights into revenue growth, operating income, and investor returns, highlighting the company's financial performance and assumptions for future growth. The model highlights potential alternate scenarios impacting pricing, unit sales, and expenses over time.

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GuessBox Financial Model December 4, 2017 Confidential 12/4/2017 - Confidential Page 1 of 50GuessBox - Cover Page
Worksheet Name Summary Key Metrics Sales Income Statement Balance Sheet Cash Flow Staff CapEx Debt Cap Table Ownership and Capitalization Table Sales Plan and Sales Assumptions Income Statement Balance Sheet Cash Flow Statement Staffing Assumptions and Compensation Plan Capital Expenditure and Depreciation Table Description Debt Assumptions Table of Contents Financial Model and Investor Return Summary Key Operational and Financial Metrics GuessBox 12/4/2017 - Confidential Page 2 of 50GuessBox - Cover Page
2016 2017 2018 2019 2020 75,002 344,116 1,088,942 3,291,072 10,224,272 1,045 1,650 2,178 2,706 3,234 73,957 342,466 1,086,764 3,288,366 10,221,038 63,581 53,202 236,730 517,154 915,939 10,376 289,264 850,034 2,771,212 9,305,099 108 735 3,941 11,870 37,748 - - - - - 10,483 289,999 853,974 2,783,082 9,342,847 10,792 290,264 857,492 2,781,212 9,310,724 14.4% 84.4% 78.7% 84.5% 91.1% 49,010 340,053 1,376,530 4,169,656 13,518,172 - - - - - 1,583 583 18,125 8,125 2,500 50,593 340,636 1,394,655 4,177,781 13,520,672 110 154 198 242 286 - - - - - 50,483 340,482 1,394,457 4,177,539 13,520,386 50,593 340,636 1,394,655 4,177,781 13,520,672 11,010 291,043 861,477 2,793,126 9,348,516 (2,000) - (25,000) - - 20,000 - 200,000 - - 29,010 291,043 1,036,477 2,793,126 9,348,516 49,010 340,053 1,376,530 4,169,656 13,518,172 Total Other Assets Balance Sheet Summary Total Assets Total Current Liabilities Total Long-Term Liabilities Total Equity Total Liabilities and Equity Total Current Assets Fixed Assets, Net Cash Flow Summary Cash and Cash Equivalents-End Total Cash From (For) Operating Activities Total Cash From (For) Investing Activities Total Cash From (For) Financing Activities Net Increase (Decrease) In Cash GuessBox Income Statement Summary Total Revenue Total Direct Costs Gross Margin Total Operating Expenses EBITDA (Loss) % USD (US Dollar) Financial Model Summary Operating Income (Loss) Total Other Income Income Taxes Net Income (Loss) 12/4/2017 - Confidential Page 3 of 50GuessBox - Pitch Summary - GAAP
2016 2017 2018 2019 2020 225,005 1,032,348 3,266,826 9,873,215 30,672,816 274,015 1,372,401 4,643,356 14,042,871 44,190,989 - - - - - - - - - - 274,015 1,372,401 4,643,356 14,042,871 44,190,989 - - - - - 0.0% 0.0% 0.0% 0.0% 0.0% - - - - - 0.0x 0.0x 0.0x 0.0x 0.0x N/A N/A 20,000 20,000 220,000 220,000 220,000 9.1% 9.1% 20.0% 20.0% 20.0% 24,910 124,764 928,671 2,808,574 8,838,198 1.2x 6.2x 4.2x 12.8x 40.2x 325.4% 35 90.9% 90.9% 80.0% 80.0% 80.0% 249,105 1,247,638 3,714,685 11,234,297 35,352,791 Total Founders and Mgmt Ownership Total Founders and Mgmt Equity Value Total Common (Seed/Angel) Invested Total Common Investor Ownership Total Common Investor Equity Value Common 5-Year FCF-Based IRR Common Net Income-Based Payback (months) GuessBox Investor Return Summary USD (US Dollar) Total Common Investor Return Multiple Return Summary Enterprise Value Based Upon Multiple Total Equity Value (EV-LTD+Net Cash) Liquidation Preference Liquidation Preference Value Available to Common Total Preferred (Venture Capital) Invested Total Preferred Ownership Total Preferred Equity Value Preferred Return Multiple Preferred 5-Year FCF-Based IRR Preferred Net Income-Based Payback (months) 0 2,000,000 4,000,000 6,000,000 8,000,000 10,000,000 12,000,000 2016 2017 2018 2019 2020 Revenue and Earnings Growth Total Revenue EBITDA (Loss) 0 5,000,000 10,000,000 15,000,000 20,000,000 25,000,000 30,000,000 35,000,000 40,000,000 2016 2017 2018 2019 2020 Equity Value Accretion Total Preferred Equity Value Total Founders and Mgmt Equity Value Total Common Investor Equity Value 12/4/2017 - Confidential Page 4 of 50GuessBox - Investor Return - GAAP
2016 2017 2018 2019 2020 10.0% 5.0% -25.0% -20.0% 85,724 391,951 1,244,904 3,781,372 11,783,982 784 1,238 1,634 2,030 2,426 84,941 390,713 1,243,270 3,779,343 11,781,556 51,122 43,710 193,127 425,490 770,184 33,818 347,003 1,050,143 3,353,852 11,011,372 108 735 3,941 11,870 37,748 - - - - - 33,926 347,739 1,054,083 3,365,723 11,049,121 34,235 348,003 1,057,601 3,363,852 11,016,997 39.9% 88.8% 85.0% 89.0% 93.5% 72,425 421,197 1,657,772 5,033,528 16,088,306 - - - - - 1,583 583 18,125 8,125 2,500 74,009 421,780 1,675,897 5,041,653 16,090,806 83 116 149 182 215 - - - - - 73,926 421,665 1,675,748 5,041,471 16,090,592 74,009 421,780 1,675,897 5,041,653 16,090,806 34,425 348,772 1,061,575 3,375,756 11,054,779 (2,000) - (25,000) - - 20,000 - 200,000 - - 52,425 348,772 1,236,575 3,375,756 11,054,779 72,425 421,197 1,657,772 5,033,528 16,088,306 Total Liabilities and Equity Cash Flow Summary Total Cash From (For) Operating Activities Total Cash From (For) Investing Activities Total Cash From (For) Financing Activities Net Increase (Decrease) In Cash Cash and Cash Equivalents-End % Balance Sheet Summary Total Current Assets Fixed Assets, Net Total Other Assets Total Assets Total Current Liabilities Total Long-Term Liabilities Total Equity Income Statement Summary Total Revenue Total Direct Costs Gross Margin Total Operating Expenses Operating Income (Loss) Net Income (Loss) EBITDA (Loss) Alternate Scenario: Price Change Across the Life of the Plan Unit Sales Change Across the Life of the Plan Direct Expenses Change Across the Life of the Plan Operating Expenses Change Across the Life of the Plan GuessBox Financial Model Summary - Alternate Scenario USD (US Dollar) Total Other Income Income Taxes 12/4/2017 - Confidential Page 5 of 50GuessBox - Pitch Summary Alt Scen - GAAP
2016 2017 2018 2019 2020 10.0% 5.0% -25.0% -20.0% 257,173 1,175,852 3,734,711 11,344,117 35,351,946 329,599 1,597,049 5,392,482 16,377,645 51,440,252 - - - - - - - - - - 329,599 1,597,049 5,392,482 16,377,645 51,440,252 - - - - - 0.0% 0.0% 0.0% 0.0% 0.0% - - - - - 0.0x 0.0x 0.0x 0.0x 0.0x N/A N/A 20,000 20,000 220,000 220,000 220,000 9.1% 9.1% 20.0% 20.0% 20.0% 29,964 145,186 1,078,496 3,275,529 10,288,050 1.5x 7.3x 4.9x 14.9x 46.8x 395.4% 33 90.9% 90.9% 80.0% 80.0% 80.0% 299,635 1,451,863 4,313,986 13,102,116 41,152,202 Common 5-Year FCF-Based IRR Common Net Income-Based Payback (months) Total Founders and Mgmt Ownership Total Founders and Mgmt Equity Value Total Common Investor Return Multiple Return Summary Enterprise Value Based Upon Multiple Total Equity Value (EV-LTD+Net Cash) Liquidation Preference Liquidation Preference Value Available to Common Total Preferred (Venture Capital) Invested Total Preferred Ownership Total Preferred Equity Value Preferred Return Multiple Preferred 5-Year FCF-Based IRR Preferred Net Income-Based Payback (months) Total Common (Seed/Angel) Invested Total Common Investor Ownership Total Common Investor Equity Value GuessBox Investor Return Summary - Alternate Scenario USD (US Dollar) Alternate Scenario: Price Change Across the Life of the Plan Unit Sales Change Across the Life of the Plan Direct Expenses Change Across the Life of the Plan Operating Expenses Change Across the Life of the Plan 0 2,000,000 4,000,000 6,000,000 8,000,000 10,000,000 12,000,000 14,000,000 2016 2017 2018 2019 2020 Revenue and Earnings Growth Total Revenue EBITDA (Loss) 0 5,000,000 10,000,000 15,000,000 20,000,000 25,000,000 30,000,000 35,000,000 40,000,000 45,000,000 2016 2017 2018 2019 2020 Equity Value Accretion Total Preferred Equity Value Total Founders and Mgmt Equity Value Total Common Investor Equity Value 12/4/2017 - Confidential Page 6 of 50GuessBox - Investor Return Alt Scen - GAAP
2016 2017 2018 2019 2020 - - - - - - - - - - 5,796 12,996 20,196 27,396 34,596 14.610% 93.530% 69.950% 71.330% 72.880% 1,482 7,527 14,222 21,494 28,477 1 1 3 5 7 2,964 7,527 4,741 4,299 4,068 75,002 344,116 1,088,942 3,291,072 10,224,272 51 46 77 153 359 150,003 344,116 362,981 658,214 1,460,610 10,483 289,999 853,974 2,783,082 9,342,847 7 39 60 129 328 20,967 289,999 284,658 556,616 1,334,692 10,792 290,264 857,492 2,781,212 9,310,724 7 39 60 129 327 21,585 290,264 285,831 556,242 1,330,103 11,010 291,043 861,477 2,793,126 9,348,516 7 39 61 130 328 22,020 291,043 287,159 558,625 1,335,502 75,002 344,116 1,088,942 3,291,072 10,224,272 10,792 290,264 857,492 2,781,212 9,310,724 163,314 499,106 1,570,316 4,756,991 14,913,530 121,726 451,574 1,277,023 4,192,129 13,817,352 178,370 547,135 1,705,874 5,172,820 16,217,021 136,007 445,389 1,408,253 4,595,333 15,081,088 EBITDA EBITDA/User EBITDA/Employee Operating Cash Flow Operating Cash Flow/User Operating Cash Flow/Employee TTM Revenue TTM EBITDA Run-Rate Rolling Three-Month Revenue Run-Rate Rolling Three-Month EBITDA Run-Rate Annualized Monthly Revenue Run-Rate Annualized Monthly EBITDA Revenue Revenue/User Revenue/Employee Net Income Net Income/User Net Income/Employee GuessBox Key Metrics # Users # Employees # Users/Employee USD (US Dollar) # of s Average # of Users/ # of Website Visitors Conversion Rate 12/4/2017 - Confidential Page 7 of 50GuessBox - Key Metrics
2016 2017 2018 2019 2020 GuessBox Key Metrics USD (US Dollar) 9,010 291,043 836,477 2,793,126 9,348,516 - - - - - - - - - - - - - - - 83 136 180 224 268 - - - - - - - - - - 28.8 30.0 30.1 30.2 30.2 (28.8) (30.0) (30.1) (30.2) (30.2) 445.5 2,208.1 6,952.2 17,230.0 47,266.3 445.5 2,208.1 6,952.2 17,230.0 47,266.3 445.5 2,208.1 6,952.2 17,230.0 47,266.3 100.1 1,889.9 4,350.9 11,541.8 32,687.1 - - - - - - - - - - - - - - -Total Debt/Annualized EBITDA Free Cash Flow to Equity Total Debt Average Inventory Average AR Average AP Days Inventory on Hand DIOH Days Sales Outstanding DSO Days Payables Outstanding DPO Total Debt/TTM EBITDA Cash Conversion Cycle (DIOH+DSO-DPO) Current Ratio (CA/CL) Quick Ratio ((CA-Inv)/CL) Cash Ratio ((Cash + Securities)/CL) Operating CF Ratio (CFO/CL) Debt Coverage Ratio (FCF/Debt) 0 1 2 3 4 5 6 7 8 9 10 2016 2017 2018 2019 2020 Cash Flow Analysis Free Cash Flow to Equity 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 0 200,000 400,000 600,000 800,000 1,000,000 1,200,000 1,400,000 1,600,000 2016 2017 2018 2019 2020 Operating Leverage Analysis Revenue/Employee EBITDA/Employee # Users/Employee 12/4/2017 - Confidential Page 8 of 50GuessBox - Key Metrics
2016 2017 2018 2019 2020 GuessBox Key Metrics USD (US Dollar) (40.0) (30.0) (20.0) (10.0) - 10.0 20.0 30.0 40.0 2016 2017 2018 2019 2020 Working Capital Analysis - Days Days Payables Outstanding DPO Cash Conversion Cycle (DIOH+DSO-DPO) Days Sales Outstanding DSO Days Inventory on Hand DIOH 0 50 100 150 200 250 300 2016 2017 2018 2019 2020 Working Capital Analysis - Cash Average Inventory Average AP Average AR - 5,000.0 10,000.0 15,000.0 20,000.0 25,000.0 30,000.0 35,000.0 2016 2017 2018 2019 2020 Debt Capacity Analysis - Ratios Operating CF Ratio (CFO/CL) Debt Coverage Ratio (FCF/Debt) Total Debt/TTM EBITDA 0 2,000,000 4,000,000 6,000,000 8,000,000 10,000,000 12,000,000 14,000,000 16,000,000 18,000,000 2016 2017 2018 2019 2020 Revenue Analysis TTM Revenue Run-Rate Rolling Three-Month Revenue Run-Rate Annualized Monthly Revenue 12/4/2017 - Confidential Page 9 of 50GuessBox - Key Metrics
Breakeven Analysis GuessBox Jun-16 First month for Net Income Breakeven Jun-16 Net Income Breakeven EBITDA Breakeven Operating Cash Flow Breakeven First month for EBITDA Breakeven Jun-16 First month for Operating Cash Flow Breakeven 17 Number of total offering units required for Net Income Breakeven 7,002 Amount of monthly Revenue in USD (US Dollar) required for Net Income Breakeven 17 7,002 Number of total offering units required for EBITDA Breakeven Amount of monthly Revenue in USD (US Dollar) required for EBITDA Breakeven 17 Number of total offering units required for Operating Cash Flow Breakeven 7,002 Amount of monthly Revenue in USD (US Dollar) required for Operating Cash Flow Breakeven -500,000 0 500,000 1,000,000 1,500,000 2,000,000 2,500,000 3,000,000 3,500,000 4,000,000 Breakeven Analysis Operating Cash Flow EBITDA 12/4/2017 - Confidential Page 10 of 50GuessBox - Breakeven
2016 2017 2018 2019 2020 Grand Total # of New Users 1,541 7,960 15,334 23,424 31,806 Grand Total # of Users at End of Period 1,482 7,527 14,222 21,494 28,477 Less Multiple Offerings to the Same Users - - - - - Net Total # of Users at End of Period 1,482 7,527 14,222 21,494 28,477 Grand Total Net Revenue 75,002 344,116 1,088,942 3,291,072 10,224,272 Free Trial 0.0% 0.0% 0.0% 0.0% 0.0% GuessBox Lite 11.3% 15.2% 11.2% 5.7% 2.3% GuessBox Pro 0.2% 0.0% 4.7% 7.0% 9.5% GuessBox Enterprise 88.5% 84.8% 84.1% 87.3% 88.2% 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% 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% 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% GuessBox Sales Summary USD (US Dollar) Grand Total Users Sales Mix Analysis (based on Net Revenue) 12/4/2017 - Confidential Page 11 of 50GuessBox - Sales Summary
2016 2017 2018 2019 2020 GuessBox Sales Summary USD (US Dollar) Total Net Revenue from New Users 71,792 320,016 1,024,361 3,168,080 9,975,723 Total Net Revenue from Existing Users 3,210 24,100 64,581 122,992 248,549 Total Cash Received 83,189 331,413 1,036,717 3,181,492 9,990,298 Total Deferred Revenue - - - - - Total Receivable Generated - - - - - Total Net Revenue from New Users % 95.7% 93.0% 94.1% 96.3% 97.6% Total Net Revenue from Existing Users % 4.3% 7.0% 5.9% 3.7% 2.4% COGS - - - - - Direct Labor Expense (fully burdened) - - - - - Total Direct Expense - - - - - Revenue share expense - - - - - Shipping & postage expense - - - - - Lead generation expense 539 2,834 8,964 19,921 51,451 Payment processing expense 2,250 10,323 32,668 98,732 306,728 Sales commission expense - - - - - Total Revenue Summary: Total Expenses 12/4/2017 - Confidential Page 12 of 50GuessBox - Sales Summary
2016 2017 2018 2019 2020 GuessBox Sales Summary USD (US Dollar) - 2,000,000 4,000,000 6,000,000 8,000,000 10,000,000 12,000,000 2016 2017 2018 2019 2020 Grand Total Net Revenue - 5,000 10,000 15,000 20,000 25,000 30,000 2016 2017 2018 2019 2020 Net Total # of Users at End of Period 12/4/2017 - Confidential Page 13 of 50GuessBox - Sales Summary
2016 2017 2018 2019 2020 Sales Calculations: # Total Users at Beginning of Period - - - - - + # New Users 1,414 7,310 13,686 20,256 25,230 - # Lost Users - - - - - # Total Users at End of Period 1,414 7,310 13,686 20,256 25,230 x Price/each - - - - - = Revenue - - - - - x Revenue Share % (Billed by 3rd Party) 0% 0% 0% 0% 0% = Revenue Share Expense - - - - - Net Revenue - - - - - - COGS - - - - - - Direct Labor Expense (fully burdened) - - - - - Gross Margin - - - - - Gross Margin % 0.0% 0.0% 0.0% 0.0% 0.0% GuessBox Free Trial Sales Detail USD (US Dollar) 12/4/2017 - Confidential Page 14 of 50GuessBox - Offering 1
2016 2017 2018 2019 2020 GuessBox Free Trial Sales Detail USD (US Dollar) Customer Lifetime Value (LTV) Calculations: Monthly Net Customer Revenue - - - - - - COGS - - - - - - Direct Labor Expense (fully burdened) - - - - - - Account Mgmt and Allocated Mktng Expense - - - - - = Monthly Customer Gross Margin - - - - - x Customer Life (in months) 1 1 1 1 1 Customer Lifetime Contribution (GM x Life) - - - - - - Customer Acquisition Costs (CAC) - Lead Generation Expense - - - - - - Revenue Share Expense - - - - - - Sales Commission Expense - - - - - - Sales and Allocated Mktng Expense - - - - - = Total Customer Acquisition Costs (CAC) - - - - - = Customer Lifetime Value (LTV) (not discounted) - - - - - x NPV Discount Rate 99.1% 99.1% 99.1% 99.1% 99.1% = Customer Lifetime Value (LTV (discounted) - - - - - Customer Churn Rate N/A N/A N/A N/A N/A LTV:CAC Ratio (LTV/CAC) N/A N/A N/A N/A N/A Months to Recover CAC (CAC/Gross Margin) N/A N/A N/A N/A N/A 12/4/2017 - Confidential Page 15 of 50GuessBox - Offering 1
2016 2017 2018 2019 2020 GuessBox Free Trial Sales Detail USD (US Dollar) Revenue Summary: Total Net Revenue from New Customers - - - - - Total Net Revenue from Existing Customers - - - - - Total Cash Received - - - - - Total Deferred Revenue - - - - - Total Receivable Generated - - - - - Total Net Revenue from New Customers % 0.0% 0.0% 0.0% 0.0% 0.0% Total Net Revenue from Existing Customers % 0.0% 0.0% 0.0% 0.0% 0.0% Associated Expense Allocations: Direct Billed Revenue Share Expense - - - - - Lead Generation Expense - - - - - Sales Commission Expense - - - - - Shipping & Postage Expense - - - - - Payment Processing Expense - - - - - Monthly Customer Cash Economics 12/4/2017 - Confidential Page 16 of 50GuessBox - Offering 1
2016 2017 2018 2019 2020 GuessBox Free Trial Sales Detail USD (US Dollar) Customer Life (months)Monthly Customer Revenue - Customer Life (months)Monthly Allocated Cash Expense - Customer Life (months)Monthly Customer Gross Margin - Customer Life (months)Customer Life (months) 1.00 Churn RateChurn Rate N/A Customer Acquisition Cost (CAC)Customer Acquisition Cost (CAC) - Customer LTV (CLTV)Customer LTV (CLTV) - LTV:CAC RatioLTV:CAC Ratio N/A Months to Recover CACMonths to Recover CAC N/A Months to Recover CACType and Frequency of Billing Billed monthly and collected in the same month 2016 CLTV Metrics 0 0 0 0 0 1 1 1 1 1 1 M1 M2 M3 M4 M5 M6 M7 M8 M9 M10 M11 M12 Monthly Customer Cash Economics Cumulative Cash CAC Cash Received Cash Expenses Monthly Customer Cash Economics 12/4/2017 - Confidential Page 17 of 50GuessBox - Offering 1
2016 2017 2018 2019 2020 GuessBox Free Trial Sales Detail USD (US Dollar) Customer Life (months)Monthly Customer Revenue - Customer Life (months)Monthly Allocated Cash Expense - Customer Life (months)Monthly Customer Gross Margin - Customer Life (months)Customer Life (months) 1.00 Churn RateChurn Rate N/A Customer Acquisition Cost (CAC)Customer Acquisition Cost (CAC) - Customer LTV (CLTV)Customer LTV (CLTV) - LTV:CAC RatioLTV:CAC Ratio N/A Months to Recover CACMonths to Recover CAC N/A Months to Recover CACType and Frequency of Billing Billed monthly and collected in the same month 2020 LTV Metrics 0 0 0 0 0 1 1 1 1 1 1 M1 M2 M3 M4 M5 M6 M7 M8 M9 M10 M11 M12 Monthly Customer Cash Economics Cumulative Cash CAC Cash Received Cash Expenses 12/4/2017 - Confidential Page 18 of 50GuessBox - Offering 1
2016 2017 2018 2019 2020 GuessBox Free Trial Sales Detail USD (US Dollar) - 0 0 0 0 1 1 1 1 1 1 2016 2017 2018 2019 2020 Total Net Revenue - 5,000 10,000 15,000 20,000 25,000 30,000 2016 2017 2018 2019 2020 Total Customers 12/4/2017 - Confidential Page 19 of 50GuessBox - Offering 1
2016 2017 2018 2019 2020 Sales Calculations: # Total Users at Beginning of Period 3 49 134 259 355 + # New Users 108 567 1,285 1,937 2,427 - # Lost Users (61) (482) (1,160) (1,841) (2,349) # Total Users at End of Period 49 134 259 355 433 x Price/each 49.95 49.95 49.95 49.95 49.95 = Revenue 8,450 52,413 122,138 188,718 238,594 x Revenue Share % (Billed by 3rd Party) 0% 0% 0% 0% 0% = Revenue Share Expense - - - - - Net Revenue 8,450 52,413 122,138 188,718 238,594 - COGS - - - - - - Direct Labor Expense (fully burdened) - - - - - Gross Margin 8,450 52,413 122,138 188,718 238,594 Gross Margin % 100.0% 100.0% 100.0% 100.0% 100.0% GuessBox GuessBox Lite Sales Detail USD (US Dollar) 12/4/2017 - Confidential Page 20 of 50GuessBox - Offering 2
2016 2017 2018 2019 2020 GuessBox GuessBox Lite Sales Detail USD (US Dollar) Customer Lifetime Value (LTV) Calculations: Monthly Net Customer Revenue 49.95 49.95 49.95 49.95 49.95 - COGS - - - - - - Direct Labor Expense (fully burdened) - - - - - - Account Mgmt and Allocated Mktng Expense (0.35) - (0.35) (0.36) (0.23) = Monthly Customer Gross Margin 49.60 49.95 49.60 49.59 49.72 x Customer Life (in months) 2 2 2 2 2 Customer Lifetime Contribution (GM x Life) 99.19 99.90 99.19 99.18 99.43 - Customer Acquisition Costs (CAC) - Lead Generation Expense (5.00) (5.00) (5.00) (5.00) (5.00) - Revenue Share Expense - - - - - - Sales Commission Expense - - - - - - Sales and Allocated Mktng Expense (0.01) - (0.08) (0.08) (0.05) = Total Customer Acquisition Costs (CAC) (5.01) (5.00) (5.08) (5.08) (5.05) = Customer Lifetime Value (LTV) (not discounted) 94.18 94.90 94.12 94.10 94.38 x NPV Discount Rate 98.3% 98.3% 98.3% 98.3% 98.3% = Customer Lifetime Value (LTV (discounted) 92.54 93.25 92.48 92.46 92.74 Customer Churn Rate 2047.7% 978.4% 868.1% 711.9% 661.4% LTV:CAC Ratio (LTV/CAC) 18.5 18.6 18.2 18.2 18.4 Months to Recover CAC (CAC/Gross Margin) 0.1 0.1 0.1 0.1 0.1 12/4/2017 - Confidential Page 21 of 50GuessBox - Offering 2
2016 2017 2018 2019 2020 GuessBox GuessBox Lite Sales Detail USD (US Dollar) Revenue Summary: Total Net Revenue from New Customers 5,382 28,312 64,189 96,773 121,240 Total Net Revenue from Existing Customers 3,068 24,100 57,949 91,945 117,353 Total Cash Received 7,180 30,111 65,988 98,571 123,038 Total Deferred Revenue - - - - - Total Receivable Generated - - - - - Total Net Revenue from New Customers % 63.7% 54.0% 52.6% 51.3% 50.8% Total Net Revenue from Existing Customers % 36.3% 46.0% 47.4% 48.7% 49.2% Associated Expense Allocations: Direct Billed Revenue Share Expense - - - - - Lead Generation Expense 539 2,834 6,425 9,687 12,136 Sales Commission Expense - - - - - Shipping & Postage Expense - - - - - Payment Processing Expense 254 1,572 3,664 5,662 7,158 Monthly Customer Cash Economics 12/4/2017 - Confidential Page 22 of 50GuessBox - Offering 2
2016 2017 2018 2019 2020 GuessBox GuessBox Lite Sales Detail USD (US Dollar) Customer Life (months)Monthly Customer Revenue 49.95 Customer Life (months)Monthly Allocated Cash Expense (0.35) Customer Life (months)Monthly Customer Gross Margin 49.60 Customer Life (months)Customer Life (months) 2.00 Churn RateChurn Rate 978% Customer Acquisition Cost (CAC)Customer Acquisition Cost (CAC) (5.01) Customer LTV (CLTV)Customer LTV (CLTV) 92.54 LTV:CAC RatioLTV:CAC Ratio 18.5 Months to Recover CACMonths to Recover CAC 0.1 Months to Recover CACType and Frequency of Billing Billed monthly and collected in the same month 2016 CLTV Metrics -100 0 100 200 300 400 500 600 700 M1 M2 M3 M4 M5 M6 M7 M8 M9 M10 M11 M12 Monthly Customer Cash Economics Cumulative Cash CAC Cash Received Cash Expenses Monthly Customer Cash Economics 12/4/2017 - Confidential Page 23 of 50GuessBox - Offering 2
2016 2017 2018 2019 2020 GuessBox GuessBox Lite Sales Detail USD (US Dollar) Customer Life (months)Monthly Customer Revenue 49.95 Customer Life (months)Monthly Allocated Cash Expense (0.23) Customer Life (months)Monthly Customer Gross Margin 49.72 Customer Life (months)Customer Life (months) 2.00 Churn RateChurn Rate 661% Customer Acquisition Cost (CAC)Customer Acquisition Cost (CAC) (5.05) Customer LTV (CLTV)Customer LTV (CLTV) 92.74 LTV:CAC RatioLTV:CAC Ratio 18.4 Months to Recover CACMonths to Recover CAC 0.1 Months to Recover CACType and Frequency of Billing Billed monthly and collected in the same month 2020 LTV Metrics -100 0 100 200 300 400 500 600 700 M1 M2 M3 M4 M5 M6 M7 M8 M9 M10 M11 M12 Monthly Customer Cash Economics Cumulative Cash CAC Cash Received Cash Expenses 12/4/2017 - Confidential Page 24 of 50GuessBox - Offering 2
2016 2017 2018 2019 2020 GuessBox GuessBox Lite Sales Detail USD (US Dollar) - 50,000 100,000 150,000 200,000 250,000 300,000 2016 2017 2018 2019 2020 Total Net Revenue - 50 100 150 200 250 300 350 400 450 500 2016 2017 2018 2019 2020 Total Customers 12/4/2017 - Confidential Page 25 of 50GuessBox - Offering 2
2016 2017 2018 2019 2020 Sales Calculations: # Total Users at Beginning of Period 2 0 0 16 62 + # New Users - - 102 409 1,573 - # Lost Users (2) (0) (85) (364) (1,397) # Total Users at End of Period 0 0 16 62 238 x Price/each 399.95 399.95 439.95 483.94 532.33 = Revenue 141 0 51,314 229,152 968,343 x Revenue Share % (Billed by 3rd Party) 0% 0% 0% 0% 0% = Revenue Share Expense - - - - - Net Revenue 141 0 51,314 229,152 968,343 - COGS - - - - - - Direct Labor Expense (fully burdened) - - - - - Gross Margin 141 0 51,314 229,152 968,343 Gross Margin % 100.0% 100.0% 100.0% 100.0% 100.0% GuessBox GuessBox Pro Sales Detail USD (US Dollar) 12/4/2017 - Confidential Page 26 of 50GuessBox - Offering 3
2016 2017 2018 2019 2020 GuessBox GuessBox Pro Sales Detail USD (US Dollar) Customer Lifetime Value (LTV) Calculations: Monthly Net Customer Revenue 399.95 399.95 439.95 483.94 532.33 - COGS - - - - - - Direct Labor Expense (fully burdened) - - - - - - Account Mgmt and Allocated Mktng Expense (2.83) - (3.11) (3.51) (2.50) = Monthly Customer Gross Margin 397.12 399.95 436.83 480.43 529.84 x Customer Life (in months) 1 1 1 1 1 Customer Lifetime Contribution (GM x Life) 467.21 470.53 513.92 565.22 623.34 - Customer Acquisition Costs (CAC) - Lead Generation Expense (25.00) (25.00) (25.00) (25.00) (25.00) - Revenue Share Expense - - - - - - Sales Commission Expense - - - - - - Sales and Allocated Mktng Expense - - (0.35) (0.45) (0.32) = Total Customer Acquisition Costs (CAC) (25.00) (25.00) (25.35) (25.45) (25.32) = Customer Lifetime Value (LTV) (not discounted) 442.21 445.53 488.57 539.77 598.01 x NPV Discount Rate 99.0% 99.0% 99.0% 99.0% 99.0% = Customer Lifetime Value (LTV (discounted) 437.66 440.95 483.55 534.22 591.87 Customer Churn Rate 100.0% 100.0% ############### 2254.4% 2254.4% LTV:CAC Ratio (LTV/CAC) 17.5 17.6 19.1 21.0 23.4 Months to Recover CAC (CAC/Gross Margin) 0.1 0.1 0.1 0.1 0.0 12/4/2017 - Confidential Page 27 of 50GuessBox - Offering 3
2016 2017 2018 2019 2020 GuessBox GuessBox Pro Sales Detail USD (US Dollar) Revenue Summary: Total Net Revenue from New Customers - - 44,681 198,106 837,148 Total Net Revenue from Existing Customers 141 0 6,633 31,047 131,195 Total Cash Received 9,599 9,599 55,239 209,720 849,924 Total Deferred Revenue - - - - - Total Receivable Generated - - - - - Total Net Revenue from New Customers % 0.0% 0.0% 87.1% 86.5% 86.5% Total Net Revenue from Existing Customers % 100.0% 100.0% 12.9% 13.5% 13.5% Associated Expense Allocations: Direct Billed Revenue Share Expense - - - - - Lead Generation Expense - - 2,539 10,234 39,315 Sales Commission Expense - - - - - Shipping & Postage Expense - - - - - Payment Processing Expense 4 0 1,539 6,875 29,050 Monthly Customer Cash Economics 12/4/2017 - Confidential Page 28 of 50GuessBox - Offering 3
2016 2017 2018 2019 2020 GuessBox GuessBox Pro Sales Detail USD (US Dollar) Customer Life (months)Monthly Customer Revenue 399.95 Customer Life (months)Monthly Allocated Cash Expense (2.83) Customer Life (months)Monthly Customer Gross Margin 397.12 Customer Life (months)Customer Life (months) 1.18 Churn RateChurn Rate 100% Customer Acquisition Cost (CAC)Customer Acquisition Cost (CAC) (25.00) Customer LTV (CLTV)Customer LTV (CLTV) 437.66 LTV:CAC RatioLTV:CAC Ratio 17.5 Months to Recover CACMonths to Recover CAC 0.1 Months to Recover CACType and Frequency of Billing Billed monthly and collected in the same month 2016 CLTV Metrics -1,000 0 1,000 2,000 3,000 4,000 5,000 M1 M2 M3 M4 M5 M6 M7 M8 M9 M10 M11 M12 Monthly Customer Cash Economics Cumulative Cash CAC Cash Received Cash Expenses Monthly Customer Cash Economics 12/4/2017 - Confidential Page 29 of 50GuessBox - Offering 3
2016 2017 2018 2019 2020 GuessBox GuessBox Pro Sales Detail USD (US Dollar) Customer Life (months)Monthly Customer Revenue 532.33 Customer Life (months)Monthly Allocated Cash Expense (2.50) Customer Life (months)Monthly Customer Gross Margin 529.84 Customer Life (months)Customer Life (months) 1.18 Churn RateChurn Rate 2254% Customer Acquisition Cost (CAC)Customer Acquisition Cost (CAC) (25.32) Customer LTV (CLTV)Customer LTV (CLTV) 591.87 LTV:CAC RatioLTV:CAC Ratio 23.4 Months to Recover CACMonths to Recover CAC 0.0 Months to Recover CACType and Frequency of Billing Billed monthly and collected in the same month 2020 LTV Metrics -1,000 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 M1 M2 M3 M4 M5 M6 M7 M8 M9 M10 M11 M12 Monthly Customer Cash Economics Cumulative Cash CAC Cash Received Cash Expenses 12/4/2017 - Confidential Page 30 of 50GuessBox - Offering 3
2016 2017 2018 2019 2020 GuessBox GuessBox Pro Sales Detail USD (US Dollar) - 200,000 400,000 600,000 800,000 1,000,000 1,200,000 2016 2017 2018 2019 2020 Total Net Revenue - 50 100 150 200 250 2016 2017 2018 2019 2020 Total Customers 12/4/2017 - Confidential Page 31 of 50GuessBox - Offering 3
2016 2017 2018 2019 2020 Sales Calculations: # Total Users at Beginning of Period - - - - - + # New Users 19 83 262 821 2,576 - # Lost Users - - - - - # Total Users at End of Period 19 83 262 821 2,576 x Price/each 3,500.00 3,500.00 3,500.00 3,500.00 3,500.00 = Revenue 66,410 291,703 915,490 2,873,201 9,017,335 x Revenue Share % (Billed by 3rd Party) 0% 0% 0% 0% 0% = Revenue Share Expense - - - - - Net Revenue 66,410 291,703 915,490 2,873,201 9,017,335 - COGS - - - - - - Direct Labor Expense (fully burdened) - - - - - Gross Margin 66,410 291,703 915,490 2,873,201 9,017,335 Gross Margin % 100.0% 100.0% 100.0% 100.0% 100.0% GuessBox GuessBox Enterprise Sales Detail USD (US Dollar) 12/4/2017 - Confidential Page 32 of 50GuessBox - Offering 4
2016 2017 2018 2019 2020 GuessBox GuessBox Enterprise Sales Detail USD (US Dollar) Customer Lifetime Value (LTV) Calculations: Monthly Net Customer Revenue 3,500.00 3,500.00 3,500.00 3,500.00 3,500.00 - COGS - - - - - - Direct Labor Expense (fully burdened) - - - - - - Account Mgmt and Allocated Mktng Expense (24.72) - (24.76) (25.36) (16.43) = Monthly Customer Gross Margin 3,475.28 3,500.00 3,475.24 3,474.64 3,483.57 x Customer Life (in months) 1 1 1 1 1 Customer Lifetime Contribution (GM x Life) 3,475.28 3,500.00 3,475.24 3,474.64 3,483.57 - Customer Acquisition Costs (CAC) - Lead Generation Expense - - - - - - Revenue Share Expense - - - - - - Sales Commission Expense - - - - - - Sales and Allocated Mktng Expense (2.75) - (2.75) (2.82) (1.83) = Total Customer Acquisition Costs (CAC) (2.75) - (2.75) (2.82) (1.83) = Customer Lifetime Value (LTV) (not discounted) 3,472.53 3,500.00 3,472.49 3,471.82 3,481.75 x NPV Discount Rate 99.1% 99.1% 99.1% 99.1% 99.1% = Customer Lifetime Value (LTV (discounted) 3,442.18 3,469.40 3,442.14 3,441.47 3,451.31 Customer Churn Rate N/A N/A N/A N/A N/A LTV:CAC Ratio (LTV/CAC) 1,253.1 N/A 1,251.3 1,221.4 1,891.0 Months to Recover CAC (CAC/Gross Margin) 0.0 - 0.0 0.0 0.0 12/4/2017 - Confidential Page 33 of 50GuessBox - Offering 4
2016 2017 2018 2019 2020 GuessBox GuessBox Enterprise Sales Detail USD (US Dollar) Revenue Summary: Total Net Revenue from New Customers 66,410 291,703 915,490 2,873,201 9,017,335 Total Net Revenue from Existing Customers - - - - - Total Cash Received 66,410 291,703 915,490 2,873,201 9,017,335 Total Deferred Revenue - - - - - Total Receivable Generated - - - - - Total Net Revenue from New Customers % 100.0% 100.0% 100.0% 100.0% 100.0% Total Net Revenue from Existing Customers % 0.0% 0.0% 0.0% 0.0% 0.0% Associated Expense Allocations: Direct Billed Revenue Share Expense - - - - - Lead Generation Expense - - - - - Sales Commission Expense - - - - - Shipping & Postage Expense - - - - - Payment Processing Expense 1,992 8,751 27,465 86,196 270,520 Monthly Customer Cash Economics 12/4/2017 - Confidential Page 34 of 50GuessBox - Offering 4
2016 2017 2018 2019 2020 GuessBox GuessBox Enterprise Sales Detail USD (US Dollar) Customer Life (months)Monthly Customer Revenue 3,500.00 Customer Life (months)Monthly Allocated Cash Expense (24.72) Customer Life (months)Monthly Customer Gross Margin 3,475.28 Customer Life (months)Customer Life (months) 1.00 Churn RateChurn Rate N/A Customer Acquisition Cost (CAC)Customer Acquisition Cost (CAC) (2.75) Customer LTV (CLTV)Customer LTV (CLTV) 3,442.18 LTV:CAC RatioLTV:CAC Ratio 1,253.1 Months to Recover CACMonths to Recover CAC 0.0 Months to Recover CACType and Frequency of Billing Billed monthly and collected in the same month 2016 CLTV Metrics -5,000 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 M1 M2 M3 M4 M5 M6 M7 M8 M9 M10 M11 M12 Monthly Customer Cash Economics Cumulative Cash CAC Cash Received Cash Expenses Monthly Customer Cash Economics 12/4/2017 - Confidential Page 35 of 50GuessBox - Offering 4
2016 2017 2018 2019 2020 GuessBox GuessBox Enterprise Sales Detail USD (US Dollar) Customer Life (months)Monthly Customer Revenue 3,500.00 Customer Life (months)Monthly Allocated Cash Expense (16.43) Customer Life (months)Monthly Customer Gross Margin 3,483.57 Customer Life (months)Customer Life (months) 1.00 Churn RateChurn Rate N/A Customer Acquisition Cost (CAC)Customer Acquisition Cost (CAC) (1.83) Customer LTV (CLTV)Customer LTV (CLTV) 3,451.31 LTV:CAC RatioLTV:CAC Ratio 1,891.0 Months to Recover CACMonths to Recover CAC 0.0 Months to Recover CACType and Frequency of Billing Billed monthly and collected in the same month 2020 LTV Metrics -5,000 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 M1 M2 M3 M4 M5 M6 M7 M8 M9 M10 M11 M12 Monthly Customer Cash Economics Cumulative Cash CAC Cash Received Cash Expenses 12/4/2017 - Confidential Page 36 of 50GuessBox - Offering 4
2016 2017 2018 2019 2020 GuessBox GuessBox Enterprise Sales Detail USD (US Dollar) - 1,000,000 2,000,000 3,000,000 4,000,000 5,000,000 6,000,000 7,000,000 8,000,000 9,000,000 10,000,000 2016 2017 2018 2019 2020 Total Net Revenue - 500 1,000 1,500 2,000 2,500 3,000 2016 2017 2018 2019 2020 Total Customers 12/4/2017 - Confidential Page 37 of 50GuessBox - Offering 4
2016 2017 2018 2019 2020 75,002 344,116 1,088,942 3,291,072 10,224,272 - - - - - - - - - - 1,045 1,650 2,178 2,706 3,234 - - - - - - - - - - 1,045 1,650 2,178 2,706 3,234 73,957 342,466 1,086,764 3,288,366 10,221,038 1,039 2,834 49,356 148,366 262,846 59,876 39,045 147,247 260,055 340,740 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - G&A Expenses GuessBox Income Statement Revenue Total Sales and Marketing Expenses Total R&D Expenses COGS Direct Costs Total Revenue Travel & entertainment Outside services Software & License fees Computer equipment Wages Bonus Employee benefits and taxes Recruiting Training Direct labor Revenue share expense Shipping & postage expense Gross Margin Total Direct Costs Server Costs Operating Expenses USD (US Dollar) Communications Shipping & postage Dues & subscriptions 12/4/2017 - Confidential Page 38 of 50GuessBox - Income Statement - GAAP
2016 2017 2018 2019 2020 GuessBox Income Statement Revenue USD (US Dollar) - - - - - 2,250 10,323 32,668 98,732 306,728 - - - - - - - - - - - - - - - - - - - - 417 1,000 7,458 10,000 5,625 2,667 11,323 40,127 108,732 312,353 63,581 53,202 236,730 517,154 915,939 10,376 289,264 850,034 2,771,212 9,305,099 108 735 3,941 11,870 37,748 10,483 289,999 853,974 2,783,082 9,342,847 - - - - - 10,483 289,999 853,974 2,783,082 9,342,847 10,792 290,264 857,492 2,781,212 9,310,724 Total Operating Expenses Total Other Income EBITDA (Loss) Net Income (Loss) Operating Income (Loss) Pre-Tax Profit (Loss) Income Taxes Professional Services Expenses Other G&A Expenses Depreciation Amortization Bad debt expense Payment processing expense Occupancy Expenses Total G&A Expenses 12/4/2017 - Confidential Page 39 of 50GuessBox - Income Statement - GAAP
2016 2017 2018 2019 2020 GuessBox Income Statement Revenue USD (US Dollar) 100.0% 100.0% 100.0% 100.0% 100.0% 1.4% 0.5% 0.2% 0.1% 0.0% 98.6% 99.5% 99.8% 99.9% 100.0% 1.4% 0.8% 4.5% 4.5% 2.6% 79.8% 11.3% 13.5% 7.9% 3.3% 3.6% 3.3% 3.7% 3.3% 3.1% 84.8% 15.5% 21.7% 15.7% 9.0% 13.8% 84.1% 78.1% 84.2% 91.0% 0.1% 0.2% 0.4% 0.4% 0.4% 0.0% 0.0% 0.0% 0.0% 0.0% 14.0% 84.3% 78.4% 84.6% 91.4% 14.4% 84.4% 78.7% 84.5% 91.1%EBITDA (Loss) Total Revenue Total Direct Costs Gross Margin Net Income (Loss) Operating Income (Loss) Total R&D Expenses Total G&A Expenses Total Operating Expenses Total Other Income Income Taxes Total Sales and Marketing Expenses 0 2,000,000 4,000,000 6,000,000 8,000,000 10,000,000 12,000,000 2016 2017 2018 2019 2020 Revenue, Margin, and Earnings Growth EBITDA (Loss) Gross Margin Total Revenue Net Income (Loss) 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2016 2017 2018 2019 2020 P&L Expense and Margin Mix Analysis Gross Margin Total Operating Expenses Total Direct Costs 12/4/2017 - Confidential Page 40 of 50GuessBox - Income Statement - GAAP
2016 2017 2018 2019 2020 49,010 340,053 1,376,530 4,169,656 13,518,172 - - - - - - - - - - 49,010 340,053 1,376,530 4,169,656 13,518,172 - - - - - 1,583 583 18,125 8,125 2,500 50,593 340,636 1,394,655 4,177,781 13,520,672 110 154 198 242 286 - - - - - - - - - - - - - - - 110 154 198 242 286 - - - - - 40,000 40,000 240,000 240,000 240,000 - - - - - 10,483 300,482 1,154,457 3,937,539 13,280,386 50,483 340,482 1,394,457 4,177,539 13,520,386 50,593 340,636 1,394,655 4,177,781 13,520,672 Accounts Receivable Accounts Payable Bonus Accruals Deferred Revenue Total Assets Liabilities and Equity Total Other Assets Inventory Total Current Assets GuessBox Balance Sheet Cash Assets USD (US Dollar) Current Portion of LT Debt Total Current Liabilities Total Long-Term Liabilities Fixed Assets, Net Total Liabilities and Equity Retained Earnings Total Equity Common Stock Preferred Stock 12/4/2017 - Confidential Page 41 of 50GuessBox - Balance Sheet - GAAP
2016 2017 2018 2019 2020 GuessBox Balance Sheet USD (US Dollar) 0 2,000,000 4,000,000 6,000,000 8,000,000 10,000,000 12,000,000 14,000,000 16,000,000 2016 2017 2018 2019 2020 Liabilities and Equity Mix Analysis Current Liabilities Long-Term Liabilities Equity 0 2,000,000 4,000,000 6,000,000 8,000,000 10,000,000 12,000,000 14,000,000 16,000,000 2016 2017 2018 2019 2020 Assets Mix Analysis Cash Accounts Receivable Fixed Assets, Net Other Assets Inventory 12/4/2017 - Confidential Page 42 of 50GuessBox - Balance Sheet - GAAP
2016 2017 2018 2019 2020 10,483 289,999 853,974 2,783,082 9,342,847 417 1,000 7,458 10,000 5,625 - - - - - - - - - - 110 44 44 44 44 11,010 291,043 861,477 2,793,126 9,348,516 (2,000) - (25,000) - - - - - - - 20,000 - 200,000 - - - - - - - 20,000 - 200,000 - - 29,010 291,043 1,036,477 2,793,126 9,348,516 20,000 49,010 340,053 1,376,530 4,169,656 49,010 340,053 1,376,530 4,169,656 13,518,172 Investing Activities: Financing Activities: GuessBox Cash Flow Statement Net Income (Loss) Depreciation and Amortization Operating Activities: (Increase) Decrease in Accounts Receivable (Increase) Decrease in Inventory Increase (Decrease) in Liabilities Total Cash From (For) Operating Activities Total Cash From (For) Investing Activities USD (US Dollar) Total Proceeds (Repayment) from Loans Proceeds from Issuance of Common Stock Cash and Cash Equivalents-End Proceeds from Issuance of Preferred Stock Total Cash From (For) Financing Activities Net Increase (Decrease) In Cash Cash and Cash Equivalents-Beginning 12/4/2017 - Confidential Page 43 of 50GuessBox - Cash Flow
2016 2017 2018 2019 2020 GuessBox Cash Flow Statement USD (US Dollar) -50,000 0 50,000 100,000 150,000 200,000 250,000 2016 2017 2018 2019 2020 Cash Flow from Investing and Financing Total Cash From (For) Financing Activities Total Cash From (For) Investing Activities 0 1,000,000 2,000,000 3,000,000 4,000,000 5,000,000 6,000,000 7,000,000 8,000,000 9,000,000 10,000,000 2016 2017 2018 2019 2020 Cash Flow from Operating Activities Total Cash From (For) Operating… 12/4/2017 - Confidential Page 44 of 50GuessBox - Cash Flow
2016 2017 2018 2019 2020 - - - - - - - 1.0 2.0 3.0 0.5 1.0 2.0 3.0 4.0 - - - - - 0.5 1.0 3.0 5.0 7.0 - - - - - - - 0.1 0.2 0.3 0.1 0.0 0.1 0.2 0.3 - - - - - 0.1 0.0 0.2 0.4 0.6 - - - - - - - 1.0 1.0 1.0 (0.5) 0.5 1.0 1.0 1.0 - - - - - (0.5) 0.5 2.0 2.0 2.0 USD (US Dollar) Full Time Equivalents by Type GuessBox Staffing and Compensation Plan Total Full Time Equivalents (FTEs) Total Direct Labor Staffing Total Sales & Marketing Staffing Total R&D Staffing Total G&A Staffing R&D Sales and Marketing Direct Labor Employee Turnover Total Employee Turnover G&A FTE Growth Direct Labor Sales and Marketing R&D G&A Total FTE Growth 12/4/2017 - Confidential Page 45 of 50GuessBox - Staff
2016 2017 2018 2019 2020USD (US Dollar) GuessBox Staffing and Compensation Plan - - - - - - - 23,333 76,667 120,000 43,750 28,167 94,640 168,730 219,348 - - - - - 43,750 28,167 117,973 245,396 339,348 - - - - - 13,125 8,450 35,392 73,619 101,805 113 108 385 424 451 1,313 845 2,839 5,062 6,580 525 325 1,400 2,950 4,050 - - - - - - - - - - 1,050 650 3,150 7,050 9,900 - - - - - - - - - - - - - - - 16,126 10,378 43,166 89,105 122,786 - - - - - - - 31,892 104,445 163,395 59,876 38,545 129,247 230,055 298,740 - - - - - 59,876 38,545 161,140 334,501 462,135 Grand Total Other Compensation Expense Direct Labor Total T&E Costs Total Benefits Costs Total Recruiting Costs Total Training Costs Total Dues and Subscriptions Total Bonus at Plan Performance Total G&A Compensation Total Employee Base Compensation Employee Base Compensation Total Direct Labor Compensation Total Sales and Marketing Compensation Total R&D Compensation Total Outside Services Costs Total Software and License Fees Grand Total Employee Costs (Base + Other Compensation) Total Communications Services Costs Total Computer Equipment Costs Total Postage and Shipping Services Costs Sales and Marketing R&D G&A Grand Total Employee Costs Other Compensation Expense 12/4/2017 - Confidential Page 46 of 50GuessBox - Staff
2016 2017 2018 2019 2020USD (US Dollar) GuessBox Staffing and Compensation Plan - - - - - - - 31,892 54,490 54,465 68,315 47,417 73,841 76,685 79,664 - - - - - R&D G&A Direct Labor Fully-loaded cost per FTE Sales and Marketing 0 1 2 3 4 5 6 7 8 2016 2017 2018 2019 2020 Employee Hiring Plan Total G&A Staffing Total Sales & Marketing Staffing Total Direct Labor Staffing Total R&D Staffing 0 50,000 100,000 150,000 200,000 250,000 300,000 350,000 400,000 450,000 500,000 2016 2017 2018 2019 2020 Total Compensation Expense R&D Direct Labor G&A Sales and Marketing 12/4/2017 - Confidential Page 47 of 50GuessBox - Staff
2016 2017 2018 2019 2020 - - - - - - - - - - - - - - - - - - - - 2,000 - 25,000 - - 417 1,000 7,458 10,000 5,625Total Amortization Total Depreciation Capital Asset Depreciation Intangible Asset Amortization GuessBox CapEx and Depreciation Schedule USD (US Dollar) Total CapEx Total Primary CapEx Total Replacement CapEx CapEx Total Intagible Asset Investment 12/4/2017 - Confidential Page 48 of 50GuessBox - CapEx
USD (US Dollar) 2016 2017 2018 2019 2020 Total amount of new debt - - - - - Total Remaining Principal - - - - - Total Principal Payments - - - - - Total Interest Payments - - - - - Total Payments - - - - - Current Portion - - - - - Long-Term Portion - - - - - - - - - - Convertible Note Principal - - - - - Deferred Interest - - - - - - - - - -Total Convertible Note Liability GuessBox Debt Assumptions Total Senior Debt 12/4/2017 - Confidential Page 49 of 50GuessBox - Debt
# Shares Ownership % Fully Diluted % Amount USD (US Dollar) # Shares Total # Shares Ownership % Fully Diluted % Amount USD (US Dollar) # Shares Total # Shares Ownership % Fully Diluted % Amount USD (US Dollar) # Shares Total # Shares Ownership % Fully Diluted % Common Founder(s) 1,000 100.0% 100.0% 1,000 80.0% 80.0% 1,000 80.0% 80.0% 1,000 80.0% 80.0% Common Seed Investors 220,000 250 250 20.0% 20.0% 250 20.0% 20.0% 250 20.0% 20.0% Preferred VC Investors - - - 0.0% 0.0% - - - 0.0% 0.0% 220,000 250 250 20.0% 20.0% - - 250 20.0% 20.0% - - 250 20.0% 20.0% 1,000 100.0% 100.0% 250 1,250 100.0% 100.0% - 1,250 100.0% 100.0% - 1,250 100.0% 100.0% Options and Warrants Employees and Advisors - 0.0% - - 0.0% - - 0.0% - - 0.0% 1,000 100.0% 250 1,250 100.0% - 1,250 100.0% - 1,250 100.0% 880.00 880.00 - 880,000 1,100,000 - 1,100,000 1,100,000 - Series B Venture Capital Investment and Post-Series B Options GuessBox Ownership and Capitalization Table Type Affiliation Founding and Pre-Seed Options Common Investment and Post-Seed Options Series A Venture Capital Investment and Post-Series A Options Price per Share Grand Total with Options Total Founders and Equity Total Equity Investment Pre-Money Value Post-Money Value 12/4/2017 - Confidential Page 50 of 50GuessBox - Cap Table

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GuessBox Financial Model 2017

  • 1. GuessBox Financial Model December 4, 2017 Confidential 12/4/2017 - Confidential Page 1 of 50GuessBox - Cover Page
  • 2. Worksheet Name Summary Key Metrics Sales Income Statement Balance Sheet Cash Flow Staff CapEx Debt Cap Table Ownership and Capitalization Table Sales Plan and Sales Assumptions Income Statement Balance Sheet Cash Flow Statement Staffing Assumptions and Compensation Plan Capital Expenditure and Depreciation Table Description Debt Assumptions Table of Contents Financial Model and Investor Return Summary Key Operational and Financial Metrics GuessBox 12/4/2017 - Confidential Page 2 of 50GuessBox - Cover Page
  • 3. 2016 2017 2018 2019 2020 75,002 344,116 1,088,942 3,291,072 10,224,272 1,045 1,650 2,178 2,706 3,234 73,957 342,466 1,086,764 3,288,366 10,221,038 63,581 53,202 236,730 517,154 915,939 10,376 289,264 850,034 2,771,212 9,305,099 108 735 3,941 11,870 37,748 - - - - - 10,483 289,999 853,974 2,783,082 9,342,847 10,792 290,264 857,492 2,781,212 9,310,724 14.4% 84.4% 78.7% 84.5% 91.1% 49,010 340,053 1,376,530 4,169,656 13,518,172 - - - - - 1,583 583 18,125 8,125 2,500 50,593 340,636 1,394,655 4,177,781 13,520,672 110 154 198 242 286 - - - - - 50,483 340,482 1,394,457 4,177,539 13,520,386 50,593 340,636 1,394,655 4,177,781 13,520,672 11,010 291,043 861,477 2,793,126 9,348,516 (2,000) - (25,000) - - 20,000 - 200,000 - - 29,010 291,043 1,036,477 2,793,126 9,348,516 49,010 340,053 1,376,530 4,169,656 13,518,172 Total Other Assets Balance Sheet Summary Total Assets Total Current Liabilities Total Long-Term Liabilities Total Equity Total Liabilities and Equity Total Current Assets Fixed Assets, Net Cash Flow Summary Cash and Cash Equivalents-End Total Cash From (For) Operating Activities Total Cash From (For) Investing Activities Total Cash From (For) Financing Activities Net Increase (Decrease) In Cash GuessBox Income Statement Summary Total Revenue Total Direct Costs Gross Margin Total Operating Expenses EBITDA (Loss) % USD (US Dollar) Financial Model Summary Operating Income (Loss) Total Other Income Income Taxes Net Income (Loss) 12/4/2017 - Confidential Page 3 of 50GuessBox - Pitch Summary - GAAP
  • 4. 2016 2017 2018 2019 2020 225,005 1,032,348 3,266,826 9,873,215 30,672,816 274,015 1,372,401 4,643,356 14,042,871 44,190,989 - - - - - - - - - - 274,015 1,372,401 4,643,356 14,042,871 44,190,989 - - - - - 0.0% 0.0% 0.0% 0.0% 0.0% - - - - - 0.0x 0.0x 0.0x 0.0x 0.0x N/A N/A 20,000 20,000 220,000 220,000 220,000 9.1% 9.1% 20.0% 20.0% 20.0% 24,910 124,764 928,671 2,808,574 8,838,198 1.2x 6.2x 4.2x 12.8x 40.2x 325.4% 35 90.9% 90.9% 80.0% 80.0% 80.0% 249,105 1,247,638 3,714,685 11,234,297 35,352,791 Total Founders and Mgmt Ownership Total Founders and Mgmt Equity Value Total Common (Seed/Angel) Invested Total Common Investor Ownership Total Common Investor Equity Value Common 5-Year FCF-Based IRR Common Net Income-Based Payback (months) GuessBox Investor Return Summary USD (US Dollar) Total Common Investor Return Multiple Return Summary Enterprise Value Based Upon Multiple Total Equity Value (EV-LTD+Net Cash) Liquidation Preference Liquidation Preference Value Available to Common Total Preferred (Venture Capital) Invested Total Preferred Ownership Total Preferred Equity Value Preferred Return Multiple Preferred 5-Year FCF-Based IRR Preferred Net Income-Based Payback (months) 0 2,000,000 4,000,000 6,000,000 8,000,000 10,000,000 12,000,000 2016 2017 2018 2019 2020 Revenue and Earnings Growth Total Revenue EBITDA (Loss) 0 5,000,000 10,000,000 15,000,000 20,000,000 25,000,000 30,000,000 35,000,000 40,000,000 2016 2017 2018 2019 2020 Equity Value Accretion Total Preferred Equity Value Total Founders and Mgmt Equity Value Total Common Investor Equity Value 12/4/2017 - Confidential Page 4 of 50GuessBox - Investor Return - GAAP
  • 5. 2016 2017 2018 2019 2020 10.0% 5.0% -25.0% -20.0% 85,724 391,951 1,244,904 3,781,372 11,783,982 784 1,238 1,634 2,030 2,426 84,941 390,713 1,243,270 3,779,343 11,781,556 51,122 43,710 193,127 425,490 770,184 33,818 347,003 1,050,143 3,353,852 11,011,372 108 735 3,941 11,870 37,748 - - - - - 33,926 347,739 1,054,083 3,365,723 11,049,121 34,235 348,003 1,057,601 3,363,852 11,016,997 39.9% 88.8% 85.0% 89.0% 93.5% 72,425 421,197 1,657,772 5,033,528 16,088,306 - - - - - 1,583 583 18,125 8,125 2,500 74,009 421,780 1,675,897 5,041,653 16,090,806 83 116 149 182 215 - - - - - 73,926 421,665 1,675,748 5,041,471 16,090,592 74,009 421,780 1,675,897 5,041,653 16,090,806 34,425 348,772 1,061,575 3,375,756 11,054,779 (2,000) - (25,000) - - 20,000 - 200,000 - - 52,425 348,772 1,236,575 3,375,756 11,054,779 72,425 421,197 1,657,772 5,033,528 16,088,306 Total Liabilities and Equity Cash Flow Summary Total Cash From (For) Operating Activities Total Cash From (For) Investing Activities Total Cash From (For) Financing Activities Net Increase (Decrease) In Cash Cash and Cash Equivalents-End % Balance Sheet Summary Total Current Assets Fixed Assets, Net Total Other Assets Total Assets Total Current Liabilities Total Long-Term Liabilities Total Equity Income Statement Summary Total Revenue Total Direct Costs Gross Margin Total Operating Expenses Operating Income (Loss) Net Income (Loss) EBITDA (Loss) Alternate Scenario: Price Change Across the Life of the Plan Unit Sales Change Across the Life of the Plan Direct Expenses Change Across the Life of the Plan Operating Expenses Change Across the Life of the Plan GuessBox Financial Model Summary - Alternate Scenario USD (US Dollar) Total Other Income Income Taxes 12/4/2017 - Confidential Page 5 of 50GuessBox - Pitch Summary Alt Scen - GAAP
  • 6. 2016 2017 2018 2019 2020 10.0% 5.0% -25.0% -20.0% 257,173 1,175,852 3,734,711 11,344,117 35,351,946 329,599 1,597,049 5,392,482 16,377,645 51,440,252 - - - - - - - - - - 329,599 1,597,049 5,392,482 16,377,645 51,440,252 - - - - - 0.0% 0.0% 0.0% 0.0% 0.0% - - - - - 0.0x 0.0x 0.0x 0.0x 0.0x N/A N/A 20,000 20,000 220,000 220,000 220,000 9.1% 9.1% 20.0% 20.0% 20.0% 29,964 145,186 1,078,496 3,275,529 10,288,050 1.5x 7.3x 4.9x 14.9x 46.8x 395.4% 33 90.9% 90.9% 80.0% 80.0% 80.0% 299,635 1,451,863 4,313,986 13,102,116 41,152,202 Common 5-Year FCF-Based IRR Common Net Income-Based Payback (months) Total Founders and Mgmt Ownership Total Founders and Mgmt Equity Value Total Common Investor Return Multiple Return Summary Enterprise Value Based Upon Multiple Total Equity Value (EV-LTD+Net Cash) Liquidation Preference Liquidation Preference Value Available to Common Total Preferred (Venture Capital) Invested Total Preferred Ownership Total Preferred Equity Value Preferred Return Multiple Preferred 5-Year FCF-Based IRR Preferred Net Income-Based Payback (months) Total Common (Seed/Angel) Invested Total Common Investor Ownership Total Common Investor Equity Value GuessBox Investor Return Summary - Alternate Scenario USD (US Dollar) Alternate Scenario: Price Change Across the Life of the Plan Unit Sales Change Across the Life of the Plan Direct Expenses Change Across the Life of the Plan Operating Expenses Change Across the Life of the Plan 0 2,000,000 4,000,000 6,000,000 8,000,000 10,000,000 12,000,000 14,000,000 2016 2017 2018 2019 2020 Revenue and Earnings Growth Total Revenue EBITDA (Loss) 0 5,000,000 10,000,000 15,000,000 20,000,000 25,000,000 30,000,000 35,000,000 40,000,000 45,000,000 2016 2017 2018 2019 2020 Equity Value Accretion Total Preferred Equity Value Total Founders and Mgmt Equity Value Total Common Investor Equity Value 12/4/2017 - Confidential Page 6 of 50GuessBox - Investor Return Alt Scen - GAAP
  • 7. 2016 2017 2018 2019 2020 - - - - - - - - - - 5,796 12,996 20,196 27,396 34,596 14.610% 93.530% 69.950% 71.330% 72.880% 1,482 7,527 14,222 21,494 28,477 1 1 3 5 7 2,964 7,527 4,741 4,299 4,068 75,002 344,116 1,088,942 3,291,072 10,224,272 51 46 77 153 359 150,003 344,116 362,981 658,214 1,460,610 10,483 289,999 853,974 2,783,082 9,342,847 7 39 60 129 328 20,967 289,999 284,658 556,616 1,334,692 10,792 290,264 857,492 2,781,212 9,310,724 7 39 60 129 327 21,585 290,264 285,831 556,242 1,330,103 11,010 291,043 861,477 2,793,126 9,348,516 7 39 61 130 328 22,020 291,043 287,159 558,625 1,335,502 75,002 344,116 1,088,942 3,291,072 10,224,272 10,792 290,264 857,492 2,781,212 9,310,724 163,314 499,106 1,570,316 4,756,991 14,913,530 121,726 451,574 1,277,023 4,192,129 13,817,352 178,370 547,135 1,705,874 5,172,820 16,217,021 136,007 445,389 1,408,253 4,595,333 15,081,088 EBITDA EBITDA/User EBITDA/Employee Operating Cash Flow Operating Cash Flow/User Operating Cash Flow/Employee TTM Revenue TTM EBITDA Run-Rate Rolling Three-Month Revenue Run-Rate Rolling Three-Month EBITDA Run-Rate Annualized Monthly Revenue Run-Rate Annualized Monthly EBITDA Revenue Revenue/User Revenue/Employee Net Income Net Income/User Net Income/Employee GuessBox Key Metrics # Users # Employees # Users/Employee USD (US Dollar) # of s Average # of Users/ # of Website Visitors Conversion Rate 12/4/2017 - Confidential Page 7 of 50GuessBox - Key Metrics
  • 8. 2016 2017 2018 2019 2020 GuessBox Key Metrics USD (US Dollar) 9,010 291,043 836,477 2,793,126 9,348,516 - - - - - - - - - - - - - - - 83 136 180 224 268 - - - - - - - - - - 28.8 30.0 30.1 30.2 30.2 (28.8) (30.0) (30.1) (30.2) (30.2) 445.5 2,208.1 6,952.2 17,230.0 47,266.3 445.5 2,208.1 6,952.2 17,230.0 47,266.3 445.5 2,208.1 6,952.2 17,230.0 47,266.3 100.1 1,889.9 4,350.9 11,541.8 32,687.1 - - - - - - - - - - - - - - -Total Debt/Annualized EBITDA Free Cash Flow to Equity Total Debt Average Inventory Average AR Average AP Days Inventory on Hand DIOH Days Sales Outstanding DSO Days Payables Outstanding DPO Total Debt/TTM EBITDA Cash Conversion Cycle (DIOH+DSO-DPO) Current Ratio (CA/CL) Quick Ratio ((CA-Inv)/CL) Cash Ratio ((Cash + Securities)/CL) Operating CF Ratio (CFO/CL) Debt Coverage Ratio (FCF/Debt) 0 1 2 3 4 5 6 7 8 9 10 2016 2017 2018 2019 2020 Cash Flow Analysis Free Cash Flow to Equity 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 0 200,000 400,000 600,000 800,000 1,000,000 1,200,000 1,400,000 1,600,000 2016 2017 2018 2019 2020 Operating Leverage Analysis Revenue/Employee EBITDA/Employee # Users/Employee 12/4/2017 - Confidential Page 8 of 50GuessBox - Key Metrics
  • 9. 2016 2017 2018 2019 2020 GuessBox Key Metrics USD (US Dollar) (40.0) (30.0) (20.0) (10.0) - 10.0 20.0 30.0 40.0 2016 2017 2018 2019 2020 Working Capital Analysis - Days Days Payables Outstanding DPO Cash Conversion Cycle (DIOH+DSO-DPO) Days Sales Outstanding DSO Days Inventory on Hand DIOH 0 50 100 150 200 250 300 2016 2017 2018 2019 2020 Working Capital Analysis - Cash Average Inventory Average AP Average AR - 5,000.0 10,000.0 15,000.0 20,000.0 25,000.0 30,000.0 35,000.0 2016 2017 2018 2019 2020 Debt Capacity Analysis - Ratios Operating CF Ratio (CFO/CL) Debt Coverage Ratio (FCF/Debt) Total Debt/TTM EBITDA 0 2,000,000 4,000,000 6,000,000 8,000,000 10,000,000 12,000,000 14,000,000 16,000,000 18,000,000 2016 2017 2018 2019 2020 Revenue Analysis TTM Revenue Run-Rate Rolling Three-Month Revenue Run-Rate Annualized Monthly Revenue 12/4/2017 - Confidential Page 9 of 50GuessBox - Key Metrics
  • 10. Breakeven Analysis GuessBox Jun-16 First month for Net Income Breakeven Jun-16 Net Income Breakeven EBITDA Breakeven Operating Cash Flow Breakeven First month for EBITDA Breakeven Jun-16 First month for Operating Cash Flow Breakeven 17 Number of total offering units required for Net Income Breakeven 7,002 Amount of monthly Revenue in USD (US Dollar) required for Net Income Breakeven 17 7,002 Number of total offering units required for EBITDA Breakeven Amount of monthly Revenue in USD (US Dollar) required for EBITDA Breakeven 17 Number of total offering units required for Operating Cash Flow Breakeven 7,002 Amount of monthly Revenue in USD (US Dollar) required for Operating Cash Flow Breakeven -500,000 0 500,000 1,000,000 1,500,000 2,000,000 2,500,000 3,000,000 3,500,000 4,000,000 Breakeven Analysis Operating Cash Flow EBITDA 12/4/2017 - Confidential Page 10 of 50GuessBox - Breakeven
  • 11. 2016 2017 2018 2019 2020 Grand Total # of New Users 1,541 7,960 15,334 23,424 31,806 Grand Total # of Users at End of Period 1,482 7,527 14,222 21,494 28,477 Less Multiple Offerings to the Same Users - - - - - Net Total # of Users at End of Period 1,482 7,527 14,222 21,494 28,477 Grand Total Net Revenue 75,002 344,116 1,088,942 3,291,072 10,224,272 Free Trial 0.0% 0.0% 0.0% 0.0% 0.0% GuessBox Lite 11.3% 15.2% 11.2% 5.7% 2.3% GuessBox Pro 0.2% 0.0% 4.7% 7.0% 9.5% GuessBox Enterprise 88.5% 84.8% 84.1% 87.3% 88.2% 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% 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% 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% GuessBox Sales Summary USD (US Dollar) Grand Total Users Sales Mix Analysis (based on Net Revenue) 12/4/2017 - Confidential Page 11 of 50GuessBox - Sales Summary
  • 12. 2016 2017 2018 2019 2020 GuessBox Sales Summary USD (US Dollar) Total Net Revenue from New Users 71,792 320,016 1,024,361 3,168,080 9,975,723 Total Net Revenue from Existing Users 3,210 24,100 64,581 122,992 248,549 Total Cash Received 83,189 331,413 1,036,717 3,181,492 9,990,298 Total Deferred Revenue - - - - - Total Receivable Generated - - - - - Total Net Revenue from New Users % 95.7% 93.0% 94.1% 96.3% 97.6% Total Net Revenue from Existing Users % 4.3% 7.0% 5.9% 3.7% 2.4% COGS - - - - - Direct Labor Expense (fully burdened) - - - - - Total Direct Expense - - - - - Revenue share expense - - - - - Shipping & postage expense - - - - - Lead generation expense 539 2,834 8,964 19,921 51,451 Payment processing expense 2,250 10,323 32,668 98,732 306,728 Sales commission expense - - - - - Total Revenue Summary: Total Expenses 12/4/2017 - Confidential Page 12 of 50GuessBox - Sales Summary
  • 13. 2016 2017 2018 2019 2020 GuessBox Sales Summary USD (US Dollar) - 2,000,000 4,000,000 6,000,000 8,000,000 10,000,000 12,000,000 2016 2017 2018 2019 2020 Grand Total Net Revenue - 5,000 10,000 15,000 20,000 25,000 30,000 2016 2017 2018 2019 2020 Net Total # of Users at End of Period 12/4/2017 - Confidential Page 13 of 50GuessBox - Sales Summary
  • 14. 2016 2017 2018 2019 2020 Sales Calculations: # Total Users at Beginning of Period - - - - - + # New Users 1,414 7,310 13,686 20,256 25,230 - # Lost Users - - - - - # Total Users at End of Period 1,414 7,310 13,686 20,256 25,230 x Price/each - - - - - = Revenue - - - - - x Revenue Share % (Billed by 3rd Party) 0% 0% 0% 0% 0% = Revenue Share Expense - - - - - Net Revenue - - - - - - COGS - - - - - - Direct Labor Expense (fully burdened) - - - - - Gross Margin - - - - - Gross Margin % 0.0% 0.0% 0.0% 0.0% 0.0% GuessBox Free Trial Sales Detail USD (US Dollar) 12/4/2017 - Confidential Page 14 of 50GuessBox - Offering 1
  • 15. 2016 2017 2018 2019 2020 GuessBox Free Trial Sales Detail USD (US Dollar) Customer Lifetime Value (LTV) Calculations: Monthly Net Customer Revenue - - - - - - COGS - - - - - - Direct Labor Expense (fully burdened) - - - - - - Account Mgmt and Allocated Mktng Expense - - - - - = Monthly Customer Gross Margin - - - - - x Customer Life (in months) 1 1 1 1 1 Customer Lifetime Contribution (GM x Life) - - - - - - Customer Acquisition Costs (CAC) - Lead Generation Expense - - - - - - Revenue Share Expense - - - - - - Sales Commission Expense - - - - - - Sales and Allocated Mktng Expense - - - - - = Total Customer Acquisition Costs (CAC) - - - - - = Customer Lifetime Value (LTV) (not discounted) - - - - - x NPV Discount Rate 99.1% 99.1% 99.1% 99.1% 99.1% = Customer Lifetime Value (LTV (discounted) - - - - - Customer Churn Rate N/A N/A N/A N/A N/A LTV:CAC Ratio (LTV/CAC) N/A N/A N/A N/A N/A Months to Recover CAC (CAC/Gross Margin) N/A N/A N/A N/A N/A 12/4/2017 - Confidential Page 15 of 50GuessBox - Offering 1
  • 16. 2016 2017 2018 2019 2020 GuessBox Free Trial Sales Detail USD (US Dollar) Revenue Summary: Total Net Revenue from New Customers - - - - - Total Net Revenue from Existing Customers - - - - - Total Cash Received - - - - - Total Deferred Revenue - - - - - Total Receivable Generated - - - - - Total Net Revenue from New Customers % 0.0% 0.0% 0.0% 0.0% 0.0% Total Net Revenue from Existing Customers % 0.0% 0.0% 0.0% 0.0% 0.0% Associated Expense Allocations: Direct Billed Revenue Share Expense - - - - - Lead Generation Expense - - - - - Sales Commission Expense - - - - - Shipping & Postage Expense - - - - - Payment Processing Expense - - - - - Monthly Customer Cash Economics 12/4/2017 - Confidential Page 16 of 50GuessBox - Offering 1
  • 17. 2016 2017 2018 2019 2020 GuessBox Free Trial Sales Detail USD (US Dollar) Customer Life (months)Monthly Customer Revenue - Customer Life (months)Monthly Allocated Cash Expense - Customer Life (months)Monthly Customer Gross Margin - Customer Life (months)Customer Life (months) 1.00 Churn RateChurn Rate N/A Customer Acquisition Cost (CAC)Customer Acquisition Cost (CAC) - Customer LTV (CLTV)Customer LTV (CLTV) - LTV:CAC RatioLTV:CAC Ratio N/A Months to Recover CACMonths to Recover CAC N/A Months to Recover CACType and Frequency of Billing Billed monthly and collected in the same month 2016 CLTV Metrics 0 0 0 0 0 1 1 1 1 1 1 M1 M2 M3 M4 M5 M6 M7 M8 M9 M10 M11 M12 Monthly Customer Cash Economics Cumulative Cash CAC Cash Received Cash Expenses Monthly Customer Cash Economics 12/4/2017 - Confidential Page 17 of 50GuessBox - Offering 1
  • 18. 2016 2017 2018 2019 2020 GuessBox Free Trial Sales Detail USD (US Dollar) Customer Life (months)Monthly Customer Revenue - Customer Life (months)Monthly Allocated Cash Expense - Customer Life (months)Monthly Customer Gross Margin - Customer Life (months)Customer Life (months) 1.00 Churn RateChurn Rate N/A Customer Acquisition Cost (CAC)Customer Acquisition Cost (CAC) - Customer LTV (CLTV)Customer LTV (CLTV) - LTV:CAC RatioLTV:CAC Ratio N/A Months to Recover CACMonths to Recover CAC N/A Months to Recover CACType and Frequency of Billing Billed monthly and collected in the same month 2020 LTV Metrics 0 0 0 0 0 1 1 1 1 1 1 M1 M2 M3 M4 M5 M6 M7 M8 M9 M10 M11 M12 Monthly Customer Cash Economics Cumulative Cash CAC Cash Received Cash Expenses 12/4/2017 - Confidential Page 18 of 50GuessBox - Offering 1
  • 19. 2016 2017 2018 2019 2020 GuessBox Free Trial Sales Detail USD (US Dollar) - 0 0 0 0 1 1 1 1 1 1 2016 2017 2018 2019 2020 Total Net Revenue - 5,000 10,000 15,000 20,000 25,000 30,000 2016 2017 2018 2019 2020 Total Customers 12/4/2017 - Confidential Page 19 of 50GuessBox - Offering 1
  • 20. 2016 2017 2018 2019 2020 Sales Calculations: # Total Users at Beginning of Period 3 49 134 259 355 + # New Users 108 567 1,285 1,937 2,427 - # Lost Users (61) (482) (1,160) (1,841) (2,349) # Total Users at End of Period 49 134 259 355 433 x Price/each 49.95 49.95 49.95 49.95 49.95 = Revenue 8,450 52,413 122,138 188,718 238,594 x Revenue Share % (Billed by 3rd Party) 0% 0% 0% 0% 0% = Revenue Share Expense - - - - - Net Revenue 8,450 52,413 122,138 188,718 238,594 - COGS - - - - - - Direct Labor Expense (fully burdened) - - - - - Gross Margin 8,450 52,413 122,138 188,718 238,594 Gross Margin % 100.0% 100.0% 100.0% 100.0% 100.0% GuessBox GuessBox Lite Sales Detail USD (US Dollar) 12/4/2017 - Confidential Page 20 of 50GuessBox - Offering 2
  • 21. 2016 2017 2018 2019 2020 GuessBox GuessBox Lite Sales Detail USD (US Dollar) Customer Lifetime Value (LTV) Calculations: Monthly Net Customer Revenue 49.95 49.95 49.95 49.95 49.95 - COGS - - - - - - Direct Labor Expense (fully burdened) - - - - - - Account Mgmt and Allocated Mktng Expense (0.35) - (0.35) (0.36) (0.23) = Monthly Customer Gross Margin 49.60 49.95 49.60 49.59 49.72 x Customer Life (in months) 2 2 2 2 2 Customer Lifetime Contribution (GM x Life) 99.19 99.90 99.19 99.18 99.43 - Customer Acquisition Costs (CAC) - Lead Generation Expense (5.00) (5.00) (5.00) (5.00) (5.00) - Revenue Share Expense - - - - - - Sales Commission Expense - - - - - - Sales and Allocated Mktng Expense (0.01) - (0.08) (0.08) (0.05) = Total Customer Acquisition Costs (CAC) (5.01) (5.00) (5.08) (5.08) (5.05) = Customer Lifetime Value (LTV) (not discounted) 94.18 94.90 94.12 94.10 94.38 x NPV Discount Rate 98.3% 98.3% 98.3% 98.3% 98.3% = Customer Lifetime Value (LTV (discounted) 92.54 93.25 92.48 92.46 92.74 Customer Churn Rate 2047.7% 978.4% 868.1% 711.9% 661.4% LTV:CAC Ratio (LTV/CAC) 18.5 18.6 18.2 18.2 18.4 Months to Recover CAC (CAC/Gross Margin) 0.1 0.1 0.1 0.1 0.1 12/4/2017 - Confidential Page 21 of 50GuessBox - Offering 2
  • 22. 2016 2017 2018 2019 2020 GuessBox GuessBox Lite Sales Detail USD (US Dollar) Revenue Summary: Total Net Revenue from New Customers 5,382 28,312 64,189 96,773 121,240 Total Net Revenue from Existing Customers 3,068 24,100 57,949 91,945 117,353 Total Cash Received 7,180 30,111 65,988 98,571 123,038 Total Deferred Revenue - - - - - Total Receivable Generated - - - - - Total Net Revenue from New Customers % 63.7% 54.0% 52.6% 51.3% 50.8% Total Net Revenue from Existing Customers % 36.3% 46.0% 47.4% 48.7% 49.2% Associated Expense Allocations: Direct Billed Revenue Share Expense - - - - - Lead Generation Expense 539 2,834 6,425 9,687 12,136 Sales Commission Expense - - - - - Shipping & Postage Expense - - - - - Payment Processing Expense 254 1,572 3,664 5,662 7,158 Monthly Customer Cash Economics 12/4/2017 - Confidential Page 22 of 50GuessBox - Offering 2
  • 23. 2016 2017 2018 2019 2020 GuessBox GuessBox Lite Sales Detail USD (US Dollar) Customer Life (months)Monthly Customer Revenue 49.95 Customer Life (months)Monthly Allocated Cash Expense (0.35) Customer Life (months)Monthly Customer Gross Margin 49.60 Customer Life (months)Customer Life (months) 2.00 Churn RateChurn Rate 978% Customer Acquisition Cost (CAC)Customer Acquisition Cost (CAC) (5.01) Customer LTV (CLTV)Customer LTV (CLTV) 92.54 LTV:CAC RatioLTV:CAC Ratio 18.5 Months to Recover CACMonths to Recover CAC 0.1 Months to Recover CACType and Frequency of Billing Billed monthly and collected in the same month 2016 CLTV Metrics -100 0 100 200 300 400 500 600 700 M1 M2 M3 M4 M5 M6 M7 M8 M9 M10 M11 M12 Monthly Customer Cash Economics Cumulative Cash CAC Cash Received Cash Expenses Monthly Customer Cash Economics 12/4/2017 - Confidential Page 23 of 50GuessBox - Offering 2
  • 24. 2016 2017 2018 2019 2020 GuessBox GuessBox Lite Sales Detail USD (US Dollar) Customer Life (months)Monthly Customer Revenue 49.95 Customer Life (months)Monthly Allocated Cash Expense (0.23) Customer Life (months)Monthly Customer Gross Margin 49.72 Customer Life (months)Customer Life (months) 2.00 Churn RateChurn Rate 661% Customer Acquisition Cost (CAC)Customer Acquisition Cost (CAC) (5.05) Customer LTV (CLTV)Customer LTV (CLTV) 92.74 LTV:CAC RatioLTV:CAC Ratio 18.4 Months to Recover CACMonths to Recover CAC 0.1 Months to Recover CACType and Frequency of Billing Billed monthly and collected in the same month 2020 LTV Metrics -100 0 100 200 300 400 500 600 700 M1 M2 M3 M4 M5 M6 M7 M8 M9 M10 M11 M12 Monthly Customer Cash Economics Cumulative Cash CAC Cash Received Cash Expenses 12/4/2017 - Confidential Page 24 of 50GuessBox - Offering 2
  • 25. 2016 2017 2018 2019 2020 GuessBox GuessBox Lite Sales Detail USD (US Dollar) - 50,000 100,000 150,000 200,000 250,000 300,000 2016 2017 2018 2019 2020 Total Net Revenue - 50 100 150 200 250 300 350 400 450 500 2016 2017 2018 2019 2020 Total Customers 12/4/2017 - Confidential Page 25 of 50GuessBox - Offering 2
  • 26. 2016 2017 2018 2019 2020 Sales Calculations: # Total Users at Beginning of Period 2 0 0 16 62 + # New Users - - 102 409 1,573 - # Lost Users (2) (0) (85) (364) (1,397) # Total Users at End of Period 0 0 16 62 238 x Price/each 399.95 399.95 439.95 483.94 532.33 = Revenue 141 0 51,314 229,152 968,343 x Revenue Share % (Billed by 3rd Party) 0% 0% 0% 0% 0% = Revenue Share Expense - - - - - Net Revenue 141 0 51,314 229,152 968,343 - COGS - - - - - - Direct Labor Expense (fully burdened) - - - - - Gross Margin 141 0 51,314 229,152 968,343 Gross Margin % 100.0% 100.0% 100.0% 100.0% 100.0% GuessBox GuessBox Pro Sales Detail USD (US Dollar) 12/4/2017 - Confidential Page 26 of 50GuessBox - Offering 3
  • 27. 2016 2017 2018 2019 2020 GuessBox GuessBox Pro Sales Detail USD (US Dollar) Customer Lifetime Value (LTV) Calculations: Monthly Net Customer Revenue 399.95 399.95 439.95 483.94 532.33 - COGS - - - - - - Direct Labor Expense (fully burdened) - - - - - - Account Mgmt and Allocated Mktng Expense (2.83) - (3.11) (3.51) (2.50) = Monthly Customer Gross Margin 397.12 399.95 436.83 480.43 529.84 x Customer Life (in months) 1 1 1 1 1 Customer Lifetime Contribution (GM x Life) 467.21 470.53 513.92 565.22 623.34 - Customer Acquisition Costs (CAC) - Lead Generation Expense (25.00) (25.00) (25.00) (25.00) (25.00) - Revenue Share Expense - - - - - - Sales Commission Expense - - - - - - Sales and Allocated Mktng Expense - - (0.35) (0.45) (0.32) = Total Customer Acquisition Costs (CAC) (25.00) (25.00) (25.35) (25.45) (25.32) = Customer Lifetime Value (LTV) (not discounted) 442.21 445.53 488.57 539.77 598.01 x NPV Discount Rate 99.0% 99.0% 99.0% 99.0% 99.0% = Customer Lifetime Value (LTV (discounted) 437.66 440.95 483.55 534.22 591.87 Customer Churn Rate 100.0% 100.0% ############### 2254.4% 2254.4% LTV:CAC Ratio (LTV/CAC) 17.5 17.6 19.1 21.0 23.4 Months to Recover CAC (CAC/Gross Margin) 0.1 0.1 0.1 0.1 0.0 12/4/2017 - Confidential Page 27 of 50GuessBox - Offering 3
  • 28. 2016 2017 2018 2019 2020 GuessBox GuessBox Pro Sales Detail USD (US Dollar) Revenue Summary: Total Net Revenue from New Customers - - 44,681 198,106 837,148 Total Net Revenue from Existing Customers 141 0 6,633 31,047 131,195 Total Cash Received 9,599 9,599 55,239 209,720 849,924 Total Deferred Revenue - - - - - Total Receivable Generated - - - - - Total Net Revenue from New Customers % 0.0% 0.0% 87.1% 86.5% 86.5% Total Net Revenue from Existing Customers % 100.0% 100.0% 12.9% 13.5% 13.5% Associated Expense Allocations: Direct Billed Revenue Share Expense - - - - - Lead Generation Expense - - 2,539 10,234 39,315 Sales Commission Expense - - - - - Shipping & Postage Expense - - - - - Payment Processing Expense 4 0 1,539 6,875 29,050 Monthly Customer Cash Economics 12/4/2017 - Confidential Page 28 of 50GuessBox - Offering 3
  • 29. 2016 2017 2018 2019 2020 GuessBox GuessBox Pro Sales Detail USD (US Dollar) Customer Life (months)Monthly Customer Revenue 399.95 Customer Life (months)Monthly Allocated Cash Expense (2.83) Customer Life (months)Monthly Customer Gross Margin 397.12 Customer Life (months)Customer Life (months) 1.18 Churn RateChurn Rate 100% Customer Acquisition Cost (CAC)Customer Acquisition Cost (CAC) (25.00) Customer LTV (CLTV)Customer LTV (CLTV) 437.66 LTV:CAC RatioLTV:CAC Ratio 17.5 Months to Recover CACMonths to Recover CAC 0.1 Months to Recover CACType and Frequency of Billing Billed monthly and collected in the same month 2016 CLTV Metrics -1,000 0 1,000 2,000 3,000 4,000 5,000 M1 M2 M3 M4 M5 M6 M7 M8 M9 M10 M11 M12 Monthly Customer Cash Economics Cumulative Cash CAC Cash Received Cash Expenses Monthly Customer Cash Economics 12/4/2017 - Confidential Page 29 of 50GuessBox - Offering 3
  • 30. 2016 2017 2018 2019 2020 GuessBox GuessBox Pro Sales Detail USD (US Dollar) Customer Life (months)Monthly Customer Revenue 532.33 Customer Life (months)Monthly Allocated Cash Expense (2.50) Customer Life (months)Monthly Customer Gross Margin 529.84 Customer Life (months)Customer Life (months) 1.18 Churn RateChurn Rate 2254% Customer Acquisition Cost (CAC)Customer Acquisition Cost (CAC) (25.32) Customer LTV (CLTV)Customer LTV (CLTV) 591.87 LTV:CAC RatioLTV:CAC Ratio 23.4 Months to Recover CACMonths to Recover CAC 0.0 Months to Recover CACType and Frequency of Billing Billed monthly and collected in the same month 2020 LTV Metrics -1,000 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 M1 M2 M3 M4 M5 M6 M7 M8 M9 M10 M11 M12 Monthly Customer Cash Economics Cumulative Cash CAC Cash Received Cash Expenses 12/4/2017 - Confidential Page 30 of 50GuessBox - Offering 3
  • 31. 2016 2017 2018 2019 2020 GuessBox GuessBox Pro Sales Detail USD (US Dollar) - 200,000 400,000 600,000 800,000 1,000,000 1,200,000 2016 2017 2018 2019 2020 Total Net Revenue - 50 100 150 200 250 2016 2017 2018 2019 2020 Total Customers 12/4/2017 - Confidential Page 31 of 50GuessBox - Offering 3
  • 32. 2016 2017 2018 2019 2020 Sales Calculations: # Total Users at Beginning of Period - - - - - + # New Users 19 83 262 821 2,576 - # Lost Users - - - - - # Total Users at End of Period 19 83 262 821 2,576 x Price/each 3,500.00 3,500.00 3,500.00 3,500.00 3,500.00 = Revenue 66,410 291,703 915,490 2,873,201 9,017,335 x Revenue Share % (Billed by 3rd Party) 0% 0% 0% 0% 0% = Revenue Share Expense - - - - - Net Revenue 66,410 291,703 915,490 2,873,201 9,017,335 - COGS - - - - - - Direct Labor Expense (fully burdened) - - - - - Gross Margin 66,410 291,703 915,490 2,873,201 9,017,335 Gross Margin % 100.0% 100.0% 100.0% 100.0% 100.0% GuessBox GuessBox Enterprise Sales Detail USD (US Dollar) 12/4/2017 - Confidential Page 32 of 50GuessBox - Offering 4
  • 33. 2016 2017 2018 2019 2020 GuessBox GuessBox Enterprise Sales Detail USD (US Dollar) Customer Lifetime Value (LTV) Calculations: Monthly Net Customer Revenue 3,500.00 3,500.00 3,500.00 3,500.00 3,500.00 - COGS - - - - - - Direct Labor Expense (fully burdened) - - - - - - Account Mgmt and Allocated Mktng Expense (24.72) - (24.76) (25.36) (16.43) = Monthly Customer Gross Margin 3,475.28 3,500.00 3,475.24 3,474.64 3,483.57 x Customer Life (in months) 1 1 1 1 1 Customer Lifetime Contribution (GM x Life) 3,475.28 3,500.00 3,475.24 3,474.64 3,483.57 - Customer Acquisition Costs (CAC) - Lead Generation Expense - - - - - - Revenue Share Expense - - - - - - Sales Commission Expense - - - - - - Sales and Allocated Mktng Expense (2.75) - (2.75) (2.82) (1.83) = Total Customer Acquisition Costs (CAC) (2.75) - (2.75) (2.82) (1.83) = Customer Lifetime Value (LTV) (not discounted) 3,472.53 3,500.00 3,472.49 3,471.82 3,481.75 x NPV Discount Rate 99.1% 99.1% 99.1% 99.1% 99.1% = Customer Lifetime Value (LTV (discounted) 3,442.18 3,469.40 3,442.14 3,441.47 3,451.31 Customer Churn Rate N/A N/A N/A N/A N/A LTV:CAC Ratio (LTV/CAC) 1,253.1 N/A 1,251.3 1,221.4 1,891.0 Months to Recover CAC (CAC/Gross Margin) 0.0 - 0.0 0.0 0.0 12/4/2017 - Confidential Page 33 of 50GuessBox - Offering 4
  • 34. 2016 2017 2018 2019 2020 GuessBox GuessBox Enterprise Sales Detail USD (US Dollar) Revenue Summary: Total Net Revenue from New Customers 66,410 291,703 915,490 2,873,201 9,017,335 Total Net Revenue from Existing Customers - - - - - Total Cash Received 66,410 291,703 915,490 2,873,201 9,017,335 Total Deferred Revenue - - - - - Total Receivable Generated - - - - - Total Net Revenue from New Customers % 100.0% 100.0% 100.0% 100.0% 100.0% Total Net Revenue from Existing Customers % 0.0% 0.0% 0.0% 0.0% 0.0% Associated Expense Allocations: Direct Billed Revenue Share Expense - - - - - Lead Generation Expense - - - - - Sales Commission Expense - - - - - Shipping & Postage Expense - - - - - Payment Processing Expense 1,992 8,751 27,465 86,196 270,520 Monthly Customer Cash Economics 12/4/2017 - Confidential Page 34 of 50GuessBox - Offering 4
  • 35. 2016 2017 2018 2019 2020 GuessBox GuessBox Enterprise Sales Detail USD (US Dollar) Customer Life (months)Monthly Customer Revenue 3,500.00 Customer Life (months)Monthly Allocated Cash Expense (24.72) Customer Life (months)Monthly Customer Gross Margin 3,475.28 Customer Life (months)Customer Life (months) 1.00 Churn RateChurn Rate N/A Customer Acquisition Cost (CAC)Customer Acquisition Cost (CAC) (2.75) Customer LTV (CLTV)Customer LTV (CLTV) 3,442.18 LTV:CAC RatioLTV:CAC Ratio 1,253.1 Months to Recover CACMonths to Recover CAC 0.0 Months to Recover CACType and Frequency of Billing Billed monthly and collected in the same month 2016 CLTV Metrics -5,000 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 M1 M2 M3 M4 M5 M6 M7 M8 M9 M10 M11 M12 Monthly Customer Cash Economics Cumulative Cash CAC Cash Received Cash Expenses Monthly Customer Cash Economics 12/4/2017 - Confidential Page 35 of 50GuessBox - Offering 4
  • 36. 2016 2017 2018 2019 2020 GuessBox GuessBox Enterprise Sales Detail USD (US Dollar) Customer Life (months)Monthly Customer Revenue 3,500.00 Customer Life (months)Monthly Allocated Cash Expense (16.43) Customer Life (months)Monthly Customer Gross Margin 3,483.57 Customer Life (months)Customer Life (months) 1.00 Churn RateChurn Rate N/A Customer Acquisition Cost (CAC)Customer Acquisition Cost (CAC) (1.83) Customer LTV (CLTV)Customer LTV (CLTV) 3,451.31 LTV:CAC RatioLTV:CAC Ratio 1,891.0 Months to Recover CACMonths to Recover CAC 0.0 Months to Recover CACType and Frequency of Billing Billed monthly and collected in the same month 2020 LTV Metrics -5,000 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 M1 M2 M3 M4 M5 M6 M7 M8 M9 M10 M11 M12 Monthly Customer Cash Economics Cumulative Cash CAC Cash Received Cash Expenses 12/4/2017 - Confidential Page 36 of 50GuessBox - Offering 4
  • 37. 2016 2017 2018 2019 2020 GuessBox GuessBox Enterprise Sales Detail USD (US Dollar) - 1,000,000 2,000,000 3,000,000 4,000,000 5,000,000 6,000,000 7,000,000 8,000,000 9,000,000 10,000,000 2016 2017 2018 2019 2020 Total Net Revenue - 500 1,000 1,500 2,000 2,500 3,000 2016 2017 2018 2019 2020 Total Customers 12/4/2017 - Confidential Page 37 of 50GuessBox - Offering 4
  • 38. 2016 2017 2018 2019 2020 75,002 344,116 1,088,942 3,291,072 10,224,272 - - - - - - - - - - 1,045 1,650 2,178 2,706 3,234 - - - - - - - - - - 1,045 1,650 2,178 2,706 3,234 73,957 342,466 1,086,764 3,288,366 10,221,038 1,039 2,834 49,356 148,366 262,846 59,876 39,045 147,247 260,055 340,740 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - G&A Expenses GuessBox Income Statement Revenue Total Sales and Marketing Expenses Total R&D Expenses COGS Direct Costs Total Revenue Travel & entertainment Outside services Software & License fees Computer equipment Wages Bonus Employee benefits and taxes Recruiting Training Direct labor Revenue share expense Shipping & postage expense Gross Margin Total Direct Costs Server Costs Operating Expenses USD (US Dollar) Communications Shipping & postage Dues & subscriptions 12/4/2017 - Confidential Page 38 of 50GuessBox - Income Statement - GAAP
  • 39. 2016 2017 2018 2019 2020 GuessBox Income Statement Revenue USD (US Dollar) - - - - - 2,250 10,323 32,668 98,732 306,728 - - - - - - - - - - - - - - - - - - - - 417 1,000 7,458 10,000 5,625 2,667 11,323 40,127 108,732 312,353 63,581 53,202 236,730 517,154 915,939 10,376 289,264 850,034 2,771,212 9,305,099 108 735 3,941 11,870 37,748 10,483 289,999 853,974 2,783,082 9,342,847 - - - - - 10,483 289,999 853,974 2,783,082 9,342,847 10,792 290,264 857,492 2,781,212 9,310,724 Total Operating Expenses Total Other Income EBITDA (Loss) Net Income (Loss) Operating Income (Loss) Pre-Tax Profit (Loss) Income Taxes Professional Services Expenses Other G&A Expenses Depreciation Amortization Bad debt expense Payment processing expense Occupancy Expenses Total G&A Expenses 12/4/2017 - Confidential Page 39 of 50GuessBox - Income Statement - GAAP
  • 40. 2016 2017 2018 2019 2020 GuessBox Income Statement Revenue USD (US Dollar) 100.0% 100.0% 100.0% 100.0% 100.0% 1.4% 0.5% 0.2% 0.1% 0.0% 98.6% 99.5% 99.8% 99.9% 100.0% 1.4% 0.8% 4.5% 4.5% 2.6% 79.8% 11.3% 13.5% 7.9% 3.3% 3.6% 3.3% 3.7% 3.3% 3.1% 84.8% 15.5% 21.7% 15.7% 9.0% 13.8% 84.1% 78.1% 84.2% 91.0% 0.1% 0.2% 0.4% 0.4% 0.4% 0.0% 0.0% 0.0% 0.0% 0.0% 14.0% 84.3% 78.4% 84.6% 91.4% 14.4% 84.4% 78.7% 84.5% 91.1%EBITDA (Loss) Total Revenue Total Direct Costs Gross Margin Net Income (Loss) Operating Income (Loss) Total R&D Expenses Total G&A Expenses Total Operating Expenses Total Other Income Income Taxes Total Sales and Marketing Expenses 0 2,000,000 4,000,000 6,000,000 8,000,000 10,000,000 12,000,000 2016 2017 2018 2019 2020 Revenue, Margin, and Earnings Growth EBITDA (Loss) Gross Margin Total Revenue Net Income (Loss) 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2016 2017 2018 2019 2020 P&L Expense and Margin Mix Analysis Gross Margin Total Operating Expenses Total Direct Costs 12/4/2017 - Confidential Page 40 of 50GuessBox - Income Statement - GAAP
  • 41. 2016 2017 2018 2019 2020 49,010 340,053 1,376,530 4,169,656 13,518,172 - - - - - - - - - - 49,010 340,053 1,376,530 4,169,656 13,518,172 - - - - - 1,583 583 18,125 8,125 2,500 50,593 340,636 1,394,655 4,177,781 13,520,672 110 154 198 242 286 - - - - - - - - - - - - - - - 110 154 198 242 286 - - - - - 40,000 40,000 240,000 240,000 240,000 - - - - - 10,483 300,482 1,154,457 3,937,539 13,280,386 50,483 340,482 1,394,457 4,177,539 13,520,386 50,593 340,636 1,394,655 4,177,781 13,520,672 Accounts Receivable Accounts Payable Bonus Accruals Deferred Revenue Total Assets Liabilities and Equity Total Other Assets Inventory Total Current Assets GuessBox Balance Sheet Cash Assets USD (US Dollar) Current Portion of LT Debt Total Current Liabilities Total Long-Term Liabilities Fixed Assets, Net Total Liabilities and Equity Retained Earnings Total Equity Common Stock Preferred Stock 12/4/2017 - Confidential Page 41 of 50GuessBox - Balance Sheet - GAAP
  • 42. 2016 2017 2018 2019 2020 GuessBox Balance Sheet USD (US Dollar) 0 2,000,000 4,000,000 6,000,000 8,000,000 10,000,000 12,000,000 14,000,000 16,000,000 2016 2017 2018 2019 2020 Liabilities and Equity Mix Analysis Current Liabilities Long-Term Liabilities Equity 0 2,000,000 4,000,000 6,000,000 8,000,000 10,000,000 12,000,000 14,000,000 16,000,000 2016 2017 2018 2019 2020 Assets Mix Analysis Cash Accounts Receivable Fixed Assets, Net Other Assets Inventory 12/4/2017 - Confidential Page 42 of 50GuessBox - Balance Sheet - GAAP
  • 43. 2016 2017 2018 2019 2020 10,483 289,999 853,974 2,783,082 9,342,847 417 1,000 7,458 10,000 5,625 - - - - - - - - - - 110 44 44 44 44 11,010 291,043 861,477 2,793,126 9,348,516 (2,000) - (25,000) - - - - - - - 20,000 - 200,000 - - - - - - - 20,000 - 200,000 - - 29,010 291,043 1,036,477 2,793,126 9,348,516 20,000 49,010 340,053 1,376,530 4,169,656 49,010 340,053 1,376,530 4,169,656 13,518,172 Investing Activities: Financing Activities: GuessBox Cash Flow Statement Net Income (Loss) Depreciation and Amortization Operating Activities: (Increase) Decrease in Accounts Receivable (Increase) Decrease in Inventory Increase (Decrease) in Liabilities Total Cash From (For) Operating Activities Total Cash From (For) Investing Activities USD (US Dollar) Total Proceeds (Repayment) from Loans Proceeds from Issuance of Common Stock Cash and Cash Equivalents-End Proceeds from Issuance of Preferred Stock Total Cash From (For) Financing Activities Net Increase (Decrease) In Cash Cash and Cash Equivalents-Beginning 12/4/2017 - Confidential Page 43 of 50GuessBox - Cash Flow
  • 44. 2016 2017 2018 2019 2020 GuessBox Cash Flow Statement USD (US Dollar) -50,000 0 50,000 100,000 150,000 200,000 250,000 2016 2017 2018 2019 2020 Cash Flow from Investing and Financing Total Cash From (For) Financing Activities Total Cash From (For) Investing Activities 0 1,000,000 2,000,000 3,000,000 4,000,000 5,000,000 6,000,000 7,000,000 8,000,000 9,000,000 10,000,000 2016 2017 2018 2019 2020 Cash Flow from Operating Activities Total Cash From (For) Operating… 12/4/2017 - Confidential Page 44 of 50GuessBox - Cash Flow
  • 45. 2016 2017 2018 2019 2020 - - - - - - - 1.0 2.0 3.0 0.5 1.0 2.0 3.0 4.0 - - - - - 0.5 1.0 3.0 5.0 7.0 - - - - - - - 0.1 0.2 0.3 0.1 0.0 0.1 0.2 0.3 - - - - - 0.1 0.0 0.2 0.4 0.6 - - - - - - - 1.0 1.0 1.0 (0.5) 0.5 1.0 1.0 1.0 - - - - - (0.5) 0.5 2.0 2.0 2.0 USD (US Dollar) Full Time Equivalents by Type GuessBox Staffing and Compensation Plan Total Full Time Equivalents (FTEs) Total Direct Labor Staffing Total Sales & Marketing Staffing Total R&D Staffing Total G&A Staffing R&D Sales and Marketing Direct Labor Employee Turnover Total Employee Turnover G&A FTE Growth Direct Labor Sales and Marketing R&D G&A Total FTE Growth 12/4/2017 - Confidential Page 45 of 50GuessBox - Staff
  • 46. 2016 2017 2018 2019 2020USD (US Dollar) GuessBox Staffing and Compensation Plan - - - - - - - 23,333 76,667 120,000 43,750 28,167 94,640 168,730 219,348 - - - - - 43,750 28,167 117,973 245,396 339,348 - - - - - 13,125 8,450 35,392 73,619 101,805 113 108 385 424 451 1,313 845 2,839 5,062 6,580 525 325 1,400 2,950 4,050 - - - - - - - - - - 1,050 650 3,150 7,050 9,900 - - - - - - - - - - - - - - - 16,126 10,378 43,166 89,105 122,786 - - - - - - - 31,892 104,445 163,395 59,876 38,545 129,247 230,055 298,740 - - - - - 59,876 38,545 161,140 334,501 462,135 Grand Total Other Compensation Expense Direct Labor Total T&E Costs Total Benefits Costs Total Recruiting Costs Total Training Costs Total Dues and Subscriptions Total Bonus at Plan Performance Total G&A Compensation Total Employee Base Compensation Employee Base Compensation Total Direct Labor Compensation Total Sales and Marketing Compensation Total R&D Compensation Total Outside Services Costs Total Software and License Fees Grand Total Employee Costs (Base + Other Compensation) Total Communications Services Costs Total Computer Equipment Costs Total Postage and Shipping Services Costs Sales and Marketing R&D G&A Grand Total Employee Costs Other Compensation Expense 12/4/2017 - Confidential Page 46 of 50GuessBox - Staff
  • 47. 2016 2017 2018 2019 2020USD (US Dollar) GuessBox Staffing and Compensation Plan - - - - - - - 31,892 54,490 54,465 68,315 47,417 73,841 76,685 79,664 - - - - - R&D G&A Direct Labor Fully-loaded cost per FTE Sales and Marketing 0 1 2 3 4 5 6 7 8 2016 2017 2018 2019 2020 Employee Hiring Plan Total G&A Staffing Total Sales & Marketing Staffing Total Direct Labor Staffing Total R&D Staffing 0 50,000 100,000 150,000 200,000 250,000 300,000 350,000 400,000 450,000 500,000 2016 2017 2018 2019 2020 Total Compensation Expense R&D Direct Labor G&A Sales and Marketing 12/4/2017 - Confidential Page 47 of 50GuessBox - Staff
  • 48. 2016 2017 2018 2019 2020 - - - - - - - - - - - - - - - - - - - - 2,000 - 25,000 - - 417 1,000 7,458 10,000 5,625Total Amortization Total Depreciation Capital Asset Depreciation Intangible Asset Amortization GuessBox CapEx and Depreciation Schedule USD (US Dollar) Total CapEx Total Primary CapEx Total Replacement CapEx CapEx Total Intagible Asset Investment 12/4/2017 - Confidential Page 48 of 50GuessBox - CapEx
  • 49. USD (US Dollar) 2016 2017 2018 2019 2020 Total amount of new debt - - - - - Total Remaining Principal - - - - - Total Principal Payments - - - - - Total Interest Payments - - - - - Total Payments - - - - - Current Portion - - - - - Long-Term Portion - - - - - - - - - - Convertible Note Principal - - - - - Deferred Interest - - - - - - - - - -Total Convertible Note Liability GuessBox Debt Assumptions Total Senior Debt 12/4/2017 - Confidential Page 49 of 50GuessBox - Debt
  • 50. # Shares Ownership % Fully Diluted % Amount USD (US Dollar) # Shares Total # Shares Ownership % Fully Diluted % Amount USD (US Dollar) # Shares Total # Shares Ownership % Fully Diluted % Amount USD (US Dollar) # Shares Total # Shares Ownership % Fully Diluted % Common Founder(s) 1,000 100.0% 100.0% 1,000 80.0% 80.0% 1,000 80.0% 80.0% 1,000 80.0% 80.0% Common Seed Investors 220,000 250 250 20.0% 20.0% 250 20.0% 20.0% 250 20.0% 20.0% Preferred VC Investors - - - 0.0% 0.0% - - - 0.0% 0.0% 220,000 250 250 20.0% 20.0% - - 250 20.0% 20.0% - - 250 20.0% 20.0% 1,000 100.0% 100.0% 250 1,250 100.0% 100.0% - 1,250 100.0% 100.0% - 1,250 100.0% 100.0% Options and Warrants Employees and Advisors - 0.0% - - 0.0% - - 0.0% - - 0.0% 1,000 100.0% 250 1,250 100.0% - 1,250 100.0% - 1,250 100.0% 880.00 880.00 - 880,000 1,100,000 - 1,100,000 1,100,000 - Series B Venture Capital Investment and Post-Series B Options GuessBox Ownership and Capitalization Table Type Affiliation Founding and Pre-Seed Options Common Investment and Post-Seed Options Series A Venture Capital Investment and Post-Series A Options Price per Share Grand Total with Options Total Founders and Equity Total Equity Investment Pre-Money Value Post-Money Value 12/4/2017 - Confidential Page 50 of 50GuessBox - Cap Table