Summary - Funding Rounds

Founding Date

2005

Independence National Bank Income Statement

Independence National Bank Balance Sheet

Annual

USDFY, 2011FY, 2012FY, 2013FY, 2014FY, 2015FY, 2016

Cash

15.2m22.6m14.4m10.9m13.9m10.8m

Accounts Receivable

74.8m68.5m62.4m68.0m66.4m236.6m

PP&E

2.3m2.2m2.5m2.4m2.2m

Total Assets

112.3m124.9m104.3m100.7m97.5m90.4m

Accounts Payable

143.6k775.9k688.7k2.7m1.1m79.7m

Long-term debt

5.0m

Total Debt

5.0m

Total Liabilities

103.9m104.3m90.0m91.3m84.8m80.5m

Common Stock

20.9k197.3k205.0k205.0k205.0k

Additional Paid-in Capital

21.1m33.7m34.7m35.1m43.0m43.1m

Retained Earnings

(12.8m)(13.4m)(19.4m)(25.9m)(30.7m)(33.3m)

Total Equity

8.4m20.6m14.3m9.4m12.6m9.9m

Debt to Equity Ratio

0.5 x

Debt to Assets Ratio

0 x

Financial Leverage

13.3 x6.1 x7.3 x10.7 x7.7 x9.1 x

Quarterly

USDQ2, 2011Q3, 2011Q1, 2012Q2, 2012Q3, 2012Q1, 2013Q2, 2013Q3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017

Cash

13.8m13.5m20.1m16.8m12.9m28.0m22.6m18.5m9.1m9.8m10.2m9.9m19.1m17.5m11.9m8.7m11.2m10.1m12.2m8.5m

Accounts Receivable

82.0m80.4m71.3m70.0m69.6m65.2m63.4m62.9m64.6m64.7m65.8m67.0m65.0m64.3m63.9m63.1m62.5m61.4m58.7m53.7m

PP&E

3.6m3.6m2.3m2.3m2.2m2.2m2.2m2.2m2.5m2.4m2.4m2.3m2.3m2.2m2.2m2.1m2.0m2.0m2.0m2.0m

Total Assets

116.7m113.1m113.4m112.3m109.2m126.8m115.6m108.7m99.5m101.2m102.3m98.0m104.4m99.6m93.1m92.5m94.0m90.6m89.8m86.2m

Accounts Payable

193.4k234.8k204.0k185.0k210.5k241.9k399.1k479.8k510.1k1.3m1.5m2.8m1.3m1.3m680.8k723.1k801.5k650.2k541.0k526.9k

Long-term debt

5.0m

Total Debt

600.0k5.1m4.0m4.0m4.0m

Total Liabilities

107.6m103.9m104.8m103.8m100.8m107.1m98.6m92.3m86.1m89.4m91.3m88.8m89.1m86.0m80.7m80.8m82.6m81.3m80.7m77.4m

Common Stock

20.9k20.9k20.9k20.9k20.9k197.3k197.3k205.0k205.0k205.0k205.0k205.0k205.0k205.0k205.0k205.0k205.0k205.0k205.0k205.0k

Preferred Stock

84.084.084.0

Additional Paid-in Capital

21.1m21.1m21.1m21.1m21.1m33.8m33.8m34.5m34.9m35.0m35.1m35.2m42.9m43.0m43.0m43.1m43.1m43.1m43.1m43.1m

Retained Earnings

(12.1m)(12.1m)(12.6m)(12.7m)(12.8m)(14.0m)(16.0m)(17.1m)(20.8m)(22.9m)(23.9m)(26.3m)(27.6m)(29.6m)(31.0m)(31.8m)(32.2m)(34.0m)(34.2m)(34.5m)

Total Equity

9.1m9.2m8.7m8.5m8.4m19.7m17.0m16.4m13.4m11.8m11.0m9.2m15.4m13.6m12.4m11.7m11.4m9.3m9.1m8.7m

Debt to Equity Ratio

0.1 x0.3 x0.4 x0.4 x0.5 x

Debt to Assets Ratio

0 x0 x0 x0 x0 x

Financial Leverage

12.8 x12.3 x13.1 x13.2 x12.9 x6.4 x6.8 x6.6 x7.4 x8.6 x9.3 x10.7 x6.8 x7.3 x7.5 x7.9 x8.3 x9.7 x9.9 x9.9 x

Independence National Bank Cash Flow

Annual

USDFY, 2011FY, 2012FY, 2013FY, 2014FY, 2015FY, 2016

Net Income

(2.1m)(613.0k)(6.0m)(6.5m)(4.8m)(2.6m)

Depreciation and Amortization

197.0k157.0k130.1k216.3k215.5k206.6k

Cash From Operating Activities

(545.9k)(72.1k)(3.8m)(2.9m)(5.0m)(2.1m)

Purchases of PP&E

(16.7k)(4.8k)(453.3k)(87.5k)(30.3k)(34.2k)

Cash From Investing Activities

12.5m(5.4m)9.3m705.05.3m2.9m

Short-term Borrowings

(42.3k)(903.0)4.4m

Cash From Financing Activities

(7.5m)13.0m(13.7m)(637.3k)2.7m(3.9m)

Net Change in Cash

4.5m7.4m(8.2m)(3.5m)3.0m(3.1m)

Interest Paid

1.5m987.9k518.7k311.2k331.4k325.4k

Independence National Bank Ratios

USDQ2, 2011

Financial Leverage

12.8 x