Model: slow increase in the no of customers added every month Cash Flows $1,500,000 $1,000,000 Subscription Payments * GM% $500,000 $- 1 3 5 7 9 1 3 5 7 9 1 3 5 7 9 1 3 5 7 9 1 3 5 7 9 1 3 5 7 9 1 1 1 1 1 2 2 2 2 2 3 3 3 3 3 4 4 4 4 4 5 5 5 5 5 h h h h h t t t t t h h h h h h h h h h h h h h h h h h h h h h h h h n n n n n t t t t t t t t t t t t t t t t t t t t t t t t t CAC Mo Mo Mo Mo Mo n n n n n n n n n n n n n n n n n n n n n n n n n Mo Mo Mo Mo Mo Mo Mo Mo Mo Mo Mo Mo Mo Mo Mo Mo Mo Mo Mo Mo Mo Mo Mo Mo Mo $(500,000) $(1,000,000)