2003 2004 2005 Fee revenues Operating expenses Associate fees Salaries & benefits 287,281 600,308 812,987 40,098 106,486 166,727 39,008 93,868 127,703 26,291 40,508 62,715 Dental Supplies Equipment leasing 19,456 52,582 52,582 Rent & utilities 29,428 38,500 42,441 Laboratory fees 186 10,636 21,626 General & office 9,051 14,193 17,420 Promotion & entertainment 794 8,172 10,775 Automobile expenses 1,337 3,677 5,104 Telephone 4,697 1,251 11,187 Professional fees 5,755 3,294 5,910 Interest and bank charges 13,579 7,015 5,630 Professional development 2,021 406 2,913 Insurance 849 1,612 2,778 Licenses, fees & dues 1,282 2,685 1,843 Bad debts (recovered) 339 17,939 (3,647) Amortization 8,687 10,484 14,872 Total expenses Net income 202,858 413,308 548,579 84,423 187,000 264,408 Dec-03 Dec-04 Dec-05 Cash 4,067 Accounts receivable 29,528 41,248 46,942 nventory 2,677 5,296 6,366 Prepaid expenses 1,646 Total current assets 32,205 46,544 59,021 Fixed assets 36,408 60,625 69,834 Less: Accumulated amortization (8,687) (19.171) (30,595) Net fixed assets 27,721 41,454 39,239 Goodwill Total 1 1 1 59,927 87,999 98,261 Bank indebtedness 8,201 39 Accounts payable 8,173 10,724 10,929 Current mat. LTD Total liabilities 16,374 10,763 10,929 Term loan Total liabilities 16,374 10,763 10,929 Owner's equity 43,553 77,236 87,332