Write a brief description of the primary business activities for Neuralstem Inc. and Amarin Corp PLC/UK. Focus more on:

?Their positions within the industry,

?Recent developments,

?Fluctuation in stock prices relative to the market/industry, and

?Other items of significance that would impact your investment decision.

Do not focus on the history and background of the company,but rather on information that would be relevant to decision makers(Paper should be 2-3 pages, 12 pt. font, single spaced)

Resources: Annual Report (management discussion and analysis), Company website, trade journals.

Use www.sec.gov as well

Financial Statement Analysis Package (FSAP) A Comment on Entering Financial Statement Data: Analyst Name: Sandra Chandler Company Name: Amarin Corp PLC/UK Year (Most recent in far right column.) BALANCE SHEET DATA Cash Marketable Securities Accounts Receivable - Trade Inventories Other Current Assets (1) Other Current Assets (2) CURRENT ASSETS Long Term Investments in Securities Property, Plant, & Equipment - at cost Accumulated Depreciation Amortizable Intangible Assets (net) Goodwill and Nonamort. Intangibles Other Non-Current Assets (1) Other Non-Current Assets (2) TOTAL ASSETS Accounts Payable - Trade Notes Payable and Short Term Debt Current Maturities of Long Term Debt Other Current Liabilities (1) Other Current Liabilities (2) CURRENT LIABILITIES Long Term Debt Deferred Taxes Other Non-Current Liabilities (1) Other Non-Current Liabilities (2) TOTAL LIABILITIES Minority Interest in Subsidiaries Preferred Stock Common Stock + Paid in Capital Retained Earnings 2010 2011 2012 2013 31,442 0 0 0 1,063 608 33,113 0 88 0 0 0 0 2,166 35,367 4,449 0 0 3,128 0 7,577 0 0 88 230,069 237,734 0 0 297,183 0 116,602 0 0 0 1,837 533 118,972 0 432 0 0 0 2,241 4,734 126,379 4,419 0 0 4,033 0 8,452 0 0 764 123,125 132,341 0 0 562,714 0 260,242 0 0 21,262 3,253 937 285,694 0 811 0 11,355 0 4,951 8,044 310,855 17,458 0 0 7,744 0 25,202 85,153 0 816 134,250 245,421 0 0 743,863 0 191,514 0 3,645 21,209 1,563 1,471 219,402 0 579 0 10,709 0 4,360 17,426 252,476 6,375 0 0 24,271 0 30,646 87,717 0 658 149,317 268,338 0 0 880,231 0 Accum. Other Comprehensive Income Other Equity Adjustments Treasury Stock SHAREHOLDERS' EQUITY TOTAL LIABILITIES AND EQUITIES 0 0 0 -499,333 -568,459 -747,643 -217 -217 -217 -202,367 -5,962 -3,997 35,367 126,379 241,424 0 -913,870 -217 -33,856 234,482 INCOME STATEMENT DATA Revenues Cost of Goods Sold Gross Profit Selling, General, and Admin. Expense Other Operating Expenses (1) Other Operating Expenses (2) Other Operating Expenses (3) Other Operating Income Non-Recurring Operating Gains Non-Recurring Operating Losses Operating Profit Interest Income Interest Expense Other Income or Gains Unusual Income or Gains Other Expenses or Losses Unusual Expenses or Losses Income before Tax Income Tax Expense Minority Interest in Earnings Income from Discontinued Ops. Extraordinary Gains (Losses) Changes in Acctg. Principles NET INCOME (computed) Net Income (enter reported amount as a check) 0 0 0 17,087 28,014 0 0 0 0 -90,202 -45,101 53 -19 130 0 0 -205,153 -250,090 0 0 0 501 0 -249,589 -249,589 0 0 0 22,559 21,602 0 0 0 0 -88,322 -44,161 231 -1 0 0 -10 -22,669 -66,610 0 0 0 -2,516 0 -69,126 -69,126 0 0 0 57,794 58,956 0 0 0 0 -233,500 -116,750 544 -18,091 0 0 -427 -35,344 -170,068 0 0 0 -9,116 0 -179,184 -179,184 26,351 11,912 38,263 123,795 72,750 0 0 0 0 -416,914 -182,106 343 -34,179 47,710 0 -1,189 0 -169,421 0 0 0 3,194 0 -166,227 -166,227 Other Comprehensive Income Items COMPREHENSIVE INCOME 0 -249,589 0 0 -69,126 -179,184 0 -166,227 STATEMENT OF CASH FLOWS DATA NET INCOME Add back Depreciation and Amortization Exps. Other Addbacks to Net Income Other Subtractions from Net Income (Incr.) Decrease in Accts. Receivable - Trade (Incr.) Decrease in Inventories (Incr.) Decr. in Other Curr. Assets (1) (Incr.) Decr. in Other Curr. Assets (2) Incr. (Decr.) in Acct. Payable - Trade Incr. (Decr.) in Other Current Liabilities (1) Incr. (Decr.) in Other Current Liabilities (2) Incr. (Decr.) in Other Non-Current Liabs. (1) Incr. (Decr.) in Other Non-Current Liabs. (2) Other Operating Cash Flows NET CF FROM OPERATIONS Property, Plant, and Equipment Sold Property, Plant, and Equipment Acquired (Increase) Decrease in Marketable Securities Investments Sold Investments Acquired Other Investment Transactions (1) Other Investment Transactions (2) NET CF FROM INVESTING ACTIVITIES Increase in ST Borrowing Decrease in ST Borrowing Increase in LT Borrowing Decrease in LT Borrowing Issue of Capital Stock Share repurchases - Treasury Stock Dividend Payments Other Financing Transactions (1) Other Financing Transactions (2) NET CF FROM FINANCING ACTIVITIES Effects of exchange rate changes on cash NET CHANGE IN CASH -249,589 63 210,372 -2,817 0 0 912 0 1,476 0 0 0 0 0 -39,583 0 -23 0 0 0 0 0 -23 0 0 0 0 0 0 0 13,077 0 13,077 0 -26,529 -69,126 -179,184 76 180 32,034 51,540 -6,713 -15,098 0 0 0 -21,262 -774 -1,416 -591 -1,060 5,751 25,675 0 0 0 0 0 0 0 0 0 0 -39,343 -140,625 0 0 -398 -549 0 0 0 0 -1,650 -1,650 0 -12,143 0 0 -2,048 -14,342 0 0 0 0 0 0 0 0 0 0 0 0 0 0 126,647 280,285 0 0 126,647 280,285 0 0 85,256 125,318 -166,227 246 33,323 -51,144 -3,645 -5,429 1,690 1,294 -7,228 0 0 0 0 0 -197,120 0 -14 0 0 0 0 0 -14 0 0 0 0 0 0 0 121,622 0 121,622 0 -75,512 SUPPLEMENTAL DATA Statutory Tax Rate Average Tax Rate After-tax Effects of Nonrecurring and Unusual Items on Net Income Preferred Stock Dividends (total, if any) Common Shares Outstanding Earnings per Share (basic) Common Dividends per Share Market Price per Share FINANCIAL DATA CHECKS Assets - Liabilities - Equities Net Income (computed) - Net Income (reported) Cash Changes 0.350 0.000 0.350 0.000 0.350 0.000 0.350 0.000 0 0 0 0.00 0.00 0.00 0 0 0 0.00 0.00 0.00 0 0 0 0.00 0.00 0.00 0 0 0 0.00 0.00 0.00 0 0 0 0 96 69,431 0 -18,322 17,994 0 -6,784 2014 2015 119,539 0 7,842 13,733 2,633 1,534 145,281 0 381 0 10,063 0 2,826 12,556 171,107 8,525 0 0 16,387 15,394 40,306 89,617 0 386 129,246 259,555 0 0 882,003 0 106,961 0 13,826 18,985 3,152 600 143,524 0 243 0 9,417 0 2,045 18,233 173,462 10,832 0 0 24,226 15,665 50,723 91,512 0 335 160,083 302,653 0 0 966,149 0 0 0 -970,234 -1,094,929 -217 -411 -88,448 -129,191 171,107 173,462 54,202 -20,485 33,717 79,346 50,326 0 0 0 0 -259,344 -95,955 96 -18,575 13,472 0 3,727 38,034 -59,201 0 0 0 2,837 0 -56,364 -56,364 81,756 -27,875 53,881 101,041 51,062 0 0 0 0 -304,206 -98,222 132 -20,180 -1,106 0 -228 1,314 -118,290 0 0 0 3,086 0 -115,204 -115,204 0 -56,364 0 -115,204 -56,364 198 17,830 -55,120 -4,197 12,958 -1,053 2,711 8,811 0 0 0 0 0 -74,226 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 334 0 334 0 -73,892 -115,204 166 23,899 -6,293 -5,984 -5,252 -519 14,662 10,489 0 0 -51 0 0 -84,087 0 -28 0 0 0 0 0 -28 0 0 0 0 0 0 0 72,198 0 72,198 0 -11,917 0.350 0.000 0.350 0.000 0 0 0 0.00 0.00 0.00 0 0 0 0.00 0.00 0.00 0 0 -1,917 0 0 661 Financial Statement Analysis Package (FSAP) Analyst Name: Sandra Chandler Company Name: Amarin Corp PLC/UK DATA CHECKS Assets - Liabilities - Equities Net Income (computed) - Net Income (reported) Cash Changes In the computations below, a #DIV/0! message indicates that a ratio denominator is zero. PROFITABILITY FACTORS: Year RETURN ON ASSETS (based on reported amounts): Profit Margin for ROA x Asset Turnover = Return on Assets RETURN ON ASSETS (excluding the effects of nonrecurring items): Profit Margin for ROA x Asset Turnover = Return on Assets RETURN ON COMMON EQUITY (based on reported amounts): Profit Margin for ROCE x Asset Turnover x Capital Structure Leverage = Return on Common Equity RETURN ON COMMON EQUITY (excluding the effects of nonrecurring items): Profit Margin for ROCE x Asset Turnover x Capital Structure Leverage = Return on Common Equity OPERATING PERFORMANCE: Gross Profit / Revenues Operating Profit / Revenues Net Income / Revenues Comprehensive Income / Revenues Gross Profit Control Index Operating Profit Contol Index PERSISTENT OPERATING PERFORMANCE (excluding the effects of nonrecurring items): Gross Profit / Revenues Persistent Operating Profit / Revenues Persistent Net Income / Revenues GROWTH: Revenue Growth Net Income Growth Persistent Net Income Growth RISK FACTORS: Year LIQUIDITY: Current Ratio Quick Ratio Operating Cash Flow to Current Liabilities ASSET TURNOVER: Accounts Receivable Turnover Days Receivables Held Inventory Turnover Days Inventory Held Accounts Payable Turnover Days Payables Held Net Working Capital Days Revenues / Average Net Fixed Assets Revenues/ Average Cash Days Sales Held in Cash SOLVENCY: Total Liabilities / Total Assets Total Liabilities / Shareholders' Equity LT Debt / LT Capital LT Debt / Shareholders' Equity Operating Cash Flow to Total Liabilities Interest Coverage Ratio (reported amounts) Interest Coverage ratio (recurring amounts) RISK FACTORS: Bankruptcy Predictors: Altman Z Score Bankruptcy Probability Earnings Manipulation Predictors: Beneish Earnings Manipulation Score Earnings Manipulation Probability STOCK MARKET-BASED RATIOS: Stock Returns Price-Earnings Ratio (reported amounts) Price-Earnings Ratio (recurring amounts) Market Value to Book Value Ratio INCOME STATEMENT ITEMS AS A PERCENT OF REVENUES: Year Revenues Cost of Goods Sold Gross Profit Selling, General, and Admin. Expense Other Operating Expenses (1) Other Operating Expenses (2) Other Operating Expenses (3) Other Operating Income Non-Recurring Operating Gains Non-Recurring Operating Losses Operating Profit Interest Income Interest Expense Other Income or Gains Unusual Income or Gains Other Expenses or Losses Unusual Expenses or Losses Income before Tax Income Tax Expense Minority Interest in Earnings Income from Discontinued Ops. Extraordinary Gains (Losses) Changes in Acctg. Principles NET INCOME (computed) Other Comprehensive Income Items COMPREHENSIVE INCOME INCOME STATEMENT ITEMS: GROWTH RATES Year Revenues Cost of Goods Sold Gross Profit Selling, General, and Admin. Expense Other Operating Expenses (1) Other Operating Expenses (2) Other Operating Expenses (3) Other Operating Income Non-Recurring Operating Gains Non-Recurring Operating Losses Operating Profit Interest Income Interest Expense Other Income or Gains Unusual Income or Gains Other Expenses or Losses Unusual Expenses or Losses Income before Tax Income Tax Expense Minority Interest in Earnings Income from Discontinued Ops. Extraordinary Gains (Losses) Changes in Acctg. Principles NET INCOME (computed) Other Comprehensive Income Items COMPREHENSIVE INCOME COMMON SIZE BALANCE SHEET - AS A PERCENT OF TOTAL ASSETS Year ASSETS: Cash Marketable Securities Accounts Receivable - Trade Inventories Other Current Assets (1) Other Current Assets (2) CURRENT ASSETS Long Term Investments in Securities Property, Plant, & Equipment - at cost Accumulated Depreciation Amortizable Intangible Assets (net) Goodwill and Nonamort. Intangibles Other Non-Current Assets (1) Other Non-Current Assets (2) TOTAL ASSETS LIABILITIES: Accounts Payable - Trade Notes Payable and Short Term Debt Current Maturities of Long Term Debt Other Current Liabilities (1) Other Current Liabilities (2) CURRENT LIABILITIES Long Term Debt Deferred Taxes Other Non-Current Liabilities (1) Other Non-Current Liabilities (2) TOTAL LIABILITIES Minority Interest in Subsidiaries Preferred Stock Common Stock + Paid in Capital Retained Earnings Accum. Other Comprehensive Income Other Equity Adjustments Treasury Stock SHAREHOLDERS' EQUITY TOTAL LIABILITIES AND EQUITIES BALANCE SHEET ITEMS: GROWTH RATES Year ASSETS: Cash Marketable Securities Accounts Receivable - Trade Inventories Other Current Assets (1) Other Current Assets (2) CURRENT ASSETS Long Term Investments in Securities Property, Plant, & Equipment - at cost Accumulated Depreciation Amortizable Intangible Assets (net) Goodwill and Nonamort. Intangibles Other Non-Current Assets (1) Other Non-Current Assets (2) TOTAL ASSETS Accounts Payable - Trade Notes Payable and Short Term Debt Current Maturities of Long Term Debt Other Current Liabilities (1) Other Current Liabilities (2) CURRENT LIABILITIES Long Term Debt Deferred Taxes Other Non-Current Liabilities (1) Other Non-Current Liabilities (2) TOTAL LIABILITIES Minority Interest in Subsidiaries Preferred Stock Common Stock + Paid in Capital Retained Earnings Accum. Other Comprehensive Income Other Equity Adjustments Treasury Stock SHAREHOLDERS' EQUITY TOTAL LIABILITIES AND EQUITIES RETURN ON ASSETS ANALYSIS (excluding the effects of non-recurring items) Level 1 Level 2 Level 3 Revenues Cost of Goods Sold Selling, Gen., & Admin. Expense Other Operating Expenses (1) Other Operating Expenses (2) Other Operating Expenses (3) Operating Profit Interest Income Other Income, Gains, Expenses, and Losses Income before Tax Income Tax Expense Profit Margin for ROA* * Amounts may not sum due to rounding. RETURN ON COMMON SHAREHOLDERS' EQUITY ANALYSIS (excluding the effects of non-recurring items) RETURN ON COMMON SHA PROFIT MARGIN FOR ROCE ASSET TURNOVER CAPITAL STRUCTURE LEVERAGE s Package (FSAP) 0 0 0 0 0 0 96 69431 0 -18322 17994 0 -6784 0 0 -1917 2011 2012 2013 2014 2015 #DIV/0! 0.0 -85.5% #DIV/0! 0.0 -76.6% -546.5% 0.1 -51.1% -81.7% 0.3 -20.9% -124.9% 0.5 -59.3% #DIV/0! 0.0 -85.5% #DIV/0! 0.0 -76.6% -546.5% 0.1 -51.1% -81.7% 0.3 -20.9% -124.9% 0.5 -59.3% #DIV/0! 0.0 -0.8 66.4% #DIV/0! 0.0 -43.9 3598.4% -630.8% 0.1 -14.9 878.3% -104.0% 0.3 -3.5 92.2% -140.9% 0.5 -1.6 105.9% #DIV/0! 0.0 -0.8 66.4% #DIV/0! 0.0 -43.9 3598.4% -630.8% 0.1 -14.9 878.3% -104.0% 0.3 -3.5 92.2% -140.9% 0.5 -1.6 105.9% #DIV/0! #DIV/0! #DIV/0! #DIV/0! 145.2% -691.1% 62.2% -177.0% 65.9% -120.1% ator is zero. #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! -630.8% -630.8% #DIV/0! #DIV/0! -104.0% -104.0% 42.8% 25.6% -140.9% -140.9% 105.9% 67.9% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 145.2% 891.1% -630.8% 62.2% 301.4% -104.0% 65.9% 251.9% -140.9% #DIV/0! -72.3% -72.3% #DIV/0! 159.2% 159.2% #DIV/0! -7.2% -7.2% 105.7% -66.1% -66.1% 50.8% 104.4% 104.4% rring items): 2011 2012 2013 2014 2015 14.08 13.80 -490.9% 11.34 10.33 -835.7% 7.16 6.37 -705.9% 3.60 3.16 -209.2% 2.83 2.38 -184.7% #DIV/0! #DIV/0! #DIV/0! #DIV/0! 0.0 #DIV/0! #DIV/0! 0.0 0.0 #DIV/0! #DIV/0! #DIV/0! 0.0 #DIV/0! 1.9 188 #DIV/0! 0.0 0.0 #DIV/0! 14.5 25 -0.6 -651 -1.0 -364 -262 37.9 0.1 3128.7 9.4 39 1.2 311 1.7 209 141 112.9 0.3 1047.3 7.5 48 1.7 214 3.4 107 156 262.0 0.7 505.6 104.7% -2219.7% 0.0% 0.0% -21.3% -69125.00 44382.00 79.0% -6140.1% 104.9% -2130.4% -74.5% -8.90 6.46 106.3% -792.6% 162.9% -259.1% -76.7% -3.86 8.24 151.7% -293.5% 7666.1% -101.3% -28.1% -2.03 9.73 174.5% -234.3% -242.9% -70.8% -29.9% -4.71 10.15 -0.69 75.49% -0.61 72.83% -0.77 77.82% 0.27 39.38% -0.75 77.43% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! -0.38 35.24% -2.78 0.27% #DIV/0! #DIV/0! 0.00 0.0 #DIV/0! #DIV/0! 0.00 0.0 #DIV/0! #DIV/0! 0.00 0.0 #DIV/0! #DIV/0! 0.00 0.0 #DIV/0! #DIV/0! 0.00 0.0 2011 2012 2013 2014 2015 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 100.0% 45.2% 145.2% 100.0% -37.8% 62.2% 100.0% -34.1% 65.9% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 469.8% 276.1% 0.0% 0.0% 0.0% 0.0% -1582.2% -691.1% 146.4% 92.8% 0.0% 0.0% 0.0% 0.0% -478.5% -177.0% 123.6% 62.5% 0.0% 0.0% 0.0% 0.0% -372.1% -120.1% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 1.3% -129.7% 181.1% 0.0% -4.5% 0.0% -642.9% 0.2% -34.3% 24.9% 0.0% 6.9% 70.2% -109.2% 0.2% -24.7% -1.4% 0.0% -0.3% 1.6% -144.7% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 0.0% 0.0% 0.0% 12.1% 0.0% -630.8% 0.0% -630.8% 0.0% 0.0% 0.0% 5.2% 0.0% -104.0% 0.0% -104.0% 0.0% 0.0% 0.0% 3.8% 0.0% -140.9% 0.0% -140.9% 2011 2012 2013 2014 YEAR TO YEAR CHANGES IN PERCENT #DIV/0! #DIV/0! #DIV/0! 105.7% #DIV/0! #DIV/0! #DIV/0! -272.0% #DIV/0! #DIV/0! #DIV/0! -11.9% 2015 COMPOUND GROWTH RATE 50.8% #DIV/0! 36.1% #DIV/0! 59.8% #DIV/0! 32.0% -22.9% #DIV/0! #DIV/0! #DIV/0! #DIV/0! -2.1% -2.1% 156.2% 172.9% #DIV/0! #DIV/0! #DIV/0! #DIV/0! 164.4% 164.4% 114.2% 23.4% #DIV/0! #DIV/0! #DIV/0! #DIV/0! 78.5% 56.0% -35.9% -30.8% #DIV/0! #DIV/0! #DIV/0! #DIV/0! -37.8% -47.3% 27.3% 1.5% #DIV/0! #DIV/0! #DIV/0! #DIV/0! 17.3% 2.4% 42.7% 12.8% #DIV/0! #DIV/0! #DIV/0! #DIV/0! 27.5% 16.8% 335.8% -94.7% -100.0% #DIV/0! #DIV/0! -89.0% -73.4% 135.5% ### #DIV/0! #DIV/0! 4170.0% 55.9% 155.3% -36.9% 88.9% #DIV/0! #DIV/0! 178.5% -100.0% -0.4% -72.0% -45.7% -71.8% #DIV/0! -413.5% #DIV/0! -65.1% 37.5% 8.6% -108.2% #DIV/0! -106.1% -96.5% 99.8% 20.0% 302.9% -253.4% #DIV/0! #DIV/0! -136.4% -13.9% #DIV/0! #DIV/0! #DIV/0! -602.2% #DIV/0! -72.3% #DIV/0! -72.3% #DIV/0! #DIV/0! #DIV/0! 262.3% #DIV/0! 159.2% #DIV/0! 159.2% #DIV/0! #DIV/0! #DIV/0! -135.0% #DIV/0! -7.2% #DIV/0! -7.2% #DIV/0! #DIV/0! #DIV/0! -11.2% #DIV/0! -66.1% #DIV/0! -66.1% #DIV/0! #DIV/0! #DIV/0! 8.8% #DIV/0! 104.4% #DIV/0! 104.4% #DIV/0! #DIV/0! #DIV/0! 43.9% #DIV/0! -14.3% #DIV/0! -14.3% 2011 2012 2013 2014 2015 92.3% 0.0% 0.0% 0.0% 1.5% 0.4% 94.1% 0.0% 0.3% 0.0% 0.0% 0.0% 1.8% 3.7% 100.0% 83.7% 0.0% 0.0% 6.8% 1.0% 0.3% 91.9% 0.0% 0.3% 0.0% 3.7% 0.0% 1.6% 2.6% 100.0% 75.9% 0.0% 1.4% 8.4% 0.6% 0.6% 86.9% 0.0% 0.2% 0.0% 4.2% 0.0% 1.7% 6.9% 100.0% 69.9% 0.0% 4.6% 8.0% 1.5% 0.9% 84.9% 0.0% 0.2% 0.0% 5.9% 0.0% 1.7% 7.3% 100.0% 61.7% 0.0% 8.0% 10.9% 1.8% 0.3% 82.7% 0.0% 0.1% 0.0% 5.4% 0.0% 1.2% 10.5% 100.0% 3.5% 0.0% 0.0% 3.2% 0.0% 6.7% 0.0% 0.0% 0.6% 97.4% 104.7% 7.2% 0.0% 0.0% 3.2% 0.0% 10.4% 35.3% 0.0% 0.3% 55.6% 101.7% 2.7% 0.0% 0.0% 10.4% 0.0% 13.1% 37.4% 0.0% 0.3% 63.7% 114.4% 5.0% 0.0% 0.0% 9.6% 9.0% 23.6% 52.4% 0.0% 0.2% 75.5% 151.7% 6.2% 0.0% 0.0% 14.0% 9.0% 29.2% 52.8% 0.0% 0.2% 92.3% 174.5% 0.0% 0.0% 445.3% 0.0% 0.0% -449.8% -0.2% -4.7% 100.0% 0.0% 0.0% 308.1% 0.0% 0.0% -309.7% -0.1% -1.7% 100.0% 0.0% 0.0% 375.4% 0.0% 0.0% -389.7% -0.1% -14.4% 100.0% 0.0% 0.0% 515.5% 0.0% 0.0% -567.0% -0.1% -51.7% 100.0% 0.0% 0.0% 557.0% 0.0% 0.0% -631.2% -0.2% -74.5% 100.0% 2011 2012 2013 2014 YEAR TO YEAR CHANGES IN PERCENT 270.8% 123.2% -26.4% -37.6% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 115.1% #DIV/0! #DIV/0! -0.2% -35.2% 72.8% 77.1% -52.0% 68.5% -12.3% 75.8% 57.0% 4.3% 259.3% 140.1% -23.2% -33.8% #DIV/0! #DIV/0! #DIV/0! #DIV/0! 390.9% 87.7% -28.6% -34.2% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! -5.7% -6.0% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 120.9% -11.9% -35.2% 118.6% 69.9% 116.6% -27.9% 257.3% 146.0% -18.8% -32.2% 2015 COMPOUND GROWTH RATE -10.5% 27.7% #DIV/0! #DIV/0! 76.3% #DIV/0! 38.2% #DIV/0! 19.7% 24.3% -60.9% -0.3% -1.2% 34.1% #DIV/0! #DIV/0! -36.2% 22.5% #DIV/0! #DIV/0! -6.4% #DIV/0! #DIV/0! #DIV/0! -27.6% #DIV/0! 45.2% 53.1% 1.4% 37.4% -0.7% #DIV/0! #DIV/0! 28.9% #DIV/0! 11.5% #DIV/0! #DIV/0! 768.2% -46.5% -44.3% 295.1% #DIV/0! #DIV/0! 92.0% #DIV/0! 198.2% #DIV/0! #DIV/0! 6.8% 9.0% 85.4% -63.5% #DIV/0! #DIV/0! 213.4% #DIV/0! 21.6% 3.0% #DIV/0! -19.4% 11.2% 9.3% 33.7% #DIV/0! #DIV/0! -32.5% #DIV/0! 31.5% 2.2% #DIV/0! -41.3% -13.4% -3.3% 27.1% #DIV/0! #DIV/0! 47.8% 1.8% 25.8% 2.1% #DIV/0! -13.2% 23.9% 16.6% 19.5% #DIV/0! #DIV/0! 50.6% #DIV/0! 46.3% #DIV/0! #DIV/0! 30.7% -7.0% 4.9% #DIV/0! #DIV/0! 89.3% #DIV/0! #DIV/0! 13.8% 0.0% -97.1% 257.3% #DIV/0! #DIV/0! 32.2% #DIV/0! #DIV/0! 31.5% 0.0% -33.0% 91.0% #DIV/0! #DIV/0! 18.3% #DIV/0! #DIV/0! 22.2% 0.0% 747.0% -2.9% #DIV/0! #DIV/0! 0.2% #DIV/0! #DIV/0! 6.2% 0.0% 161.2% -27.0% #DIV/0! #DIV/0! 9.5% #DIV/0! #DIV/0! 12.9% 89.4% 46.1% 1.4% #DIV/0! #DIV/0! 26.6% #DIV/0! #DIV/0! 17.0% 13.6% -8.6% 37.4% RETURN ON ASSETS 2013 2014 2015 -51.1% -20.9% -59.3% PROFIT MARGIN FOR ROA 2013 2014 2015 -546.5% -81.7% -124.9% 2013 100.0% 45.2% 469.8% 276.1% 0.0% 0.0% 891.1% 1.3% 176.5% 1068.9% -1615.4% 2014 100.0% -37.8% 146.4% 92.8% 0.0% 0.0% 301.4% 0.2% 31.7% 333.4% -415.1% 2015 100.0% -34.1% 123.6% 62.5% 0.0% 0.0% 251.9% 0.2% -1.6% 250.5% -375.3% -546.5% -81.7% -124.9% ASSET TURNOVER 2013 2014 0.1 0.3 2015 0.5 2013 14.5 -0.6 37.9 2015 7.5 Receivables 1.7 Inventory 262.0 Fixed Assets effects of non-recurring items) RETURN ON COMMON SHAREHOLDERS' EQUITY 2013 2014 2015 878.3% 92.2% 105.9% 2013 -630.8% 0.1 -14.9 2014 -104.0% 0.3 -3.5 2015 -140.9% 0.5 -1.6 2014 9.4 1.2 112.9 Financial Statement Analysis Package (FSAP) A Comment on Entering Financial Statement Data: Analyst Name: Sandra Chandler Company Name:Neuralstem, Inc. Year (Most recent in far right column.) BALANCE SHEET DATA Cash Marketable Securities Accounts Receivable - Trade Inventories Other Current Assets (1) Other Current Assets (2) CURRENT ASSETS Long Term Investments in Securities Property, Plant, & Equipment - at cost Accumulated Depreciation Amortizable Intangible Assets (net) Goodwill and Nonamort. Intangibles Other Non-Current Assets (1) Other Non-Current Assets (2) TOTAL ASSETS Accounts Payable - Trade Notes Payable and Short Term Debt Current Maturities of Long Term Debt Other Current Liabilities (1) Other Current Liabilities (2) CURRENT LIABILITIES Long Term Debt Deferred Taxes Other Non-Current Liabilities (1) Other Non-Current Liabilities (2) TOTAL LIABILITIES Minority Interest in Subsidiaries Preferred Stock Common Stock + Paid in Capital Retained Earnings 2010 2011 2012 31,442 0 0 0 1,063 608 33,113 0 88 0 0 0 0 2,166 35,367 4,449 0 0 0 3,128 7,577 0 0 88 230,069 237,734 0 0 297,183 0 116,602 0 0 0 1,837 533 118,972 0 432 0 0 0 0 6,975 126,379 4,419 0 0 0 4,033 8,452 0 0 764 123,125 132,341 0 0 562,714 0 260,242 0 0 21,262 3,253 937 285,694 0 811 0 11,355 0 4,951 8,044 310,855 17,458 0 0 5,224 2,520 25,202 85,153 0 816 134,250 314,852 0 0 743,863 0 Accum. Other Comprehensive Income Other Equity Adjustments Treasury Stock SHAREHOLDERS' EQUITY TOTAL LIABILITIES AND EQUITIES 0 -499,333 -217 -202,367 35,367 0 -568,459 -217 -5,962 126,379 0 0 0 743,863 1,058,715 INCOME STATEMENT DATA Revenues Cost of Goods Sold Gross Profit Selling, General, and Admin. Expense Other Operating Expenses (1) Other Operating Expenses (2) Other Operating Expenses (3) Other Operating Income Non-Recurring Operating Gains Non-Recurring Operating Losses Operating Profit Interest Income Interest Expense Other Income or Gains Unusual Income or Gains Other Expenses or Losses Unusual Expenses or Losses Income before Tax Income Tax Expense Minority Interest in Earnings Income from Discontinued Ops. Extraordinary Gains (Losses) Changes in Acctg. Principles NET INCOME (computed) Net Income (enter reported amount as a check) Other Comprehensive Income Items COMPREHENSIVE INCOME 733,438 390,625 407,708 0 0 0 733,438 390,625 407,708 6,623,758 5,839,188 4,247,037 9,163,810 7,354,857 6,105,984 130,751 187,050 211,143 0 0 0 0 0 0 0 0 0 -15,184,881 -12,990,470 -10,156,456 1,466,876 781,250 815,416 59,277 60,955 34,154 -2,662 -821 -2,699 0 0 0 -1,352,234 161,809 0 -1,906,800 0 0 -3,302,419 471,943 34,939 -5,037,962 1,475,136 881,810 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -5,037,962 1,475,136 881,810 -5,037,962 1,475,136 881,810 0 -5,037,962 0 1,475,136 0 881,810 STATEMENT OF CASH FLOWS DATA NET INCOME Add back Depreciation and Amortization Exps. Other Addbacks to Net Income Other Subtractions from Net Income (Incr.) Decrease in Accts. Receivable - Trade (Incr.) Decrease in Inventories (Incr.) Decr. in Other Curr. Assets (1) (Incr.) Decr. in Other Curr. Assets (2) Incr. (Decr.) in Acct. Payable - Trade Incr. (Decr.) in Other Current Liabilities (1) Incr. (Decr.) in Other Current Liabilities (2) Incr. (Decr.) in Other Non-Current Liabs. (1) Incr. (Decr.) in Other Non-Current Liabs. (2) Other Operating Cash Flows NET CF FROM OPERATIONS Property, Plant, and Equipment Sold Property, Plant, and Equipment Acquired (Increase) Decrease in Marketable Securities Investments Sold Investments Acquired Other Investment Transactions (1) Other Investment Transactions (2) NET CF FROM INVESTING ACTIVITIES Increase in ST Borrowing Decrease in ST Borrowing Increase in LT Borrowing Decrease in LT Borrowing Issue of Capital Stock Share repurchases - Treasury Stock Dividend Payments Other Financing Transactions (1) Other Financing Transactions (2) NET CF FROM FINANCING ACTIVITIES Effects of exchange rate changes on cash NET CHANGE IN CASH -5,037,962 130,751 8,499,916 0 0 0 -327,286 -43,286 213,570 -67,609 0 0 0 0 3,368,094 0 -76,322 0 0 0 -256,353 0 -332,675 0 0 0 0 0 0 0 17,265,378 0 17,265,378 0 20,300,797 1,475,136 187,050 3,333,099 -161,809 0 0 322,127 -276,143 888,252 129,435 0 0 0 0 5,897,147 0 -196,412 0 0 0 -284,438 0 -480,850 0 0 0 0 0 0 0 1,668,326 0 1,668,326 0 7,084,623 881,810 211,143 1,610,845 0 231,042 0 0 179,943 -644,022 30,557 24,309 0 0 0 2,525,627 0 -39,220 0 0 0 -215,638 0 -254,858 0 0 0 0 0 0 0 13,824,318 0 13,824,318 0 16,095,087 SUPPLEMENTAL DATA Statutory Tax Rate Average Tax Rate After-tax Effects of Nonrecurring and Unusual Items on Net Income Preferred Stock Dividends (total, if any) Common Shares Outstanding Earnings per Share (basic) Common Dividends per Share Market Price per Share FINANCIAL DATA CHECKS Assets - Liabilities - Equities Net Income (computed) - Net Income (reported) Cash Changes 0.350 0.000 0.350 0.000 0.350 0.000 0 0 0 0.00 0.00 0.00 0 0 0 0.00 0.00 0.00 0 0 0 0.00 0.00 0.00 0 0 0 0 6,999,463 -747,860 0 15,951,447 (FSAP) 2013 2014 2015 191,514 0 3,645 21,209 1,563 5,116 219,402 0 579 0 10,709 0 4,360 17,426 252,476 6,375 0 0 9,594 14,677 37,540 87,717 0 658 149,317 286,332 0 0 880,231 0 119,539 0 7,842 13,733 2,633 1,534 145,281 0 381 0 10,063 0 0 15,382 171,107 8,525 0 0 16,387 15,394 40,306 89,617 0 386 129,246 259,555 0 0 143,113 0 106,961 0 13,826 18,985 3,152 600 143,524 0 243 0 9,417 0 0 20,278 173,462 10,832 0 0 24,226 15,665 50,723 91,512 0 335 160,083 302,653 0 24,364 149,978 0 0 0 0 880,231 1,166,563 0 0 0 143,113 402,668 0 0 0 174,342 476,995 110,000 18,833 10,417 0 0 0 110,000 18,833 10,417 5,348,189 9,093,123 6,529,667 7,285,752 8,631,559 12,637,278 0 0 0 0 0 0 0 0 0 0 0 0 -12,523,941 -17,435,849 -19,156,528 220,000 307,666 20,834 68,000 67,651 69,549 -1,394,274 -1,620,776 -1,816,206 838 250,000 0 0 0 0 -5,017,156 -445,787 -716 -8,273,250 -5,527,028 -1,747,373 -14,395,842 -6,968,274 -3,473,912 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -14,395,842 -6,968,274 -3,473,912 -14,395,842 -6,968,274 -3,473,912 0 -14,395,842 0 -6,968,274 0 -3,473,912 -14,395,842 -6,968,274 244,725 348,630 9,008,061 9,039,475 0 0 -6,667 -215,524 0 0 -5,183 6,141 125,470 191,263 -116,750 1,382,447 2,469 -2,206 3 181,092 -11,883 -9,262 0 0 0 0 -5,155,597 3,953,782 0 0 -125,362 -207,893 0 0 0 0 0 -25,007,478 -411,688 9,651,545 0 0 -537,050 -15,563,826 0 0 0 0 0 0 0 0 0 0 0 0 0 0 20,524,702 22,944,425 0 0 20,524,702 22,944,425 6,244 -983 14,838,299 11,333,398 -3,473,912 345,460 3,821,897 0 188,208 0 -13,998 -840,772 -1,045,765 253,427 -485,598 -250,624 0 0 -1,501,677 0 -176,272 0 0 -7,517,453 14,940,166 0 7,246,441 0 0 0 0 0 0 0 3,887,187 0 3,887,187 -4,409 9,627,542 0.350 0.000 0.350 0.000 0.350 0.000 0 0 0 0.00 0.00 0.00 0 0 0 0.00 0.00 0.00 0 0 0 0.00 0.00 0.00 -914,087 0 14,907,027 -231,561 0 11,405,373 -303,533 0 9,640,120 Financial Statement Analysis Package (FSAP) Analyst Name: Sandra Chandler Company Name:Neuralstem, Inc. DATA CHECKS Assets - Liabilities - Equities Net Income (computed) - Net Income (reported) Cash Changes In the computations below, a #DIV/0! message indicates that a ratio denominator is zero. PROFITABILITY FACTORS: Year RETURN ON ASSETS (based on reported amounts): Profit Margin for ROA x Asset Turnover = Return on Assets RETURN ON ASSETS (excluding the effects of nonrecurring items): Profit Margin for ROA x Asset Turnover = Return on Assets RETURN ON COMMON EQUITY (based on reported amounts): Profit Margin for ROCE x Asset Turnover x Capital Structure Leverage = Return on Common Equity RETURN ON COMMON EQUITY (excluding the effects of nonrecurring items): Profit Margin for ROCE x Asset Turnover x Capital Structure Leverage = Return on Common Equity OPERATING PERFORMANCE: Gross Profit / Revenues Operating Profit / Revenues Net Income / Revenues Comprehensive Income / Revenues Gross Profit Control Index Operating Profit Contol Index PERSISTENT OPERATING PERFORMANCE (excluding the effects of nonrecurring items): Gross Profit / Revenues Persistent Operating Profit / Revenues Persistent Net Income / Revenues GROWTH: Revenue Growth Net Income Growth Persistent Net Income Growth RISK FACTORS: Year LIQUIDITY: Current Ratio Quick Ratio Operating Cash Flow to Current Liabilities ASSET TURNOVER: Accounts Receivable Turnover Days Receivables Held Inventory Turnover Days Inventory Held Accounts Payable Turnover Days Payables Held Net Working Capital Days Revenues / Average Net Fixed Assets Revenues/ Average Cash Days Sales Held in Cash SOLVENCY: Total Liabilities / Total Assets Total Liabilities / Shareholders' Equity LT Debt / LT Capital LT Debt / Shareholders' Equity Operating Cash Flow to Total Liabilities Interest Coverage Ratio (reported amounts) Interest Coverage ratio (recurring amounts) RISK FACTORS: Bankruptcy Predictors: Altman Z Score Bankruptcy Probability Earnings Manipulation Predictors: Beneish Earnings Manipulation Score Earnings Manipulation Probability STOCK MARKET-BASED RATIOS: Stock Returns Price-Earnings Ratio (reported amounts) Price-Earnings Ratio (recurring amounts) Market Value to Book Value Ratio INCOME STATEMENT ITEMS AS A PERCENT OF REVENUES: Year Revenues Cost of Goods Sold Gross Profit Selling, General, and Admin. Expense Other Operating Expenses (1) Other Operating Expenses (2) Other Operating Expenses (3) Other Operating Income Non-Recurring Operating Gains Non-Recurring Operating Losses Operating Profit Interest Income Interest Expense Other Income or Gains Unusual Income or Gains Other Expenses or Losses Unusual Expenses or Losses Income before Tax Income Tax Expense Minority Interest in Earnings Income from Discontinued Ops. Extraordinary Gains (Losses) Changes in Acctg. Principles NET INCOME (computed) Other Comprehensive Income Items COMPREHENSIVE INCOME INCOME STATEMENT ITEMS: GROWTH RATES Year Revenues Cost of Goods Sold Gross Profit Selling, General, and Admin. Expense Other Operating Expenses (1) Other Operating Expenses (2) Other Operating Expenses (3) Other Operating Income Non-Recurring Operating Gains Non-Recurring Operating Losses Operating Profit Interest Income Interest Expense Other Income or Gains Unusual Income or Gains Other Expenses or Losses Unusual Expenses or Losses Income before Tax Income Tax Expense Minority Interest in Earnings Income from Discontinued Ops. Extraordinary Gains (Losses) Changes in Acctg. Principles NET INCOME (computed) Other Comprehensive Income Items COMPREHENSIVE INCOME COMMON SIZE BALANCE SHEET - AS A PERCENT OF TOTAL ASSETS Year ASSETS: Cash Marketable Securities Accounts Receivable - Trade Inventories Other Current Assets (1) Other Current Assets (2) CURRENT ASSETS Long Term Investments in Securities Property, Plant, & Equipment - at cost Accumulated Depreciation Amortizable Intangible Assets (net) Goodwill and Nonamort. Intangibles Other Non-Current Assets (1) Other Non-Current Assets (2) TOTAL ASSETS LIABILITIES: Accounts Payable - Trade Notes Payable and Short Term Debt Current Maturities of Long Term Debt Other Current Liabilities (1) Other Current Liabilities (2) CURRENT LIABILITIES Long Term Debt Deferred Taxes Other Non-Current Liabilities (1) Other Non-Current Liabilities (2) TOTAL LIABILITIES Minority Interest in Subsidiaries Preferred Stock Common Stock + Paid in Capital Retained Earnings Accum. Other Comprehensive Income Other Equity Adjustments Treasury Stock SHAREHOLDERS' EQUITY TOTAL LIABILITIES AND EQUITIES BALANCE SHEET ITEMS: GROWTH RATES Year ASSETS: Cash Marketable Securities Accounts Receivable - Trade Inventories Other Current Assets (1) Other Current Assets (2) CURRENT ASSETS Long Term Investments in Securities Property, Plant, & Equipment - at cost Accumulated Depreciation Amortizable Intangible Assets (net) Goodwill and Nonamort. Intangibles Other Non-Current Assets (1) Other Non-Current Assets (2) TOTAL ASSETS Accounts Payable - Trade Notes Payable and Short Term Debt Current Maturities of Long Term Debt Other Current Liabilities (1) Other Current Liabilities (2) CURRENT LIABILITIES Long Term Debt Deferred Taxes Other Non-Current Liabilities (1) Other Non-Current Liabilities (2) TOTAL LIABILITIES Minority Interest in Subsidiaries Preferred Stock Common Stock + Paid in Capital Retained Earnings Accum. Other Comprehensive Income Other Equity Adjustments Treasury Stock SHAREHOLDERS' EQUITY TOTAL LIABILITIES AND EQUITIES RETURN ON ASSETS ANALYSIS (excluding the effects of non-recurring items) Level 1 Level 2 Level 3 Revenues Cost of Goods Sold Selling, Gen., & Admin. Expense Other Operating Expenses (1) Other Operating Expenses (2) Other Operating Expenses (3) Operating Profit Interest Income Other Income, Gains, Expenses, and Losses Income before Tax Income Tax Expense Profit Margin for ROA* * Amounts may not sum due to rounding. RETURN ON COMMON SHAREHOLDERS' EQUITY ANALYSIS (excluding the effects of non-recurring items) RETURN ON COMMON SHA PROFIT MARGIN FOR ROCE ASSET TURNOVER CAPITAL STRUCTURE LEVERAGE s Package (FSAP) 0 0 0 0 0 -747860 -914087 -231561 0 0 0 0 6999463 15951447 14907027 11405373 ator is zero. 2011 2012 2013 2014 2015 377.8% 4.8 1824.7% 216.7% -12263.2% -31406.4% -22015.7% 1.9 0.4 0.1 0.1 404.2% -4789.2% -2792.7% -1331.2% 377.8% 4.8 1824.7% 216.7% -12263.2% -31406.4% -22015.7% 1.9 0.4 0.1 0.1 404.2% -4789.2% -2792.7% -1331.2% 377.6% 4.8 -0.8 -1416.2% 216.3% -13087.1% -37000.3% -33348.5% 1.9 0.4 0.1 0.1 0.6 0.3 0.4 1.2 239.0% -1772.8% -1361.9% -2370.5% 377.6% 4.8 -0.8 -1416.2% 216.3% -13087.1% -37000.3% -33348.5% 1.9 0.4 0.1 0.1 0.6 0.3 0.4 1.2 239.0% -1772.8% -1361.9% -2370.5% 100.0% 200.0% 100.0% 200.0% 100.0% 200.0% 100.0% 1633.7% 100.0% 200.0% 377.6% 377.6% 100.0% 100.0% 216.3% -13087.1% -37000.3% -33348.5% 216.3% -13087.1% -37000.3% -33348.5% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 816.8% 12.2% 100.0% 3525.6% 377.6% 100.0% 100.0% 100.0% 100.0% 2691.1% 11585.4% 94215.0% 184096.8% 216.3% -13087.1% -37000.3% -33348.5% rring items): -46.7% -129.3% -129.3% 4.4% -40.2% -40.2% -73.0% -1732.5% -1732.5% -82.9% -51.6% -51.6% -44.7% -50.1% -50.1% 2011 2012 2013 2014 2015 14.08 11.34 5.84 3.60 13.80 10.33 5.20 3.16 73581.0% 15009.4% -16434.3% 10158.0% 2.83 2.38 -3299.3% #DIV/0! #DIV/0! #DIV/0! #DIV/0! 0.0 #DIV/0! #DIV/0! 1502.4 5.3 69.2 #DIV/0! #DIV/0! 0.0 #DIV/0! 1.9 188 #DIV/0! 656.0 2.2 168.7 60.4 6 0.0 #DIV/0! 0.0 -82066 #DIV/0! 158.3 0.5 749.5 3.3 111 0.0 #DIV/0! -1.0 -364 #DIV/0! 39.2 0.1 3014.2 1.0 380 0.0 #DIV/0! 0.5 673 #DIV/0! 33.4 0.1 3968.2 104.7% -2219.7% 0.0% 0.0% 3187.0% 1797.76 16848.57 101.3% 42.3% 10.3% 11.4% 1129.5% 327.72 4077.82 113.4% 32.5% 9.1% 10.0% -1715.1% -9.32 5.59 151.7% 181.4% 38.5% 62.6% 1448.6% -3.30 10.87 174.5% 173.6% 34.4% 52.5% -534.2% -0.91 10.60 42.68 0.00% 11.71 0.00% -168.64 100.00% -102.29 100.00% -30.83 100.00% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! -292.80 0.00% -53.93 0.00% #DIV/0! #DIV/0! 0.00 0.0 #DIV/0! #DIV/0! 0.00 0.0 #DIV/0! #DIV/0! 0.00 0.0 #DIV/0! #DIV/0! 0.00 0.0 #DIV/0! #DIV/0! 0.00 0.0 2011 2012 2013 2014 2015 100.0% 0.0% 100.0% 100.0% 0.0% 100.0% 100.0% 0.0% 100.0% 100.0% 0.0% 100.0% 100.0% 0.0% 100.0% 1494.8% 1882.8% 47.9% 0.0% 0.0% 0.0% -3325.6% 200.0% 1041.7% 4862.0% 48282.9% 62682.8% 1497.6% 6623.4% 45832.1% 121314.0% 51.8% 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% -2491.1% -11385.4% -92581.4% ### 200.0% 200.0% 1633.7% 200.0% 15.6% -0.2% 0.0% 41.4% 0.0% 120.8% 377.6% 8.4% 61.8% 359.2% 667.6% -0.7% -1267.5% -8606.0% -17435.0% 0.0% 0.8% 1327.5% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% -4561.1% -2367.1% -6.9% 8.6% -7521.1% -29347.6% -16774.2% 216.3% -13087.1% -37000.3% -33348.5% 0.0% 0.0% 0.0% 0.0% 0.0% 377.6% 0.0% 377.6% 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% 216.3% -13087.1% -37000.3% -33348.5% 0.0% 0.0% 0.0% 0.0% 216.3% -13087.1% -37000.3% -33348.5% 2011 2012 2013 2014 YEAR TO YEAR CHANGES IN PERCENT -46.7% 4.4% -73.0% -82.9% #DIV/0! #DIV/0! #DIV/0! #DIV/0! -46.7% 4.4% -73.0% -82.9% -11.8% -19.7% 43.1% #DIV/0! #DIV/0! #DIV/0! -14.5% -46.7% 2.8% -69.2% #DIV/0! -112.0% -100.0% -114.3% -129.3% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! -129.3% #DIV/0! -129.3% -27.3% -17.0% 12.9% #DIV/0! #DIV/0! #DIV/0! -21.8% 4.4% 70.0% 18.5% #DIV/0! #DIV/0! #DIV/0! #DIV/0! 39.2% 39.8% -28.2% 46.4% #DIV/0! #DIV/0! #DIV/0! #DIV/0! 9.9% -93.2% -0.3% 6.6% -100.0% #DIV/0! #DIV/0! #DIV/0! 4.8% -57.3% -44.0% 99.1% -0.5% 228.7% 51558.9% 16.2% #DIV/0! #DIV/0! 29732.9% -100.0% #DIV/0! #DIV/0! #DIV/0! #DIV/0! -91.1% -92.6% -23779.1% -33.2% -40.2% -1732.5% -51.6% 2.8% 12.1% -100.0% #DIV/0! -99.8% -68.4% -50.1% 3.2% 268.8% #DIV/0! -100.0% -79.3% -12.0% -7.2% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! -50.1% #DIV/0! -50.1% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! -7.2% #DIV/0! -7.2% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! -40.2% #DIV/0! -40.2% 25.9% 19.3% -100.0% #DIV/0! #DIV/0! #DIV/0! 23.3% -73.0% 2015 COMPOUND GROWTH RATE -44.7% -57.3% #DIV/0! #DIV/0! -44.7% -57.3% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! -1732.5% #DIV/0! -1732.5% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! -51.6% #DIV/0! -51.6% 2011 2012 2013 2014 2015 92.3% 0.0% 0.0% 0.0% 1.5% 0.4% 94.1% 0.0% 0.3% 0.0% 0.0% 0.0% 0.0% 5.5% 100.0% 83.7% 0.0% 0.0% 6.8% 1.0% 0.3% 91.9% 0.0% 0.3% 0.0% 3.7% 0.0% 1.6% 2.6% 100.0% 75.9% 0.0% 1.4% 8.4% 0.6% 2.0% 86.9% 0.0% 0.2% 0.0% 4.2% 0.0% 1.7% 6.9% 100.0% 69.9% 0.0% 4.6% 8.0% 1.5% 0.9% 84.9% 0.0% 0.2% 0.0% 5.9% 0.0% 0.0% 9.0% 100.0% 61.7% 0.0% 8.0% 10.9% 1.8% 0.3% 82.7% 0.0% 0.1% 0.0% 5.4% 0.0% 0.0% 11.7% 100.0% 3.5% 0.0% 0.0% 0.0% 3.2% 6.7% 0.0% 0.0% 0.6% 97.4% 104.7% 1.6% 0.0% 0.0% 0.5% 0.2% 2.4% 8.0% 0.0% 0.1% 12.7% 29.7% 0.5% 0.0% 0.0% 0.8% 1.3% 3.2% 7.5% 0.0% 0.1% 12.8% 24.5% 2.1% 0.0% 0.0% 4.1% 3.8% 10.0% 22.3% 0.0% 0.1% 32.1% 64.5% 2.3% 0.0% 0.0% 5.1% 3.3% 10.6% 19.2% 0.0% 0.1% 33.6% 63.4% 0.0% 0.0% 445.3% 0.0% 0.0% -449.8% -0.2% -4.7% 100.0% 0.0% 0.0% 70.3% 0.0% 0.0% 0.0% 0.0% 70.3% 100.0% 0.0% 0.0% 75.5% 0.0% 0.0% 0.0% 0.0% 75.5% 100.0% 0.0% 0.0% 35.5% 0.0% 0.0% 0.0% 0.0% 35.5% 100.0% 0.0% 5.1% 31.4% 0.0% 0.0% 0.0% 0.0% 36.6% 100.0% 2011 2012 2013 2014 YEAR TO YEAR CHANGES IN PERCENT 270.8% 123.2% -26.4% -37.6% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 115.1% #DIV/0! #DIV/0! -0.2% -35.2% 72.8% 77.1% -52.0% 68.5% -12.3% 75.8% 446.0% -70.0% 259.3% 140.1% -23.2% -33.8% #DIV/0! #DIV/0! #DIV/0! #DIV/0! 390.9% 87.7% -28.6% -34.2% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! -5.7% -6.0% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! -11.9% -100.0% 222.0% 15.3% 116.6% -11.7% 257.3% 146.0% -18.8% -32.2% -0.7% #DIV/0! #DIV/0! #DIV/0! 28.9% 11.5% #DIV/0! #DIV/0! 768.2% -46.5% -44.3% 2015 COMPOUND GROWTH RATE -10.5% 27.7% #DIV/0! #DIV/0! 76.3% #DIV/0! 38.2% #DIV/0! 19.7% 24.3% -60.9% -0.3% -1.2% 34.1% #DIV/0! #DIV/0! -36.2% 22.5% #DIV/0! #DIV/0! -6.4% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 31.8% 56.4% 1.4% 37.4% 295.1% #DIV/0! #DIV/0! #DIV/0! -37.5% 198.2% #DIV/0! #DIV/0! 6.8% 9.0% 137.9% -63.5% #DIV/0! #DIV/0! 83.7% 482.4% 49.0% 3.0% #DIV/0! -19.4% 11.2% -9.1% 33.7% #DIV/0! #DIV/0! 70.8% 4.9% 7.4% 2.2% #DIV/0! -41.3% -13.4% -9.4% 27.1% #DIV/0! #DIV/0! 47.8% 1.8% 25.8% 2.1% #DIV/0! -13.2% 23.9% 16.6% 19.5% #DIV/0! #DIV/0! #DIV/0! 38.0% 46.3% #DIV/0! #DIV/0! 30.7% -7.0% 4.9% #DIV/0! #DIV/0! #DIV/0! #DIV/0! 89.3% 32.2% #DIV/0! #DIV/0! #DIV/0! #DIV/0! 13.8% -100.0% 0.0% -100.0% -97.1% -12576.7% 257.3% 737.7% #DIV/0! #DIV/0! 18.3% #DIV/0! #DIV/0! #DIV/0! #DIV/0! 18.3% 10.2% #DIV/0! #DIV/0! -83.7% #DIV/0! #DIV/0! #DIV/0! #DIV/0! -83.7% -65.5% #DIV/0! #DIV/0! 4.8% #DIV/0! #DIV/0! #DIV/0! #DIV/0! 21.8% 18.5% #DIV/0! #DIV/0! -12.8% #DIV/0! #DIV/0! -100.0% -100.0% -197.1% 68.3% RETURN ON ASSETS 2013 2014 2015 -4789.2% -2792.7% -1331.2% PROFIT MARGIN FOR ROA 2013 2014 2015 -12263.2% -31406.4% -22015.7% ASSET TURNOVER 2013 2014 0.4 0.1 2015 0.1 2013 100.0% 0.0% 4862.0% 6623.4% 0.0% 0.0% 11585.4% 61.8% -4560.3% 7086.9% -19350.2% 2013 60.4 0.0 158.3 2015 1.0 Receivables 0.0 Inventory 33.4 Fixed Assets 2014 100.0% 0.0% 48282.9% 45832.1% 0.0% 0.0% 94215.0% 359.2% -1039.6% 93534.6% ### 2015 100.0% 0.0% 62682.8% 121314.0% 0.0% 0.0% 184096.8% 667.6% -6.9% 184757.6% ### -12263.2% -31406.4% -22015.7% effects of non-recurring items) RETURN ON COMMON SHAREHOLDERS' EQUITY 2013 2014 2015 -1772.8% -1361.9% -2370.5% 2013 2014 2015 -13087.1% -37000.3% -33348.5% 0.4 0.1 0.1 0.3 0.4 1.2 2014 3.3 0.0 39.2