Working Capital

Driver-based WC — DSO by revenue line, DPO, deferred revenue, prepaids

Scenario

WC Drivers (editable)

DSO — MusicDays sales outstanding, music revenueDSO — SponsorshipBrand deals typically longerDSO — DataData licensingDSO — OtherDPODays payable outstandingAccrued Comp DaysPayroll accrual periodDeferred Rev % of RevUpfront brand payments; step 0.01Prepaid % of Opexstep 0.01Other CA % of Revstep 0.01Other CL % of Revstep 0.01

Working Capital Schedule

	FY2026	FY2027	FY2028	FY2029	FY2030
Current Assets
Accounts Receivable	-	-	-	-	-
Prepaid Expenses	-	-	-	-	-
Other Current Assets	-	-	-	-	-
Current Liabilities
Accounts Payable	(821,918)	(931,233)	(1,046,367)	(1,167,571)	(1,295,106)
Accrued Compensation	(58,683)	(70,123)	(83,016)	(88,710)	(93,011)
Other Current Liabilities	(521,100)	(636,900)	(770,649)	(924,779)	(1,102,028)
Deferred Revenue	(2,605,500)	(3,184,500)	(3,853,245)	(4,623,894)	(5,510,140)
Net Working Capital
Net Operating Working Capital	(4,007,201)	(4,822,756)	(5,753,277)	(6,804,954)	(8,000,285)
Change in NWC	(4,007,201)	(815,555)	(930,521)	(1,051,677)	(1,195,331)
NWC as % of Revenue	-15.4%	-15.1%	-14.9%	-14.7%	-14.5%