VNET
Valuation Ratios
| Breakdown | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|
| Price to Earnings | 7.18 | -0.16 | -1.09 | 2.64 |
| Price to Sales | 0.15 | 0.06 | 0.12 | 0.21 |
| Book Value Per Common Share | 3.95 | 3.89 | 7.42 | 8.15 |
| Price to Book | 1.20 | 0.74 | 0.76 | 1.11 |
| Price to Operating Cash Flow | 0.63 | 0.21 | 0.34 | 0.94 |
| Price to Free Cash Flow | -0.40 | -0.43 | -1.27 | -0.91 |
| Enterprise Value to EBITDA | 30922.57 | 40778.10 | 35370.12 |
| Breakdown | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 |
|---|---|---|---|---|---|
| Price to Earnings | -9.06 | -115.00 | -9.11 | -79.00 | 3.40 |
| Price to Sales | 1.08 | 0.76 | 0.98 | 0.57 | 0.51 |
| Book Value Per Common Share | 3.56 | 3.82 | 3.83 | 3.95 | 3.95 |
| Price to Book | 2.90 | 1.80 | 2.14 | 1.20 | 1.03 |
| Price to Operating Cash Flow | 3.43 | 10.84 | 11.23 | 1.02 | 1.43 |
| Price to Free Cash Flow | -1.97 | 18.12 | -1.35 | -0.52 | -1.56 |
| Enterprise Value to EBITDA | 413528.28 | 55983.88 | 143333.29 |
Earnings Data
| Breakdown | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|
| Earning YoY | ||||
| Revenue YoY | 11.41 | 4.92 | 14.14 | |
| EBITDA YoY | -45.37 | |||
| Net Profit YoY |
| Breakdown | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 |
|---|---|---|---|---|---|
| Earning YoY | |||||
| Revenue YoY | 6.06 | 8.37 | -0.01 | 5.92 | |
| EBITDA YoY | 199.45 | ||||
| Net Profit YoY |
Financial Strength
| Breakdown | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|
| Cash Per Common Share | 5.62 | 17.31 | 18.01 | 9.52 |
| Quick Ratio | 0.52 | 0.48 | 0.88 | 0.76 |
| Current Ratio | 0.73 | 0.86 | 1.11 | 1.03 |
| Debt to Equity | 3.68 | 3.66 | 2.86 | 2.04 |
| Long-Term Debt to Equity | 2.33 | 1.91 | 1.95 | 1.36 |
| Breakdown | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 |
|---|---|---|---|---|---|
| Cash Per Common Share | 17.66 | 15.51 | 14.81 | 5.57 | 5.77 |
| Quick Ratio | 0.60 | 0.65 | 0.63 | 0.52 | 0.44 |
| Current Ratio | 0.90 | 0.97 | 1.10 | 0.73 | 0.83 |
| Debt to Equity | 4.71 | 4.21 | 4.11 | 3.68 | 3.36 |
| Long-Term Debt to Equity | 3.11 | 2.84 | 2.78 | 2.33 | 2.14 |
Profitability
| Breakdown | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|
| ROA | 0.52 | -8.70 | -2.88 | 2.14 |
| ROE | 2.43 | -40.58 | -11.11 | 6.50 |
| Gross Margin | 22.18 | 17.44 | 19.22 | 23.23 |
| Operating Margin | 10.60 | -29.33 | -5.06 | 16.16 |
| EBITDA Margin | 29.95 | -4.94 | 17.53 | 36.64 |
| Net Profit Margin | 2.04 | -35.67 | -10.98 | 7.99 |
| Breakdown | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 |
|---|---|---|---|---|---|
| ROA | -0.71 | -0.03 | -0.61 | -0.08 | 1.06 |
| ROE | -4.05 | -0.16 | -3.12 | -0.38 | 4.63 |
| Gross Margin | 20.88 | 22.50 | 25.17 | 22.47 | 23.18 |
| Operating Margin | -4.06 | 11.06 | -3.15 | 7.21 | 21.52 |
| EBITDA Margin | -4.06 | 11.06 | -3.15 | 60.83 | 21.52 |
| Net Profit Margin | -11.89 | -0.49 | -10.58 | -1.17 | 14.98 |
Dividends
| Breakdown | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|
| Dividend Yield | ||||
| Dividend Payout Ratio |
| Breakdown | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 |
|---|---|---|---|---|---|
| Dividend Yield | |||||
| Dividend Payout Ratio |
Financial Statements
| Breakdown | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|
| Assets | 32,357,042.00 | 30,385,903.00 | 26,948,405.00 | 23,095,039.00 |
| Current Assets | 6,820,148.00 | 9,823,478.00 | 7,052,276.00 | 5,324,123.00 |
| Cash and Short-Term Investments | 1,492,436.00 | 2,600,357.00 | 2,661,321.00 | 1,372,481.00 |
| Cash and Cash Equivalents | 1,492,436.00 | 2,243,537.00 | 2,661,321.00 | 1,372,481.00 |
| Short-Term Investments | 0 | 356,820.00 | 0 | 0 |
| Net Receivables | 3,355,371.00 | 2,907,160.00 | 2,914,078.00 | 2,556,446.00 |
| Inventory | 0 | 0 | 0 | 0 |
| Other Current Assets | 1,972,341.00 | 4,315,961.00 | 1,476,877.00 | 1,395,196.00 |
| Non-Current Assets | 25,536,894.00 | 20,562,425.00 | 19,896,129.00 | 17,770,916.00 |
| Property, Plant, Equipment Net | 21,834,847.00 | 17,036,722.00 | 15,468,423.00 | 12,961,757.00 |
| Goodwill | 0 | 0 | 1,364,191.00 | 1,339,657.00 |
| Intangible Assets | 2,170,000.00 | 1,985,909.00 | 2,073,151.00 | 1,237,570.00 |
| Long-Term Investments | 794,688.00 | 757,949.00 | 242,194.00 | 98,243.00 |
| Non-Current Deferred Assets | 306,623.00 | 247,644.00 | 196,098.00 | 168,002.00 |
| Other Non-Current Assets | 0 | 534,201.00 | 552,072.00 | 1,965,687.00 |
| Liabilities | 25,436,223.00 | 23,871,520.00 | 19,966,549.00 | 15,494,038.00 |
| Current Liabilities | 9,343,415.00 | 11,437,132.00 | 6,332,085.00 | 5,179,995.00 |
| Payables and Expenses | 4,373,810.00 | 3,491,621.00 | 2,812,613.00 | 2,574,404.00 |
| Account Payables | 709,260.00 | 696,177.00 | 713,628.00 | 493,506.00 |
| Current Accrued Liabilities | 112,480.00 | 203,169.00 | 102,279.00 | 66,093.00 |
| Short-Term Debt | 3,117,307.00 | 5,857,790.00 | 1,902,346.00 | 1,236,187.00 |
| Other Current Liabilities | 1,852,298.00 | 2,087,721.00 | 1,617,126.00 | 1,369,404.00 |
| Non-Current Liabilities | 16,092,808.00 | 12,434,388.00 | 13,634,464.00 | 10,314,043.00 |
| Long-Term Debt | 14,976,730.00 | 11,313,751.00 | 12,862,038.00 | 9,885,772.00 |
| Other Non-Current Liabilities | 1,116,078.00 | 1,120,637.00 | 772,426.00 | 428,271.00 |
| Equity | 6,920,819.00 | 6,514,383.00 | 6,981,856.00 | 7,601,001.00 |
| Shareholders Equity | 6,365,900.00 | 6,014,415.00 | 6,609,613.00 | 7,242,229.00 |
| Capital Stock | 112.00 | 107.00 | 60.00 | 60.00 |
| Share Premium | 17,298,692.00 | 17,291,312.00 | 15,239,926.00 | 15,198,055.00 |
| Retained Earnings | -10,859,888.00 | -11,016,323.00 | -8,369,868.00 | -7,590,382.00 |
| Treasury Shares | 161,892.00 | 326,953.00 | 349,523.00 | 349,523.00 |
| Accumulated Other Comprehensive Income | 88,876.00 | 66,272.00 | 89,018.00 | -15,981.00 |
| Minority Interest | 554,919.00 | 499,968.00 | 372,243.00 | 358,772.00 |
| Debt | 18,094,037.00 | 17,171,541.00 | 14,764,384.00 | 11,121,959.00 |
| Net Debt | 10,181,882.00 | 9,601,750.00 | 7,269,592.00 | 5,493,643.00 |
| Common Shares Outstanding | 1,613,570.65 | 1,544,391.01 | 890,714.05 | 888,141.14 |
| Breakdown | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|
| Revenues | 8,259,069.00 | 7,412,930.00 | 7,065,232.00 | 6,189,801.00 |
| Cost Of Revenue | 6,426,914.00 | 6,120,445.00 | 5,706,976.00 | 4,751,771.00 |
| Interest Income | 27,958.00 | 41,802.00 | 31,574.00 | 31,897.00 |
| Interest Expense | 400,975.00 | 312,172.00 | 273,305.00 | 334,950.00 |
| Non-Interest Expense | 922,786.00 | 808,057.00 | 954,862.00 | 1,097,754.00 |
| Gross Profit | 1,832,155.00 | 1,292,485.00 | 1,358,256.00 | 1,438,030.00 |
| Operating Expenses | 1,162,712.00 | 1,392,509.00 | 1,237,100.00 | 1,304,642.00 |
| Selling, General and Administrative Expenses | 922,786.00 | 808,057.00 | 954,862.00 | 1,097,754.00 |
| Research and Development Expenses | 246,612.00 | 322,220.00 | 306,842.00 | 188,489.00 |
| Other Operating Expenses | -114,585.00 | -106,273.00 | -60,013.00 | 0 |
| Operating Income | 669,443.00 | -100,024.00 | 121,156.00 | 133,388.00 |
| Net Non-Operating Income | 25,438.00 | 11,258.00 | -9,271.00 | 11,223.00 |
| EBT | 474,685.00 | -2,486,074.00 | -630,455.00 | 665,174.00 |
| Income Tax | 234,229.00 | 114,374.00 | 133,464.00 | 111,407.00 |
| Net Income Including Non-Controlling Interests | 248,423.00 | -2,597,169.00 | -761,994.00 | 515,101.00 |
| Net Income Non-Controlling Interests | -65,223.00 | -46,667.00 | -13,958.00 | -15,003.00 |
| Net Income | 168,122.00 | -2,643,836.00 | -775,952.00 | 494,267.00 |
| EBIT | 875,660.00 | -2,173,902.00 | -357,150.00 | 1,000,124.00 |
| Deprecation and Amortization | 1,598,256.00 | 1,807,339.00 | 1,595,942.00 | 1,267,578.00 |
| EBITDA | 2,473,916.00 | -366,563.00 | 1,238,792.00 | 2,267,702.00 |
| EPS | 0.00 | -0.02 | -0.01 | 0.00 |
| Diluted EPS | 0.00 | -0.02 | -0.01 | -0.00 |
| Average Shares Outstanding Basic | 265,599.09 | 150,190.52 | 147,802.94 | 144,225.43 |
| Average Shares Outstanding Diluted | 290,391.06 | 150,190.52 | 147,802.94 | 151,931.91 |
| Breakdown | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|
| Operating Cash Flow | 2,005,393.00 | 2,063,480.00 | 2,440,214.00 | 1,387,922.00 |
| Operating Net Income | 248,423.00 | -2,597,169.00 | -761,994.00 | 515,101.00 |
| Deprecation and Amortization | 1,598,256.00 | 1,807,339.00 | 1,595,942.00 | 1,267,578.00 |
| Deferred Income Tax | -12,937.00 | -43,152.00 | 17,887.00 | 325.00 |
| Share Based Compensation | 148,557.00 | 35,296.00 | 118,170.00 | 320,010.00 |
| Change in Working Capital | -309,255.00 | -66,822.00 | 382,862.00 | -495,592.00 |
| Other Operating Activities | 332,349.00 | 2,927,988.00 | 1,087,347.00 | -219,500.00 |
| Investing Cash Flow | -4,390,708.00 | -3,905,109.00 | -3,559,252.00 | -3,772,613.00 |
| Capital Expenditure | 0 | 0 | 0 | 0 |
| Net Purchase/Sale of PPE | -4,646,904.00 | -2,935,744.00 | -2,989,476.00 | -2,681,708.00 |
| Net Purchase/Sale of Investments Net | 335,528.00 | -876,038.00 | -213,000.00 | 278,035.00 |
| Net Purchase/Sale of Business | 200,000.00 | 12,706.00 | -38,691.00 | -1,159,575.00 |
| Other Investing Activities | -279,332.00 | -106,033.00 | -318,085.00 | -209,365.00 |
| Financing Cash Flow | -627,654.00 | 3,941,134.00 | 2,298,080.00 | 967,577.00 |
| Net Issuance/Repayment of Debt | -535,194.00 | 1,835,109.00 | 2,298,080.00 | 2,658,092.00 |
| Net Issuance/Repurchase of Equity | 0 | 0 | 0 | -1,701,938.00 |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Other Financing Activities | 0 | 0 | 0.00 | 11,423.00 |
| Net Change in Cash | -3,012,969.00 | 2,099,505.00 | 1,179,042.00 | -1,417,114.00 |
| Cash at Beginning of Period | 5,098,987.00 | 2,989,494.00 | 1,708,473.00 | 3,116,437.00 |
| Cash at End of Period | 2,081,073.00 | 5,098,987.00 | 2,989,494.00 | 1,708,473.00 |
| Free Cash Flow | -3,123,027.00 | -997,148.00 | -660,393.00 | -1,438,035.00 |
| Breakdown | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 |
|---|---|---|---|---|---|
| Assets | 43,354,811.00 | 39,708,359.00 | 38,832,661.00 | 32,357,042.00 | 29,925,430.00 |
| Current Assets | 10,962,680.00 | 10,178,528.00 | 11,140,696.00 | 6,820,148.00 | 6,942,335.00 |
| Cash and Short-Term Investments | 4,749,009.00 | 4,162,528.00 | 3,971,431.00 | 1,492,436.00 | 1,540,698.00 |
| Cash and Cash Equivalents | 3,503,014.00 | 2,918,345.00 | 3,949,940.00 | 1,492,436.00 | 1,524,819.00 |
| Short-Term Investments | 1,245,995.00 | 1,244,183.00 | 21,491.00 | 0 | 15,879.00 |
| Net Receivables | 2,574,773.00 | 2,617,801.00 | 2,410,998.00 | 3,355,371.00 | 2,179,447.00 |
| Inventory | 0 | 0 | 0 | 0 | 0 |
| Other Current Assets | 3,638,898.00 | 3,398,199.00 | 4,758,267.00 | 1,972,341.00 | 3,222,190.00 |
| Non-Current Assets | 32,392,131.00 | 29,529,831.00 | 27,691,965.00 | 25,536,894.00 | 22,983,095.00 |
| Property, Plant, Equipment Net | 27,277,091.00 | 24,915,183.00 | 23,388,035.00 | 21,834,847.00 | 19,566,087.00 |
| Goodwill | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 2,844,250.00 | 2,840,101.00 | 2,768,074.00 | 2,170,000.00 | 1,936,597.00 |
| Long-Term Investments | 807,770.00 | 803,690.00 | 788,119.00 | 794,688.00 | 798,638.00 |
| Non-Current Deferred Assets | 382,588.00 | 349,806.00 | 309,428.00 | 306,623.00 | 309,390.00 |
| Other Non-Current Assets | 1,080,432.00 | 621,051.00 | 438,309.00 | 430,736.00 | 372,383.00 |
| Liabilities | 35,764,993.00 | 32,088,739.00 | 31,230,249.00 | 25,436,223.00 | 23,064,566.00 |
| Current Liabilities | 12,172,218.00 | 10,445,628.00 | 10,114,177.00 | 9,343,415.00 | 8,363,584.00 |
| Payables and Expenses | 6,045,871.00 | 5,096,972.00 | 4,950,684.00 | 4,373,810.00 | 3,662,402.00 |
| Account Payables | 750,806.00 | 754,367.00 | 813,337.00 | 709,260.00 | 728,361.00 |
| Current Accrued Liabilities | 4,635,493.00 | 3,888,806.00 | 3,736,633.00 | 112,480.00 | 2,527,584.00 |
| Short-Term Debt | 4,301,135.00 | 3,920,011.00 | 3,747,271.00 | 3,117,307.00 | 2,852,355.00 |
| Other Current Liabilities | 1,825,212.00 | 1,428,645.00 | 1,416,222.00 | 1,852,298.00 | 1,848,827.00 |
| Non-Current Liabilities | 23,592,775.00 | 21,643,111.00 | 21,116,072.00 | 16,092,808.00 | 14,700,982.00 |
| Long-Term Debt | 22,360,642.00 | 20,417,627.00 | 19,866,090.00 | 14,976,730.00 | 13,633,194.00 |
| Other Non-Current Liabilities | 1,232,133.00 | 1,225,484.00 | 1,249,982.00 | 1,116,078.00 | 1,067,788.00 |
| Equity | 7,589,818.00 | 7,619,620.00 | 7,602,412.00 | 6,920,819.00 | 6,860,864.00 |
| Shareholders Equity | 5,745,313.00 | 6,169,872.00 | 6,176,855.00 | 6,365,900.00 | 6,336,491.00 |
| Capital Stock | 112.00 | 112.00 | 112.00 | 112.00 | 109.00 |
| Share Premium | 17,240,286.00 | 17,349,517.00 | 17,340,396.00 | 17,298,692.00 | 17,256,955.00 |
| Retained Earnings | -11,431,556.00 | -11,115,339.00 | -11,097,446.00 | -10,859,888.00 | -10,835,688.00 |
| Treasury Shares | 179,087.00 | 161,892.00 | 161,892.00 | 161,892.00 | 163,073.00 |
| Accumulated Other Comprehensive Income | 115,558.00 | 97,474.00 | 95,685.00 | 88,876.00 | 78,188.00 |
| Minority Interest | 1,844,505.00 | 1,449,748.00 | 1,425,557.00 | 554,919.00 | 524,373.00 |
| Debt | 26,661,777.00 | 24,337,638.00 | 23,613,361.00 | 18,094,037.00 | 16,485,549.00 |
| Net Debt | 15,978,109.00 | 14,460,411.00 | 12,834,885.00 | 10,181,882.00 | 9,220,714.00 |
| Common Shares Outstanding | 1,613,570.65 | 1,613,570.65 | 1,613,570.65 | 1,613,570.65 | 1,602,753.32 |
| Breakdown | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 |
|---|---|---|---|---|---|
| Revenues | 2,581,747.00 | 2,434,205.00 | 2,246,220.00 | 2,246,389.00 | 2,120,794.00 |
| Cost Of Revenue | 2,042,718.00 | 1,886,470.00 | 1,680,879.00 | 1,741,533.00 | 1,629,111.00 |
| Interest Income | 8,724.00 | 16,869.00 | 6,751.00 | 6,162.00 | 4,218.00 |
| Interest Expense | 151,017.00 | 157,508.00 | 100,653.00 | 77,125.00 | 93,996.00 |
| Non-Interest Expense | 257,093.00 | 282,436.00 | 244,116.00 | 266,042.00 | 193,182.00 |
| Gross Profit | 539,029.00 | 547,735.00 | 565,341.00 | 504,856.00 | 491,683.00 |
| Operating Expenses | 333,285.00 | 374,717.00 | 316,810.00 | 267,861.00 | 300,273.00 |
| Selling, General and Administrative Expenses | 257,093.00 | 282,436.00 | 244,116.00 | 266,042.00 | 193,182.00 |
| Research and Development Expenses | 71,295.00 | 67,570.00 | 43,603.00 | 56,098.00 | 53,127.00 |
| Other Operating Expenses | -12,767.00 | 1,143.00 | -1,461.00 | -98,869.00 | -11,767.00 |
| Operating Income | 205,744.00 | 173,018.00 | 248,531.00 | 236,995.00 | 191,410.00 |
| Net Non-Operating Income | 1,830.00 | -265.00 | -627.00 | -8,330.00 | 6,801.00 |
| EBT | -255,761.00 | 111,776.00 | -171,375.00 | 84,800.00 | 362,334.00 |
| Income Tax | 21,467.00 | 95,048.00 | 52,062.00 | 82,547.00 | 31,149.00 |
| Net Income Including Non-Controlling Interests | -275,309.00 | 16,769.00 | -220,223.00 | 3,450.00 | 332,150.00 |
| Net Income Non-Controlling Interests | -31,757.00 | -28,750.00 | -17,335.00 | -14,546.00 | -14,524.00 |
| Net Income | -307,066.00 | -11,981.00 | -237,558.00 | -26,174.00 | 317,626.00 |
| EBIT | -104,744.00 | 269,284.00 | -70,722.00 | 161,925.00 | 456,330.00 |
| Deprecation and Amortization | 0 | 0 | 0 | 1,204,537.00 | -372,078.00 |
| EBITDA | -104,744.00 | 269,284.00 | -70,722.00 | 1,366,462.00 | 456,330.00 |
| EPS | -0.00 | -0.00 | -0.00 | -0.00 | 0.00 |
| Diluted EPS | -0.00 | -0.00 | -0.00 | -0.00 | 0.00 |
| Average Shares Outstanding Basic | 268,954.35 | 268,414.12 | 268,133.31 | 268,048.65 | 267,143.40 |
| Average Shares Outstanding Diluted | 268,954.35 | 268,414.12 | 268,133.31 | 268,048.65 | 290,094.18 |
| Breakdown | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | 809,817.00 | 170,883.00 | 195,713.00 | 1,245,027.00 | 760,366.00 | 0 |
| Operating Net Income | 0 | 0 | 0 | -83,727.00 | 419,327.00 | 71,849.00 |
| Deprecation and Amortization | 0 | 0 | 0 | 1,204,537.00 | -372,078.00 | 388,711.00 |
| Deferred Income Tax | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Based Compensation | 0 | 0 | 0 | 141,614.00 | -91,776.00 | -15,152.00 |
| Change in Working Capital | 0 | 0 | 0 | -444,359.00 | 478,839.00 | -142,094.00 |
| Other Operating Activities | 0 | 0 | 0 | 426,962.00 | 326,054.00 | 0 |
| Investing Cash Flow | -2,289,141.00 | -1,397,295.00 | -1,884,770.00 | -3,054,198.00 | -1,336,510.00 | 0 |
| Capital Expenditure | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Purchase/Sale of PPE | -2,184,378.00 | -78,245.00 | -1,792,051.00 | -3,220,012.00 | -1,426,892.00 | 0 |
| Net Purchase/Sale of Investments Net | -5,000.00 | -1,194,728.00 | -21,440.00 | 243,102.00 | 92,426.00 | 0 |
| Net Purchase/Sale of Business | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing Activities | -99,763.00 | -124,322.00 | -71,279.00 | -77,288.00 | -2,044.00 | 0 |
| Financing Cash Flow | 2,141,285.00 | -4,783,964.00 | 5,366,622.00 | -1,155,981.00 | 528,327.00 | 0 |
| Net Issuance/Repayment of Debt | 1,591,600.00 | -3,992,251.00 | 4,570,589.00 | -1,123,166.00 | 587,972.00 | 0 |
| Net Issuance/Repurchase of Equity | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing Activities | 549,685.00 | -791,713.00 | 796,033.00 | -32,815.00 | -59,645.00 | 0 |
| Net Change in Cash | 661,960.00 | -6,010,376.00 | 3,677,565.00 | -2,965,152.00 | -47,817.00 | 0 |
| Cash at Beginning of Period | 3,420,083.00 | 5,767,658.00 | 2,081,073.00 | 2,081,967.00 | 2,135,833.00 | 0 |
| Cash at End of Period | 4,081,235.00 | 3,420,083.00 | 5,767,658.00 | 2,081,073.00 | 2,081,967.00 | 0 |
| Free Cash Flow | -1,411,635.00 | 102,202.00 | -1,630,290.00 | -2,422,695.00 | -700,332.00 | 0 |