The live model, v8 (June 6, 2026), rendered sheet by sheet. Every figure below is calculated in the workbook itself. Assumption sources are itemized in document 05.5, Model Source Documentation.
| 4ORM FINANCE | ||
| Tokenized Deposit Exchange | 5-Year Financial Escalation Model | ||
| KCS Capital | June 2026 | All Figures in Canadian Dollars (CAD) | ||
| ABOUT THIS MODEL | ||
| This workbook models the 5-year financial trajectory for 4ORM Finance, Canada's first tokenized deposit exchange. | ||
| The platform enables four Alberta/BC financial institutions (ATB Financial, Bow Valley Credit Union, Servus Credit Union, | ||
| and Vancity Credit Union) to issue, track, and settle tokenized deposit instruments on-chain. | ||
| Revenue model validated against ATB Financial FY2025 Annual Report ($43.3B deposits, $37.2B AUA, $29.1B lending). | ||
| Six revenue streams + Atomic Settlement Savings Share. ATB 2027 revenue ~$5.2M (H1 at 50% onboarding ramp); ~$7M at full capacity. | ||
| V8 DATA ROOM EDITION: Semi-annual periods (H1/H2). ALL calculations are Excel formulas. Same sheet set as V7 — no extra tabs. | ||
| ATB + BVCU start 2027, Servus + Vancity start 2028. Change Control Panel inputs to stress test scenarios. | ||
| SHEET GUIDE | ||
| Summary High-level snapshot: P&L, key metrics, revenue by FI, AI vs Traditional comparison | ||
| Control Panel Scenario toggles, fee rates, FI data, ramp schedules (11 semi-annual periods) | ||
| Team Roadmap AI-augmented vs Traditional hiring plan: 31 roles across 11 periods with FTE counts | ||
| DevEx - Build Costs SPEER Engineering contracted build + internal platform + security & audit + regulatory | ||
| OpEx - Ongoing Semi-annual operating expenses with AI vs Traditional comparison and escalation rates | ||
| Revenue Model Five streams with ALL FORMULAS: Settlement, Issuance, Trading, Custody, SaaS + E-Transfer | ||
| 5-Year P&L Summary Consolidated profit & loss with formulas referencing Revenue Model + expenses | ||
| Ondo Benchmark Side-by-side comparison with Ondo Finance across all key metrics | ||
| Sources & Validation 60+ line items with source URLs — ATB Annual Report, Pro Forma, pitch deck | ||
| Formula Reference Complete guide to every formula pattern used in the model | ||
| V8 CHANGES FROM V7 | ||
| NEW REVENUE STREAM — Atomic Settlement Savings Share: 4orm becomes the settlement rail and captures 25% (editable, CP B139) of verified bank cost savings | ||
| Per-FI conservative savings inputs (CP B140-B143): ATB $1,025,538 / Bow Valley $24,320 / Vancity $659,487 / Servus $682,708 per year — from the 186-institution conservative savings model (7 categories) | ||
| Stream toggle CP B138; ramps with each FI onboarding schedule; grows with the same per-FI growth logic as other streams. TAM: $20.3M/yr savings across 186 Canadian FIs | ||
| FIXED Summary: Bow Valley and Servus revenue rows were swapped (and their 5-yr totals cross-referenced) | ||
| FIXED toggles that previously did nothing: SPEER build (B22), SPEER Fractional CTO (B23), SR&ED (B24) now gate their line items; HST auto-calculates | ||
| FIXED OpEx team comp: stale hardcodes replaced with live links to Team Roadmap row 38; 3% salary escalation (CP B36) now actually applied; benefits rate editable (OpEx B7 = 18%) | ||
| NEW master build switch: CP B20 selects AI vs Traditional for the P&L (B21 auto-mirrors); Traditional OpEx computed from Traditional roadmap columns | ||
| Cap table intentionally NOT in this workbook — it is a separate data room document per standard diligence practice | ||
| KEY ASSUMPTIONS | ||
| ATB Base Data: $43.3B deposits, $29.1B lending, $37.2B AUA (Source: ATB Annual Report FY2025) | ||
| Tokenization Penetration: 1% deposits, 1.5% issuance, 1.5% custody — conservative first-year capture | ||
| Fee Pool Splits: 30/60/100/40/80% to 4ORM across 5 streams (per Master Pro Forma) | ||
| Multi-FI Expansion: ATB+BVCU (2027, 50% ramp H1), Servus+Vancity (2028, 50% ramp H1), full capacity next half | ||
| Annual Growth: 4% conservative YoY (aligned with deposit growth + adoption) | ||
| AI-Augmented Build: ~35% headcount reduction via GitHub Copilot, Cursor, AI code review | ||
| SPEER Engineering: 3-phase contracted build totaling $317,304 CAD over 13 months (toggle-gated) | ||
| HOW TO USE | ||
| 1. Start on the Control Panel — toggle verticals and build scenarios ON/OFF to model different cases | ||
| 2. Edit yellow input cells to stress test fee rates, FI data, or ramp schedules | ||
| 3. Review the Summary page for the high-level picture, AI vs Traditional comparison, and key metrics | ||
| 4. Drill into Revenue Model for the 5-stream breakdown — all values cascade from Control Panel formulas | ||
| 5. Check P&L and Summary sheets for automatic updates as you change inputs | ||
| Yellow cells = editable inputs | Blue text = formulas pulling from Control Panel | Black text = dependent formulas | ||
| Green text = cross-sheet references | Red text = Traditional build comparison figures | ||
| CONTACT | ||
| Prepared by: KCS Capital | chad@kcs-capital.com | ||
| Model Version: 8.0 DATA ROOM | Date: June 6, 2026 | ||
| Source Documentation: See companion document (4ORM_Source_Documentation.docx) | ||
| V8.0 ADDITIONS | ||
| Atomic Settlement Savings Share stream (see Control Panel rows 136-144) — value-based gainshare pricing on verified settlement savings | ||
| Savings categories per institution: compliance labour, reconciliation, cheque/payment processing, correspondent fees, overnight settlement fees, trapped liquidity, KYC duplication | ||
| Savings methodology deflated below demo v2 cost-model defaults; every parameter sourced (BoC rate, Payments Canada ACSS, FINTRAC alert rates, SWIFT MT103 costs, CDS/DTCC fail rates) | ||
| Platform context: 4orm control plane — atomic T+0 DvP settlement; JPM Kinexys $3T+ cumulative / $5-7B per day proves the rail at scale | ||
| CIRO Digital Asset Custody Framework (Feb 2026) requirements documented | ||
| Regulatory requirements checklist: CIRO dealer, custody separation, SOC 2, weekly monitoring | ||
| Corporate entity annual overhead estimated at $445K-$615K (already included in OpEx line items) | ||
| V7.0 — TOKENIZATION PENETRATION RAMP | ||
| Tokenization Penetration Ramp added to Control Panel — scales deposit tokenization from 1% to 5% over 5 years | ||
| Issuance/Custody tokenization scales from 1.5% to 7.5% (tracks at 1.5x deposit rate) | ||
| Toggle: "Use Ramp Schedule" (1=Ramp, 0=Flat) — set to 0 to revert to conservative flat 1%/1.5% | ||
| All revenue formulas updated: IF(Use_Ramp=1, per_period_rate, flat_rate) | ||
| Industry benchmarks added: JPM Kinexys ($1.5T+, 10x YoY), BoC Project Samara, McKinsey 75% CAGR forecast | ||
| Default ramp is conservative vs industry trajectory — JPM scaling faster, McKinsey projects $2-4T by 2030 |
| 4ORM FINANCE — SCENARIO CONTROL PANEL | |||||||||||||
| Set toggles to 1 (ON) or 0 (OFF) — all sheets reference these cells | Yellow cells = editable inputs | |||||||||||||
| Scenario / Vertical | Toggle (1=ON, 0=OFF) | Status | Description | ||||||||||
| REVENUE STREAMS | |||||||||||||
| Settlement Fees (1.5 bps) | 1 | ON | Deposits x 5x turnover x 1% tokenized x 1.5 bps — 4ORM 30% | ||||||||||
| Issuance Fees (0.5%) | 1 | ON | Lending x 1.5% tokenized x 0.5% — 4ORM 60% | ||||||||||
| Trading Fees (5 bps) | 1 | ON | 40% of issuance volume x 5 bps — 4ORM 100% | ||||||||||
| Custody Fees (30 bps) | 1 | ON | AUA x 1.5% tokenized x 30 bps — 4ORM 40% | ||||||||||
| SaaS + APIs | 1 | ON | Enterprise clients x $25K/mo — 4ORM 80% | ||||||||||
| E-Transfer Vertical | 1 | ON | Interac e-Transfer processing — tokenized settlement layer (2028+) | ||||||||||
| PARTNER INSTITUTIONS | |||||||||||||
| ATB Financial (Anchor) | 1 | ON | $43.3B deposits — starts 2027 (anchor) | ||||||||||
| Bow Valley Credit Union | 1 | ON | ~$2B est. — starts 2027 | ||||||||||
| Vancity Credit Union | 1 | ON | $35.5B AUA — starts 2028 | ||||||||||
| Servus Credit Union | 1 | ON | $29.3B assets — starts 2028 | ||||||||||
| BUILD SCENARIOS | |||||||||||||
| AI-Augmented Build | 1 | ON | MASTER SWITCH: 1 = AI build flows to P&L; 0 = Traditional. ~35% headcount savings via AI tooling | ||||||||||
| Traditional Build | 0 | OFF | Full team, no AI tooling — compare side-by-side | ||||||||||
| SPEER Engineering (External) | 1 | ON | Gates SPEER phases 1-3 + HST on DevEx sheet. $317,304 CAD over 13 months | ||||||||||
| SPEER Fractional CTO | 0 | OFF | Gates SPEER Fractional CTO row on DevEx ($18K/half) | ||||||||||
| SPEER Grants/SR&ED Support | 1 | ON | Gates SR&ED credit line in OpEx (negative expense) | ||||||||||
| MACRO ASSUMPTIONS | |||||||||||||
| Deposit Tokenization Rate | 1% | 1.0% | Percentage of FI deposits tokenized on platform | ||||||||||
| Issuance/Custody Tokenization Rate | 1.5% | 1.5% | Percentage of lending/AUA tokenized | ||||||||||
| Deposit Turnover Multiplier | 5 | 5x | Annual turnover on tokenized deposits (settlement volume) | ||||||||||
| Annual Growth Rate | 4% | 4.0% | Conservative YoY growth in volume + adoption | ||||||||||
| ATB Deposit Base ($B) | $43.3 | $43.3B | Source: ATB Annual Report FY2025 | ||||||||||
| ATB Lending Base ($B) | $29.1 | $29.1B | Source: ATB Annual Report FY2025 | ||||||||||
| ATB AUA ($B) | $37.2 | $37.2B | Source: ATB Annual Report FY2025 | ||||||||||
| Enterprise Clients (ATB) | 20 | 20 | Enterprise SaaS clients at ATB | ||||||||||
| SaaS Price per Client ($/mo) | $25,000 | $25K/mo | Monthly SaaS + API licensing fee | ||||||||||
| Salary Escalation | 3% | 3.0% | Standard Canadian CPI-linked | ||||||||||
| Infrastructure Escalation | 12% | 12.0% | Cloud/blockchain scales with usage | ||||||||||
| FEE RATES & SPLITS | |||||||||||||
| Stream | Fee Rate | 4ORM Split | Description | ||||||||||
| Settlement | 0.000150 | 0.30 | 1.5 bps of settlement volume | ||||||||||
| Issuance | 0.005000 | 0.60 | 0.5% of issuance volume | ||||||||||
| Trading | 0.000500 | 1.00 | 5 bps of trading volume | ||||||||||
| Custody | 0.003000 | 0.40 | 30 bps of custody AUA | ||||||||||
| SaaS | $300,000 | 0.80 | Annual per enterprise client | ||||||||||
| FI BASE DATA | |||||||||||||
| Institution | Deposits $M | Lending $M | AUA $M | Enterprise Clients | Start Period | ||||||||
| ATB Financial | 43,332 | 29,100 | 37,166 | 20 | 1 | ||||||||
| Bow Valley CU | 2,000 | 1,200 | 1,500 | 3 | 1 | ||||||||
| Vancity CU | 25,000 | 18,000 | 30,000 | 12 | 3 | ||||||||
| Servus CU | 20,000 | 15,000 | 20,000 | 10 | 3 | ||||||||
| ONBOARDING RAMP SCHEDULE (Semi-Annual) | |||||||||||||
| FI | H2 2026 | H1 2027 | H2 2027 | H1 2028 | H2 2028 | H1 2029 | H2 2029 | H1 2030 | H2 2030 | H1 2031 | H2 2031 | ||
| ATB Financial | 0.0 | 0.5 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | ||
| Bow Valley CU | 0.0 | 0.5 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | ||
| Vancity CU | 0.0 | 0.0 | 0.0 | 0.5 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | ||
| Servus CU | 0.0 | 0.0 | 0.0 | 0.5 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | ||
| ADDITIONAL PARAMETERS | |||||||||||||
| Trading Volume % of Issuance | 40% | Trading Vol % | |||||||||||
| E-Transfer Fee Rate | 0.0015 | E-Transfer fee | |||||||||||
| E-TRANSFER TAM & MARKET SHARE | |||||||||||||
| Period | TAM $B | Market Share | |||||||||||
| H2 2026 | 554 | 0.000000 | |||||||||||
| H1 2027 | 577 | 0.000000 | |||||||||||
| H2 2027 | 577 | 0.000000 | |||||||||||
| H1 2028 | 625 | 0.000050 | |||||||||||
| H2 2028 | 625 | 0.000050 | |||||||||||
| H1 2029 | 665 | 0.000100 | |||||||||||
| H2 2029 | 665 | 0.000100 | |||||||||||
| H1 2030 | 715 | 0.000200 | |||||||||||
| H2 2030 | 715 | 0.000200 | |||||||||||
| H1 2031 | 770 | 0.000300 | |||||||||||
| H2 2031 | 770 | 0.000300 | |||||||||||
| M2 MONEY SUPPLY GROWTH SCENARIOS | |||||||||||||
| Canada M2 YoY growth (Jan 2026): 3.8%. ATB deposits grew 6.8% FY2025. Historical M2 correlation ~0.75 for ATB. | |||||||||||||
| Scenario | Annual Growth % | M2 Basis | FI Correlation | Effective Rate | Description | ||||||||
| Bear Case (Low Inflation) | 2% | M2 < 2% | 0.75 | 1.5% | Bullish for citizens — unlikely given current trend | ||||||||
| Base Case (Moderate) | 5.7% | M2 ~5.7% | 0.75 | 4.28% | Historical average M2 expansion | ||||||||
| Bull Case (High Inflation) | 9.85% | M2 ~9.85% | 0.75 | 7.39% | Bear for citizens — assessed as most likely scenario | ||||||||
| Model Default (Conservative) | 4% | Below M2 | 1.0 | 4% | Current model assumption — below all M2 scenarios | ||||||||
| PER-INSTITUTION M2-ADJUSTED GROWTH RATES | |||||||||||||
| Set each FI growth rate independently. Yellow cells override the global growth rate for that FI's revenue formulas. | |||||||||||||
| Institution | M2 Correlation | Custom Growth Rate | Use Custom? (1=Yes) | Notes | |||||||||
| ATB Financial | 0.75 | 6.8% | 0 | ATB FY2025 deposit growth was 6.8%. M2 corr ~0.75 | |||||||||
| Bow Valley CU | 0.70 | 5.5% | 0 | Small Alberta CU, moderate M2 correlation | |||||||||
| Vancity CU | 0.60 | 4.5% | 0 | BC-based, different regional dynamics | |||||||||
| Servus CU | 0.65 | 5% | 0 | Smaller institution, slightly lower M2 correlation | |||||||||
| TOKENIZATION PENETRATION RAMP (% of FI Base Tokenized) | |||||||||||||
| Start conservative (1%), scale as platform matures. | JPM Kinexys: $1.5T+ processed, 10x YoY growth | BoC Project Samara: $100M tokenized bond pilot (Mar 2026) | McKinsey: 75% CAGR tokenized assets to $2-4T by 2030 | |||||||||||||
| Rate | H2 2026 | H1 2027 | H2 2027 | H1 2028 | H2 2028 | H1 2029 | H2 2029 | H1 2030 | H2 2030 | H1 2031 | H2 2031 | ||
| Deposit Tokenization % | 1% | 1% | 1% | 2% | 2% | 3% | 3% | 4% | 4% | 5% | 5% | ||
| Issuance/Custody Tokenization % | 1.5% | 1.5% | 1.5% | 3% | 3% | 4.5% | 4.5% | 6% | 6% | 7.5% | 7.5% | ||
| Use Ramp Schedule? (1=Ramp, 0=Flat) | 1 | If 0, uses flat rates from Macro Assumptions (B27=1%, B28=1.5%) | |||||||||||
| INDUSTRY TOKENIZATION BENCHMARKS | |||||||||||||
| Institution / Source | Metric | Value | Date | Relevance | Source | ||||||||
| JP Morgan Kinexys | Total notional processed | $1.5T+ | 2025 | Proves institutional-scale tokenized deposit demand | JPM Kinexys docs | ||||||||
| JP Morgan Kinexys | YoY payment growth | 10x | 2025 | Exponential adoption curve once platform live | CoinDesk Dec 2025 | ||||||||
| Bank of Canada | Project Samara pilot | $100M bond | Mar 2026 | BoC validating tokenization for Canadian market | BoC announcement | ||||||||
| McKinsey & Co. | Tokenized RWA forecast (base) | $2T by 2030 | 2024 | 75% CAGR across asset classes | McKinsey report | ||||||||
| BCG + Ripple | Tokenized RWA forecast | $9.4T by 2030 | 2025 | Broader adoption curve for all RWAs | BCG/Ripple report | ||||||||
| Jamie Dimon (JPM CEO) | Strategic priority | "Must move faster" | Apr 2026 | CEO-level urgency on tokenization | CoinDesk Apr 2026 | ||||||||
| NON-DILUTIVE CAPITAL / GRANTS | |||||||||||||
| Toggle each grant ON/OFF (1/0). Edit funding amounts per semi-annual period. | Amounts flow into Summary and P&L as non-dilutive income. | SR&ED also appears as negative OpEx — this section is ADDITIVE for scenario modeling. | |||||||||||||
| Grant Program | Toggle (1=ON) | Status | Max Amount | Notes | |||||||||
| Alberta Innovates FinTech Sandbox | 1 | ON | $250K | Provincial — regulated pilot programs, sandbox deployment, compliance testing | |||||||||
| NRC IRAP (Industrial Research Assistance) | 1 | ON | $500K+ | Federal — core R&D, security architecture, custody integration. 4 streams incl AI Assist | |||||||||
| SR&ED Tax Credits (35% of R&D) | 1 | ON | ~35% R&D | Federal — smart contract dev, settlement systems, tokenization infra. $6M limit (2026 expansion) | |||||||||
| Digital Supercluster | 1 | ON | Multi-$M | Federal/Private partnership — institutional fintech, large-scale infrastructure pilots | |||||||||
| Innovative Solutions Canada | 1 | ON | $150K–$1M | Federal — settlement modernization challenges, public-sector infra pilots (challenge-based) | |||||||||
| PrairiesCan (Regional Development) | 1 | ON | $50K–$500K | Federal — Prairies Economic Development Canada, innovation + growth funding for Alberta startups | |||||||||
| Mitacs Business Strategy Internship | 1 | ON | $15K–$60K | Federal — subsidized R&D talent, 4-12 month terms, pairs with IRAP | |||||||||
| Alberta Enterprise Accelerate Fund IV | 0 | OFF | Co-invest | Provincial — $25M fund for pre-seed/seed Alberta tech. Co-invest model (equity component — toggle OFF by default) | |||||||||
| GRANT FUNDING SCHEDULE (Semi-Annual — Editable) | |||||||||||||
| Enter expected funding per semi-annual period. Total row auto-sums. | Only grants toggled ON flow into P&L. Yellow cells = editable. | |||||||||||||
| Grant Program | Toggle Ref | H2 2026 | H1 2027 | H2 2027 | H1 2028 | H2 2028 | H1 2029 | H2 2029 | H1 2030 | H2 2030 | H1 2031 | H2 2031 | 5-Year Total |
| Alberta Innovates FinTech Sandbox | ON | $0 | $50,000 | $50,000 | $50,000 | $50,000 | $25,000 | $25,000 | $0 | $0 | $0 | $0 | $250,000 |
| NRC IRAP | ON | $0 | $75,000 | $75,000 | $100,000 | $100,000 | $75,000 | $75,000 | $0 | $0 | $0 | $0 | $500,000 |
| SR&ED Tax Credits | ON | $0 | $0 | $30,000 | $35,000 | $40,000 | $45,000 | $50,000 | $55,000 | $55,000 | $60,000 | $60,000 | $430,000 |
| Digital Supercluster | ON | $0 | $0 | $0 | $0 | $125,000 | $125,000 | $125,000 | $125,000 | $0 | $0 | $0 | $500,000 |
| Innovative Solutions Canada | ON | $0 | $0 | $0 | $75,000 | $75,000 | $0 | $0 | $0 | $0 | $0 | $0 | $150,000 |
| PrairiesCan | ON | $0 | $0 | $50,000 | $50,000 | $50,000 | $50,000 | $50,000 | $0 | $0 | $0 | $0 | $250,000 |
| Mitacs | ON | $0 | $15,000 | $15,000 | $15,000 | $15,000 | $15,000 | $15,000 | $15,000 | $15,000 | $15,000 | $15,000 | $150,000 |
| Alberta Enterprise Accelerate Fund IV | OFF | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| TOTAL NON-DILUTIVE CAPITAL (Toggled ON) | $0 | $140,000 | $220,000 | $325,000 | $455,000 | $335,000 | $340,000 | $195,000 | $70,000 | $75,000 | $75,000 | $2,230,000 | |
| ATOMIC SETTLEMENT — BANK SAVINGS SHARE (NEW REVENUE STREAM) | |||||||||||||
| 4orm becomes the atomic settlement rail; FIs pay a share of verified annual cost savings (gainshare). Savings: 7 conservative categories per institution — see www.4ormedc.com/how-it-works.html and methodology. | |||||||||||||
| Savings-Share Vertical | 1 | ON | Toggle the whole stream ON/OFF — flows to Revenue Model, P&L, Summary | ||||||||||
| 4ORM Capture Rate (% of verified savings) | 25% | Gainshare pricing — value-based contracts typically run 20-30% of verified savings. Editable. | |||||||||||
| ATB Financial — conservative annual savings ($) | $1,025,538 | Source: 4orm Per-Institution Conservative Savings workbook (June 2026) — 7 categories: compliance labour, recon, cheques, correspondent fees, overnight fees, trapped liquidity, KYC duplication | |||||||||||
| Bow Valley CU — conservative annual savings ($) | $24,320 | Source: 4orm Per-Institution Conservative Savings workbook (June 2026) — 7 categories: compliance labour, recon, cheques, correspondent fees, overnight fees, trapped liquidity, KYC duplication | |||||||||||
| Vancity CU — conservative annual savings ($) | $659,487 | Source: 4orm Per-Institution Conservative Savings workbook (June 2026) — 7 categories: compliance labour, recon, cheques, correspondent fees, overnight fees, trapped liquidity, KYC duplication | |||||||||||
| Servus CU — conservative annual savings ($) | $682,708 | Source: 4orm Per-Institution Conservative Savings workbook (June 2026) — 7 categories: compliance labour, recon, cheques, correspondent fees, overnight fees, trapped liquidity, KYC duplication | |||||||||||
| TAM — all 186 Canadian institutions ($/yr savings) | $20,330,371 | Grand total, conservative model: T1 $16.1M + T2 $2.9M + T3 $1.3M per year |
| 4ORM FINANCE — EXECUTIVE SUMMARY | ||||||||||||
| 5-Year Financial Snapshot | Semi-Annual Periods | AI-Augmented Build | 5 Revenue Streams + E-Transfer | CAD | ||||||||||||
| KEY METRICS AT A GLANCE | AI BUILD vs TRADITIONAL | AI Build | Traditional Build | AI Savings | |||||||||
| ATB Year 1 Revenue (4ORM Share) | $5,243,884 | $5,243,884 | N/A — Revenue same | 5 streams: Settlement + Issuance + Trading + Custody + SaaS | ||||||||
| 5-Year Total Revenue (4 FIs + E-Transfer) | $127,101,570 | $127,101,570 | N/A — Revenue same | ATB+BVCU (2027) + Servus+Vancity (2028) + E-Transfer | ||||||||
| 5-Year Total Expenses (AI Build) | $25,184,138 | $34,010,972 | $8,826,834 | Traditional = +35% DevEx + ~$890K/yr additional comp | ||||||||
| 5-Year Net Income | $101,917,432 | $93,090,598 | $8,826,834 | AI Build generates more profit by reducing expenses | ||||||||
| Year 5 Annual Revenue (H2 2031) | $20,054,275 | $20,054,275 | N/A — Revenue same | H2 2031: 4 FIs at full capacity + E-Transfer | ||||||||
| Blended Gross Margin | 80.19% | 73.24% | 6.94% | AI build achieves higher margins via lower headcount | ||||||||
| 5-YEAR P&L SNAPSHOT (AI BUILD) | ||||||||||||
| H2 2026 | H1 2027 | H2 2027 | H1 2028 | H2 2028 | H1 2029 | H2 2029 | H1 2030 | H2 2030 | H1 2031 | H2 2031 | 5-Year Total | |
| Total Revenue | $0 | $2,008,712 | $4,042,327 | $7,958,912 | $10,759,038 | $13,453,561 | $13,612,065 | $16,496,000 | $16,713,620 | $19,773,063 | $20,054,275 | $124,871,570 |
| Settlement Fees (1.5 bps) | $0 | $25,499 | $52,008 | $156,702 | $211,433 | $323,430 | $329,835 | $448,490 | $457,371 | $583,036 | $594,583 | $3,182,387 |
| Issuance Fees (0.5%) | $0 | $340,875 | $695,251 | $2,160,540 | $2,960,532 | $4,528,742 | $4,618,429 | $6,279,856 | $6,404,222 | $8,163,813 | $8,325,488 | $44,477,749 |
| Trading Fees (5 bps) | $0 | $22,725 | $46,350 | $144,036 | $197,369 | $301,916 | $307,895 | $418,657 | $426,948 | $544,254 | $555,033 | $2,965,183 |
| Custody Fees (30 bps) | $0 | $173,997 | $354,886 | $1,173,828 | $1,655,986 | $2,533,171 | $2,583,338 | $3,512,664 | $3,582,228 | $4,566,463 | $4,656,897 | $24,793,456 |
| SaaS + APIs ($25K/mo) | $0 | $1,380,000 | $2,760,000 | $4,080,000 | $5,400,000 | $5,400,000 | $5,400,000 | $5,400,000 | $5,400,000 | $5,400,000 | $5,400,000 | $46,020,000 |
| E-Transfer Settlement | $0 | $0 | $0 | $23,438 | $23,438 | $49,875 | $49,875 | $107,250 | $107,250 | $173,250 | $173,250 | $707,625 |
| Atomic Settlement Savings Share | $0 | $65,616 | $133,831 | $220,369 | $310,281 | $316,426 | $322,693 | $329,083 | $335,600 | $342,247 | $349,024 | $2,725,171 |
| Total DevEx | $899,164 | $304,070 | $304,070 | $145,000 | $145,000 | $117,500 | $117,500 | $82,500 | $82,500 | $52,500 | $52,500 | $2,302,304 |
| Total OpEx | $1,223,010 | $1,431,875 | $1,431,875 | $1,840,107 | $1,840,107 | $2,250,819 | $2,250,819 | $2,569,581 | $2,569,581 | $2,737,030 | $2,737,030 | $22,881,834 |
| Total Expenses | $2,122,174 | $1,735,945 | $1,735,945 | $1,985,107 | $1,985,107 | $2,368,319 | $2,368,319 | $2,652,081 | $2,652,081 | $2,789,530 | $2,789,530 | $25,184,138 |
| NET PROFIT (LOSS) | -$2,122,174 | $412,767 | $2,526,382 | $6,298,805 | $9,228,930 | $11,420,242 | $11,583,746 | $14,038,918 | $14,131,539 | $17,058,533 | $17,339,745 | $101,917,432 |
| Net Margin % | 0% | 19.21% | 59.27% | 76.04% | 82.3% | 82.82% | 83.03% | 84.11% | 84.2% | 85.95% | 86.14% | 81.62% |
| AI BUILD vs TRADITIONAL BUILD COMPARISON | ||||||||||||
| Metric | H2 2026 | H1 2027 | H2 2027 | H1 2028 | H2 2028 | H1 2029 | H2 2029 | H1 2030 | H2 2030 | H1 2031 | H2 2031 | 5-Year Total |
| AI Build — Total DevEx | $899,164 | $304,070 | $304,070 | $145,000 | $145,000 | $117,500 | $117,500 | $82,500 | $82,500 | $52,500 | $52,500 | $2,302,304 |
| AI Build — Total OpEx | $1,223,010 | $1,431,875 | $1,431,875 | $1,840,107 | $1,840,107 | $2,250,819 | $2,250,819 | $2,569,581 | $2,569,581 | $2,737,030 | $2,737,030 | $22,881,834 |
| AI Build — Total Expenses | $2,122,174 | $1,735,945 | $1,735,945 | $1,985,107 | $1,985,107 | $2,368,319 | $2,368,319 | $2,652,081 | $2,652,081 | $2,789,530 | $2,789,530 | $25,184,138 |
| Traditional — Total DevEx (+35%) | $1,213,871 | $410,494 | $410,494 | $195,750 | $195,750 | $158,625 | $158,625 | $111,375 | $111,375 | $70,875 | $70,875 | $3,108,110 |
| Traditional — Total OpEx (+~$890K comp) | $1,708,665 | $1,973,550 | $1,973,550 | $2,256,575 | $2,256,575 | $2,530,812 | $2,530,812 | $2,754,293 | $2,754,293 | $2,875,159 | $2,875,159 | $26,489,445 |
| Traditional — Total Expenses | $2,922,536 | $2,384,045 | $2,384,045 | $2,452,325 | $2,452,325 | $2,689,437 | $2,689,437 | $2,865,668 | $2,865,668 | $2,946,034 | $2,946,034 | $29,597,555 |
| AI BUILD SAVINGS | $800,362 | $648,100 | $648,100 | $467,218 | $467,218 | $321,118 | $321,118 | $213,587 | $213,587 | $156,503 | $156,503 | $4,413,417 |
| REVENUE BY FINANCIAL INSTITUTION | ||||||||||||
| Institution | H2 2026 | H1 2027 | H2 2027 | H1 2028 | H2 2028 | H1 2029 | H2 2029 | H1 2030 | H2 2030 | H1 2031 | H2 2031 | 5-Year Total |
| ATB Financial | $0 | $1,740,821 | $3,503,063 | $4,649,816 | $4,694,372 | $5,909,714 | $5,979,220 | $7,266,803 | $7,363,185 | $8,726,844 | $8,852,140 | $58,685,977 |
| Bow Valley CU | $0 | $202,275 | $405,432 | $452,664 | $454,499 | $504,556 | $507,419 | $560,451 | $564,420 | $620,586 | $625,747 | $4,898,049 |
| Vancity Credit Union | $0 | $0 | $0 | $1,450,125 | $2,929,169 | $3,717,990 | $3,763,103 | $4,598,813 | $4,661,370 | $5,546,457 | $5,627,781 | $32,294,806 |
| Servus Credit Union | $0 | $0 | $0 | $1,162,500 | $2,347,279 | $2,955,000 | $2,989,756 | $3,633,600 | $3,681,795 | $4,363,680 | $4,426,333 | $25,559,943 |
| E-Transfer Vertical | $0 | $0 | $0 | $23,438 | $23,438 | $49,875 | $49,875 | $107,250 | $107,250 | $173,250 | $173,250 | $707,625 |
| Atomic Settlement Savings Share | $0 | $65,616 | $133,831 | $220,369 | $310,281 | $316,426 | $322,693 | $329,083 | $335,600 | $342,247 | $349,024 | $2,725,171 |
| TOTAL ALL REVENUE | $0 | $2,008,712 | $4,042,327 | $7,958,912 | $10,759,038 | $13,453,561 | $13,612,065 | $16,496,000 | $16,713,620 | $19,773,063 | $20,054,275 | $124,871,570 |
| REQUIRED CORPORATE STRUCTURE (Canadian Securities Regulation) | ||||||||||||
| CIRO (Feb 2026) mandates custody operations be legally and functionally separate from exchange operations. Minimum 3 corporate entities required. | ||||||||||||
| Entity | Type | Purpose | Regulatory Basis | Est. Annual Cost | Notes | |||||||
| 4ORM Holdings Inc. | HoldCo | Parent holding company — owns OpCo and CustodyCo. Holds intellectual property (patents, trade secrets, copyrights on code/APIs), brand, and licensing agreements. | Standard corporate structure; IP protection via Copyright Act, Patent Act | $45,000-$65,000 | Legal + annual filings + IP maintenance + D&O insurance | |||||||
| 4ORM Exchange Inc. | OpCo | Registered Investment Dealer with CIRO. Operates the tokenized deposit exchange / ATS (Alternative Trading System). All trading, settlement, and client-facing operations. | CIRO dealer membership; CSA registration; NI 21-101 (ATS rules) | $250,000-$350,000 | CIRO fees + compliance staff + regulatory filings + capital requirements | |||||||
| 4ORM Custody Inc. | CustodyCo | Separate legal entity for digital asset custody. Must be independent from exchange operations per CIRO framework. Holds client assets in qualified custody. | CIRO Digital Asset Custody Framework (Feb 2026); must meet Tier requirements | $150,000-$200,000 | SOC 2 audit + insurance + security infrastructure + independent board | |||||||
| TOTAL ANNUAL CORPORATE OVERHEAD | $445,000-$615,000 | |||||||||||
| KEY REGULATORY REQUIREMENTS | ||||||||||||
| Requirement | Detail | Status | ||||||||||
| CIRO Dealer Membership | OpCo must register as investment dealer with CIRO. Required for any firm facilitating trades of securities/derivatives including tokenized assets. | Mandatory | ||||||||||
| Custody Separation | Custodian must be legally and functionally independent from exchange/marketplace. Eliminates exposure to exchange losses and conflicts of interest. | Mandatory | ||||||||||
| Tiered Custody Compliance | CIRO 4-tier system: Tier 1 ($100M+ capital), Tier 2 (full compliance), Tier 3 (75% limit), Tier 4 (self-custody up to 20%). CustodyCo targets Tier 2-3. | Mandatory | ||||||||||
| SOC 2 Type II | Annual SOC 2 audit for custody operations. Required for all Acceptable Crypto Custodians under CIRO framework. | Mandatory | ||||||||||
| Weekly Custody Monitoring | Dealer must monitor custody limit compliance weekly, report breaches promptly, maintain documented key management and authorization policies. | Mandatory | ||||||||||
| CSA Prospectus/Exemption | Tokenized deposits may require prospectus exemption filing under CSA rules. OpCo handles all securities law compliance. | Case-dependent | ||||||||||
| IP Protection (HoldCo) | Patents on exchange mechanics, copyright on all code/APIs, trade secrets. HoldCo licenses IP to OpCo. Protects IP in insolvency. | Best practice | ||||||||||
| Provincial Registration | Registration in each province where clients are located (minimum AB + BC for initial FI partners). | Mandatory | ||||||||||
| NON-DILUTIVE CAPITAL / GRANTS OVERVIEW | ||||||||||||
| Grant Program | H2 2026 | H1 2027 | H2 2027 | H1 2028 | H2 2028 | H1 2029 | H2 2029 | H1 2030 | H2 2030 | H1 2031 | H2 2031 | 5-Year Total |
| Alberta Innovates FinTech Sandbox | $0 | $50,000 | $50,000 | $50,000 | $50,000 | $25,000 | $25,000 | $0 | $0 | $0 | $0 | $250,000 |
| NRC IRAP | $0 | $75,000 | $75,000 | $100,000 | $100,000 | $75,000 | $75,000 | $0 | $0 | $0 | $0 | $500,000 |
| SR&ED Tax Credits | $0 | $0 | $30,000 | $35,000 | $40,000 | $45,000 | $50,000 | $55,000 | $55,000 | $60,000 | $60,000 | $430,000 |
| Digital Supercluster | $0 | $0 | $0 | $0 | $125,000 | $125,000 | $125,000 | $125,000 | $0 | $0 | $0 | $500,000 |
| Innovative Solutions Canada | $0 | $0 | $0 | $75,000 | $75,000 | $0 | $0 | $0 | $0 | $0 | $0 | $150,000 |
| PrairiesCan | $0 | $0 | $50,000 | $50,000 | $50,000 | $50,000 | $50,000 | $0 | $0 | $0 | $0 | $250,000 |
| Mitacs | $0 | $15,000 | $15,000 | $15,000 | $15,000 | $15,000 | $15,000 | $15,000 | $15,000 | $15,000 | $15,000 | $150,000 |
| Alberta Enterprise Accelerate Fund IV | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| TOTAL NON-DILUTIVE CAPITAL | $0 | $140,000 | $220,000 | $325,000 | $455,000 | $335,000 | $340,000 | $195,000 | $70,000 | $75,000 | $75,000 | $2,230,000 |
| 4ORM FINANCE — 5-YEAR TEAM HIRING ROADMAP | AI BUILD vs TRADITIONAL | ||||||||||||||||||||||||
| Blue = AI FTE | Orange = Traditional FTE | CAD | Semi-Annual | Row 38 comp includes annual salary escalation (Control Panel B36) | ||||||||||||||||||||||||
| Role | Annual Salary | AI H2 2026 | AI H1 2027 | AI H2 2027 | AI H1 2028 | AI H2 2028 | AI H1 2029 | AI H2 2029 | AI H1 2030 | AI H2 2030 | AI H1 2031 | AI H2 2031 | Trad H2 2026 | Trad H1 2027 | Trad H2 2027 | Trad H1 2028 | Trad H2 2028 | Trad H1 2029 | Trad H2 2029 | Trad H1 2030 | Trad H2 2030 | Trad H1 2031 | Trad H2 2031 | AI Savings % |
| EXECUTIVE TEAM | ||||||||||||||||||||||||
| CEO | $175,000 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 0% |
| CTO | $175,000 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 0% |
| CCO (Chief Compliance) | $180,000 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 0% |
| CFO | $160,000 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 0% |
| General Counsel | $200,000 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 0% |
| ENGINEERING | ||||||||||||||||||||||||
| Head Architect | $170,000 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 0% |
| Backend Developer #1 | $145,000 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 0% |
| Backend Developer #2 | $145,000 | 0.0 | 0.0 | 0.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 27.27% |
| Frontend Developer #1 | $130,000 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 0% |
| Frontend Developer #2 | $130,000 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 45.45% |
| Smart Contract Developer | $145,000 | 0.5 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 4.55% |
| DevOps / Infrastructure | $140,000 | 0.5 | 0.5 | 0.5 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 13.64% |
| Security Engineer | $150,000 | 0.0 | 0.5 | 0.5 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 18.18% |
| QA / Test Engineer | $105,000 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 45.45% |
| Data Engineer | $130,000 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 1.0 | 1.0 | 1.0 | 1.0 | 0.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 60% |
| UX / UI Designer | $120,000 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 100% |
| Data Analyst | $110,000 | 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 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 100% |
| COMPLIANCE & LEGAL | ||||||||||||||||||||||||
| Compliance Analyst #1 | $85,000 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 0% |
| Compliance Analyst #2 | $85,000 | 0.0 | 0.0 | 0.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 0.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 20% |
| AML/KYC Specialist | $95,000 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 0.0 | 0.0 | 0.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 25% |
| Paralegal / Reg Filing | $75,000 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 0% |
| OPERATIONS & BUSINESS | ||||||||||||||||||||||||
| Head of Business Dev | $140,000 | 0.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 0.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 0% |
| Marketing Manager | $110,000 | 0.0 | 0.0 | 0.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 0.0 | 0.0 | 0.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 0% |
| Client Success Manager | $95,000 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 0% |
| Operations Manager | $100,000 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 1.0 | 1.0 | 1.0 | 1.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 33.33% |
| Executive Assistant | $55,000 | 0.0 | 0.0 | 0.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 1.0 | 27.27% |
| HR / People Ops | $90,000 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 1.0 | 1.0 | 1.0 | 1.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 1.0 | 1.0 | 1.0 | 1.0 | 0% |
| BD Associate | $75,000 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 1.0 | 1.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 1.0 | 1.0 | 1.0 | 1.0 | 50% |
| TOTAL HEADCOUNT (FTE) | 10.0 | 12.0 | 12.0 | 17.0 | 17.0 | 22.0 | 22.0 | 25.0 | 25.0 | 26.0 | 26.0 | 17.0 | 20.0 | 20.0 | 23.0 | 23.0 | 26.0 | 26.0 | 28.0 | 28.0 | 28.0 | 28.0 | ||
| TOTAL SEMI-ANNUAL COMPENSATION | $781,250 | $952,750 | $952,750 | $1,267,776 | $1,267,776 | $1,578,991 | $1,578,991 | $1,806,442 | $1,806,442 | $1,904,108 | $1,904,108 | $1,205,000 | $1,423,975 | $1,423,975 | $1,633,786 | $1,633,786 | $1,830,318 | $1,830,318 | $1,978,082 | $1,978,082 | $2,037,424 | $2,037,424 | ||
| SEMI-ANNUAL SAVINGS (AI vs Traditional) | $423,750 | $471,225 | $471,225 | $366,010 | $366,010 | $251,327 | $251,327 | $171,640 | $171,640 | $133,317 | $133,317 |
| 4ORM FINANCE — DEVELOPMENT EXPENSES | SPEER + INTERNAL | AI vs TRADITIONAL | |||||||||||||
| SPEER contracted at $317,304 (3 phases, 13 months) | AI Build reduces internal dev costs ~35% | Semi-Annual Periods | CAD | |||||||||||||
| Category / Item | Build Option | H2 2026 | H1 2027 | H2 2027 | H1 2028 | H2 2028 | H1 2029 | H2 2029 | H1 2030 | H2 2030 | H1 2031 | H2 2031 | Total |
| SPEER ENGINEERING — CONTRACTED BUILD | |||||||||||||
| Phase 1: Discovery & Architecture (1-2 mo) | SPEER | $31,200 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $31,200 |
| Phase 2: MVP Design & Dev (3-5 mo) | SPEER | $93,600 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $93,600 |
| Phase 3: Continued Dev & Integration (3-6 mo) | SPEER | $78,000 | $39,000 | $39,000 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $156,000 |
| HST 13% on SPEER (auto-calculated) | Tax | $26,364 | $5,070 | $5,070 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $36,504 |
| SPEER Fractional CTO (Option A) | SPEER | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| INTERNAL PLATFORM BUILD (AI-Augmented) | |||||||||||||
| Core exchange engine (matching, order book) | Internal | $80,000 | $25,000 | $25,000 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $130,000 |
| Smart contract development | Internal | $60,000 | $20,000 | $20,000 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $100,000 |
| KYC/AML integration | Vendor+Internal | $45,000 | $12,500 | $12,500 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $70,000 |
| Custody integration (Fireblocks/BitGo) | Vendor+Internal | $50,000 | $15,000 | $15,000 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $80,000 |
| E-Transfer settlement layer | Internal | $0 | $30,000 | $30,000 | $20,000 | $20,000 | $0 | $0 | $0 | $0 | $0 | $0 | $100,000 |
| Secondary market / trading engine | Internal | $0 | $25,000 | $25,000 | $35,000 | $35,000 | $0 | $0 | $0 | $0 | $0 | $0 | $120,000 |
| Mobile app development | Internal | $0 | $0 | $0 | $37,500 | $37,500 | $20,000 | $20,000 | $0 | $0 | $0 | $0 | $115,000 |
| Multi-chain expansion | Internal | $0 | $0 | $0 | $0 | $0 | $25,000 | $25,000 | $17,500 | $17,500 | $0 | $0 | $85,000 |
| API marketplace for FI integrations | Internal | $0 | $0 | $0 | $0 | $0 | $20,000 | $20,000 | $12,500 | $12,500 | $0 | $0 | $65,000 |
| SECURITY & AUDIT | |||||||||||||
| Smart contract audit (initial — Trail of Bits) | External | $80,000 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $80,000 |
| Smart contract audit (annual re-audit) | External | $0 | $25,000 | $25,000 | $25,000 | $25,000 | $25,000 | $25,000 | $25,000 | $25,000 | $25,000 | $25,000 | $250,000 |
| Penetration testing (initial) | External | $40,000 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $40,000 |
| Penetration testing (annual) | External | $0 | $12,500 | $12,500 | $12,500 | $12,500 | $12,500 | $12,500 | $12,500 | $12,500 | $12,500 | $12,500 | $125,000 |
| SOC 2 Type II certification | External | $0 | $30,000 | $30,000 | $15,000 | $15,000 | $15,000 | $15,000 | $15,000 | $15,000 | $15,000 | $15,000 | $180,000 |
| REGULATORY & LICENSING (ONE-TIME) | |||||||||||||
| CIRO dealer registration (application) | Legal+Filing | $150,000 | $25,000 | $25,000 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $200,000 |
| CSA prospectus / exemption filing | Legal | $80,000 | $20,000 | $20,000 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $120,000 |
| Legal structuring (token legal opinion) | External | $60,000 | $15,000 | $15,000 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $90,000 |
| Provincial registrations (AB, BC) | Filing | $25,000 | $5,000 | $5,000 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $35,000 |
| TOTAL DevEx (AI Build) | $899,164 | $304,070 | $304,070 | $145,000 | $145,000 | $117,500 | $117,500 | $82,500 | $82,500 | $52,500 | $52,500 | $2,302,304 | |
| TOTAL DevEx (Traditional Build — +35% internal) | $1,213,871 | $410,494 | $410,494 | $195,750 | $195,750 | $158,625 | $158,625 | $111,375 | $111,375 | $70,875 | $70,875 | $3,108,110 | |
| AI BUILD SAVINGS | $314,707 | $106,424 | $106,424 | $50,750 | $50,750 | $41,125 | $41,125 | $28,875 | $28,875 | $18,375 | $18,375 |
| 4ORM FINANCE — OPERATING EXPENSES | AI vs TRADITIONAL COMPARISON | ||||||||||||||
| AI Build = lower team cost, higher tooling | Traditional = full team, no AI tools | Semi-Annual | All figures CAD | ||||||||||||||
| Category / Item | Escalation | AI H2 2026 | AI H1 2027 | AI H2 2027 | AI H1 2028 | AI H2 2028 | AI H1 2029 | AI H2 2029 | AI H1 2030 | AI H2 2030 | AI H1 2031 | AI H2 2031 | Trad Delta | Notes |
| TEAM COMPENSATION (AI Build) | ||||||||||||||
| Team Comp (linked to Team Roadmap row 38 — AI) | 3% raises/yr | $781,250 | $952,750 | $952,750 | $1,267,776 | $1,267,776 | $1,578,991 | $1,578,991 | $1,806,442 | $1,806,442 | $1,904,108 | $1,904,108 | AI-augmented team | |
| Benefits & Payroll Tax (rate in B7) | 0.18 | $140,625 | $171,495 | $171,495 | $228,200 | $228,200 | $284,218 | $284,218 | $325,159 | $325,159 | $342,739 | $342,739 | CPP, EI, health, RRSP | |
| Traditional Build ADDITIONAL comp | 3% raises/yr | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | +$890K/yr | 5-7 extra FTE if no AI |
| AI TOOLING & PLATFORMS | ||||||||||||||
| GitHub Copilot Business (5-8 seats) | 5%/yr | $2,850 | $2,850 | $2,850 | $2,992 | $2,992 | $3,142 | $3,142 | $3,300 | $3,300 | $3,464 | $3,464 | -$6.9K | |
| Cursor Pro (5-8 seats) | 5%/yr | $600 | $600 | $600 | $630 | $630 | $662 | $662 | $694 | $694 | $730 | $730 | -$1.5K | |
| Snyk (Team) | 5%/yr | $3,000 | $3,000 | $3,000 | $3,150 | $3,150 | $3,308 | $3,308 | $3,473 | $3,473 | $3,646 | $3,646 | -$7.3K | |
| CodiumAI + CodeRabbit | 5%/yr | $2,100 | $2,100 | $2,100 | $2,205 | $2,205 | $2,316 | $2,316 | $2,431 | $2,431 | $2,552 | $2,552 | -$5.1K | |
| Datadog (Pro) | 10%/yr | $9,000 | $9,000 | $9,000 | $9,900 | $9,900 | $10,890 | $10,890 | $11,979 | $11,979 | $13,177 | $13,177 | $0 | Needed either way |
| Claude API + OpenAI API | 12%/yr | $4,800 | $4,800 | $4,800 | $5,376 | $5,376 | $6,021 | $6,021 | $6,744 | $6,744 | $7,553 | $7,553 | -$15.1K | |
| Mintlify + v0 Vercel | 5%/yr | $1,020 | $1,020 | $1,020 | $1,071 | $1,071 | $1,124 | $1,124 | $1,181 | $1,181 | $1,240 | $1,240 | -$2.5K | |
| REGULATORY & COMPLIANCE | ||||||||||||||
| CIRO/CSA annual fees | 3%/yr | $30,000 | $30,000 | $30,000 | $30,900 | $30,900 | $31,827 | $31,827 | $32,782 | $32,782 | $33,766 | $33,766 | $0 | |
| External legal counsel | 5%/yr | $50,000 | $50,000 | $50,000 | $52,500 | $52,500 | $55,125 | $55,125 | $57,882 | $57,882 | $60,776 | $60,776 | $0 | |
| Audit & accounting | 5%/yr | $37,500 | $37,500 | $37,500 | $39,375 | $39,375 | $41,344 | $41,344 | $43,411 | $43,411 | $45,582 | $45,582 | $0 | |
| Compliance software (Chainalysis) | 8%/yr | $25,000 | $25,000 | $25,000 | $27,000 | $27,000 | $29,160 | $29,160 | $31,493 | $31,493 | $34,012 | $34,012 | $0 | |
| Insurance (D&O, E&O, Cyber) | 10%/yr | $50,000 | $50,000 | $50,000 | $55,000 | $55,000 | $60,500 | $60,500 | $66,550 | $66,550 | $73,205 | $73,205 | $0 | |
| Licensing & reg filings | 3%/yr | $7,500 | $7,500 | $7,500 | $7,725 | $7,725 | $7,957 | $7,957 | $8,196 | $8,196 | $8,441 | $8,441 | $0 | |
| TECHNOLOGY & INFRASTRUCTURE | ||||||||||||||
| Cloud hosting (AWS/Azure) | 15%/yr | $18,000 | $18,000 | $18,000 | $20,700 | $20,700 | $23,805 | $23,805 | $27,376 | $27,376 | $31,482 | $31,482 | $0 | |
| Blockchain infra (nodes/RPC) | 10%/yr | $12,000 | $12,000 | $12,000 | $13,200 | $13,200 | $14,520 | $14,520 | $15,972 | $15,972 | $17,569 | $17,569 | $0 | |
| API & data services | 5%/yr | $6,000 | $6,000 | $6,000 | $6,300 | $6,300 | $6,615 | $6,615 | $6,946 | $6,946 | $7,293 | $7,293 | $0 | |
| Cybersecurity & monitoring | 8%/yr | $9,000 | $9,000 | $9,000 | $9,720 | $9,720 | $10,498 | $10,498 | $11,338 | $11,338 | $12,244 | $12,244 | $0 | |
| DR, backups, CDN, SSL | 4%/yr | $6,000 | $6,000 | $6,000 | $6,240 | $6,240 | $6,490 | $6,490 | $6,749 | $6,749 | $7,019 | $7,019 | $0 | |
| OPERATIONS & OVERHEAD | ||||||||||||||
| Office rent & utilities | 5%/yr | $18,000 | $18,000 | $18,000 | $24,000 | $24,000 | $30,000 | $30,000 | $36,000 | $36,000 | $42,000 | $42,000 | +$12K/yr | |
| Travel & conferences | 10%/yr | $6,000 | $7,500 | $7,500 | $10,000 | $10,000 | $12,500 | $12,500 | $15,000 | $15,000 | $17,500 | $17,500 | $0 | |
| Marketing & BD | 25%/yr | $5,000 | $7,500 | $7,500 | $12,500 | $12,500 | $20,000 | $20,000 | $30,000 | $30,000 | $40,000 | $40,000 | $0 | |
| HR & recruitment | 20%/yr | $3,000 | $5,000 | $5,000 | $7,500 | $7,500 | $10,000 | $10,000 | $15,000 | $15,000 | $20,000 | $20,000 | +$15K/yr | |
| Office supplies & misc. | 5%/yr | $2,000 | $2,500 | $2,500 | $3,000 | $3,000 | $3,750 | $3,750 | $4,500 | $4,500 | $5,000 | $5,000 | $0 | |
| Software subs (non-AI) | 5%/yr | $7,765 | $7,760 | $7,760 | $8,148 | $8,148 | $8,556 | $8,556 | $8,983 | $8,983 | $9,432 | $9,432 | $0 | |
| SR&ED Tax Credit (gated by CP toggle B24) | - | -$15,000 | -$15,000 | -$15,000 | -$15,000 | -$15,000 | -$12,500 | -$12,500 | -$10,000 | -$10,000 | -$7,500 | -$7,500 | $0 | Est. 15-20% of eligible R&D |
| TOTAL OpEx (AI Build) | $1,223,010 | $1,431,875 | $1,431,875 | $1,840,107 | $1,840,107 | $2,250,819 | $2,250,819 | $2,569,581 | $2,569,581 | $2,737,030 | $2,737,030 | |||
| TOTAL OpEx (Traditional — Trad comp from Roadmap, AI tools removed) | $1,708,665 | $1,973,550 | $1,973,550 | $2,256,575 | $2,256,575 | $2,530,812 | $2,530,812 | $2,754,293 | $2,754,293 | $2,875,159 | $2,875,159 | |||
| AI BUILD SEMI-ANNUAL SAVINGS | $485,655 | $541,676 | $541,676 | $416,468 | $416,468 | $279,993 | $279,993 | $184,712 | $184,712 | $138,128 | $138,128 | |||
| CORPORATE STRUCTURE NOTE | ||||||||||||||
| The above OpEx includes costs for operating 3 required corporate entities: | ||||||||||||||
| • 4ORM Holdings Inc. (HoldCo) — IP ownership, parent company overhead | ||||||||||||||
| • 4ORM Exchange Inc. (OpCo) — CIRO dealer, exchange operations, all regulatory costs | ||||||||||||||
| • 4ORM Custody Inc. (CustodyCo) — Digital asset custody, SOC 2, security infrastructure | ||||||||||||||
| • Regulatory/compliance, legal, audit, and insurance line items above cover all 3 entities. | ||||||||||||||
| • CIRO custody framework (Feb 2026) requires custody to be legally separate from exchange. |
| 4ORM FINANCE — 5-YEAR REVENUE MODEL | 5 STREAMS + E-TRANSFER | 4 FIs | SEMI-ANNUAL | |||||||||||||
| Fee pool split model per Master Pro Forma | ALL CALCULATIONS ARE EXCEL FORMULAS | Semi-annual periods | |||||||||||||
| CONTROL PANEL REFERENCES (for transparency) | |||||||||||||
| ATB Financial — Base Data | 43,332 | 29,100 | 37,166 | 20 | |||||||||
| Tokenization Rates | 1% | 1.5% | |||||||||||
| Deposit Turnover | 5 | ||||||||||||
| Annual Growth | 4% | ||||||||||||
| TOKENIZATION PARAMETERS & FEE STRUCTURE | |||||||||||||
| Stream | Fee Rate (CP) | 4ORM Split (CP) | Description | ||||||||||
| Settlement | 0.000150 | 0.30 | 1.5 bps of settlement volume | ||||||||||
| Issuance | 0.005000 | 0.60 | 0.5% of issuance volume | ||||||||||
| Trading | 0.000500 | 1.00 | 5 bps of trading volume | ||||||||||
| Custody | 0.003000 | 0.40 | 30 bps of custody AUA | ||||||||||
| SaaS + APIs | $300,000 | 0.80 | Annual per enterprise client | ||||||||||
| 5-YEAR REVENUE BY FINANCIAL INSTITUTION (SEMI-ANNUAL) | |||||||||||||
| Revenue Source | Onboard | H2 2026 | H1 2027 | H2 2027 | H1 2028 | H2 2028 | H1 2029 | H2 2029 | H1 2030 | H2 2030 | H1 2031 | H2 2031 | 5-Year Total |
| ATB FINANCIAL ($43.3B deposits) | |||||||||||||
| Settlement (1.5 bps, 30%) | H1 2027 | $0 | $24,374 | $49,714 | $101,397 | $103,405 | $158,179 | $161,312 | $219,342 | $223,686 | $285,144 | $290,791 | $1,617,344 |
| Issuance (0.5%, 60%) | H1 2027 | $0 | $327,375 | $667,717 | $1,361,880 | $1,388,851 | $2,124,533 | $2,166,607 | $2,946,019 | $3,004,361 | $3,829,824 | $3,905,670 | $21,722,836 |
| Trading (5 bps, 100%) | H1 2027 | $0 | $21,825 | $44,514 | $90,792 | $92,590 | $141,636 | $144,440 | $196,401 | $200,291 | $255,322 | $260,378 | $1,448,189 |
| Custody (30 bps, 40%) | H1 2027 | $0 | $167,247 | $341,118 | $695,748 | $709,526 | $1,085,366 | $1,106,861 | $1,505,041 | $1,534,847 | $1,956,553 | $1,995,301 | $11,097,607 |
| SaaS + APIs (80%) | H1 2027 | $0 | $1,200,000 | $2,400,000 | $2,400,000 | $2,400,000 | $2,400,000 | $2,400,000 | $2,400,000 | $2,400,000 | $2,400,000 | $2,400,000 | $22,800,000 |
| ATB FINANCIAL SUBTOTAL | H1 2027 | $0 | $1,740,821 | $3,503,063 | $4,649,816 | $4,694,372 | $5,909,714 | $5,979,220 | $7,266,803 | $7,363,185 | $8,726,844 | $8,852,140 | $58,685,977 |
| BOW VALLEY CREDIT UNION (~$2B) | |||||||||||||
| Settlement (1.5 bps, 30%) | H1 2027 | $0 | $1,125 | $2,295 | $4,680 | $4,773 | $7,301 | $7,445 | $10,124 | $10,324 | $13,161 | $13,422 | $74,649 |
| Issuance (0.5%, 60%) | H1 2027 | $0 | $13,500 | $27,535 | $56,160 | $57,272 | $87,610 | $89,345 | $121,485 | $123,891 | $157,931 | $161,059 | $895,787 |
| Trading (5 bps, 100%) | H1 2027 | $0 | $900 | $1,836 | $3,744 | $3,818 | $5,841 | $5,956 | $8,099 | $8,259 | $10,529 | $10,737 | $59,719 |
| Custody (30 bps, 40%) | H1 2027 | $0 | $6,750 | $13,767 | $28,080 | $28,636 | $43,805 | $44,672 | $60,743 | $61,946 | $78,965 | $80,529 | $447,894 |
| SaaS + APIs (80%) | H1 2027 | $0 | $180,000 | $360,000 | $360,000 | $360,000 | $360,000 | $360,000 | $360,000 | $360,000 | $360,000 | $360,000 | $3,420,000 |
| BVCU SUBTOTAL | H1 2027 | $0 | $202,275 | $405,432 | $452,664 | $454,499 | $504,556 | $507,419 | $560,451 | $564,420 | $620,586 | $625,747 | $4,898,049 |
| VANCITY CU ($35.5B AUA) | |||||||||||||
| Settlement (1.5 bps, 30%) | H1 2028 | $0 | $0 | $0 | $28,125 | $57,364 | $87,750 | $89,488 | $121,680 | $124,090 | $158,184 | $161,317 | $827,997 |
| Issuance (0.5%, 60%) | H1 2028 | $0 | $0 | $0 | $405,000 | $826,041 | $1,263,600 | $1,288,624 | $1,752,192 | $1,786,892 | $2,277,850 | $2,322,960 | $11,923,159 |
| Trading (5 bps, 100%) | H1 2028 | $0 | $0 | $0 | $27,000 | $55,069 | $84,240 | $85,908 | $116,813 | $119,126 | $151,857 | $154,864 | $794,877 |
| Custody (30 bps, 40%) | H1 2028 | $0 | $0 | $0 | $270,000 | $550,694 | $842,400 | $859,083 | $1,168,128 | $1,191,261 | $1,518,566 | $1,548,640 | $7,948,773 |
| SaaS + APIs (80%) | H1 2028 | $0 | $0 | $0 | $720,000 | $1,440,000 | $1,440,000 | $1,440,000 | $1,440,000 | $1,440,000 | $1,440,000 | $1,440,000 | $10,800,000 |
| VANCITY CU SUBTOTAL | H1 2028 | $0 | $0 | $0 | $1,450,125 | $2,929,169 | $3,717,990 | $3,763,103 | $4,598,813 | $4,661,370 | $5,546,457 | $5,627,781 | $32,294,806 |
| SERVUS CREDIT UNION ($29.3B assets) | |||||||||||||
| Settlement (1.5 bps, 30%) | H1 2028 | $0 | $0 | $0 | $22,500 | $45,891 | $70,200 | $71,590 | $97,344 | $99,272 | $126,547 | $129,053 | $662,398 |
| Issuance (0.5%, 60%) | H1 2028 | $0 | $0 | $0 | $337,500 | $688,368 | $1,053,000 | $1,073,854 | $1,460,160 | $1,489,077 | $1,898,208 | $1,935,800 | $9,935,966 |
| Trading (5 bps, 100%) | H1 2028 | $0 | $0 | $0 | $22,500 | $45,891 | $70,200 | $71,590 | $97,344 | $99,272 | $126,547 | $129,053 | $662,398 |
| Custody (30 bps, 40%) | H1 2028 | $0 | $0 | $0 | $180,000 | $367,129 | $561,600 | $572,722 | $778,752 | $794,174 | $1,012,378 | $1,032,427 | $5,299,182 |
| SaaS + APIs (80%) | H1 2028 | $0 | $0 | $0 | $600,000 | $1,200,000 | $1,200,000 | $1,200,000 | $1,200,000 | $1,200,000 | $1,200,000 | $1,200,000 | $9,000,000 |
| SERVUS SUBTOTAL | H1 2028 | $0 | $0 | $0 | $1,162,500 | $2,347,279 | $2,955,000 | $2,989,756 | $3,633,600 | $3,681,795 | $4,363,680 | $4,426,333 | $25,559,943 |
| E-TRANSFER VERTICAL (Interac $554B+/yr) | |||||||||||||
| E-Transfer Settlement (0.15%) | 2028+ | $0 | $0 | $0 | $23,438 | $23,438 | $49,875 | $49,875 | $107,250 | $107,250 | $173,250 | $173,250 | $707,625 |
| ATOMIC SETTLEMENT — BANK SAVINGS SHARE (gainshare on verified savings) | |||||||||||||
| ATB Financial — savings share | H1 2027 | $0 | $64,096 | $130,731 | $133,320 | $135,960 | $138,653 | $141,399 | $144,199 | $147,055 | $149,967 | $152,937 | $1,338,315 |
| Bow Valley CU — savings share | H1 2027 | $0 | $1,520 | $3,100 | $3,162 | $3,224 | $3,288 | $3,353 | $3,420 | $3,487 | $3,556 | $3,627 | $31,737 |
| Vancity CU — savings share | H1 2028 | $0 | $0 | $0 | $41,218 | $84,068 | $85,733 | $87,431 | $89,163 | $90,928 | $92,729 | $94,566 | $665,837 |
| Servus CU — savings share | H1 2028 | $0 | $0 | $0 | $42,669 | $87,029 | $88,752 | $90,510 | $92,302 | $94,130 | $95,994 | $97,895 | $689,281 |
| SAVINGS SHARE SUBTOTAL | $0 | $65,616 | $133,831 | $220,369 | $310,281 | $316,426 | $322,693 | $329,083 | $335,600 | $342,247 | $349,024 | $2,725,171 | |
| Conservative per-FI savings from the 186-institution model; 4orm captures the Control Panel B139 share. TAM $20.3M/yr savings across all 186 FIs. | |||||||||||||
| TOTAL REVENUE (All FIs + E-Transfer) | $0 | $2,008,712 | $4,042,327 | $7,958,912 | $10,759,038 | $13,453,561 | $13,612,065 | $16,496,000 | $16,713,620 | $19,773,063 | $20,054,275 | $124,871,570 | |
| REVENUE BREAKDOWN BY STREAM (ALL FIs) | |||||||||||||
| Stream | H2 2026 | H1 2027 | H2 2027 | H1 2028 | H2 2028 | H1 2029 | H2 2029 | H1 2030 | H2 2030 | H1 2031 | H2 2031 | 5-Year Total | |
| Settlement Fees (1.5 bps) | $0 | $25,499 | $52,008 | $156,702 | $211,433 | $323,430 | $329,835 | $448,490 | $457,371 | $583,036 | $594,583 | $3,182,387 | |
| Issuance Fees (0.5%) | $0 | $340,875 | $695,251 | $2,160,540 | $2,960,532 | $4,528,742 | $4,618,429 | $6,279,856 | $6,404,222 | $8,163,813 | $8,325,488 | $44,477,749 | |
| Trading Fees (5 bps) | $0 | $22,725 | $46,350 | $144,036 | $197,369 | $301,916 | $307,895 | $418,657 | $426,948 | $544,254 | $555,033 | $2,965,183 | |
| Custody Fees (30 bps) | $0 | $173,997 | $354,886 | $1,173,828 | $1,655,986 | $2,533,171 | $2,583,338 | $3,512,664 | $3,582,228 | $4,566,463 | $4,656,897 | $24,793,456 | |
| SaaS + APIs | $0 | $1,380,000 | $2,760,000 | $4,080,000 | $5,400,000 | $5,400,000 | $5,400,000 | $5,400,000 | $5,400,000 | $5,400,000 | $5,400,000 | $46,020,000 | |
| E-Transfer | $0 | $0 | $0 | $23,438 | $23,438 | $49,875 | $49,875 | $107,250 | $107,250 | $173,250 | $173,250 | $707,625 | |
| Atomic Settlement Savings Share | $0 | $65,616 | $133,831 | $220,369 | $310,281 | $316,426 | $322,693 | $329,083 | $335,600 | $342,247 | $349,024 | $2,725,171 | |
| TOTAL | $0 | $2,008,712 | $4,042,327 | $7,958,912 | $10,759,038 | $13,453,561 | $13,612,065 | $16,496,000 | $16,713,620 | $19,773,063 | $20,054,275 | $124,871,570 |
| 4ORM FINANCE — 5-YEAR P&L | AI BUILD | 5 STREAMS + 4 FIs + E-TRANSFER | SEMI-ANNUAL | |||||||||||||
| All revenue formulas reference Revenue Model sheet. Expenses reference DevEx and OpEx sheets. | Semi-annual periods. | |||||||||||||
| Line Item | H2 2026 | H1 2027 | H2 2027 | H1 2028 | H2 2028 | H1 2029 | H2 2029 | H1 2030 | H2 2030 | H1 2031 | H2 2031 | 5-Year Total | Notes |
| REVENUE | |||||||||||||
| Settlement Fees (1.5 bps, 4ORM 30%) | $0 | $25,499 | $52,008 | $156,702 | $211,433 | $323,430 | $329,835 | $448,490 | $457,371 | $583,036 | $594,583 | $3,182,387 | |
| Issuance Fees (0.5%, 4ORM 60%) | $0 | $340,875 | $695,251 | $2,160,540 | $2,960,532 | $4,528,742 | $4,618,429 | $6,279,856 | $6,404,222 | $8,163,813 | $8,325,488 | $44,477,749 | |
| Trading Fees (5 bps, 4ORM 100%) | $0 | $22,725 | $46,350 | $144,036 | $197,369 | $301,916 | $307,895 | $418,657 | $426,948 | $544,254 | $555,033 | $2,965,183 | |
| Custody Fees (30 bps, 4ORM 40%) | $0 | $173,997 | $354,886 | $1,173,828 | $1,655,986 | $2,533,171 | $2,583,338 | $3,512,664 | $3,582,228 | $4,566,463 | $4,656,897 | $24,793,456 | |
| SaaS + APIs ($25K/mo, 4ORM 80%) | $0 | $1,380,000 | $2,760,000 | $4,080,000 | $5,400,000 | $5,400,000 | $5,400,000 | $5,400,000 | $5,400,000 | $5,400,000 | $5,400,000 | $46,020,000 | |
| E-Transfer Settlement (0.15%) | $0 | $0 | $0 | $23,438 | $23,438 | $49,875 | $49,875 | $107,250 | $107,250 | $173,250 | $173,250 | $707,625 | |
| Atomic Settlement Savings Share (gainshare) | $0 | $65,616 | $133,831 | $220,369 | $310,281 | $316,426 | $322,693 | $329,083 | $335,600 | $342,247 | $349,024 | $2,725,171 | New: value-based pricing on verified settlement savings |
| TOTAL REVENUE | $0 | $2,008,712 | $4,042,327 | $7,958,912 | $10,759,038 | $13,453,561 | $13,612,065 | $16,496,000 | $16,713,620 | $19,773,063 | $20,054,275 | $124,871,570 | |
| NON-DILUTIVE CAPITAL / GRANTS | |||||||||||||
| Total Grant Income (Toggled Programs) | $0 | $140,000 | $220,000 | $325,000 | $455,000 | $335,000 | $340,000 | $195,000 | $70,000 | $75,000 | $75,000 | $2,230,000 | |
| TOTAL REVENUE + GRANTS | $0 | $2,148,712 | $4,262,327 | $8,283,912 | $11,214,038 | $13,788,561 | $13,952,065 | $16,691,000 | $16,783,620 | $19,848,063 | $20,129,275 | $127,101,570 | |
| DEVELOPMENT EXPENSES (DevEx) | |||||||||||||
| TOTAL DevEx (scenario per CP B20) | $899,164 | $304,070 | $304,070 | $145,000 | $145,000 | $117,500 | $117,500 | $82,500 | $82,500 | $52,500 | $52,500 | $2,302,304 | |
| OPERATING EXPENSES (OpEx) | |||||||||||||
| TOTAL OpEx (scenario per CP B20) | $1,223,010 | $1,431,875 | $1,431,875 | $1,840,107 | $1,840,107 | $2,250,819 | $2,250,819 | $2,569,581 | $2,569,581 | $2,737,030 | $2,737,030 | $22,881,834 | |
| TOTAL ALL EXPENSES | $2,122,174 | $1,735,945 | $1,735,945 | $1,985,107 | $1,985,107 | $2,368,319 | $2,368,319 | $2,652,081 | $2,652,081 | $2,789,530 | $2,789,530 | $25,184,138 | |
| NET PROFIT (LOSS) | -$2,122,174 | $412,767 | $2,526,382 | $6,298,805 | $9,228,930 | $11,420,242 | $11,583,746 | $14,038,918 | $14,131,539 | $17,058,533 | $17,339,745 | $101,917,432 | |
| Net Margin % | 0% | 19.21% | 59.27% | 76.04% | 82.3% | 82.82% | 83.03% | 84.11% | 84.2% | 85.95% | 86.14% | 80.19% | |
| Cumulative Net Income (Loss) | -$2,122,174 | -$1,709,407 | $816,975 | $7,115,780 | $16,344,710 | $27,764,952 | $39,348,698 | $53,387,616 | $67,519,155 | $84,577,688 | $101,917,432 | $101,917,432 |
| 4ORM FINANCE — ONDO FINANCE BENCHMARK COMPARISON | ||||||
| Ondo (~50-100 employees, $3.6B TVL) vs 4ORM at multi-FI trajectory | Sources: Tracxn, DefiLlama, PitchBook | ||||||
| Metric | Ondo Finance | 4ORM Year 1 | 4ORM Year 3 | 4ORM Year 5 | Ratio | Notes |
| Total Employees | 50-100 | 12 (AI) / 18 (Trad) | 22 (AI) / 28 (Trad) | 26 (AI) / 33 (Trad) | ~3x | AI build = 35% fewer eng roles |
| Engineering Team | 25-40 | 5 | 9 | 11 | ~3x | 4ORM AI-augmented dev |
| TVL / AUM | $3.6B | $433M | $800M+ | $1.5B+ | ~2.5x | 1% tokenization across 4 FIs |
| Annual Revenue | $5-10M est. | $12,001,238 | $30,108,064 | $144,925,845 | ~0.5-1x | 4ORM: 5 streams + E-Transfer |
| Annual OpEx (AI Build) | $8-15M est. | $2,863,750 | $4,501,638 | $5,474,060 | ~2-3x | Canadian costs lower than SF/NYC |
| Funding Raised | $24M | $3M pre-seed (unit offering) | $10-15M Series A | $20-30M | ~1x at scale | |
| Revenue Model | Spread + 15-20bps | 5 streams + SaaS | Full stack + E-xfer | Full stack + E-xfer | - | Diversified: 5 fee pools + SaaS |
| Gross Margin | ~60-70% | 60-65% blended | 65-70% | 70-79% | ~1x | 79% gross on core platform fees |
| Build Approach | Traditional (100 ppl) | AI + SPEER hybrid | AI + scaling | AI mature | - | 35% headcount savings |
| SOURCES & VALIDATION | |||||
| ATB FINANCIAL FY2025 — ANNUAL REPORT SOURCES | |||||
| Data Point | Value | Source | Reference | Date | Notes |
| ATB Total Deposits | $43,332M | ATB Annual Report FY2025 | p.20 Financial Position table | FY2025 (March 31, 2025) | Up 6.8% YoY from $40,583M |
| ATB Net Loans | $54,317M | ATB Annual Report FY2025 | p.20 Financial Position table | FY2025 | Up 6.0% YoY |
| ATB Total Assets | $64,188M | ATB Annual Report FY2025 | p.20 Financial Position table | FY2025 | Up 6.3% YoY |
| ATB Wealth AUA | $37,166M | ATB Annual Report FY2025 | p.20 Other information | FY2025 | Up 30.2% YoY (incl BCV acquisition) |
| ATB Total Revenue | $2,187M | ATB Annual Report FY2025 | p.19 Operating results | FY2025 | Record, up 8.0% ($162M increase) |
| ATB Net Income | $347.6M | ATB Annual Report FY2025 | p.19 Operating results | FY2025 | Up from $336.8M |
| ATB Total Clients | 835,261 | ATB Annual Report FY2025 | p.20 Other information | FY2025 | Up from 814,140 |
| ATB Team Members | 5,251 FTE | ATB Annual Report FY2025 | p.20 Other information | FY2025 | Stable from 5,238 |
| ATB New/Renewed Lending | $29.1B | ATB Annual Report FY2025 | p.11 Business Highlights | FY2025 | Invested in Alberta growth |
| ATB Mortgage Origination | $4.4B | ATB Annual Report FY2025 | p.8 CEO Message | FY2025 | Up 42.0% YoY |
| ATB Dividends Paid | $100M | ATB Annual Report FY2025 | p.20 Other information | FY2025 | First-ever dividend to Province of Alberta |
| ATB Tier 1 Capital Ratio | 12.2% | ATB Annual Report FY2025 | p.20 Key performance measures | FY2025 | Down from 13.0% (post-dividend) |
| ATOMIC SETTLEMENT SAVINGS — SOURCES | |||||
| Per-FI conservative savings | ATB $1.03M / Servus $683K / Vancity $659K / BVCU $24K per yr | 4orm Per-Institution Conservative Savings workbook | 186 institutions, 7 categories | June 2026 | Assumptions deflated below demo v2 cost model; all parameters sourced |
| Savings TAM | $20,330,371/yr | Same workbook — By Tier sheet | T1 $16.1M + T2 $2.9M + T3 $1.3M | June 2026 | 186 Canadian banks, CUs, trusts |
| Capture rate (25%) | 20-30% typical | Gainshare / value-based pricing benchmarks | Editable CP B139 | 2026 | Conservative midpoint of verified-savings contracts |
| Atomic settlement precedent | $3T+ cumulative, $5-7B/day | JPM Kinexys | www.4ormedc.com/how-it-works.html | Mid-2026 | Proves tokenized settlement rail at institutional scale |
| BoC Project Samara | C$100M tokenized bond, instant settlement | Bank of Canada / EDC / RBC / TD | bankofcanada.ca (Mar 2026) | Mar 2026 | Canadian validation of DvP on dual ledger |
| Methodology anchors | ACSS 1.2-day float; FINTRAC 1.2% alert rate; SWIFT MT103 $0.15; CDS/DTCC 2.4% fail rate | Savings workbook Methodology sheet | Payments Canada / FINTRAC / SWIFT / CDS | June 2026 | Each assumption shows conservatism vs v2 model |
| 4ORM FINANCE — FORMULA REFERENCE GUIDE | |||
| Complete reference for every formula pattern used in this model | All values in CAD | |||
| REVENUE FORMULAS (Revenue Model Sheet) | |||
| Stream / Item | Formula Pattern (English) | Example Cell Reference | Notes |
| Settlement Fees | FI Toggle × Stream Toggle × Deposits ($M) × 1,000,000 × Turnover (5x) × Token Rate (1%) × Fee Rate (1.5 bps) × Split (30%) × Ramp × Growth^(periods/2) × 0.5 | cp!$b$14 × CP!$B$6 × CP!B49 × 1000000 × CP!$B$29 × CP!$B$27 × CP!$B$41 × CP!$C$41 × CP!B$56 × (1+CP!$B$30)^MAX(0,(p-start)/2) × 0.5 | Deposit-based. 5x turnover converts deposits to settlement volume. Semi-annual (×0.5). |
| Issuance Fees | FI Toggle × Stream Toggle × Lending ($M) × 1,000,000 × Token Rate (1.5%) × Fee Rate (0.5%) × Split (60%) × Ramp × Growth^(periods/2) × 0.5 | cp!$b$14 × CP!$B$7 × CP!C49 × 1000000 × CP!$B$28 × CP!$B$42 × CP!$C$42 × ramp × growth × 0.5 | Lending-based. 1.5% of lending tokenized, 0.5% issuance fee. |
| Trading Fees | FI Toggle × Stream Toggle × Lending ($M) × 1,000,000 × Token Rate (1.5%) × Trading Vol % (40%) × Fee Rate (5 bps) × Split (100%) × Ramp × Growth × 0.5 | cp!$b$14 × CP!$B$8 × CP!C49 × 1M × CP!$B$28 × CP!$B$62 × CP!$B$43 × CP!$C$43 × ramp × growth × 0.5 | 40% of issuance volume trades on secondary market. 4ORM keeps 100%. |
| Custody Fees | FI Toggle × Stream Toggle × AUA ($M) × 1,000,000 × Token Rate (1.5%) × Fee Rate (30 bps) × Split (40%) × Ramp × Growth × 0.5 | cp!$b$14 × CP!$B$9 × CP!D49 × 1M × CP!$B$28 × CP!$B$44 × CP!$C$44 × ramp × growth × 0.5 | AUA-based. 1.5% of AUA tokenized, 30 bps annual custody fee. |
| SaaS + APIs | FI Toggle × Stream Toggle × Enterprise Clients × Annual SaaS Rate × Split (80%) × Ramp × 0.5 | cp!$b$14 × CP!$B$10 × CP!E49 × CP!$B$45 × CP!$C$45 × ramp × 0.5 | No growth factor. Flat rate per enterprise client. Annual rate halved for semi-annual. |
| E-Transfer | Toggle × TAM ($B) × 1,000,000,000 × Market Share × Fee Rate (0.15%) × 0.5 | cp!$b$11 × CP!B(tam_row) × 1e9 × CP!C(tam_row) × CP!$B$63 × 0.5 | Market-level calculation. TAM and market share vary by period. |
| Growth Factor | (1 + Annual Growth Rate) ^ MAX(0, (period_index - start_period) / 2) | (1+cp!$b$30)^MAX(0,(3-1)/2) = (1.04)^1 = 1.04 for period 3 starting period 1 | Compounding is annual, applied to half-year periods. Division by 2 ensures annual rate. |
| P&L FORMULAS (5-Year P&L Summary Sheet) | |||
| Line Item | Formula Pattern | Reference | Notes |
| Revenue Lines | Each stream pulls from Revenue Model stream breakdown section (ALL FIs summed) | 'revenue model'!{col}{row} — green font = cross-sheet reference | P&L col B = Revenue Model col C (offset +1 in columns) |
| Total Revenue | Sum of all 6 revenue stream rows | B6+B7+B8+B9+B10+B11 | Settlement + Issuance + Trading + Custody + SaaS + E-Transfer |
| Total DevEx | References DevEx sheet total row directly | 'devex — build costs'!{col}{row} | P&L col B → DevEx col C (offset +1). Green font. |
| Total OpEx | References OpEx sheet total row directly | 'opex — ongoing'!{col}{row} | P&L col B → OpEx col C (offset +1). Green font. |
| Total All Expenses | Total DevEx + Total OpEx | B(devex_row)+B(opex_row) | Red font indicates expense total. |
| Net Profit (Loss) | Total Revenue - Total All Expenses | B(rev_row)-B(exp_row) | Double border. Bold 11pt. |
| Net Margin % | IF(Revenue=0, 0, Net Profit / Revenue) | IF(B12=0,0,B22/B12) | Shows profitability per period. |
| Cumulative Net Income | Running total: first period = Net Profit, subsequent = previous cumulative + current Net Profit | B(prev_row)+c(net_row) | Shows when the business reaches breakeven. |
| KEY CONTROL PANEL REFERENCES | |||
| Parameter | Cell Reference | Default Value | Description |
| Stream Toggles | B6:B11 | 1 (all ON) | Enable/disable individual revenue streams |
| FI Toggles | B14:B17 | 1 (all ON) | Enable/disable individual financial institutions |
| Deposit Tokenization | B27 | 1.0% | Percentage of FI deposits tokenized |
| Issuance/Custody Token | B28 | 1.5% | Percentage of lending/AUA tokenized |
| Turnover Multiplier | B29 | 5x | Annual deposit turnover for settlement volume |
| Annual Growth | B30 | 4.0% | Conservative YoY growth rate |
| Fee Rates | B41:B45 | Varies | Fee rate per stream |
| Fee Splits | C41:C45 | 30-100% | 4ORM revenue share per stream |
| FI Data | B49:F52 | Varies | Deposits, lending, AUA, clients, start period |
| Ramp Schedule | B56:L59 | 0-1.0 | 11-period onboarding ramp (0=off, 0.5=ramp, 1=full) |
| SEMI-ANNUAL CONVERSION NOTES | |||
| All annual volumes are divided by 2 (×0.5) for each semi-annual period. | |||
| Growth is applied per year elapsed: (1+g)^(periods_elapsed/2). Period 0 = H2 2026, Period 1 = H1 2027, etc. | |||
| FI Start Period: ATB=1 (H1 2027), BVCU=1 (H1 2027), Servus=3 (H1 2028), Vancity=3 (H1 2028). Ramp at 50% first half, 100% thereafter. | |||
| SaaS revenue has NO growth factor — it's a flat rate per enterprise client, scaled by ramp only. | |||
| E-Transfer uses market-level TAM × market share × fee, NOT per-FI. TAM and share are set per period on Control Panel. | |||
| M2-ADJUSTED GROWTH RATES | |||
| Parameter | Formula Pattern | Example | Notes |
| Per-FI Growth Rate | IF(Use_Custom=1, Custom_Rate, Global_Rate) | IF(CP!$D$90=1, CP!$C$90, CP!$B$30) | Each FI can override the global 4% growth with its own M2-correlated rate |
| Effective M2 Rate | M2 Growth Rate × FI Correlation Factor | 5.7% × 0.75 = 4.275% (ATB Base Case) | M2 scenarios: Bear 2%, Base 5.7%, Bull 9.85%. ATB corr ~0.75 |
| Growth in Revenue | Revenue formula growth factor becomes: (1 + per_FI_growth)^(periods/2) | If ATB custom=6.8%: (1.068)^1 = 1.068 vs default (1.04)^1 = 1.04 | ~70% more growth with M2-adjusted rate. Toggle "Use Custom" to switch. |
| TOKENIZATION PENETRATION RAMP | |||
| Parameter | Formula Pattern | Example | Notes |
| Deposit Token Rate | IF(Use_Ramp=1, per_period_deposit_%, flat_1%) | IF(CP!$B$100=1, CP!B$98, CP!$B$27) | Default ramp: 1% (2027) → 2% (2028) → 3% (2029) → 4% (2030) → 5% (2031). Set toggle=0 for flat 1%. |
| Issuance/Custody Token Rate | IF(Use_Ramp=1, per_period_issuance_%, flat_1.5%) | IF(CP!$B$100=1, CP!B$99, CP!$B$28) | Default ramp: 1.5% (2027) → 3% (2028) → 4.5% (2029) → 6% (2030) → 7.5% (2031). Tracks 1.5x deposit rate. |
| Settlement Formula (Updated) | FI_Toggle × Stream_Toggle × Deposits$M × 1M × Turnover × IF(Ramp, period_dep_%, flat_1%) × Fee × Split × Ramp × Growth × 0.5 | Deposit token rate now scales per period instead of fixed 1% | With ramp ON: 5% tokenization in 2031 = 5x the Year 1 volume on same deposit base |
| Impact on Revenue | Ramp ON dramatically increases Year 3-5 revenue as tokenization penetration scales from 1% to 5% | Year 5 at 5% deposit token = 5x settlement volume vs flat 1%. Issuance/custody at 7.5% = 5x custody/issuance. | Consistent with McKinsey 75% CAGR forecast and JPM Kinexys 10x YoY growth trajectory. |
| NON-DILUTIVE CAPITAL / GRANTS FORMULAS | |||
| Item | Formula Pattern | Cell Reference | Description |
| Grant Toggle | IF(B{toggle_row}=1,"ON","OFF") | Control Panel C114+ | Each grant has ON/OFF toggle (1/0) in column B |
| Grant Period Amount | Editable input (yellow) | Control Panel C-M rows 126-133 | User-editable funding amount per semi-annual period |
| Grant Total (per period) | SUM of (amount × toggle) for all grants | Control Panel C-M row 134 | Sums only toggled-ON grant amounts for each period |
| P&L Grant Income | 'Control Panel'!{col}134 | P&L row 14 | Pulls total toggled grant income from Control Panel |
| P&L Total Rev + Grants | Revenue + Grant Income | P&L row 15 | Total Revenue (row 12) + Grant Income (row 14) |
| P&L Net Profit | (Revenue + Grants) - Expenses | P&L row 25 | Now includes non-dilutive capital in net calculation |
| Summary Grant Rows | Toggle × Period Amount (per grant) | Summary rows 67-74 | Each grant shown separately with toggle-aware formula |
| Key Metrics update | Net Income now includes grants | Summary B6, B7, B8, B10 | 5-Year figures now reflect grant income in totals |
| V8 — SAVINGS SHARE STREAM & TOGGLE WIRING | |||
| Savings Share revenue | FI Toggle x Stream Toggle (CP B138) x Annual Savings (CP B140-143) x Capture % (CP B139) x Ramp x Growth x 0.5 | Revenue Model rows 51-54 | Same ramp/growth pattern as other streams; semi-annual x0.5 |
| Savings subtotal | Sum of 4 FI savings-share rows | Revenue Model row 55 | Flows into TOTAL REVENUE row 58 and breakdown row 68 |
| P&L stream line | Pulls Revenue Model row 68 | P&L row 12 | TOTAL REVENUE (row 13) includes it |
| Scenario switch (P&L) | IF(CP B20=1, AI total, Traditional total) | P&L rows 19 & 22 | Master AI/Traditional toggle drives the P&L |
| SPEER gating | Constant x CP toggle (B22 / B23) | DevEx rows 6-10 | HST = 13% of toggled phases |
| SR&ED gating | Credit x CP B24 | OpEx row 37 | Negative expense only when ON |
| Team comp link | Links to Team Roadmap row 38 x (1+CP B36)^years | OpEx row 6 / Roadmap row 38 | Escalation now applied; stale hardcodes removed |
Prepared for approved data room members. Forward-looking estimates subject to material change; this page renders the workbook for convenience and the XLSX is the authoritative version. Not an offering document.