ADJUSTED TRIAL BALANCE

Total Debits equal Total Credits. The trial balance is in balance.

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DERIVATION OF NET INCOME (from Trial Balance)

Cross-reference: Net income of $15,750K matches the Income Statement, Stockholders' Equity Statement, and Cash Flow Statement.

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DERIVATION OF ENDING RETAINED EARNINGS (from Trial Balance)

Cross-reference: Ending accumulated deficit of ($16,496K) + Common Stock $8K + APIC $69,200K = Total Stockholders' Equity of $52,712K (see Balance Sheet).

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BALANCE SHEET EQUATION CHECK (Post-Closing)

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FOOTNOTES

[1] Retained Earnings (Accumulated Deficit): This adjusted trial balance is presented in pre-closing format. The accumulated deficit of ($32,246K) is the FY2023 ending / FY2024 beginning balance. Revenue, expense, and tax accounts carry their full FY2024 activity and have not been closed. Upon closing, these temporary accounts will be netted and transferred to retained earnings, producing an ending accumulated deficit of ($16,496K). The accumulated deficit reflects cumulative net losses incurred during IMT's pre-profitability growth phase (2012--2021) offset by net income generated in FY2022--FY2024 as the company achieved operating scale.

[2] Research and Development: R&D expense of $42,840K is presented net of $8,400K in capitalized internal-use software development costs under ASC 350-40. Gross R&D spending was $51,240K. Capitalized costs are amortized over a 3-year useful life beginning at the point of general availability. Stock-based compensation of $1,400K allocated to R&D is included in this line item. See Structured Data Map, A-015.

[3] Income Tax Provision: IMT is a Delaware C-Corporation subject to federal and state income taxes. The provision of $5,250K represents an effective tax rate of 25.0% on pre-tax income of $21,000K. The provision comprises current tax expense of $4,650K and deferred tax expense of $600K. Deferred taxes arise primarily from timing differences related to capitalized software amortization, deferred commissions, and stock-based compensation. See Structured Data Map, A-040.

[4] Stock-Based Compensation: Total SBC expense of $3,100K is allocated across cost of revenue ($200K), R&D ($1,400K), S&M ($500K), and G&A ($1,000K). SBC is a non-cash operating expense recognized under ASC 718 and is included in the respective functional expense line items on this trial balance. The offsetting credit increases Additional Paid-In Capital. See Structured Data Map, A-092.

[5] Operating Leases: IMT accounts for its Austin headquarters lease and co-working space agreements under ASC 842. Right-of-use assets of $14,200K and total lease liabilities of $15,600K ($3,800K current + $11,800K non-current) are recognized on the balance sheet. The net difference reflects the timing of lease payments relative to straight-line expense recognition. See Structured Data Map, A-068 and A-078/A-083.

[6] Deferred Revenue: Total deferred revenue of $61,200K ($47,000K current + $14,200K non-current) represents subscription and services fees collected or invoiced in advance of revenue recognition under ASC 606. Current deferred revenue represents amounts expected to be recognized within 12 months; non-current represents multi-year contract prepayments. Deferred revenue is IMT's largest liability and reflects the strength of its annual and multi-year contract model. See Structured Data Map, A-077 and A-082.

[7] Deferred Commissions: Total deferred commissions of $15,200K ($6,800K current + $8,400K non-current) represent incremental costs of obtaining contracts (primarily sales commissions) capitalized under ASC 340-40. These costs are amortized over the expected period of benefit (estimated at 4 years based on customer lifetime analysis). FY2024 amortization of deferred commissions was $7,200K; new commissions capitalized were $9,400K. See Structured Data Map, A-053 and A-070.

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