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@Hoc is a software company with the stated desire of being a technology driven firm, however their financial statements do not include an allowance for research and development (R&D). To create an estimate of @Hoc's R&D expense for each forecast year, a list of every Israeli software-only firm with offices in the U.S. was compiled. The companies' R&D costs as a percent of revenues were taken for each Israeli company and then were divided into categories based on the number of employees. (See Table "Israeli R&D") These employee categories are approximate estimates of @Hoc's own estimated employee headcount for the projected years. The findings ...