The Social Graph represents the connections between people and their friends and interests. Recent innovations in software development along with advances in large-scale database and computing infrastructure have enabled web experiences that are more personalized to each users interests and created new ways of real-time sharing and communicating. Hacking is also an inherently hands-on and active discipline. However, this market has substantial legal and regulatory complexities that have prevented our entry into China to date. Build Social Value Once again, Facebook exists to make the world more open and connected, and not just to build a company.
. However, defending these claims is costly and can impose a significant burden on management and employees, and we may receive unfavorable preliminary or interim rulings in the course of litigation, which could adversely affect the market price of our Class A common stock. Facebook Credits now comprises 10% of the company's total revenue, up from 5% in early 2010, Pyykkonen estimates. We have two classes of authorized common stock, Class A common stock and Class B common stock. Through Facebooks privacy and sharing settings, our users can control what they share and with whom they share it. Additionally, the actions of our Platform developers may affect our brand if users do not have a positive experience using third-party apps and websites integrated with Facebook. Therefore the selection of the time frame in which cash flows can be predicted will vary between firms and industries as it is highly dependent on context.
Additionally, we have a limited operating history with the current scale of our business, which makes it difficult to forecast our future results. Payment transactions on the Facebook Platform may subject us to additional regulatory requirements and other risks that could be costly and difficult to comply with or that could harm our business. The loss of advertisers, or reduction in spending by advertisers with Facebook, could seriously harm our business. Until , 2012 25 days after the commencement of our initial public offering , all dealers that buy, sell, or trade shares of our Class A common stock, whether or not participating in our initial public offering, may be required to deliver a prospectus. The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8 a of the Securities Act of 1933 or until the Registration Statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section 8 a , may determine. Many of our advertisers spend only a relatively small portion of their overall advertising budget with us.
As part of our business strategy, we have made and intend to make acquisitions to add specialized employees, complementary companies, products, or technologies. We also intend to register shares of common stock that we have issued and may 28 issue under our employee equity incentive plans. For example, access to Facebook has been or is currently restricted in whole or in part in China, Iran, North Korea, and Syria. In addition, governments in other countries may seek to restrict access to Facebook if they consider us to be in violation of their laws. Why the Facebook Stock will see a 112% gain by 2020. For more narrowly targeted campaigns, for example, females between the ages of 25 and 34, Facebook was able to reach the desired audience with 90% accuracy compared to an industry average of 35%, according to this third-party study. Our actual results could differ materially from those discussed in the forward-looking statements.
To provide the most compelling user experience, we continue to develop products and technologies focused on optimizing our social distribution channels to deliver the most useful content to each user by analyzing and organizing vast amounts of information in real time. This methodology lays emphasis on the equity securities of the business or company being valued. On the date of this prospectus, any remaining shares available for issuance under our 2005 Stock Plan will be added to the shares to be reserved under our 2012 Equity Incentive Plan and we will cease granting awards under the 2005 Stock Plan. The expected free cash flows are determined by adjusting the projected net income for each year i as outlined in equation 2. Bankers on the deal include Morgan Stanley, J. We anticipate that our active user growth rate will decline over time as the size of our active user base increases, and as we achieve higher market penetration rates. Weve always cared primarily about our social mission, the services were building and the people who use them.
Holders of our Class A common stock and Class B common stock will generally vote together as a single class, unless otherwise required by law. See Description of Capital Stock. Each persons experience on Facebook is unique and completely personalizedakin to reading a real-time newspaper of stories compiled just for them that they can carry with them wherever they go. For information regarding these and other provisions, see Description of Capital StockAnti-Takeover Provisions. Following the closing of our initial public offering, our status as a Delaware corporation and the anti-takeover provisions of the Delaware General Corporation Law may discourage, delay, or prevent a change in control by prohibiting us from engaging in a business combination with an interested stockholder for a period of three years after the person becomes an interested stockholder, even if a change of control would be beneficial to our existing stockholders. Through Facebooks privacy and sharing settings, our users can control what they share and with whom they share it.
Our website address is www. Our marketing and sales expenses consist primarily of salaries, benefits, and share-based compensation for our employees engaged in sales, sales support, marketing, business development, and customer service functions. Another factor was the economic and competitive setting, taking into account the industry in which Facebook operates and independent third-party valuations completed at the end of every financial quarter Securities Exchange Commission, 2012. They changed the way society was organized. When using the comparable transactions method, the primary valuation parameter of the transaction must be determined Vault, n. If Facebook is unavailable when users attempt to access it, or if it does not load as quickly as they expect, users may not return to our website as often in the future, or at all. These excess tax benefits would be recorded in our statements of cash flows as cash provided by financing activities.
Improving our mobile products and increasing mobile usage of Facebook are key company priorities that we believe are critical to help us maintain and grow our user base and engagement over the long term. In the event that we elect to satisfy our withholding and remittance obligations in whole or in part by drawing on our credit facility, our interest expense and principal repayment requirements could increase significantly, which could have an adverse effect on our financial results. By having new aircrafts, Mr. Rowe Price, Andreessen Horowitz, Sean Parker, and Dustin Moskovitz. As a result, we may also be required to develop alternative non-infringing technology or practices or discontinue the practices. The total value of these funds is added up to determine the value of E and the total amount of debt is summed and used as the value for D. We encourage everyone to make bold decisions, even if that means being wrong some of the time.