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This is a business plan. It does not imply an offering of securities.
Table of Contents
1.0 Executive Summary.............................................................................................................................1
Chart: Highlights ......................................................................................................................1
1.1 Objectives ...................................................................................................................................1
1.2 Mission........................................................................................................................................2
1.3 Keys to Success ........................................................................................................................2
2.0 Company Summary.............................................................................................................................2
2.1 Company Ownership .................................................................................................................2
2.2 Start-up Summary ......................................................................................................................2
Table: Start-up .........................................................................................................................4
Table: Start-up Funding ..........................................................................................................5
2.2.1 Start-up Current & Long-term Asset Listing ...............................................................5
2.3 Location: Proposed ...................................................................................................................6
3.0 Products ...............................................................................................................................................7
4.0 Market Analysis Summary..................................................................................................................8
4.1 Market Segmentation ................................................................................................................8
4.2 Industry Analysis .........................................................................................................................8
4.2.1 Competition and Buying Patterns................................................................................8
5.0 Strategy and Imlpementation Summary ............................................................................................9
5.1 Marketing Strategy.....................................................................................................................9
5.2 Sales Strategy............................................................................................................................9
5.2.1 Sales Forecast ..............................................................................................................9
Table: Sales Forecast.................................................................................................10
Chart: Sales Monthly ...................................................................................................10
Chart: Sales by Year ...................................................................................................11
5.3 Competitive Edge....................................................................................................................11
5.4 Milestones ................................................................................................................................11
Table: Milestones..................................................................................................................11
6.0 Management Summary ....................................................................................................................12
6.1 Personnel Plan.........................................................................................................................12
Table: Personnel ...................................................................................................................12
7.0 Financial Plan ....................................................................................................................................13
7.1 Important Assumptions............................................................................................................13
Table: General Assumptions ...............................................................................................13
7.2 Projected Profit and Loss .......................................................................................................14
Table: Profit and Loss ..........................................................................................................14
Chart: Profit Monthly .............................................................................................................15
Chart: Profit Yearly................................................................................................................15
Chart: Gross Margin Monthly ...............................................................................................16
Chart: Gross Margin Yearly..................................................................................................16
7.3 Break-even Analysis................................................................................................................17
Table: Break-even Analysis .................................................................................................17
Chart: Break-even Analysis .................................................................................................17
7.4 Projected Cash Flow...............................................................................................................18
Chart: Cash ...........................................................................................................................18
Table: Cash Flow..................................................................................................................19
7.5 Projected Balance Sheet ........................................................................................................20
Table: Balance Sheet ...........................................................................................................20
Page 1
Table of Contents
7.6 Business Ratios .......................................................................................................................21
Table: Ratios .........................................................................................................................22
Table: Sales Forecast ...............................................................................................................................1
Table: Personnel ........................................................................................................................................2
Table: General Assumptions ....................................................................................................................3
Table: Profit and Loss ...............................................................................................................................4
Table: Cash Flow .......................................................................................................................................5
Table: Balance Sheet ................................................................................................................................6
Page 2
1.1 Objectives
To develop Classique Gifts Etc. into the premier gift retail store in Central Kentucky.
To begin and maintain a gross profit margin above 40% for the first year.
To ac quire a customer base of 4,000 by the end of the second year by using personal
customer service and marketing.
To ac hieve a substantial net profit by the end of Year 3.
Page 1
Sell products the customer desires and are of the highest quality.
Provide friendly customer service.
Establish excellent vendor/supplier relations that will fac ilitate quick shipment of orders.
Advertise and promote our store immediately to take advantage of the current
Christmas shopping season.
Continuously review our inventory and sales and adjust our inventory levels based on
detailed records.
$133
$430
$120
Total
$683
$1425/mo.
$17,100/yr.
Common Area
$225/mo.
Maintenance (CAM) =
$1.50/square foot
$2700/yr.
$19,800/yr.
$1650/mo.
Leasehold Improvements:
Slatwall Panels and
Ac cessories
50 panels @ $50
eac h
$2500
Ceiling Tiles
Carpenter Estimate
$300
Total
$7,000
Page 3
$76/week for 26
weeks (Community
Section on
Wednesday)
$1976
TV
$1500
Total
$3476
Table: Start-up
Start-up
Requirements
Start-up Expenses
Utility Deposits (gas, water, electric)
Legal
Advertising & Promotion
Consultants
Insurance: Store Liability
Medical Insurance 1st Month
Office Supplies, Gift Wrap and Packaging
Leasehold Improvements
1st Month Rent & Deposit
Phone line installation
Research and Development
$600
$250
$3,500
$200
$2,400
$650
$1,500
$7,000
$3,075
$100
$683
$100
$20,058
Start-up Assets
Cash Required
Start-up Inventory
$12,185
$45,000
$12,757
$0
$69,942
Total Requirements
$90,000
Page 4
$20,058
$69,942
$90,000
Assets
Non-cash Assets from Start-up
Cash Requirements from Start-up
Additional Cash Raised
Cash Balance on Starting Date
$57,757
$12,185
$0
$12,185
Total Assets
$69,942
$0
$50,000
$0
$0
$50,000
Capital
Planned Investment
Charles & Brenda Gajdik
Other
Additional Investment Requirement
$40,000
$0
$0
$40,000
($20,058)
Total Capital
$19,942
$69,942
Total Funding
$90,000
Page 5
Brand
Display
Cases and
Furniture
various
Cash Register
Penny
800
Phone System
Radio Shac k
* 250
Office Furniture
Office Depot
desk, chair,
cabinets
Quantity
*$2,000
Quickbooks
* 750
2,261
** 700
TOTAL
*budgeted
amounts
Cost
5,996
$12,757
**including annual
payroll service
3.0 Products
Classique Gifts Etc. plans to carry special oc casion gifts and merchandise from the San Francisc o
Music Box Company, Swarovski crystal, Lennox crystal, Outbac k Chair Company, Traditions
Artglass Company, children's books from Harvest House and other suppliers who display their
products at the Atlanta International Gift Market or the Columbus Marketplac e for Gift, Garden
and Home.
We will also purchase merchandise from the most well-known c ollectible doll manufacturers and
suppliers in the United States, including Steiff, Madame Alexander, Turner Dolls, Lee
Middleton, Wendy Lawton, Susan Wakeen, Kish Dolls, Lloyd Middleton and others that provide
the quality products that our customers wish to purchase.
Page 7
We will attrac t these customers by offering unique and uncommon product selections not found
in the mass-market retail stores.
More and more consumers are seeking independent retailers that offer them the feel of
home with a more personalized shopping experience.
As consumers bec ome more time-deprived, they are looking to shop at stores whose
service offerings are as equal in quality and value to their products.
Page 9
Year 1
Year 2
Year 3
$72,105
$71,405
$143,510
$80,758
$79,974
$160,731
$90,449
$89,570
$180,019
Year 1
$40,871
$40,885
$81,756
Year 2
$42,915
$42,929
$85,844
Year 3
$45,060
$45,076
$90,136
Page 10
5.4 Milestones
The following table lists important milestone dates.
Table: Milestones
Milestones
Milestone
Business Plan
Secure Funding
Negotiate and Sign Lease
Business Setup
Leasehold Improvements
Purchase Start-up Equipment
Advertising Developed
Store Open For Business
Totals
Start Date
11/1/2003
11/18/2003
11/18/2003
11/18/2003
11/18/2003
11/18/2003
End Date
11/18/2003
12/31/2003
12/31/2003
12/31/2003
12/31/2003
12/31/2003
Budget
$0
$0
$0
$0
$0
$0
Manager
Charles
Charles
Charles
Charles
Charles
Charles
Department
Department
Department
Department
Department
Department
Department
1/1/2004
2/1/2004
2/1/2004
2/2/2004
$0
$0
$0
Charles/Brenda
Charles/Brenda
Department
Department
Page 11
Table: Personnel
Personnel Plan
Year 1
$14,600
$9,000
$3,120
Year 2
$16,000
$14,000
$4,120
Year 3
$16,000
$14,000
$5,120
Total People
Total Payroll
$26,720
$34,120
$35,120
Page 12
Year 1
1
6.00%
Year 2
2
6.00%
Year 3
3
6.00%
7.00%
30.00%
0
7.00%
30.00%
0
7.00%
30.00%
0
Page 13
Year 2
$160,731
$85,844
$0
$85,844
Year 3
$180,019
$90,136
$0
$90,136
Gross Margin
Gross Margin %
$61,754
43.03%
$74,887
46.59%
$89,883
49.93%
Expenses
Payroll
$26,720
$34,120
$35,120
$600
$0
$18,150
$3,600
$0
$7,800
$1,200
$0
$18,150
$3,600
$2,400
$7,150
$2,400
$0
$18,150
$3,600
$2,400
$7,150
$0
$0
$0
$0
$0
$0
$56,870
$66,620
$68,820
$4,884
$8,267
$21,063
EBITDA
Interest Expense
Taxes Incurred
$4,884
$3,156
$518
$8,267
$2,549
$1,716
$21,063
$1,915
$5,745
Net Profit
Net Profit/Sales
$1,209
0.84%
$4,003
2.49%
$13,404
7.45%
Sales
Direct Cost of Sales
Other Costs of Goods
Total Cost of Sales
Payroll Taxes
Other
Total Operating Expenses
Page 14
Page 15
Page 16
$11,013
57%
$4,739
Page 17
Page 18
Year 2
Year 3
$143,510
$143,510
$160,731
$160,731
$180,019
$180,019
$0
$0
$0
$0
$0
$0
$0
$0
$0
$143,510
$0
$0
$0
$0
$0
$0
$160,731
$0
$0
$0
$0
$0
$0
$180,019
Year 1
Year 2
Year 3
$26,720
$67,291
$94,011
$34,120
$130,902
$165,022
$35,120
$132,065
$167,185
$0
$0
$0
$0
$0
$0
$0
$9,060
$0
$0
$9,060
$0
$0
$9,060
$0
$0
$0
$103,071
$0
$0
$174,082
$0
$0
$176,245
$40,439
$52,624
($13,351)
$39,273
$3,774
$43,047
Cash Received
Cash from Operations
Cash Sales
Subtotal Cash from Operations
Additional Cash Received
Sales Tax, VAT, HST/GST Received
New Current Borrowing
New Other Liabilities (interest-free)
New Long-term Liabilities
Sales of Other Current Assets
Sales of Long-term Assets
New Investment Received
Subtotal Cash Received
Expenditures
Expenditures from Operations
Cash Spending
Bill Payments
Subtotal Spent on Operations
Page 19
Year 2
Year 3
Current Assets
Cash
Inventory
Other Current Assets
Total Current Assets
$52,624
$8,583
$12,757
$73,964
$39,273
$15,664
$12,757
$67,694
$43,047
$16,447
$12,757
$72,250
Long-term Assets
Long-term Assets
Accumulated Depreciation
Total Long-term Assets
Total Assets
$0
$0
$0
$73,964
$0
$0
$0
$67,694
$0
$0
$0
$72,250
Year 1
Year 2
Year 3
Accounts Payable
Current Borrowing
Other Current Liabilities
$11,873
$0
$0
$10,659
$0
$0
$10,872
$0
$0
$11,873
$10,659
$10,872
Long-term Liabilities
Total Liabilities
$40,940
$52,813
$31,880
$42,539
$22,820
$33,692
Assets
Paid-in Capital
$40,000
$40,000
$40,000
($20,058)
$1,209
$21,151
($18,849)
$4,003
$25,154
($14,846)
$13,404
$38,558
$73,964
$67,694
$72,250
Net Worth
$21,151
$25,154
$38,558
Retained Earnings
Earnings
Total Capital
Page 20
Page 21
Year 2
12.00%
Year 3
12.00%
Industry Profile
3.34%
11.60%
17.25%
100.00%
0.00%
100.00%
23.14%
18.85%
100.00%
0.00%
100.00%
22.76%
17.66%
100.00%
0.00%
100.00%
40.42%
23.99%
80.29%
19.71%
100.00%
16.05%
55.35%
71.40%
28.60%
15.75%
47.09%
62.84%
37.16%
15.05%
31.58%
46.63%
53.37%
36.19%
15.42%
51.61%
48.39%
100.00%
43.03%
100.00%
46.59%
100.00%
49.93%
100.00%
37.74%
44.22%
0.00%
3.40%
47.15%
0.00%
5.14%
45.12%
0.00%
11.70%
23.72%
2.14%
1.65%
6.23
6.35
6.65
1.98
5.51
71.40%
8.17%
2.34%
4.88
62.84%
22.73%
8.45%
5.13
46.63%
49.66%
26.50%
0.74
3.65%
58.19%
8.72%
Additional Ratios
Year 1
Year 2
Year 3
0.84%
5.72%
2.49%
15.91%
7.45%
34.76%
n.a
n.a
Activity Ratios
Inventory Turnover
Accounts Payable Turnover
Payment Days
Total Asset Turnover
5.75
6.67
27
1.94
7.08
12.17
32
2.37
5.61
12.17
30
2.49
n.a
n.a
n.a
n.a
Debt Ratios
Debt to Net Worth
Current Liab. to Liab.
2.50
0.22
1.69
0.25
0.87
0.32
n.a
n.a
$62,091
1.55
$57,034
3.24
$61,378
11.00
n.a
n.a
0.52
16%
5.51
6.78
0.00
0.42
16%
4.88
6.39
0.00
0.40
15%
5.13
4.67
0.00
n.a
n.a
n.a
n.a
n.a
Sales Growth
Percent of Total Assets
Inventory
Other Current Assets
Total Current Assets
Long-term Assets
Total Assets
Current Liabilities
Long-term Liabilities
Total Liabilities
Net Worth
Percent of Sales
Sales
Gross Margin
Selling, General & Administrative Expenses
Advertising Expenses
Profit Before Interest and Taxes
Main Ratios
Current
Quick
Total Debt to Total Assets
Pre-tax Return on Net Worth
Pre-tax Return on Assets
Liquidity Ratios
Net Working Capital
Interest Coverage
Additional Ratios
Assets to Sales
Current Debt/Total Assets
Acid Test
Sales/Net Worth
Dividend Payout
Page 22
Appendix
Table: Sales Forecast
Sales Forecast
Sales
Dolls & Accessories
Gifts
Total Sales
Direct Cost of Sales
Dolls & Accessories
Gifts
Subtotal Direct Cost of Sales
Month 1
Month 2
Month 3
Month 4
Month 5
Month 6
Month 7
Month 8
Month 9
Month 10
Month 11
Month 12
0%
$7,400
$7,900
$5,350
$5,230
$5,600
$5,850
$6,475
$5,500
$5,400
$5,450
$5,700
$6,250
0%
$7,400
$14,800
$7,900
$15,800
$5,250
$10,600
$5,230
$10,460
$5,500
$11,100
$5,750
$11,600
$6,375
$12,850
$5,400
$10,900
$5,300
$10,700
$5,450
$10,900
$5,600
$11,300
$6,250
$12,500
Month 1
$3,900
$3,900
$7,800
Month 2
$4,243
$4,250
$8,493
Month 3
$2,690
$2,690
$5,380
Month 4
$2,759
$2,759
$5,518
Month 5
$3,425
$3,425
$6,850
Month 6
$3,550
$3,550
$7,100
Month 7
$3,988
$3,998
$7,986
Month 8
$2,988
$2,988
$5,976
Month 9
$3,150
$3,150
$6,300
Month 10
$3,125
$3,125
$6,250
Month 11
$3,150
$3,150
$6,300
Month 12
$3,903
$3,900
$7,803
Page 1
Appendix
Table: Personnel
Personnel Plan
Month 1
$1,200
$0
$280
Month 2
$1,200
$0
$560
Month 3
$1,200
$900
$0
Month 4
$1,200
$900
$0
Month 5
$1,200
$900
$0
Month 6
$1,200
$900
$300
Month 7
$1,200
$900
$300
Month 8
$1,200
$900
$320
Month 9
$1,200
$900
$320
Month 10
$1,200
$900
$320
Month 11
$1,300
$900
$320
Month 12
$1,300
$900
$400
Total People
Total Payroll
$1,480
$1,760
$2,100
$2,100
$2,100
$2,400
$2,400
$2,420
$2,420
$2,420
$2,520
$2,600
0%
0%
0%
Page 2
Appendix
Table: General Assumptions
General Assumptions
Plan Month
Current Interest Rate
Long-term Interest Rate
Tax Rate
Other
Month 1
1
6.00%
Month 2
2
6.00%
Month 3
3
6.00%
Month 4
4
6.00%
Month 5
5
6.00%
Month 6
6
6.00%
Month 7
7
6.00%
Month 8
8
6.00%
Month 9
9
6.00%
Month 10
10
6.00%
Month 11
11
6.00%
Month 12
12
6.00%
7.00%
7.00%
7.00%
7.00%
7.00%
7.00%
7.00%
7.00%
7.00%
7.00%
7.00%
7.00%
30.00%
0
30.00%
0
30.00%
0
30.00%
0
30.00%
0
30.00%
0
30.00%
0
30.00%
0
30.00%
0
30.00%
0
30.00%
0
30.00%
0
Page 3
Appendix
Table: Profit and Loss
Pro Forma Profit and Loss
Month 1
$14,800
$7,800
Sales
Direct Cost of Sales
Other Costs of Goods
Month 2
$15,800
$8,493
Month 3
$10,600
$5,380
Month 4
$10,460
$5,518
Month 5
$11,100
$6,850
Month 6
$11,600
$7,100
Month 7
$12,850
$7,986
Month 8
$10,900
$5,976
Month 9
$10,700
$6,300
Month 10
$10,900
$6,250
Month 11
$11,300
$6,300
Month 12
$12,500
$7,803
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$7,800
$8,493
$5,380
$5,518
$6,850
$7,100
$7,986
$5,976
$6,300
$6,250
$6,300
$7,803
$7,000
47.30%
$7,307
46.25%
$5,220
49.25%
$4,942
47.25%
$4,250
38.29%
$4,500
38.79%
$4,864
37.85%
$4,924
45.17%
$4,400
41.12%
$4,650
42.66%
$5,000
44.25%
$4,697
37.58%
$1,480
$1,760
$2,100
$2,100
$2,100
$2,400
$2,400
$2,420
$2,420
$2,420
$2,520
$2,600
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$300
$300
$0
$0
$0
$1,650
$0
$1,650
$0
$1,650
$0
$1,650
$0
$1,650
$0
$1,650
$0
$1,650
$0
$1,650
$0
$1,650
$0
$1,650
$0
$1,650
$300
$0
$650
$300
$0
$650
$300
$0
$650
$300
$0
$650
$300
$0
$650
$300
$0
$650
$300
$0
$650
$300
$0
$650
$300
$0
$650
$300
$0
$650
$300
$0
$650
$300
$0
$650
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$2,430
$4,360
$4,700
$4,700
$4,700
$5,000
$5,000
$5,020
$5,020
$5,020
$5,420
$5,500
$4,570
$2,947
$520
$242
($450)
($500)
($136)
($96)
($620)
($370)
($420)
($803)
EBITDA
Interest Expense
$4,570
$287
$2,947
$283
$520
$278
$242
$274
($450)
$270
($500)
$265
($136)
$261
($96)
$256
($620)
$252
($370)
$248
($420)
$243
($803)
$239
Taxes Incurred
$1,285
$799
$72
($10)
($216)
($230)
($119)
($106)
($262)
($185)
($199)
($313)
$2,998
20.26%
$1,865
11.80%
$169
1.60%
($22)
-0.21%
($504)
-4.54%
($536)
-4.62%
($278)
-2.16%
($247)
-2.26%
($610)
-5.70%
($432)
-3.97%
($464)
-4.11%
($729)
-5.83%
Expenses
Payroll
Sales and Marketing and Other
Expenses
Depreciation
Rent and CAM Expense
Utilities
Liability Insurance:Store
Insurance (medical Brenda &
Charles)
Payroll Taxes
Other
Net Profit
Net Profit/Sales
15%
Page 4
Appendix
Table: Cash Flow
Pro Forma Cash Flow
Month 1
Month 2
Month 3
Month 4
Month 5
Month 6
Month 7
Month 8
Month 9
Month 10
Month 11
Month 12
$14,800
$14,800
$15,800
$15,800
$10,600
$10,600
$10,460
$10,460
$11,100
$11,100
$11,600
$11,600
$12,850
$12,850
$10,900
$10,900
$10,700
$10,700
$10,900
$10,900
$11,300
$11,300
$12,500
$12,500
Cash Received
Cash from Operations
Cash Sales
Subtotal Cash from Operations
Additional Cash Received
Sales Tax, VAT, HST/GST Received
$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
$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
$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
$14,800
$15,800
$10,600
$10,460
$11,100
$11,600
$12,850
$10,900
$10,700
$10,900
$11,300
$12,500
Expenditures
Month 1
Month 2
Month 3
Month 4
Month 5
Month 6
Month 7
Month 8
Month 9
Month 10
Month 11
Month 12
$1,480
$1,760
$2,100
$2,100
$2,100
$2,400
$2,400
$2,420
$2,420
$2,420
$2,520
$2,600
Bill Payments
Subtotal Spent on Operations
$84
$1,564
$2,561
$4,321
$3,658
$5,758
$2,948
$5,048
$2,857
$4,957
$2,785
$5,185
$6,757
$9,157
$11,529
$13,949
$6,607
$9,027
$9,234
$11,654
$8,872
$11,392
$9,399
$11,999
$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
$0
$0
$0
$0
$0
$0
$0
$0
$755
$0
$755
$0
$755
$0
$755
$0
$755
$0
$755
$0
$755
$0
$755
$0
$755
$0
$755
$0
$755
$0
$755
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
Dividends
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$2,319
$5,076
$6,513
$5,803
$5,712
$5,940
$9,912
$14,704
$9,782
$12,409
$12,147
$12,754
$12,481
$10,724
$4,087
$4,657
$5,388
$5,660
$2,938
($3,804)
$918
($1,509)
($847)
($254)
Cash Balance
$24,666
$35,390
$39,477
$44,134
$49,522
$55,182
$58,120
$54,315
$55,234
$53,725
$52,878
$52,624
0.00%
Page 5
Appendix
Table: Balance Sheet
Pro Forma Balance Sheet
Assets
Month 1
Month 2
Month 3
Month 4
Month 5
Month 6
Month 7
Month 8
Month 9
Month 10
Month 11
Month 12
Starting Balances
Current Assets
Cash
Inventory
$12,185
$45,000
$24,666
$37,200
$35,390
$28,707
$39,477
$23,327
$44,134
$17,809
$49,522
$10,959
$55,182
$7,810
$58,120
$8,785
$54,315
$6,574
$55,234
$6,930
$53,725
$6,875
$52,878
$6,930
$52,624
$8,583
$12,757
$69,942
$12,757
$74,623
$12,757
$76,854
$12,757
$75,561
$12,757
$74,700
$12,757
$73,238
$12,757
$75,749
$12,757
$79,662
$12,757
$73,646
$12,757
$74,921
$12,757
$73,357
$12,757
$72,565
$12,757
$73,964
Long-term Assets
Long-term Assets
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
Accumulated Depreciation
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$69,942
$0
$74,623
$0
$76,854
$0
$75,561
$0
$74,700
$0
$73,238
$0
$75,749
$0
$79,662
$0
$73,646
$0
$74,921
$0
$73,357
$0
$72,565
$0
$73,964
Month 1
Month 2
Month 3
Month 4
Month 5
Month 6
Month 7
Month 8
Month 9
Month 10
Month 11
Month 12
$0
$2,438
$3,559
$2,853
$2,769
$2,565
$6,367
$11,312
$6,299
$8,939
$8,562
$8,989
$11,873
Current Borrowing
Other Current Liabilities
$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
$2,438
$3,559
$2,853
$2,769
$2,565
$6,367
$11,312
$6,299
$8,939
$8,562
$8,989
$11,873
Long-term Liabilities
$50,000
$49,245
$48,490
$47,735
$46,980
$46,225
$45,470
$44,715
$43,960
$43,205
$42,450
$41,695
$40,940
Total Liabilities
$50,000
$51,683
$52,049
$50,588
$49,749
$48,790
$51,837
$56,027
$50,259
$52,144
$51,012
$50,684
$52,813
Paid-in Capital
$40,000
$40,000
$40,000
$40,000
$40,000
$40,000
$40,000
$40,000
$40,000
$40,000
$40,000
$40,000
$40,000
($20,058)
($20,058)
($20,058)
($20,058)
($20,058)
($20,058)
($20,058)
($20,058)
($20,058)
($20,058)
($20,058)
($20,058)
($20,058)
Earnings
Total Capital
$0
$19,942
$2,998
$22,940
$4,863
$24,805
$5,032
$24,974
$5,009
$24,951
$4,506
$24,448
$3,970
$23,912
$3,692
$23,634
$3,446
$23,388
$2,835
$22,777
$2,403
$22,345
$1,939
$21,881
$1,209
$21,151
$69,942
$74,623
$76,854
$75,561
$74,700
$73,238
$75,749
$79,662
$73,646
$74,921
$73,357
$72,565
$73,964
Net Worth
$19,942
$22,940
$24,805
$24,974
$24,951
$24,448
$23,912
$23,634
$23,388
$22,777
$22,345
$21,881
$21,151
Retained Earnings
Page 6