Time For Wine Financial Analysis

Balance Sheet
Time For Wine (TWF or the company) is a small service based business that will
be started and evenly owned by its four founders. To gain this 25% equity stake,
each founder has contributed $50,000 in cash that will be considered a Loan From
Investors on long term liabilities, but will carry no interest requirement and will
only be paid back in event of the company being successful and reporting four
consecutive years of net profits. As a result, the company will have no outstanding
debt or interest obligations and will use their cash on hand to fund operations. The
only other balance sheet obligation will be inventory on hand, which will be
managed to be one full months order volume (600 bottles), valued at an average
monthly cost of $12,000, which will be paid entirely on credit represented in
Accounts Payable.
Income Statement
TFW is a wine discovery service that offers five unique wine tasting packages that
are intended to provide the user with a multitude of different new wines for them to
taste and the option of including expert wine consulting to assist in the tasting
experience. This is a service-based company with two distinct revenue streams:
1. Revenues earned from selling the wine packages (see prototype section on
main website for breakdown of product offerings:
http://timeforwine.weebly.com/prototype.html).
Our average price point for each package, which will vary depending on wine
package selection and availability of the product, will be $30 a bottle, or $180 per
package, while our costs of good sold (COGS) associated with each package will
average out to $20 a bottle, or $120 per package. We expect to be able to manage
our COGS expense through our relationships with the wine producers and alter our
package offerings accordingly to achieve a consistent COGS/Sales percentage of
67% and ultimately a Gross Margin of 33%.
2. Fee revenues earned from connecting the wine experts (sommeliers or
somms) with the customers after a package has been sold.
The price of the Sommelier add on to the existing package will be $100. $90 of
which will be the Sommeliers service fee, while the remaining $10 will be retained
by TFW as a flat connection fee. For the first 12 months of operations we
anticipate half of our customers to request the Sommelier add-on.
Considering TFW is primarily a service-based offering we will be focusing on
expense management during our growth phase, particularly operating expenses, to

demonstrate business model feasibility and ensure our service can achieve
profitability. As a result we will closely managing the following expenses:
1. Shipping Expenses: Shipping expenses will be an additional charge on top of
the stated package price that will be passed on to the customer. For analysis
we are projecting an average shipping cost of $25 per six-bottle case, which
is 50% of the average retail shipping cost of $50 per six-bottle case. We
believe through bulk shipments we will be able to receive a more favorable
shipping rate than what is current listed as a retail price. Considering these
costs will vary greatly depending on shipping location and which package is
purchased, we do not see a way to incorporate this into our pricing models.
As a result, we anticipate passing along these expenses at cost and will not
be making a spread on the shipping. We anticipate monthly shipping
expenses to average $2,500.
a. As we mature we expect these expenses to grow in line with sales but
at a smaller rate due to the aforementioned bulk discounts we
anticipate with operations maturity. With this in mind we expect
shipping costs to grow 50% each year resulting in yearly shipping
costs of $30,000, $45,000, and $67,500 for fiscal years 17, 18, and
19, respectively.
2. Marketing Expenses: Considering low customer adoption is a key risk in our
business model we will invest heavily in marketing expenses during our
growth phase. The mechanisms of this marketing effort will vary across
multiple platforms but will be centered on low-cost social media marketing
and product promotional displays. We estimate this will result in $10,000 in
market expenses for the first year, or $833 a month.
3. Rent Expense: Rent expense will consist of two separate leases:
a. Office Building: We will be renting one office space for the TFW staff
that can hold up to eight people. We anticipate this space will cost
$1,000 per month and will hold steady throughout the 12 month
growth phase until we will need to consider additional hires.
b. Warehouse: Warehouse space will be needed to store inventory on
hand. This will need to be a temperature controlled and secure space
to ensure product quality and safety. We anticipate inventory on
hand to be around 80 orders, or 480 bottles of wine, which will
require at least 144 square feet to hold on hand (assuming we store
wine in 12 bottle cases and stack those cases at least 5 cases high).
Adding in an additional 206 sqft for movement and packaging results
in 350 sqft of warehouse space needed. Low cost rental rates in the
bay area average around $15 a square foot per month, resulting in a
monthly warehouse expense of $5,250
4. Sales, General, & Administrative Expenses: We anticipate TFW will need 4
full time employees (FTEs) for operations at a base salary of $80,000 per
year, with an additional $40,000 per year in sales commissions and benefit
expense, resulting in a $120,000 in SG&A expense per year, or $10,000 per
month. As we will be committing full time to TFW we will not be taking a

salary for at least the first 12 months, but will require benefits. Benefits are
estimated at 25% of base salary cost resulting in monthly SG&A expense of
$6,666.
Managing these expenses will be a crucial role for management during the first 12
months of operations as the company grows. At the above projected expense rates
we anticipate monthly operating expense of $16,249.
With no outstanding debt or interest obligations our operating profit will be taxed
as a small business partnership at a federal rate of 23.6% and California State rate of
9%. This tax expense will be applied at the end of the year and only if there is a
reportable profit.
Cash Flow
As a company with no financing activities TFW will have to very closely monitor our
cash balances to ensure we are able to cover operations, especially during the first
12 months as the company grows. With current operations as detailed above, TFW
will have a monthly average cash shortfall of <$7,790> for the first year of
operations, resulting in a cumulative cash need of <$93,478>. This cash need will be
covered by existing cash on hand, resulting in year-end cash on hand available of
$106,522. At this rate TFW will have enough cash on hand to cover operations for
two years and five months (April of 2018) before becoming insolvent.
Future Financial Analysis
For the first 12 months of operations TFW will be subsiding on our initial cash
investment to fund operations. Growing at the 5% monthly rate referenced above,
TFW will recognize a loss of <$93,478> over the first 12 months. However, as sales
grow this monthly loss is shrinking, with the month ending 12/31/2016 recognizing
a loss of <$9,749> versus the month ending 11/30/2017 recognizing a loss of
<$5,489>. At this rate TFW will recognize its first monthly profit of $633 for the
month ending 9/30/2017 (22 months since inception). The cumulative loss
recognized over this period will equal <$119,406> and will be covered by cash on
hand.
As a debt free business, Time For Wine will have to closely manage our cash on hand
as we grow. Our main goal will be to ensure cash on hand is sufficient to manage
operations, while at the same time allowing for growth through new customer
acquisition. To accomplish this we believe the following three metrics will need to
be controlled:
1. Sales Growth: Sales growth is will be an integral part of the development of
Time For Wine, however it needs to be done in a controlled fashion so we do
not outgrow our financing. Starting with an initial sales goal of 100 orders in
December we project 5% monthly sales growth for the first 12 months of

operations. This results in 1,592 orders for the year with $191,005 in COGS
on revenue of $294,510.
At this growth rate Time For Wine would have enough cash on hand to support
inventory purchases for the first year of operations before paying any operating
costs or taxes. With this in mind we will need to focus on keeping sales around this
manageable figure and focus on our cash conversion cycle to ensure we are able to
pay off operating expenses:
2. AR Days: Account Receivable days will need to be kept at a minimum for the
first 12 months of operations. It is imperative that the company converts our
sales into cash as soon as possible so it can be reinvested to meet sales
growth. We believe keeping these conversion days under 30 is required so
expenses can be paid in a timely fashion.
If AR days can not be managed effectively Time For Wine would have to consider
financing options for a rolling line of credit to cover overhead. This would carry an
associated interest expense but if cash can not be managed effectively, the
additional flexibility of a line of credit would be worth the extra expense.
3. Inventory Turnover: Managing Inventory Turnover will need to be done in
association with Accounts Receivable. With this in mind we would set 30
days as an appropriate turnover figure as it would allow us to reinvest back
in the business as quickly and efficiently as possible.
It is our goal to keep inventory as low as possible by creating partnerships with our
wine distributors. In the packages where all of the wine will be from the same
producer, inventory can be shipped directly to the customer and will not need to be
held in the Time For Wine warehouse, cutting down on turnover times. However
some packages will need to be collected and sent out centrally. This inventory will
need to be moved as quickly as possible so we do not have cash tied up in stagnant
inventory.

Time For Wine - Monthly Financial Analysis

12/1/2016
Amounts Printed in: Actual

TFW (TFW)
Detailed Balance Sheet - Actual
Industry Classification: NAICS Code:
Statement Date
Months Covered
Audit Mthd
Accountant
Analyst
Stmt Type
Accounting Standard

12/31/2016 1/31/2017 2/28/2017 3/31/2017 4/30/2017 5/31/2017 6/30/2017 7/31/2017 8/31/2017 9/30/2017 10/31/2017 11/30/2017
1
1
1
1
1
1
1
1
1
1
1
1
Unqualif'd Unqualif'd Unqualif'd Unqualif'd Unqualif'd Unqualif'd Unqualif'd Unqualif'd Unqualif'd Unqualif'd Unqualif'd Unqualif'd
DRC
DRC
DRC
DRC
DRC
DRC
DRC
DRC
DRC
DRC
DRC
DRC
DRC
DRC
DRC
DRC
DRC
DRC
DRC
DRC
DRC
DRC
DRC
DRC
Monthly
Monthly
Monthly
Monthly
Monthly
Monthly
Monthly
Monthly
Monthly
Monthly
Monthly
Monthly
GAAP
GAAP
GAAP
GAAP
GAAP
GAAP
GAAP
GAAP
GAAP
GAAP
GAAP
GAAP

CURRENT ASSETS
Cash

200,000

Wine on Hand

12,000

TOTAL CURRENT ASSETS

TOTAL NON-CURRENT ASSETS
TOTAL
ASSETS

CURRENT LIABILITIES

190,551

Accounts Payable-Trade

181,417

12,000

172,613

12,000

164,159

12,000

156,070

12,000

148,361

12,000

141,057

12,000

134,173

12,000

127,734

12,000

121,760

12,000

116,271

12,000

12,000

212,000

202,551

193,417

184,613

176,159

168,070

160,361

153,057

146,173

139,734

133,760

128,271

212,000

202,551

193,417

184,613

176,159

168,070

160,361

153,057

146,173

139,734

133,760

128,271

12,000

12,000

12,000

12,000

12,000

12,000

12,000

12,000

12,000

12,000

12,000

12,000

TOTAL CURRENT LIABILITIES

12,000

12,000

12,000

12,000

12,000

12,000

12,000

12,000

12,000

12,000

12,000

12,000

NON-CURRENT LIABILITIES

Loans from Investors

200,000

TOTAL NON-CURRENT LIABILITIES

200,000

200,000

200,000

200,000

200,000

200,000

200,000

200,000

200,000

200,000

200,000

200,000

200,000

200,000

200,000

200,000

200,000

200,000

200,000

200,000

200,000

200,000

200,000

TOTAL LIABILITIES

212,000

212,000

212,000

212,000

212,000

212,000

212,000

212,000

212,000

212,000

212,000

212,000

NET WORTH
Retained Earnings
TOTAL NET WORTH

-
-

(9,449)
(9,449)

(18,583)
(18,583)

(27,387)
(27,387)

(35,841)
(35,841)

(43,930)
(43,930)

(51,639)
(51,639)

(58,943)
(58,943)

(65,827)
(65,827)

(72,266)
(72,266)

(78,240)
(78,240)

(83,729)
(83,729)

TOTAL LIABILITIES & NET WORTH

Tang Net Worth-Actual
Working Capital

212,000

202,551

193,417

184,613

176,159

168,070

160,361

153,057

146,173

139,734

133,760

128,271

200,000

(9,449)
190,551

(18,583)
181,417

(27,387)
172,613

(35,841)
164,159

(43,930)
156,070

(51,639)
148,361

(58,943)
141,057

(65,827)
134,173

(72,266)
127,734

(78,240)
121,760

(83,729)
116,271

Page1

TFW (TFW)
Detailed Income Statement - Actual
Industry Classification: NAICS Code:
Statement Date
Months Covered
Audit Mthd
Accountant
Analyst
Stmt Type
Accounting Standard
Tasting 101
Same Varietal
Same Vineyard
Dinner Party Planning
Discover
Somm Connection Fee
NET SALES/REVENUE
Tasting 101 COGS
Same Varietal COGS
Same Vineyard COGS
Dinner Party Planning COGS
Discover COGS
TOTAL COST OF SALES/REV
GROSS PROFIT

12/31/2016 1/31/2017 2/28/2017 3/31/2017 4/30/2017 5/31/2017 6/30/2017 7/31/2017 8/31/2017 9/30/2017 10/31/2017 11/30/2017
1
1
1
1
1
1
1
1
1
1
1
1
Unqualif'd Unqualif'd Unqualif'd Unqualif'd Unqualif'd Unqualif'd Unqualif'd Unqualif'd Unqualif'd Unqualif'd Unqualif'd Unqualif'd
DRC
DRC
DRC
DRC
DRC
DRC
DRC
DRC
DRC
DRC
DRC
DRC
DRC
DRC
DRC
DRC
DRC
DRC
DRC
DRC
DRC
DRC
DRC
DRC
Monthly
Monthly
Monthly
Monthly
Monthly
Monthly
Monthly
Monthly
Monthly
Monthly
Monthly
Monthly
GAAP
GAAP
GAAP
GAAP
GAAP
GAAP
GAAP
GAAP
GAAP
GAAP
GAAP
GAAP

Marketing Expense
Sales, General, and Admin
Shipping Expense
Lease/Rent Expense

TOTAL OPERATING EXPENSE

EBIT
EBITDA
EBIDA

3,600
3,600
3,600
3,600
3,600
500
18,500

3,780
3,780
3,780
3,780
3,780
500
19,400

3,969
3,969
3,969
3,969
3,969
500
20,345

4,167
4,167
4,167
4,167
4,167
500
21,335

4,376
4,376
4,376
4,376
4,376
500
22,380

4,595
4,595
4,595
4,595
4,595
500
23,475

4,824
4,824
4,824
4,824
4,824
500
24,620

5,066
5,066
5,066
5,066
5,066
500
25,830

5,319
5,319
5,319
5,319
5,319
500
27,095

5,585
5,585
5,585
5,585
5,585
500
28,425

5,864
5,864
5,864
5,864
5,864
500
29,820

6,156
6,156
6,156
6,156
6,156
500
31,280

2,400
2,400
2,400
2,400
2,400
12,000
6,500

2,520
2,520
2,520
2,520
2,520
12,600
6,800

2,646
2,646
2,646
2,646
2,646
13,230
7,115

2,778
2,778
2,778
2,778
2,778
13,890
7,445

2,917
2,917
2,917
2,917
2,917
14,585
7,795

3,063
3,063
3,063
3,063
3,063
15,315
8,160

3,216
3,216
3,216
3,216
3,216
16,080
8,540

3,377
3,377
3,377
3,377
3,377
16,885
8,945

3,546
3,546
3,546
3,546
3,546
17,730
9,365

3,723
3,723
3,723
3,723
3,723
18,615
9,810

3,909
3,909
3,909
3,909
3,909
19,545
10,275

4,104
4,104
4,104
4,104
4,104
20,520
10,760

833
6,666
2,500
6,250
16,249
(9,749)
(9,749)
(9,749)

833
6,666
2,500
6,250
16,249
(9,449)
(9,449)
(9,449)

833
6,666
2,500
6,250
16,249
(9,134)
(9,134)
(9,134)

833
6,666
2,500
6,250
16,249
(8,804)
(8,804)
(8,804)

833
6,666
2,500
6,250
16,249
(8,454)
(8,454)
(8,454)

833
6,666
2,500
6,250
16,249
(8,089)
(8,089)
(8,089)

833
6,666
2,500
6,250
16,249
(7,709)
(7,709)
(7,709)

833
6,666
2,500
6,250
16,249
(7,304)
(7,304)
(7,304)

833
6,666
2,500
6,250
16,249
(6,884)
(6,884)
(6,884)

833
6,666
2,500
6,250
16,249
(6,439)
(6,439)
(6,439)

833
6,666
2,500
6,250
16,249
(5,974)
(5,974)
(5,974)

833
6,666
2,500
6,250
16,249
(5,489)
(5,489)
(5,489)

PROFIT BEFORE TAXES

(9,749)

NET PROFIT

Time For Wine - Monthly Financial Analysis

12/1/2016
Amounts Printed in: Actual

(9,749)

(9,449)

(9,449)

(9,134)

(9,134)

(8,804)

(8,804)

(8,454)

(8,454)

(8,089)

(8,089)

(7,709)

(7,709)

(7,304)

(7,304)

(6,884)

(6,884)

(6,439)

(6,439)

(5,974)

(5,489)

(5,974)

(5,489)

Page2

TFW (TFW)
Detailed FAS 95 Stmt of Cash Flows (Direct)
Industry Classification: NAICS Code:
Statement Date
Months Covered
Analyst
Stmt Type
Accounting Standard

Time For Wine - Monthly Financial Analysis

12/1/2016
Amounts Printed in: Actual

12/31/2016 1/31/2017 2/28/2017 3/31/2017 4/30/2017 5/31/2017 6/30/2017 7/31/2017 8/31/2017 9/30/2017 10/31/2017 11/30/2017
1
1
1
1
1
1
1
1
1
1
1
1
DRC
DRC
DRC
DRC
DRC
DRC
DRC
DRC
DRC
DRC
DRC
DRC
Monthly
Monthly
Monthly
Monthly
Monthly
Monthly
Monthly
Monthly
Monthly
Monthly
Monthly
Monthly
GAAP
GAAP
GAAP
GAAP
GAAP
GAAP
GAAP
GAAP
GAAP
GAAP
GAAP
GAAP

CASH FLOWS FROM OPERATING ACTIVITIES:

Tasting 101
Same Varietal
Same Vineyard
Dinner Party Planning
Discover
Somm Connection Fee
Cash Received From Customers
Tasting 101 COGS
Same Varietal COGS
Same Vineyard COGS
Dinner Party Planning COGS
Discover COGS
Marketing Expense
Sales, General, and Admin
Shipping Expense
Lease/Rent Expense
Cash Paid To Suppliers
and Employees

3,780
3,780
3,780
3,780
3,780
500
19,400

3,969
3,969
3,969
3,969
3,969
500
20,345

4,167
4,167
4,167
4,167
4,167
500
21,335

4,376
4,376
4,376
4,376
4,376
500
22,380

4,595
4,595
4,595
4,595
4,595
500
23,475

4,824
4,824
4,824
4,824
4,824
500
24,620

5,066
5,066
5,066
5,066
5,066
500
25,830

5,319
5,319
5,319
5,319
5,319
500
27,095

5,585
5,585
5,585
5,585
5,585
500
28,425

5,864
5,864
5,864
5,864
5,864
500
29,820

6,156
6,156
6,156
6,156
6,156
500
31,280

(2,520)
(2,520)
(2,520)
(2,520)
(2,520)
(833)
(6,666)
(2,500)
(6,250)

(2,646)
(2,646)
(2,646)
(2,646)
(2,646)
(833)
(6,666)
(2,500)
(6,250)

(2,778)
(2,778)
(2,778)
(2,778)
(2,778)
(833)
(6,666)
(2,500)
(6,250)

(2,917)
(2,917)
(2,917)
(2,917)
(2,917)
(833)
(6,666)
(2,500)
(6,250)

(3,063)
(3,063)
(3,063)
(3,063)
(3,063)
(833)
(6,666)
(2,500)
(6,250)

(3,216)
(3,216)
(3,216)
(3,216)
(3,216)
(833)
(6,666)
(2,500)
(6,250)

(3,377)
(3,377)
(3,377)
(3,377)
(3,377)
(833)
(6,666)
(2,500)
(6,250)

(3,546)
(3,546)
(3,546)
(3,546)
(3,546)
(833)
(6,666)
(2,500)
(6,250)

(3,723)
(3,723)
(3,723)
(3,723)
(3,723)
(833)
(6,666)
(2,500)
(6,250)

(3,909)
(3,909)
(3,909)
(3,909)
(3,909)
(833)
(6,666)
(2,500)
(6,250)

(4,104)
(4,104)
(4,104)
(4,104)
(4,104)
(833)
(6,666)
(2,500)
(6,250)

(28,849)

(29,479)

(30,139)

(30,834)

(31,564)

(32,329)

(33,134)

(33,979)

(34,864)

(35,794)

(36,769)

Interest Paid

Income Taxes Paid

Interest & Dividends Received

Misc Cash Received(Paid)

NET CASH PROVIDED

BY OPERATIONS

(9,449)

(9,134)

(8,804)

(8,454)

(8,089)

(7,709)

(7,304)

(6,884)

(6,439)

(5,974)

(5,489)

CASH FLOWS FROM INVESTING ACTIVITIES:

NET CASH USED IN INVESTING

CASH FLOWS FROM FINANCING ACTIVITIES:

NET CASH PROV BY FINANCING

Page3

Time For Wine - Monthly Financial Analysis

12/1/2016
Amounts Printed in: Actual

TFW (TFW)
Detailed FAS 95 Stmt of Cash Flows (Direct)
Industry Classification: NAICS Code:
Statement Date
Months Covered
Analyst
Stmt Type
Accounting Standard

12/31/2016 1/31/2017 2/28/2017 3/31/2017 4/30/2017 5/31/2017 6/30/2017 7/31/2017 8/31/2017 9/30/2017 10/31/2017 11/30/2017
1
1
1
1
1
1
1
1
1
1
1
1
DRC
DRC
DRC
DRC
DRC
DRC
DRC
DRC
DRC
DRC
DRC
DRC
Monthly
Monthly
Monthly
Monthly
Monthly
Monthly
Monthly
Monthly
Monthly
Monthly
Monthly
Monthly
GAAP
GAAP
GAAP
GAAP
GAAP
GAAP
GAAP
GAAP
GAAP
GAAP
GAAP
GAAP

CHANGE IN CASH & EQUIV.

Add:
Cash

CASH
AND EQUIVALENTS AT EOP

(9,449)

(9,134)

(8,804)

(8,454)

(8,089)

(7,709)

(7,304)

(6,884)

(6,439)

(5,974)

(5,489)

200,000
190,551

190,551
181,417

181,417
172,613

172,613
164,159

164,159
156,070

156,070
148,361

148,361
141,057

141,057
134,173

134,173
127,734

127,734
121,760

121,760
116,271

Page4

Time For Wine - Annual Projection

12/1/2016
Amounts Printed in: Actual

TFW (TFW)
Detailed Balance Sheet - Actual
Industry Classification: NAICS Code:
Statement Date
Months Covered
Audit Mthd
Accountant
Analyst
Stmt Type
Accounting Standard

11/30/2017 11/30/2018 11/30/2019

12
12
12
Co.Prep'd Unqualif'd Unqualif'd
Projection Projection Projection
DRC
DRC
DRC
Annual
Annual
Annual
GAAP
GAAP
GAAP

CURRENT ASSETS
Cash

116,271

Wine on Hand

12,000

TOTAL CURRENT ASSETS

TOTAL NON-CURRENT ASSETS
TOTAL
ASSETS

CURRENT LIABILITIES

92,088

Accounts Payable-Trade

193,275

12,000

12,000

128,271

104,088

205,275

128,271

104,088

205,275

12,000

12,000

12,000

TOTAL CURRENT LIABILITIES

12,000

12,000

12,000

NON-CURRENT LIABILITIES

Loans from Investors

200,000

TOTAL NON-CURRENT LIABILITIES

200,000

200,000

200,000

200,000

200,000

TOTAL LIABILITIES

212,000

212,000

212,000

NET WORTH
Retained Earnings
TOTAL NET WORTH

(83,729)
(83,729)

(107,912)
(107,912)

(6,725)
(6,725)

128,271

104,088

205,275

(83,729)
116,271

(107,912)
92,088

(6,725)
193,275

TOTAL LIABILITIES & NET WORTH

Tang Net Worth-Actual
Working Capital

Page1

TFW (TFW)
Detailed Income Statement - Actual
Industry Classification: NAICS Code:
Statement Date
Months Covered
Audit Mthd
Accountant
Analyst
Stmt Type
Accounting Standard
Tasting 101
Same Varietal
Same Vineyard
Dinner Party Planning
Discover
Somm Connection Fee
NET SALES/REVENUE
Tasting 101 COGS
Same Varietal COGS
Same Vineyard COGS
Dinner Party Planning COGS
Discover COGS
TOTAL COST OF SALES/REV
GROSS PROFIT
Marketing Expense
Sales, General, and Admin
Shipping Expense
Lease/Rent Expense
TOTAL OPERATING EXPENSE
EBIT
EBITDA
EBIDA

11/30/2017 11/30/2018 11/30/2019

12
12
12
Co.Prep'd Unqualif'd Unqualif'd
Projection Projection Projection
DRC
DRC
DRC
Annual
Annual
Annual
GAAP
GAAP
GAAP

57,302
57,302
57,302
57,302
57,302
8,000
294,510

102,906
102,906
102,906
102,906
102,906
14,295
528,825

184,804
184,804
184,804
184,804
184,804
25,665
949,685

38,201
38,201
38,201
38,201
38,201
191,005
103,505

68,604
68,604
68,604
68,604
68,604
343,020
185,805

123,202
123,202
123,202
123,202
123,202
616,010
333,675

9,996
79,992
30,000
75,000
194,988
(91,483)
(91,483)
(91,483)

9,996
79,992
45,000
75,000
209,988
(24,183)
(24,183)
(24,183)

9,996
79,992
67,500
75,000
232,488
101,187
101,187
101,187

PROFIT BEFORE TAXES

TOTAL INCOME TAX EXPENSE

(91,483)

Current Income Tax

Income Tax Credit (+)

101,187

-
-

(91,483)

(24,183)

-
-

NET PROFIT

Time For Wine - Annual Projection

12/1/2016
Amounts Printed in: Actual

(24,183)

36,805
36,805
101,187

Page2

Time For Wine - Annual Projection

12/1/2016
Amounts Printed in: Actual

TFW (TFW)
Detailed FAS 95 Stmt of Cash Flows (Direct)
Industry Classification: NAICS Code:
Statement Date
Months Covered
Analyst
Stmt Type
Accounting Standard

11/30/2017 11/30/2018 11/30/2019

12
12
12
DRC
DRC
DRC
Annual
Annual
Annual
GAAP
GAAP
GAAP

CASH FLOWS FROM OPERATING ACTIVITIES:

Tasting 101
Same Varietal
Same Vineyard
Dinner Party Planning
Discover
Somm Connection Fee
Cash Received From Customers
Tasting 101 COGS
Same Varietal COGS
Same Vineyard COGS
Dinner Party Planning COGS
Discover COGS
Marketing Expense
Sales, General, and Admin
Shipping Expense
Lease/Rent Expense
Cash Paid To Suppliers
and Employees

102,906
102,906
102,906
102,906
102,906
14,295
528,825

184,804
184,804
184,804
184,804
184,804
25,665
949,685

(68,604)
(68,604)
(68,604)
(68,604)
(68,604)
(9,996)
(79,992)
(45,000)
(75,000)

(123,202)
(123,202)
(123,202)
(123,202)
(123,202)
(9,996)
(79,992)
(67,500)
(75,000)

(553,008)

(848,498)

Interest Paid

Current Income Tax

Income Tax Credit (+)
Income Taxes Paid

(36,805)
36,805
-

Interest & Dividends Received

Misc Cash Received(Paid)

NET CASH PROVIDED

BY OPERATIONS

CASH FLOWS FROM INVESTING ACTIVITIES:

NET CASH USED IN INVESTING

CASH FLOWS FROM FINANCING ACTIVITIES:

NET CASH PROV BY FINANCING

101,187

CHANGE IN CASH & EQUIV.

Add:
Cash

CASH
AND EQUIVALENTS AT EOP

(24,183)

(24,183)

101,187

116,271
92,088

92,088
193,275

Page3