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Summary

For the Year Ending


FY1

FY2

FY3

FY4

FY5

Total Revenues

$248,268

$581,119

$894,567

$1,134,527

$1,347,245

Total Direct Cost


Gross profit
Gross Profit Margin (%)

($62,067)
$186,201
75%

($145,280)
$435,839
75%

($223,642)
$670,925
75%

($226,905)
$907,622
80%

($269,449)
$1,077,796
80%

($218,063)
($31,862)
($50,000)

($306,018)
$129,822
($50,000)

($519,832)
$151,093
($50,000)

($650,981)
$256,641
($50,000)

($736,296)
$341,500
($50,000)

$0
($81,862)
($74,468)
$0
$0

$0
$79,822
($64,926)
$0
$0

$0
$101,093
($54,677)
$0
$0

$0
$206,641
($43,742)
$0
$0

$0
$291,500
($32,075)
$0
$0

$0
($156,330)

$0
$14,896

$0
$46,416

$0
$162,898

$0
$259,425

$0

$0

$0

($23,758)

($90,799)

($156,330)
-63%

$14,896
3%

$46,416
5%

$139,141
12%

$168,626
13%

Total Other Expenses


EBITDA
Depreciation
Amortization & Impairment
EBIT
Interest Expense-Debt
Interest Expense-Leased Assets
Interest Income
Other Income (Expenses)
Pretax Income
Income Tax Expense
Net Income
Net profit (%)

EBITDA, Net Income, and Net Profit (%)


$1,600,000

20%

$1,400,000

10%

$1,200,000

0%

$1,000,000

-10%

$800,000

-20%

$600,000

-30%

$400,000

-40%

$200,000
$0
($200,000)
($400,000)

-50%
FY1

FY2

FY3

FY4

FY5

-60%
-70%

fit (%)
20%
10%
0%
-10%
-20%
-30%
-40%
-50%
FY5

-60%
-70%

Revenue Assumptions
Total Units Sold
Year 1
Year 2
Year 3
Year 4
Year 5

Monthly Growth
7.50%
6.00%
2.00%
2.00%
1.00%

Wholesale Distribution
Total Units Sold via Wholesale Distribution Channels
Year 1
Year 2
Year 3
Year 4
Year 5

Total Wholesale Revenue


Year 1
Year 2
Year 3
Year 4
Year 5

% of Total Units
Sold
70%
70%
70%
70%
70%
Average Price per
Unit
$
400.00
$
400.00
$
400.00
$
400.00
$
400.00

Retail
% of Total
Contracts
30%
30%
30%
30%
30%

Total Units Sold via Retail Channel


Year 1
Year 2
Year 3
Year 4
Year 5

Total Retail & Ecommerce Revenue


Year 1
Year 2
Year 3
Year 4
Year 5

$
$
$
$
$

$ Hourly Rate
950.00
950.00
950.00
950.00
950.00

Direct Cost
Year 1
Year 2
Year 3
Year 4
Year 5

Direct Cost (% of
Revenue)
25%
25%
25%
20%
20%

M1

M2

M3

M4

M5

M6

M7

M8

M9

5
61
118
150
188

10
65
120
153
190

30
69
123
156
192

32
73
125
159
194

35
77
128
162
196

37
82
130
165
198

40
86
133
169
200

43
92
136
172
202

46
97
138
175
204

7
45
84
107
133

21
48
86
109
134

23
51
88
111
136

24
54
89
113
137

26
57
91
116
138

28
61
93
118
140

30
64
95
120
141

32
68
97
123
143

Total Units Sold

Units via Wholesale Channels


4
43
83
105
132

Monthly Revenue
$
1,400
$
17,071
$
33,054
$
41,921
$
52,644

$
$
$
$
$

Units via Retail Store


2
18
35
45
56

Monthly Revenue
$
1,425
$
17,376
$
33,644
$
42,669
$
53,584

$706
$8,612
$16,675
$16,918
$21,246

2,800
18,095
33,715
42,759
53,171

$
$
$
$
$

3
19
36
46
57

$
$
$
$
$

2,850
18,418
34,317
43,523
54,120

$1,413
$9,128
$17,008
$17,256
$21,458

8,400
19,181
34,390
43,614
53,702

$
$
$
$
$

9
21
37
47
58

$
$
$
$
$

8,550
19,524
35,004
44,393
54,661

$4,238
$9,676
$17,348
$17,601
$21,673

9,030
20,332
35,077
44,487
54,239

$
$
$
$
$

10
22
38
48
58

$
$
$
$
$

9,191
20,695
35,704
45,281
55,208

$4,555
$10,257
$17,695
$17,953
$21,890

9,707
21,552
35,779
45,376
54,782

$
$
$
$
$

10
23
38
49
59

$
$
$
$
$

9,881
21,937
36,418
46,187
55,760

$4,897
$10,872
$18,049
$18,313
$22,108

10,435
22,845
36,494
46,284
55,330

$
$
$
$
$

11
24
39
50
59

$
$
$
$
$

10,622
23,253
37,146
47,110
56,318

$5,264
$11,524
$18,410
$18,679
$22,329

11,218
24,216
37,224
47,209
55,883

$
$
$
$
$

12
26
40
51
60

$
$
$
$
$

11,418
24,648
37,889
48,052
56,881

$5,659
$12,216
$18,778
$19,052
$22,553

12,059 $
25,669 $
37,969 $
48,154 $
56,442 $

13
28
41
52
60

$
$
$
$
$

12,275
26,127
38,647
49,014
57,450

$6,083
$12,949
$19,154
$19,433
$22,778

12,964
27,209
38,728
49,117
57,006

14
29
41
53
61

$
$
$
$
$

13,195
27,695
39,420
49,994
58,024

$6,540
$13,726
$19,537
$19,822
$23,006

M10

M11

50
103
141
179
206

54
109
144
183
208

35
72
99
125
144

$
$
$
$
$

13,936
28,841
39,503
50,099
57,576

37
76
101
128
145

$
$
$
$
$

15
31
42
54
62

$
$
$
$
$

14,185
29,356
40,208
50,994
58,604

$7,030
$14,549
$19,928
$20,219
$23,236

M12

14,981
30,572
40,293
51,101
58,152

$
$
$
$
$

16
33
43
55
62

$
$
$
$
$

15,249
31,118
41,012
52,014
59,190

$7,557
$15,422
$20,326
$20,623
$23,469

$
$
$
$
$

Annual

58
116
147
186
210

Annual
Average Monthly
439
37
1,029
86
1,583
132
2,008
167
2,385
199

40
81
103
130
147

Annual
Average Monthly
308
26
720
60
1,108
92
1,406
117
1,669
139

16,105
32,406
41,099
52,123
58,734

$
$
$
$
$

Annual
123,036
287,988
443,325
562,244
667,661

Average Monthly
$
10,253
$
23,999
$
36,944
$
46,854
$
55,638

17
35
44
56
63

Annual
Average Monthly
132
11
309
26
475
40
602
50
715
60

16,392
32,985
41,833
53,054
59,782

Annual
Average Monthly
125,233
10,436
293,131
24,428
451,242
37,603
572,284
47,690
679,584
56,632

$8,124
$16,348
$20,733
$21,035
$23,703

$
$
$
$
$

$62,067
$145,280
$223,642
$226,905
$269,449

Average
Weekly

Average
Daily

9
21
33
42
50

Average
Weekly

1
3
4
5
7

Average
Daily

6
15
23
29
35

1
2
3
4
5

Average
Weekly
$
2,563
$
6,000
$
9,236
$
11,713
$
13,910

Average
Daily
$
336
$
787
$
1,211
$
1,536
$
1,824

Average
Weekly

Average
Daily

3
6
10
13
15

0
1
1
2
2

Average
Weekly
2,609
6,107
9,401
11,923
14,158

Average
Daily
342
801
1,233
1,564
1,857

Assumptions
General & Administrative Expenses
Rent
Year 1
Year 2
Year 3
Year 4
Year 5

M1

M2

$3,500
$4,025
$4,629
$5,323
$6,122

$3,500
$4,025
$4,629
$5,323
$6,122

$500
$575
$661
$760
$875

$500
$575
$661
$760
$875

$3,500
$4,025
$4,629
$5,323
$6,122

$3,500
$4,025
$4,629
$5,323
$6,122

$120
$138
$159
$183
$210

$120
$138
$159
$183
$210

$150
$173
$198
$228
$262

$150
$173
$198
$228
$262

$1,500
$1,725
$1,984
$2,281
$2,624

$1,500
$1,725
$1,984
$2,281
$2,624

$50
$58
$66
$76
$87

$50
$58
$66
$76
$87

$0
$0
$0
$0
$0

$0
$0
$0
$0
$0

$50
$58
$66
$76
$87

$50
$58
$66
$76
$87

Growth(y-o-y)
15%
15%
15%
15%

Utilities
Year 1
Year 2
Year 3
Year 4
Year 5

Growth(y-o-y)

Public Relations/Marketing
Year 1
Year 2
Year 3
Year 4
Year 5

Growth(y-o-y)

Insurance
Year 1
Year 2
Year 3
Year 4
Year 5

Growth(y-o-y)

Repairs and Maintenance


Year 1
Year 2
Year 3
Year 4
Year 5

Growth(y-o-y)

Materials
Year 1
Year 2
Year 3
Year 4
Year 5

Growth(y-o-y)

Telephone
Year 1
Year 2
Year 3
Year 4
Year 5

Growth(y-o-y)

Travel
Year 1
Year 2
Year 3
Year 4
Year 5

Growth(y-o-y)

Website Hosting
Year 1
Year 2
Year 3
Year 4
Year 5

Growth(y-o-y)

Office/SG&A

Growth(y-o-y)

15%
15%
15%
15%

15%
15%
15%
15%

15%
15%
15%
15%

15%
15%
15%
15%

15%
15%
15%
15%

15%
15%
15%
15%

0%
0%
0%
0%

15%
15%
15%
15%

Year 1
Year 2
Year 3
Year 4
Year 5
Miscellaneous
Year 1
Year 2
Year 3
Year 4
Year 5
Total Non-Personnel General & Administrative
Year 1
Year 2
Year 3
Year 4
Year 5

15%
15%
15%
15%

$500
$575
$661
$760
$875

$500
$575
$661
$760
$875

$500
$575
$661
$760
$875

$500
$575
$661
$760
$875

$10,370
$11,926
$13,714
$15,771
$18,137

$10,370
$11,926
$13,714
$15,771
$18,137

Growth(y-o-y)
15%
15%
15%
15%

Tax Rate

Balance Sheet Assumptions


Current Liabilities Turnover (number of days)
Current Assets Excluding Cash (number of days)
Prepaid Expenses (% of Sales)
Days in Inventory
Other Current Assets (% of sales)
Accrued Expenses (number of days)
Other Current Liabilities (% of sales)

35%

30 days
3 days
2% of Net Sales
0 days
2% of Net sales
30 days
2% of Net Sales

Capex Assumptions
Tangible Assets
Fixed Asset
Depreciation Rate

$500,000
10%
Capex
Q1
$500,000
$0
$0
$0
$0

FY1
FY2
FY3
FY4
FY5

Capital Requirement
Capital Requirements
Equity Investment
Debt Investment

Q2
$0
$0
$0
$0
$0

Q3
$0
$0
$0
$0
$0

FY 1
$1,500,000
20%
80%

$300,000
$1,200,000

Debt

New Loan Amount


Interest Rate
Months Remaining
Interest Payment
Total Payment
Principal Payment
Period
Current Portion
Long-Term Portion

$1,200,000
7%
84

Month 1

Month 2

$1,200,000

$1,188,337

-$6,500
-$17,989
-$11,489
1
$144,201
$1,055,799

-$6,500
-$18,163
-$11,663
2
$144,982
$1,043,355

M3

M4

M5

M6

M7

M8

M9

M10

M11

$3,500
$4,025
$4,629
$5,323
$6,122

$3,500
$4,025
$4,629
$5,323
$6,122

$3,500
$4,025
$4,629
$5,323
$6,122

$3,500
$4,025
$4,629
$5,323
$6,122

$3,500
$4,025
$4,629
$5,323
$6,122

$3,500
$4,025
$4,629
$5,323
$6,122

$3,500
$4,025
$4,629
$5,323
$6,122

$3,500
$4,025
$4,629
$5,323
$6,122

$3,500
$4,025
$4,629
$5,323
$6,122

$500
$575
$661
$760
$875

$500
$575
$661
$760
$875

$500
$575
$661
$760
$875

$500
$575
$661
$760
$875

$500
$575
$661
$760
$875

$500
$575
$661
$760
$875

$500
$575
$661
$760
$875

$500
$575
$661
$760
$875

$500
$575
$661
$760
$875

$3,500
$4,025
$4,629
$5,323
$6,122

$3,500
$4,025
$4,629
$5,323
$6,122

$3,500
$4,025
$4,629
$5,323
$6,122

$3,500
$4,025
$4,629
$5,323
$6,122

$3,500
$4,025
$4,629
$5,323
$6,122

$3,500
$4,025
$4,629
$5,323
$6,122

$3,500
$4,025
$4,629
$5,323
$6,122

$3,500
$4,025
$4,629
$5,323
$6,122

$3,500
$4,025
$4,629
$5,323
$6,122

$120
$138
$159
$183
$210

$120
$138
$159
$183
$210

$120
$138
$159
$183
$210

$120
$138
$159
$183
$210

$120
$138
$159
$183
$210

$120
$138
$159
$183
$210

$120
$138
$159
$183
$210

$120
$138
$159
$183
$210

$120
$138
$159
$183
$210

$150
$173
$198
$228
$262

$150
$173
$198
$228
$262

$150
$173
$198
$228
$262

$150
$173
$198
$228
$262

$150
$173
$198
$228
$262

$150
$173
$198
$228
$262

$150
$173
$198
$228
$262

$150
$173
$198
$228
$262

$150
$173
$198
$228
$262

$1,500
$1,725
$1,984
$2,281
$2,624

$1,500
$1,725
$1,984
$2,281
$2,624

$1,500
$1,725
$1,984
$2,281
$2,624

$1,500
$1,725
$1,984
$2,281
$2,624

$1,500
$1,725
$1,984
$2,281
$2,624

$1,500
$1,725
$1,984
$2,281
$2,624

$1,500
$1,725
$1,984
$2,281
$2,624

$1,500
$1,725
$1,984
$2,281
$2,624

$1,500
$1,725
$1,984
$2,281
$2,624

$50
$58
$66
$76
$87

$50
$58
$66
$76
$87

$50
$58
$66
$76
$87

$50
$58
$66
$76
$87

$50
$58
$66
$76
$87

$50
$58
$66
$76
$87

$50
$58
$66
$76
$87

$50
$58
$66
$76
$87

$50
$58
$66
$76
$87

$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

$50
$58
$66
$76
$87

$50
$58
$66
$76
$87

$50
$58
$66
$76
$87

$50
$58
$66
$76
$87

$50
$58
$66
$76
$87

$50
$58
$66
$76
$87

$50
$58
$66
$76
$87

$50
$58
$66
$76
$87

$50
$58
$66
$76
$87

$500
$575
$661
$760
$875

$500
$575
$661
$760
$875

$500
$575
$661
$760
$875

$500
$575
$661
$760
$875

$500
$575
$661
$760
$875

$500
$575
$661
$760
$875

$500
$575
$661
$760
$875

$500
$575
$661
$760
$875

$500
$575
$661
$760
$875

$500
$575
$661
$760
$875

$500
$575
$661
$760
$875

$500
$575
$661
$760
$875

$500
$575
$661
$760
$875

$500
$575
$661
$760
$875

$500
$575
$661
$760
$875

$500
$575
$661
$760
$875

$500
$575
$661
$760
$875

$500
$575
$661
$760
$875

$10,370
$11,926
$13,714
$15,771
$18,137

$10,370
$11,926
$13,714
$15,771
$18,137

$10,370
$11,926
$13,714
$15,771
$18,137

$10,370
$11,926
$13,714
$15,771
$18,137

$10,370
$11,926
$13,714
$15,771
$18,137

$10,370
$11,926
$13,714
$15,771
$18,137

$10,370
$11,926
$13,714
$15,771
$18,137

$10,370
$11,926
$13,714
$15,771
$18,137

$10,370
$11,926
$13,714
$15,771
$18,137

Administrative

35%

30
3
2%
0
2%
30
2%

$500,000
10%
Capex
FY1
FY2
FY3
FY4
FY5

Q4
$0
$0
$0
$0
$0

FY 1
$1,500,000
20%
80%

Month 3
$1,200,000
7%
84

Month 4

Month 5

Year 1
Month 6

### $1,164,821 $1,152,968 $1,141,050

-$6,437
-$6,373
-$6,309
-$18,163
-$18,163
-$18,163
-$11,726
-$11,790
-$11,853
3
4
5
$145,767
$146,557
$147,350
### $1,018,265 $1,005,618

-$6,245
-$18,163
-$11,918
6
$148,149
$992,902

Month 7

Month 8

Month 9

Month 10

Month 11

$1,129,068 $1,117,021 $1,104,909 $1,092,731 $1,080,487

-$6,181
-$18,163
-$11,982
7
$148,951
$980,117

-$6,116
-$18,163
-$12,047
8
$149,758
$967,263

-$6,051
-$18,163
-$12,112
9
$150,569
$954,340

-$5,985
-$18,163
-$12,178
10
$151,385
$941,346

-$5,919
-$18,163
-$12,244
11
$152,205
$928,282

M12

Annual

$3,500
$4,025
$4,629
$5,323
$6,122

$42,000
$48,300
$55,545
$63,877
$73,458

$500
$575
$661
$760
$875

$6,000
$6,900
$7,935
$9,125
$10,494

$3,500
$4,025
$4,629
$5,323
$6,122

$42,000
$48,300
$55,545
$63,877
$73,458

$120
$138
$159
$183
$210

$1,440
$1,656
$1,904
$2,190
$2,519

$150
$173
$198
$228
$262

$1,800
$2,070
$2,381
$2,738
$3,148

$1,500
$1,725
$1,984
$2,281
$2,624

$18,000
$20,700
$23,805
$27,376
$31,482

$50
$58
$66
$76
$87

$600
$690
$794
$913
$1,049

$0
$0
$0
$0
$0

$0
$0
$0
$0
$0

$50
$58
$66
$76
$87

$600
$690
$794
$913
$1,049

$500
$575
$661
$760
$875

$6,000
$6,900
$7,935
$9,125
$10,494

$500
$575
$661
$760
$875

$6,000
$6,900
$7,935
$9,125
$10,494

$10,370
$11,926
$13,714
$15,771
$18,137

$124,440
$143,106
$164,572
$189,258
$217,646

Administrative

35%

30
3
2%
0
2%
30
2%

$500,000
10%
Capex
FY1
FY2
FY3
FY4
FY5

FY 1
$1,500,000
20%
80%
Year 2
Month 12

Month 13

$1,200,000 $1,068,176 $1,055,799


7%
84
-$5,853
-$5,786
-$18,163
-$18,163
-$12,310
-$12,377
12
13
$153,029 $153,858
$915,147 $901,942

Headcount
Monthly
Month 1

Headcount
Management
Neil Booc
Operations Manager
Designer/Seamstress
Salary
Support
Business Development/Marketing

$0
$60,000
$40,000

$45,000

Salary

$0
$63,672
$42,448

$0
$64,946
$43,297

2%

2%

2%

2%

$45,900

$46,818

$47,754

$48,709

1
0
1
$3,333

Total Salary

Total Personnel Expenses

$0
$62,424
$41,616

$3,750

Total Headcount

Payroll Taxes
Social Security
Medicare
Other taxes
Total Taxes

$0
$61,200
$40,800

$7,083

6.20%
1.45%
2.50%
10.15%

$719
$7,802

Month 2

Month 3

Month 4

Year 1
Month 6
Month 7

Month 5

Month 8

Month 9

Month 10

Month 11

1
0
1
$3,333

1
0
1
$3,333

1
0
1
$3,333

1
0
1
$3,333

1
0
1
$3,333

1
0
1
$3,333

1
0
1
$3,333

1
0
1
$3,333

1
0
1
$3,333

1
0
1
$3,333

$3,750

$3,750

$3,750

$3,750

$3,750

$3,750

$3,750

$3,750

$3,750

$3,750

$7,083

$7,083

$7,083

$7,083

$7,083

$7,083

$7,083

$7,083

$7,083

$7,083

$719

$719

$719

$719

$719

$719

$719

$719

$719

$719

$7,802

$7,802

$7,802

$7,802

$7,802

$7,802

$7,802

$7,802

$7,802

$7,802

Month 12

1
0
1
$3,333

1
$3,750
3
$7,083

$719
$7,802

Month 1

Month 2

1
1
1
8,500 $

Month 3

1
1
1
8,500 $

Month 4

1
1
1
8,500 $

Year 2
Month 6
Month 7

Month 5

1
1
1
8,500 $

1
1
1
8,500 $

1
1
1
8,500 $

Month 8

1
1
1
8,500 $

Month 9

1
1
1
8,500 $

Month 10

1
1
1
8,500 $

Month 11

1
1
1
8,500 $

1
1
1
8,500

$3,825

$3,825

$3,825

$3,825

$3,825

$3,825

$3,825

$3,825

$3,825

$3,825

$3,825

$12,325

$12,325

$12,325

$12,325

$12,325

$12,325

$12,325

$12,325

$12,325

$12,325

$12,325

$1,251

$1,251

$1,251

$1,251

$1,251

$1,251

$1,251

$1,251

$1,251

$1,251

$1,251

$13,576

$13,576

$13,576

$13,576

$13,576

$13,576

$13,576

$13,576

$13,576

$13,576

$13,576

Month 12

1
1
1
8,500

1
$3,825
4
$12,325

$1,251
$13,576

Month 1

Month 2

1
1
4
19,074 $

Month 3

1
1
4
19,074 $

Month 4

1
1
4
19,074 $

Month 5

1
1
4
19,074 $

Month 6

1
1
4
19,074 $

Year 3
Month 7

1
1
4
19,074 $

Month 8

1
1
4
19,074 $

Month 9

1
1
4
19,074 $

Month 10

1
1
4
19,074 $

Month 11

1
1
4
19,074 $

1
1
4
19,074

$7,803

$7,803

$7,803

$7,803

$7,803

$7,803

$7,803

$7,803

$7,803

$7,803

$7,803

$26,877

$26,877

$26,877

$26,877

$26,877

$26,877

$26,877

$26,877

$26,877

$26,877

$26,877

$2,728

$2,728

$2,728

$2,728

$2,728

$2,728

$2,728

$2,728

$2,728

$2,728

$2,728

$29,605

$29,605

$29,605

$29,605

$29,605

$29,605

$29,605

$29,605

$29,605

$29,605

$29,605

Month 12

1
1
4
19,074

2
$7,803
8
$26,877

$2,728
$29,605

Headcount
Annual

Headcount
Management
Neil Booc
Operations Manager
Designer/Seamstress
Salary
Support
Business Development/Marketing
Salary
Total Headcount
Total Salary
Payroll Taxes
Social Security
Medicare
Other taxes
Total Taxes
Total Personnel Expenses

FY1

FY2

FY3

FY4

FY5

1
0
1
$39,996

1
1
1
$102,000

1
1
4
$228,888

1
1
5
$275,914

1
1
6
$324,730

$45,000

$45,900

$93,636

$143,263

$146,128

10

11

$84,996

$147,900

$322,524

$419,177

$470,858

$8,627

$15,012

$32,736

$42,546

$47,792

$93,623

$162,912

$355,260

$461,723

$518,650

###
Assets & Depreciation Assumptions
Quarterly
FY 1
Q1 FY1
CAPITAL EXPENDITURES
Location Build Out
Manufacturing Equipment
Furniture, Fixtures, Equipment
TOTAL CAPEX

Q2 FY1

FY 2
Q3 FY1

Q4 FY1

Q1 FY2

Q2 FY2

$200,000
$200,000
$100,000
$500,000

$0
$0
$0
$0

$0
$0
$0
$0

$0
$0
$0
$0

$0
$0
$0
$0

$0
$0
$0
$0

INTANGIBLE ASSETS
Website Buildout
Intangible & Other Assets
TOTAL INTANGIBLE ASSETS

$25,000
$0
$25,000

$0
$0
$0

$0
$0
$0

$0
$0
$0

$0
$0
$0

$0
$0
$0

Working Capital
Personnel Expenses
Marketing Expenses
Additional Operating Capital
TOTAL OPEX
TOTAL INITIAL FUNDING

$250,000
$150,000
$575,000
$975,000
$1,500,000

$500,000
$12,500

$500,000
$25,000

$500,000
$37,500

$500,000
$50,000

$500,000
$62,500

$500,000
$75,000

Closing Balance

$487,500

$475,000

$462,500

$450,000

$437,500

$425,000

Total Depreciation

$12,500

$12,500

$12,500

$12,500

$12,500

$12,500

TOTAL ASSETS
Gross assets
Less : Accumulated Depreciation

FY 2

FY 3
Q3 FY2

Q4 FY2

Q1 FY3

Q2 FY3

Q3 FY3

Q4 FY3

$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

$500,000
$87,500

$500,000
$100,000

$500,000
$112,500

$500,000
$125,000

$500,000
$137,500

$500,000
$150,000

$412,500

$400,000

$387,500

$375,000

$362,500

$350,000

$12,500

$12,500

$12,500

$12,500

$12,500

$12,500

Assets & Depreciation Assumptions


Annual
Year 2
CAPITAL EXPENDITURES
Location Build Out
Manufacturing Equipment
Furniture, Fixtures, Equipment
TOTAL CAPEX
INTANGIBLE ASSETS
Website Buildout
Intangible & Other Assets
TOTAL INTANGIBLE ASSETS
Working Capital
Personnel Expenses
Marketing Expenses
Additional Operating Capital
TOTAL OPEX
TOTAL INITIAL FUNDING

Year 3

Year 4

Year 5

$200,000
$200,000
$100,000
$500,000

$0
$0
$0
$0

$0
$0
$0
$0

$0
$0
$0
$0

$0
$0
$0
$0

$25,000
$0
$25,000

$0
$0
$0

$0
$0
$0

$0
$0
$0

$0
$0
$0

$250,000
$150,000
$575,000
$975,000
$1,500,000

TOTAL ASSETS
Gross assets
Less : Accumulated Depreciation

$500,000
$50,000

$500,000
$100,000

$500,000
$150,000

$500,000
$200,000

$500,000
$250,000

Closing Balance

$450,000

$400,000

$350,000

$300,000

$250,000

$50,000

$50,000

$50,000

$50,000

$50,000

Total Depreciation

Income Statement Projections Year 1 Monthly


For the Year Ending
Month 1

Month 2

Month 3

Month 4

Month 5

FY1
Month 6

Month 7

Revenues
Total Wholesale Revenue

$1,400

$2,800

$8,400

$9,030

$9,707

$10,435

$11,218

Total Retail & Ecommerce Revenue


Net Sales
Direct Cost
Direct Cost

$1,425
$2,825

$2,850
$5,650

$8,550
$16,950

$9,191
$18,221

$9,881
$19,588

$10,622
$21,057

$11,418
$22,636

$706

$1,413

$4,238

$4,555

$4,897

$5,264

$5,659

Cost of Goods Sold


GROSS PROFIT
Gross margin (%)

$(706)
$2,119
75%

$(1,413)
$4,238
75%

$(4,238)
$12,713
75%

$(4,555)
$13,666
75%

$(4,897)
$14,691
75%

$(5,264)
$15,793
75%

$(5,659)
$16,977
75%

Operating Expenses
Total Non-Personnel General & Administrati
Total Personnel Expenses

$(10,370)
$(7,802)

$(10,370)
$(7,802)

$(10,370)
$(7,802)

$(10,370)
$(7,802)

$(10,370)
$(7,802)

$(10,370)
$(7,802)

$(10,370)
$(7,802)

Total Operating Expenses


EBITDA
EBITDA %
Depreciation

$(18,172)
$(16,053)
-568%
$(4,167)

$(18,172)
$(13,934)
-247%
$(4,167)

$(18,172)
$(5,459)
-32%
$(4,167)

$(18,172)
$(4,506)
-25%
$(4,167)

$(18,172)
$(3,481)
-18%
$(4,167)

$(18,172)
$(2,379)
-11%
$(4,167)

$(18,172)
$(1,195)
-5%
$(4,167)

$(20,220)

$(18,101)

$(9,626)

$(8,673)

$(7,648)

$(6,546)

$(5,361)

-716%
$(6,500)
-

-320%
$(6,500)
-

-57%
$(6,437)
-

-48%
$(6,373)
-

-39%
$(6,309)
-

-31%
$(6,245)
-

-24%
$(6,181)
-

$(26,720)
$(26,720)
-

$(24,601)
$(51,321)
-

$(16,063)
$(67,384)
-

$(15,046)
$(82,430)
-

$(13,957)
$(96,387)
-

$(12,791)
$(109,178)
-

$(11,542)
$(120,720)
-

Amortization & Impairment


EBIT
EBIT%
Interest Expense-Debt
Interest Expense-Leased Assets
Interest Income
Other Income (Expenses)
Pretax Income
Dividends
Cumulative Net Operating Loss
Adjusted against Loss
Taxable Income
Income Tax Expense
NET INCOME
Net Profit Margin (%)

($26,720)
-946%

($24,601)
-435%

($16,063)
-95%

($15,046)
-83%

($13,957)
-71%

($12,791)
-61%

($11,542)
-51%

nding
Month 8

Month 9

Month 10

Month 11

Month 12

$12,059

$12,964

$13,936

$14,981

$16,105

$12,275
$24,334

$13,195
$26,159

$14,185
$28,121

$15,249
$30,230

$16,392
$32,497

$6,083

$6,540

$7,030

$7,557

$8,124

$(6,083)
$18,250
75%

$(6,540)
$19,619
75%

$(7,030)
$21,091
75%

$(7,557)
$22,672
75%

$(8,124)
$24,373
75%

$(10,370)
$(7,802)

$(10,370)
$(7,802)

$(10,370)
$(7,802)

$(10,370)
$(7,802)

$(10,370)
$(7,802)

$(18,172)
$79
0%
$(4,167)

$(18,172)
$1,447
6%
$(4,167)

$(18,172)
$2,919
10%
$(4,167)

$(18,172)
$4,501
15%
$(4,167)

$(18,172)
$6,201
19%
$(4,167)

$(4,088)

$(2,719)

$(1,248)

$334

$2,034

-17%
$(6,116)
-

-10%
$(6,051)
-

-4%
$(5,985)
-

1%
$(5,919)
-

6%
$(5,853)
-

$(10,204)
$(130,924)
-

$(8,770)
$(139,694)
-

$(7,233)
$(146,927)
-

$(5,585)
$(152,512)
-

$(3,818)
$(156,330)
-

($10,204)
-42%

($8,770)
-34%

($7,233)
-26%

($5,585)
-18%

($3,818)
-12%

Income Statement Projections Year 2 Monthly


For the Year Ending
Month 1

Month 2

Month 3

Month 4

Month 5

FY2
Month 6

Month 7

Month 8

Revenues
Total Wholesale Revenue

$17,071

$18,095

$19,181

$20,332

$21,552

$22,845

$24,216

$25,669

Total Retail & Ecommerce Revenue


Net Sales
Direct Cost
Direct Cost

$17,376
$34,447

$18,418
$36,514

$19,524
$38,705

$20,695
$41,027

$21,937
$43,489

$23,253
$46,098

$24,648
$48,864

$26,127
$51,796

$8,612

$9,128

$9,676

$10,257

$10,872

$11,524

$12,216

$12,949

Cost of Goods Sold


GROSS PROFIT
Gross margin (%)

$(8,612)
$25,835
75%

$(9,128)
$27,385
75%

$(9,676)
$29,029
75%

$(10,257)
$30,770
75%

$(10,872)
$32,616
75%

$(11,524)
$34,573
75%

$(12,216)
$36,648
75%

$(12,949)
$38,847
75%

Operating Expenses
Total Non-Personnel General & Admini
Total Personnel Expenses

$(11,926)
$(13,576)

$(11,926)
$(13,576)

$(11,926)
$(13,576)

$(11,926)
$(13,576)

$(11,926)
$(13,576)

$(11,926)
$(13,576)

$(11,926)
$(13,576)

$(11,926)
$(13,576)

Total Other Expenses


EBITDA
EBITDA %
Depreciation

$(25,501)
$334
1%
$(4,167)

$(25,501)
$1,884
5%
$(4,167)

$(25,501)
$3,527
9%
$(4,167)

$(25,501)
$5,269
13%
$(4,167)

$(25,501)
$7,115
16%
$(4,167)

$(25,501)
$9,072
20%
$(4,167)

$(25,501)
$11,146
23%
$(4,167)

$(25,501)
$13,345
26%
$(4,167)

EBIT

$(3,833)

$(2,283)

$(640)

$1,102

$2,948

$4,905

$6,980

$9,179

EBIT%
Interest Expense-Debt
Interest Expense-Leased Assets
Interest Income

-11%
$(5,786)
-

-6%
$(5,719)
-

-2%
$(5,652)
-

3%
$(5,584)
-

7%
$(5,516)
-

11%
$(5,447)
-

14%
$(5,378)
-

18%
$(5,309)
-

$(9,619)
$(165,949)
-

$(8,002)
$(173,951)
-

$(6,291)
$(180,242)
-

$(4,482)
$(184,724)
-

$(2,567)
$(187,291)
-

$(542)
$(187,833)
-

$1,601
$(187,833)
$1,601
-

$3,870
$(186,231)
$3,870
-

Amortization & Impairment

Other Income (Expenses)


Pretax Income
Dividends
Cumulative Net Operating Loss
Adjusted against Loss
Taxable Income
Income Tax Expense
NET INCOME
Net Profit Margin (%)

($9,619)
-28%

($8,002)
-22%

($6,291)
-16%

($4,482)
-11%

($2,567)
-6%

($542)
-1%

$1,601
3%

$3,870
7%

Month 9

Month 10

Month 11

Month 12

$27,209

$28,841

$30,572

$32,406

$27,695
$54,903

$29,356
$58,198

$31,118
$61,689

$32,985
$65,391

$13,726

$14,549

$15,422

$16,348

$(13,726)
$41,177
75%

$(14,549)
$43,648
75%

$(15,422)
$46,267
75%

$(16,348)
$49,043
75%

$(11,926)
$(13,576)

$(11,926)
$(13,576)

$(11,926)
$(13,576)

$(11,926)
$(13,576)

$(25,501)
$15,676
29%
$(4,167)

$(25,501)
$18,147
31%
$(4,167)

$(25,501)
$20,766
34%
$(4,167)

$(25,501)
$23,542
36%
$(4,167)

$11,509

$13,980

$16,599

$19,375

21%
$(5,239)
-

24%
$(5,169)
-

27%
$(5,099)
-

30%
$(5,028)
-

$6,270
$(182,362)
$6,270
-

$8,811
$(176,092)
$8,811
-

$11,500
$(167,281)
$11,500
-

$14,347
$(155,781)
$14,347
-

$6,270
11%

$8,811
15%

$11,500
19%

$14,347
22%

For the Year Ending


Month 1

Month 2

Month 3

Month 4

Month 5

FY3
Month 6

Month 7

Month 8

$33,054

$33,715

$34,390

$35,077

$35,779

$36,494

$37,224

$37,969

$33,644
$66,699

$34,317
$68,033

$35,004
$69,393

$35,704
$70,781

$36,418
$72,197

$37,146
$73,641

$37,889
$75,113

$38,647
$76,616

Revenues
Total Wholesale Revenue
Total Retail & Ecommerce Revenue
Net Sales
Direct Cost
Direct Cost

$16,675

$17,008

$17,348

$17,695

$18,049

$18,410

$18,778

$19,154

Cost of Goods Sold


GROSS PROFIT
Gross margin (%)

$(16,675)
$50,024
75%

$(17,008)
$51,024
75%

$(17,348)
$52,045
75%

$(17,695)
$53,086
75%

$(18,049)
$54,147
75%

$(18,410)
$55,230
75%

$(18,778)
$56,335
75%

$(19,154)
$57,462
75%

Operating Expenses
Total Non-Personnel General & Admini
Total Personnel Expenses

$(13,714)
$(29,605)

$(13,714)
$(29,605)

$(13,714)
$(29,605)

$(13,714)
$(29,605)

$(13,714)
$(29,605)

$(13,714)
$(29,605)

$(13,714)
$(29,605)

$(13,714)
$(29,605)

Total Other Expenses


EBITDA
EBITDA %
Depreciation

$(43,319)
$6,705
10%
$(4,167)

$(43,319)
$7,705
11%
$(4,167)

$(43,319)
$8,726
13%
$(4,167)

$(43,319)
$9,766
14%
$(4,167)

$(43,319)
$10,828
15%
$(4,167)

$(43,319)
$11,911
16%
$(4,167)

$(43,319)
$13,016
17%
$(4,167)

$(43,319)
$14,142
18%
$(4,167)

$2,538

$3,538

$4,559

$5,600

$6,661

$7,744

$8,849

$9,976

4%
$(4,957)
-

5%
$(4,886)
-

7%
$(4,814)
-

8%
$(4,741)
-

9%
$(4,669)
-

11%
$(4,595)
-

12%
$(4,522)
-

13%
$(4,448)
-

$(2,419)
$(158,200)
-

$(1,347)
$(159,548)
-

$(255)
$(159,802)
-

$858
$(159,802)
$858
-

$1,993
$(158,944)
$1,993
-

$3,149
$(156,951)
$3,149
-

$4,327
$(153,802)
$4,327
-

$5,528
$(149,475)
$5,528
-

Amortization & Impairment


EBIT
EBIT%
Interest Expense-Debt
Interest Expense-Leased Assets
Interest Income
Other Income (Expenses)
Pretax Income
Dividends
Cumulative Net Operating Loss
Adjusted against Loss
Taxable Income
Income Tax Expense
NET INCOME
Net Profit Margin (%)

($2,419)
-4%

($1,347)
-2%

($255)
0%

$858
1%

$1,993
3%

$3,149
4%

$4,327
6%

$5,528
7%

Month 9

Month 10

Month 11

Month 12

$38,728

$39,503

$40,293

$41,099

$39,420
$78,148

$40,208
$79,711

$41,012
$81,305

$41,833
$82,931

$19,537

$19,928

$20,326

$20,733

$(19,537)
$58,611
75%

$(19,928)
$59,783
75%

$(20,326)
$60,979
75%

$(20,733)
$62,198
75%

$(13,714)
$(29,605)

$(13,714)
$(29,605)

$(13,714)
$(29,605)

$(13,714)
$(29,605)

$(43,319)
$15,292
20%
$(4,167)

$(43,319)
$16,464
21%
$(4,167)

$(43,319)
$17,660
22%
$(4,167)

$(43,319)
$18,879
23%
$(4,167)

$11,125

$12,297

$13,493

$14,712

14%
$(4,374)
-

15%
$(4,299)
-

17%
$(4,224)
-

18%
$(4,149)
-

$6,751
$(143,947)
$6,751
-

$7,998
$(137,196)
$7,998
-

$9,269
$(129,198)
$9,269
-

$10,564
$(119,929)
$10,564
-

$6,751
9%

$7,998
10%

$9,269
11%

$10,564
13%

Annual
For the Year Ending
FY1

FY2

FY3

FY4

FY5

Revenues
Total Wholesale Revenue

$123,036

$287,988

$443,325

$562,244

$667,661

Total Retail & Ecommerce Revenue


Net Sales
Direct Cost
Direct Cost

$125,233
$248,268

$293,131
$581,119

$451,242
$894,567

$572,284
$1,134,527

$679,584
$1,347,245

$62,067

$145,280

$223,642

$226,905

$269,449

Cost of Goods Sold


GROSS PROFIT
Gross margin (%)

$(62,067)
$186,201
75%

$(145,280)
$435,839
75%

$(223,642)
$670,925
75%

$(226,905)
$907,622
80%

$(269,449)
$1,077,796
80%

Operating Expenses
Total Non-Personnel General & Administr
Total Personnel Expenses

$(124,440)
$(93,623)

$(143,106)
$(162,912)

$(164,572)
$(355,260)

$(189,258)
$(461,723)

$(217,646)
$(518,650)

Total Operating Expenses


EBITDA
EBITDA %
Depreciation

$(218,063)
$(31,862)
-13%
($50,000)

$(306,018)
$129,822
22%
($50,000)

$(519,832)
$151,093
17%
($50,000)

$(650,981)
$256,641
23%
($50,000)

$(736,296)
$341,500
25%
($50,000)

$0

$0

EBIT

Amortization & Impairment

($81,862)

$79,822

$101,093

$206,641

$291,500

EBIT%
Interest Expense-Debt
Interest Expense-Leased Assets
Interest Income

($74,468)
$0
$0

($64,926)
$0
$0

($54,677)
$0
$0

($43,742)
$0
$0

($32,075)
$0
$0

Other Income (Expenses)


Pretax Income
Dividends
Cumulative Net Operating Loss
Adjusted against Loss
Taxable Income

$0
($156,330)
$0
($156,330)
$0
$0

$0
$14,896
$0
($156,330)
$14,896
$0

$0
$46,416
$0
($141,435)
$46,416
$0

$0
$162,898
$0
($95,019)
$95,019
$67,880

$0
$259,425
$0
$0
$0
$259,425

Income Tax Expense

$0

$0

$0

($23,758)

($90,799)

NET INCOME
Net Profit Margin (%)

($156,330)
-63%

$14,896
3%

$46,416
5%

$139,141
12%

$168,626
13%

Balance Sheet Projections

ASSETS
Cash
Accounts Receivable
Prepaid Expenses
Inventory
Other Current Assets

Month 1

Month 2

Month 3

Month 4

For the Year Ending


FY1
Month 5
Month 6
Month 7

970,985
283
57
0

939,256
565
113
0

917,103
1,695
339
0

894,599
1,822
364
0

873,133
1,959
392
0

852,781
2,106
421
0

833,629
2,264
453
0

57

113

339

364

392

421

453

Total Current Assets

971,381

940,047

919,476

897,150

875,875

855,729

836,798

Property & Equipment


Property & Equipment
Leased Asset

500,000
0

500,000
0

500,000
0

500,000
0

500,000
0

500,000
0

500,000
0

(4,167)

(8,333)

(12,500)

(16,667)

(20,833)

(25,000)

(29,167)

Property & Equipment, net

495,833

491,667

487,500

483,333

479,167

475,000

470,833

Intangible & Other Assets


Assets (IP)
Intangible & Other Assets

25,000
0

25,000
0

25,000
0

25,000
0

25,000
0

25,000
0

25,000
0

Accumulated Depreciation

Amortization & Impairment

1,492,215

1,456,714

1,431,976

1,405,483

1,380,042

1,355,729

1,332,632

LIABILITIES & EQUITY


Accounts Payable
Accrued Expenses & Payroll Taxes
Other Current Liabilities

706
18,172
57

1,413
18,172
113

4,238
18,172
339

4,555
18,172
364

4,897
18,172
392

5,264
18,172
421

5,659
18,172
453

Current Portion of Long Term Debt

144,201

144,982

145,767

146,557

147,350

148,149

148,951

163,135

164,680

168,516

169,648

170,811

172,006

173,235

1,055,799

1,043,355

1,030,844

1,018,265

1,005,618

992,902

980,117

1,218,935

1,208,035

1,199,360

1,187,913

1,176,429

1,164,907

1,153,352

Paid in Capital

300,000

300,000

300,000

300,000

300,000

300,000

300,000

Retained earnings

(26,720)

(51,321)

(67,384)

(82,430)

(96,387)

(109,178)

(120,720)

273,280

248,679

232,616

217,570

203,613

190,822

179,280

1,492,215
$0

1,456,714
$0

1,431,976
$0

1,405,483
$0

1,380,042
$0

1,355,729
$0

1,332,632
$0

TOTAL ASSETS

Total Current Liabilities


Long-Term Debt, net of Current
Due to Related Parties
Total Liabilities
Shareholder's Equity

Total Equity
TOTAL LIABILITIES & EQUITY
check

ear Ending
Y1
Month 8

Month 9

Month 10

Month 11

Month 12

815,765
2,433
487
0

799,287
2,616
523
0

784,298
2,812
562
0

770,909
3,023
605
0

759,242
3,250
650
0

487

523

562

605

650

819,172

802,950

788,235

775,142

763,792

500,000
0

500,000
0

500,000
0

500,000
0

500,000
0

(33,333)

(37,500)

(41,667)

(45,833)

(50,000)

466,667

462,500

458,333

454,167

450,000

25,000
0

25,000
0

25,000
0

25,000
0

25,000
0

1,310,838

1,290,450

1,271,568

1,254,308

1,238,792

6,083
18,172
487

6,540
18,172
523

7,030
18,172
562

7,557
18,172
605

8,124
18,172
650

149,758

150,569

151,385

152,205

153,029

174,499

175,804

177,149

178,538

179,975

967,263

954,340

941,346

928,282

915,147

1,141,763

1,130,144

1,118,495

1,106,820

1,095,122

300,000

300,000

300,000

300,000

300,000

(130,924)

(139,694)

(146,927)

(152,512)

(156,330)

169,076

160,306

153,073

147,488

143,670

1,310,838
$0

1,290,450
$0

1,271,568
$0

1,254,308
$0

1,238,792
$0

ASSETS
Cash
Accounts Receivable
Prepaid Expenses
Inventory
Other Current Assets

Month 1

Month 2

Month 3

Month 4

Month 5

748,996
3,445
689
0

732,986
3,651
730
0

718,635
3,870
774
0

706,042
4,103
821
0

695,314
4,349
870
0

For the Year Ending


FY2
Month 6
Month 7

686,562
4,610
922
0

679,906
4,886
977
0

689

730

774

821

870

922

977

Total Current Assets

753,819

738,097

724,053

711,786

701,403

693,016

686,747

Property & Equipment


Property & Equipment
Leased Asset

500,000
0

500,000
0

500,000
0

500,000
0

500,000
0

500,000
0

500,000
0

(54,167)

(58,333)

(62,500)

(66,667)

(70,833)

(75,000)

(79,167)

Property & Equipment, net

445,833

441,667

437,500

433,333

429,167

425,000

420,833

Intangible & Other Assets


Assets (IP)
Intangible & Other Assets

25,000
0

25,000
0

25,000
0

25,000
0

25,000
0

25,000
0

25,000
0

Accumulated Depreciation

Amortization & Impairment

1,224,652

1,204,764

1,186,553

1,170,120

1,155,569

1,143,016

1,132,580

LIABILITIES & EQUITY


Accounts Payable
Accrued Expenses & Payroll Taxes P
Other Current Liabilities

8,612
25,501
689

9,128
25,501
730

9,676
25,501
774

10,257
25,501
821

10,872
25,501
870

11,524
25,501
922

12,216
25,501
977

Current Portion of Long Term Debt

153,858

154,691

155,529

156,372

157,219

158,070

158,927

188,660

190,051

191,480

192,950

194,461

196,017

197,621

901,942

888,664

875,315

861,893

848,399

834,831

821,191

1,090,601

1,078,715

1,066,795

1,054,843

1,042,860

1,030,849

1,018,811

TOTAL ASSETS

Total Current Liabilities


Long-Term Debt, net of Current
Due to Related Parties
Total Liabilities
Shareholder's Equity
Paid in Capital
Retained earnings
Total Equity
TOTAL LIABILITIES & EQUITY

300,000

300,000

300,000

300,000

300,000

300,000

300,000

(165,949)

(173,951)

(180,242)

(184,724)

(187,291)

(187,833)

(186,231)

134,051

126,049

119,758

115,276

112,709

112,167

113,769

1,224,652
$0

1,204,764
$0

1,186,553
$0

1,170,120
$0

1,155,569
$0

1,143,016
$0

1,132,580
$0

Year Ending
FY2
Month 8

Month 9

Month 10

Month 11

Month 12

675,469
5,180
1,036
0

673,387
5,490
1,098
0

673,798
5,820
1,164
0

676,854
6,169
1,234
0

682,715
6,539
1,308
0

1,036

1,098

1,164

1,234

1,308

682,721

681,073

681,945

685,491

691,870

500,000
0

500,000
0

500,000
0

500,000
0

500,000
0

(83,333)

(87,500)

(91,667)

(95,833)

(100,000)

416,667

412,500

408,333

404,167

400,000

25,000
0

25,000
0

25,000
0

25,000
0

25,000
0

1,124,387

1,118,573

1,115,279

1,114,658

1,116,870

12,949
25,501
1,036

13,726
25,501
1,098

14,549
25,501
1,164

15,422
25,501
1,234

16,348
25,501
1,308

159,787

160,653

161,523

162,398

163,278

199,273

200,978

202,737

204,555

206,434

807,476

793,687

779,823

765,884

751,870

1,006,749

994,665

982,560

970,439

958,304

300,000

300,000

300,000

300,000

300,000

(182,362)

(176,092)

(167,281)

(155,781)

(141,435)

117,638

123,908

132,719

144,219

158,565

1,124,387
$0

1,118,573
$0

1,115,279
$0

1,114,658
$0

1,116,870
$0

ASSETS
Cash
Accounts Receivable
Prepaid Expenses
Inventory
Other Current Assets

Month 1

Month 2

Month 3

Month 4

Month 5

For the Year Ending


FY3
Month 6
Month 7

689,245
6,670
1,334
0

678,960
6,803
1,361
0

669,699
6,939
1,388
0

661,483
7,078
1,416
0

654,332
7,220
1,444
0

648,268
7,364
1,473
0

643,313
7,511
1,502
0

1,334

1,361

1,388

1,416

1,444

1,473

1,502

Total Current Assets

698,582

688,484

679,414

671,392

664,440

658,578

653,828

Property & Equipment


Property & Equipment
Leased Asset

500,000
0

500,000
0

500,000
0

500,000
0

500,000
0

500,000
0

500,000
0

(104,167)

(108,333)

(112,500)

(116,667)

(120,833)

(125,000)

(129,167)

Property & Equipment, net

395,833

391,667

387,500

383,333

379,167

375,000

370,833

Intangible & Other Assets


Assets (IP)
Intangible & Other Assets

25,000
0

25,000
0

25,000
0

25,000
0

25,000
0

25,000
0

25,000
0

Accumulated Depreciation

Amortization & Impairment

1,119,416

1,105,151

1,091,914

1,079,726

1,068,607

1,058,578

1,049,662

LIABILITIES & EQUITY


Accounts Payable
Accrued Expenses & Payroll Taxes P
Other Current Liabilities

16,675
43,319
1,334

17,008
43,319
1,361

17,348
43,319
1,388

17,695
43,319
1,416

18,049
43,319
1,444

18,410
43,319
1,473

18,778
43,319
1,502

Current Portion of Long Term Debt

164,162

165,051

165,945

166,844

167,748

168,657

169,570

225,490

226,739

228,000

229,274

230,560

231,858

233,169

737,779

723,613

709,369

695,049

680,651

666,175

651,620

963,269

950,352

937,370

924,323

911,211

898,033

884,790

TOTAL ASSETS

Total Current Liabilities


Long-Term Debt, net of Current
Due to Related Parties
Total Liabilities
Shareholder's Equity
Paid in Capital
Retained earnings
Total Equity
TOTAL LIABILITIES & EQUITY

300,000

300,000

300,000

300,000

300,000

300,000

300,000

(143,854)

(145,201)

(145,456)

(144,597)

(142,604)

(139,455)

(135,128)

156,146

154,799

154,544

155,403

157,396

160,545

164,872

1,119,416
$0

1,105,151
$0

1,091,914
$0

1,079,726
$0

1,068,607
$0

1,058,578
$0

1,049,662
$0

the Year Ending


FY3
Month 8

Month 9

Month 10

Month 11

Month 12

639,487
7,662
1,532
0

636,815
7,815
1,563
0

635,320
7,971
1,594
0

635,023
8,131
1,626
0

635,952
8,293
1,659
0

1,532

1,563

1,594

1,626

1,659

650,214

647,756

646,480

646,406

647,562

500,000
0

500,000
0

500,000
0

500,000
0

500,000
0

(133,333)

(137,500)

(141,667)

(145,833)

(150,000)

366,667

362,500

358,333

354,167

350,000

25,000
0

25,000
0

25,000
0

25,000
0

25,000
0

1,041,881

1,035,256

1,029,813

1,025,573

1,022,562

19,154
43,319
1,532

19,537
43,319
1,563

19,928
43,319
1,594

20,326
43,319
1,626

20,733
43,319
1,659

170,489

171,412

172,341

173,274

174,213

234,494

235,831

237,182

238,545

239,923

636,987

622,275

607,482

592,610

577,657

871,481

858,106

844,664

831,155

817,580

300,000

300,000

300,000

300,000

300,000

(129,601)

(122,849)

(114,851)

(105,582)

(95,019)

170,399

177,151

185,149

194,418

204,981

1,041,881
$0

1,035,256
$0

1,029,813
$0

1,025,573
$0

1,022,562
$0

For the Year Ending

ASSETS
Cash
Accounts Receivable
Prepaid Expenses
Inventory
Other Current Assets

FY1

FY2

FY3

FY4

FY5

759,242
3,250
650
0

682,715
6,539
1,308
0

635,952
8,293
1,659
0

658,591
9,454
1,891
0

699,865
11,227
2,245
0

650

1,308

1,659

1,891

2,245

Total Current Assets

763,792

691,870

647,562

671,827

715,583

Property & Equipment


Property & Equipment
Leased Asset

500,000
0

500,000
0

500,000
0

500,000
0

500,000
0

(50,000)

(100,000)

(150,000)

(200,000)

(250,000)

Property & Equipment, net

450,000

400,000

350,000

300,000

250,000

Intangible & Other Assets


Assets (IP)
Intangible & Other Assets

25,000
0

25,000
0

25,000
0

25,000
0

25,000
0

Accumulated Depreciation

Amortization & Impairment


TOTAL ASSETS
LIABILITIES & EQUITY
Accounts Payable
Accrued Expenses & Payroll Taxes P
Other Current Liabilities
Current Portion of Long Term Debt
Total Current Liabilities
Long-Term Debt, net of Current
Due to Related Parties
Total Liabilities
Shareholder's Equity
Paid in Capital
Retained earnings
Total Equity
TOTAL LIABILITIES & EQUITY
check

1,238,792

1,116,870

1,022,562

996,827

990,583

8,124
18,172
650

16,348
25,501
1,308

20,733
43,319
1,659

18,909
54,248
1,891

22,454
61,358
2,245

153,029

163,278

174,213

185,880

198,329

179,975

206,434

239,923

260,928

284,386

915,147

751,870

577,657

391,777

193,448

1,095,122

958,304

817,580

652,705

477,834

300,000

300,000

300,000

300,000

300,000

(156,330)

(141,435)

(95,019)

44,122

212,748

143,670

158,565

204,981

344,122

512,748

1,238,792
$0

1,116,870
$0

1,022,562
$0

996,827
$0

990,583
$0

Cash Flow Projections


Monthly
For the Year Ended
Month 1
CASH FLOW FROM OPERATIONS
Net Income (Loss)
Plus Depreciation
Plus Amortization & Impairment
Changes in Working Capital
Changes in A/R
Changes in Prepaid Expenses
Changes in Inventory
Changes in Other Current Assets
Changes in A/P
Changes in Accrued Expenses
Changes in Other Current Liabilities

Month 2

Month 3

Month 4

Month 5

FY1
Month 6

($26,720)
$4,167

($24,601)
$4,167

($16,063)
$4,167

($15,046)
$4,167

($13,957)
$4,167

($12,791)
$4,167

$0

$0

$0

$0

$0

$0

($283)
($57)
$0
($57)
$706
$18,172

($282)
($57)
$0
($57)
$707
$0

($1,130)
($226)
$0
($226)
$2,825
$0

($127)
($25)
$0
($25)
$317
$0

($137)
($27)
$0
($27)
$342
$0

($147)
($29)
$0
($29)
$367
$0

$57

$57

$226

$25

$27

$29

Net Change in Working Capital

$18,539

$369

$1,469

$165

$178

$191

Net Cash Flow from Operations

($4,015)

($20,066)

($10,427)

($10,715)

($9,613)

($8,434)

($25,000)
$0

$0
$0

$0
$0

$0
$0

$0
$0

$0
$0

($500,000)

$0

$0

$0

$0

$0

($525,000)

$0

$0

$0

$0

$0

$300,000
$1,200,000

$0
($11,663)

$0
($11,726)

$0
($11,790)

$0
($11,853)

$0
($11,918)

$0

$0

$0

$0

$0

$0

$1,500,000

($11,663)

($11,726)

($11,790)

($11,853)

($11,918)

CASH FLOW FROM INVESTMENTS


Purchase of Assets (IP)
Purchase of Intangibles & Other Asse
Fixed Assets
Net Cash Flow from Investments
CASH FLOW FROM FINANCING
Paid in Capital
Debt
Lease Payments
Net Cash Flow from Financing
Net Cash Flow
Cash at Beginning of Period
Cash at End of Period

$970,985

($31,729)

($22,153)

($22,504)

($21,466)

($20,352)

$0

$970,985

$939,256

$917,103

$894,599

$873,133

$970,985

$939,256

$917,103

$894,599

$873,133

$852,781

For the Year Ended


FY1
Month 7

Month 8

Month 9

Month 10

Month 11

Month 12

($11,542)
$4,167

($10,204)
$4,167

($8,770)
$4,167

($7,233)
$4,167

($5,585)
$4,167

($3,818)
$4,167

$0

$0

$0

$0

$0

$0

($158)
($32)
$0
($32)
$395
$0

($169)
($34)
$0
($34)
$424
$0

($183)
($37)
$0
($37)
$457
$0

($196)
($39)
$0
($39)
$490
$0

($211)
($42)
$0
($42)
$527
$0

($227)
($45)
$0
($45)
$567
$0

$32

$34

$37

$39

$42

$45

$205

$221

$237

$255

$274

$295

($7,170)

($5,816)

($4,366)

($2,811)

($1,145)

$643

$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
($11,982)

$0
($12,047)

$0
($12,112)

$0
($12,178)

$0
($12,244)

$0
($12,310)

$0

$0

$0

$0

$0

$0

($11,982)

($12,047)

($12,112)

($12,178)

($12,244)

($12,310)

($19,152)

($17,863)

($16,478)

($14,989)

($13,389)

($11,667)

$852,781

$833,629

$815,765

$799,287

$784,298

$770,909

$833,629

$815,765

$799,287

$784,298

$770,909

$759,242

For the Year Ended


Month 1
CASH FLOW FROM OPERATIONS
Net Income (Loss)
Plus Depreciation
Plus Amortization & Impairment
Changes in Working Capital
Changes in A/R
Changes in Prepaid Expenses
Changes in Inventory
Changes in Other Current Assets
Changes in A/P
Changes in Accrued Expenses
Changes in Other Current Liabilities

Month 2

Month 3

Month 4

Month 5

Month 6

FY2
Month 7

($9,619)
$4,167

($8,002)
$4,167

($6,291)
$4,167

($4,482)
$4,167

($2,567)
$4,167

($542)
$4,167

$1,601
$4,167

$0

$0

$0

$0

$0

$0

$0

($195)
($39)
$0
($39)
$488
$7,329

($206)
($41)
$0
($41)
$516
$0

($219)
($44)
$0
($44)
$548
$0

($233)
($46)
$0
($46)
$581
$0

($246)
($49)
$0
($49)
$615
$0

($261)
($52)
$0
($52)
$652
$0

($276)
($55)
$0
($55)
$692
$0

$39

$41

$44

$46

$49

$52

$55

Net Change in Working Capital

$7,583

$269

$285

$302

$320

$339

$361

Net Cash Flow from Operations

$2,131

($3,566)

($1,839)

($13)

$1,919

$3,964

$6,129

$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
($12,377)

$0
($12,444)

$0
($12,511)

$0
($12,579)

$0
($12,647)

$0
($12,716)

$0
($12,785)

$0

$0

$0

$0

$0

$0

$0

($12,377)

($12,444)

($12,511)

($12,579)

($12,647)

($12,716)

($12,785)

CASH FLOW FROM INVESTMENTS


Purchase of Assets (IP)
Purchase of Intangibles & Other Assets
Fixed Assets
Net Cash Flow from Investments
CASH FLOW FROM FINANCING
Paid in Capital
Debt
Loan
Net Cash Flow from Financing
Net Cash Flow

($10,246)

($16,010)

($14,351)

($12,593)

($10,728)

($8,752)

($6,656)

Cash at Beginning of Period

$759,242

$748,996

$732,986

$718,635

$706,042

$695,314

$686,562

Cash at End of Period

$748,996

$732,986

$718,635

$706,042

$695,314

$686,562

$679,906

he Year Ended
FY2
Month 8

Month 9

Month 10

Month 11

Month 12

$3,870
$4,167

$6,270
$4,167

$8,811
$4,167

$11,500
$4,167

$14,347
$4,167

$0

$0

$0

$0

$0

($294)
($59)
$0
($59)
$733
$0

($310)
($62)
$0
($62)
$777
$0

($330)
($66)
$0
($66)
$823
$0

($349)
($70)
$0
($70)
$873
$0

($370)
($74)
$0
($74)
$926
$0

$59

$62

$66

$70

$74

$380

$405

$427

$454

$482

$8,417

$10,842

$13,404

$16,121

$18,995

$0
$0

$0
$0

$0
$0

$0
$0

$0
$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0
($12,854)

$0
($12,924)

$0
($12,994)

$0
($13,064)

$0
($13,135)

$0

$0

$0

$0

$0

($12,854)

($12,924)

($12,994)

($13,064)

($13,135)

($4,437)

($2,082)

$411

$3,057

$5,861

$679,906

$675,469

$673,387

$673,798

$676,854

$675,469

$673,387

$673,798

$676,854

$682,715

For the Year Ended


FY3
Month 1
CASH FLOW FROM OPERATIONS
Net Income (Loss)
Plus Depreciation
Plus Amortization & Impairment
Changes in Working Capital
Changes in A/R
Changes in Prepaid Expenses
Changes in Inventory
Changes in Other Current Assets
Changes in A/P
Changes in Accrued Expenses
Changes in Other Current Liabilities

Month 2

Month 3

Month 4

Month 5

Month 6

($2,419)
$4,167

($1,347)
$4,167

($255)
$4,167

$858
$4,167

$1,993
$4,167

$3,149
$4,167

$0

$0

$0

$0

$0

$0

($131)
($26)
$0
($26)
$327
$17,818

($133)
($27)
$0
($27)
$333
$0

($136)
($27)
$0
($27)
$340
$0

($139)
($28)
$0
($28)
$347
$0

($142)
($28)
$0
($28)
$354
$0

($144)
($29)
$0
($29)
$361
$0

$26

$27

$27

$28

$28

$29

Net Change in Working Capital

$17,988

$173

$177

$180

$184

$188

Net Cash Flow from Operations

$19,735

$2,993

$4,089

$5,205

$6,343

$7,504

$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
($13,206)

$0
($13,277)

$0
($13,349)

$0
($13,422)

$0
($13,494)

$0
($13,567)

$0

$0

$0

$0

$0

$0

($13,206)

($13,277)

($13,349)

($13,422)

($13,494)

($13,567)

CASH FLOW FROM INVESTMENTS


Purchase of Assets (IP)
Purchase of Intangibles & Other Asse
Fixed Assets
Net Cash Flow from Investments
CASH FLOW FROM FINANCING
Paid in Capital
Debt
Loan
Net Cash Flow from Financing
Net Cash Flow

$6,530

($10,285)

($9,261)

($8,216)

($7,151)

($6,064)

Cash at Beginning of Period

$682,715

$689,245

$678,960

$669,699

$661,483

$654,332

Cash at End of Period

$689,245

$678,960

$669,699

$661,483

$654,332

$648,268

For the Year Ended


FY3
Month 7

Month 8

Month 9

Month 10

Month 11

Month 12

$4,327
$4,167

$5,528
$4,167

$6,751
$4,167

$7,998
$4,167

$9,269
$4,167

$10,564
$4,167

$0

$0

$0

$0

$0

$0

($147)
($29)
$0
($29)
$368
$0

($151)
($30)
$0
($30)
$376
$0

($153)
($31)
$0
($31)
$383
$0

($156)
($31)
$0
($31)
$391
$0

($160)
($32)
$0
($32)
$398
$0

($162)
($33)
$0
($33)
$407
$0

$29

$30

$31

$31

$32

$33

$192

$195

$199

$204

$206

$212

$8,685

$9,889

$11,117

$12,368

$13,642

$14,943

$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
($13,641)

$0
($13,715)

$0
($13,789)

$0
($13,864)

$0
($13,939)

$0
($14,014)

$0

$0

$0

$0

$0

$0

($13,641)

($13,715)

($13,789)

($13,864)

($13,939)

($14,014)

($4,956)

($3,826)

($2,672)

($1,495)

($297)

$929

$648,268

$643,313

$639,487

$636,815

$635,320

$635,023

$643,313

$639,487

$636,815

$635,320

$635,023

$635,952

Cash Flow Projections


Annual
For the Year Ending
FY1
CASH FLOW FROM OPERATIONS
Net Income (Loss)
Plus Depreciation
Plus Amortization & Impairment
Changes in Working Capital
Changes in A/R
Changes in Prepaid Expenses
Changes in Inventory
Changes in Other Current Assets
Changes in A/P
Changes in Accrued Expenses
Changes in Other Current Liabilities

FY2

FY3

FY4

FY5

($156,330)
$50,000

$14,896
$50,000

$46,416
$50,000

$139,141
$50,000

$168,626
$50,000

$0

$0

$0

$0

$0

($3,250)
($650)
$0
($650)
$8,124
$18,172

($3,289)
($658)
$0
($658)
$8,224
$7,329

($1,754)
($351)
$0
($351)
$4,385
$17,818

($1,161)
($232)
$0
($232)
($1,824)
$10,929

($1,773)
($355)
$0
($355)
$3,545
$7,110

$650

$658

$351

$232

$355

Net Change in Working Capital

$22,396

$11,606

$20,098

$7,712

$8,527

Net Cash Flow from Operations

($83,934)

$76,502

$116,514

$196,852

$227,154

($25,000)
$0

$0
$0

$0
$0

$0
$0

$0
$0

Fixed Assets

($500,000)

$0

$0

$0

$0

Net Cash Flow from Investments

($525,000)

$0

$0

$0

$0

$300,000
$1,068,176

$0
($153,029)

$0
($163,278)

$0
($174,213)

$0
($185,880)

$0

$0

$0

$0

$0

$1,368,176

($153,029)

($163,278)

($174,213)

($185,880)

CASH FLOW FROM INVESTMENTS


Purchase of Assets (IP)
Purchase of Intangibles & Other Assets

CASH FLOW FROM FINANCING


Paid in Capital
Debt
Lease Payments
Net Cash Flow from Financing
Net Cash Flow
Cash at Beginning of Period
Cash at End of Period

$759,242

($76,527)

($46,763)

$22,640

$41,274

$0

$759,242

$682,715

$635,952

$658,591

$759,242

$682,715

$635,952

$658,591

$699,865

###
Depreciation Calculation for Tangible Assets
Fixed asset
Ramp up
Ramp up

Year 5

Year 4

Year 3

Year 2

Year 1

Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Total addition

Year 1

Initial
Q1
$500,000

Q2

Year 2

Q3

Q4

Q1

Q2

Q3

$0
$0
$0
$0
$0
$0
$0

$500,000

$0

$0

$0

$0

$0

$0

$0

Depreciation
$12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500
$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

Initial

Year 5

Year 4

Year 3

Year 2

Year 1

Year 5

Year 4

Year 3

Year 2

Year 1

Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Total Depreciation
Accumulated
depreciation
Initial
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Accumulated Depreciation

$12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500

$0

$12,500 $25,000 $37,500 $50,000 $62,500 $75,000 $87,500


$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
$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
$12,500 $25,000 $37,500 $50,000 $62,500 $75,000 $87,500

Year 2
Q4

$0

$0

$12,500
$0
$0
$0
$0
$0
$0
$0
$0

$12,500

$100,000
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$100,000

Year 3
Q1

Q2

Year 4
Q3

Q4

Q1

Q2

Year 5
Q3

Q4

Q1

Q2

Q3

Q4

$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0
$0

$12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500
$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
$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 Err:508 Err:508 Err:508 Err:508 Err:508
$0
$0
$0
$0
$0 Err:508 Err:508 Err:508 Err:508 Err:508
$0
$0
$0
$0 Err:508 Err:508 Err:508 Err:508 Err:508
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0 Err:508 Err:508 Err:508 Err:508 Err:508
$0 Err:508 Err:508 Err:508 Err:508 Err:508
Err:508 Err:508 Err:508 Err:508 Err:508
$0
$0
$0
$0
Err:508 Err:508 Err:508
Err:508 Err:508
Err:508
$12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 Err:508 Err:508 Err:508 Err:508 Err:508

$112,500 $125,000 $137,500 $150,000 $162,500 $175,000 $187,500 $200,000 $212,500


$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
$0
$0
$0
$0
Err:508 Err:508
$0
$0
$0
$0
$0
$0
$0
Err:508 Err:508
$0
$0
$0
$0
$0
$0
$0
Err:508 Err:508
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
Err:508 Err:508
$0
$0
$0
$0
$0
$0
$0
Err:508 Err:508
$0
$0
$0
$0
$0
$0
$0
Err:508 Err:508
$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
$112,500 $125,000 $137,500 $150,000 $162,500 $175,000 $187,500

Err:508

Err:508

$225,000
$0
$0
$0
$0
$0
$0
$0
$0
$0
Err:508
Err:508
Err:508
$0
Err:508
Err:508
Err:508
$0
Err:508
$0
$0

$237,500
$0
$0
$0
$0
$0
$0
$0
$0
$0
Err:508
Err:508
Err:508
$0
Err:508
Err:508
Err:508
$0
Err:508
Err:508
$0

$250,000
$0
$0
$0
$0
$0
$0
$0
$0
$0
Err:508
Err:508
Err:508
$0
Err:508
Err:508
Err:508
$0
Err:508
Err:508
Err:508

Err:508

Err:508

Err:508