Real Estate Model

Assumptions
Assumptions are in blue and flow through the model
US$
Project Summary
Project Cost
Construction Cost
Land Cost
Fees
Construction Interest
Total Project
Financing
Pre-sold Units
Sponsor Equity
Other Equity
Mezzanine
Construction Loan
Units Sold
Total Financing
Permanent Mortgage Loan
Exchange Rate
XXX
Construction Cost
Units for Sale
Access Road (KM)
Internal Roads (KM)
Land Make Ready (Sq. M)
Infrastructure (Sq. M)
Restaurant/Reception
Legal/Permitting
Contingency
Total
Units
US$
na
na
na
na
na
na
na
na
na
na
na
na
na
na
na
22,150,000
5,000,000
5,255,000
3,200,000
35,605,000
0
1,000,000
0
6,500,000
28,105,000
0
35,605,000
na
59
na
Project Return-Mezzanine
Cash Month 48
Cash Distribution to Mezzanine Holders
Cash Return %
Interest Return
Total Return %
Cost
234,915
na
Units
Month
US$
13,860,000
2,000,000
1,300,000
500,000
1,550,000
900,000
2,040,000
22,150,000
New Construction Units-Villas

New Construction Units-3 Bedrooms
New Construction Units-2 Bedrooms
Finished Units-Villas
Finished Units-3 Bedrooms
Finished Units-2 Bedrooms
Units Sold-Villas
Units Sold-3 Bedrooms
Units Sold-2 Bedrooms
Value of Units Sold $
Unit Economics
Unit Type
Units-Villas
Units-3 Bedrooms
Units-2 Bedrooms
Project
Professional Fees
Insurance and Bonding
Surveying
Architect
Engineering
Environmental
Landscape Architect
Project Management
Legals on Land Purchase
Other
Total
Loan Fees
Closing Fee $
Investment Banking Fee $
Legal $
Bank Appraisal/Administration $
Total
Monthly Operating Cost
US$
150,000
970,000
600,000
300,000
400,000
1,500,000
60,000
300,000
4,280,000
Cost
Construction Loan Interest Rate %

Commitment Fee-Loan %
Mezzanine Cash Interest %
US$
225,000
500,000
100,000
150,000
975,000
Construction Period (Months)

Selling Period (Months)
Total Elapsed Time Project (Months)
Time to Construct 1 Unit Months
Time to Sell Completed Unit Months
Average Unit Selling Price $
Sales Commission %
Transfer Tax Paid by Seller %
Legal Fees per Sale %
Stamp Tax
Marketing Expense-Total $
Factor
15% $
US$
22,227,281
3,334,092
9.7%
12.0%
21.7%
Month
1
0
0
0
0
0
0
0
0
0
0
2
0
0
0
0
0
0
0
0
0
0
3
0
0
0
0
0
0
0
0
0
0
4
0
0
0
0
0
0
0
0
0
0
No of
units
33
6
20
Avg sq ft
per unit
2,500
1,500
1,200
Construction Cost
US$/sq ft
120.00
120.00
120.00
59
5
0
0
0
0
0
0
0
0
0
0
Construction
Cost
US$/unit
300,000
180,000
144,000
13,860,000
6
0
0
0
0
0
0
0
0
0
0
7
0
0
0
0
0
0
0
0
0
0
8
0
0
0
0
0
0
0
0
0
0
Sale Price
US$/sq ft
Sale Price
US$/unit
1,500,000
825,000
600,000
Total Sales
US$
49,500,000
4,950,000
12,000,000
66,450,000
600
550
500
9
0
0
0
0
0
0
0
0
0
0
9.00%
1.50%
12.00%
39
36
48
8
8
1,126,271
3.0%
6.0%
1.0%
0.0%
300,000
Land
Acres
Cost/Sq. M $
Land Cost $
87
57,471
5,000,000
Month
10
0
0
0
0
0
0
0
0
0
0
11
0
0
0
0
0
0
0
0
0
0
12
0
0
0
0
0
0
0
0
0
0
13
3
1
1
0
0
0
0
0
0
0
14
3
0
0
0
0
0
0
0
0
0
15
3
0
0
0
0
0
0
0
0
0
16
3
0
0
0
0
0
0
0
0
0
17
3
0
0
0
0
0
0
0
0
0
18
3
0
0
0
0
0
0
0
0
0
19
3
0
0
0
0
0
0
0
0
0
20
3
0
0
3
1
1
0
0
0
0
21
3
0
0
3
0
0
0
0
0
0
22
3
0
0
3
0
0
0
0
0
0
23
3
0
0
3
0
0
0
0
0
0
24
0
0
2
3
0
0
0
0
0
0
25
0
0
2
3
0
0
0
0
0
0
26
0
0
2
3
0
0
0
0
0
0
27
0
0
2
3
0
0
0
0
0
0
28
0
0
2
3
0
0
3
1
1
5925000
29
0
1
2
3
0
0
3
0
0
4500000
Month
30
0
1
2
3
0
0
3
0
0
4500000
31
0
1
2
0
0
2
3
0
0
4500000
32
0
1
2
0
0
2
3
0
0
4500000
33
0
1
1
0
0
2
3
0
0
4500000
34
0
0
0
0
0
2
3
0
0
4500000
35
0
0
0
0
0
2
3
0
0
4500000
36
0
0
0
0
1
2
3
0
0
4500000
37
0
0
0
0
1
2
3
0
0
4500000
38
0
0
0
0
1
2
3
0
0
4500000
39
0
0
0
0
1
2
0
0
2
1200000
40
0
0
0
0
1
1
0
0
2
1200000
41
0
0
0
0
0
0
0
0
2
1200000
42
0
0
0
0
0
0
0
0
2
1200000
43
0
0
0
0
0
0
0
0
2
1200000
44
0
0
0
0
0
0
0
1
2
2025000
45
0
0
0
0
0
0
0
1
2
2025000
46
0
0
0
0
0
0
0
1
2
2025000
47
0
0
0
0
0
0
0
1
2
2025000
48
Total
Check
0
33
0
6
0
20
0
33
0
6
0
20
0
33
1
6
1
20
1425000
66,450,000
0
0
0
0
0
0
0
0
0
0
Summary Financial Information

US$
US$
Units Sold
Units Finished Unsold
Year 1
Year 2
Year 3
Year 4
0
0
0
17
29
19
30
0
Revenue
Gross Margin
Operating Expense
Interest Expense
Net Income
0
0
2,042,000
1,489,075
(3,531,075)
0
0
1,706,000
2,307,825
(4,013,825)
41,925,000
33,501,000
4,732,500
2,075,819
26,692,681
24,525,000
19,089,000
2,864,500
16,224,500
Construction Loan Outstanding YE

Construction Loan Undrawn YE
Maximum Construction Loan Drawn
Mezzanine Outstanding YE
7,500,000
20,605,000
7,500,000
6,500,000
22,500,000
5,605,000
22,500,000
6,500,000
0
0
26,000,000
1,000,000
0
0
0
0
2,347,925
1,329,267
2,079,781
22,227,281
Cash Position
Sources & Uses

Uses
Construction Cost
Land Cost
Fees
Construction Interest
Total
Sources
Pre-sold Units
Sponsor Equity
Other Equity
Mezzanine
Construction Loan
Units Sold
Total
US$
22,150,000
6,500,000
4,955,000
3,200,000
36,805,000
0
1,000,000
0
6,500,000
29,305,000
0
36,805,000
Build Out Plan

US$
Month
Units Under Construction

Villas
Opening Balance
New
Finished Previous Month
Closing Balance
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
3 Bedroom
Opening Balance
New
Closing Balance
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
2 Bedrooms
Opening Balance
New
Closing Balance
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Monthly Construction Cost

Villas
3 Bedroom
2 Bedrooms
Total
37,500
22,500
18,000
Revenue
Villas
3 Bedroom
2 Bedrooms
Total
1,500,000
825,000
600,000
Cost of Sales
Villas
3 Bedroom
2 Bedrooms
Total
300,000
180,000
144,000
Gross Margin
Villas
3 Bedroom
2 Bedrooms
Total
Operating Expenses
Sales & Markting
Sales Commission
Transfer Tax Paid by Seller
Legal Fees per Sale
Marketing Expense
Total
Professional Fees
Insurance and Bonding
Surveying
Architect
Engineering
Environmental
Landscape Architect
Project Management
Legals on Land Purchase
Other
Total
Bank Loan Administration
Legal/Permitting
Grand Total OPEX
Balance Sheet
Property Improvements Monthly
Access Road
Internal Roads
Land Make Ready
Infrastructure
Restaurant/Reception
Contingency
Total
Cumulative Property Improvements
Depreciation
Accumulated Depreciation
Construction in Progress
Opening Balance
Construction Cost
Units Sold
Ending Balance
0.03
0.06
0.01
300,000
150,000
970,000
600,000
300,000
400,000
1,500,000
60,000
300,000
120,000
0
2,000,000
1,300,000
500,000
1,550,000
900,000
2,040,000
75,000
8,000
50,000
25,000
8,000
50,000
25,000
8,000
50,000
25,000
8,000
50,000
25,000
8,000
50,000
25,000
25,000
31,250
25,000
31,250
25,000
31,250
25,000
31,250
12,500
151,750
12,500
151,750
12,500
151,750
12,500
151,750
25,000
31,250
60,000
12,500
286,750
3,000
0
289,750
3,000
3,000
3,000
3,000
154,750
154,750
154,750
154,750
100,000
54,167
8,000
25,000
100,000
54,167
8,000
25,000
100,000
54,167
8,000
25,000
100,000
54,167
8,000
25,000
100,000
54,167
8,000
25,000
85,000
272,167
272,167
85,000
272,167
544,333
85,000
272,167
816,500
85,000
272,167
1,088,667
85,000
272,167
1,360,833
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
10
11
12
13
14
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
3
0
3
3
3
0
6
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
0
1
1
0
0
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
0
1
1
0
0
1
112,500
22,500
18,000
153,000
225,000
22,500
18,000
265,500
10,000
10,000
10,000
10,000
10,000
10,000
10,000
10,000
10,000
10,000
15,000
15,000
15,000
15,000
8,000
50,000
25,000
8,000
50,000
25,000
8,000
50,000
25,000
8,000
50,000
25,000
8,000
50,000
25,000
8,000
50,000
25,000
8,000
50,000
25,000
25,000
70,000
70,000
25,000
31,250
25,000
31,250
25,000
31,250
25,000
31,250
25,000
31,250
25,000
31,250
25,000
31,250
25,000
31,250
25,000
31,250
12,500
151,750
12,500
151,750
12,500
151,750
12,500
151,750
12,500
151,750
12,500
151,750
12,500
151,750
12,500
163,750
12,500
138,750
3,000
3,000
3,000
3,000
3,000
3,000
3,000
3,000
3,000
154,750
154,750
164,750
164,750
164,750
164,750
164,750
181,750
156,750
100,000
54,167
8,000
25,000
100,000
54,167
8,000
25,000
100,000
54,167
8,000
25,000
100,000
54,167
8,000
25,000
100,000
54,167
8,000
25,000
100,000
54,167
8,000
25,000
100,000
54,167
8,000
25,000
85,000
272,167
1,633,000
85,000
272,167
1,905,167
85,000
272,167
2,177,333
85,000
272,167
2,449,500
85,000
272,167
2,721,667
85,000
272,167
2,993,833
85,000
272,167
3,266,000
44,444
54,167
33,667
50,000
100,000
85,000
367,278
3,633,278
44,444
54,167
33,667
50,000
100,000
85,000
367,278
4,000,556
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
153,000
153,000
153,000
265,500
418,500
15
16
17
18
19
20
21
22
23
6
3
0
9
9
3
0
12
12
3
0
15
15
3
0
18
18
3
0
21
21
3
0
24
24
3
3
24
24
3
3
24
24
3
3
24
1
0
0
1
1
0
0
1
1
0
0
1
1
0
0
1
1
0
0
1
1
0
0
1
1
0
1
0
0
0
0
0
0
0
0
0
1
0
0
1
1
0
0
1
1
0
0
1
1
0
0
1
1
0
0
1
1
0
0
1
1
0
1
0
0
0
0
0
0
0
0
0
337,500
22,500
18,000
378,000
450,000
22,500
18,000
490,500
562,500
22,500
18,000
603,000
675,000
22,500
18,000
715,500
787,500
22,500
18,000
828,000
900,000
22,500
18,000
940,500
900,000
900,000
900,000
900,000
900,000
900,000
15,000
15,000
15,000
15,000
15,000
15,000
15,000
15,000
15,000
15,000
15,000
15,000
15,000
15,000
15,000
15,000
15,000
15,000
70,000
70,000
70,000
70,000
70,000
70,000
70,000
70,000
70,000
25,000
31,250
25,000
31,250
31,250
31,250
31,250
31,250
31,250
31,250
31,250
12,500
138,750
12,500
138,750
12,500
113,750
12,500
113,750
12,500
113,750
12,500
113,750
12,500
113,750
12,500
113,750
12,500
113,750
3,000
3,000
3,000
3,000
3,000
3,000
3,000
3,000
3,000
156,750
156,750
131,750
131,750
131,750
131,750
131,750
131,750
131,750
44,444
54,167
33,667
50,000
100,000
85,000
367,278
4,367,833
44,444
54,167
33,667
50,000
100,000
85,000
367,278
4,735,111
44,444
54,167
33,667
50,000
100,000
85,000
367,278
5,102,389
44,444
54,167
33,667
50,000
100,000
85,000
367,278
5,469,667
44,444
54,167
33,667
50,000
100,000
85,000
367,278
5,836,944
44,444
54,167
33,667
50,000
100,000
85,000
367,278
6,204,222
44,444
54,167
33,667
50,000
100,000
85,000
367,278
6,571,500
44,444
54,167
33,667
50,000
44,444
54,167
33,667
50,000
85,000
267,278
6,838,778
85,000
267,278
7,106,056
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
418,500
378,000
796,500
796,500
490,500
1,287,000
1,287,000
603,000
1,890,000
1,890,000
715,500
2,605,500
2,605,500
828,000
3,433,500
3,433,500
940,500
4,374,000
4,374,000
900,000
5,274,000
5,274,000
900,000
6,174,000
6,174,000
900,000
7,074,000
24
25
26
27
28
29
30
31
32
24
0
3
21
21
0
3
18
18
0
3
15
15
0
3
12
12
0
3
9
9
0
3
6
6
0
3
3
3
0
3
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
0
1
1
1
0
2
2
1
0
3
3
1
0
4
0
2
0
2
2
2
0
4
4
2
0
6
6
2
0
8
8
2
0
10
10
2
0
12
12
2
0
14
14
2
0
16
16
2
2
16
787,500
36,000
823,500
675,000
72,000
747,000
562,500
108,000
670,500
450,000
144,000
594,000
337,500
180,000
517,500
225,000
22,500
216,000
463,500
112,500
45,000
252,000
409,500
67,500
288,000
355,500
90,000
288,000
378,000
4,500,000
825,000
600,000
5,925,000
4,500,000
4,500,000
4,500,000
4,500,000
4,500,000
4,500,000
4,500,000
4,500,000
900,000
180,000
144,000
1,224,000
900,000
900,000
900,000
900,000
900,000
900,000
900,000
900,000
3,600,000
645,000
456,000
3,600,000
-
3,600,000
-
3,600,000
-
3,600,000
-
4,701,000
3,600,000
3,600,000
3,600,000
3,600,000
15,000
15,000
15,000
15,000
15,000
15,000
15,000
15,000
177,750
355,500
59,250
15,000
607,500
135,000
270,000
45,000
10,000
460,000
135,000
270,000
45,000
135,000
270,000
45,000
135,000
270,000
45,000
450,000
450,000
450,000
70,000
25,000
4,000
4,000
4,000
4,000
4,000
4,000
4,000
4,000
31,250
31,250
31,250
31,250
31,250
31,250
31,250
31,250
31,250
12,500
113,750
60,250
35,250
35,250
35,250
35,250
35,250
35,250
35,250
3,000
3,000
3,000
3,000
3,000
3,000
3,000
3,000
3,000
131,750
78,250
53,250
53,250
645,750
498,250
488,250
488,250
488,250
44,444
54,167
33,667
50,000
44,444
44,444
44,444
44,444
44,444
44,444
54,167
54,167
54,167
54,167
54,167
54,167
54,167
54,167
85,000
267,278
7,373,333
98,611
7,471,944
98,611
7,570,556
98,611
7,669,167
98,611
7,767,778
98,611
7,866,389
98,611
7,965,000
54,167
8,019,167
54,167
8,073,333
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
7,074,000
823,500
7,897,500
7,897,500
747,000
8,644,500
8,644,500
670,500
9,315,000
9,315,000
594,000
9,909,000
9,909,000
517,500
1,224,000
9,202,500
9,202,500
463,500
900,000
8,766,000
8,766,000
409,500
900,000
8,275,500
8,275,500
355,500
900,000
7,731,000
7,731,000
378,000
900,000
7,209,000
33
34
35
36
37
38
39
40
41
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
4
1
0
5
5
0
0
5
5
0
0
5
5
0
0
5
5
0
1
4
4
0
1
3
3
0
1
2
2
0
1
1
1
0
1
0
16
1
2
15
15
0
2
13
13
0
2
11
11
0
2
9
9
0
2
7
7
0
2
5
5
0
2
3
3
0
2
1
1
0
1
0
112,500
270,000
382,500
112,500
234,000
346,500
112,500
198,000
310,500
112,500
162,000
274,500
90,000
126,000
216,000
67,500
90,000
157,500
45,000
54,000
99,000
22,500
18,000
40,500
4,500,000
4,500,000
4,500,000
4,500,000
4,500,000
4,500,000
4,500,000
4,500,000
4,500,000
4,500,000
4,500,000
4,500,000
1,200,000
1,200,000
1,200,000
1,200,000
1,200,000
1,200,000
900,000
900,000
900,000
900,000
900,000
900,000
900,000
900,000
900,000
900,000
900,000
900,000
288,000
288,000
288,000
288,000
288,000
288,000
3,600,000
-
3,600,000
-
3,600,000
-
3,600,000
-
3,600,000
-
3,600,000
-
912,000
912,000
912,000
3,600,000
3,600,000
3,600,000
3,600,000
3,600,000
3,600,000
912,000
912,000
912,000
135,000
270,000
45,000
135,000
270,000
45,000
135,000
270,000
45,000
135,000
270,000
45,000
135,000
270,000
45,000
135,000
270,000
45,000
36,000
72,000
12,000
36,000
72,000
12,000
36,000
72,000
12,000
450,000
450,000
450,000
450,000
450,000
450,000
120,000
120,000
120,000
25,000
2,000
31,250
31,250
31,250
31,250
31,250
31,250
31,250
31,250
31,250
33,250
31,250
31,250
31,250
56,250
31,250
31,250
31,250
31,250
3,000
3,000
3,000
3,000
3,000
3,000
3,000
3,000
486,250
484,250
484,250
484,250
509,250
484,250
154,250
154,250
151,250
54,167
54,167
54,167
54,167
54,167
8,127,500
54,167
8,181,667
54,167
8,235,833
54,167
8,290,000
8,290,000
8,290,000
8,290,000
8,290,000
8,290,000
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
7,209,000
382,500
900,000
6,691,500
6,691,500
346,500
900,000
6,138,000
6,138,000
310,500
900,000
5,548,500
5,548,500
274,500
900,000
4,923,000
4,923,000
216,000
900,000
4,239,000
4,239,000
157,500
900,000
3,496,500
3,496,500
99,000
288,000
3,307,500
3,307,500
40,500
288,000
3,060,000
3,060,000
288,000
2,772,000
42
43
44
45
46
47
48
Totals
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Check
9,900,000
1,080,000
2,880,000
13,860,000
1,200,000
1,200,000
1,200,000
1,200,000
825,000
1,200,000
2,025,000
825,000
1,200,000
2,025,000
825,000
1,200,000
2,025,000
825,000
1,200,000
2,025,000
825,000
600,000
1,425,000
49,500,000
4,950,000
12,000,000
66,450,000
288,000
288,000
288,000
288,000
180,000
288,000
468,000
180,000
288,000
468,000
180,000
288,000
468,000
180,000
288,000
468,000
180,000
144,000
324,000
9,900,000
1,080,000
2,880,000
13,860,000
912,000
912,000
645,000
912,000
645,000
912,000
645,000
912,000
645,000
912,000
645,000
456,000
912,000
912,000
1,557,000
1,557,000
1,557,000
1,557,000
1,101,000
36,000
72,000
12,000
36,000
72,000
12,000
60,750
121,500
20,250
60,750
121,500
20,250
60,750
121,500
20,250
60,750
121,500
20,250
42,750
85,500
14,250
120,000
120,000
202,500
202,500
202,500
202,500
142,500
31,250
31,250
31,250
31,250
31,250
31,250
31,250
31,250
31,250
31,250
31,250
31,250
31,250
31,250
151,250
151,250
233,750
233,750
233,750
233,750
173,750
8,290,000
8,290,000
8,290,000
8,290,000
8,290,000
8,290,000
8,290,000
0
0
0
0
0
0
0
0
0
0
0
0
0
0
2,772,000
288,000
2,484,000
2,484,000
288,000
2,196,000
2,196,000
468,000
1,728,000
1,728,000
468,000
1,260,000
1,260,000
468,000
792,000
792,000
468,000
324,000
324,000
324,000
-
Debt Schedule
US$
Month
Construction Loan Balance
Opening Balance
Drawdown
Repayment
Closing Balance
Interest Expense
Commitment Fee
Total
0.090
0.015
Mezzanine
Opening Balance
Drawdown
Repayment
Closing Balance
Interest Expense
0.12
Total Interest Expense

Cash
Mezzanine IRR
21.7%
(6,500,000)
0
500,000
0
500,000
500,000
1,000,000
0
1,500,000
1,500,000
0
0
1,500,000
1,500,000
1,000,000
0
2,500,000
2,500,000
0
0
2,500,000
3,750
34,506
38,256
11,250
33,256
44,506
11,250
33,256
44,506
18,750
32,006
50,756
18,750
32,006
50,756
0
6,500,000
0
6,500,000
6,500,000
0
0
6,500,000
6,500,000
0
0
6,500,000
6,500,000
0
0
6,500,000
6,500,000
0
0
6,500,000
65,000
65,000
65,000
65,000
65,000
103,256
109,506
109,506
115,756
115,756
1,479,827
1,943,404
1,406,981
1,864,308
1,321,635
65,000
65,000
65,000
65,000
65,000
10
11
12
13
2,500,000
1,000,000
0
3,500,000
3,500,000
0
0
3,500,000
3,500,000
1,500,000
0
5,000,000
5,000,000
0
0
5,000,000
5,000,000
1,500,000
0
6,500,000
6,500,000
0
0
6,500,000
6,500,000
1,000,000
0
7,500,000
7,500,000
0
0
7,500,000
26,250
30,756
57,006
26,250
30,756
57,006
37,500
28,881
66,381
37,500
28,881
66,381
48,750
27,006
75,756
48,750
27,006
75,756
56,250
25,756
82,006
56,250
25,756
82,006
6,500,000
0
0
6,500,000
6,500,000
0
0
6,500,000
6,500,000
0
0
6,500,000
6,500,000
0
0
6,500,000
6,500,000
0
0
6,500,000
6,500,000
0
0
6,500,000
6,500,000
0
0
6,500,000
6,500,000
0
0
6,500,000
65,000
65,000
65,000
65,000
65,000
65,000
65,000
65,000
122,006
122,006
131,381
131,381
140,756
140,756
147,006
147,006
1,772,713
1,223,790
2,155,492
1,587,194
2,509,521
1,931,848
2,347,925
1,498,891
65,000
65,000
65,000
65,000
65,000
65,000
65,000
65,000
14
15
16
17
18
19
20
7,500,000
2,000,000
0
9,500,000
9,500,000
0
0
9,500,000
9,500,000
1,500,000
0
11,000,000
11,000,000
2,500,000
0
13,500,000
13,500,000
0
0
13,500,000
13,500,000
1,500,000
0
15,000,000
15,000,000
1,500,000
0
16,500,000
71,250
23,256
94,506
71,250
23,256
94,506
82,500
21,381
103,881
101,250
18,256
119,506
101,250
18,256
119,506
112,500
16,381
128,881
123,750
14,506
138,256
6,500,000
0
0
6,500,000
6,500,000
0
0
6,500,000
6,500,000
0
0
6,500,000
6,500,000
0
0
6,500,000
6,500,000
0
0
6,500,000
6,500,000
0
0
6,500,000
6,500,000
0
0
6,500,000
65,000
65,000
65,000
65,000
65,000
65,000
65,000
159,506
159,506
168,881
184,506
184,506
193,881
203,256
2,549,857
1,488,323
1,804,914
3,018,380
1,619,346
1,598,437
1,455,653
65,000
65,000
65,000
65,000
65,000
65,000
65,000
21
22
23
24
25
26
27
16,500,000
1,500,000
0
18,000,000
18,000,000
1,500,000
0
19,500,000
19,500,000
1,500,000
0
21,000,000
21,000,000
1,500,000
0
22,500,000
22,500,000
1,500,000
0
24,000,000
24,000,000
1,000,000
0
25,000,000
25,000,000
1,000,000
0
26,000,000
135,000
12,631
147,631
146,250
10,756
157,006
157,500
8,881
166,381
168,750
7,006
175,756
180,000
5,131
185,131
187,500
3,881
191,381
195,000
2,631
197,631
6,500,000
0
0
6,500,000
6,500,000
0
0
6,500,000
6,500,000
0
0
6,500,000
6,500,000
0
0
6,500,000
6,500,000
0
0
6,500,000
6,500,000
0
0
6,500,000
6,500,000
0
0
6,500,000
65,000
65,000
65,000
65,000
65,000
65,000
65,000
212,631
222,006
231,381
240,756
250,131
256,381
262,631
1,343,994
1,322,960
1,292,551
1,329,267
1,655,274
1,576,532
1,568,040
65,000
65,000
65,000
65,000
65,000
65,000
65,000
28
29
30
31
32
33
34
26,000,000
0
(4,500,000)
21,500,000
21,500,000
0
(3,000,000)
18,500,000
18,500,000
0
(3,000,000)
15,500,000
15,500,000
0
(3,500,000)
12,000,000
12,000,000
0
(3,500,000)
8,500,000
8,500,000
0
(3,500,000)
5,000,000
5,000,000
0
(3,500,000)
1,500,000
161,250
8,256
169,506
138,750
12,006
150,756
116,250
15,756
132,006
90,000
20,131
110,131
63,750
24,506
88,256
37,500
28,881
66,381
11,250
33,256
44,506
6,500,000
0
0
6,500,000
6,500,000
0
0
6,500,000
6,500,000
0
0
6,500,000
6,500,000
0
0
6,500,000
6,500,000
0
0
6,500,000
6,500,000
0
0
6,500,000
6,500,000
0
0
6,500,000
65,000
65,000
65,000
65,000
65,000
65,000
65,000
234,506
215,756
197,006
175,131
153,256
131,381
109,506
1,496,672
1,720,555
2,027,188
1,954,140
1,880,467
1,826,169
1,831,746
65,000
65,000
65,000
65,000
65,000
65,000
65,000
35
36
37
38
39
40
41
42
1,500,000
0
(1,500,000)
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
35,131
35,131
6,500,000
0
(2,000,000)
4,500,000
4,500,000
0
(3,500,000)
1,000,000
1,000,000
0
(1,000,000)
0
0
0
0
0
0
0
0
0
0
0
45,000
10,000
80,131
10,000
1,902,698
2,079,781
4,854,531
8,712,781
9,659,531
10,664,781
11,713,531
12,762,281
2,045,000
3,510,000
1,000,000
43
44
45
46
47
48
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
13,811,031
15,602,281
17,393,531
19,184,781
20,976,031
22,227,281
3,334,092
2,853,750
753,969
Income Statement & Balance Sheet

US$
Month
Income statement
Revenue
Cost of Sales
Gross Margin
2
-
3
-
Operating Expenses
289,750
154,750
154,750
Operating Income
(289,750)
(154,750)
(154,750)
Other Expenses
Depreciation
Interest Expense
Total Other Expenses
103,256
103,256
109,506
109,506
109,506
109,506
Income Before Tax

Income Taxes
Net Income
(393,006)
(393,006)
(264,256)
(264,256)
(264,256)
(264,256)
1,479,827
1,943,404
0
0
0
0
0
0
1479827.083 1943404.167
1,406,981
0
0
0
1406981.25
Balance Sheet
Assets
Current Assets
Cash
Accounts Receivable
Inventory
Prepaid Expenses
Total Current Assets
Property, Plant & Equipment
Property
Property Improvements
Accumulated Depreciation
Net PP&E
Other Assets
Total Assets
Liabilities & Shareholders Equity
Current Liabilities
Construction Loan
Accounts Payable
Accrued Expenses
5,000,000
272,167
0
0
5,272,167
5,000,000
544,333
0
0
5,544,333
5,000,000
816,500
0
0
5,816,500
855,000
855,000
855,000
7,606,994
8,342,738
8,078,481
500,000
0
0
1,500,000
0
0
1,500,000
0
0
Income Taxes Payable

Total Current Liabilities
0
500,000
0
1,500,000
0
1,500,000
6,500,000
0
6,500,000
7,000,000
6,500,000
0
6,500,000
8,000,000
6,500,000
0
6,500,000
8,000,000
Stockholders' Equity / (Deficit):

Common Stock
Additional Paid in Capital
Retained Earnings/(Deficit)
Net Income / (Loss)
Total Stockholders' Equity / (Deficit)
1,000,000
0
0
(393,006)
606,994
1,000,000
0
(393,006)
(264,256)
342,738
1,000,000
0
(657,263)
(264,256)
78,481
Total Liabilities and Stockholders' Equity / (Deficit)
7,606,994
8,342,738
8,078,481
Long Term Liabilities

Mezzanine Debt
Due to Shareholders
Total Long Term Liabilities
Total Liabilities
Check Total
5
-
6
-
7
-
8
-
9
-
10
-
11
-
154,750
154,750
154,750
154,750
164,750
164,750
164,750
164,750
(154,750)
(154,750)
(154,750)
(154,750)
(164,750)
(164,750)
(164,750)
(164,750)
115,756
115,756
115,756
115,756
122,006
122,006
122,006
122,006
131,381
131,381
131,381
131,381
140,756
140,756
140,756
140,756
(270,506)
(270,506)
(270,506)
(270,506)
(276,756)
(276,756)
(276,756)
(276,756)
(296,131)
(296,131)
(296,131)
(296,131)
(305,506)
(305,506)
(305,506)
(305,506)
1,864,308
1,321,635
0
0
0
0
0
0
1864308.333 1321635.417
1,772,713
1,223,790
2,155,492
0
0
0
0
0
0
0
0
0
1772712.5 1223789.583 2155491.667
1,587,194
2,509,521
1,931,848
0
0
0
0
0
0
0
0
0
1587193.75 2509520.833 1931847.917
5,000,000
1,088,667
0
0
6,088,667
5,000,000
1,360,833
0
0
6,360,833
5,000,000
1,633,000
0
0
6,633,000
5,000,000
1,905,167
0
0
6,905,167
5,000,000
2,177,333
0
0
7,177,333
5,000,000
2,449,500
0
0
7,449,500
5,000,000
2,721,667
0
0
7,721,667
5,000,000
2,993,833
0
0
7,993,833
855,000
855,000
855,000
855,000
855,000
855,000
855,000
855,000
8,807,975
8,537,469
9,260,713
8,983,956
10,187,825
9,891,694
11,086,188
10,780,681
2,500,000
0
0
2,500,000
0
0
3,500,000
0
0
3,500,000
0
0
5,000,000
0
0
5,000,000
0
0
6,500,000
0
0
6,500,000
0
0
0
2,500,000
0
2,500,000
0
3,500,000
0
3,500,000
0
5,000,000
0
5,000,000
0
6,500,000
0
6,500,000
6,500,000
0
6,500,000
9,000,000
6,500,000
0
6,500,000
9,000,000
6,500,000
0
6,500,000
10,000,000
6,500,000
0
6,500,000
10,000,000
6,500,000
0
6,500,000
11,500,000
6,500,000
0
6,500,000
11,500,000
6,500,000
0
6,500,000
13,000,000
6,500,000
0
6,500,000
13,000,000
1,000,000
0
(921,519)
(270,506)
(192,025)
1,000,000
0
(1,192,025)
(270,506)
(462,531)
1,000,000
0
(1,462,531)
(276,756)
(739,288)
1,000,000
0
(1,739,288)
(276,756)
(1,016,044)
1,000,000
0
(2,016,044)
(296,131)
(1,312,175)
1,000,000
0
(2,312,175)
(296,131)
(1,608,306)
1,000,000
0
(2,608,306)
(305,506)
(1,913,813)
1,000,000
0
(2,913,813)
(305,506)
(2,219,319)
8,807,975
8,537,469
9,260,713
8,983,956
10,187,825
9,891,694
11,086,188
10,780,681
12
13
-
14
-
15
-
16
-
17
-
18
-
19
-
164,750
181,750
156,750
156,750
156,750
131,750
131,750
131,750
(164,750)
(181,750)
(156,750)
(156,750)
(156,750)
(131,750)
(131,750)
(131,750)
147,006
147,006
147,006
147,006
159,506
159,506
159,506
159,506
168,881
168,881
184,506
184,506
184,506
184,506
193,881
193,881
(311,756)
(311,756)
(328,756)
(328,756)
(316,256)
(316,256)
(316,256)
(316,256)
(325,631)
(325,631)
(316,256)
(316,256)
(316,256)
(316,256)
(325,631)
(325,631)
2,347,925
1,498,891
2,549,857
1,488,323
1,804,914
3,018,380
1,619,346
1,598,437
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
2347925 1498890.972 2549856.944 1488322.917 1804913.889 3018379.861 1619345.833 1598436.806
5,000,000
3,266,000
0
0
8,266,000
5,000,000
3,633,278
153000
0
8,786,278
5,000,000
4,000,556
418500
0
9,419,056
5,000,000
4,367,833
796500
0
10,164,333
5,000,000
4,735,111
1287000
0
11,022,111
5,000,000
5,102,389
1890000
0
11,992,389
5,000,000
5,469,667
2605500
0
13,075,167
5,000,000
5,836,944
3433500
0
14,270,444
855,000
855,000
855,000
855,000
855,000
855,000
855,000
855,000
11,468,925
11,140,169
12,823,913
12,507,656
13,682,025
15,865,769
15,549,513
16,723,881
7,500,000
0
0
7,500,000
0
0
9,500,000
0
0
9,500,000
0
0
11,000,000
0
0
13,500,000
0
0
13,500,000
0
0
15,000,000
0
0
0
7,500,000
0
7,500,000
0
9,500,000
0
9,500,000
0
11,000,000
0
13,500,000
0
13,500,000
0
15,000,000
6,500,000
0
6,500,000
14,000,000
6,500,000
0
6,500,000
14,000,000
6,500,000
0
6,500,000
16,000,000
6,500,000
0
6,500,000
16,000,000
6,500,000
0
6,500,000
17,500,000
6,500,000
0
6,500,000
20,000,000
6,500,000
0
6,500,000
20,000,000
6,500,000
0
6,500,000
21,500,000
1,000,000
0
(3,219,319)
(311,756)
(2,531,075)
1,000,000
0
(3,531,075)
(328,756)
(2,859,831)
1,000,000
0
(3,859,831)
(316,256)
(3,176,088)
1,000,000
0
(4,176,088)
(316,256)
(3,492,344)
1,000,000
0
(4,492,344)
(325,631)
(3,817,975)
1,000,000
0
(4,817,975)
(316,256)
(4,134,231)
1,000,000
0
(5,134,231)
(316,256)
(4,450,488)
1,000,000
0
(5,450,488)
(325,631)
(4,776,119)
11,468,925
11,140,169
12,823,913
12,507,656
13,682,025
15,865,769
15,549,513
16,723,881
20
21
-
22
-
23
-
24
-
25
-
26
27
131,750
131,750
131,750
131,750
131,750
78,250
53,250
53,250
(131,750)
(131,750)
(131,750)
(131,750)
(131,750)
(78,250)
(53,250)
(53,250)
203,256
203,256
212,631
212,631
222,006
222,006
231,381
231,381
240,756
240,756
250,131
250,131
256,381
256,381
262,631
262,631
(335,006)
(335,006)
(344,381)
(344,381)
(353,756)
(353,756)
(363,131)
(363,131)
(372,506)
(372,506)
(328,381)
(328,381)
(309,631)
(309,631)
(315,881)
(315,881)
1,343,994
1,322,960
1,292,551
1,329,267
0
0
0
0
0
0
0
0
0
0
0
0
1343993.75 1322959.722 1292550.694 1329266.667
1,655,274
0
0
0
1655274.306
1,576,532
0
0
0
1576531.944
1,568,040
0
0
0
1568039.583
1,455,653
0
0
0
1455652.778
5,000,000
6,204,222
4374000
0
15,578,222
5,000,000
6,571,500
5274000
0
16,845,500
5,000,000
6,838,778
6174000
0
18,012,778
5,000,000
7,106,056
7074000
0
19,180,056
5,000,000
7,373,333
7897500
0
20,270,833
5,000,000
7,471,944
8644500
0
21,116,444
5,000,000
7,570,556
9315000
0
21,885,556
5,000,000
7,669,167
9909000
0
22,578,167
855,000
855,000
855,000
855,000
855,000
855,000
855,000
855,000
17,888,875
19,044,494
20,190,738
21,327,606
22,455,100
23,626,719
24,317,088
25,001,206
16,500,000
0
0
18,000,000
0
0
19,500,000
0
0
21,000,000
0
0
22,500,000
0
0
24,000,000
0
0
25,000,000
0
0
26,000,000
0
0
0
16,500,000
0
18,000,000
0
19,500,000
0
21,000,000
0
22,500,000
0
24,000,000
0
25,000,000
0
26,000,000
6,500,000
0
6,500,000
23,000,000
6,500,000
0
6,500,000
24,500,000
6,500,000
0
6,500,000
26,000,000
6,500,000
0
6,500,000
27,500,000
6,500,000
0
6,500,000
29,000,000
6,500,000
0
6,500,000
30,500,000
6,500,000
0
6,500,000
31,500,000
6,500,000
0
6,500,000
32,500,000
1,000,000
0
(5,776,119)
(335,006)
(5,111,125)
1,000,000
0
(6,111,125)
(344,381)
(5,455,506)
1,000,000
0
(6,455,506)
(353,756)
(5,809,263)
1,000,000
0
(6,809,263)
(363,131)
(6,172,394)
1,000,000
0
(7,172,394)
(372,506)
(6,544,900)
1,000,000
0
(7,544,900)
(328,381)
(6,873,281)
1,000,000
0
(7,873,281)
(309,631)
(7,182,913)
1,000,000
0
(8,182,913)
(315,881)
(7,498,794)
17,888,875
19,044,494
20,190,738
21,327,606
22,455,100
23,626,719
24,317,088
25,001,206
28
29
30
31
32
33
34
35
5,925,000
1,224,000
4,701,000
4,500,000
900,000
3,600,000
4,500,000
900,000
3,600,000
4,500,000
900,000
3,600,000
4,500,000
900,000
3,600,000
4,500,000
900,000
3,600,000
4,500,000
900,000
3,600,000
4,500,000
900,000
3,600,000
645,750
498,250
488,250
488,250
488,250
486,250
484,250
484,250
4,055,250
3,101,750
3,111,750
3,111,750
3,111,750
3,113,750
3,115,750
3,115,750
234,506
234,506
215,756
215,756
197,006
197,006
175,131
175,131
153,256
153,256
131,381
131,381
109,506
109,506
80,131
80,131
3,820,744
3,820,744
2,885,994
2,885,994
2,914,744
2,914,744
2,936,619
2,936,619
2,958,494
2,958,494
2,982,369
2,982,369
3,006,244
3,006,244
3,035,619
3,035,619
1,496,672
0
0
0
1496672.222
1,720,555
0
0
0
1720554.861
2,027,188
0
0
0
2027187.5
1,954,140
0
0
0
1954139.583
1,880,467
0
0
0
1880466.667
1,826,169
0
0
0
1826168.75
1,831,746
0
0
0
1831745.833
1,902,698
0
0
0
1902697.917
5,000,000
7,767,778
9202500
0
21,970,278
5,000,000
7,866,389
8766000
0
21,632,389
5,000,000
7,965,000
8275500
0
21,240,500
5,000,000
8,019,167
7731000
0
20,750,167
5,000,000
8,073,333
7209000
0
20,282,333
5,000,000
8,127,500
6691500
0
19,819,000
5,000,000
8,181,667
6138000
0
19,319,667
5,000,000
8,235,833
5548500
0
18,784,333
855,000
855,000
855,000
855,000
855,000
855,000
855,000
855,000
24,321,950
24,207,944
24,122,688
23,559,306
23,017,800
22,500,169
22,006,413
21,542,031
21,500,000
0
0
18,500,000
0
0
15,500,000
0
0
12,000,000
0
0
8,500,000
0
0
5,000,000
0
0
1,500,000
0
0
0
0
0
21,500,000
0
18,500,000
0
15,500,000
0
12,000,000
0
8,500,000
0
5,000,000
0
1,500,000
0
-
6,500,000
0
6,500,000
28,000,000
6,500,000
0
6,500,000
25,000,000
6,500,000
0
6,500,000
22,000,000
6,500,000
0
6,500,000
18,500,000
6,500,000
0
6,500,000
15,000,000
6,500,000
0
6,500,000
11,500,000
6,500,000
0
6,500,000
8,000,000
4,500,000
0
4,500,000
4,500,000
1,000,000
0
(8,498,794)
3,820,744
(3,678,050)
1,000,000
0
(4,678,050)
2,885,994
(792,056)
1,000,000
0
(1,792,056)
2,914,744
2,122,688
1,000,000
0
1,122,688
2,936,619
5,059,306
1,000,000
0
4,059,306
2,958,494
8,017,800
1,000,000
0
7,017,800
2,982,369
11,000,169
1,000,000
0
10,000,169
3,006,244
14,006,413
1,000,000
0
13,006,413
3,035,619
17,042,031
24,321,950
24,207,944
24,122,688
23,559,306
23,017,800
22,500,169
22,006,413
21,542,031
36
37
38
39
40
41
42
43
4,500,000
900,000
3,600,000
4,500,000
900,000
3,600,000
4,500,000
900,000
3,600,000
1,200,000
288,000
912,000
1,200,000
288,000
912,000
1,200,000
288,000
912,000
1,200,000
288,000
912,000
1,200,000
288,000
912,000
484,250
509,250
484,250
154,250
154,250
151,250
151,250
151,250
3,115,750
3,090,750
3,115,750
757,750
757,750
760,750
760,750
760,750
10,000
10,000
3,105,750
3,105,750
3,090,750
3,090,750
3,115,750
3,115,750
757,750
757,750
757,750
757,750
760,750
760,750
760,750
760,750
760,750
760,750
2,079,781
0
0
0
2079781.25
4,854,531
0
0
0
4854531.25
8,712,781
0
0
0
8712781.25
9,659,531
0
0
0
9659531.25
10,664,781
0
0
0
10664781.25
11,713,531
0
0
0
11713531.25
12,762,281
0
0
0
12762281.25
13,811,031
0
0
0
13811031.25
5,000,000
8,290,000
4923000
0
18,213,000
5,000,000
8,290,000
4239000
0
17,529,000
5,000,000
8,290,000
3496500
0
16,786,500
5,000,000
8,290,000
3307500
0
16,597,500
5,000,000
8,290,000
3060000
0
16,350,000
5,000,000
8,290,000
2772000
0
16,062,000
5,000,000
8,290,000
2484000
0
15,774,000
5,000,000
8,290,000
2196000
0
15,486,000
855,000
855,000
855,000
855,000
855,000
855,000
855,000
855,000
21,147,781
23,238,531
26,354,281
27,112,031
27,869,781
28,630,531
29,391,281
30,152,031
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
-
0
-
0
-
0
-
0
-
0
-
0
-
0
-
1,000,000
0
1,000,000
1,000,000
0
-
0
-
0
-
0
-
0
-
0
-
0
-
1,000,000
0
16,042,031
3,105,750
20,147,781
1,000,000
0
19,147,781
3,090,750
23,238,531
1,000,000
0
22,238,531
3,115,750
26,354,281
1,000,000
0
25,354,281
757,750
27,112,031
1,000,000
0
26,112,031
757,750
27,869,781
1,000,000
0
26,869,781
760,750
28,630,531
1,000,000
0
27,630,531
760,750
29,391,281
1,000,000
0
28,391,281
760,750
30,152,031
21,147,781
23,238,531
26,354,281
27,112,031
27,869,781
28,630,531
29,391,281
30,152,031
44
45
46
47
48
2,025,000
468,000
1,557,000
2,025,000
468,000
1,557,000
2,025,000
468,000
1,557,000
2,025,000
468,000
1,557,000
1,425,000
324,000
1,101,000
233,750
233,750
233,750
233,750
173,750
1,323,250
1,323,250
1,323,250
1,323,250
927,250
1,323,250
1,323,250
1,323,250
1,323,250
1,323,250
1,323,250
1,323,250
1,323,250
927,250
927,250
15,602,281
0
0
0
15602281.25
17,393,531
0
0
0
17393531.25
19,184,781
0
0
0
19184781.25
20,976,031
0
0
0
20976031.25
22,227,281
0
0
0
22227281.25
5,000,000
8,290,000
1728000
0
15,018,000
5,000,000
8,290,000
1260000
0
14,550,000
5,000,000
8,290,000
792000
0
14,082,000
5,000,000
8,290,000
324000
0
13,614,000
5,000,000
8,290,000
0
0
13,290,000
855,000
855,000
855,000
855,000
855,000
31,475,281
32,798,531
34,121,781
35,445,031
36,372,281
0
0
0
0
0
0
0
0
0
0
0
-
0
-
0
-
0
-
0
-
0
-
0
-
0
-
0
-
0
-
1,000,000
0
29,152,031
1,323,250
31,475,281
1,000,000
0
30,475,281
1,323,250
32,798,531
1,000,000
0
31,798,531
1,323,250
34,121,781
1,000,000
0
33,121,781
1,323,250
35,445,031
1,000,000
0
34,445,031
927,250
36,372,281
31,475,281
32,798,531
34,121,781
35,445,031
36,372,281
Cash Flow
US$
Month
(393,006)
(264,256)
(264,256)
(393,006)
(264,256)
(264,256)
(855,000)
(855,000)
(1,248,006)
(264,256)
(264,256)
(5,272,167)
(5,272,167)
(272,167)
(272,167)
(272,167)
(272,167)
500,000
6,500,000
1,000,000
8,000,000
1,000,000
1,000,000
1,479,827
1,479,827
463,577
1,479,827
1,943,404
Cash provided by (used in)

Operating activities
Net income (loss) for the period
Non-cash transactions
Depreciation
Non-cash interest accrued
Sub-total
Changes in assets and liabilities
Accounts receivable
Prepaid expenses
Other Assets
Accounts payable
Accrued expenses
Income taxes payable
Sub-total
Total Operating Activities
Investing Activities
Purchase of PPE
Total
Financing activities
Line of credit
Mezzanine Debt
Proceeds from stock
Due to shareholders
Total
Increase (decrease) in cash during period
Cash beginning of period
Cash end of period
(536,423)
1,943,404
1,406,981
10
(270,506)
(270,506)
(276,756)
(276,756)
(296,131)
(296,131)
(305,506)
(270,506)
(270,506)
(276,756)
(276,756)
(296,131)
(296,131)
(305,506)
(270,506)
(270,506)
(276,756)
(276,756)
(296,131)
(296,131)
(305,506)
(272,167)
(272,167)
(272,167)
(272,167)
(272,167)
(272,167)
(272,167)
(272,167)
(272,167)
(272,167)
(272,167)
(272,167)
(272,167)
(272,167)
1,000,000
1,000,000
457,327
1,406,981
1,864,308
(542,673)
1,864,308
1,321,635
1,000,000
1,000,000
451,077
1,321,635
1,772,713
(548,923)
1,772,713
1,223,790
1,500,000
1,500,000
931,702
1,223,790
2,155,492
(568,298)
2,155,492
1,587,194
1,500,000
1,500,000
922,327
1,587,194
2,509,521
11
12
13
14
15
16
17
(305,506)
(311,756)
(328,756)
(316,256)
(316,256)
(325,631)
(316,256)
(305,506)
(311,756)
(328,756)
(316,256)
(316,256)
(325,631)
(316,256)
(305,506)
(311,756)
(153,000)
(153,000)
(481,756)
(265,500)
(265,500)
(581,756)
(378,000)
(378,000)
(694,256)
(490,500)
(490,500)
(816,131)
(603,000)
(603,000)
(919,256)
(272,167)
(272,167)
(272,167)
(272,167)
(367,278)
(367,278)
(367,278)
(367,278)
(367,278)
(367,278)
(367,278)
(367,278)
(367,278)
(367,278)
1,500,000
1,500,000
2,500,000
2,500,000
316,591
1,488,323
1,804,914
1,213,466
1,804,914
3,018,380
(577,673)
2,509,521
1,931,848
1,000,000
1,000,000
416,077
1,931,848
2,347,925
(849,034)
2,347,925
1,498,891
2,000,000
2,000,000
1,050,966
1,498,891
2,549,857
(1,061,534)
2,549,857
1,488,323
18
19
(316,256)
(325,631)
(335,006)
(344,381)
(353,756)
(363,131)
(372,506)
(316,256)
(325,631)
(335,006)
(344,381)
(353,756)
(363,131)
(372,506)
(715,500)
(715,500)
(1,031,756)
(828,000)
(828,000)
(1,153,631)
(940,500)
(940,500)
(1,275,506)
(900,000)
(900,000)
(1,244,381)
(900,000)
(900,000)
(1,253,756)
(900,000)
(900,000)
(1,263,131)
(823,500)
(823,500)
(1,196,006)
(367,278)
(367,278)
(367,278)
(367,278)
(367,278)
(367,278)
(367,278)
(367,278)
(267,278)
(267,278)
(267,278)
(267,278)
(267,278)
(267,278)
1,500,000
1,500,000
1,500,000
1,500,000
1,500,000
1,500,000
1,500,000
1,500,000
1,500,000
1,500,000
1,500,000
1,500,000
(20,909)
1,619,346
1,598,437
(142,784)
1,598,437
1,455,653
(111,659)
1,455,653
1,343,994
(21,034)
1,343,994
1,322,960
(30,409)
1,322,960
1,292,551
36,716
1,292,551
1,329,267
(1,399,034)
3,018,380
1,619,346
20
21
22
23
24
25
26
27
28
29
30
31
(328,381)
(309,631)
(315,881)
3,820,744
2,885,994
2,914,744
2,936,619
(328,381)
(309,631)
(315,881)
3,820,744
2,885,994
2,914,744
2,936,619
(747,000)
(747,000)
(1,075,381)
(670,500)
(670,500)
(980,131)
(594,000)
(594,000)
(909,881)
706,500
706,500
4,527,244
436,500
436,500
3,322,494
490,500
490,500
3,405,244
544,500
544,500
3,481,119
(98,611)
(98,611)
(98,611)
(98,611)
(98,611)
(98,611)
(98,611)
(98,611)
(98,611)
(98,611)
(98,611)
(98,611)
(54,167)
(54,167)
1,500,000
1,500,000
1,000,000
1,000,000
1,000,000
1,000,000
(4,500,000)
(4,500,000)
(3,000,000)
(3,000,000)
(3,000,000)
(3,000,000)
(3,500,000)
(3,500,000)
326,008
1,329,267
1,655,274
(78,742)
1,655,274
1,576,532
(8,492)
1,576,532
1,568,040
(71,367)
1,568,040
1,496,672
223,883
1,496,672
1,720,555
306,633
1,720,555
2,027,188
(73,048)
2,027,188
1,954,140
32
33
34
35
36
37
38
2,958,494
2,982,369
3,006,244
3,035,619
3,105,750
3,090,750
3,115,750
2,958,494
2,982,369
3,006,244
3,035,619
3,105,750
3,090,750
3,115,750
522,000
522,000
3,480,494
517,500
517,500
3,499,869
553,500
553,500
3,559,744
589,500
589,500
3,625,119
625,500
625,500
3,731,250
684,000
684,000
3,774,750
742,500
742,500
3,858,250
(54,167)
(54,167)
(54,167)
(54,167)
(54,167)
(54,167)
(54,167)
(54,167)
(54,167)
(54,167)
(3,500,000)
(3,500,000)
(3,500,000)
(3,500,000)
(3,500,000)
(3,500,000)
(1,500,000)
(2,000,000)
(3,500,000)
(3,500,000)
(3,500,000)
(1,000,000)
(1,000,000)
(73,673)
1,954,140
1,880,467
(54,298)
1,880,467
1,826,169
5,577
1,826,169
1,831,746
70,952
1,831,746
1,902,698
177,083
1,902,698
2,079,781
2,774,750
2,079,781
4,854,531
3,858,250
4,854,531
8,712,781
39
40
41
42
43
44
45
757,750
757,750
760,750
760,750
760,750
1,323,250
1,323,250
757,750
757,750
760,750
760,750
760,750
1,323,250
1,323,250
189,000
189,000
946,750
247,500
247,500
1,005,250
288,000
288,000
1,048,750
288,000
288,000
1,048,750
288,000
288,000
1,048,750
468,000
468,000
1,791,250
468,000
468,000
1,791,250
946,750
8,712,781
9,659,531
1,005,250
9,659,531
10,664,781
1,048,750
10,664,781
11,713,531
1,048,750
11,713,531
12,762,281
1,048,750
12,762,281
13,811,031
1,791,250
13,811,031
15,602,281
1,791,250
15,602,281
17,393,531
46
47
48
1,323,250
1,323,250
927,250
1,323,250
1,323,250
927,250
468,000
468,000
1,791,250
468,000
468,000
1,791,250
324,000
324,000
1,251,250
1,791,250
17,393,531
19,184,781
1,791,250
19,184,781
20,976,031
1,251,250
20,976,031
22,227,281

Real Estate Model

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Real Estate Model

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Assumptions

Assumptions are in blue and flow through the model

New Construction Units-Villas

Monthly Operating Cost

Construction Loan Interest Rate %

Construction Period (Months)

Summary Financial Information

Construction Loan Outstanding YE

Sources & Uses

Build Out Plan

Units Under Construction

Monthly Construction Cost

Total Interest Expense

Income Statement & Balance Sheet

Income Before Tax

Income Taxes Payable

Stockholders' Equity / (Deficit):

Total Liabilities and Stockholders' Equity / (Deficit)

Long Term Liabilities

Cash provided by (used in)

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