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Table of Contents
1.0 Executive Summary.............................................................................................................................1
1.1 Objectives ...................................................................................................................................1
1.2 Mission........................................................................................................................................1
Chart: Highlights ......................................................................................................................2
2.0 Company Summary.............................................................................................................................2
2.1 Company Ownership .................................................................................................................2
2.2 Start-up Summary ......................................................................................................................2
Table: Start-up .........................................................................................................................3
Table: Start-up Funding ..........................................................................................................4
3.0 Services................................................................................................................................................4
4.0 Market Analysis Summary..................................................................................................................4
4.1 Market Segmentation ................................................................................................................5
Chart: Market Analysis (Pie) ..................................................................................................5
Table: Market Analysis ...........................................................................................................6
4.2 Target Market Segment Strategy.............................................................................................6
5.0 Strategy and Implementation Summary ............................................................................................6
5.1 Sales Forecast ...........................................................................................................................6
Chart: Sales Monthly...............................................................................................................7
Table: Sales Forecast ............................................................................................................7
5.2 Milestones...................................................................................................................................8
Table: Milestones ....................................................................................................................8
5.3 Competitive Edge ......................................................................................................................8
6.0 Management Summary.......................................................................................................................8
6.1 Personnel Plan ...........................................................................................................................8
Table: Personnel .....................................................................................................................9
7.0 Financial Plan ....................................................................................................................................10
7.1 Important Assumptions............................................................................................................10
Table: General Assumptions ...............................................................................................10
7.2 Break-even Analysis................................................................................................................11
Table: Break-even Analysis .................................................................................................11
Chart: Break-even Analysis .................................................................................................11
7.3 Projected Profit and Loss .......................................................................................................12
Chart: Profit Monthly .............................................................................................................12
Table: Profit and Loss ..........................................................................................................13
7.4 Projected Cash Flow...............................................................................................................13
Table: Cash Flow..................................................................................................................14
Chart: Cash ...........................................................................................................................15
7.5 Projected Balance Sheet ........................................................................................................16
Table: Balance Sheet ...........................................................................................................16
7.6 Business Ratios .......................................................................................................................16
Table: Ratios .........................................................................................................................17
Table: Sales Forecast ...............................................................................................................................1
Table: Personnel ........................................................................................................................................2
Table: General Assumptions ....................................................................................................................3
Table: Profit and Loss ...............................................................................................................................4
Table: Cash Flow .......................................................................................................................................5
Table: Balance Sheet ................................................................................................................................6
Page 1
Claremont Funding
1.0 Executive Summary
Claremont Funding is an outstanding mortgage brokerage firm serving the lending needs of real
estate professionals, builders and individual home buyers. We have ac cess to a full range of
mortgage sources and are dedicated to finding the right loan--with the best rates, terms and
costs- -to meet our clients' unique needs.
This firm is capitalized by two principal investors, Joan Billings and Maureen Shoe. Both are
licensed brokers with a combined experience of over 30 years in the industry.
1.1 Objectives
Claremont Funding aims to offer comprehensive mortgage broker services. Claremont Funding
will foc us on providing personal and spec ialized services to meet eac h c lient's specific needs.
The primary objectives of our firm are:
Become profitable serving the real estate investment opportunities bec oming available in
the rapidly growing old town section of the city.
Develop a solid, corporate identity in our specified target market area.
Become one of the top brokerage firms in the area by our third year of operation, or
before.
Realize a positive return on investment within the first 12 months.
1.2 Mission
Claremont Funding offers high-quality mortgage brokerage services to residential and business
customers. Our aim is to provide our customers with fair mortgage rates at reasonable prices,
while keeping our clients informed and educated throughout the proc ess. We will bec ome friends
and mentors to our customers as well as quality service providers. Claremont is an excellent
plac e to work, a professional environment that is challenging, rewarding, creative, and respectful
of ideas and individuals. Claremont ultimately provides excellent value to its customers and fair
reward to its owners and employees.
Page 1
Claremont Funding
Claremont Funding
Table: Start-up
Start-up
Requirements
Start-up Expenses
Legal
Stationery etc.
Brochures
Advertising
Insurance
Rent
Answering Service
Utilities Start Up
Office Furnishings
Expensed Equipment
Business Software
Office Supplies
Total Start-up Expenses
$900
$2,000
$1,000
$2,500
$200
$3,000
$200
$250
$4,000
$3,000
$2,000
$1,000
$20,050
Start-up Assets
Cash Required
Other Current Assets
Long-term Assets
Total Assets
$39,950
$20,000
$0
$59,950
Total Requirements
$80,000
Page 3
Claremont Funding
Table: Start-up Funding
Start-up Funding
Start-up Expenses to Fund
Start-up Assets to Fund
Total Funding Required
$20,050
$59,950
$80,000
Assets
Non-cash Assets from Start-up
Cash Requirements from Start-up
Additional Cash Raised
Cash Balance on Starting Date
$20,000
$39,950
$0
$39,950
Total Assets
$59,950
$0
$30,000
$10,000
$0
$40,000
Capital
Planned Investment
Investor 1
Investor 2
Additional Investment Requirement
$20,000
$20,000
$0
$40,000
($20,050)
Total Capital
$19,950
$59,950
Total Funding
$80,000
3.0 Services
Our personal goal is to break through the barriers that impede homeownership for those who wish
to realize the American Dream. We provide potential and current homeowners the opportunity to
find the best mortgage loan for their needs.
We match buyers to loan programs. We have an extensive questionnaire for our buyers to list
their wants and needs. We then take this questionnaire and put the supplied information to
match buyers to the loan packages matching their criteria.
Claremont Funding
today are looking to purchase homes. These changes in attitudes of home buyers are a
tremendous boost to real estate firms. Residential construction is booming in the city's Old
Town section. We are poised to take advantage of these changes, and expec t to bec ome a
recognized name and profitable entity in the city's real estate market. We chose to loc ate our
office in the area of most revenue potential and where we have close connection to dominant
real estate firms. Our targeted market area, the Old Town area, shows stability and growth.
We have a beautiful office, centered in the Old Town area.
The first quarter home values were up 12.5 percent from the same period in 2001, the Office
of Federal Housing Enterprise Oversight reported. The gain reflects an increase from the previous
quarter, when residential real estate values saw growth of 12.1 percent.
First-time homeowners: A bulk of the new construction in the Old Town section of the
city is directed toward first-time homeowners.
Residential refinancing: Whether it is for purchasing, construction, remodeling, debt
consolidation, investment properties or refinancing--we have programs available to
service those with good and bad credit.
Page 5
Claremont Funding
Table: Market Analysis
Market Analysis
Year 1
Year 2
Year 3
Year 4
Year 5
Potential Customers
First-Time Homeowners
Growth
15%
80,000
92,000
105,800
121,670
139,921
CAGR
15.00%
Residential Refinancing
Other Home Buyers
Total
10%
7%
10.87%
150,000
60,000
290,000
165,000
64,200
321,200
181,500
68,694
355,994
199,650
73,503
394,823
219,615
78,648
438,184
10.00%
7.00%
10.87%
Page 6
Claremont Funding
Year 2
Year 3
Sales
First-Time Homeowners
$104,672
$150,000
$180,000
Other Homebuyers
Residential Refinancing
Total Sales
$52,336
$107,839
$264,847
$75,000
$140,000
$365,000
$90,000
$175,000
$445,000
Year 1
$0
Year 2
$0
Year 3
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
Other Homebuyers
Residential Refinancing
Subtotal Direct Cost of Sales
Page 7
Claremont Funding
5.2 Milestones
The ac companying table lists important program milestones, with dates and managers in
charge, and budgets for eac h. The milestone sc hedule indicates our emphasis on planning for
implementation.
Table: Milestones
Milestones
Milestone
Lease Office Space
Purchase Office Equipment/
Computer, etc.
Office Utilities
Answering Service
Stationary
Business Software
Advertising
Totals
Start Date
12/15/2001
12/1/2001
End Date
12/28/2001
12/15/2001
Budget
$3,000
$3,000
Manager
Maureen
Maureen
Department
Marketing
Marketing
12/20/2001
12/13/2001
12/1/2001
12/15/2001
12/1/2001
12/21/2001
12/23/2001
12/10/2001
12/28/2001
12/30/2001
$250
$200
$2,000
$2,000
$2,500
$12,950
Joan
Joan
Joan
Joan
Maureen
Web
Web
Admin
Admin
Marketing
Page 8
Claremont Funding
The following table shows the personnel plan for Claremont Funding.
Table: Personnel
Personnel Plan
Joan Billings
Maureen Shoe
Admin Assistants
Total People
Total Payroll
Year 1
$60,000
$60,000
$46,000
3
Year 2
$80,000
$80,000
$60,000
4
Year 3
$90,000
$90,000
$80,000
4
$166,000
$220,000
$260,000
Page 9
Claremont Funding
7.0 Financial Plan
Year 1
1
10.00%
Year 2
2
10.00%
Year 3
3
10.00%
10.00%
30.00%
0
10.00%
30.00%
0
10.00%
30.00%
0
Page 10
Claremont Funding
7.2 Break-even Analysis
The following table and chart will summarize our break-even analysis.
$19,975
Assumptions:
Average Percent Variable Cost
Estimated Monthly Fixed Cost
0%
$19,975
Page 11
Claremont Funding
7.3 Projected Profit and Loss
Our projected profit and loss is shown on the following table.
Page 12
Claremont Funding
Table: Profit and Loss
Pro Forma Profit and Loss
Year 1
$264,847
$0
Year 2
$365,000
$0
Year 3
$445,000
$0
$0
$0
$0
$0
$0
$0
Gross Margin
Gross Margin %
$264,847
100.00%
$365,000
100.00%
$445,000
100.00%
Expenses
Payroll
Sales and Marketing and Other Expenses
Depreciation
Leased Equipment
Utilities
Insurance
Rent
Payroll Taxes
Other
$166,000
$7,800
$0
$200
$2,400
$2,400
$36,000
$24,900
$0
$220,000
$13,000
$0
$0
$2,400
$2,400
$36,000
$33,000
$0
$260,000
$19,000
$0
$0
$2,400
$2,400
$36,000
$39,000
$0
$239,700
$306,800
$358,800
$25,147
$25,147
$2,950
$6,659
$58,200
$58,200
$2,550
$16,695
$86,200
$86,200
$2,250
$25,185
Net Profit
Net Profit/Sales
$15,538
5.87%
$38,955
10.67%
$58,765
13.21%
Sales
Direct Cost of Sales
Other Production Expenses
Total Cost of Sales
Page 13
Claremont Funding
Table: Cash Flow
Pro Forma Cash Flow
Year 1
Year 2
Year 3
$66,212
$187,004
$253,216
$91,250
$269,352
$360,602
$111,250
$330,237
$441,487
$0
$4,500
$0
$0
$0
$0
$12,000
$269,716
$0
$0
$0
$0
$0
$0
$0
$360,602
$0
$0
$0
$0
$0
$0
$0
$441,487
Year 1
Year 2
Year 3
$166,000
$90,879
$256,879
$220,000
$99,759
$319,759
$260,000
$124,576
$384,576
$0
$4,500
$0
$3,000
$0
$0
$0
$3,000
$0
$0
$0
$3,000
$0
$0
$0
$0
$0
$0
$0
$0
$0
$264,379
$322,759
$387,576
$5,337
$45,287
$37,842
$83,129
$53,911
$137,040
Cash Received
Expenditures
Expenditures from Operations
Cash Spending
Bill Payments
Subtotal Spent on Operations
Additional Cash Spent
Sales Tax, VAT, HST/GST Paid Out
Principal Repayment of Current Borrowing
Other Liabilities Principal Repayment
Long-term Liabilities Principal Repayment
Purchase Other Current Assets
Purchase Long-term Assets
Dividends
Subtotal Cash Spent
Net Cash Flow
Cash Balance
Page 14
Claremont Funding
Page 15
Claremont Funding
7.5 Projected Balance Sheet
The balance sheet in the following table shows managed but sufficient growth of net worth,
and a sufficiently healthy financial position. The monthly estimates are included in the appendix.
Year 2
Year 3
Current Assets
Cash
Accounts Receivable
Other Current Assets
Total Current Assets
$45,287
$11,631
$20,000
$76,918
$83,129
$16,030
$20,000
$119,159
$137,040
$19,543
$20,000
$176,583
Long-term Assets
Long-term Assets
Accumulated Depreciation
Total Long-term Assets
Total Assets
$0
$0
$0
$76,918
$0
$0
$0
$119,159
$0
$0
$0
$176,583
Year 1
Year 2
Year 3
Current Liabilities
Accounts Payable
Current Borrowing
Other Current Liabilities
$2,430
$0
$0
$8,716
$0
$0
$10,375
$0
$0
$2,430
$8,716
$10,375
$27,000
$29,430
$24,000
$32,716
$21,000
$31,375
Assets
Long-term Liabilities
Total Liabilities
Paid-in Capital
$52,000
$52,000
$52,000
($20,050)
$15,538
$47,488
($4,512)
$38,955
$86,443
$34,443
$58,765
$145,208
$76,918
$119,159
$176,583
Net Worth
$47,488
$86,443
$145,208
Retained Earnings
Earnings
Total Capital
Page 16
Claremont Funding
Table: Ratios
Ratio Analysis
Year 1
n.a.
Year 2
37.82%
Year 3
21.92%
Industry Profile
8.50%
15.12%
26.00%
100.00%
0.00%
100.00%
13.45%
16.78%
100.00%
0.00%
100.00%
11.07%
11.33%
100.00%
0.00%
100.00%
20.90%
55.70%
81.60%
18.40%
100.00%
3.16%
35.10%
38.26%
61.74%
7.31%
20.14%
27.46%
72.54%
5.88%
11.89%
17.77%
82.23%
48.20%
15.50%
63.70%
36.30%
100.00%
100.00%
94.18%
2.27%
9.49%
100.00%
100.00%
89.41%
2.74%
15.95%
100.00%
100.00%
86.91%
3.37%
19.37%
100.00%
0.00%
82.60%
0.60%
1.50%
Main Ratios
Current
Quick
Total Debt to Total Assets
Pre-tax Return on Net Worth
31.65
31.65
38.26%
46.74%
13.67
13.67
27.46%
64.38%
17.02
17.02
17.77%
57.81%
1.57
1.13
63.70%
1.90%
28.86%
46.70%
47.54%
5.20%
Sales Growth
Percent of Total Assets
Accounts Receivable
Other Current Assets
Total Current Assets
Long-term Assets
Total Assets
Current Liabilities
Long-term Liabilities
Total Liabilities
Net Worth
Percent of Sales
Sales
Gross Margin
Selling, General & Administrative Expenses
Advertising Expenses
Profit Before Interest and Taxes
Additional Ratios
Year 1
Year 2
Year 3
5.87%
32.72%
10.67%
45.06%
13.21%
40.47%
n.a
n.a
Activity Ratios
Accounts Receivable Turnover
Collection Days
17.08
59
17.08
18
17.08
19
n.a
n.a
34.28
31
3.44
12.17
19
3.06
12.17
28
2.52
n.a
n.a
n.a
Debt Ratios
Debt to Net Worth
0.62
0.38
0.22
n.a
0.08
0.27
0.33
n.a
$74,488
8.52
$110,443
22.82
$166,208
38.31
n.a
n.a
0.29
3%
0.33
7%
0.40
6%
n.a
n.a
26.86
5.58
0.00
11.83
4.22
0.00
15.14
3.06
0.00
n.a
n.a
n.a
Liquidity Ratios
Net Working Capital
Interest Coverage
Additional Ratios
Assets to Sales
Current Debt/Total Assets
Acid Test
Sales/Net Worth
Dividend Payout
Page 17
Appendix
Table: Sales Forecast
Sales Forecast
Month 1
Month 2
Month 3
Month 4
Month 5
Month 6
Month 7
Month 8
Month 9
Month 10
Month 11
Month 12
0%
$2,100
$2,200
$5,020
$8,000
$10,500
$15,000
$18,000
$22,000
$10,022
$5,210
$3,820
$2,800
0%
$1,050
$1,100
$2,510
$4,000
$5,250
$7,500
$9,000
$11,000
$5,011
$2,605
$1,910
$1,400
0%
$3,000
$6,150
$3,000
$6,300
$6,640
$14,170
$10,000
$22,000
$11,000
$26,750
$14,000
$36,500
$17,000
$44,000
$20,000
$53,000
$13,000
$28,033
$4,322
$12,137
$3,222
$8,952
$2,655
$6,855
Month 1
$0
Month 2
$0
Month 3
$0
Month 4
$0
Month 5
$0
Month 6
$0
Month 7
$0
Month 8
$0
Month 9
$0
Month 10
$0
Month 11
$0
Month 12
$0
Other Homebuyers
Residential Refinancing
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
Sales
First-Time Homeowners
Other Homebuyers
Residential Refinancing
Total Sales
Page 1
Appendix
Table: Personnel
Personnel Plan
Month 1
$5,000
$5,000
$3,000
Month 2
$5,000
$5,000
$3,000
Month 3
$5,000
$5,000
$3,000
Month 4
$5,000
$5,000
$3,000
Month 5
$5,000
$5,000
$5,000
Month 6
$5,000
$5,000
$5,000
Month 7
$5,000
$5,000
$5,000
Month 8
$5,000
$5,000
$5,000
Month 9
$5,000
$5,000
$5,000
Month 10
$5,000
$5,000
$3,000
Month 11
$5,000
$5,000
$3,000
Month 12
$5,000
$5,000
$3,000
Total People
Total Payroll
$13,000
$13,000
$13,000
$13,000
$15,000
$15,000
$15,000
$15,000
$15,000
$13,000
$13,000
$13,000
Joan Billings
Maureen Shoe
Admin Assistants
0%
0%
0%
Page 2
Appendix
Table: General Assumptions
General Assumptions
Plan Month
Current Interest Rate
Month 1
1
10.00%
Month 2
2
10.00%
Month 3
3
10.00%
Month 4
4
10.00%
Month 5
5
10.00%
Month 6
6
10.00%
Month 7
7
10.00%
Month 8
8
10.00%
Month 9
9
10.00%
Month 10
10
10.00%
Month 11
11
10.00%
Month 12
12
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
Tax Rate
Other
30.00%
0
30.00%
0
30.00%
0
30.00%
0
30.00%
0
30.00%
0
30.00%
0
30.00%
0
30.00%
0
30.00%
0
30.00%
0
30.00%
0
Page 3
Appendix
Table: Profit and Loss
Pro Forma Profit and Loss
Month 1
$6,150
$0
Month 2
$6,300
$0
Month 3
$14,170
$0
Month 4
$22,000
$0
Month 5
$26,750
$0
Month 6
$36,500
$0
Month 7
$44,000
$0
Month 8
$53,000
$0
Month 9
$28,033
$0
Month 10
$12,137
$0
Month 11
$8,952
$0
Month 12
$6,855
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$6,150
100.00%
$6,300
100.00%
$14,170
100.00%
$22,000
100.00%
$26,750
100.00%
$36,500
100.00%
$44,000
100.00%
$53,000
100.00%
$28,033
100.00%
$12,137
100.00%
$8,952
100.00%
$6,855
100.00%
$13,000
$13,000
$13,000
$13,000
$15,000
$15,000
$15,000
$15,000
$15,000
$13,000
$13,000
$13,000
$650
$650
$650
$650
$650
$650
$650
$650
$650
$650
$650
$650
$0
$200
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$200
$200
$3,000
$200
$200
$3,000
$200
$200
$3,000
$200
$200
$3,000
$200
$200
$3,000
$200
$200
$3,000
$200
$200
$3,000
$200
$200
$3,000
$200
$200
$3,000
$200
$200
$3,000
$200
$200
$3,000
$200
$200
$3,000
$1,950
$1,950
$1,950
$1,950
$2,250
$2,250
$2,250
$2,250
$2,250
$1,950
$1,950
$1,950
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$19,200
$19,000
$19,000
$19,000
$21,300
$21,300
$21,300
$21,300
$21,300
$19,000
$19,000
$19,000
($13,050)
($12,700)
($4,830)
$3,000
$5,450
$15,200
$22,700
$31,700
$6,733
($6,863)
($10,048)
($12,145)
EBITDA
Interest Expense
($13,050)
$248
($12,700)
$246
($4,830)
$244
$3,000
$279
$5,450
$277
$15,200
$275
$22,700
$235
$31,700
$233
$6,733
$231
($6,863)
$229
($10,048)
$227
($12,145)
$225
Taxes Incurred
($3,989)
($3,884)
($1,522)
$816
$1,552
$4,478
$6,739
$9,440
$1,951
($2,128)
($3,083)
($3,711)
($9,309)
-151.36%
($9,062)
-143.84%
($3,552)
-25.06%
$1,905
8.66%
$3,621
13.54%
$10,448
28.62%
$15,725
35.74%
$22,027
41.56%
$4,551
16.24%
($4,965)
-40.90%
($7,193)
-80.35%
($8,659)
-126.32%
Sales
Direct Cost of Sales
Gross Margin
Gross Margin %
Expenses
Payroll
Sales and Marketing and Other
Expenses
Depreciation
Leased Equipment
Utilities
Insurance
Rent
Payroll Taxes
Other
Total Operating Expenses
Net Profit
Net Profit/Sales
15%
Page 4
Appendix
Table: Cash Flow
Pro Forma Cash Flow
Month 1
Month 2
Month 3
Month 4
Month 5
Month 6
Month 7
Month 8
Month 9
Month 10
Month 11
Month 12
$1,538
$0
$1,575
$154
$3,543
$4,616
$5,500
$4,922
$6,688
$10,823
$9,125
$16,619
$11,000
$20,306
$13,250
$27,563
$7,008
$33,225
$3,034
$39,126
$2,238
$20,627
$1,714
$9,023
$1,538
$1,729
$8,159
$10,422
$17,511
$25,744
$31,306
$40,813
$40,233
$42,160
$22,865
$10,737
Cash Received
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
0.00%
$0
$0
$0
$0
$0
$0
$4,500
$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
$1,538
$0
$1,729
$12,000
$20,159
$0
$14,922
$0
$17,511
$0
$25,744
$0
$31,306
$0
$40,813
$0
$40,233
$0
$42,160
$0
$22,865
$0
$10,737
Expenditures
Month 1
Month 2
Month 3
Month 4
Month 5
Month 6
Month 7
Month 8
Month 9
Month 10
Month 11
Month 12
Cash Spending
Bill Payments
$13,000
$10,082
$13,000
$2,455
$13,000
$2,441
$13,000
$4,801
$15,000
$7,130
$15,000
$8,226
$15,000
$11,127
$15,000
$13,365
$15,000
$15,724
$13,000
$8,336
$13,000
$4,070
$13,000
$3,124
$23,082
$15,455
$15,441
$17,801
$22,130
$23,226
$26,127
$28,365
$30,724
$21,336
$17,070
$16,124
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$4,500
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$250
$250
$250
$250
$250
$250
$250
$250
$250
$250
$250
$250
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$23,332
$15,705
$15,691
$18,051
$22,380
$23,476
$30,877
$28,615
$30,974
$21,586
$17,320
$16,374
($21,794)
($13,977)
$4,468
($3,129)
($4,869)
$2,267
$430
$12,198
$9,260
$20,574
$5,546
($5,637)
Cash Balance
$18,156
$4,179
$8,647
$5,518
$649
$2,916
$3,346
$15,544
$24,803
$45,378
$50,923
$45,287
Page 5
Appendix
Table: Balance Sheet
Pro Forma Balance Sheet
Assets
Month 1
Month 2
Month 3
Month 4
Month 5
Month 6
Month 7
Month 8
Month 9
Month 10
Month 11
Month 12
Starting Balances
Current Assets
Cash
Accounts Receivable
$39,950
$0
$18,156
$4,613
$4,179
$9,184
$8,647
$15,195
$5,518
$26,773
$649
$36,013
$2,916
$46,769
$3,346
$59,463
$15,544
$71,650
$24,803
$59,450
$45,378
$29,427
$50,923
$15,513
$45,287
$11,631
$20,000
$59,950
$20,000
$42,768
$20,000
$33,363
$20,000
$43,842
$20,000
$52,291
$20,000
$56,661
$20,000
$69,685
$20,000
$82,808
$20,000
$107,194
$20,000
$104,253
$20,000
$94,804
$20,000
$86,437
$20,000
$76,918
Long-term Assets
Long-term Assets
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
Accumulated Depreciation
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$59,950
$0
$42,768
$0
$33,363
$0
$43,842
$0
$52,291
$0
$56,661
$0
$69,685
$0
$82,808
$0
$107,194
$0
$104,253
$0
$94,804
$0
$86,437
$0
$76,918
Month 1
Month 2
Month 3
Month 4
Month 5
Month 6
Month 7
Month 8
Month 9
Month 10
Month 11
Month 12
$10,000
$2,377
$2,283
$4,564
$6,859
$7,858
$10,684
$12,832
$15,441
$8,199
$3,965
$3,040
$2,430
$0
$0
$0
$0
$0
$0
$0
$0
$4,500
$0
$4,500
$0
$4,500
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$10,000
$2,377
$2,283
$4,564
$11,359
$12,358
$15,184
$12,832
$15,441
$8,199
$3,965
$3,040
$2,430
Long-term Liabilities
$30,000
$29,750
$29,500
$29,250
$29,000
$28,750
$28,500
$28,250
$28,000
$27,750
$27,500
$27,250
$27,000
Total Liabilities
$40,000
$32,127
$31,783
$33,814
$40,359
$41,108
$43,684
$41,082
$43,441
$35,949
$31,465
$30,290
$29,430
Paid-in Capital
$40,000
$40,000
$40,000
$52,000
$52,000
$52,000
$52,000
$52,000
$52,000
$52,000
$52,000
$52,000
$52,000
($20,050)
($20,050)
($20,050)
($20,050)
($20,050)
($20,050)
($20,050)
($20,050)
($20,050)
($20,050)
($20,050)
($20,050)
($20,050)
Earnings
Total Capital
$0
$19,950
($9,309)
$10,641
($18,371)
$1,579
($21,922)
$10,028
($20,018)
$11,932
($16,397)
$15,553
($5,949)
$26,001
$9,776
$41,726
$31,803
$63,753
$36,354
$68,304
$31,389
$63,339
$24,197
$56,147
$15,538
$47,488
$59,950
$42,768
$33,363
$43,842
$52,291
$56,661
$69,685
$82,808
$107,194
$104,253
$94,804
$86,437
$76,918
Net Worth
$19,950
$10,641
$1,579
$10,028
$11,932
$15,553
$26,001
$41,726
$63,753
$68,304
$63,339
$56,147
$47,488
Retained Earnings
Page 6