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RQM Technologies (RQM) is an exciting start-up company in the newly emerging field of Personal Tracking Devices; respected industry analysts such as Ovum and ABI Research predict this will become a $22 billion market within the next five years. Products and Services RQM will develop and distribute miniaturized Personal Locator Devices (or Personal Tracking Devices). Initially, the manufacturing of our devices will be subcontracted, while we develop the supporting software and systems internally, although we plan to manufacture our products in-house in future years. Unlike our competitors, we have military-inspired proprietary technology (patents applied for) which allows many of our systems to work with or without the presence of cellular towers, enabling their use anywhere in the world, including cities, deserts, oceans, lakes, mountains, or anywhere else adventurous travelers find themselves. Our products are also distinct in that they are small and fully programmable. Our systems can be customized by the end user for his or her unique, individual applications - for example, maritime applications which include a water-activated signal (as when a crewman falls overboard) are different from those required in business applications. Market Our primary target markets include, but are not limited to, the family consumer, channel sales to original equipment manufacturers (OEMs), businesses tracking shipments or vehicles, the military, and the political arena. Because of our unique proprietary programming capabilities for each individual unit, we have already received indications of interest from several of these target markets, including one branch of the U.S. Military. We predict our systems will also appeal strongly to families concerned about the safety of their loved ones. Sadly, child abduction is on the rise globally. More than 2,100 children are reported missing each day in the U.S. alone (FBI National Crime Information Center). At the other end of the age spectrum, there are 4.5 million Alzheimer patients in the U.S., 60% of whom (2.7 million adults) wander away from their homes at some point, unaware of their surroundings. We believe our devices will greatly reduce these figures in both cases, while potentially saving lives. The combined number of "potential" customers for our products is well over 500,000,000; we will focus on a more realistic and attainable three-year sales goal of roughly 99,000 users worldwide, which will generate many millions of dollars in sales revenues. Management The founders of RQM Technologies, Steven M. Bloome and Andrew F. Siska, have been associates for over 20 years; they create the perfect synergy to ensure the success of our company. Steven M. Bloome is a Sales and Marketing Management veteran with more than 25 years of successfully penetrating previously unseen markets niches, partnering with other companies in win-win scenarios, and creating national presence for companies. He is also, accomplished in launching new products. Andrew F. Siska is a Chief Electronic Engineer with 20 years experience, and is considered an expert in his field, having previously designed devices for military applications, medical imaging systems, computers and more.
By focusing on our strengths, our key customers, and our customers' needs, RQM Technologies will increase sales to several millions of dollars within two years, while also improving the gross margin on sales, cash management and working capital.
1.1 Mission
RQM Technologies' mission is to become the leading vendor of Personal Locator Devices worldwide. Through a combination of evolving technologies, miniaturization, affordability for the end-user, programming capabilities and ease of use, RQM Technologies will be known as the premier developer/supplier of potentially life-saving Personal Locator Devices.
Product quality and efficacy in real-life situations. Utilizing next-generation technology in order to improve upon current systems, while differentiating ourselves from our competition. Marketing: either dealing with channel issues and/or barriers to entry, or solving problems with major advertising and promotion budgets in order to penetrate our target markets. Management: products delivered on time, costs controlled, marketing budgets managed. There is a temptation to increase growth at the expense of profits; we will keep a close eye on this temptation in order to live up to our plan. Sustaining controlled growth in order to manage start-up costs more efficiently.
To maintain these key factors, RQM Technologies' needs include start-up funding, partnering with value-added investor/partners, aggressive marketing, quality sales professionals, accomplished C-Level management, product branding, increasing reach into target markets, affiliating with the right channel partners, competitive intelligence and appropriate use of evolving technologies.
1.3 Objectives
RQM Technologies has identified three types of objectives that will serve as challenging but attainable goals for the organization. They are: Business Objectives 1. To become the premier vendor in the new and evolving Personal Locator Device industry. 2. To reach profitability within one year of the company's launch. 3. To develop additional profit centers such as programming, training, seminars, ancillary equipment, etc. within the first two years. Financial Objectives 1. Increase product sales to several million dollars annually by the end of the second year. 2. Bring gross margin up and maintain that high level by the third year. 3. Improve inventory turnover on an ongoing basis, until "just-in-time" inventory is standard by the third year. Marketing Objectives 1. 2. 3. 4. Focus on target marketing to increase market penetration and domination. Expand target markets with controlled growth. Establish brand awareness for the RQM Technologies' name and products. Position ourselves as the leading Personal Locator Device company in the world.
Company Summary
RQM Technologies is a privately owned start-up company, located in Bolingbrook, IL, a western suburb of Chicago. RQM Technologies was formed as a company committed to developing next-generation remote Personal Locator Devices in order to immediately locate and aid in the timely rescue of:
missing children the active elderly (including Alzheimer's patients) soldiers in the field and at sea, mariners lost at sea and even pets
while also serving the business arena, as a way to better manage the logistics of:
The company's management philosophy is based on responsibility and mutual respect, while encouraging ownership of responsibilities to help foster personal and professional growth. RQM Technologies focuses on productivity for growth and profitability, and respect for its customers and employees to increase repeat and referral business while minimizing employee turnover. Additionally, the company encourages employees to have fun by allowing creative independence and providing professional challenges that are realistic, attainable and rewarding.
We have identified the following equipment needed for opening our first office:
Engineering lab equipment. Software and hardware development tools. Office furniture for three (sales and administrative) workstations. Dell Computer Systems - three desktop computers, two laptop computers, laser printer, color printer, digital camera, scanner, GPS cell phones and a broadband internet connection. Telephone system, and two GPS cell phones. Copier and fax machine. Additional costs for assorted professional service providers' fees including business, development, legal and accounting providers. Professional website development and maintenance. Two leased company vehicles and associated costs.
Details of our start-up requirements can be found in the Start-up tables, below.
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Start-up Funding Start-up Expenses to Fund Start-up Assets to Fund Total Funding Required Assets Non-cash Assets from Start-up Cash Requirements from Start-up Additional Cash Raised Cash Balance on Starting Date Total Assets Liabilities and Capital Liabilities Current Borrowing Long-term Liabilities Accounts Payable (Outstanding Bills) Other Current Liabilities (interest-free) Total Liabilities Capital Planned Investment Founders Investor Other Additional Investment Requirement Total Planned Investment Loss at Start-up (Start-up Expenses) Total Capital Total Capital and Liabilities Total Funding
$0 $0 $0 $0 $0
Start-up Requirements Start-up Expenses Legal Stationery etc. Consultants Insurance Utilities Rent Research and Development Expensed Equipment Industrial Design Personnel Company Vehicles & Associated Expenses Other Total Start-up Expenses Start-up Assets Cash Required Start-up Inventory Other Current Assets Long-term Assets Total Assets Total Requirements
$30,000 $1,500 $5,000 $1,000 $2,400 $3,800 $3,500 $10,000 $10,700 $30,000 $2,800 $0 $100,700 $349,300 $0 $0 $0 $349,300 $450,000
expertise in the areas of legal, financial, and international regulatory issues, as a portion of our target market(s) will be international in scope in the near future. The Investor/Partner(s) will receive an equity position in the company and sit on the Board of Directors. More details on the company's founding partners may be found below, in the Management Summary.
programmable external device (approximately 2" x 2" x 3/8") fitted with GPS/GPM transceivers, which can be activated from a remote location anywhere in the world to instantaneously pinpoint the wearer's location, speed and direction of travel, accurate to within 3 meters in real-time. This will prove an invaluable tool in helping families and law enforcement agencies locate missing persons within seconds, with the distinct potential of saving lives by finding missing persons much faster than any other current technology available to an end-user. Our remote Personal Locator Device(s) immediately locate and help rescue lost or missing children, teens, the active elderly (including Alzheimer's patients) pets, military personnel in the field or at sea, with a simple cellular phone call or computer key stroke. These same Locator Devices can be used in the business arena in order to better manage the logistics of outside personnel, sales people, deliveries, fleet operations, valuable packages or equipment in transit, helping to increase their business efficiency and thus improve profits.
Phase 1 Personal Tracking Device (PTD) will be cellular-tower-reliant, in order to offer the lowest price point product to the end-user. These will work well in areas where cellular towers are present, such as most cities across the continental U.S., still accurate in real-time to within about 9 feet.
Phase 2 PTD will utilize military technology not reliant on cellular towers, but rather linking directly to the GPS satellite network in orbit. These will be effective anywhere in the world, for applications where cellular towers are not present, such as mountains, lakes and oceans, deserts, and small or remote cities where cellular towers are not present. Although slightly more expensive to the end-user, we feel this product will address the problems associated in areas without cellular coverage, not currently available outside the military. The Phase 2 PTD is a unit designed for the military, sportsman, hikers, campers, boaters, and other adventurers.
Both units are being developed simultaneously, and will be available for pre-sale orders in the Fall of 2004. Services As RQM Technologies grows, we will be defining and developing additional profit centers for our company and investors by offering value-added services such as training classes, seminars, on-site programming, private labeling for our channel market resellers, and other ancillary revenue streams based on individual client needs
will allow consumers to afford and utilize a technology which was originally developed by, and for, the military in the 1970's. Ovum Research states that "Location Services" revenues will grow to $18 billion by 2006. ABI, a NY based technology research firm states that the global personal GPS market will be propelled to more than $22 billion by 2008. While there is a market potential for more than a billion users worldwide, we are estimating a more realistic long-term market for Personal GPS/GSM technology, initially marketed within the United States. Our Market Analysis focuses on five key potential customer groups:
Family Consumers Original Equipment Manufacturers (OEMs) Businesses The Military Political and other Government Consumers
synergy between our product's capabilities and this market segment's needs should prove to have a large and positive impact on the awareness of the RQM Technologies name and products, as well as increasing revenues through positioning our products with the leaders of this market segment. It is our understanding that cellular phone providers will be incorporating the technologies used in our "home base" units into their cell phones within the next three years. This will prove invaluable for RQM Technologies, as we position ourselves as the leader in this remote technology, which will work with almost every new cell phone manufactured by 2006 - 2007. Businesses: Our product enables a business location to keep real-time tracking of company vehicles, valuable packages, outside employees, deliveries, etc. We believe our device will be viewed by businesses as an economical way to increase productivity, giving them real-time data on the locations of their field employees and vehicles at all times, and helping to better manage fleet and deliveries logistics. One of our key strengths in this market segment is the low one-time cost, rather than a recurring fee for usage, adding to the business's ROI for our products. The Military: According to recent Department of Defense press releases, the military appears to be searching for a device such as ours. The United States Coast Guard, for instance, is called upon for Search and Rescue missions more than 40,000 per year, on average. The problem with the currently used "beacon system": Since 121.5 MHz beacons transmit anonymously, the only way to ascertain the location is to dispatch expensive resources to investigate. Current beacon systems can take up to an hour to translate information, while only providing vague location data, forcing time intensive and expensive Search and Rescue (SAR) missions. In the field, the RQM Technologies' remote unit will save lives, finding those missing in action, and locating sailors lost at sea. Their use will also taxpayer dollars, making Search and Rescue missions shorter and less expensive. A consultant to the U.S. Navy has indicated solid interest in two of our devices for use in the military. The Political Market: According to statistics from specialized insurers like Hiscox (UK), political kidnappings are prevalent in restive countries such as Colombia, Mexico, and the Philippines; they are also on the rise in smaller countries such as Turkey and Trinidad. The governments of these countries are spending millions of dollars in ransom each year in order to minimize publicity and embarrassment. By fitting political figures, captains of industry and high profile businessmen with our device, we believe this trend will decrease in the countries which use our product, proving its efficacy in the field and sparking interest from other countries. Our research shows that all current competitors with similar products require the user to log on to the competitors website (or phone into call-centers) to actually locate the missing person, while incurring monthly fees ranging from $20.00 - $40.00 per month. In essence, their systems dictate that the users must be located at their internet-accessible computer in order to use the competitors' systems. Imagine that you are a mother, visiting a park with your child. Suddenly, you turn around and cannot see him - he has disappeared! With our competitors' systems, you would have to run home to log on to your computer, losing valuable time and probably increasing the distance between yourself and your child. With our system, however, you simply turn on your PDA or cell phone while still at the park, and view your child's location, direction and speed of travel while you are still in close proximity. The RQM Technologies systems will allow a user to locate the missing person(s) from potentially
any cell phone, wireless Palm Pilot, or PDA, freeing them from the need to be in front of a fixed computer, while increasing real-time efficiencies. This important difference of a few minutes will literally translate into saving lives. In addition, we project the following secondary long-term markets: Maritime Market: Personal Flotation Device (PFDs) and Life Boat companies are typically manufacturers of textiles, and do not generally have the expertise to develop high-end global positioning satellite electronic tracking systems. We are planning on lobbying the Senate, through our consultant to the U.S. Navy (and Coast Guard), to enact laws mandating that these life-saving devices be fitted in all Personal Flotation Devices. This would save lives, and save taxpayers hundreds of millions of dollars in costs associated with traditional U.S. Coast Guard Search and Recovery methods. The Coast Guard admits that radio beacons are outdated technology, and they are currently implementing a program called Rescue 21, searching for better ways to locate missing persons at sea in a more timely and efficient manner. Pet Supply Chain Stores: RQM Technologies Personal Locator Device is small enough to fit onto a pet collar. We are planning to partner with large pet-supply chains such as PetCo, PetSmart, etc., as well as pet collar manufacturers, to make this technology more accessible to consumers worried about their pets wandering off.
Market Analysis Year 1 Potential Customers Family Consumers OEMs Businesses Military Political and Gov't Growth 10% 10% 5% 5% 5% 280,500,000 109,000,000 12,753,076 753,000 50,000 308,550,000 114,450,000 13,390,729 790,650 52,500 339,405,000 120,172,500 14,060,265 830,183 55,125 373,345,500 126,181,120 14,763,278 871,692 57,882 410,680,050 132,490,170 15,501,441 915,276 60,775 Year 2 Year 3 Year 4 Year 5 CAGR 10.00% 5.00% 5.00% 5.00% 5.00%
0% 8.55%
33,050,162 children in elementary school (grades 1-8) 4,005,938 children in kindergarten 4,613,179 children in nursery/preschool
But the family market also has to worry about its elderly loved ones. According to the same census report, there are 40,144,000 adults over 62 years of age in the U.S., 4.5 million of whom have Alzheimer's disease. With a median income in the U.S. of $51,742 per family, our family consumer market in the U.S. has the potential for selling our affordable devices for over 60,492,447 children under the age of 14, in addition to over 4,500,000 active senior citizens afflicted with Alzheimer', based on the above figures, for a combined target market of over 64,992,447 consumers. Business Segment It is more difficult to determine exact numbers for the business segment, as specific data is not as readily available. However, as of 2001 (latest census data available) there were 12,753,076 businesses operating in the U.S. which fit our target market, meaning they have a strong or immediate need for our products; this number excludes others, such as retail sales, wholesale traders, information management, education, public administration, or other services not defined. Business breakdown by employment in specific industries:
2,405,825 Americans work in agriculture, forestry, fishing, hunting and mining. 9,161,256 work in construction. 17,067,103 work in manufacturing.
6,884,607 work in transportation, warehousing and utilities. 12,486,846 work in professional, scientific, management, administrative and waste management services.
The price points for similar Personal Locator Device systems using GPS/GSM technologies in the business segment are currently in the $200 - $2000 range, and in most cases, do not offer the remote abilities or programming capabilities for specific businesses needs in managing logistics and tracking. We believe our low prices, combined with these features and the autonomous internal tracking ability (not reliant on a vendor's website with monthly fees) will be very attractive to the business segment. Military and Government On an average day, the United States Coast Guard assists 192 people in distress, and conducts 109 search and rescue cases. In 2000, the Coast Guard responded to 40,264 calls for assistance - from a broad spectrum of the public ranging from recreational boaters in distress to the captains of freighters sinking in gale-force winds. During that same year - on a share of its operating expenses, totaling $342 million - the service saved more than 3,400 lives and saved over $80 million in property. Our system will shorten the duration of current Search and Rescue missions, which in turn will allow rescuers to locate victims at sea faster. This will not only save more lives, but will cut costs for the United States Department of Defense. This same system used at sea would immediately alert the deck's computers if a serviceman at sea fell overboard, once the remote unit is programmed to be water activated. We have a preliminary interest from the U.S. Navy, thanks in part to our ability to program individual remote units with medical histories and other pertinent information for each serviceman's remote unit. By using our system, coupled with encrypted signals for the military, our programmable PTDs also work in deserts, jungles, mountains, etc., showing longitude, latitude, altitude, speed and direction of travel, representing "eyes in the skies" for the military to know exactly where their field personnel are located at any given moment. We have also developed a lower-cost unit for the U.S. Navy which relies on "line of sight" technology, which is affordable enough to equip every seaman in the U.S. Naval fleet. We have already received an indication of interest from the U.S. Navy, through our consultant, due to the extremely low cost and efficacy of the product.
The Channel Sales to OEMs segment will be strong for several reasons. By positioning our product for cellular providers, cell phone manufacturers, and computer manufacturers as an ancillary item to help them market their own products, we will effectively increase our sales force substantially, without the expenses of payroll, benefits, etc., because their sales force(s) will sell our products for their respective companies. This would also positively impact branding, making our name more commonplace in all the markets discussed herein. By securing alliances in this market, we also position ourselves as the leader in this new technology and its associated applications. This will foster confidence in the RQM Technologies' product, increase sales dramatically and help our company break into the global market. We will also be seeking entry into the automotive market to compete with LoJack. Our system is more effective than the current LoJack system, and with a lower price point, we feel we will be able to partner with the automotive manufacturers. The RQM system will allow them to offer a more efficient product to their customers, while increasing their profit margins for this type of technology. The Business Market is more difficult to estimate. RQM Technologies' products will benefit any business that depends on knowledge of the whereabouts of their products, services, vehicles, valuable parcels or outside personnel are on a real-time basis. The keys to success in this segment are threefold:
An affordable, one-time cost per unit for the business, instead of our competitors' higher-priced units with recurring monthly charges. The ease and ability to self-manage this program internally without the necessity to use call centers or websites for a monthly fee. The programming capabilities of our units, which allows businesses to easily customize each individual unit based on their unique needs for each individual application.
The Military Market: We have a strong contact with a consultant to the U.S. Navy, who feels, based on recent DOD press releases, coupled with previous projects on which he has successfully consulted, that we are developing a product the military would greatly desire because of its purpose, abilities and low price point. One of the benefits to the programming capabilities of our PTD is the ability to program each soldier's medical information and history into their remote units, so that any medic attending to them in the field would immediately have this valuable information. The U.S. Navy will be very interested in two of our locator systems.
The Political Market may be more difficult to penetrate because of the complexity of foreign governments, and international laws, and wide variations in cultural approaches to safety and government oversight of individuals. However, we feel we will still be able to enter into agreements with several smaller countries that are in the throws of political turmoil. We project that the benefits our products provide will quickly foster confidence in their potential, and will not be seen as a "Big Brother" device. Once our products have proven their efficacy by saving individuals from kidnappings, especially high profile officials, we believe markets in other countries will quickly open up to RQM Technologies.
relationships will be important. We will become a revenue-generating partner for them, not just a vendor, making these market segments increasingly receptive to our offerings. We must effectively convey the potential monetary value of the relationship, as well as the intrinsic value in being able to offer life-saving, user-friendly devices to their end-users and members. Focus on target markets. We need to focus our sales and marketing efforts strategically in order to succeed in our target markets. As a start-up company, we believe the consumer market and channel sales will give us the quickest launch and penetration while immediately generating revenues to sustain our company's growth and expansion into other markets. The business market will likely be the next key, as we promote our products as tools for businesses to manage outside personnel and fleet costs and logistics. Fulfill the promise. We can't just market and sell our products, service and support; we must actually deliver as well. We need to make sure we have the technological knowledge we claim to have, while keeping up with evolving technologies to advance the capabilities of our newest products and services.
Most competitors do not offer remote miniaturized concealable units which users can wear; their devices would be especially bulky, awkward, and obvious on children. Their products do not allow for a locating "home-base" which is a cell phone, Palm Pilot or wireless mobile computer or desktop anywhere in the world, which can report on the unit's location instantly, even while both units (remote and base units) are in transit. Our competitors' devices cannot be programmed for individual remote unit applications, such as water activation, parameter limit alert, medical history of the wearer, etc. The units cannot be armed from a remote location.
Price:
Greater initial cost to the end user ($200-$2000), with fewer features and capabilities. Recurring monthly fees to the end user with most systems.
The most significant difference between our system and our competitors' is our use of "unassisted" GPS/GSM technology. Unlike our competitors', our system is not reliant on being in an area where cellular towers exist. Our competitors' products do not work in areas where there is no cellular coverage, or less than the three three cellular towers needed for triangulation. Our system uses military inspired radio frequencies which transmit directly to the GPS satellite network. Our system will work anywhere in the world, including deserts, mountains, oceans and all other remote locations. RQM Technologies also eliminates the need for the "tracker" to -hone into a call center, or to sit in front of a computer to download from a our website (both for a monthly fee ranging from $20-$40/month) in order to find someone who is missing, losing valuable minutes which can mean the difference between life and death. Our Personal Locator Device(s) allow the chase unit (wireless Palm Pilot, laptop, and most cell phones) to follow the remote unit, even as both units (remote and "base unit") are in transit.
anticipating the end-user's cost at less than 33 cents per day for one year, based on a price point of only $120.00 per unit to the end user. To raise awareness of our products among Family Consumers, our main marketing strategy hinges upon a high-publicity, one-time "stunt," to take place in late October or early November of 2004. With the knowledge, assistance and approval of a respected police department, (and media outlets) we plan on staging a demonstration child abduction and rescue to show the system's immediate response and efficacy. In order to comply fully with the law, we will ask a police officer to perform the character of the abductor, in portraying the "abduction" of his/her own child; this will minimize any potential risk, keeping the child firmly under the protector of his or her own parent throughout the demonstration. After a 10 minute head-start, another officer, with no foreknowledge of the "abductor's" intended destination, will then track down the "abductees," in order to demonstrate how quick and easy it is to locate the abducted child in a timely manner that could ultimately save the child's life. For this demonstration, we will invite a respected television news crew or popular talk show to follow the staged abduction in order to document our success, while broadcasting this lifesaving demonstration nationwide. As an incredibly worthy cause, we believe that many media outlets will want to run this human-interest story in an effort to help aid against child abductions and wandering Alzheimer's patients by helping to make our technology public knowledge. We expect this nationwide publicity to break down most existing barriers of entry into our other targeted markets. We will aggressively target publicity of our staged abduction through TV shows such as Oprah, The Maury Povich Show, Regis and Kelly, 60 Minutes, and all others that can sway national opinion that cater to family and safety issues. We believe that this and further demonstrations will be very well received, while gaining invaluable exposure as we begin branding our name while positioning our company. We will then market heavily in publications geared towards parenting and Alzheimer's associations for the consumer market, while aggressively seeking free publicity through print, radio and television, specifically once our Personal Location Device has demonstrated its efficacy during the staged abduction.
Channel Market to OEMs We will focus our efforts to partner with Original Equipment Manufacturers on nationwide cellular providers and computer manufacturers. We will emphasize our products' potential as an additional source of revenue for them, both at the front end for product sales, and in the case of cellular providers, with recurring monthly revenues; this should make our product very desirable as part of their product lines. By solidifying these partnership agreements, we will also enable cross-marketing back into the consumer market through their sales forces' efforts and their advertising, increasing our sales efforts nationwide without the expense of additional personnel to cover the entire U.S. We believe that once partnered with these
companies, our channel market partners (resellers) will advertise the RQM Technologies Personal Locator Device(s) as new features in their traditional outlets, primarily print advertising and in-house POS material, in order to increase mutual sales and brand awareness, benefiting both organizations, while fitting a nation of families with our potentially life-saving device. Business Market We will be marketing to businesses through traditional sales efforts, such as advertising in trade publications and establishing a presence at select trade shows geared towards businesses in our market segment. For the larger companies we target, we will offer the free use of a limited number of our products for a limited time, to prove their efficacy in controlling costs of outside fleets and personnel, in order to penetrate and gain market share in this segment. We believe once senior management of these businesses feel more in control of the whereabouts of their outside concerns (personnel and vehicles, deliveries, packages, equipment, etc.) they will understand that they can, in essence, manage their outside logistics from the comfort of their office more efficiently than through traditional methods. Military and Political Markets Our military and political markets will necessitate a slightly different and more personal approach through specific relationships we have developed with individuals inside these market segments. We feel these markets are worth pursuing aggressively. We are currently in discussion with a consultant to the U.S. Navy, who feels the military is looking for a device such as the RQM Technologies' Personal Locator Device(s), in order to better protect their servicemen.
aggressively pursue widespread press and publicity, at which point, we believe all barriers into the consumer markets will be eliminated, while opening markets we may not have targeted as primary markets.
Sales Forecast Year 1 Sales Family Consumers $540,000 Year 2 $800,000 Year 3 $1,250,000
Channel Sales to OEMs Businesses Military Political Total Sales Direct Cost of Sales Chipset Programming Packaging Subtotal Direct Cost of Sales
$605,000 $1,500,000 $2,225,000 $206,500 $300,000 $750,000 $150,000 $1,000,000 $1,125,000 $450,000 $472,500 $496,125 $1,951,500 $4,072,500 $5,846,125 Year 1 Year 2 Year 3 $683,025 $1,425,375 $2,046,144 $0 $0 $0 $292,725 $570,150 $701,535 $975,750 $1,995,525 $2,747,679
5.6 Milestones
The following table lists important program milestones, with dates and managers in charge, and budgets for each. The milestone schedule indicates our emphasis on planning for implementation.
What the table doesn't show is the commitment behind it. Our business plan includes complete provisions for plan-vs.-actual analysis, and we will be holding follow-up meetings every month to discuss the variance and course corrections.
Milestones Milestone Prototype Completion Patent Applications Independent Lab Testing Funding Staged Child Abduction Publicity in Major Print Publication Begin Sales Marketing Materials Publicity on broadcast media Consumer Electronic Show 2005 Totals
Start Date End Date 6/1/2004 8/1/2004 $2,500 6/1/2004 8/1/2004 $50,000 7/1/2004 9/1/2004 $10,000 6/1/2004 10/1/2004 $500 10/1/2004 11/1/2004 $1,000 9/15/2004 11/1/2004 9/1/2004 11/15/2004 10/15/2004 11/1/2004 11/1/2004 11/15/2004 12/1/2004 1/11/2005 $1,500 $0 $5,000 $1,000 $25,000 $96,500
Budget
Management Summary
RQM Technologies' management will be slow to hire new people, and very loyal to those who are hired. We believe our employees will be our greatest asset, and therefore, as we increase personnel, we will be looking only for individuals whose experience, skills, contacts and expertise will help foster the development and growth of our company. While there is a temptation to hire inexpensive personnel in order to further control costs, our philosophy is that there is a better rate of return in hiring more experienced personnel with expertise in areas we need, so they can immediately contribute to helping attain or exceed the company's goals and objectives. Initially, RQM Technologies' day-to-day operations will be managed by its founders, who prefer a close, hands-on approach to all aspects of their business. As the company grows, we will be adding accomplished Executive Management at the C-Level in order to manage our growth with expertise in the areas most needed. RQM Technologies is a small company with a minimum command hierarchy and a maximum of community spirit and cooperation. Once profitable, we intend on donating a small percentage of proceeds to charitable causes that are within our target market(s), both as a measure of good will and as an added marketing leg. Despite the small size of this company, our business practices are centered on implementing our goals, never losing sight of profitability objectives and ROI for our investor/partner(s).
In order to minimize our start-up costs, we will continue to outsource the manufacturing, industrial design and packaging of our devices until the product demand warrants a more profitable method of producing the quantities needed to fulfill sales orders. Only at that point will we consider manufacturing the products ourselves.
Total Payroll
Financial Plan
As a start-up company in an emerging and changing industry, we have intentionally designed a conservative plan, looking to ensure the achievement of our corporate goals along with a solid ROI to our investor/partner(s). We will of course revise our financial plan throughout the first year based on actual figures in sales, manufacturing costs, technological advances, personnel, office space, marketing costs, and so on. Securing the patents (applied for) for our advanced devices and systems in a new and emerging industry will add immediate value to RQM. Our plan's success is also predicated on the following assumptions:
Securing seed money with investor(s)/partner who will bring added value to RQM. The acceptance of our device(s)/systems by the public, the business sector and the military. The ability to attract strong C-Level management to our team as needed. Managing growth and production costs so as to maintain projected margins and cash flow. Staying ahead of technological advances in this field, and reacting to these changes in a timely and efficient manner. Managing the start-up of RQM with minimal personnel until steady growth necessitates hiring additional department management and support staff.
Partnering with strong OEMs quickly in order to penetrate and dominate market share. Partnering with industry leaders (such as UPS, the U.S. Navy, etc.,) to assist in demonstrating the efficacy of our systems. Success in marketing our products for brand awareness and positioning. Adjusting and adapting to the market trends within this new and emerging industry.
2004
2005
2006
2007
$200,000 $0 $0 30.00% 0.00% 0.00% $666,667 $0 $0 $4,500,000 $1,350,000 $0 $0 3 2 1 88.99% 0.00% 0.00% Year 2004 Year 2005 Year 2006 Year 2007 50,000 50,000 50,000 50,000 0 0 0 0 0 0 0 21,429 0 0 $9.33 $0.00 $0.00 $63.00 0 0 0 0 21,429 21,429 21,429 21,429 0 0 0 0 0 71,429 71,429 71,429 71,429 Year 2004 Year 2005 Year 2006 Year 2007 70.00% 70.00% 70.00% 70.00% 0.00% 0.00% 0.00% 0.00% 30.00% 30.00% 30.00% 30.00% 0.00% 0.00% 0.00% 0.00% 0.00% 100.00% 100.00% 100.00% 100.00%
30.00% 70.00%
30.00% 70.00%
30.00% 70.00%
30.00% 70.00%
Break-even Analysis Monthly Revenue Break-even $156,331 Assumptions: Average Percent Variable Cost 50% Estimated Monthly Fixed Cost $78,165
A slow start as we educate potential customers about this new technology. In contrast, we assume steady growth once the efficacy of our product and services are demonstrated. That there are no unforeseen changes in technology which could make products immediately obsolete, while newer technologies and in-house innovations will only advance the scope of our product line and target markets. Access to equity capital and financing sufficient to maintain our financial plan as shown in the tables. Ability to self-fund further growth after Start-up financing is secured. Maintaining or improving profit margins based on lower costs per unit for higher quantity production runs.
General Assumptions Plan Month Current Interest Rate Long-term Interest Rate Tax Rate Other Year 1 Year 2 Year 3 1 2 3 6.00% 6.00% 6.00% 8.50% 8.50% 8.50% 30.00% 30.00% 30.00% 0 0 0
Pro Forma Profit and Loss Year 1 Sales Direct Cost of Sales Other Costs of Goods Total Cost of Sales Gross Margin Gross Margin % Expenses Payroll Sales and Marketing and Other Expenses Depreciation Advertising & Marketing Collateral Industrial Design Rent Telephone Utilities Insurance Payroll Taxes Company Vehicles and related expenses Trade Shows & Events Total Operating Expenses Profit Before Interest and Taxes EBITDA Interest Expense Taxes Incurred Net Profit Net Profit/Sales $1,951,500 $975,750 $0 $975,750 $975,750 50.00% $215,000 $216,000 $0 $295,000 $64,284 $22,800 $7,500 $14,400 $6,000 $50,200 $16,800 $30,000 $937,984 $37,766 $37,766 $0 $11,330 $26,436 1.35% $4,072,500 $1,995,525 $0 $1,995,525 $2,076,975 51.00% $570,000 $200,000 $0 $350,000 $75,000 $26,000 $10,000 $18,000 $7,500 $85,500 $18,000 $0 $1,360,000 $716,975 $716,975 $0 $215,093 $501,883 12.32% Year 2 Year 3 $5,846,125 $2,747,679 $0 $2,747,679 $3,098,446 53.00% $755,000 $250,000 $0 $425,000 $80,000 $30,000 $15,000 $20,000 $7,500 $113,250 $19,000 $0 $1,714,750 $1,383,696 $1,383,696 $0 $415,109 $968,587 16.57%
The Cash Flow table below shows that while initial cash flow will be out of the business, sufficient start-up funding, combined with projected sales revenues, should allow us to maintain a high positive cash balance throughout our first year, as we launch our products. Of particular interest to investors is the Dividends row, below. We project increasing dividends, which will be distributed first to outside investors; the founders will defer dividends until the third year.
Pro Forma Cash Flow Year 1 Cash Received Cash from Operations Cash Sales Cash from Receivables Subtotal Cash from Operations Additional Cash Received Sales Tax, VAT, HST/GST Received New Current Borrowing New Other Liabilities (interest-free) New Long-term Liabilities Sales of Other Current Assets Sales of Long-term Assets New Investment Received Subtotal Cash Received Expenditures Expenditures from Operations Cash Spending Bill Payments Subtotal Spent on Operations 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 Year 2 Year 3
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $1,721,333 $3,822,342 $5,636,938 Year 1 Year 2 Year 3 $215,000 $1,648,592 $1,863,592 $0 $0 $0 $0 $0 $0 $50,000 $1,913,592 $570,000 $3,071,925 $3,641,925 $0 $0 $0 $0 $0 $0 $75,000 $3,716,925 $755,000 $4,134,180 $4,889,180 $0 $0 $0 $0 $0 $0 $225,000 $5,114,180
($192,259) $157,041
$105,417 $262,458
$522,758 $785,216
$0 $0 $0 $0 $0 $0 $0 $0 $0 $518,108 $1,010,489 $1,843,338 Year 1 Year 2 Year 3 $192,371 $0 $0 $192,371 $0 $192,371 $450,000 ($150,700) $26,436 $325,736 $518,108 $325,736 $257,870 $0 $0 $257,870 $0 $257,870 $450,000 ($199,264) $501,883 $752,619 $1,010,489 $752,619 $347,132 $0 $0 $347,132 $0 $347,132 $450,000 $77,619 $968,587 $1,496,206 $1,843,338 $1,496,206
applied for) customizable interface, than in skilled assembly (the typical distinguishing feature in this industry). Our ratios will, therefore, differ from others in this industry.
Ratio Analysis Year 1 Sales Growth Percent of Total Assets Accounts Receivable Inventory Other Current Assets Total Current Assets Long-term Assets Total Assets Current Liabilities Long-term Liabilities Total Liabilities Net Worth Percent of Sales Sales Gross Margin Selling, General & Administrative Expenses Advertising Expenses Profit Before Interest and Taxes Main Ratios Current Quick Total Debt to Total Assets Pre-tax Return on Net Worth Pre-tax Return on Assets Additional Ratios Net Profit Margin Return on Equity Activity Ratios Accounts Receivable Turnover Collection Days Inventory Turnover Accounts Payable Turnover Payment Days Total Asset Turnover Debt Ratios Debt to Net Worth Current Liab. to Liab. Liquidity Ratios Net Working Capital Interest Coverage Additional Ratios Assets to Sales Current Debt/Total Assets Acid Test Sales/Net Worth Dividend Payout 0.00% 44.42% 25.27% 0.00% 100.00% 0.00% 100.00% 37.13% 0.00% 37.13% 62.87% 100.00% 50.00% 48.65% 26.18% 1.94% 2.69 2.01 37.13% 11.59% 7.29% Year 1 1.35% 8.12% 4.24 56 10.91 9.57 27 3.77 0.59 1.00 $325,736 0.00 0.27 37% 0.82 5.99 1.89 12.32% 66.68% 4.24 64 10.01 12.17 26 4.03 0.34 1.00 $752,619 0.00 0.25 26% 1.02 5.41 0.15 Year 2 Year 3 Industry Profile 108.69% 43.55% 5.37% 47.53% 26.49% 0.00% 100.00% 0.00% 100.00% 25.52% 0.00% 25.52% 74.48% 100.00% 51.00% 38.68% 13.51% 17.61% 3.92 2.88 25.52% 95.26% 70.95% Year 2 16.57% 64.74% 4.24 73 8.64 12.17 26 3.17 0.23 1.00 $1,496,206 0.00 0.32 19% 2.26 3.91 0.23 37.41% 20.00% 0.00% 100.00% 0.00% 100.00% 18.83% 0.00% 18.83% 81.17% 100.00% 53.00% 36.43% 11.55% 23.67% 5.31 4.25 18.83% 92.48% 75.06% Year 3 n.a n.a n.a n.a n.a n.a n.a n.a n.a n.a n.a n.a n.a n.a n.a n.a n.a 20.57% 32.33% 31.89% 84.79% 15.21% 100.00% 44.07% 12.73% 56.80% 43.20% 100.00% 28.38% 16.09% 0.71% 1.84% 1.77 0.87 64.99% 2.57% 7.35%
Appendix
Sales Forecast Month 1 Sales Family Consumers Channel Sales to OEMs Businesses Military Political Total Sales Direct Cost of Sales Chipset Programming Packaging Subtotal Direct Cost of Sales 0% 0% 0% 0% 0% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Month 2 $0 $0 $0 $0 $0 $0 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12
$35,000 $45,000 $50,000 $60,000 $60,000 $65,000 $70,000 $75,000 $80,000 $60,000 $70,000 $70,000 $70,000 $75,000 $75,000 $85,000 $50,000 $50,000 $14,000 $16,000 $18,000 $20,000 $23,000 $25,000 $27,500 $30,000 $33,000 $0 $0 $0 $25,000 $25,000 $25,000 $25,000 $25,000 $25,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $50,000 $159,000 $181,000 $188,000 $225,000 $233,000 $240,000 $257,500 $230,000 $238,000 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 $0 $0 $55,650 $63,350 $65,800 $78,750 $81,550 $84,000 $90,125 $80,500 $83,300 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $23,850 $27,150 $28,200 $33,750 $34,950 $36,000 $38,625 $34,500 $35,700 $0 $0 $0 $79,500 $90,500 $94,000 $112,500 $116,500 $120,000 $128,750 $115,000 $119,000
Personnel Plan Steven M. Bloome (Pres/CEO) 0% Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12 $7,500 $7,500 $7,500 $7,500 $7,500 $8,500 $8,500 $8,500 $8,500 $8,500 $8,500 $8,500
Andrew J. Siska (CTO) CEO CFO Reception/Secretarial Total People Total Payroll
0% 0% 0% 0%
$7,500 $0 $0 $0 2 $15,000
$7,500 $0 $0 $0 2 $15,000
$7,500 $0 $0 $0 2 $15,000
General Assumptions Month 1 Plan Month Current Interest Rate Long-term Interest Rate Tax Rate Other 1 6.00% 8.50% 30.00% 0 6.00% 8.50% 30.00% 0 Month 2 2 6.00% 8.50% 30.00% 0 Month 3 3 6.00% 8.50% 30.00% 0 Month 4 4 6.00% 8.50% 30.00% 0 Month 5 5 6.00% 8.50% 30.00% 0 Month 6 6 6.00% 8.50% 30.00% 0 Month 7 7 6.00% 8.50% 30.00% 0 Month 8 8 6.00% 8.50% 30.00% 0 Month 9 9 6.00% 8.50% 30.00% 0 Month 10 10 6.00% 8.50% 30.00% 0 Month 11 Month 12 11 12 6.00% 8.50% 30.00% 0
Pro Forma Profit and Loss Sales Direct Cost of Sales Other Costs of Goods Total Cost of Sales Gross Margin Gross Margin % Expenses Payroll Sales and Marketing and Other Expenses Depreciation Advertising & Marketing Collateral Industrial Design Rent Telephone Utilities Insurance Payroll Taxes Company Vehicles and related expenses Trade Shows & Events Total Operating Expenses Profit Before Interest and Taxes EBITDA Interest Expense Taxes Incurred Net Profit Net Profit/Sales Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12 $0 $0 $0 $159,000 $181,000 $188,000 $225,000 $233,000 $240,000 $257,500 $230,000 $238,000 $0 $0 $0 $79,500 $90,500 $94,000 $112,500 $116,500 $120,000 $128,750 $115,000 $119,000 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $79,500 $90,500 $94,000 $112,500 $116,500 $120,000 $128,750 $115,000 $119,000 $0 $0 $0 $79,500 $90,500 $94,000 $112,500 $116,500 $120,000 $128,750 $115,000 $119,000 0.00% 0.00% 0.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% $15,000 $0 $0 $20,000 $5,357 $1,900 $500 $1,200 $500 $3,200 15% $1,400 $0 $49,057 ($49,057) ($49,057) $0 ($14,717) ($34,340) 0.00% $15,000 $0 $0 $25,000 $5,357 $1,900 $500 $1,200 $500 $3,200 $1,400 $0 $54,057 ($54,057) ($54,057) $0 ($16,217) ($37,840) 0.00% $15,000 $12,500 $0 $25,000 $5,357 $1,900 $600 $1,200 $500 $3,200 $1,400 $0 $66,657 ($66,657) ($66,657) $0 ($19,997) ($46,660) 0.00% $17,500 $16,000 $0 $25,000 $5,357 $1,900 $600 $1,200 $500 $4,400 $1,400 $0 $73,857 $5,643 $5,643 $0 $1,693 $3,950 2.48% $17,500 $17,500 $0 $25,000 $5,357 $1,900 $750 $1,200 $500 $4,400 $1,400 $15,000 $90,507 ($7) ($7) $0 ($2) ($5) 0.00% $19,000 $20,000 $0 $25,000 $5,357 $1,900 $750 $1,200 $500 $4,400 $1,400 $15,000 $94,507 ($507) ($507) $0 ($152) ($355) -0.19% $19,000 $25,000 $0 $25,000 $5,357 $1,900 $750 $1,200 $500 $4,400 $1,400 $0 $84,507 $27,993 $27,993 $0 $8,398 $19,595 8.71% $19,000 $25,000 $0 $25,000 $5,357 $1,900 $50 $1,200 $500 $4,400 $1,400 $0 $83,807 $32,693 $32,693 $0 $9,808 $22,885 9.82% $19,000 $25,000 $0 $25,000 $5,357 $1,900 $750 $1,200 $500 $4,400 $1,400 $0 $84,507 $35,493 $35,493 $0 $10,648 $24,845 10.35% $19,000 $25,000 $0 $25,000 $5,357 $1,900 $750 $1,200 $500 $4,400 $1,400 $0 $84,507 $44,243 $44,243 $0 $13,273 $30,970 12.03% $19,000 $25,000 $0 $25,000 $5,357 $1,900 $750 $1,200 $500 $4,900 $1,400 $0 $85,007 $29,993 $29,993 $0 $8,998 $20,995 9.13% $21,000 $25,000 $0 $25,000 $5,357 $1,900 $750 $1,200 $500 $4,900 $1,400 $0 $87,007 $31,993 $31,993 $0 $9,598 $22,395 9.41%
Pro Forma Cash Flow Month 1 Cash Received Cash from Operations Cash Sales Cash from Receivables Subtotal Cash from Operations Additional Cash Received Sales Tax, VAT, HST/GST 0.00% Received New Current Borrowing New Other Liabilities (interest-free) New Long-term Liabilities Sales of Other Current Assets Sales of Long-term Assets New Investment Received Subtotal Cash Received Expenditures Expenditures from Operations Cash Spending Bill Payments Subtotal Spent on Operations 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 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$79,500 $0 $79,500 $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 $79,500 $93,150 $173,867 $203,117 $211,117 $232,633 $245,367 $235,292 $247,292 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12 $17,500 $38,105 $55,605 $0 $0 $0 $0 $0 $0 $0 $55,605 $17,500 $223,353 $240,853 $0 $0 $0 $0 $0 $0 $0 $240,853 $19,000 $175,525 $194,525 $0 $0 $0 $0 $0 $0 $0 $194,525 $19,000 $174,323 $193,323 $0 $0 $0 $0 $0 $0 $0 $193,323 $19,000 $206,380 $225,380 $0 $0 $0 $0 $0 $0 $0 $225,380 $19,000 $195,665 $214,665 $0 $0 $0 $0 $0 $0 $0 $214,665 $19,000 $200,577 $219,577 $0 $0 $0 $0 $0 $0 $0 $219,577 $19,000 $215,746 $234,746 $0 $0 $0 $0 $0 $0 $0 $234,746 $21,000 $175,684 $196,684 $0 $0 $0 $0 $0 $0 $50,000 $246,684
($15,645) $333,655
($34,457) $299,199
($38,134) $261,065
$23,895 $284,960
$9,793 $126,392
($14,264) $112,129
$17,969 $130,097
$25,790 $155,887
$546 $156,433
$608 $157,041
Pro Forma Balance Sheet Month 1 Assets Current Assets Cash Accounts Receivable Inventory Other Current Assets Total Current Assets Long-term Assets Long-term Assets Accumulate d Depreciation Total Longterm Assets Total Assets Liabilities and Capital Current Liabilities Accounts Payable Current Borrowing Other Current Liabilities Subtotal Current Liabilities Long-term Liabilities Total Liabilities Paid-in Capital Retained Earnings Starting Balances Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12
$349,300 $333,655 $299,199 $261,065 $284,960 $137,257 $116,599 $126,392 $112,129 $130,097 $155,887 $156,433 $157,041 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $79,500 $87,450 $0 $167,350 $181,483 $203,367 $225,250 $232,617 $244,750 $239,458 $230,167 $99,550 $0 $103,400 $123,750 $128,150 $132,000 $141,625 $126,500 $130,900 $0 $0 $0 $0 $0 $0 $0
$349,300 $333,655 $299,199 $261,065 $451,910 $404,157 $401,482 $453,509 $465,529 $494,714 $542,262 $522,392 $518,108
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$0 $0 $0
$349,300 $333,655 $299,199 $261,065 $451,910 $404,157 $401,482 $453,509 $465,529 $494,714 $542,262 $522,392 $518,108 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 $0 $0
$18,695 $0 $0
$22,079 $0 $0
$30,605 $0 $0
$0 $0 $0
$18,695 $0 $18,695
$22,079 $0 $22,079
$30,605 $0 $30,605
$450,000 $450,000 $450,000 $450,000 $450,000 $450,000 $450,000 $450,000 $450,000 $450,000 $450,000 $450,000 $450,000 ($100,700 ) ($114,895 ) $234,406 ($100,700 ) ($115,249 ) $234,051 ($100,700 ($100,700 ($100,700 ($100,700 ($100,700 ($150,700) ) ) ) ) ) ($95,654) ($72,769) ($47,924) ($16,954) $4,041 $26,436
($100,700 ($100,700 ($100,700 ($100,700 ($100,700 ) ) ) ) ) ($118,840 ($114,890 Earnings $0 ($34,340) ($72,180) ) ) Total Capital $349,300 $314,960 $277,120 $230,460 $234,410 Total Liabilities $349,300 $333,655 $299,199 $261,065 $451,910 and Capital Net Worth $349,300 $314,960 $277,120 $230,460 $234,410
$404,157 $401,482 $453,509 $465,529 $494,714 $542,262 $522,392 $518,108 $234,405 $234,051 $253,646 $276,531 $301,376 $332,346 $353,341 $325,736