Architechure PLan

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This sample business plan has been made available to users ofBusiness Plan Pro, business planning

software published by Palo Alto Software. Names, locations and numbers may have been changed,and substantial portions of original plan text may have been omitted to preserve confidentiality

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information visit our website: www.paloalto.com or call: 1-800-229-7526.

Copyright Palo Alto Software, Inc., 1995-2009 All rights reserved.


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Confidentiality Agreement

The undersigned reader acknowledges that the information provided by_________________________ in this business plan is confidential; therefore, reader agrees not to

disclose it without the express written permission of _________________________.

It is acknowledged by reader that information to be furnished in this business plan is in all respectsconfidential in nature, other than information which is in the public domain through other means

and that any disclosure or use of same by reader, may cause serious harm or damage to

_________________________.

Upon request, this document is to be immediately returned to _________________________.

___________________Signature

___________________

Name (typed or printed)

___________________

Date

This is a business plan. It does not imply an offering of securities.


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Table of Contents

1.0 Executive Summary.............................................................................................................................1Chart: Highlights......................................................................................................................1

1.1 Mission........................................................................................................................................11.2 Keys to Success ........................................................................................................................21.3 Objectives ...................................................................................................................................2

2.0 Company Summary.............................................................................................................................22.1 Company Ownership .................................................................................................................22.2 Start-up Summary......................................................................................................................2

Table: Start-up.........................................................................................................................3Table: Start-up Funding..........................................................................................................4Chart: Start-up .........................................................................................................................5

2.3 Company Locations and Facilities ..........................................................................................53.0 Services................................................................................................................................................5

3.1 Service Description...................................................................................................................54.0 Market Analysis Summary..................................................................................................................5

4.1 Market Segmentation................................................................................................................6

Chart: Market Analysis (Pie)..................................................................................................6Table: Market Analysis ...........................................................................................................6

4.2 Service Business Analysis........................................................................................................65.0 Strategy and Implementation Summary............................................................................................7

5.1 Sales Strategy............................................................................................................................7Chart: Sales Monthly...............................................................................................................75.1.1 Sales Forecast..............................................................................................................7

Table: Sales Forecast...................................................................................................8

Chart: Sales by Year......................................................................................................85.2 Competitive Edge......................................................................................................................8

6.0 Management Summary.......................................................................................................................86 1 Personnel Plan 9


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Table of ContentsTable: Personnel.......................................................................................... ..............................................2

Table: General Assumptions ....................................................................................................................3Table: Profit and Loss ...............................................................................................................................4Table: Cash Flow.......................................................................................................................................5Table: Balance Sheet ................................................................................................................................6


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NW Architecture

1.0 Executive Summary

NW Architecture will be an architectural firm specializing in residential, commercial and

industrial architec ture in domestic and international markets based out of the Bay Area nearSan Francisco, California. The firm will provide architec tural services using technologicallysuperior processes, providing greater value for clients and enhanced design and construction.

The target client is segmented into four categories; home owners, developers, government,

and contractors. NW Architecture's competitive edge will be the knowledge of digital-baseddesign resources. Superior customer service will also be a point of firm differentiation.

First year sales are expected to reach $102,000 and increase to $500,000 by the third year ofoperation. We will be profitable within three years of starting.

The most significant challenges ahead include securing a suitable location, establishing the

initial client base, and ultimately positioning the firm to be able to have a presence in a larger,global market.

This business plan outlines the objective, focus, and implementation of this start-up firm.


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NW Architecturegraphics or terminology (floor plans, sections, elevations & construction documents) to have a

clear understanding of what the end result will look like. This is possible through the use ofcomputer-rendered images and interact ive video.

This media will be taken one step further by using it in the construction documents as well.

The builder will be provided with an interactive video rendering of the entire building containingboth visual photographic quality images and construction specs. Every last detail will beworked out in three dimensions in such a way that anyone who knows how to use a computer

will be able to access and understand this new means of architectural presentation.

1.2 Keys to Success

1. Provide a service that is technologically superior to the competition's.

2. Utilizing a diverse staff of architects to provide a wide variety of product styles.3. A large array of global connect ions.

1.3 Objectives

1. Sales of $500,000 in Year 3 and $700,000 by Year 4.2. Market expansion of 20% per year via the Internet.

3. Creating new niche in market by Year 4 of three dimensional construction documentsand interactive digital presentation to clients.

2.0 Company Summary

NW Architecture will provide a service of architectural design via digital media to the limits of


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NW Architecture

Table: Start-up

Start-up

Requirements

Start-up Expenses

Legal $1,000

Stationery etc. $3,000

Brochures $1,000

Consultants $2,000

Insurance $500

Rent $1,040

Expensed Equipment $9,000

Total Start-up Expenses $17,540

Start-up Assets

Cash Required $19,000

Start-up Inventory $0

Other Current Assets $0

Long-term Assets $0

Total Assets $19,000

Total Requirements $36,540


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NW Architecture

Table: Start-up Funding

Start-up Funding

Start-up Expenses to Fund $17,540

Start-up Assets to Fund $19,000

Total Funding Required $36,540

Assets

Non-cash Assets from Start-up $0

Cash Requirements from Start-up $19,000

Additional Cash Raised $0

Cash Balance on Starting Date $19,000

Total Assets $19,000

Liabilities and Capital

Liabilities

Current Borrowing $17,540

Long-term Liabili ties $0

Accounts Payable (Outstanding Bills) $0

Other Current Liabili ties (interest-free) $0

Total Liabili ties $17,540

Capital

Planned Investment

Investor 1 $19,000

Other $0

Additional Investment Requirement $0

Total Planned Investment $19,000

Loss at Start-up (Start-up Expenses) ($17,540)

Total Capital $1,460


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NW Architecture

2.3 Company Locations and Facilities

The interim office of NW Architecture will be located in Walnut Creek, California until dedicated

office space is secured.

3 0 S i


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NW Architecturecompany will decide what the target market is based on sales and trends experienced in the

initial months of operation.

4.1 Market Segmentation

Potential clients for NW Architecture's market is broken down into four categories: home owners,

developers, government, and contractors. Home owners are the largest group based on shearpopulation and this will be emphasized in all of the firm's marketing and promotional efforts.

Targeting the remaining three groups will be dependant upon establishing meaningfulrelationships, and responding and qualifying for request for proposals.


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NW Architectureto work with, which enables them to keep up with technological changes much quicker than a

small firm.

5.0 Strategy and Implementation Summary

In the first year of business, NW Architecture will focus on the bay area in California. As the

firm grows, sales will expand throughout California and across the country, eventuallyspreading worldwide.

5.1 Sales Strategy

"Sales" in this business is a direct result of exceptional client service. It is based on thefirm's image and the referrals that result. The more clients this company pleases, the more

referrals are given. We will work to provide a positive experience in all cases so our clients willrefer and return to us for future work as well.


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NW Architecture

Table: Sales Forecast

Sales Forecast

Year 1 Year 2 Year 3

Sales

Design $42,000 $90,000 $250,000

Production $26,000 $50,000 $85,000

Construction Documents $34,000 $70,000 $165,000

Total Sales $102,000 $210,000 $500,000

Direct Cost of Sales Year 1 Year 2 Year 3

Design $500 $500 $1,000

Production $250 $250 $500

Construction Documents $500 $500 $1,000

Subtotal Direct Cost of Sales $1,250 $1,250 $2,500


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NW Architecturecompensate the increased work load.

6.1 Personnel Plan

The following table summarizes our personnel expenditures for the first three years of operation.

Table: Personnel

Personnel Plan


Nathan Sawyer $18,000 $35,000 $50,000

Clerical $12,000 $25,200 $26,000

CAD/Form-Z Designers $40,000 $60,000 $210,000

Total People 4 5 7

Total Payroll $70,000 $120,200 $286,000

7.0 Financial Plan

NW Architecture will increase growth and technology with cash flow as it increases throughthe years. Further money will be set aside to pay for further consulting as needed.

7.1 Important Assumptions

The annual assumptions made in the following table are based on a stable economy. We willadjust these assumptions as changes occur in the now tumultuous ecomony the Bay Area isexperiencing


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NW Architecture

7.2 Key Financial Indicators

The following benchmark chart indicates our key financial indicators for the first three years.


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NW Architecture

7.3 Break-even Analysis

The following chart and table summarize our break-even analysis.

Table: Break-even Analysis


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NW Architecture

7.4 Projected Profit and Loss

Net profit is virtually nonexistent for the first two years of operation, with respectable

increases after that time. Our projected profit and loss is shown on the following table, withsales starting at $102,000 for the first year and climbing to $500,000 the third year.

Table: Profit and Loss

Pro Forma Profit and Loss


Sales $102,000 $210,000 $500,000

Direct Cost of Sales $1,250 $1,250 $2,500

Other $0 $0 $0

Total Cost of Sales $1,250 $1,250 $2,500

Gross Margin $100,750 $208,750 $497,500

Gross Margin % 98.77% 99.40% 99.50%

Expenses

Payroll $70,000 $120,200 $286,000

Sal es and Marketi ng and Other Expenses $8,200 $12,800 $34,500

Depreciation $0 $0 $0

Leased Equipment $1,440 $1,680 $1,920

Util ities $480 $620 $650

Insurance $1,800 $2,800 $3,500

Rent $17,030 $23,400 $23,400

Payroll Taxes $0 $0 $0

Other $0 $0 $0

Total Operating Expenses $98,950 $161,500 $349,970


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NW Architecture

7.5 Projected Cash Flow

Cash flow is vital to the well being of this company because of the duration of payment. The

following chart and table below show cash flow projections.


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NW Architecture

Table: Cash Flow

Pro Forma Cash Flow


Cash Received

Cash from Operations

Cash Sales $0 $0 $0

Cash from Receivables $88,100 $195,282 $460,480

Subtotal Cash from Operations $88,100 $195,282 $460,480

Additiona l Cash Received

Sales Tax, VAT, HST/GST Received $0 $0 $0

New Current Borrowing $0 $0 $0

New Other Liabil ities (interest-free) $0 $0 $0

New Long-term Liabil ities $0 $0 $0

Sales of Other Current Assets $0 $0 $0

Sales of Long-term Assets $0 $0 $0

New Investment Received $6,000 $0 $0

Subtotal Cash Received $94,100 $195,282 $460,480

Expenditures Year 1 Year 2 Year 3

Expenditures from Operations

Cash Spending $70,000 $120,200 $286,000

Bill Payments $29,684 $53,775 $102,379

Subtotal Spent on Operations $99,684 $173,975 $388,379

Additiona l Cash Spent

Sales Tax, VAT, HST/GST Paid Out $0 $0 $0

Principal Repayment of Current Borrowing $4,380 $4,380 $4,380

Other Liabil ities Principal Repayment $0 $0 $0

Long-term Liabili ties Principal Repayment $0 $0 $0

Purchase Other Current Assets $0 $0 $0


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NW Architecture

7.6 Projected Balance Sheet

The following table shows our projected Balance Sheet and net worth over the next three years.

Table: Balance Sheet

Pro Forma Bal ance Sheet

Year 1 Year 2 Year 3Assets

Current Assets

Cash $9,036 $25,963 $93,684

Accounts Receivable $13,900 $28,618 $68,137

Inventory $750 $717 $2,867

Other Current Assets $0 $0 $0

Total Current Assets $23,686 $55,297 $164,688

Long-term AssetsLong-term Assets $0 $0 $0

Accumulated Depreciation $0 $0 $0

Total Long-term Assets $0 $0 $0

Total Assets $23,686 $55,297 $164,688

Liabil ities and Capital Year 1 Year 2 Year 3

Current Liabilities

Accounts Payable $3,156 $4,533 $8,762

Current Borrowing $13,160 $8,780 $4,400Other Current Liabili ties $0 $0 $0

Subtotal Current Liabil ities $16,316 $13,313 $13,162

L t Li bi li ti $0 $0 $0


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NW Architecture

7.7 Business Ratios

Business ratios for the years of this plan are shown below. Industry profile ratios based on the

Standard Industrial Classification (SIC) code 7383, Independent Artists (including Architects),are shown for comparison.


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NW Architecture

Table: Ratios

Ratio Anal ysis

Year 1 Year 2 Year 3 Industry Profile

Sales Growth n.a. 105.88% 138.10% 11.74%

Percent of Total Assets

Accounts Receivable 58.69% 51.75% 41.37% 26.18%

Inventory 3.17% 1.30% 1.74% 3.42%

Other Current Assets 0.00% 0.00% 0.00% 50.14%

Total Current Assets 100.00% 100.00% 100.00% 79.74%

Long-term Assets 0.00% 0.00% 0.00% 20.26%

Total Assets 100.00% 100.00% 100.00% 100.00%

Current Liabil i ties 68.89% 24.08% 7.99% 35.02%

Long-term Liabili ties 0.00% 0.00% 0.00% 21.48%

Total Liabili ties 68.89% 24.08% 7.99% 56.50%

Net Worth 31.11% 75.92% 92.01% 43.50%

Percent of Sal es

Sales 100.00% 100.00% 100.00% 100.00%

Gross Margin 98.77% 99.40% 99.50% 100.00%

Selling, General & Administrative Expenses 101.81% 95.72% 79.60% 75.67%

Advertising Expenses 0.00% 0.95% 4.00% 2.64%

Profit Before Interest and Taxes 1.76% 22.50% 29.51% 1.56%

Main Ratios

Current 1.45 4.15 12.51 1.67

Quick 1.41 4.10 12.29 1.32

Total Debt to Total Assets 68.89% 24.08% 7.99% 62.06%

Pre-tax Return on Net Worth 3.84% 109.93% 96.93% 4.93%

Pre-tax Return on Assets 1.20% 83.46% 89.18% 12.99%

Additional Ratios Year 1 Year 2 Year 3


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NW ArchitectureDividend Payout 0.00 0.00 0.00 n.a


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Appendix

Page 1

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

Sales

Design 0% $8,000 $0 $5,000 $0 $10,000 $5,000 $0 $14,000 $0 $0 $0 $0

Production 0% $0 $5,000 $0 $2,000 $0 $0 $7,000 $2,000 $0 $10,000 $0 $0

Construction Documents 0% $0 $0 $7,000 $0 $4,000 $0 $0 $0 $9,000 $0 $3,000 $11,000

Total Sales $8,000 $5,000 $12,000 $2,000 $14,000 $5,000 $7,000 $16,000 $9,000 $10,000 $3,000 $11,000

Direct Cost of 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

Design $100 $0 $100 $0 $100 $100 $0 $100 $0 $0 $0 $0

Production $0 $50 $0 $50 $0 $0 $50 $50 $0 $50 $0 $0

Construction Documents $0 $0 $100 $0 $100 $0 $0 $0 $100 $0 $100 $100

Subtotal Direct Cost of Sales $100 $50 $200 $50 $200 $100 $50 $150 $100 $50 $100 $100


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Appendix

Page 2

Table: Personnel

Personnel Plan


Nathan Sawyer 0% $0 $0 $0 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000

Clerical 0% $0 $0 $0 $0 $0 $0 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000

CAD/Form-Z Designers 0% $0 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $5,000 $5,000 $5,000 $5,000 $5,000

Total People 1 2 2 2 2 2 3 4 4 4 4 4

Total Payroll $0 $2,500 $2,500 $4,500 $4,500 $4,500 $6,500 $9,000 $9,000 $9,000 $9,000 $9,000


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Appendix

Page 3

Table: General Assumptions

General Assumptions


Plan Month 1 2 3 4 5 6 7 8 9 10 11 12

Current Interest Rate 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00%

Long-term Interest Rate 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 30.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00%

Other 0 0 0 0 0 0 0 0 0 0 0 0


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Appendix

Page 4

Table: Profit and Loss

Pro Forma Profit and Loss


Sales $8,000 $5,000 $12,000 $2,000 $14,000 $5,000 $7,000 $16,000 $9,000 $10,000 $3,000 $11,000

Direct Cost of Sales $100 $50 $200 $50 $200 $100 $50 $150 $100 $50 $100 $100

Other $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Total Cost of Sales $100 $50 $200 $50 $200 $100 $50 $150 $100 $50 $100 $100

Gross Margin $7,900 $4,950 $11,800 $1,950 $13,800 $4,900 $6,950 $15,850 $8,900 $9,950 $2,900 $10,900

Gross Margin % 98.75% 99.00% 98.33% 97.50% 98.57% 98.00% 99.29% 99.06% 98.89% 99.50% 96.67% 99.09%

Expenses

Payroll $0 $2,500 $2,500 $4,500 $4,500 $4,500 $6,500 $9,000 $9,000 $9,000 $9,000 $9,000

Sales and Marketing and Other

Expenses

$350 $350 $1,350 $350 $350 $1,350 $350 $350 $1,350 $350 $350 $1,350

Depreciation $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Leased Equipment $120 $120 $120 $120 $120 $120 $120 $120 $120 $120 $120 $120

Utilities $40 $40 $40 $40 $40 $40 $40 $40 $40 $40 $40 $40

Insurance $150 $150 $150 $150 $150 $150 $150 $150 $150 $150 $150 $150

Rent $1,040 $1,040 $1,040 $1,040 $1,040 $1,040 $1,040 $1,950 $1,950 $1,950 $1,950 $1,950

Payroll Taxes 15% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Other $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Total Operating Expenses $1,700 $4,200 $5,200 $6,200 $6,200 $7,200 $8,200 $11,610 $12,610 $11,610 $11,610 $12,610

Profit Before Interest and Taxes $6,200 $750 $6,600 ($4,250) $7,600 ($2,300) ($1,250) $4,240 ($3,710) ($1,660) ($8,710) ($1,710)

EBITDA $6,200 $750 $6,600 ($4,250) $7,600 ($2,300) ($1,250) $4,240 ($3,710) ($1,660) ($8,710) ($1,710)

Interest Expense $143 $140 $137 $134 $131 $128 $125 $122 $119 $116 $113 $110

Taxes Incurred $1,817 $152 $1,616 ($1,096) $1,867 ($607) ($344) $1,030 ($957) ($444) ($2,206) ($455)

Net Profit $4,240 $457 $4,847 ($3,288) $5,602 ($1,821) ($1,031) $3,089 ($2,872) ($1,332) ($6,617) ($1,365)

Net Profit/Sales 53.00% 9.15% 40.39% -164.40% 40.01% -36.42% -14.73% 19.30% -31.91% -13.32% -220.57% -12.41%


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Appendix

Page 5

Table: Cash Flow

Pro Forma Cash Flow


Cash Received

Cash from Operations

Cash Sales $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Cash from Receivables $0 $267 $7,900 $5,233 $11,667 $2,400 $13,700 $5,067 $7,300 $15,767 $9,033 $9,767

Subtotal Cash from Operations $0 $267 $7,900 $5,233 $11,667 $2,400 $13,700 $5,067 $7,300 $15,767 $9,033 $9,767

Additional Cash Received

Sales Tax , VAT, HST/GST Received 0.00% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

New Current Borrowing $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

New Other Liabilities (interest-free) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

New Long-term Liabilities $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Sales of Other Current Assets $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Sales of Long-term Assets $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

New Investment Received $0 $0 $0 $6,000 $0 $0 $0 $0 $0 $0 $0 $0

Subtotal Cash Received $0 $267 $7,900 $11,233 $11,667 $2,400 $13,700 $5,067 $7,300 $15,767 $9,033 $9,767

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

Expenditures from Operations

Cash Spending $0 $2,500 $2,500 $4,500 $4,500 $4,500 $6,500 $9,000 $9,000 $9,000 $9,000 $9,000

Bill Payments $155 $4,571 $2,075 $4,329 $837 $3,649 $2,196 $1,590 $4,695 $2,755 $2,223 $609

Subtotal Spent on Operations $155 $7,071 $4,575 $8,829 $5,337 $8,149 $8,696 $10,590 $13,695 $11,755 $11,223 $9,609

Additional Cash Spent

Sales Tax , VAT, HST/GST Paid Out $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Principal Repayment of Current Borrowing $365 $365 $365 $365 $365 $365 $365 $365 $365 $365 $365 $365

Other Liabilities Principal Repayment $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Long-term Liabilities Principal Repayment $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Purchase Other Current Assets $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Purchase Long-term Assets $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Dividends $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Subtotal Cash Spent $520 $7,436 $4,940 $9,194 $5,702 $8,514 $9,061 $10,955 $14,060 $12,120 $11,588 $9,974

Net Cash Flow ($520) ($7,170) $2,960 $2,039 $5,965 ($6,114) $4,639 ($5,889) ($6,760) $3,646 ($2,555) ($207)

Cash Balance $18,480 $11,310 $14,270 $16,310 $22,275 $16,161 $20,800 $14,911 $8,151 $11,797 $9,242 $9,036


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Appendix

Page 6

Table: Balance Sheet

Pro Forma Balance Sheet


Assets Starting Balances

Curren t Assets

Cash $19,000 $18,480 $11,310 $14,270 $16,310 $22,275 $16,161 $20,800 $14,911 $8,151 $11,797 $9,242 $9,036

Accounts Receivable $0 $8,000 $12,733 $16,833 $13,600 $15,933 $18,533 $11,833 $22,767 $24,467 $18,700 $12,667 $13,900

Inventory $0 $900 $850 $650 $600 $400 $300 $250 $1,100 $1,000 $950 $850 $750

Other Current Assets $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Total Current Assets $19,000 $27,380 $24,893 $31,754 $30,510 $38,608 $34,994 $32,883 $38,777 $33,617 $31,447 $22,759 $23,686

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

Total Long-term Assets $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Total Assets $19,000 $27,380 $24,893 $31,754 $30,510 $38,608 $34,994 $32,883 $38,777 $33,617 $31,447 $22,759 $23,686

Liabilities and Capital Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12

Current Liabilities

Accounts Payable $0 $4,505 $1,926 $4,304 $713 $3,575 $2,147 $1,432 $4,603 $2,679 $2,206 $500 $3,156

Current Borrowing $17,540 $17,175 $16,810 $16,445 $16,080 $15,715 $15,350 $14,985 $14,620 $14,255 $13,890 $13,525 $13,160

Other Current Liabilities $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Subtotal Current Liabilities $17,540 $21,680 $18,736 $20,749 $16,793 $19,290 $17,497 $16,417 $19,223 $16,934 $16,096 $14,025 $16,316

Long-term Liabilities $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Total Liabilities $17,540 $21,680 $18,736 $20,749 $16,793 $19,290 $17,497 $16,417 $19,223 $16,934 $16,096 $14,025 $16,316

Paid-in Capital $19,000 $19,000 $19,000 $19,000 $25,000 $25,000 $25,000 $25,000 $25,000 $25,000 $25,000 $25,000 $25,000

Retained Earnings ($17,540) ($17,540) ($17,540) ($17,540) ($17,540) ($17,540) ($17,540) ($17,540) ($17,540) ($17,540) ($17,540) ($17,540) ($17,540)

Earnings $0 $4,240 $4,697 $9,544 $6,256 $11,858 $10,037 $9,006 $12,095 $9,223 $7,891 $1,274 ($90)

Total Capital $1,460 $5,700 $6,157 $11,004 $13,716 $19,318 $17,497 $16,466 $19,555 $16,683 $15,351 $8,734 $7,370

Total Liabilities and Capital $19,000 $27,380 $24,893 $31,754 $30,510 $38,608 $34,994 $32,883 $38,777 $33,617 $31,447 $22,759 $23,686

Net Worth $1,460 $5,700 $6,157 $11,004 $13,716 $19,318 $17,497 $16,466 $19,555 $16,683 $15,351 $8,734 $7,370