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Mediterranean Bar & Lounge

Tony Abdelmalek

Kala Hester Chris Soukup

Grayson Shurett

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I. Table of Contents:

I. Executive Summary………………………………………………………………….3 II. General Description………………………………………………………………….4 III. Products and Services………………………………………………………………8 IV. Marketing Plan……………………………………………………………………….10 V. Management Team………………………………………………………………….12

VI. Operations………………………………………………..…….........………………13 VII. Board of Advisors…………………………………………………………....……..16 VIII. Financial Information……………………………………………………….………17 IX. Appendix…………………………………………………………….………………..20

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Executive Summary

Athentic, headquartered in Athens, Ga is a fast growing Mediterranean food

business. Athentic specializes in combining authentic Mediterranean recipes with

classic southern dishes to deliver a unique Mediterranean experience.

Athentic has embarked on the ambitious goal of creating a lounge where we combine two

incredible, yet contrasting cuisines, while uniting their cultures. The focus of this business

plan is to define the development and sales direction of the Athentic product.

It is projected that Athentic lounge will gross $198,210 in the first year. Its products sell

for 2-10$ per product.

The owners, Tony Abdelmalek and Grayson Shurett, have been an integral part of

the product development. The Athentic product is not only the food, but also the

environment and atmosphere we create with this Mediterranean Lounge. A place

where students can socialize, relax, and study, all while enjoying authentic

Mediterranean cuisine.

Athentic has already posted a net income of 1000$ over 7 weeks and will be using

this as our cash on hand for the financial statements.

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II. General Description Goals and Objectives:

Direction of Business: Stage 1: Falafel Friday (Accomplished) Stage 2: Selling products through Co-OP channels

(Accomplished) Stage 3: Downtown Stand (Accomplished)

Stage 4: Sorority Catering (3 months) Stage 5: Online Ordering and Pickup (6

months) Stage 6: Brick & Mortar Restaurant (1

year) Stage 7: Delivery (1.5 year) Stage 8: Added Food Truck capability (2 year)

Stage 9: Whole Foods Distribution (3 years)

Stage 10: Franchising Capability (5 years)

Engage the community: Stage 1: East Campus Falafel Friday Stage 2: Creating bus conversations Stage 3: “Spread the Love” campaign Stage 4: Partnering w/ local business Stage 5: Sponsor eye-opening event downtown Stage 6: Athentic Scholarship

Mission Statement: To integrate the Mediterranean culture with southern culture by

combining traditional authentic Mediterranean recipes and classic southern dishes,

uniting a diverse community.

Vision Statement: Become a staple Mediterranean food name in trendy college

towns in the southeast by delivering a creative blend of cultured food while engaging

in their local communities.

Athentic will fulfill this vision through these 5 approaches: The Lounge: The first being a brick and mortar Mediterranean lounge located in the

Athens area close to campus. The lounge will bring an authentic Mediterranean

experience that delivers a twist on traditional Mediterranean food. We add a southern

flare to our dishes along with an intimate and vibrant Mediterranean atmosphere.

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Athentic will be complete with brightly colored designs and lounge chairs, running

water, nature, intimate seating, dim lighting, a bar, and an outdoor area. The lounge

will serve mezzas (arabic word for appetizers) and lunch size dishes with a shisha

option. We are not a restaurant. It will be an open, socially catalyzing atmosphere

complete with a bar. The lounge aims to be a social spot for customers to interact,

curve hunger, and relax. Customers can either enjoy the atmosphere with friends or

order any of our products to go. The lounge will serve as our test market for any new

flavors or products we want to release. Unique craft products that are not available on

the shelves will be available here.

Food Truck/ Food Cart: Athentic also wants to bring the experience to the customer.

This includes a becoming an established campus food cart, a versatile food cart that

allows us to cater events such as Greek philanthropy events and other large events

in the area, as well as a food cart downtown for busy weekend nights.

Multi-channel Distribution: Athentic wants the consumer to experience the Mediterranean

from the comfort of their own home. We will have a website with online sales and

delivery. For our target market, we will participate in the local Farmer‟s Market as well as

establish our presence in the whole foods market. Local grocery store, The Co-Op, has

already agreed to shelve our products. We ultimately aim to be a mass distributer of

southern Mediterranean products on Whole Foods‟ shelves.

Be a Community Staple: Athentic looks to be a staple in the local community not only

with its food but also with its causes. Our company stresses local business over large

chains and would emphasize it with our acts. Serving local beverages such as

Terrapin and Creature Comforts as our only beer option, as well as being proactive in

giving back to the community. We will do this through sponsoring local events and

setting up the Athentic Music Scholarship to give our thanks to the people of the

school of music for helping us jumpstart our business.

Representation (people business): Athentic calls for the community to not just coexist,

but to interact with each other. We constantly push for the citizens of Athens to go out

and make a difference in a town that nurtures our lives on a daily basis. We want to

rid this town of the ethnic labels that prevent us from celebrating diversity. This

business wants to do more than serve food and bring an authentic experience. It

wants to improve in the way people interact.

6 Business Philosophy: Athentic strives to provide uncompromised service through

being an efficient, genuine, and convenient service to customers while providing

superior products and an authentic Mediterranean experience. Furthermore,

Athentic calls the community to go beyond just coexisting and interact.

Target Market: Our products will first be marketed to the cultured and trendy

student age 18-25. We have three main customer markets:

1) The Trendy, Artistic Student: This target market includes students on campus

who are not involved in Greek life and primarily located on East Campus. This

crowd is very trendy and accepting of local business. They desire to be unique

and different, and look to find what‟s new and upcoming and support it before

it catches too much traction. They are the ones who are passionate about

quality food, “foodies”, that shop locally, at farmer markets, and are willing to

try new things.

2) The Greek Student: This target market is the sorority life on campus. This

market is affluent and contemporary. They take hold of small trends and

spread them amongst each other. They are health conscious and sociable.

There is a large market of 17 sororities with 200+ girls in each one.

3) The Young Local Athenian: Athens residents ages 22-30 who actively

participate in the Athens community. They have lives, careers, and a spouse

but typically not families. This group shops local and looks to stay healthy, as

they are still young and adventurous.

Industry Description: Authentic Mediterranean food is hard to find in the south. Athentic

will be entering the bar/lounge industry. Since we are limiting our dishes to appetizers/

small meals such as sandwiches and focusing on creating a social atmosphere with a bar

and lounges, the bar industry is more appropriate than the restaurant industry.

Secondarily, Athentic will be entering the wholesale food distribution industry. The

Wholesale Food Distribution Industry in the US Includes About 35,000 Companies and

Has Annual Sales Over $600 Billion. According to businessweek.com Retail sales of

hummus increased to $250 million in 2013, up from $192 million in 2007. This is

substantial growth when compared to sales data in 1997 reporting only $5 million in

sales. Athentic will expand its presence into the food cart industry for the downtown

street scene. Athentic also strives to enter the food truck industry in order to handle

catering jobs. The food truck industry holds much growth potential resulting from changes

in regulation on a city and state level. There is no Mediterranean catering companies in

the local area. Mediterranean food is already a huge trend in the northern United States.

The Southern states are catching onto the rising trend. We foresee immense opportunity

within the marketplace. We separate

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ourselves from the competition through our resourcefulness, our convenience,

our fresh quality and our authentic experience that goes beyond food.

Core competencies: Athentic‟s strength lies within its management team (1). Two

young, aspiring entrepreneurs shall drive to turn their ideas of passion into a practice

of profit. The management team is very diverse, with both owners coming from

different backgrounds. Tony, being from Egypt, brings authentic culture to the

company. Grayson, being an advertising major and coming from a business family,

brings connections and a marketing background. Both owners are open minded,

passionate, and driven to make this company successful. One competitive advantage

Athentic holds over its competitors lie within the grassroot evolution of culture through

the student population at UGA (2). Despite not having a retail space, we have

successfully capitalized on our available resources to make sales. We do not allow the

lack of resources to allow us from growth. Athentic provides a variety of authentic food

in a more convenient manner while surpassing the quality and price set forth by its

competition. Athentic has unparalleled quality of food, supplying a unqiue variety of

products from falafel fried pickles to Pineapple Falafel along with homemade pita

chips, supplied pita bread, baba ganoosh and taziki sauce (3). Our distribution

channels are diverse and effective (4). We are providing a brick and mortar, catering,

downtown stand, and retail products. We will focus our website and advertising around

displaying how to use falafel and hummus in unique ways that go beyond just dip and

fried products (baking, breading, spreading). We will also be more convenient than our

competitors by offering to make deliveries to your door- with a smile of course. Our

mobility within the market allows us to make quick decisions (5).

Legal form of ownership: Athentic will be set up in a partnership in which a limited

partner enters an agreement with an LLC. The limited partner would be an angel

investor while the LLC will be composed of Grayson and Tony. Both Tony and Grayson

will hold operational authority for the business. This form of ownership allows for limited

liability to all parties, allows for raising of capital from a single or couple source(s) while

granting Tony and Grayson full range of freedom to make business decisions that they

choose.

If Athentic versus financing through a banking institution, the business will be set up

as an LLC with Grayson and Tony serving as head managers.

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III. Products and Services

In-house Sales:

! Falafel- chickpea, onion, garlic, parsley, cilantro, blend of 13 super secret spices ! Pineapple Falafel- Pineapple, chickpea, onion, garlic, parsley, cilantro, blend of

13 super secret spices

! Falafel Fried Pickle- slices of pickle battered in falafel mix and then fried.

An Athentic creation done nowhere else in the world.

! Hummus- A variety of flavors such as Classic City, Garlic and Herb, and

Roasted Red Pepper with many more to come. Mass production and sale

in retail environment (co-op, grocery store, local markets).

! Pita Bread- Fresh, delicious, heartwarming. Bought from a trusted

distributor, Jou-Jou‟s.

! Pita Chips- Our homemade variety of flavored chips. ! Baklava- Peach baklava as a dessert. ! Catering- Falafel

Athentic prides itself with its variety of southern Mediterranean products.

Chickpeas serve as the foundational ingredient of our menu. The menu currently

consists of homemade hummus, falafel, falafel fried pickles, and baklava. Our

highest profit margins are achieved when we cater events.

Athentic products are healthy for the mind, body, and spirit. The food is, by

design, nutritionally satisfying. Such products grant one‟s body key nutrients that

promote healthy living.

Competitive Advantage: Athentic distinguishes itself with its unique twist on the

Mediterranean food genre. Customers receive not just Mediterranean food, but

southern Mediterranean food: authentic dishes from the Mediterranean inspired

by southern homestyle cooking.

Competitive Disadvantages: Athentic is starting from nothing and striving to become

a leader in the local market. There are similar restaurant chains which offer a similar

products within the same price range as Athentic, but lack any culture or experience

or the southern twist. Athentic will continue to cater to its loyal customer base and use

its outstanding customer service to retain new customers.

9 Menu: Athentic‟s menu prices at our active food stand.

! The Zeus (Our ultimate fan box complete with a falafel sandwich, 2 falafel

balls, 3 falafel-fried pickles, hummus and carrots, and Baklava) –

o Sale Price: $7

o Gross Profit: $5.3 The Bubba (Includes sandwich, hummus and carrots, and falafel fried pickles)

o Sale Price: $5 o Gross Profit: $3.85

Falafel Sandwich o Sale Price: $4

o Gross Profit: $3.33

Falafel-Fried Pickles o Sale Price: $2 for 5

o Gross Profit: $1.25

Cup o’ Hummus- 3 oz with feta cheese, parsley, and carrots o Sale Price: $3 o Gross Profit: $2.45

- We will be presenting our active restaurant menu that we use at the Volstead

in person.

- Fees for catering will be on a per head/plate basis. The standard fee for

a catered $5 per catered person.

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IV. Marketing Plan

Falafel Friday:

Athentic currently creates revenue through „Falafel Friday‟ sales. Every Friday

from 11am-3pm, Athentic sets up our mobile food stand at the School of Music on

University of Georgia‟s campus. We generate revenue by selling our premium

mediterranean cuisine at a college student‟s price level. All food sold at Falafel Friday

is prepared in our FDA certified kitchen, The Volstead. Our food is cooked on site and

made to order. We collect cash payment and credit payment through the use of

Square. This semester, we‟ve hosted a total of seven sales and have collected a total

of $1400 in revenue. Through our sales, we‟ve accumulated a customer base of over

150 individuals (60% of which are repeat customers). The average revenue per sale is

$220 and the average COGS per sale is $55. Therefore, we‟ve averaged a gross profit

of $155 per sale and recorded an average gross profit margin of 82.5% on sales. Each

week, we expand our social media presence and witness a new customer growth rate

of 15%.

Athentic plans to reach its target market through social media, sales promotion,

and merchandise. We will first reach the target market on the eastern portion of the

University of Georgia‟s campus. Our overarching marketing strategy will be to

stimulate more “in-bound” conversation to our social platforms, creating a more

conversational tone by building relationships with our customers. We have currently

served over 150 total customers every Friday. We want to increase awareness about

our brand by 50% and increase sales by 20% by implementing the following:

First and foremost, our loyal customer base is what is driving our initial traffic. Word-of-

mouth amongst the east campus art students and professors has been spreading

buzz about our product, location, and overall business.

i) Social Media

1) Twitter a) Bubba (our iconic figurehead) will be the face and voice of Athentic‟s

twitter account. He speaks as the CEO for Athentic.

b) Each day, an interesting and engaging post related to the topic of the day

is posted to generate traffic.

c) Bubba constantly posts wise Godly words. d) The Twitter news feed will feature numerous inspiring stories to

help individuals through their days.

2) Instagram

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a) Instagram will be updated every other day with cool rustic picture of

Athens displaying what it means to be truly Athentic.

b) The Instagram account will also act as a forum for people to share

their pictures and experiences of what it means to be an Athenean.

c) Post high-quality photos of food made at various locations (e.g. falafel

stand, volstead, downtown cart) and of customers enjoying their meals.

3) Facebook a) Ask Questions to fans - stimulate questions and conversations that

are relevant to our brand but not meant to directly promote.

b) Challenges - become a member of the wall of fame, wall of finished

loyalty cards with customer‟s names (similar to Pauley‟s)

c) Whenever an order is made, it posts on their friend‟s message board.

Think spotify. ex. Tony just ordered from Athentic.

ii) Merchandise

1) To help promote brand, laptop stickers are sold at the Falafel Friday stand. 2) Athentic sells $20 multi-colored T-shirts at the Falafel Friday stand. Individuals

who wear these shirts receive a $2 discount on purchases during Falafel

Friday. This creates a day in which these shirts are worn by multiple people

creating buzz. iii) Sales Promotion

1) Athentic encourages repeat customers through the Athentic Rewards Card. The

Athentic rewards card is a 10 hole punch card where each purchase results in a

card punch. After the 10th

punch, the customer receives a different colored 10

hole punch card as well as a free box of food order as a reward. After the 20th

punch, they get a free t-shirt as a reward and a plastic card. 2) Individuals may acquire an additional punch on the Athentic Rewards card

by joining social media pages. 3) Customers are granted a free order should their birthday land on a

Falafel Friday sale.

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V. Management Team (individual bios)

Tony Abdelmalek (CEO and Operations) University of Georgia senior

Economics and Music double major. Ability to analyze the market and

efficiently allocate resources. 8 years of food and beverage experience with

Chick-fil-a, Subway, Jimmy John's, and many more. Deep knowledge of the

restaurant industry and the skills necessary for success (efficiency, urgency,

organization, teamwork, leadership.) Creative, diverse, resourceful.

Grayson Shurett (CEO and Marketing) University of Georgia senior

Advertising major. Able to run social media and marketing campaigns. Has a

deep understanding of creative advertising and media planning. Son of a

successful entrepreneur/CEO. Brings a strong sense of professionalism and

administrative qualities. Has experience as advertising director for the Lions

club. Leadership and business experience as head of recruitment for Phi

Delta Theta as well as serving on the executive board for two years. Honest,

proactive, innovative.

Kala Hester (Marketing and Management) University of Georgia senior

Management major. Her studies in management have given her extensive

knowledge of organizations and how they work. She is a renowned hard worker,

holding a job since 16 in multiple industries such as food service and retail. She

has worked on a business relations committee and volunteered at United Way,

demonstrating the capability to delegate tasks as well as implement creative

strategies. Conscientious. Compassionate. Diligent.

Chris Soukup (CFO, Limited Partner) University of Georgia senior Finance

and Management double major. Has experience as finance officer for the Red

Cross as well as the financial officer for the UGA rowing team. Serves as

current team captain of UGA‟s rowing team. Results oriented, optimistic, fiscally

responsible.

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VI. Operations

1) Brick and mortar Mediterranean Lounge

2) The brick and mortar location will be found within the heart of

Athens (possibly downtown). The location will be easily accessible to

students and professionals alike.

3) The Mediterranean culture will be set with a vibrant and intimate

authentic atmosphere; complete with nature, running water, exotic decorations,

cushioned furniture, and an ambiance that promotes community engagement

and relaxation. Through these faucets, customers receive a complete, authentic

Mediterranean experience.

4) At the brick and mortar location, Athentic will serve Mezzas

(appetizers) and a variety of Mediterranean products such as shisha, Turkish

coffee, and authentic tea blends.

2) Food Prep

i) Lounge and Cart 1) We create remarkable experiences by frying our falafels

and falafel-fried pickles on the spot to deliver a fresh

experience that people will want to share with others.

There is a frying station and a heating station that keeps

falafels fresh for five minutes. There is a separate station

designated to preparing the sandwiches and boxes as well

as a money station separate from food. We accurately

gauge the traffic to deliver the fastest, freshest, and

friendliest service the industry has to offer by serving hot

fresh food with a genuine smile that people will get people

talking.

2) Food is prepped in Volstead, a health approved kitchen,

with the highest sanitation and health quality. Prepared

foods will be labeled and tracked for expiration.

3) To add to our convenience, our food is available to enjoy

hot and fresh at the comfort of your own home. We

package our falafel mix so you can prepare your own falafel

fried pickles and falafel burgers.

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ii) Channels 1) The Co-op: Athentic‟s products is distributed amongst the

shelves of local grocery stores. Products to be sold on

these shelves include falafel patties and hummus.

2) The Volstead: A local restaurant that is providing a

kitchen for us to work out of. We are not only prepping

there, but also serving there on their menu. We also have

our personal food cart set up on their front patio Saturday

nights. Until we have our brick and mortar, this is how

where our customers can enjoy our hot food on a weekly

basis. We will featuring „Mediterranean Brunch‟ at the

Volstead within the next month. Menus are already

prepared and cleared to be distributed.

3) The local Farmer‟s market - We will distribute our items to

the local crowd with our presence in the farmer‟s market

every Wednesday from 4-7 and every Saturday from 8-12.

4) Food Cart (Falafel Friday): We are selling our product to

hungry college students every Friday on East Campus, where

there is no valuable outlet for a good meal. We sell out every

Friday. We are also selling at our stand downtown on

Saturday nights at the Volstead from 11:00 p.m. - 3 a.m.

5) Online Sales: Plans for delivery within the next three years. a) Order online and pick-up at The Volstead/our

brick and mortar

4. Suppliers a. Channels

i. Large miscellaneous item purchases are made at Sams

Club. Such purchases include carrots, cheese,

packaging, and containers.

ii. Specifically needed smaller purchases of fresh produce

are purchased at Kroger: Parsley, cilantro, and lettuce.

iii. We use the Volstead to acquire all of our bulk

ingredients from SYSCO like spices, tahini, pita bread,

frying oil, pickles, tomatoes, and red onion.

5. Quality Control a. Athentic delivers the highest quality food by providing freshest

products to our customers that is vegan and also gluten free.

For that reason, all Falafel Friday sales are made to order.

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b. Products are prepared within two days of their sale date. Shelf

life for Athentic‟s products last up to a week and a half. 6. Customer Service

a. Athentic differentiates in its customer service by providing

an environment where individuals may freely interact with

one another.

b. Interactive environment. The drawing board by the stand

encourages people to make their own drawings to complete ours

c. Music d. Greeting every customer with a smile e. Genuine conversations f. Feedback box g. Rewards card (10 punches) h. Hall of fame for the completed cards. i. Top 10% of our customers are invited into our Customer Board

of Advisors where their input is heard personally and have direct

influence on the direction of the company.

7. Legal Environment a. The restaurant industry requires full FDA compliance. Athentic

must operate out of a health department approved kitchen

and acquire a food permit.

i. Athentic is now successfully and proudly preparing and

selling our food out of the Volstead, a central

restaurant downtown.

ii. Athentic is in the process for applying for food permit.

We will obtain this food license before May graduation.

8. Personnel a. 6 employees b. Professional c. Salary pay (nothing is contractual as of right now)

i. Options pool (20% equity in a pool untouched

for permanent future employees if called for).

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VII. Board of Advisors

- Mark Shurett (Entrepreneur, CEO, and founder of Help a Child Smile mobile

dentistry and Shurett Dental Group).

- Chris Hanks (Head of Entrepreneurship Department at UGA.

Business Consultant. CEO).

- Kathy Erwin (Restaurant Owner/GM of Volstead, central restaurant

downtown Athens).

- Michael Morrow (Partner with PWC. Been with company 37 years). - Kate Sheridan (Professional speaker and coach. Teaches how to adapt

to generational workforce changes).

- Erica Parson- Active member Athens business incubator

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VIII. Financial Statements

Income Statement

The income statement highlights initial revenue projections, estimated itemized costs,

Annual Net Income, and projected profit margins. Projected growth rates are displayed as a

percentage of revenue.

Projected Projected Projected Projected 20%

50% 30% 20% Growth

growth Growth Growth

Month 1st Year Year 2 Year 3 Year 4 Year 5 Today

Revenue

Food 16250 195,000 292,500 380,250.0

456,300.0 547,560.0 1400

Beverage 4,027 48,325 72,488 94,233.75

113,080.50

135,696.60

Other 514 6675 10,013 13,016.25

15,619.50 18,743.40

Total 20791 250,000 375,000 487,500.0

585000 702000 1400

Cost of Sales

Food 3250 39000 58500 76050 91260 109512 245

Beverage 900 10800 16200 21060 25272 30326

Other 166 1990 2985 3881 4657 5588

Total 4316 51790 77685 100991 121189 145426 245

Gross Profit

Food 13000 156,000 234,000 304,200 365,040 438,048 1,155

Beverage 3,127 37,525 56,288 73,174 87,809 105,370

Others 348 4685 7,028 9,136 10,963 13,155

Total Gross 16475 198,210 297,315 386509.5 463811.4 556573.68 1155

Profit

Operating

Expenses

Wages 2000 24000 48000 72,000 72,000 72,000

Lease 5500 66000 66000 66000 66000 66000

Marketing 0 0 0 12,000 12,000 12,000

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R&D 250 3000 12000 12000 12000 12000 -155

Utilities 1200 14400 14400 16800 16,800 16,800

Administration 500 6000 6000 6000 6000 6000

Maintenance 375 4500 5000 6000 6,000 6,500

Insurance 300 3600 4000 4500 4500 4500

Licenses 500 6000 8000 10400 12480 14976

Legal & 500 6000 6000 6000 6000 6000

Accounting

Reserve 2500 30000 35000 35000 35000 35000

Total Op Exp 13625 163500 204400 246700 248780 251776 -155

EBITDA 7166 86,500 170,600 240,800.0

336220 450224

Taxes 1050 12600 15120 19656 23587.2 28304.64

Net Income 1800 34,710 92915 139809.5 215031.4 304797.68 1000

Profit Margin 9% 14% 25% 29% 37% 43% 71%

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Balance Sheet

This balance sheet shows an estimate of Athentic’s Assets through future cash holdings, value

of Property and Equipment. Athentic is projected to be funded by 24% debt and 76% equity.

Year 1

Year 2

Year 3

Year 4

Year 5

Today

Cash & Equivalents 20000 50000 60000 70000 80000 1000

Accounts Receivable 5000 6000 7000 8000 9000

Inventory 10000 10000 10000 10000 10000

Other Current Assets

Total Current Assets 35000 66000 77000 88000 99000 1000

Property & Equipment 50000 55000 60000 65000 70000 1000

Total Assets 85000 121000 137000 153000 169000 2000

Accounts Payable 0 1000 1000 1000 1000 0

Accrued Expenses 600 600 600 600 600 0

Other Current Liabilities

Total Current Liabilities 600 1600 1600 1600 1600 0

Long Term Debt 20000 18000 16000 14000 12000 0

Total Liabilities 20600 19600 17600 15600 13600 0

Additional Paid-in Capital 57400 57400 57400 57400 57400 1000

Retained Earnings 7000 44000 62000 80000 98000 1000

Total Equity 64400 101400 119400 137400 155400 2000

Total Liability & Equity 85000 121000 137000 153000 169000 2000

Cash Flow

Year 1 Year 2 Year 3 Year 4 Year 5

Cash on Hand 1000 23210 101005 221158 412601.8

Cash Receipts 250000 375000 487500 585000 702000

Total Cash Available 251000 398210 588505 806158 1114601.8

Cash Paid Out 215190 282085 347691 369969 397202

Taxes Paid 12600 15120 19656 23587.2 23804.64

Cash Position End of 23210 101005 221158 412601.8 693595.16 Year

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Appendix