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53
_____________
ABC CompanyBusiness Plan
Web Site: www.yourdomainhere.com
Email: [email protected]
Main Office:123 North Somewhere Street
Anywhere, Michigan 12345 USA
Phone: 317-000-1111
Fax: 317-111-2222
_____________
54
Confidentiality Agreement
The undersigned reader acknowledges that the information provided
by Jane Doe in this business plan is confidential; therefore, reader
agrees not to disclose it without the express written permission of Jane
Doe.
It is acknowledged by reader that information to be furnished in this
business plan is in all respects confidential 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 Jane Doe.
Upon request, this document is to be immediately returned to Jane
Doe.
_______________________________
Signature
_______________________________
Name (typed or printed)
___________________
Date
This is a business plan. It does not imply an offering of securities.
55
Table of Contents
1.2. Mission ................................................................................................................. 4
4
56
4
1. Executive Summary
Highlights
1.1. Objectives
Company over the next three years are to:
1.2. Mission
57
1.3. Keys to Success
We believe that our main keys to success include:
expertise and services.
rtise into multiple revenue generation
opportunities: fixed price and hourly intellectual property legal work, technical
authoring, and technical consulting.
The use of state-of-the-art technology that hi-tech clients have come to expect but that
few law firms actually provide.
2. Company Summary
services to companies across the globe.
intellectual property legal services, including
patents, copyrights, trademarks, trade secrets, licensing, domain name disputes, and litigation.
technical services to clients across the globe, including authoring, expert witness services,
consulting, and guest speaking.
for the past several years, both as an attorney
employed with a law firm, and separately as an independent technology consulant. These services will
now be combined into a singl
e, including paralegals, as well as engineers
for technical writing and consulting positions (preferably from the pool of available engineers in the
local community).
2.1. Company Ownership
poration, owned and operat
58
2.2. Start-up Summary
ns have already been established previously through the
art-up costs are limited to minor costs plus cash
on hand for reserves.
0,000 in initial cash is needed to handle
the first few months of operations as sales and accounts receivable play through the cash flow.
Start-up
Requirements
Start-up ExpensesBusiness Cards, Letterhead, etc. $500
Malpractice Insurance $1,500
Other $500
Total Start-up Expenses $2,500
Start-up AssetsCash Required $50,000
Other Current Assets $0
Long-term Assets $0
Total Assets $50,000
Total Requirements $52,500
59
Start-up
3. Services
e a company needs to fully exploit the value out
of its intellectual assets and operate successfully in rvices can be performed
on an hourly basis or on a fixed-fee basis.
provide technical services to companies across the globe.
1. Provide clients across the United States with intellectual property legal services:
Patentspatents of third parties.
Copyrights- obtain copyrights for clients and advise clients on coyprights of third parties.
Trademarks arks for clients and advise clients on
validity of trademarks of third parties.
Trade Secrets - educate clients on how they can protect their trade secrets.
Licensingintellectual property.
Domain Name Disputes - assist clients with domain name disputes to recover domains from
a third party
Litigation - litigate intellectual property related matters for clients.
60
2. Provide technical services to clients across the globe, including:
Expert Witness Services - provide expert witness consulting in intellectual property and
opinion on a certain situation.
Consulting - advise clients on how to use techno
particular problem, review proposals of third parties and advise clients on validity of third
party proposals.
Guest Speaking / Teaching- speak at technical conferences on technology related topics
4. Market Analysis Summary
hardware, services, and networking. These are mostly larger companies, and occasionally individuals
For our legal services, our most important group of potential customers are in-house legal counsel in
unsel typically are responsible for hiring and managing intellectual
companies, the most important group of potential
customers are the company owners or business managers.
For our technical services, our most important group of potential customers depend on the service:
most important group of potential customers for this service.
most important group of potential customers for this service.
this services.
4.1. Market Segmentation
Large software or hardware manufacturer corporations: Our most important market segment
is the large manufacturer of high-technology produ
handled by outside counsel.
Individuals and Small to Medium-sized growth companies: particularly in computer software,
services to allow these companies to gain the attention and momentum they need to attract market
share and investors.
61
Market Analysis2005 2006 2007 2008 2009
Potential Customers Growth CAGR
Large Technology Corporations
5% 100 105 110 116 122 5.10%
Individuals / Small to Medium Businesses
5% 500 525 551 579 608 5.01%
Total 5.03% 600 630 661 695 730 5.03%
Market Analysis (Pie)
4.2. Target Market Segment Strategy
few hundred technology companies are the key
4.3. Service Business Analysis
The intellectual property legal industry has hundreds of law firms providing outside counsel
services for large technology corporations. The prices charged by these law firms depend on
firms located within the mid-west, such as in
Michigan, are able to provide the same patent and intellectual property services for much lower
the stock market has declined, corporatations are
being pressured to drastically reduce legal costs more than ever before. This has opened the
62
10
for the larger corporations located on the east and west coasts.
The technology industry has thousands of independent consultants and consulting companies
providing technical consulting services. The prices charged by these companies depend on their
5. Strategy and Implementation Summary
any will be able to compete with larger firms on
Company from other law firms who really do not have
technical expertise.
5.1. Marketing Strategy
der of high-tech legal and technical services
s placed in the appropriate local and national publications, such as
will also be placed with search engines on the
topic of interest to that market segment and an offer for a free consultation.
trade. This can be done in a number of ways:
1. Print Advertising.Company will establish an in-house advertising agen
more than letterhead and a checking account.
purchased for a fraction of the cost - such as
$1,000 for an ad that would typically cost $10,000. Once some national exposure has been
similar slogans and include reprints of the ad as part of the marketing package to give to
prospective clients. Only a few appearances in such national publications will be necessary to
provide extensive leverage and credibility.
2. Online Advertising. Online advertising can be one of the most effective ways to get
y will pay to advertise on search engines such
several cents to a few dollars per visit. For example, it might cost $2 to show our web site
advertisement in one of the top few spots on google.com when someone searches for "software
the search engine so the price does not exceed
a certain amount that we are willing to spend.
63
11
3. Direct Marketing.
created to market directly to these prospects.
4. Participation/Attendance at Trade Shows.participating in technology trade shows. These trade shows typically showcase the most
innovative technical products on th
trade shows could also benefit from a hi-tech legal exhibit with a catchy free gift to peak the
curiosity of those in attendance. Comdex is one example of such a technology trade show when
shows would be too expensive, attendance at the trade show would be very valuable to meet new
potential clients.
5. Authoring.credibility to prospective clients and will help gain exposure to prospective clients.
6. Networking.associations as well as community associations in order to meet new people who may need the
7. Guest Speaking. conference for hire or for free are
about legal topics, speaking at technology conferences about technical conferences.
5.2. Sales Strategy
and her technology consulting experience, the company will be able to generate sales in both
rketing program will generate the growth the
company needs to survive.
5.2.1. Sales Forecast
The intellectual property legal services are the primary focus of
reputation as a technology expert, and to provide extensive credibility to legal clients.
These numbers are conservative estimates that are based on the historical performance of
independent consulting technology efforts. The historical data used in these sales
forecasts include:
64
12
To account for the startup period, the estimates
earn more in gross revenues than these conservative estimates show.
Sales ForecastFY 2006 FY 2007 FY 2008 FY 2009 FY 2010
SalesIntellectual Property Legal Services
$220,000 $275,000 $325,000 $375,000 $425,000
TechnicalConsulting/Teaching/Speaking
$3,000 $15,000 $15,000 $20,000 $20,000
Book Authoring/Technical Reviewing
$12,000 $15,000 $15,000 $15,000 $15,000
Total Sales $235,000 $305,000 $355,000 $410,000 $460,000
Direct Cost of Sales FY 2006 FY 2007 FY 2008 FY 2009 FY 2010
$0 $0 $0 $0 $0
$0 $0 $0 $0 $0
Subtotal Direct Cost of Sales $0 $0 $0 $0 $0
Sales Monthly
65
Sales by Year
6. Web Plan Summary
Our web site (www.yourdomainhere.com) is an opportunity to offer information on our services as
well as to provide free information that is useful to visitors whether or not they want to hire us.
Useful articles and other whitepapers that visitors can download about protecting their
area of the site so they can access their files
electronically.
topics.
The web site will be promoted on all of marketing materials. We will also promote our web site in all
print and online advertisements, as well as on various search engines.
related to our services so readers looking for our services will find our site more easily.
creation and maintenance will be performed in-house
for no cost.
66
14
7. Management Summary
employees.
e company. The experience and reputation of Jane
7.1. Personnel Plan
The following table shows the minimum withdrawals th
so be taken as business performance allows.
Personnel PlanFY 2006 FY 2007 FY 2008 FY 2009 FY 2010
Jane Doe, Owner $108,000 $120,000 $120,000 $120,000 $120,000
$0 $0 $0 $0 $0
Total People 0 1 1 1 1
Total Payroll $108,000 $120,000 $120,000 $120,000 $120,000
8. Financial Plan
8.1. Start-up Funding
The start-up costs are to be financed by the ow
having access to
cash flow delays and start-up hurdles for a
couple of years.
67
Start-up FundingStart-up Expenses to Fund $2,500
Start-up Assets to Fund $50,000
Total Funding Required $52,500
Assets Non-cash Assets from Start-up $0
Cash Requirements from Start-up $50,000
Additional Cash Raised $97,500
Cash Balance on Starting Date $147,500
Total Assets $147,500
Liabilities and Capital
LiabilitiesCurrent Borrowing $100,000
Long-term Liabilities $0
Accounts Payable (Outstanding Bills) $0
Other Current Liabilities $0
Total Liabilities $100,000
Capital
Planned InvestmentOwner $50,000
BankAdditional Investment Requirement $0
Total Planned Investment $50,000
Loss at Start-up (Start-up Expenses) ($2,500)
Total Capital $47,500
Total Capital and Liabilities $147,500
Total Funding $150,000
8.2. Break-even Analysis
Important notice concerning Break-even Analysis
This amount includes paying the owner a salary that will allow her to meet all of her current
living expenses without tapping into any of the lines of credit or cash reserves available.
We believe that we will achieve a higher monthly
even chart, given the present representations being made by existing clients of their expected
level of work in the upcoming two years, and given prior history.
68
Break-even Analysis
Monthly Revenue Break-even $12,275
Assumptions:Average Percent Variable Cost 0%
Estimated Monthly Fixed Cost $12,275
Break-even Analysis
8.3. Projected Profit and Loss
Outlined below, and in the table and chart, are some of the intrinsic facet
The amount for cost of sales is liste
additional profits can be paid to her over and above this salary when cash flow warrants
it.
expenses.
The expenses for technology subscriptions are based on actual costs of the services that
will need to be obtained from third parties to operate the law practice. For example, the
subscriptions and virtual telephone services are also included in this cost.
69
Pro Forma Profit and LossFY 2006 FY 2007 FY 2008 FY 2009 FY 2010
Sales $235,000 $305,000 $355,000 $410,000 $460,000
Direct Cost of Sales $0 $0 $0 $0 $0
Other Costs of Sales $0 $0 $0 $0 $0
------------ ------------ ------------ ------------ ------------
Total Cost of Sales $0 $0 $0 $0 $0
Gross Margin $235,000 $305,000 $355,000 $410,000 $460,000
Gross Margin % 100.00% 100.00% 100.00% 100.00% 100.00%
ExpensesPayroll $108,000 $120,000 $120,000 $120,000 $120,000
Marketing/Promotion $12,000 $24,000 $24,000 $24,000 $24,000
Depreciation $0 $0 $0 $0 $0
Office Mortgage $10,500 $10,800 $11,000 $11,300 $11,600
Utilities $6,000 $6,000 $6,000 $6,000 $6,000
Taxes and Insurance $2,400 $2,400 $2,400 $2,400 $2,400
Subscription Fees (Web-Based Case Management, Legal Research, Virtual Phone Number)
$6,000 $6,000 $6,000 $6,000 $6,000
Other $2,400 $2,400 $2,400 $2,400 $2,400
------------ ------------ ------------ ------------ ------------
Total Operating Expenses $147,300 $171,600 $171,800 $172,100 $172,400
Profit Before Interest and Taxes $87,700 $133,400 $183,200 $237,900 $287,600
Interest Expense $10,000 $10,000 $10,000 $10,000 $10,000
Taxes Incurred $23,310 $37,020 $51,960 $68,370 $83,280
Net Profit $54,390 $86,380 $121,240 $159,530 $194,320
Net Profit/Sales 23.14% 28.32% 34.15% 38.91% 42.24%
70
Profit Monthly
Profit Yearly
71
Gross Margin Monthly
Gross Margin Yearly
72
20
8.4. Projected Cash Flow
and credit available to carry it through some
the owner and the office mortgage and utilities.
Cash
73
21
Pro Forma Cash FlowFY 2006 FY 2007 FY 2008 FY 2009 FY 2010
Cash Received
Cash from OperationsCash Sales $117,500 $152,500 $177,500 $205,000 $230,000
Cash from Receivables $97,833 $146,642 $173,316 $200,397 $225,816
Subtotal Cash from Operations $215,333 $299,142 $350,816 $405,397 $455,816
Additional Cash ReceivedSales Tax, VAT, HST/GST Received
$0 $0 $0 $0 $0
New Current Borrowing $0 $0 $0 $0 $0
New Other Liabilities (interest-free)
$0 $0 $0 $0 $0
New Long-term Liabilities $0 $0 $0 $0 $0
Sales of Other Current Assets $0 $0 $0 $0 $0
Sales of Long-term Assets $0 $0 $0 $0 $0
New Investment Received $0 $0 $0 $0 $0
Subtotal Cash Received $215,333 $299,142 $350,816 $405,397 $455,816
Expenditures FY 2006 FY 2007 FY 2008 FY 2009 FY 2010
Expenditures from OperationsCash spending $108,000 $120,000 $120,000 $120,000 $120,000
Bill Payments $66,623 $96,475 $112,512 $129,092 $144,426
Subtotal Spent on Operations $174,623 $216,475 $232,512 $249,092 $264,426
Additional Cash SpentSales Tax, VAT, HST/GST Paid Out
$0 $0 $0 $0 $0
Principal Repayment of Current Borrowing
$0 $0 $0 $0 $0
Other Liabilities Principal Repayment
$0 $0 $0 $0 $0
Long-term Liabilities Principal Repayment
$0 $0 $0 $0 $0
Purchase Other Current Assets $0 $0 $0 $0 $0
Purchase Long-term Assets $0 $0 $0 $0 $0
Dividends $0 $0 $0 $0 $0
Subtotal Cash Spent $174,623 $216,475 $232,512 $249,092 $264,426
Net Cash Flow $40,710 $82,666 $118,304 $156,305 $191,390
Cash Balance $188,210 $270,877 $389,181 $545,486 $736,875
74
22
8.5. Projected Balance Sheet
Pro Forma Balance SheetFY 2006 FY 2007 FY 2008 FY 2009 FY 2010
Assets
Current AssetsCash $188,210 $270,877 $389,181 $545,486 $736,875
Accounts Receivable $19,667 $25,525 $29,709 $34,312 $38,496
Other Current Assets $0 $0 $0 $0 $0
Total Current Assets $207,877 $296,401 $418,890 $579,798 $775,372
Long-term AssetsLong-term Assets $0 $0 $0 $0 $0
Accumulated Depreciation $0 $0 $0 $0 $0
Total Long-term Assets $0 $0 $0 $0 $0
Total Assets $207,877 $296,401 $418,890 $579,798 $775,372
Liabilities and Capital FY 2006 FY 2007 FY 2008 FY 2009 FY 2010
Current LiabilitiesAccounts Payable $5,987 $8,131 $9,380 $10,758 $12,012
Current Borrowing $100,000 $100,000 $100,000 $100,000 $100,000
Other Current Liabilities $0 $0 $0 $0 $0
Subtotal Current Liabilities $105,987 $108,131 $109,380 $110,758 $112,012
Long-term Liabilities $0 $0 $0 $0 $0
Total Liabilities $105,987 $108,131 $109,380 $110,758 $112,012
Paid-in Capital $50,000 $50,000 $50,000 $50,000 $50,000
Retained Earnings ($2,500) $51,890 $138,270 $259,510 $419,040
Earnings $54,390 $86,380 $121,240 $159,530 $194,320
Total Capital $101,890 $188,270 $309,510 $469,040 $663,360
Total Liabilities and Capital $207,877 $296,401 $418,890 $579,798 $775,372
Net Worth $101,890 $188,270 $309,510 $469,040 $663,360
75
Sale
s Fore
cast
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Sale
sIn
telle
ctual P
rop
erty Le
gal
Service
s0%
$15,0
00
$15,0
00
$15,0
00
$15,0
00
$20,0
00
$20,0
00
$20,0
00
$20,0
00
$20,0
00
$20,0
00
$20,0
00
$20,0
00
Tech
nica
lC
on
sultin
g/
Teach
ing
/S
peakin
g0%
$0
$0
$0
$1,0
00
$0
$0
$1,0
00
$0
$0
$1,0
00
$0
$0
Bo
ok A
uth
orin
g/
Tech
nica
l R
evie
win
g0%
$6,0
00
$0
$0
$0
$6,0
00
$0
$0
$0
$0
$0
$0
$0
To
tal S
ale
s$21,0
00
$15,0
00
$15,0
00
$16,0
00
$26,0
00
$20,0
00
$21,0
00
$20,0
00
$20,0
00
$21,0
00
$20,0
00
$20,0
00
Dire
ct Co
st of S
ale
sN
ov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
Su
bto
tal D
irect C
ost o
f Sale
s$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
76
24
Perso
nn
el P
lan
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Jan
e D
oe, O
wn
er
0%
$9,0
00
$9,0
00
$9,0
00
$9,0
00
$9,0
00
$9,0
00
$9,0
00
$9,0
00
$9,0
00
$9,0
00
$9,0
00
$9,0
00
0%
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
To
tal P
eo
ple
10
00
00
00
00
00
To
tal P
ayro
ll$9,0
00
$9,0
00
$9,0
00
$9,0
00
$9,0
00
$9,0
00
$9,0
00
$9,0
00
$9,0
00
$9,0
00
$9,0
00
$9,0
00
77
Pro
Form
a P
rofit a
nd
Loss
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Se
Sale
s$21,0
00
$15,0
00
$15,0
00
$16,0
00
$26,0
00
$20,0
00
$21,0
00
$20,0
00
$20,0
00
$21,0
00
$20,0
0
Dire
ct Co
st of S
ale
s$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$
Oth
er C
osts o
f Sale
s$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$
------------
------------
------------
------------
------------
------------
------------
------------
------------
------------
-----------
To
tal C
ost o
f Sale
s$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$
Gro
ss Marg
in$21,0
00
$15,0
00
$15,0
00
$16,0
00
$26,0
00
$20,0
00
$21,0
00
$20,0
00
$20,0
00
$21,0
00
$20,0
0
Gro
ss Marg
in %
100.0
0%
100.0
0%
100.0
0%
100.0
0%
100.0
0%
100.0
0%
100.0
0%
100.0
0%
100.0
0%
100.0
0%
100.0
0%
Exp
en
ses
Payro
ll$9,0
00
$9,0
00
$9,0
00
$9,0
00
$9,0
00
$9,0
00
$9,0
00
$9,0
00
$9,0
00
$9,0
00
$9,0
0
Mark
etin
g/
Pro
mo
tion
$1,0
00
$1,0
00
$1,0
00
$1,0
00
$1,0
00
$1,0
00
$1,0
00
$1,0
00
$1,0
00
$1,0
00
$1,0
0
Dep
recia
tion
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$
Office
Mo
rtgag
e$850
$850
$850
$850
$850
$850
$900
$900
$900
$900
$90
Utilitie
s$500
$500
$500
$500
$500
$500
$500
$500
$500
$500
$50
Taxes a
nd
Insu
ran
ce$200
$200
$200
$200
$200
$200
$200
$200
$200
$200
$20
Su
bscrip
tion
Fees
(Web
-Base
d C
ase
M
an
ag
em
en
t, Leg
al
Rese
arch
, Virtu
al
Ph
on
e N
um
ber)
15%
$500
$500
$500
$500
$500
$500
$500
$500
$500
$500
$50
Oth
er
$200
$200
$200
$200
$200
$200
$200
$200
$200
$200
$20
------------
------------
------------
------------
------------
------------
------------
------------
------------
------------
-----------
To
tal O
pera
ting
Exp
en
ses
$12,2
50
$12,2
50
$12,2
50
$12,2
50
$12,2
50
$12,2
50
$12,3
00
$12,3
00
$12,3
00
$12,3
00
$12,3
0
Pro
fit Befo
re In
tere
st an
d T
axes
$8,7
50
$2,7
50
$2,7
50
$3,7
50
$13,7
50
$7,7
50
$8,7
00
$7,7
00
$7,7
00
$8,7
00
$7,7
0
Inte
rest E
xp
en
se$833
$833
$833
$833
$833
$833
$833
$833
$833
$833
$83
Taxes In
curre
d$2,3
75
$575
$575
$875
$3,8
75
$2,0
75
$2,3
60
$2,0
60
$2,0
60
$2,3
60
$2,0
6
Net P
rofit
$5,5
42
$1,3
42
$1,3
42
$2,0
42
$9,0
42
$4,8
42
$5,5
07
$4,8
07
$4,8
07
$5,5
07
$4,8
0
Net P
rofit/
Sale
s26.3
9%
8.9
4%
8.9
4%
12.7
6%
34.7
8%
24.2
1%
26.2
2%
24.0
3%
24.0
3%
26.2
2%
24.0
3%
78
Pro
Form
a C
ash
Flow
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Cash
Rece
ived
Cash
from
O
pera
tion
sC
ash
Sale
s$10,5
00
$7,5
00
$7,5
00
$8,0
00
$13,0
00
$10,0
00
$10,5
00
$10,0
00
$10,0
00
$10,5
00
$10,0
00
$10,0
00
Cash
from
R
ece
ivab
les
$0
$350
$10,4
00
$7,5
00
$7,5
17
$8,1
67
$12,9
00
$10,0
17
$10,4
83
$10,0
00
$10,0
17
$10,4
83
Su
bto
tal
Cash
from
O
pera
tion
s
$10,5
00
$7,8
50
$17,9
00
$15,5
00
$20,5
17
$18,1
67
$23,4
00
$20,0
17
$20,4
83
$20,5
00
$20,0
17
$20,4
83
Ad
ditio
nal
Cash
Rece
ived
Sale
s Tax,
VA
T,
HS
T/
GS
T
Rece
ived
0.0
0%
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
New
Cu
rren
t B
orro
win
g$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
New
Oth
er
Liab
ilities
(inte
rest-
free)
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
New
Lon
g-
term
Lia
bilitie
s
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
Sale
s of
Oth
er
Cu
rren
t A
ssets
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
Sale
s of
Lon
g-te
rm
Asse
ts
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
New
In
vestm
en
t R
ece
ived
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
Su
bto
tal
Cash
Rece
ived
$10,5
00
$7,8
50
$17,9
00
$15,5
00
$20,5
17
$18,1
67
$23,4
00
$20,0
17
$20,4
83
$20,5
00
$20,0
17
$20,4
83
Exp
en
ditu
res
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Exp
en
ditu
res
79
from
O
pera
tion
sC
ash
spen
din
g$9,0
00
$9,0
00
$9,0
00
$9,0
00
$9,0
00
$9,0
00
$9,0
00
$9,0
00
$9,0
00
$9,0
00
$9,0
00
$9,0
00
Bill
Paym
en
ts$215
$6,3
98
$4,6
58
$4,6
68
$5,0
58
$7,8
98
$6,1
70
$6,4
83
$6,1
93
$6,2
03
$6,4
83
$6,1
93
Su
bto
tal
Sp
en
t on
O
pera
tion
s
$9,2
15
$15,3
98
$13,6
58
$13,6
68
$14,0
58
$16,8
98
$15,1
70
$15,4
83
$15,1
93
$15,2
03
$15,4
83
$15,1
93
Ad
ditio
nal
Cash
Sp
en
tS
ale
s Tax,
VA
T,
HS
T/
GS
T
Paid
Ou
t
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
Prin
cipal
Rep
aym
en
t o
f Cu
rren
t B
orro
win
g
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
Oth
er
Liab
ilities
Prin
cipal
Rep
aym
en
t
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
Lon
g-te
rm
Liab
ilities
Prin
cipal
Rep
aym
en
t
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
Pu
rchase
O
ther
Cu
rren
t A
ssets
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
Pu
rchase
Lo
ng
-term
A
ssets
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
Divid
en
ds
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
Su
bto
tal
Cash
Sp
en
t$9,2
15
$15,3
98
$13,6
58
$13,6
68
$14,0
58
$16,8
98
$15,1
70
$15,4
83
$15,1
93
$15,2
03
$15,4
83
$15,1
93
Net C
ash
Flo
w$1,2
85
($7,5
48)
$4,2
42
$1,8
32
$6,4
58
$1,2
68
$8,2
31
$4,5
33
$5,2
90
$5,2
97
$4,5
33
$5,2
90
Cash
Bala
nce
$148,7
85
$141,2
36
$145,4
78
$147,3
10
$153,7
68
$155,0
36
$163,2
67
$167,8
00
$173,0
90
$178,3
87
$182,9
20
$188,2
10
80
Pro
Form
a B
ala
nce
Sh
eet
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Asse
tsStartin
g
Bala
nces
Cu
rren
t A
ssets
Cash
$147,5
00
$148,7
85
$141,2
36
$145,4
78
$147,3
10
$153,7
68
$155,0
36
$163,2
67
$167,8
00
$173,0
90
$178,3
87
$182,9
20
$188,2
10
Acco
un
ts R
ece
ivab
le$0
$10,5
00
$17,6
50
$14,7
50
$15,2
50
$20,7
33
$22,5
67
$20,1
67
$20,1
50
$19,6
67
$20,1
67
$20,1
50
$19,6
67
Oth
er
Cu
rren
t A
ssets
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
To
tal
Cu
rren
t A
ssets
$147,5
00
$159,2
85
$158,8
86
$160,2
28
$162,5
60
$174,5
01
$177,6
03
$183,4
34
$187,9
50
$192,7
57
$198,5
54
$203,0
70
$207,8
77
Lon
g-te
rm
Asse
tsLo
ng
-term
A
ssets
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
Accu
mu
late
d
Dep
recia
tion
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
To
tal Lo
ng
-te
rm A
ssets
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
To
tal A
ssets
$147,5
00
$159,2
85
$158,8
86
$160,2
28
$162,5
60
$174,5
01
$177,6
03
$183,4
34
$187,9
50
$192,7
57
$198,5
54
$203,0
70
$207,8
77
Liab
ilities
an
d C
ap
ital
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Cu
rren
t Lia
bilitie
sA
ccou
nts
Paya
ble
$0
$6,2
43
$4,5
03
$4,5
03
$4,7
93
$7,6
93
$5,9
53
$6,2
77
$5,9
87
$5,9
87
$6,2
77
$5,9
87
$5,9
87
Cu
rren
t B
orro
win
g$100,0
00
$100,0
00
$100,0
00
$100,0
00
$100,0
00
$100,0
00
$100,0
00
$100,0
00
$100,0
00
$100,0
00
$100,0
00
$100,0
00
$100,0
00
Oth
er
Cu
rren
t Lia
bilitie
s
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
Su
bto
tal
Cu
rren
t Lia
bilitie
s
$100,0
00
$106,2
43
$104,5
03
$104,5
03
$104,7
93
$107,6
93
$105,9
53
$106,2
77
$105,9
87
$105,9
87
$106,2
77
$105,9
87
$105,9
87
Lon
g-te
rm
Liab
ilities
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
To
tal
Liab
ilities
$100,0
00
$106,2
43
$104,5
03
$104,5
03
$104,7
93
$107,6
93
$105,9
53
$106,2
77
$105,9
87
$105,9
87
$106,2
77
$105,9
87
$105,9
87
81
Paid
-in
Cap
ital
$50,0
00
$50,0
00
$50,0
00
$50,0
00
$50,0
00
$50,0
00
$50,0
00
$50,0
00
$50,0
00
$50,0
00
$50,0
00
$50,0
00
$50,0
00
Reta
ined
Earn
ing
s($2,5
00)
($2,5
00)
($2,5
00)
($2,5
00)
($2,5
00)
($2,5
00)
($2,5
00)
($2,5
00)
($2,5
00)
($2,5
00)
($2,5
00)
($2,5
00)
($2,5
00)
Earn
ing
s$0
$5,5
42
$6,8
83
$8,2
25
$10,2
67
$19,3
08
$24,1
50
$29,6
57
$34,4
63
$39,2
70
$44,7
77
$49,5
83
$54,3
90
To
tal C
ap
ital
$47,5
00
$53,0
42
$54,3
83
$55,7
25
$57,7
67
$66,8
08
$71,6
50
$77,1
57
$81,9
63
$86,7
70
$92,2
77
$97,0
83
$101,8
90
To
tal
Liab
ilities
an
d C
ap
ital
$147,5
00
$159,2
85
$158,8
86
$160,2
28
$162,5
60
$174,5
01
$177,6
03
$183,4
34
$187,9
50
$192,7
57
$198,5
54
$203,0
70
$207,8
77
Net W
orth
$47,5
00
$53,0
42
$54,3
83
$55,7
25
$57,7
67
$66,8
08
$71,6
50
$77,1
57
$81,9
63
$86,7
70
$92,2
77
$97,0
83
$101,8
90