Appendix
| 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 | |||||||||||||
| Scheduled Passenger Revenues | 0% | $0 | $0 | $0 | $866,250 | $1,299,375 | $2,601,625 | $5,155,920 | $3,866,940 | $5,255,920 | $5,881,619 | $6,180,451 | $6,544,900 |
| Scheduled Cargo Revenues | 0% | $0 | $0 | $0 | $65,625 | $98,437 | $118,124 | $188,997 | $207,897 | $293,966 | $440,949 | $390,600 | $477,405 |
| Special Flights Passenger Revenues | 0% | $0 | $0 | $0 | $0 | $0 | $0 | $247,200 | $123,600 | $185,400 | $309,000 | $309,000 | $309,000 |
| Special Flights Cargo Revenues | 0% | $0 | $0 | $0 | $0 | $0 | $0 | $5,760 | $2,880 | $4,320 | $7,200 | $7,200 | $7,200 |
| Package trips | 0% | $0 | $0 | $0 | $0 | $0 | $0 | $9,975 | $10,973 | $12,070 | $13,277 | $14,605 | $18,100 |
| Other | 0% | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Sales | $0 | $0 | $0 | $931,875 | $1,397,812 | $2,719,749 | $5,607,852 | $4,212,290 | $5,751,676 | $6,652,045 | $6,901,856 | $7,356,605 | |
| 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 | |
| Scheduled Passenger Revenues | $0 | $0 | $0 | $53,900 | $84,567 | $142,345 | $325,467 | $221,980 | $272,367 | $289,810 | $298,453 | $306,231 | |
| Scheduled Cargo Revenues | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Special Flights Passenger Revenues | $0 | $0 | $0 | $0 | $0 | $0 | $14,280 | $7,140 | $10,710 | $17,850 | $17,850 | $17,850 | |
| Special Flights Cargo Revenues | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Package trips | $0 | $0 | $0 | $0 | $0 | $0 | $3,990 | $4,389 | $4,828 | $5,311 | $5,842 | $7,240 | |
| Other | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Subtotal Direct Cost of Sales | $0 | $0 | $0 | $53,900 | $84,567 | $142,345 | $343,737 | $233,509 | $287,905 | $312,971 | $322,145 | $331,321 | |
| Personnel Plan | |||||||||||||
| Month 1 | Month 2 | Month 3 | Month 4 | Month 5 | Month 6 | Month 7 | Month 8 | Month 9 | Month 10 | Month 11 | Month 12 | ||
| Production Personnel | |||||||||||||
| Captains (3 per aircraft) | $0 | $0 | $45,000 | $45,000 | $45,000 | $60,000 | $60,000 | $60,000 | $60,000 | $60,000 | $75,000 | $75,000 | |
| First Officers (3 per aircraft) | $0 | $0 | $36,000 | $36,000 | $36,000 | $48,000 | $48,000 | $48,000 | $48,000 | $48,000 | $60,000 | $60,000 | |
| Flight Attendants (9 per aircraft) | $0 | $0 | $40,500 | $40,500 | $40,500 | $54,000 | $54,000 | $54,000 | $54,000 | $54,000 | $67,500 | $67,500 | |
| Other | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $19,687 | $39,375 | |
| Other | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Subtotal | $0 | $0 | $121,500 | $121,500 | $121,500 | $162,000 | $162,000 | $162,000 | $162,000 | $162,000 | $222,187 | $241,875 | |
| Sales and Marketing Personnel | |||||||||||||
| Director of Sales & Marketing | $5,000 | $5,000 | $5,000 | $5,000 | $5,000 | $5,000 | $5,000 | $5,000 | $5,000 | $5,000 | $5,000 | $5,000 | |
| Regional Sales & Marketing Mgrs (3) | $4,000 | $8,000 | $12,000 | $12,000 | $12,000 | $12,000 | $12,000 | $12,000 | $12,000 | $12,000 | $12,000 | $12,000 | |
| Special Sales & Marketing Manager | $0 | $0 | $4,000 | $4,000 | $4,000 | $4,000 | $4,000 | $4,000 | $4,000 | $4,000 | $4,000 | $4,000 | |
| Air Cargo Sales & Marketing Manager | $0 | $0 | $4,000 | $4,000 | $4,000 | $4,000 | $4,000 | $4,000 | $4,000 | $4,000 | $4,000 | $4,000 | |
| Sales & Marketing Assistants (6) | $3,000 | $4,500 | $9,000 | $9,000 | $9,000 | $9,000 | $9,000 | $9,000 | $9,000 | $9,000 | $9,000 | $9,000 | |
| Cust. Service/Reservations Assts (12) | $0 | $0 | $6,000 | $9,000 | $9,000 | $12,000 | $12,000 | $12,000 | $12,000 | $12,000 | $12,000 | $12,000 | |
| Other | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Subtotal | $12,000 | $17,500 | $40,000 | $43,000 | $43,000 | $46,000 | $46,000 | $46,000 | $46,000 | $46,000 | $46,000 | $46,000 | |
| General and Administrative Personnel | |||||||||||||
| President & CEO | $15,000 | $15,000 | $15,000 | $15,000 | $15,000 | $15,000 | $15,000 | $15,000 | $15,000 | $15,000 | $15,000 | $15,000 | |
| Vice President & General Manager | $12,000 | $12,000 | $12,000 | $12,000 | $12,000 | $12,000 | $12,000 | $12,000 | $12,000 | $12,000 | $12,000 | $12,000 | |
| Vice President Commercial | $10,500 | $10,500 | $10,500 | $10,500 | $10,500 | $10,500 | $10,500 | $10,500 | $10,500 | $10,500 | $10,500 | $10,500 | |
| Vice President Finance | $10,500 | $10,500 | $10,500 | $10,500 | $10,500 | $10,500 | $10,500 | $10,500 | $10,500 | $10,500 | $10,500 | $10,500 | |
| Vice President Operations | $10,500 | $10,500 | $10,500 | $10,500 | $10,500 | $10,500 | $10,500 | $10,500 | $10,500 | $10,500 | $10,500 | $10,500 | |
| Other | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Subtotal | $58,500 | $58,500 | $58,500 | $58,500 | $58,500 | $58,500 | $58,500 | $58,500 | $58,500 | $58,500 | $58,500 | $58,500 | |
| Other Personnel | |||||||||||||
| Director of Communications | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | |
| Director of Human Resources | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | |
| Director of Flight Safety | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | |
| Director of Flight Maintenance | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | |
| Director of Ground Operations | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | |
| Director of Information Systems | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | |
| Station Managers (1 per major station) | $0 | $0 | $10,000 | $10,000 | $10,000 | $14,000 | $14,000 | $14,000 | $14,000 | $14,000 | $20,000 | $20,000 | |
| Ground Service Pers (3 per maj station) | $0 | $0 | $22,500 | $22,500 | $22,500 | $31,500 | $31,500 | $31,500 | $31,500 | $31,500 | $45,000 | $45,000 | |
| Maintenance Engineers (8) | $0 | $0 | $20,000 | $20,000 | $20,000 | $20,000 | $20,000 | $20,000 | $20,000 | $20,000 | $20,000 | $20,000 | |
| Bookkeeping & Finance Personnel (3) | $2,000 | $2,000 | $6,000 | $6,000 | $6,000 | $6,000 | $6,000 | $6,000 | $6,000 | $6,000 | $6,000 | $6,000 | |
| Information Systems Personnel (5) | $10,000 | $10,000 | $10,000 | $10,000 | $10,000 | $10,000 | $10,000 | $10,000 | $10,000 | $10,000 | $10,000 | $10,000 | |
| Professional Support Personnel (3) | $4,000 | $4,000 | $6,000 | $6,000 | $6,000 | $6,000 | $6,000 | $6,000 | $6,000 | $6,000 | $6,000 | $6,000 | |
| Secretarial/Admin Asst Personnel (3) | $3,000 | $3,000 | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | $4,500 | |
| Customer Relations Personnel (2) | $0 | $0 | $4,000 | $4,000 | $4,000 | $4,000 | $4,000 | $4,000 | $4,000 | $4,000 | $4,000 | $4,000 | |
| Other | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Subtotal | $46,000 | $46,000 | $110,000 | $110,000 | $110,000 | $123,000 | $123,000 | $123,000 | $123,000 | $123,000 | $142,500 | $142,500 | |
| Total People | 84 | 84 | 84 | 84 | 84 | 84 | 84 | 84 | 84 | 84 | 84 | 84 | |
| Total Payroll | $116,500 | $122,000 | $330,000 | $333,000 | $333,000 | $389,500 | $389,500 | $389,500 | $389,500 | $389,500 | $469,187 | $488,875 | |
| General Assumptions | |||||||||||||
| Month 1 | Month 2 | Month 3 | Month 4 | Month 5 | Month 6 | Month 7 | Month 8 | Month 9 | Month 10 | Month 11 | Month 12 | ||
| Plan Month | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | |
| Current Interest Rate | 9.00% | 9.00% | 9.00% | 9.00% | 9.00% | 9.00% | 9.00% | 9.00% | 9.00% | 9.00% | 9.00% | 9.00% | |
| Long-term Interest Rate | 7.50% | 7.50% | 7.50% | 7.50% | 7.50% | 7.50% | 7.50% | 7.50% | 7.50% | 7.50% | 7.50% | 7.50% | |
| Tax Rate | 30.00% | 35.00% | 35.00% | 35.00% | 35.00% | 35.00% | 35.00% | 35.00% | 35.00% | 35.00% | 35.00% | 35.00% | |
| Other | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Pro Forma Profit and Loss | |||||||||||||
| 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 | $0 | $0 | $0 | $931,875 | $1,397,812 | $2,719,749 | $5,607,852 | $4,212,290 | $5,751,676 | $6,652,045 | $6,901,856 | $7,356,605 | |
| Direct Cost of Sales | $0 | $0 | $0 | $53,900 | $84,567 | $142,345 | $343,737 | $233,509 | $287,905 | $312,971 | $322,145 | $331,321 | |
| Production Payroll | $0 | $0 | $121,500 | $121,500 | $121,500 | $162,000 | $162,000 | $162,000 | $162,000 | $162,000 | $222,187 | $241,875 | |
| Non-Salary Aircraft Operational Costs | $2,000,000 | $0 | $0 | $2,308,350 | $2,010,020 | $2,179,945 | $4,109,523 | $3,093,544 | $3,021,288 | $3,465,698 | $3,041,040 | $4,413,533 | |
| Total Cost of Sales | $2,000,000 | $0 | $121,500 | $2,483,750 | $2,216,087 | $2,484,290 | $4,615,260 | $3,489,053 | $3,471,193 | $3,940,669 | $3,585,372 | $4,986,729 | |
| Gross Margin | ($2,000,000) | $0 | ($121,500) | ($1,551,875) | ($818,275) | $235,459 | $992,592 | $723,237 | $2,280,483 | $2,711,376 | $3,316,484 | $2,369,876 | |
| Gross Margin % | 0.00% | 0.00% | 0.00% | -166.53% | -58.54% | 8.66% | 17.70% | 17.17% | 39.65% | 40.76% | 48.05% | 32.21% | |
| Operating Expenses | |||||||||||||
| Sales and Marketing Expenses | |||||||||||||
| Sales and Marketing Payroll | $12,000 | $17,500 | $40,000 | $43,000 | $43,000 | $46,000 | $46,000 | $46,000 | $46,000 | $46,000 | $46,000 | $46,000 | |
| Advertising/Promotion | $0 | $0 | $175,000 | $225,000 | $100,000 | $150,000 | $150,000 | $100,000 | $100,000 | $150,000 | $150,000 | $200,000 | |
| Travel | $500 | $1,500 | $3,000 | $3,000 | $3,000 | $3,000 | $3,000 | $3,000 | $3,000 | $3,000 | $3,000 | $3,000 | |
| Public Relations Consultants/Activities | $0 | $0 | $3,000 | $3,000 | $2,000 | $2,000 | $2,000 | $2,000 | $500 | $500 | $500 | $500 | |
| LD toll-free reservations telephone serv | $0 | $6,000 | $6,000 | $6,000 | $6,000 | $6,000 | $6,000 | $6,000 | $6,000 | $6,000 | $6,000 | $6,000 | |
| Other | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | |
| Total Sales and Marketing Expenses | $14,500 | $27,000 | $229,000 | $282,000 | $156,000 | $209,000 | $209,000 | $159,000 | $157,500 | $207,500 | $207,500 | $257,500 | |
| Sales and Marketing % | 0.00% | 0.00% | 0.00% | 30.26% | 11.16% | 7.68% | 3.73% | 3.77% | 2.74% | 3.12% | 3.01% | 3.50% | |
| General and Administrative Expenses | |||||||||||||
| General and Administrative Payroll | $58,500 | $58,500 | $58,500 | $58,500 | $58,500 | $58,500 | $58,500 | $58,500 | $58,500 | $58,500 | $58,500 | $58,500 | |
| Sales and Marketing and Other Expenses | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Depreciation | $10,000 | $10,000 | $10,000 | $10,000 | $10,000 | $10,000 | $10,000 | $10,000 | $10,000 | $10,000 | $10,000 | $10,000 | |
| Leased Equipment | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | |
| Telephone | $1,500 | $2,000 | $2,300 | $2,500 | $3,000 | $3,000 | $3,300 | $3,000 | $3,000 | $3,000 | $3,000 | $3,000 | |
| Utilities | $1,200 | $1,500 | $1,500 | $1,200 | $1,000 | $1,200 | $1,500 | $1,500 | $1,500 | $1,200 | $1,200 | $800 | |
| Insurance (Non-Aviation) | $0 | $0 | $0 | $0 | $0 | $0 | $10,000 | $0 | $0 | $0 | $0 | $0 | |
| Headquarters Office Rent | $0 | $20,000 | $20,000 | $20,000 | $20,000 | $20,000 | $20,000 | $20,000 | $20,000 | $20,000 | $20,000 | $20,000 | |
| Field Office Rental | $0 | $0 | $15,000 | $5,000 | $5,000 | $14,000 | $8,000 | $8,000 | $8,000 | $8,000 | $17,000 | $10,000 | |
| Vehicle Operating Expenses | $720 | $720 | $720 | $720 | $720 | $720 | $720 | $720 | $720 | $720 | $720 | $720 | |
| Computer Hardware/Software Devlpmnt | $0 | $0 | $0 | $0 | $0 | $8,000 | $8,000 | $8,000 | $8,000 | $8,000 | $8,000 | $8,000 | |
| Cockpit/Cabin Crew Training/Simulator | $0 | $0 | $100,000 | $0 | $0 | $35,000 | $0 | $0 | $0 | $0 | $50,000 | $0 | |
| Crew/Staff Uniforms & Grooming | $0 | $24,000 | $0 | $0 | $8,000 | $0 | $0 | $0 | $0 | $12,000 | $0 | $0 | |
| Payroll Taxes | 20% | $23,300 | $24,400 | $66,000 | $66,600 | $66,600 | $77,900 | $77,900 | $77,900 | $77,900 | $77,900 | $93,837 | $97,775 |
| Other General and Administrative Expenses | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Total General and Administrative Expenses | $97,220 | $143,120 | $276,020 | $166,520 | $174,820 | $230,320 | $199,920 | $189,620 | $189,620 | $201,320 | $264,257 | $210,795 | |
| General and Administrative % | 0.00% | 0.00% | 0.00% | 17.87% | 12.51% | 8.47% | 3.57% | 4.50% | 3.30% | 3.03% | 3.83% | 2.87% | |
| Other Expenses: | |||||||||||||
| Other Payroll | $46,000 | $46,000 | $110,000 | $110,000 | $110,000 | $123,000 | $123,000 | $123,000 | $123,000 | $123,000 | $142,500 | $142,500 | |
| Consultants | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Contract/Consultants | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Total Other Expenses | $46,000 | $46,000 | $110,000 | $110,000 | $110,000 | $123,000 | $123,000 | $123,000 | $123,000 | $123,000 | $142,500 | $142,500 | |
| Other % | 0.00% | 0.00% | 0.00% | 11.80% | 7.87% | 4.52% | 2.19% | 2.92% | 2.14% | 1.85% | 2.06% | 1.94% | |
| Total Operating Expenses | $157,720 | $216,120 | $615,020 | $558,520 | $440,820 | $562,320 | $531,920 | $471,620 | $470,120 | $531,820 | $614,257 | $610,795 | |
| Profit Before Interest and Taxes | ($2,157,720) | ($216,120) | ($736,520) | ($2,110,395) | ($1,259,095) | ($326,861) | $460,672 | $251,617 | $1,810,363 | $2,179,556 | $2,702,227 | $1,759,081 | |
| EBITDA | ($2,147,720) | ($206,120) | ($726,520) | ($2,100,395) | ($1,249,095) | ($316,861) | $470,672 | $261,617 | $1,820,363 | $2,189,556 | $2,712,227 | $1,769,081 | |
| Interest Expense | $4,500 | $4,372 | $4,244 | $4,115 | $3,987 | $3,859 | $3,731 | $3,602 | $3,474 | $3,346 | $3,218 | $3,089 | |
| Taxes Incurred | ($648,666) | ($77,172) | ($259,267) | ($740,079) | ($442,079) | ($115,752) | $159,930 | $86,805 | $632,411 | $761,674 | $944,653 | $614,597 | |
| Net Profit | ($1,513,554) | ($143,320) | ($481,496) | ($1,374,432) | ($821,003) | ($214,968) | $297,012 | $161,210 | $1,174,478 | $1,414,537 | $1,754,356 | $1,141,395 | |
| Net Profit/Sales | 0.00% | 0.00% | 0.00% | -147.49% | -58.73% | -7.90% | 5.30% | 3.83% | 20.42% | 21.26% | 25.42% | 15.52% | |
| Pro Forma Cash Flow | |||||||||||||
| Month 1 | Month 2 | Month 3 | Month 4 | Month 5 | Month 6 | Month 7 | Month 8 | Month 9 | Month 10 | Month 11 | Month 12 | ||
| Cash Received | |||||||||||||
| Cash from Operations | |||||||||||||
| Cash Sales | $0 | $0 | $0 | $605,719 | $908,578 | $1,767,837 | $3,645,104 | $2,737,989 | $3,738,589 | $4,323,829 | $4,486,206 | $4,781,793 | |
| Subtotal Cash from Operations | $0 | $0 | $0 | $605,719 | $919,450 | $2,099,429 | $4,149,761 | $3,723,595 | $5,685,056 | $5,816,090 | $6,509,797 | $7,112,923 | |
| 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 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Subtotal Cash Received | $0 | $0 | $0 | $605,719 | $919,450 | $2,099,429 | $4,149,761 | $3,723,595 | $5,685,056 | $5,816,090 | $6,509,797 | $7,112,923 | |
| 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 | $116,500 | $122,000 | $330,000 | $333,000 | $333,000 | $389,500 | $389,500 | $389,500 | $389,500 | $389,500 | $469,187 | $488,875 | |
| Bill Payments | $436,235 | $1,341,196 | $15,659 | $200,427 | $1,908,184 | $1,896,940 | $2,683,243 | $5,079,453 | $3,553,903 | $4,258,469 | $4,859,342 | $4,713,339 | |
| Subtotal Spent on Operations | $552,735 | $1,463,196 | $345,659 | $533,427 | $2,241,184 | $2,286,440 | $3,072,743 | $5,468,953 | $3,943,403 | $4,647,969 | $5,328,529 | $5,202,214 | |
| 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 | $0 | $17,100 | $17,100 | $17,100 | $17,100 | $17,100 | $17,100 | $17,100 | $17,100 | $17,100 | $17,100 | $17,100 | |
| 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 | $552,735 | $1,480,296 | $362,759 | $550,527 | $2,258,284 | $2,303,540 | $3,089,843 | $5,486,053 | $3,960,503 | $4,665,069 | $5,345,629 | $5,219,314 | |
| Net Cash Flow | ($552,735) | ($1,480,296) | ($362,759) | $55,192 | ($1,338,835) | ($204,111) | $1,059,918 | ($1,762,458) | $1,724,553 | $1,151,022 | $1,164,169 | $1,893,610 | |
| Cash Balance | $9,847,265 | $8,366,969 | $8,004,210 | $8,059,402 | $6,720,567 | $6,516,456 | $7,576,374 | $5,813,916 | $7,538,469 | $8,689,491 | $9,853,659 | $11,747,269 | |
| Pro Forma Balance Sheet | |||||||||||||
| Month 1 | Month 2 | Month 3 | Month 4 | Month 5 | Month 6 | Month 7 | Month 8 | Month 9 | Month 10 | Month 11 | Month 12 | ||
| Assets | Starting Balances | ||||||||||||
| Current Assets | |||||||||||||
| Cash | $10,400,000 | $9,847,265 | $8,366,969 | $8,004,210 | $8,059,402 | $6,720,567 | $6,516,456 | $7,576,374 | $5,813,916 | $7,538,469 | $8,689,491 | $9,853,659 | $11,747,269 |
| Accounts Receivable | $0 | $0 | $0 | $0 | $326,156 | $804,519 | $1,424,839 | $2,882,930 | $3,371,625 | $3,438,245 | $4,274,199 | $4,666,258 | $4,909,940 |
| Inventory | $150,000 | $150,000 | $150,000 | $150,000 | $96,100 | $93,024 | $156,580 | $378,111 | $256,860 | $316,696 | $344,268 | $354,360 | $364,453 |
| Other Current Assets | $50,000 | $50,000 | $50,000 | $50,000 | $50,000 | $50,000 | $50,000 | $50,000 | $50,000 | $50,000 | $50,000 | $50,000 | $50,000 |
| Total Current Assets | $10,600,000 | $10,047,265 | $8,566,969 | $8,204,210 | $8,531,658 | $7,668,109 | $8,147,874 | $10,887,415 | $9,492,401 | $11,343,409 | $13,357,958 | $14,924,277 | $17,071,662 |
| Long-term Assets | |||||||||||||
| Long-term Assets | $200,000 | $200,000 | $200,000 | $200,000 | $200,000 | $200,000 | $200,000 | $200,000 | $200,000 | $200,000 | $200,000 | $200,000 | $200,000 |
| Accumulated Depreciation | $0 | $10,000 | $20,000 | $30,000 | $40,000 | $50,000 | $60,000 | $70,000 | $80,000 | $90,000 | $100,000 | $110,000 | $120,000 |
| Total Long-term Assets | $200,000 | $190,000 | $180,000 | $170,000 | $160,000 | $150,000 | $140,000 | $130,000 | $120,000 | $110,000 | $100,000 | $90,000 | $80,000 |
| Total Assets | $10,800,000 | $10,237,265 | $8,746,969 | $8,374,210 | $8,691,658 | $7,818,109 | $8,287,874 | $11,017,415 | $9,612,401 | $11,453,409 | $13,457,958 | $15,014,277 | $17,151,662 |
| 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 | $390,000 | $1,340,819 | $10,942 | $136,780 | $1,845,760 | $1,810,314 | $2,512,147 | $4,961,776 | $3,412,652 | $4,096,283 | $4,703,395 | $4,522,458 | $5,535,548 |
| Current Borrowing | $600,000 | $600,000 | $582,900 | $565,800 | $548,700 | $531,600 | $514,500 | $497,400 | $480,300 | $463,200 | $446,100 | $429,000 | $411,900 |
| Other Current Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Subtotal Current Liabilities | $990,000 | $1,940,819 | $593,842 | $702,580 | $2,394,460 | $2,341,914 | $3,026,647 | $5,459,176 | $3,892,952 | $4,559,483 | $5,149,495 | $4,951,458 | $5,947,448 |
| Long-term Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $990,000 | $1,940,819 | $593,842 | $702,580 | $2,394,460 | $2,341,914 | $3,026,647 | $5,459,176 | $3,892,952 | $4,559,483 | $5,149,495 | $4,951,458 | $5,947,448 |
| Paid-in Capital | $10,800,000 | $10,800,000 | $10,800,000 | $10,800,000 | $10,800,000 | $10,800,000 | $10,800,000 | $10,800,000 | $10,800,000 | $10,800,000 | $10,800,000 | $10,800,000 | $10,800,000 |
| Retained Earnings | ($990,000) | ($990,000) | ($990,000) | ($990,000) | ($990,000) | ($990,000) | ($990,000) | ($990,000) | ($990,000) | ($990,000) | ($990,000) | ($990,000) | ($990,000) |
| Earnings | $0 | ($1,513,554) | ($1,656,874) | ($2,138,370) | ($3,512,802) | ($4,333,805) | ($4,548,773) | ($4,251,761) | ($4,090,551) | ($2,916,073) | ($1,501,537) | $252,819 | $1,394,214 |
| Total Capital | $9,810,000 | $8,296,446 | $8,153,126 | $7,671,630 | $6,297,198 | $5,476,195 | $5,261,227 | $5,558,239 | $5,719,449 | $6,893,927 | $8,308,463 | $10,062,819 | $11,204,214 |
| Total Liabilities and Capital | $10,800,000 | $10,237,265 | $8,746,969 | $8,374,210 | $8,691,658 | $7,818,109 | $8,287,874 | $11,017,415 | $9,612,401 | $11,453,409 | $13,457,958 | $15,014,277 | $17,151,662 |
| Net Worth | $9,810,000 | $8,296,446 | $8,153,126 | $7,671,630 | $6,297,198 | $5,476,195 | $5,261,227 | $5,558,239 | $5,719,449 | $6,893,927 | $8,308,463 | $10,062,819 | $11,204,214 |
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