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Bakery Business Plan Planul de afaceri de panificatie

Jolly's Java and Bakery Jolly's Java i panifica ie Executive Summary Rezumat
Introduction Introducere Jolly's Java and Bakery (JJB) is a start-up coffee and bakery retail establishment located in southwest Washington. Java Jolly si panificatie (JJB) este un start-up de cafea i stabilirea de panifica ie cu am nuntul, stabili i n sud-vest Washington. JJB expects to catch the interest of a regular loyal customer base with its broad variety of coffee and pastry products. JJB se a teapt s prind interesul unei baze regulate de clien i fideli, cu varietatea sa larg de produse de cafea si produse de patiserie. The company plans to build a strong market position in the town, due to the partners' industry experience and mild competitive climate in the area. Compania inten ioneaz s construiasc o pozi ie puternic pe pia n ora , datorit experien ei industria partenerilor i clima blanda competitive n zona. JJB aims to offer its products at a competitive price to meet the demand of the middle-to higherincome local market area residents and tourists. JJB are drept scop de a oferi produse la un pre competitiv pentru a satisface cererea de mijloc-a mai mare cu venituri locuitorilor zonei de pia i turi ti. The Company Compania JJB is incorporated in the state of Washington. JJB este ncorporat n statul Washington. It is equally owned and managed by its two partners. Este la fel de de inut i gestionat de cei doi parteneri. Mr. Austin Patterson has extensive experience in sales, marketing, and management, and was vice president of marketing with both Jansonne & Jansonne and Burper Foods. Dl Austin Patterson are o vast experien n vnz ri, marketing i management, i a fost vice presedinte de marketing cu att Jansonne & Jansonne i Foods Burper. Mr. David Fields brings experience in the area of finance and administration, including a stint as chief financial officer with both Flaxfield Roasters and the national coffee store chain, BuzzCups. Dl David Domenii aduce experien n domeniul de finan e i administra ie, inclusiv un stagiu ca ofi er financiar ef cu att Rotisoare Flaxfield i na ionale lantul de magazine de cafea, BuzzCups. The company intends to hire two full-time pastry bakers and six part-time baristas to handle customer service and day to day operations. Compania inten ioneaz s angajeze doi brutari fulltime patiserie i ase baristas part-time s se ocupe de customer service si activitatile de zi cu zi.

Products and Services Produse si Servicii JJB offers a broad range of coffee and espresso products, all from high quality Columbian grown imported coffee beans. JJB ofer o gam larg de produse i de cafea espresso, toate de nalt calitate columbian boabele de cafea cultivate importate. JJB caters to all of its customers by providing each customer coffee and espresso products made to suit the customer, down to the smallest detail. JJB se adreseaz tuturor clien ilor s i prin furnizarea de fiecare client si produsele din cafea espresso f cut pentru a se potrivi clientului, pn la cel mai mic detaliu. The bakery provides freshly prepared bakery and pastry products at all times during business operations. Panificatie ofer panificatie proasp t preparat i produse de patiserie n orice moment n timpul opera iunilor de afaceri. Six to eight moderate batches of bakery and pastry products are prepared during the day to assure fresh baked goods are always available. Sase pana la opt loturi moderate de produse de panificatie si patiserie sunt preg tite n timpul zilei pentru a asigura bunuri proaspete coapte sunt ntotdeauna disponibile. The Market Pia a The retail coffee industry in the US has recently experienced rapid growth. Industria cafelei de retail din SUA a cunoscut recent o cre tere rapid . The cool marine climate in southwest Washington stimulates consumption of hot beverages throughout the year. Clima rece marine n sud-vestul Washington stimuleaz consumul de b uturi calde pe tot parcursul anului. JJB wants to establish a large regular customer base, and will therefore concentrate its business and marketing on local residents, which will be the dominant target market. JJB dore te s stabileasc o baz mare client fidel, i se va concentra, prin urmare, de afaceri i de marketing pe localnici, care va fi pia a int dominant. This will establish a healthy, consistent revenue base to ensure stability of the business. Aceasta va stabili o baz s n toas , venituri consistent pentru a asigura stabilitatea afacerii. In addition, tourist traffic is expected to comprise approximately 35% of the revenues. n plus, traficul turistic este de a teptat s cuprind aproximativ 35% din venituri. High visibility and competitive products and service are critical to capture this segment of the market. vizibilitate mare i produse competitive si servicii sunt critice pentru a capta acest segment al pie ei. Financial Considerations Considera ii financiare JJB expects to raise $110,000 of its own capital, and to borrow $100,000 guaranteed by the SBA as a ten-year loan. JJB se a teapt s strng 110.000 dolari din propriul capital, i pentru a mprumuta 100.000 dolari garantat de c tre SBA ca un mprumut de zece ani. This provides the bulk of the current financing required. Aceasta ofer cea mai mare parte a finan rii curentul necesar. JJB anticipates sales of about $491,000 in the first year, $567,000 in the second year, and $655,000 in the third year of the plan. JJB anticipeaz vnz ri de aproximativ 491.000 dolari n primul an, 567.000 dolari n al doilea an, i 655.000 dolari n al treilea an al planului. JJB should break even by the fourth month of its operation as it steadily increases its sales. JJB ar rupe chiar

de a patra lun de func ionare, deoarece spore te constant vnz rile sale. Profits for this time period are expected to be approximately $13,000 in year 1, $36,000 by year 2, and $46,000 by year 3. Profiturile pentru aceast perioad de timp sunt de a teptat s fie de aproximativ 13.000 dolari n anul 1, 36000 dolari de 2 ani, i 46.000 dolari pe an 3. The company does not anticipate any cash flow problems. Compania nu anticipa orice probleme flux de numerar.

Company Summary Rezumat companie


JJB is a bakery and coffee shop managed by two partners. JJB este un magazin de produse de panifica ie i de cafea gestionate de cei doi parteneri. These partners represent sales/management and finance/administration areas, respectively. Ace ti parteneri reprezint vanzari / management i finan e / zone de administrare, respectiv. The partners will provide funding from their own savings, which will cover start-up expenses and provide a financial cushion for the first months of operation. Partenerii vor oferi finan are de la propriile economii, care va acoperi cheltuielile de start-up i asigure o rezerv financiar pentru primele luni de func ionare. A ten-year Small Business Administration (SBA) loan will cover the rest of the required financing. Un zece ani, Small Business Administration (SBA), mprumut va acoperi restul din finan area necesar . The company plans to build a strong market position in the town, due to the partners' industry experience and mild competitive climate in the area. Compania inten ioneaz s construiasc o pozi ie puternic pe pia n ora , datorit experien ei industria partenerilor i clima blanda competitive n zona.

2.1 Company Ownership 2.1 Compania Proprietatea


JJB is incorporated in the state of Washington. JJB este ncorporat n statul Washington. It is equally owned by its two partners. Este la fel de de inut de cei doi parteneri.

2.2 Company History 2.2 Istoricul companiei


JJB is a start-up company. JJB este un start-up companie. Financing will come from the partners' capital and a ten-year SBA loan. Finan area va proveni din capitalul social al partenerilor i de zece ani de mprumut SBA. The following chart and table illustrate the company's projected initial start-up costs. Urm torul tabel i tabelul ilustra companiei proiectat ini ial costurile de nfiin are.

Products Produse
JJB offers a broad range of coffee and espresso products, all from high quality Columbian grown imported coffee beans. JJB ofer o gam larg de produse i de cafea espresso, toate de nalt calitate columbian boabele de cafea cultivate importate. JJB caters to all of its customers by providing each customer coffee and espresso products made to suit the customer, down to the smallest detail. JJB se adreseaz tuturor clien ilor s i prin furnizarea de fiecare client si produsele din cafea espresso f cut pentru a se potrivi clientului, pn la cel mai mic detaliu. The bakery provides freshly prepared bakery and pastry products at all times during business operations. Panificatie ofer panificatie proasp t preparat i produse de patiserie n orice moment n timpul opera iunilor de afaceri. Six to eight moderate batches of bakery and pastry products are prepared during the day to assure fresh baked goods are always available. Sase pana la opt loturi moderate de produse de panificatie si patiserie sunt preg tite n timpul zilei pentru a asigura bunuri proaspete coapte sunt ntotdeauna disponibile.

Market Analysis Summary Analiza pie ei Rezumat


JJB's focus is on meeting the demand of a regular local resident customer base, as well as a significant level of tourist traffic from nearby highways. accentul JJB este pe satisfacerea cererii de o baz de clien i local regulat rezident, precum i un nivel semnificativ de traficul turistic de la autostr zi din apropiere.

4.1 Market Segmentation 4.1 Segmentarea pie ei

JJB focuses on the middle- and upper-income markets. JJB se concentreaz pe mijloc- i pie ele de sus-venit. These market segments consume the majority of coffee and espresso products. Aceste segmente de pia consuma majoritatea produselor de cafea i espresso. Local Residents Localnicii JJB wants to establish a large regular customer base. JJB dore te s stabileasc o baz mare de clien i fideli. This will establish a healthy, consistent revenue base to ensure stability of the business. Aceasta va stabili o baz s n toas , venituri consistent pentru a asigura stabilitatea afacerii. Tourists Turi tii Tourist traffic comprises approximately 35% of the revenues. traficul turistic cuprinde aproximativ 35% din venituri. High visibility and competitive products and service are critical to capture this segment of the market. vizibilitate mare i produse competitive si servicii sunt critice pentru a capta acest segment al pie ei.

4.1.1 Market Analysis 4.1.1 Analiza pie ei


The chart and table below outline the total market potential of the above described customer segments. Graficul si tabelul de mai jos sublinia poten ialul de pia total a segmentelor de clienti descrise mai sus.

4.2 Target Market Segment Strategy 4.2 Pia a int segmentul de strategie
The dominant target market for JJB is a regular stream of local residents. Dominant pe pia a int pentru JJB este un flux regulat de localnici. Personal and expedient customer service at a competitive price is key to maintaining the local market share of this target market. servicii personale ale clientului i cu promptitudine la un pre competitiv este esen ial pentru men inerea cotei de pia local a acestei pie e int .

4.2.1 Market Needs 4.2.1 nevoile pie ei


Because Washington has a cool climate for eight months out of the year, hot coffee products are very much in demand. Pentru c Washingtonul are un climat rece timp de opt luni din an, produse calde de cafea sunt foarte mult n cerere. During the remaining warmer four months of the year, iced coffee products are in significantly high demand, along with a slower but consistent demand for hot coffee products. n timpul r mas calde patru luni ale anului, produsele de cafea cu ghea sunt n mod semnificativ cerere mare, mpreun cu o cerere mai lent, dar consecvent pentru produsele din cafea fierbinte. Much of the day's activity occurs in the morning hours before ten am, with a relatively steady flow for the remainder of the day. O mare parte din activitatea zilei apare n primele ore ale dimine ii nainte de zece diminea a, cu un flux relativ constant pentru restul zilei.

4.3 Service Business Analysis 4.3 Analiza Business Service

The retail coffee industry in the US has recently experienced rapid growth. Industria cafelei de retail din SUA a cunoscut recent o cre tere rapid . The cool marine climate in southwest Washington stimulates consumption of hot beverages throughout the year. Clima rece marine n sud-vestul Washington stimuleaz consumul de b uturi calde pe tot parcursul anului. Coffee drinkers in the Pacific Northwest are finicky about the quality of beverages offered at the numerous coffee bars across the region. bautori de cafea n Pacific Northwest sunt sclifosit cu privire la calitatea de b uturi oferite la numeroasele baruri de cafea n ntreaga regiune. Despite low competition in the immediate area, JJB will position itself as a place where customers can enjoy a cup of delicious coffee with a fresh pastry in a relaxing environment. n ciuda concuren sc zut n zona imediat , JJB se va pozi iona ca un loc unde clientii se pot bucura de o cea c de cafea delicioas , cu o patiserie proaspete ntr-un mediu relaxant.

4.3.1 Competition and Buying Patterns 4.3.1 Concuren a i comportamentului de achizitie


Competition in the local area is somewhat sparse and does not provide nearly the level of product quality and customer service as JJB. Concuren a n zona local este destul de rare i nu ofer aproape de nivelul de calitate a produsului i servicii pentru clien i ca JJB. Local customers are looking for a high quality product in a relaxing atmosphere. Clien ii locali sunt n c utarea unui produs de nalt calitate ntr-o atmosfer relaxant . They desire a unique, classy experience. Doresc o experien unic , clasic. Leading competitors purchase and roast high quality, whole-bean coffees and, along with Italianstyle espresso beverages, cold-blended beverages, a variety of pastries and confections, coffeerelated accessories and equipment, and a line of premium teas, sell these items primarily through company-operated retail stores. Leading concuren ii de cump rare i de nalt calitate friptur , cafea ntregi de soia i, mpreun cu b uturi espresso n stil italian, b uturi reci-amestec, o varietate de produse de patiserie i confec ii, accesorii de cafea si echipamentul conexe, i o linie de ceaiuri premium, vinde aceste articole n primul rnd prin magazine operate de compania de retail. In addition to sales through company-operated retail stores, leading competitors sell coffee and tea products through other channels of distribution (specialty operations). n plus fa de vanzari prin magazine operate de compania de vnzare cu am nuntul, concuren ii de conducere vinde produsele din cafea i ceai prin alte canale de distribu ie (opera iuni de specialitate). Larger chains vary their product mix depending upon the size of each store and its location. lan uri mai mari gama de produse variaz n func ie de dimensiunea fiec rui magazin i localizarea sa. Larger stores carry a broad selection of whole bean coffees in various sizes and types of packaging, as well as an assortment of coffee- and espresso-making equipment and accessories such as coffee grinders, coffee makers, espresso machines, coffee filters, storage containers, travel tumblers and mugs. magazinele mai mari transporta o selec ie larg de cafele bob ntreg de diferite dimensiuni i tipuri de ambalaje, precum i un sortiment de cafea espressoi procesul de luare a echipamente i accesorii, cum ar fi rasnite de cafea, factorii de decizie de cafea, ma ini de espresso, filtre de cafea, containere de depozitare, tumblere de c l torie i c ni. Smaller stores and kiosks typically sell a full line of coffee beverages, a more limited selection of whole-bean coffees, and a few accessories such as travel tumblers and logo mugs. mai mici magazine i chio curi vinde de obicei, o linie complet de b uturi de cafea, o selec ie mai limitat

de cafea ntregi de soia, si cateva accesorii, cum ar fi tumblere de c l torie i cani logo. During fiscal year 2000, industry retail sales mix by product type was approximately 73% beverages, 14% food items, eight percent whole-bean coffees, and five percent coffee-making equipment and accessories. n cursul anului fiscal 2000, industria de retail se amestec vnz rilor pe tip de produs a fost aproximativ 73% b uturi, 14% produse alimentare, opt la sut cafea ntregi de soia, cafea i cinci la sut , a echipamentelor de produc ie i accesorii. Technologically savvy competitors make fresh coffee and coffee-related products conveniently available via mail order and online. Tehnologic concuren ii savvy face cafea proasp t i produsele din cafea legate de convenabil disponibile prin comand electronic i on-line. Additionally, mail order catalogs offering coffees, certain food items, and select coffee-making equipment and accessories, have been made available by a few larger competitors. n plus, cataloage de comand prin po t , oferind cafea, produse alimentare, echipamente i selecta i cafelei i accesorii, au fost puse la dispozi ie de c tre un pu ini concuren i mai mare. Websites offering online stores that allow customers to browse for and purchase coffee, gifts, and other items via the Internet have become more commonplace as well. Site-uri oferind magazine online care permit clien ilor pentru a c uta cafea cump rare i, cadouri, i alte elemente prin intermediul internetului au devenit mai frecvent , de asemenea.

Strategy and Implementation Summary Strategia de punere n aplicare i Rezumatul


JJB will succeed by offering consumers high quality coffee, espresso, and bakery products with personal service at a competitive price. JJB va reusi ofer consumatorilor de cafea de nalt calitate, espresso, i produse de panifica ie, cu personal de serviciu la un pre competitiv.

5.1 Competitive Edge 5.1 Competitive Edge


JJB's competitive edge is the relatively low level of competition in the local area in this particular niche. avantajul competitiv JJB este nivelul relativ sc zut de concuren n zona local n aceast ni special.

5.2 Sales Strategy 5.2 Strategia de vanzare


As the chart and table show, JJB anticipates sales of about $491,000 in the first year, $567,000 in the second year, and $655,000 in the third year of the plan. Dup cum arat i graficul de mas , JJB anticipeaz vnz ri de aproximativ 491.000 dolari n primul an, 567.000 dolari n al doilea an, i 655.000 dolari n al treilea an al planului.

Sales Forecast Sales Forecast 2001 2001 Unit Sales Unitate de vnzare Espresso Drinks Espresso Bauturi Pastry Items Produse de patiserie Other Alte Total Unit Sales Vnz ri Total Unitatea 163,350 163,350 104,060 86,000 86,000 94,600 94,600 104,060 00 00 00 267,410 221,000 221,000 243,100 243,100 267,410 135,000 135,000 148,500 148,500 2002 2002 2003 2003

Unit Prices Pre urile unitare de Espresso Drinks Espresso Bauturi Pastry Items Produse de patiserie Other Alte Sales Vnz ri Espresso Drinks Espresso Bauturi Pastry Items Produse de patiserie Other Alte Total Sales Totalul vnz rilor Direct Unit Costs Direct costuri unitare Espresso Drinks Espresso Bauturi Pastry Items Produse de patiserie Other Alte Direct Cost of Sales Costurilor directe de vnz ri Espresso Drinks Espresso Bauturi Pastry Items Produse de patiserie Other Alte Subtotal Direct Cost of Sales Subtotal costuri directe de vnz ri

2001 2001

2003 2003 $3.31 3.31 $3.00 3.00 dolari $3.15 3.15 dolari dolari $1.10 1.10 $1.00 1.00 dolari $1.05 1.05 dolari dolari $0.00 0.00 $0.00 0.00 dolari $0.00 0.00 dolari dolari $405,000 405.000 dolari $86,000 86.000 dolari $0 0 dolari $491,000 491.000 dolari 2001 2001 $467,775 467.775 dolari $99,330 99.330 dolari $0 0 dolari $567,105 567.105 dolari 2002 2002 $540,280 540.280 dolari $114,726 114.726 dolari $0 0 dolari $655,006 655.006 dolari

2002 2002

2003 2003 $0.28 0.28 $0.25 0.25 dolari $0.26 0.26 dolari dolari $0.55 0.55 $0.50 0.50 dolari $0.53 0.53 dolari dolari $0.00 0.00 $0.00 0.00 dolari $0.00 0.00 dolari dolari

$33,750 33.750 dolari $43,000 43.000 dolari $0 0 dolari $76,750 76.750 dolari

$38,981 38.981 dolari $49,665 49.665 dolari $0 0 dolari $88,646 88.646 dolari

$45,023 45.023 dolari $57,363 57.363 dolari $0 0 dolari $102,386 102.386 dolari

Management Summary De gestionare a Rezumat


Austin Patterson has extensive experience in sales, marketing, and management, and was vice president of marketing with both Jansonne & Jansonne and Burper Foods. Austin Patterson are o vast experien n vnz ri, marketing i management, i a fost vice presedinte de marketing cu att Jansonne & Jansonne i Foods Burper. David Fields brings experience in the area of finance and administration, including a stint as chief financial officer with both Flaxfield Roasters and the national coffee store chain, BuzzCups. David Domenii aduce experien n domeniul de

finan e i administra ie, inclusiv un stagiu ca ofi er financiar ef cu att Rotisoare Flaxfield i na ionale lantul de magazine de cafea, BuzzCups.

6.1 Personnel Plan 6.1 Planul de personal


As the personnel plan shows, JJB expects to make significant investments in sales, sales support, and product development personnel. Dup cum arat planul de personal, JJB se a teapt s fac investi ii semnificative n vnz ri, suport de vnz ri, i a personalului de dezvoltare a produsului. Personnel Plan Planul de personal Managers Managerii Pastry Bakers Produse de patiserie Bakers Baristas Baristas Other Alte Total People Oamenii Total Total Payroll Total Salarizare 2001 2001 $100,000 100.000 dolari $40,800 40.800 dolari $120,000 120.000 dolari $0 0 dolari 10 10 2002 2002 $105,000 105.000 dolari $42,840 42.840 dolari $126,000 126.000 dolari $0 0 dolari 10 10 2003 2003 $110,250 110.250 dolari $44,982 44.982 dolari $132,300 132.300 dolari $0 0 dolari 10 10

$260,800 $273,840 $287,532 260.800 dolari 273.840 dolari 287.532 dolari

Financial Plan Planul financiar


JJB expects to raise $110,000 of its own capital, and to borrow $100,000 guaranteed by the SBA as a ten-year loan. JJB se a teapt s strng 110.000 dolari din propriul capital, i pentru a mprumuta 100.000 dolari garantat de c tre SBA ca un mprumut de zece ani. This provides the bulk of the current financing required. Aceasta ofer cea mai mare parte a finan rii curentul necesar.

7.1 Break-even Analysis 7.1 Break-chiar i Analiz


JJB's Break-even Analysis is based on the average of the first-year figures for total sales by units, and by operating expenses. Analiza Break-chiar i JJB se bazeaz pe media cifrele primul an pentru totalul vnz rilor de unit i, i de cheltuielile de func ionare. These are presented as perunit revenue, per-unit cost, and fixed costs. Acestea sunt prezentate ca venituri per unitate, per unitate de cost, i a costurilor fixe. These conservative assumptions make for a more accurate estimate of real risk. Aceste ipoteze conservatoare pentru a face o estimare mai precis a riscului real. JJB should break even by the fourth month of its operation as it steadily increases its sales. JJB ar rupe chiar de a patra lun de func ionare, deoarece spore te constant vnz rile sale.

Break-even Analysis Break-chiar i Analiz Monthly Units Break-even Unit i lunar Break-chiar Monthly Revenue Break-even Venituri lunare Break-chiar 17,255 17,255 $38,336 38.336 dolari

Assumptions: Ipoteze: Average Per-Unit Revenue Medie pe unitate Venituri $2.22 2.22 dolari Average Per-Unit Variable Cost Medie pe unitate costuri variabile $0.35 0.35 dolari Estimated Monthly Fixed Cost Estimat lunar costuri fixe $32,343 32.343 dolari

7.2 Projected Profit and Loss 7.2 Estim ri Profit i Pierdere


As the Profit and Loss table shows, JJB expects to continue its steady growth in profitability over the next three years of operations. Dup cum arat tabelul de profit i pierdere, JJB se a teapt s - i continue cre terea constant a rentabilit ii n urm torii trei ani de func ionare. Pro Forma Profit and Loss Pro Forma de profit i pierdere 2001 2001 $491,000 Sales Vnz ri 491.000 dolari Direct Cost of Sales Costurilor directe de $76,750 76.750 vnz ri dolari Other Alte $0 0 dolari Total Cost of Sales Costul total al $76,750 76.750 vnz rilor dolari Gross Margin Marja brut $414,250 414.250 dolari

2002 2002 $567,105 567.105 dolari $88,646 88.646 dolari $0 0 dolari $88,646 88.646 dolari $478,459 478.459 dolari

2003 2003 $655,006 655.006 dolari $102,386 102.386 dolari $0 0 dolari $102,386 102.386 dolari $552,620 552.620 dolari

Gross Margin % Marja brut % Expenses Cheltuieli

84.37% 84.37%

84.37% 84.37% $273,840 273.840 dolari $35,200 35.200 dolari $69,000 69.000 dolari $1,260 1260 dolari $41,076 41.076 dolari $0 0 dolari $420,376 420.376 dolari $58,083 58.083 dolari $127,083 127.083 dolari $9,500 9500 dolari $12,146 12.146 dolari $36,437 36.437 dolari 6.43% 6,43%

84.37% 84.37% $287,532 287.532 dolari $71,460 71.460 dolari $79,350 79.350 dolari $1,323 1323 dolari $43,130 43.130 dolari $0 0 dolari $482,795 482.795 dolari $69,825 69.825 dolari $149,175 149.175 dolari $8,250 8250 dolari $15,650 15.650 dolari $45,925 45.925 dolari 7.01% 7.01%

$260,800 260.800 dolari Sales and Marketing and Other Expenses $27,000 27.000 Vnz ri i Marketing i alte cheltuieli dolari $60,000 60.000 Depreciation Depreciere dolari $1,200 1200 Utilities Utilit i dolari $39,120 39.120 Payroll Taxes Taxele de salarizare dolari Other Alte $0 0 dolari Payroll Salarizare Total Operating Expenses Total cheltuieli $388,120 de exploatare 388.120 dolari Profit Before Interest and Taxes Profit inainte de dobanzi si taxe EBITDA EBITDA Interest Expense Cheltuieli cu dobnzile Taxes Incurred Taxele Suportate Net Profit Profit net Net Profit/Sales Profitul net / Vanzari $26,130 26.130 dolari $86,130 86.130 dolari $10,000 10.000 dolari $3,111 3111 dolari $13,019 13.019 dolari 2.65% 2,65%

7.3 Projected Cash Flow 7.3 proiectat Cash Flow


The cash flow projection shows that provisions for ongoing expenses are adequate to meet JJB's needs as the business generates cash flow sufficient to support operations. Proiec ia fluxului de numerar arat c dispozi iile pentru cheltuielile n curs de desf urare sunt adecvate pentru a satisface nevoile JJB ca de afaceri genereaz fluxul de numerar suficiente pentru a sprijini opera iunile.

Pro Forma Cash Flow Pro Forma Cash Flow 2001 2001 Cash Received Numerar primite Cash from Operations Numerar din exploatare Cash Sales De vnzare n numerar Subtotal Cash from Operations Subtotal de numerar din opera iuni Additional Cash Received Numerar suplimentare primite Sales Tax, VAT, HST/GST Received Taxa de vnz ri, TVA, HST / GST primite New Current Borrowing Noi curent ndator rii New Other Liabilities (interest-free) Noi Alte datorii (f r dobnd ) New Long-term Liabilities Angajamente noi pe termen lung Sales of Other Current Assets Vnz rilor altor active circulante Sales of Long-term Assets Vnz ri de active pe termen lung New Investment Received Investi ii noi primite Subtotal Cash Received Numerar Subtotal primite $491,000 491.000 dolari $491,000 491.000 dolari $567,105 567.105 dolari $567,105 567.105 dolari $655,006 655.006 dolari $655,006 655.006 dolari 2002 2002 2003 2003

$0 0 dolari $0 0 dolari $0 0 dolari $0 0 dolari $0 0 dolari $0 0 dolari $0 0 dolari

$0 0 dolari $0 0 dolari $0 0 dolari $0 0 dolari $0 0 dolari $0 0 dolari $0 0 dolari

$0 0 dolari $0 0 dolari $0 0 dolari $0 0 dolari $0 0 dolari $0 0 dolari $0 0 dolari

$491,000 $567,105 $655,006 491.000 dolari 567.105 dolari 655.006 dolari

Expenditures Cheltuieli Expenditures from Operations Cheltuieli din exploatare

2001 2001

2002 2002

2003 2003

$260,800 260.800 dolari $143,607 Bill Payments Bill Pl i 143.607 dolari Subtotal Spent on Operations Subtotal petrecut $404,407 pe Opera iuni 404.407 dolari Cash Spending Cheltui bani Additional Cash Spent Numerar suplimentare uzat Sales Tax, VAT, HST/GST Paid Out Taxa de vnz ri, TVA, HST / GST pl tite Principal Repayment of Current Borrowing Rambursarea principal al ndator rii curent Other Liabilities Principal Repayment Alte pasive Rambursarea Principal Long-term Liabilities Principal Repayment Angajamentele pe termen lung Principal Rambursarea Purchase Other Current Assets Achizi ionarea Alte active circulante Purchase Long-term Assets Achizi ionarea de active pe termen lung Dividends Dividende Subtotal Cash Spent Subtotal Cash uzat Net Cash Flow Fluxul de numerar net Cash Balance Cash Balance

$273,840 273.840 dolari $186,964 186.964 dolari $460,804 460.804 dolari

$287,532 287.532 dolari $237,731 237.731 dolari $525,263 525.263 dolari

$0 0 dolari $0 0 dolari $0 0 dolari $0 0 dolari $0 0 dolari $0 0 dolari

$0 0 dolari $0 0 dolari $0 0 dolari

$0 0 dolari $0 0 dolari $0 0 dolari

$10,000 10.000 $15,000 15.000 dolari dolari $0 0 dolari $0 0 dolari $20,000 20.000 dolari $0 0 dolari $560,263 560.263 dolari $94,744 94.744 dolari $327,637 327.637 dolari

$20,000 20.000 dolari $0 0 dolari $0 0 dolari $404,407 $490,804 404.407 dolari 490.804 dolari $86,593 86.593 dolari $156,593 156.593 dolari $76,301 76.301 dolari $232,894 232.894 dolari

7.4 Balance Sheet 7.4 Bilan ul


The following is a projected Balance Sheet for JJB. Urm torul este un bilan proiectat pentru JJB. Pro Forma Balance Sheet Pro Forma Bilan ul 2001 2001 Assets Active Current Assets Active imobilizate

2002 2002

2003 2003

$156,593 156.593 dolari $12,000 12.000 Other Current Assets Alte active circulante dolari Total Current Assets Totalul activelor $168,593 circulante 168.593 dolari Cash Numerar Long-term Assets Active pe termen lung Long-term Assets Active pe termen lung Accumulated Depreciation Amortizarea cumulat Total Long-term Assets Total active pe termen lung Total Assets Total active Liabilities and Capital Pasive i capital Current Liabilities Datorii curente Accounts Payable Conturi Furnizori Current Borrowing Curent ndator rii Other Current Liabilities Alte datorii curente Subtotal Current Liabilities Subtotal Datorii curente Long-term Liabilities Pasive pe termen lung Total Liabilities Total datorii Paid-in Capital V rsat n Capital $65,000 65.000 dolari $60,000 60.000 dolari $5,000 5000 dolari $173,593 173.593 dolari 2001 2001

$232,894 232.894 dolari $12,000 12.000 dolari $244,894 244.894 dolari $85,000 85.000 dolari $129,000 129.000 dolari ($44,000) ($ 44,000) $200,894 200.894 dolari 2002 2002

$327,637 327.637 dolari $12,000 12.000 dolari $339,637 339.637 dolari $105,000 105.000 dolari $208,350 208.350 dolari ($103,350) ($ 103,350) $236,287 236.287 dolari 2003 2003

$14,574 14.574 $15,438 15.438 $19,907 19.907 dolari dolari dolari $0 0 dolari $0 0 dolari $0 0 dolari $0 0 dolari $0 0 dolari $0 0 dolari

$14,574 14.574 $15,438 15.438 $19,907 19.907 dolari dolari dolari $100,000 100.000 dolari $114,574 114.574 dolari $90,000 90.000 dolari $105,438 105.438 dolari $110,000 110.000 dolari ($50,981) ($ 50,981) $36,437 36.437 dolari $95,456 95.456 dolari $200,894 200.894 dolari $75,000 75.000 dolari $94,907 94.907 dolari $110,000 110.000 dolari ($14,544) ($ 14,544) $45,925 45.925 dolari $141,381 141.381 dolari $236,287 236.287 dolari

$110,000 110.000 dolari ($64,000) ($ Retained Earnings Rezultatul reportat 64,000) $13,019 13.019 Earnings C tig dolari $59,019 59.019 Total Capital Total Capital dolari Total Liabilities and Capital Total pasive i $173,593 capital 173.593 dolari Net Worth Net Worth

$59,019 59.019 $95,456 95.456 $141,381 dolari dolari 141.381 dolari

7.5 Business Ratios 7.5 Indicatori de afaceri


The following table represents key ratios for the retail bakery and coffee shop industry. Urm torul tabel reprezint ratele cheie pentru panifica ie cu am nuntul i industria de cafenea. These ratios are determined by the Standard Industry Classification (SIC) Index code 5812, Eating Places. Aceste raporturi sunt determinate de Industrie Clasificarea Standard (SIC) Index cod 5812, alimentatie Locuri. Ratio Analysis Raportul de analiz 2001 2001 0.00% 0.00% 2002 2002 15.50% 15.50% 2003 2003 15.50% 15.50% Industry Profile Industria de profil 7.60% 7.60%

Sales Growth Vnz ri de cre tere Percent of Total Assets Sut din total active Other Current Assets Alte active circulante Total Current Assets Totalul activelor circulante Long-term Assets Active pe termen lung Total Assets Total active Current Liabilities Datorii curente

6.91% 6,91% 97.12% 97.12% 2.88% 2.88% 100.00% 100.00%

5.97% 5.97% 121.90% 121.90% -21.90% 21.90% 100.00% 100.00% 7.68% 7.68% 44.80% 44.80% 52.48% 52.48% 47.52% 47.52% 100.00% 100.00% 84.37% 84.37% 71.43% 71,43% 1.76%

5.08% 5.08% 143.74% 143.74% -43.74% 43.74% 100.00% 100.00% 8.42% 8.42% 31.74% 31.74% 40.17% 40.17% 59.83% 59.83% 100.00% 100.00% 84.37% 84.37% 71.39% 71.39% 6.87%

35.60% 35.60% 43.70% 43.70% 56.30% 56.30% 100.00% 100.00% 32.70% 32.70% 28.50% 28.50% 61.20% 61.20% 38.80% 38.80% 100.00% 100.00% 60.50% 60.50% 39.80% 39.80% 3.20% 3.20%

8.40% 8.40% Long-term Liabilities Pasive pe termen 57.61% lung 57.61% 66.00% Total Liabilities Total datorii 66.00% 34.00% Net Worth Net Worth 34.00% Percent of Sales La sut din vnz rile Sales Vnz ri Gross Margin Marja brut Selling, General & Administrative Expenses De vnzare, cheltuielile generale si administrative Advertising Expenses Cheltuielile de 100.00% 100.00% 84.37% 84.37% 74.74% 74.74% 0.49%

publicitate Profit Before Interest and Taxes Profit inainte de dobanzi si taxe Main Ratios Indicatori principal Current Curent Quick Rapid Total Debt to Total Assets Total datorii la total active Pre-tax Return on Net Worth Return Pre-impozitul pe Net Worth Pre-tax Return on Assets Return Preimpozitul pe Active Additional Ratios Indicatori suplimentare Net Profit Margin Marja profitului net Return on Equity Rentabilitatea capitalului propriu Activity Ratios Indicatori de activitate Accounts Payable Turnover Conturi Furnizori Cifra de afaceri Payment Days Zile de plat Total Asset Turnover Cifra de afaceri total a activului Debt Ratios Indicatori datoriei Debt to Net Worth Datorie la Net Worth Current Liab. Liab curent. to Liab. la Liab. Liquidity Ratios Indicatori de lichiditate

0.49% 5.32% 5,32% 11.57 11.57 11.57 11.57 66.00% 66.00% 27.33% 27.33% 9.29% 9.29% 2001 2001 2.65% 2,65% 22.06% 22.06%

1,76% 10.24% 10,24% 15.86 15.86 15.86 15.86 52.48% 52.48% 50.90% 50.90% 24.18% 24.18% 2002 2002 6.43% 6,43% 38.17% 38.17%

6.87% 10.66% 10.66% 17.06 17.06 17.06 17.06 40.17% 40.17% 43.55% 43.55% 26.06% 26.06% 2003 2003 7.01% 7.01% 32.48% 32.48%

0.70% 0.70%

0.98 0.98 0.65 0.65 61.20% 61.20% 1.70% 1.70% 4.30% 4.30%

na na na na

10.79 10.79 12.17 12.17 12.17 12.17 27 27 2.83 2.83 29 29 2.82 2.82 27 27 2.77 2.77

na na na na na na

1.94 1.94 0.13 0.13

1.10 1.10 0.15 0.15

0.67 0.67 0.21 0.21

na na na na

$154,019 Net Working Capital Nete de capital de 154.019 lucru dolari Interest Coverage Interes Acoperire 2.61 2.61 Additional Ratios Indicatori suplimentare Assets to Sales Active la vnz ri Current Debt/Total Assets Datorii curente / Total Active

$229,456 229.456 dolari 6.11 6.11

$319,731 319.731 dolari 8.46 8.46

na na na na

0.35 0.35 8% 8%

0.35 0.35 8% 8%

0.36 0.36 8% 8%

na na na na

Acid Test Acid Test Sales/Net Worth Vnz ri / Net Worth Dividend Payout Dividende plat

11.57 11.57 15.86 15.86 17.06 17.06 8.32 8.32 5.94 5.94 4.63 4.63 0.00 0.00 0.00 0.00 0.00 0.00

na na na na na na

Appendix Apendicele
Sales Forecast Sales Forecast Feb Apr Aug Sep Jan Mar May Jun Jul Febru April Augu Septem Ian Mar Poate Iunie Iulie arie ie st brie Unit Sales Unitat e de vnzar e Espres so 10,00 12,50 12,50 12,50 12,50 12,50 Drinks 0 0 0 0 0 0% 5,000 7,500 0 12,500 Espres 0% 5,000 7,500 10,00 12,50 12,50 12,50 12,50 12,50 12,500 so 0 0 0 0 0 0 Bautur i Pastry Items Produs 0% 2,000 3,000 6,000 8,333 8,333 8,333 8,333 8,333 8,333 e de 0% 2,000 3,000 6,000 8,333 8,333 8,333 8,333 8,333 8,333 patiser ie Other 0% 00 00 00 00 00 00 00 00 00 Alte 0% Total Unit Sales 10,50 16,00 20,83 20,83 20,83 20,83 20,83 7,000 0 20,833 Vnz 0 3 3 3 3 3 7,000 10,50 16,00 20,83 20,83 20,83 20,83 20,83 20,833 ri Total 0 0 3 3 3 3 3 Unitat ea Unit Prices Pre uri le Jan Ian Oct Nov Dec Octom Noiem Decem brie brie brie

12,500 12,500 12,500 12,500 12,500 12,500

8,333 8,333 8,333 8,333

8,333 8,333

00

00

00

20,833 20,833 20,833 20,833 20,833 20,833

Feb Apr Aug Sep Oct Nov Dec Mar May Jun Jul Febru April Augu Septem Octom Noiem Decem Mar Poate Iunie Iulie arie ie st brie brie brie brie

unitare de Espres so Drinks Espres so Bautur i Pastry Items Produs e de patiser ie Other Alte Sales Vnz ri Espres so Drinks Espres so Bautur i Pastry Items Produs e de patiser ie Other Alte Total Sales Totalu l vnz r ilor

$3.00 $3.00 $3.00 $3.00 $3.00 $3.00 $3.00 $3.00 $3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 dolar dolar dolar dolar dolar dolar dolar dolari dolari i i i i i i i

$3.00 $3.00 $3.00 3.00 3.00 3.00 dolari dolari dolari

$1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 dolar dolar dolar dolar dolar dolar dolar dolari dolari i i i i i i i $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 dolar dolar dolar dolar dolar dolar dolar dolari dolari i i i i i i i

$1.00 $1.00 $1.00 1.00 1.00 1.00 dolari dolari dolari

$0.00 $0.00 $0.00 0.00 0.00 0.00 dolari dolari dolari

$15,0 00 15.00 0 dolar i $2,00 0 2000 dolar i $0 0 dolar i $17,0 00 17.00 0 dolar i

$22,5 00 22.50 0 dolari

$30,0 $37,5 $37,5 $37,5 $37,5 $37,5 $37,50 00 00 00 00 00 00 30.00 37.50 37.50 37.50 37.50 37.50 0 37.500 0 0 0 0 0 0 dolar dolar dolar dolar dolar dolar dolari i i i i i i

$37,50 0 37.500 dolari

$37,50 0 37.500 dolari

$37,50 0 37.500 dolari

$6,00 $8,33 $8,33 $8,33 $8,33 $8,33 $3,00 $8,333 $8,333 $8,333 $8,333 0 3 3 3 3 3 0 6000 8333 8333 8333 8333 8333 8333 8333 8333 8333 3000 dolar dolar dolar dolar dolar dolar dolari dolari dolari dolari dolari i i i i i i $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 dolar dolar dolar dolar dolar dolar dolari dolari i i i i i i $36,0 $45,8 $45,8 $45,8 $45,8 $45,8 $25,5 00 33 33 33 33 33 $45,83 00 36.00 45.83 45.83 45.83 45.83 45.83 3 25.50 0 3 3 3 3 3 45.833 0 dolar dolar dolar dolar dolar dolar dolari dolari i i i i i i $0 0 $0 0 $0 0 dolari dolari dolari $45,83 3 45.833 dolari $45,83 3 45.833 dolari $45,83 3 45.833 dolari

Direct Unit Costs Direct costuri unitare Espres so 0.00 Drinks % Espres 0.00 so % Bautur i Pastry Items 0.00 Produs % e de 0.00 patiser % ie 0.00 Other % Alte 0.00 % Direct Cost of Sales Costur ilor directe de vnz r i Espres so Drinks Espres so Bautur i Pastry Items Produs e de patiser

Jan Ian

Feb Apr Aug Sep Oct Nov Dec Mar May Jun Jul Febru April Augu Septem Octom Noiem Decem Mar Poate Iunie Iulie arie ie st brie brie brie brie

$0.25 $0.25 $0.25 $0.25 $0.25 $0.25 $0.25 $0.25 $0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 0.25 dolar dolar dolar dolar dolar dolar dolar dolari dolari i i i i i i i

$0.25 $0.25 $0.25 0.25 0.25 0.25 dolari dolari dolari

$0.50 $0.50 $0.50 $0.50 $0.50 $0.50 $0.50 $0.50 $0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 dolar dolar dolar dolar dolar dolar dolar dolari dolari i i i i i i i $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 dolar dolar dolar dolar dolar dolar dolar dolari dolari i i i i i i i

$0.50 $0.50 $0.50 0.50 0.50 0.50 dolari dolari dolari

$0.00 $0.00 $0.00 0.00 0.00 0.00 dolari dolari dolari

$1,25 0 1250 dolar i $1,00 0 1000 dolar i

$2,50 $3,12 $3,12 $3,12 $3,12 $3,12 $1,87 $3,125 $3,125 $3,125 $3,125 0 5 5 5 5 5 5 2500 3125 3125 3125 3125 3125 3125 3125 3125 3125 1875 dolar dolar dolar dolar dolar dolar dolari dolari dolari dolari dolari i i i i i i $3,00 $4,16 $4,16 $4,16 $4,16 $4,16 $1,50 0 7 7 7 7 7 $4,167 $4,167 $4,167 $4,167 0 3000 4167 4167 4167 4167 4167 4167 4167 4167 4167 1500 dolar dolar dolar dolar dolar dolar dolari dolari dolari dolari dolari i i i i i i

ie Other Alte $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 dolar dolar dolar dolar dolar dolar dolar dolari dolari i i i i i i i $0 0 $0 0 $0 0 dolari dolari dolari

Subtot al Direct Cost of $2,25 $5,50 $7,29 $7,29 $7,29 $7,29 $7,29 $3,37 $7,292 Sales 0 0 2 2 2 2 2 5 Subtot 2250 5500 7292 7292 7292 7292 7292 7292 3375 al dolar dolar dolar dolar dolar dolar dolar dolari dolari costuri i i i i i i i directe de vnz r i Personnel Plan Planul de personal Feb Apr Aug Sep Jan Mar May Jun Jul Febru April Augu Septem Ian Mar Poate Iunie Iulie arie ie st brie $8,33 $8,33 $8,33 $8,33 $8,33 $8,33 $8,33 Manage 0 $8,33 $8,333 3 3 3 3 3 3 3 rs % 3 8333 8333 8333 8333 8333 8333 8333 8333 Manage 0 8333 dolar dolar dolar dolar dolar dolar dolar dolari rii % dolari i i i i i i i Pastry $3,40 $3,40 $3,40 $3,40 $3,40 $3,40 $3,40 Bakers 0 $3,40 0 0 0 0 0 0 0 $3,400 Produse % 0 3400 3400 3400 3400 3400 3400 3400 3400 de 0 3400 dolar dolar dolar dolar dolar dolar dolar dolari patiseri % dolari i i i i i i i e Bakers $10,0 $10,0 $10,0 $10,0 $10,0 $10,0 $10,0 $10,0 0 00 $10,00 00 00 00 00 00 00 00 Baristas % 10.00 10.00 10.00 10.00 10.00 10.00 10.00 0 10.00 10.000 Baristas 0 0 0 0 0 0 0 0 0 % dolar dolar dolar dolar dolar dolar dolar dolari dolari i i i i i i i 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 Other % $0 0 $0 0 dolar dolar dolar dolar dolar dolar dolar 0 Alte dolari dolari i i i i i i i % Total 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10

$7,292 $7,292 $7,292 7292 7292 7292 dolari dolari dolari

Oct Nov Dec Octom Noiem Decem brie brie brie $8,333 $8,333 $8,333 8333 8333 8333 dolari dolari dolari

$3,400 $3,400 $3,400 3400 3400 3400 dolari dolari dolari

$10,00 0 10.000 dolari

$10,00 0 10.000 dolari

$10,00 0 10.000 dolari

$0 0 $0 0 $0 0 dolari dolari dolari 10 10 10 10 10 10

People Oameni i Total Total Payroll Total Salariza re $21,7 33 21.73 3 dolar i $21,7 33 21.73 3 dolari $21,7 $21,7 $21,7 $21,7 $21,7 $21,7 33 33 33 33 33 33 $21,73 21.73 21.73 21.73 21.73 21.73 21.73 3 3 3 3 3 3 3 21.733 dolar dolar dolar dolar dolar dolar dolari i i i i i i $21,73 3 21.733 dolari $21,73 3 21.733 dolari $21,73 3 21.733 dolari

General Assumptions Ipoteze generale Feb Apr May Aug Sep Oct Nov Dec Jan Mar Jun Jul Febru April Poat Aug Septem Octom Noiem Decembr Ian Mar Iunie Iulie arie ie e ust brie brie brie ie Plan Month 11 22 33 44 55 66 77 88 9 9 10 10 11 11 12 12 Planul de Luna Curren t 10.00 10.00 10.00 10.0 10.0 10.0 10.0 10.0 10.00 10.00 10.00 Interest % % % 0% 0% 0% 0% 0% % % % Rate 10.00% Rata 10.00 10.00 10.00 10.0 10.0 10.0 10.0 10.0 10.00 10.00 10.00 10.00% % % % 0% 0% 0% 0% 0% % % % dobnz ii curente Longterm Interest 10.00 10.00 10.00 10.0 10.0 10.0 10.0 10.0 10.00 10.00 10.00 Rate % % % 0% 0% 0% 0% 0% % % % 10.00% Pe 10.00 10.00 10.00 10.0 10.0 10.0 10.0 10.0 10.00 10.00 10.00 10.00% termen % % % 0% 0% 0% 0% 0% % % % lung Interest Rate Tax 30.00 25.00 25.00 25.0 25.0 25.0 25.0 25.0 25.00 25.00 25.00 Rate % % % 0% 0% 0% 0% 0% % % % Rata 25.00% 30,00 25.00 25.00 25.0 25.0 25.0 25.0 25.0 25.00 25.00 25.00 25.00% impozi % % % 0% 0% 0% 0% 0% % % % tului pe Other 00 00 00 00 00 00 00 00 00 00 00 00 Alte Pro Forma Profit and Loss Pro Forma de profit i pierdere

Sales Vnz ri

Feb Apr May Mar Febru April Poat Mar arie ie e $36,0 $45, $45, $17,0 $25,5 00 833 833 00 00 36.00 45.8 45.8 17.00 25.50 0 33 33 0 0 dolar dolar dolar dolari dolari i i i Jan Ian $5,50 $3,37 0 5 5500 3375 dolar dolari i $7,2 92 7292 dolar i $7,2 92 7292 dolar i

Aug Jun Jul Augu Iunie Iulie st $45, $45, $45,8 833 833 33 45.8 45.8 45.83 33 33 3 dolar dolar dolari i i $7,2 92 7292 dolar i $7,2 92 7292 dolar i

Sep Oct Nov Dec Septem Octom Noiem Decem brie brie brie brie $45,83 3 45.833 dolari $45,83 3 45.833 dolari $45,83 3 45.833 dolari $45,83 3 45.833 dolari

Direct Cost of Sales Costuril or directe de vnz ri Other Alte Total Cost of Sales Costul total al vnz ril or Gross Margin Marja brut Gross Margin % Marja brut % Expense s Cheltuie li Payroll Salarizar e

$2,25 0 2250 dolari

$7,29 $7,292 $7,292 $7,292 $7,292 2 7292 7292 7292 7292 7292 dolari dolari dolari dolari dolari

$0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 dolar dolar dolar dolar dolar dolari dolari dolari dolari dolari dolari dolari i i i i i $2,25 0 2250 dolari $5,50 $3,37 0 5 5500 3375 dolar dolari i $22,1 25 22.12 5 dolari $7,2 92 7292 dolar i $38, 542 38.5 42 dolar i 84.0 9% 84.0 9% $7,2 92 7292 dolar i $38, 542 38.5 42 dolar i 84.0 9% 84.0 9% $7,2 92 7292 dolar i $38, 542 38.5 42 dolar i 84.0 9% 84.0 9% $7,2 92 7292 dolar i $38, 542 38.5 42 dolar i 84.0 9% 84.0 9% $7,29 $7,292 $7,292 $7,292 $7,292 2 7292 7292 7292 7292 7292 dolari dolari dolari dolari dolari

$30,5 00 30.50 0 dolar i 86.76 86.76 84.72 % % % 86.76 86.76 84.72 % % % $14,7 50 14.75 0 dolari

$38,5 42 38.54 2 dolari 84.09 % 84.09 %

$38,54 2 38.542 dolari 84.09 % 84.09 %

$38,54 2 38.542 dolari 84.09 % 84.09 %

$38,54 2 38.542 dolari 84.09 % 84.09 %

$38,54 2 38.542 dolari 84.09 % 84.09 %

$21,7 $21,7 $21,7 $21, $21, $21, $21, $21,7 $21,73 $21,73 $21,73 $21,73 33 33 33 733 733 733 733 33 3 3 3 3 21.73 21.73 21.73 21.7 21.7 21.7 21.7 21.73 21.733 21.733 21.733 21.733

3 3 3 33 33 33 33 3 dolari dolari dolari dolari dolari dolari dolar dolar dolar dolar dolar dolari i i i i i Sales and Marketi ng and Other Expense s Vnz ri i Marketi ng i alte cheltuiel i Deprecia tion Deprecie re 15 % 15 %

$2,25 0 2250 dolari

$2,25 $2,25 0 0 2250 2250 dolar dolari i

$2,2 50 2250 dolar i

$2,2 50 2250 dolar i

$2,2 50 2250 dolar i

$2,2 50 2250 dolar i

$2,25 $2,250 $2,250 $2,250 $2,250 0 2250 2250 2250 2250 2250 dolari dolari dolari dolari dolari

$5,00 $5,00 0 0 5000 5000 dolar dolari i $100 $100 $100 Utilities 5% 100 100 100 Utilit i 5% dolar dolari dolari i Payroll $3,26 Taxes 15 $3,26 $3,26 0 Taxele % 0 0 3260 de 15 3260 3260 dolar salarizar % dolari dolari i e $0 0 Other $0 0 $0 0 dolar Alte dolari dolari i $5,00 0 5000 dolari Total Operatin g Expense s Total cheltuiel i de exploata re Profit $32,3 43 32.34 3 dolar i

$5,0 00 5000 dolar i $100 100 dolar i $3,2 60 3260 dolar i

$5,0 00 5000 dolar i $100 100 dolar i $3,2 60 3260 dolar i

$5,0 00 5000 dolar i $100 100 dolar i $3,2 60 3260 dolar i

$5,0 00 5000 dolar i $100 100 dolar i $3,2 60 3260 dolar i

$5,00 $5,000 $5,000 $5,000 $5,000 0 5000 5000 5000 5000 5000 dolari dolari dolari dolari dolari $100 $100 $100 $100 $100 100 100 100 100 100 dolari dolari dolari dolari dolari $3,26 $3,260 $3,260 $3,260 $3,260 0 3260 3260 3260 3260 3260 dolari dolari dolari dolari dolari

$0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 dolar dolar dolar dolar dolari dolari dolari dolari dolari i i i i $32, 343 32.3 43 dolar i $32, 343 32.3 43 dolar i $32, 343 32.3 43 dolar i $32, 343 32.3 43 dolar i

$32,3 43 32.34 3 dolari

$32,3 43 32.34 3 dolari

$32,3 43 32.34 3 dolari

$32,34 3 32.343 dolari

$32,34 3 32.343 dolari

$32,34 3 32.343 dolari

$32,34 3 32.343 dolari

($17,5 ($10,2 ($1,8 $6,1 $6,1 $6,1 $6,1 $6,19 $6,198 $6,198 $6,198 $6,198

Before Interest and Taxes Profit inainte de dobanzi si taxe EBITD A EBITD A Interest Expense Cheltuie li cu dobnzil e Taxes Incurred Taxele Suportat e Net Profit Profit net Net Profit/Sa les Profitul net / Vanzari

93) ($ 18) ($ 43) 17,59 10,21 ($ 3) 8) 1,843 )

98 6198 dolar i

98 6198 dolar i

98 6198 dolar i

98 8 6198 6198 6198 6198 6198 6198 dolari dolari dolari dolari dolar dolari i

$3,15 ($12,5 ($5,21 7 93) ($ 8) ($ 3157 12,59 5,218) dolar 3) i $833 $833 $833 833 833 833 dolar dolari dolari i

$11, 198 11.1 98 dolar i $833 833 dolar i

$11, 198 11.1 98 dolar i $833 833 dolar i $1,3 41 1341 dolar i $4,0 24 4024 dolar i 8.78 % 8,78 %

$11, 198 11.1 98 dolar i $833 833 dolar i $1,3 41 1341 dolar i $4,0 24 4024 dolar i 8.78 % 8,78 %

$11, 198 11.1 98 dolar i

$11,1 98 11.19 8 dolari

$11,19 8 11.198 dolari

$11,19 8 11.198 dolari

$11,19 8 11.198 dolari

$11,19 8 11.198 dolari

$833 $833 $833 $833 $833 $833 833 833 833 833 833 833 dolar dolari dolari dolari dolari dolari i $1,3 41 1341 dolar i $4,0 24 4024 dolar i 8.78 % 8,78 % $1,34 $1,341 $1,341 $1,341 $1,341 1 1341 1341 1341 1341 1341 dolari dolari dolari dolari dolari $4,02 $4,024 $4,024 $4,024 $4,024 4 4024 4024 4024 4024 4024 dolari dolari dolari dolari dolari 8.78 8.78% 8.78% 8.78% 8.78% % 8,78 8,78% 8,78% 8,78% 8,78% %

$1,3 ($5,52 ($2,76 ($66 41 8) ($ 3) ($ 9) ($ 1341 5,528) 2,763) 669) dolar i ($2,0 ($12,8 ($8,28 07) 99) ($ 9) ($ ($ 12,89 8,289) 2,007 9) ) 75.87 %75.87 % 32.50 %32.50 % 5.58 %5.58 % $4,0 24 4024 dolar i 8.78 % 8,78 %

Pro Forma Cash Flow Pro Forma Cash Flow Feb Apr Aug Sep Oct Nov Dec Jan Mar May Jun Jul Febru Aprili Augu Septe Octo Noie Dece Ian Mar Poate Iunie Iulie arie e st mbrie mbrie mbrie mbrie Cash Received Numerar

primite Cash from Operatio ns Numerar din exploatar e Cash Sales De vnzare n numerar Subtotal Cash from Operatio ns Subtotal de numerar din opera iun i Addition al Cash Received Numerar suplimen tare primite Sales Tax, VAT, HST/GS T Received Taxa de vnz ri, TVA, HST / GST primite $17,0 $25,5 00 00 17.00 25.50 0 0 dolar dolari i $36,0 00 36.00 0 dolari $45,8 33 45.83 3 dolari $45,8 33 45.83 3 dolari $45,8 33 45.83 3 dolari $45,8 33 45.83 3 dolari $45,8 33 45.83 3 dolari $45,8 $45,83 33 3 45.83 45.833 3 dolari dolari $45,8 33 45.83 3 dolari $45,83 3 45.833 dolari

$17,0 $25,5 00 00 17.00 25.50 0 0 dolar dolari i

$36,0 00 36.00 0 dolari

$45,8 33 45.83 3 dolari

$45,8 33 45.83 3 dolari

$45,8 33 45.83 3 dolari

$45,8 33 45.83 3 dolari

$45,8 33 45.83 3 dolari

$45,8 $45,83 33 3 45.83 45.833 3 dolari dolari

$45,8 33 45.83 3 dolari

$45,83 3 45.833 dolari

0.0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 0% dolar dolari dolari dolari dolari dolari dolari dolari dolari dolari dolari dolari 0.0 i 0%

New Current Borrowin g Noi curent ndator r ii New Other Liabilitie s (interestfree) Noi Alte datorii (f r dobnd ) New Longterm Liabilitie s Angajam ente noi pe termen lung Sales of Other Current Assets Vnz ril or altor active circulant e Sales of Longterm Assets Vnz ri de active pe termen lung

$0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 dolar dolari dolari dolari dolari dolari dolari dolari dolari dolari dolari dolari i

$0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 dolar dolari dolari dolari dolari dolari dolari dolari dolari dolari dolari dolari i

$0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 dolar dolari dolari dolari dolari dolari dolari dolari dolari dolari dolari dolari i

$0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 dolar dolari dolari dolari dolari dolari dolari dolari dolari dolari dolari dolari i

$0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 dolar dolari dolari dolari dolari dolari dolari dolari dolari dolari dolari dolari i

New Investme nt Received Investi ii noi primite Subtotal Cash Received Numerar Subtotal primite Expendit ures Cheltuiel i Expendit ures from Operatio ns Cheltuiel i din exploatar e Cash Spending Cheltui bani Bill Payment s Bill Pl i Subtotal Spent on Operatio ns Subtotal petrecut pe Opera iu ni

$0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 dolar dolari dolari dolari dolari dolari dolari dolari dolari dolari dolari dolari i

$17,0 $25,5 00 00 17.00 25.50 0 0 dolar dolari i Jan Ian

$36,0 00 36.00 0 dolari

$45,8 33 45.83 3 dolari

$45,8 33 45.83 3 dolari

$45,8 33 45.83 3 dolari

$45,8 33 45.83 3 dolari

$45,8 33 45.83 3 dolari

$45,8 $45,83 33 3 45.83 45.833 3 dolari dolari

$45,8 33 45.83 3 dolari

$45,83 3 45.833 dolari

Feb Mar Febru Mar arie

Apr Aug Sep Oct Nov Dec May Jun Jul Aprili Augu Septe Octo Noie Dece Poate Iunie Iulie e st mbrie mbrie mbrie mbrie

$21,7 $21,7 33 33 21.73 21.73 3 3 dolar dolari i $1,10 $3,29 6 5 1106 3295 dolar dolari i $22,8 $25,0 39 28 22.83 25.02 9 8 dolar dolari i

$21,7 33 21.73 3 dolari

$21,7 33 21.73 3 dolari

$21,7 33 21.73 3 dolari $15,0 76 15.07 6 dolari

$21,7 33 21.73 3 dolari $15,0 76 15.07 6 dolari

$21,7 33 21.73 3 dolari $15,0 76 15.07 6 dolari

$21,7 33 21.73 3 dolari $15,0 76 15.07 6 dolari

$21,7 $21,73 33 3 21.73 21.733 3 dolari dolari $15,0 $15,07 76 6 15.07 15.076 6 dolari dolari

$21,7 33 21.73 3 dolari $15,0 76 15.07 6 dolari

$21,73 3 21.733 dolari $15,07 6 15.076 dolari

$11,4 $7,19 01 6 11.40 7196 1 dolari dolari

$28,9 29 28.92 9 dolari

$33,1 34 33.13 4 dolari

$36,8 10 36.81 0 dolari

$36,8 10 36.81 0 dolari

$36,8 10 36.81 0 dolari

$36,8 10 36.81 0 dolari

$36,8 $36,81 10 0 36.81 36.810 0 dolari dolari

$36,8 10 36.81 0 dolari

$36,81 0 36.810 dolari

Addition al Cash Spent Numerar suplimen tare uzat Sales Tax, VAT, HST/GS T Paid Out Taxa de vnz ri, TVA, HST / GST pl tite Principal Repayme nt of Current Borrowin g Ramburs area principal al ndator r ii curent Other Liabilitie s Principal Repayme nt Alte pasive Ramburs area Principal Longterm Liabilitie s Principal

$0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 dolar dolari dolari dolari dolari dolari dolari dolari dolari dolari dolari dolari i

$0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 dolar dolari dolari dolari dolari dolari dolari dolari dolari dolari dolari dolari i

$0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 dolar dolari dolari dolari dolari dolari dolari dolari dolari dolari dolari dolari i

$0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 dolar dolari dolari dolari dolari dolari dolari dolari dolari dolari dolari dolari i

Repayme nt Angajam entele pe termen lung Principal Ramburs area Purchase Other Current Assets Achizi io narea Alte active circulant e Purchase Longterm Assets Achizi io narea de active pe termen lung Dividend s Dividend e Subtotal Cash Spent Subtotal Cash uzat Net Cash Flow Fluxul de numerar net Cash Balance

$0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 dolar dolari dolari dolari dolari dolari dolari dolari dolari dolari dolari dolari i

$0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 dolar dolari dolari dolari dolari dolari dolari dolari dolari dolari dolari dolari i

$0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 dolar dolari dolari dolari dolari dolari dolari dolari dolari dolari dolari dolari i $22,8 $25,0 39 28 22.83 25.02 9 8 dolar dolari i ($5,8 39) $472 472 ($ 5,839 dolari ) $64,1 $64,6 61 33 $28,9 29 28.92 9 dolari $33,1 34 33.13 4 dolari $36,8 10 36.81 0 dolari $9,02 4 9024 dolari $36,8 10 36.81 0 dolari $9,02 4 9024 dolari $36,8 10 36.81 0 dolari $9,02 4 9024 dolari $36,8 10 36.81 0 dolari $36,8 $36,81 10 0 36.81 36.810 0 dolari dolari $36,8 10 36.81 0 dolari $36,81 0 36.810 dolari

$12,6 $7,07 99 1 12.69 7071 9 dolari dolari $71,7 $84,4 03 03

$9,02 $9,02 $9,024 4 4 9024 9024 9024 dolari dolari dolari

$9,02 $9,024 4 9024 9024 dolari dolari

$93,4 $102, $111, $120, $129,5 $138, $147, $156,5 26 450 474 498 21 545 569 93

Cash Balance

64.16 64.63 71.70 84.40 93.42 102.4 1 3 3 3 6 50 dolar dolari dolari dolari dolari dolari i Pro Forma Balance Sheet Pro Forma Bilan ul Feb Apr Jan Mar May Jun Febru Aprili Ian Mar Poate Iunie arie e Starti ng Balan Assets ces Active Incep and Soldu ri Current Assets Active imobili zate $70,0 Cash 00 Numer 70.00 0 ar dolari Other Current $12,0 Assets 00 Alte 12.00 active 0 circula dolari nte Total Current $82,0 Assets 00 Totalul 82.00 activelo 0 r dolari circula nte Longterm Assets $64,1 61 64.16 1 dolari $12,0 00 12.00 0 dolari $64,6 33 64.63 3 dolari $12,0 00 12.00 0 dolari $71,7 03 71.70 3 dolari $12,0 00 12.00 0 dolari $84,4 03 84.40 3 dolari $12,0 00 12.00 0 dolari $93,4 26 93.42 6 dolari $12,0 00 12.00 0 dolari $102, 450 102.4 50 dolari $12,0 00 12.00 0 dolari

111.4 120.4 129.52 138.5 147.5 156.59 74 98 1 45 69 3 dolari dolari dolari dolari dolari dolari

Aug Sep Oct Nov Dec Jul Augu Septe Octo Noie Dece Iulie st mbrie mbrie mbrie mbrie

$111, 474 111.4 74 dolari $12,0 00 12.00 0 dolari

$120, 498 120.4 98 dolari $12,0 00 12.00 0 dolari

$129,5 $138, 21 545 129.52 138.5 1 45 dolari dolari $12,0 $12,00 00 0 12.00 12.000 0 dolari dolari

$147, 569 147.5 69 dolari $12,0 00 12.00 0 dolari

$156, 593 156.5 93 dolari $12,0 00 12.00 0 dolari

$76,1 61 76.16 1 dolari

$76,6 33 76.63 3 dolari

$83,7 03 83.70 3 dolari

$96,4 03 96.40 3 dolari

$105, 426 105.4 26 dolari

$114, 450 114.4 50 dolari

$123, 474 123.4 74 dolari

$132, 498 132.4 98 dolari

$141,5 $150, 21 545 141.52 150.5 1 45 dolari dolari

$159, 569 159.5 69 dolari

$168, 593 168.5 93 dolari

Active pe termen lung Longterm $65,0 Assets 00 Active 65.00 pe 0 termen dolari lung Accum ulated Depreci ation $0 0 Amorti dolari zarea cumula t Total Longterm $65,0 Assets 00 Total 65.00 active 0 pe dolari termen lung $147, Total 000 Assets 147.0 Total 00 active dolari Liabilit ies and Capital Pasive i capital Current Liabilit ies Datorii curente

$65,0 00 65.00 0 dolari

$65,0 00 65.00 0 dolari

$65,0 00 65.00 0 dolari

$65,0 00 65.00 0 dolari

$65,0 00 65.00 0 dolari

$65,0 00 65.00 0 dolari

$65,0 00 65.00 0 dolari

$65,0 00 65.00 0 dolari

$65,0 $65,00 00 0 65.00 65.000 0 dolari dolari

$65,0 00 65.00 0 dolari

$65,0 00 65.00 0 dolari

$10,0 $5,00 00 0 10.00 5000 0 dolari dolari

$15,0 00 15.00 0 dolari

$20,0 00 20.00 0 dolari

$25,0 00 25.00 0 dolari

$30,0 00 30.00 0 dolari

$35,0 00 35.00 0 dolari

$40,0 00 40.00 0 dolari

$50,0 $45,00 00 0 50.00 45.000 0 dolari dolari

$55,0 00 55.00 0 dolari

$60,0 00 60.00 0 dolari

$60,0 00 60.00 0 dolari

$55,0 00 55.00 0 dolari

$50,0 00 50.00 0 dolari

$45,0 00 45.00 0 dolari

$40,0 00 40.00 0 dolari

$35,0 00 35.00 0 dolari

$30,0 00 30.00 0 dolari

$25,0 00 25.00 0 dolari

$15,0 $20,00 00 0 15.00 20.000 0 dolari dolari

$10,0 00 10.00 0 dolari

$5,00 0 5000 dolari

$136, 161 136.1 61 dolari

$131, 633 131.6 33 dolari

$133, 703 133.7 03 dolari

$141, 403 141.4 03 dolari

$145, 426 145.4 26 dolari

$149, 450 149.4 50 dolari

$153, 474 153.4 74 dolari

$157, 498 157.4 98 dolari

$161,5 $165, 21 545 161.52 165.5 1 45 dolari dolari

$169, 569 169.5 69 dolari

$173, 593 173.5 93 dolari

Jan Ian

Feb Mar Febru Mar arie

Apr Aug Sep Oct Nov Dec May Jun Jul Aprili Augu Septe Octo Noie Dece Poate Iunie Iulie e st mbrie mbrie mbrie mbrie

Accoun ts $1,00 Payable 0 Conturi 1000 Furnizo dolari ri Current Borrow $0 0 ing Curent dolari ndator rii Other Current Liabilit $0 0 ies Alte dolari datorii curente Subtota l Current $1,00 Liabilit 0 ies 1000 Subtota dolari l Datorii curente Longterm Liabilit ies Pasive pe termen lung Total Liabilit ies Total datorii Paid-in Capital V rsat n Capital $100, 000 100.0 00 dolari $101, 000 101.0 00 dolari $110, 000 110.0 00 dolari

$3,06 0 3060 dolari

$10,8 $6,82 98 0 10.89 6820 8 dolari dolari

$14,5 74 14.57 4 dolari

$14,5 74 14.57 4 dolari

$14,5 74 14.57 4 dolari

$14,5 74 14.57 4 dolari

$14,5 74 14.57 4 dolari

$14,5 $14,57 74 4 14.57 14.574 4 dolari dolari

$14,5 74 14.57 4 dolari

$14,5 74 14.57 4 dolari

$0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 dolari dolari dolari dolari dolari dolari dolari dolari dolari dolari dolari dolari

$0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 $0 0 dolari dolari dolari dolari dolari dolari dolari dolari dolari dolari dolari dolari

$3,06 0 3060 dolari

$10,8 $6,82 98 0 10.89 6820 8 dolari dolari

$14,5 74 14.57 4 dolari

$14,5 74 14.57 4 dolari

$14,5 74 14.57 4 dolari

$14,5 74 14.57 4 dolari

$14,5 74 14.57 4 dolari

$14,5 $14,57 74 4 14.57 14.574 4 dolari dolari

$14,5 74 14.57 4 dolari

$14,5 74 14.57 4 dolari

$100, 000 100.0 00 dolari $103, 060 103.0 60 dolari $110, 000 110.0 00 dolari

$100, 000 100.0 00 dolari $106, 820 106.8 20 dolari $110, 000 110.0 00 dolari

$100, 000 100.0 00 dolari $110, 898 110.8 98 dolari $110, 000 110.0 00 dolari

$100, 000 100.0 00 dolari $114, 574 114.5 74 dolari $110, 000 110.0 00 dolari

$100, 000 100.0 00 dolari $114, 574 114.5 74 dolari $110, 000 110.0 00 dolari

$100, 000 100.0 00 dolari $114, 574 114.5 74 dolari $110, 000 110.0 00 dolari

$100, 000 100.0 00 dolari $114, 574 114.5 74 dolari $110, 000 110.0 00 dolari

$100, 000 100.0 00 dolari $114, 574 114.5 74 dolari $110, 000 110.0 00 dolari

$100,0 $100, 00 000 100.00 100.0 0 00 dolari dolari $114,5 $114, 74 574 114.57 114.5 4 74 dolari dolari $110,0 $110, 00 000 110.00 110.0 0 00 dolari dolari

$100, 000 100.0 00 dolari $114, 574 114.5 74 dolari $110, 000 110.0 00 dolari

$100, 000 100.0 00 dolari $114, 574 114.5 74 dolari $110, 000 110.0 00 dolari

Retaine d ($64, Earning 000) s ($ Rezulta 64,00 tul 0) reportat

($64, 000) ($ 64,00 0)

($64, 000) ($ 64,00 0)

($64, 000) ($ 64,00 0) ($23, 195) ($ 23,19 5) $22,8 05 22.80 5 dolari $133, 703 133.7 03 dolari $22,8 05 22.80 5 dolari

($64, 000) ($ 64,00 0) ($19, 171) ($ 19,17 1) $26,8 29 26.82 9 dolari $141, 403 141.4 03 dolari $26,8 29 26.82 9 dolari

($64, 000) ($ 64,00 0) ($15, 147) ($ 15,14 7) $30,8 53 30.85 3 dolari $145, 426 145.4 26 dolari $30,8 53 30.85 3 dolari

($64, 000) ($ 64,00 0) ($11, 124) ($ 11,12 4) $34,8 76 34.87 6 dolari $149, 450 149.4 50 dolari $34,8 76 34.87 6 dolari

($64, 000) ($ 64,00 0)

($64, 000) ($ 64,00 0)

($64,0 ($64,0 00) ($ 00) ($ 64,000 64,00 ) 0)

($64, ($64,0 000) 00) ($ ($ 64,00 64,00 0) 0)

($12, ($21, Earning 899) 187) $0 0 s ($ ($ dolari C tig 12,89 21,18 9) 7) $46,0 $33,1 $24,8 Total 00 01 13 Capital 46.00 33.10 24.81 Total 0 1 3 Capital dolari dolari dolari Total Liabilit $147, $136, $131, ies and 000 161 633 Capital 147.0 136.1 131.6 Total 00 61 33 pasive dolari dolari dolari i capital $46,0 Net 00 Worth 46.00 Net 0 Worth dolari $33,1 01 33.10 1 dolari $24,8 13 24.81 3 dolari

$13,0 $8,99 19 5 13.01 8995 9 dolari dolari $38,9 $42,9 $50,9 $54,9 $59,0 $46,94 00 24 71 95 19 8 38.90 42.92 50.97 54.99 59.01 46.948 0 4 1 5 9 dolari dolari dolari dolari dolari dolari ($7,1 ($3,0 $948 00) ($ 76) ($ 948 7,100 3,076 dolari ) ) $4,97 1 4971 dolari $153, 474 153.4 74 dolari $38,9 00 38.90 0 dolari $157, 498 157.4 98 dolari $42,9 24 42.92 4 dolari $161,5 $165, 21 545 161.52 165.5 1 45 dolari dolari $50,9 $46,94 71 8 50.97 46.948 1 dolari dolari $169, 569 169.5 69 dolari $54,9 95 54.99 5 dolari $173, 593 173.5 93 dolari $59,0 19 59.01 9 dolari

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