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Airline Business Plan

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