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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
Photo Shoots $15,383 $15,691 $16,005 $16,325 $16,652 $16,985 $17,325 $17,672 $18,025 $18,386 $18,754 $19,129
Photo Editing $3,683 $3,831 $3,984 $4,143 $4,309 $4,481 $4,661 $4,847 $5,041 $5,243 $5,452 $5,670
Printing and Framing $1,739 $1,774 $1,809 $1,845 $1,882 $1,920 $1,958 $1,997 $2,037 $2,078 $2,120 $2,162
Studio Rental $1,023 $5,027 $6,163 $6,651 $7,075 $7,162 $7,436 $7,494 $7,162 $6,344 $5,705 $4,396
Total Sales $21,828 $26,323 $27,961 $28,964 $29,918 $30,548 $31,380 $32,010 $32,265 $32,051 $32,031 $31,357
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
Printing and Framing Cost $1,304 $1,331 $1,357 $1,384 $1,412 $1,440 $1,469 $1,498 $1,528 $1,559 $1,590 $1,622
Other Cost of Sales $3,274 $3,948 $4,194 $4,345 $4,488 $4,582 $4,707 $4,802 $4,840 $4,808 $4,805 $4,704
Subtotal Direct Cost of Sales $4,578 $5,279 $5,551 $5,728 $5,899 $6,022 $6,176 $6,299 $6,368 $6,366 $6,395 $6,325
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
CEO $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000
Assistant Photographer $2,000 $2,120 $2,247 $2,382 $2,525 $2,676 $2,837 $3,007 $3,187 $3,378 $3,581 $3,796
Administrative Assistant $1,500 $1,515 $1,530 $1,545 $1,560 $1,576 $1,592 $1,608 $1,624 $1,640 $1,656 $1,673
Assistant Photographer 2 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Assistant Photographer 3 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Assistant Photographer 4 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total People 2 2 2 2 2 3 3 3 3 3 3 3
Total Payroll $8,500 $8,635 $8,777 $8,927 $9,085 $9,252 $9,429 $9,615 $9,811 $10,018 $10,237 $10,469

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 $21,828 $26,323 $27,961 $28,964 $29,918 $30,548 $31,380 $32,010 $32,265 $32,051 $32,031 $31,357
Direct Cost of Sales $4,578 $5,279 $5,551 $5,728 $5,899 $6,022 $6,176 $6,299 $6,368 $6,366 $6,395 $6,325
Other Costs of Sales $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total Cost of Sales $4,578 $5,279 $5,551 $5,728 $5,899 $6,022 $6,176 $6,299 $6,368 $6,366 $6,395 $6,325
Gross Margin $17,250 $21,044 $22,410 $23,236 $24,019 $24,526 $25,205 $25,711 $25,898 $25,685 $25,636 $25,032
Gross Margin % 79.02% 79.95% 80.15% 80.22% 80.28% 80.29% 80.32% 80.32% 80.26% 80.14% 80.04% 79.83%
Expenses
Payroll $8,500 $8,635 $8,777 $8,927 $9,085 $9,252 $9,429 $9,615 $9,811 $10,018 $10,237 $10,469
Marketing/Promotion $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000
Depreciation $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500
Rent $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000
Utilities $200 $200 $200 $200 $200 $200 $200 $200 $200 $200 $200 $200
Insurance $200 $200 $200 $200 $200 $200 $200 $200 $200 $200 $200 $200
Payroll Taxes 15% $1,275 $1,313 $1,352 $1,393 $1,435 $1,478 $1,522 $1,568 $1,615 $1,663 $1,713 $1,764
Other $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000
Total Operating Expenses $16,675 $16,848 $17,029 $17,220 $17,420 $17,630 $17,851 $18,083 $18,326 $18,581 $18,850 $19,133
Profit Before Interest and Taxes $575 $4,196 $5,381 $6,016 $6,599 $6,896 $7,354 $7,628 $7,572 $7,104 $6,786 $5,899
EBITDA $1,075 $4,696 $5,881 $6,516 $7,099 $7,396 $7,854 $8,128 $8,072 $7,604 $7,286 $6,399
Interest Expense $76 $69 $63 $56 $49 $42 $35 $28 $21 $14 $7 $0
Taxes Incurred $149 $1,238 $1,596 $1,788 $1,965 $2,056 $2,196 $2,280 $2,265 $2,127 $2,034 $1,770
Net Profit $349 $2,889 $3,723 $4,172 $4,585 $4,798 $5,123 $5,320 $5,285 $4,963 $4,746 $4,129
Net Profit/Sales 1.60% 10.97% 13.32% 14.40% 15.33% 15.71% 16.33% 16.62% 16.38% 15.48% 14.82% 13.17%

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 $4,366 $5,265 $5,592 $5,793 $5,984 $6,110 $6,276 $6,402 $6,453 $6,410 $6,406 $6,271
Cash from Receivables $582 $17,582 $21,102 $22,396 $23,197 $23,951 $24,461 $25,121 $25,615 $25,806 $25,640 $25,607
Subtotal Cash from Operations $4,948 $22,847 $26,694 $28,188 $29,180 $30,061 $30,737 $31,523 $32,068 $32,216 $32,046 $31,878
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 $4,948 $22,847 $26,694 $28,188 $29,180 $30,061 $30,737 $31,523 $32,068 $32,216 $32,046 $31,878
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 $8,500 $8,635 $8,777 $8,927 $9,085 $9,252 $9,429 $9,615 $9,811 $10,018 $10,237 $10,469
Bill Payments $2,916 $12,540 $14,321 $14,974 $15,378 $15,756 $16,009 $16,336 $16,578 $16,665 $16,569 $16,539
Subtotal Spent on Operations $11,416 $21,175 $23,098 $23,901 $24,463 $25,008 $25,438 $25,951 $26,389 $26,683 $26,806 $27,008
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 $417 $417 $417 $417 $417 $417 $417 $417 $417 $417 $417 $417
Other Liabilities Principal Repayment $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Long-term Liabilities Principal Repayment $417 $417 $417 $417 $417 $417 $417 $417 $417 $417 $417 $417
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 $12,249 $22,008 $23,932 $24,735 $25,296 $25,842 $26,271 $26,784 $27,222 $27,517 $27,640 $27,841
Net Cash Flow ($7,302) $839 $2,763 $3,454 $3,884 $4,219 $4,465 $4,738 $4,845 $4,700 $4,407 $4,037
Cash Balance $7,698 $8,537 $11,299 $14,753 $18,637 $22,856 $27,322 $32,060 $36,905 $41,605 $46,012 $50,049

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 $15,000 $7,698 $8,537 $11,299 $14,753 $18,637 $22,856 $27,322 $32,060 $36,905 $41,605 $46,012 $50,049
Accounts Receivable $0 $16,880 $20,356 $21,623 $22,399 $23,137 $23,624 $24,267 $24,754 $24,952 $24,786 $24,771 $24,249
Other Current Assets $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000
Total Current Assets $16,000 $25,579 $29,893 $33,923 $38,152 $42,774 $47,480 $52,589 $57,814 $62,857 $67,391 $71,783 $75,299
Long-term Assets
Long-term Assets $30,000 $30,000 $30,000 $30,000 $30,000 $30,000 $30,000 $30,000 $30,000 $30,000 $30,000 $30,000 $30,000
Accumulated Depreciation $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 $4,000 $4,500 $5,000 $5,500 $6,000
Total Long-term Assets $30,000 $29,500 $29,000 $28,500 $28,000 $27,500 $27,000 $26,500 $26,000 $25,500 $25,000 $24,500 $24,000
Total Assets $46,000 $55,079 $58,893 $62,423 $66,152 $70,274 $74,480 $79,089 $83,814 $88,357 $92,391 $96,283 $99,299
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 $2,500 $12,063 $13,823 $14,462 $14,853 $15,223 $15,465 $15,784 $16,023 $16,113 $16,018 $15,997 $15,717
Current Borrowing $5,000 $4,583 $4,167 $3,750 $3,333 $2,917 $2,500 $2,083 $1,667 $1,250 $833 $417 $0
Other Current Liabilities $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Subtotal Current Liabilities $7,500 $16,647 $17,989 $18,212 $18,186 $18,140 $17,965 $17,867 $17,689 $17,363 $16,851 $16,413 $15,717
Long-term Liabilities $5,000 $4,583 $4,167 $3,750 $3,333 $2,917 $2,500 $2,083 $1,667 $1,250 $833 $417 $0
Total Liabilities $12,500 $21,230 $22,156 $21,962 $21,519 $21,056 $20,465 $19,950 $19,356 $18,613 $17,684 $16,830 $15,717
Paid-in Capital $58,000 $58,000 $58,000 $58,000 $58,000 $58,000 $58,000 $58,000 $58,000 $58,000 $58,000 $58,000 $58,000
Retained Earnings ($24,500) ($24,500) ($24,500) ($24,500) ($24,500) ($24,500) ($24,500) ($24,500) ($24,500) ($24,500) ($24,500) ($24,500) ($24,500)
Earnings $0 $349 $3,237 $6,960 $11,132 $15,718 $20,515 $25,639 $30,959 $36,244 $41,207 $45,953 $50,082
Total Capital $33,500 $33,849 $36,737 $40,460 $44,632 $49,218 $54,015 $59,139 $64,459 $69,744 $74,707 $79,453 $83,582
Total Liabilities and Capital $46,000 $55,079 $58,893 $62,423 $66,152 $70,274 $74,480 $79,089 $83,814 $88,357 $92,391 $96,283 $99,299
Net Worth $33,500 $33,849 $36,737 $40,460 $44,632 $49,218 $54,015 $59,139 $64,459 $69,744 $74,707 $79,453 $83,582