Fiberglass World, Inc.
Fiberglass World is a start-up manufacturing company with patented products that will revolutionize the building industry. It is the exclusive manufacturer in the U.S. and is protected by a licensing agreement with the inventor of the Fiberglass Plate products, Mr. John Thompson.
The company boasts many features which directly lead to it being the premier manufacturer of fiberglass materials in the United States. The following subtopics outline the some features of Fiberglass World: its locations, a description of what it will take to get the company up and running, and other elementary aspects of the company.
2.1 Company Ownership
Fiberglass World was founded in Tulsa, Oklahoma in September of 1999 by Mr. John Thompson. Fiberglass World is an Oklahoma C-Corporation, with principal offices located in Tulsa.
2.2 Start-up Summary
The company is seeking first round financing for the purpose of acquiring starting inventory of raw materials, purchasing land, building construction, utility hook-up and site improvement, machinery and equipment, working capital, legal and accounting costs, and miscellaneous start-up expenses. Additionally, the company will seek second round financing for fourth year, Phase II operations. Projected revenues will double during the 2000 to 2002 period.
|Building construction/Site improvement||$200,000|
|Research and development||$0|
|Total Start-up Expenses||$432,000|
|Other Current Assets||$0|
|Start-up Expenses to Fund||$432,000|
|Start-up Assets to Fund||$415,000|
|Total Funding Required||$847,000|
|Non-cash Assets from Start-up||$380,000|
|Cash Requirements from Start-up||$35,000|
|Additional Cash Raised||$0|
|Cash Balance on Starting Date||$35,000|
|Liabilities and Capital|
|Accounts Payable (Outstanding Bills)||$0|
|Other Current Liabilities (interest-free)||$0|
|Mr John Thompson||$70,000|
|Mrs. Kim Thompson||$38,000|
|Additional Investment Requirement||$0|
|Total Planned Investment||$321,000|
|Loss at Start-up (Start-up Expenses)||($432,000)|
|Total Capital and Liabilities||$415,000|
2.3 Company Locations and Facilities
The location of the first operating plant is planned for Tulsa, Oklahoma. This location was chosen because of its proximity to both road and rail transportation. The area has been designated by the state as an Enterprise Zone, thus offering us benefits and incentives to set up our operation.