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Compton Geotechnical Associates

Company Summary

CGA will be a limited liability partnership registered in the state of Delaware for tax purposes. Its founder is Mr. Martin Compton, a former engineering geology department head with Wilson and Brown, Inc. Mr. Compton has brought together a highly respected group of geologists, hydrologists, engineers and graphic art specialists who, combined, have a total of 35 years of experience with this industry.

The company has a limited number of private investors and does not plan to go public. The company has its main offices in Augusta, Maine. The facilities include a soil/rock and water testing lab, conference rooms and office spaces. The company expects to begin offering its services in January of 2003.

The company’s main clients will be major construction companies, local and state governments, real estate companies and utility and water companies. By focusing on institutions such as these that have special needs, we believe we will be able to better serve our clients and produce a superior service that is more effective that other geo-engineering firms.

2.1 Company Ownership

The company will have a number of outside private investors who will own 27% of the company’s shares. The rest will be owned by the senior management including Mr. Martin Compton, (25%), Ms. Elizabeth Bathory (20%), Mr. David Gillen, (20%), and Mr. Jeremy Leither (8%). All other financing will come from loans.

2.2 Start-up Summary

Start-up assets required are shown below. This includes expenses and cash needed to support operations until revenues reach an acceptable level. Most of the company’s liabilities will come from outside private investors and management investment, however, we have obtained current borrowing from Bank of America Commercial Investments, the principal to be paid off in two years. A long-term loan through Charter Bank of Augusta will be paid off in ten years.

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Start-up Expenses
Legal $1,000
Insurance $2,000
Utilities $200
Rent $3,000
Accounting and bookkeeping fees $2,000
Expensed equipment $8,000
Advertising $6,500
Other $8,000
Total Start-up Expenses $30,700
Start-up Assets
Cash Required $104,800
Other Current Assets $3,500
Long-term Assets $25,000
Total Assets $133,300
Total Requirements $164,000
Start-up Funding
Start-up Expenses to Fund $30,700
Start-up Assets to Fund $133,300
Total Funding Required $164,000
Non-cash Assets from Start-up $28,500
Cash Requirements from Start-up $104,800
Additional Cash Raised $0
Cash Balance on Starting Date $104,800
Total Assets $133,300
Liabilities and Capital
Current Borrowing $16,000
Long-term Liabilities $45,000
Accounts Payable (Outstanding Bills) $3,000
Other Current Liabilities (interest-free) $0
Total Liabilities $64,000
Planned Investment
Mr. Martin Compton $25,000
Ms. Elizabeth Bathory $20,000
Mr. David Gillen $20,000
Mr. Jeremy Leither $8,000
Others $27,000
Additional Investment Requirement $0
Total Planned Investment $100,000
Loss at Start-up (Start-up Expenses) ($30,700)
Total Capital $69,300
Total Capital and Liabilities $133,300
Total Funding $164,000