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Willow Park Golf Course

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
Memberships/Use Fees 0% $20,000 $30,000 $40,000 $40,000 $40,000 $45,000 $45,000 $50,000 $45,000 $40,000 $25,000 $25,000
Day Use Fees (for 1 or more days) 0% $20,000 $20,000 $20,000 $30,000 $30,000 $35,000 $35,000 $40,000 $35,000 $30,000 $15,000 $15,000
Golf Lessons 0% $8,000 $16,000 $20,000 $20,000 $25,000 $25,000 $25,000 $25,000 $25,000 $25,000 $10,000 $10,000
Snacks 0% $16,000 $24,000 $24,000 $24,000 $24,000 $24,000 $24,000 $24,000 $24,000 $24,000 $12,000 $12,000
Pro Shop 0% $4,000 $10,000 $8,000 $7,000 $7,000 $4,000 $5,000 $6,000 $5,000 $4,500 $8,000 $12,000
Driving Range 0% $5,000 $6,000 $7,000 $8,000 $9,000 $11,000 $11,000 $12,000 $11,000 $9,000 $8,000 $6,000
Total Sales $73,000 $106,000 $119,000 $129,000 $135,000 $144,000 $145,000 $157,000 $145,000 $132,500 $78,000 $80,000
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
Memberships/Use Fees $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Day Use Fees (for 1 or more days) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Golf Lessons $4,000 $8,000 $10,000 $10,000 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $5,000 $5,000
Snacks $4,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $3,000 $3,000
Pro Shop $1,400 $4,000 $3,600 $3,000 $3,000 $1,500 $2,300 $2,700 $2,300 $1,500 $3,000 $4,000
Driving Range $1,750 $1,750 $1,750 $1,750 $1,750 $1,750 $1,750 $1,750 $1,750 $1,750 $1,750 $1,750
Subtotal Direct Cost of Sales $11,150 $19,750 $21,350 $20,750 $23,250 $21,750 $22,550 $22,950 $22,550 $21,750 $12,750 $13,750
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
Manager 0% $4,500 $4,500 $4,500 $4,500 $4,500 $4,500 $4,500 $4,500 $4,500 $4,500 $4,500 $4,500
Assistant Manager 0% $3,500 $3,500 $3,500 $3,500 $3,500 $3,500 $3,500 $3,500 $3,500 $3,500 $3,500 $3,500
Pro Shop Manager/Head Teaching Pro 0% $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000
Greeens/Landscape Superintendent 0% $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000
Course Staff 0% $13,000 $13,000 $13,000 $13,000 $13,000 $13,000 $13,000 $13,000 $13,000 $13,000 $13,000 $13,000
Snack Shop Staff 0% $4,500 $4,500 $4,500 $4,500 $4,500 $4,500 $4,500 $4,500 $4,500 $4,500 $4,500 $4,500
Pro Shop Staff 0% $4,500 $4,500 $4,500 $4,500 $4,500 $4,500 $4,500 $4,500 $4,500 $4,500 $4,500 $4,500
Greens Maintenance Staff 0% $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000
Golf Cart Maintenance Staff 0% $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000
Other 0% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total People 24 24 24 24 24 24 24 24 24 24 24 24
Total Payroll $49,000 $49,000 $49,000 $49,000 $49,000 $49,000 $49,000 $49,000 $49,000 $49,000 $49,000 $49,000

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 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00%
Long-term Interest Rate 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00%
Tax Rate 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00%
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 $73,000 $106,000 $119,000 $129,000 $135,000 $144,000 $145,000 $157,000 $145,000 $132,500 $78,000 $80,000
Direct Cost of Sales $11,150 $19,750 $21,350 $20,750 $23,250 $21,750 $22,550 $22,950 $22,550 $21,750 $12,750 $13,750
Other Production Expenses $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total Cost of Sales $11,150 $19,750 $21,350 $20,750 $23,250 $21,750 $22,550 $22,950 $22,550 $21,750 $12,750 $13,750
Gross Margin $61,850 $86,250 $97,650 $108,250 $111,750 $122,250 $122,450 $134,050 $122,450 $110,750 $65,250 $66,250
Gross Margin % 84.73% 81.37% 82.06% 83.91% 82.78% 84.90% 84.45% 85.38% 84.45% 83.58% 83.65% 82.81%
Expenses
Payroll $49,000 $49,000 $49,000 $49,000 $49,000 $49,000 $49,000 $49,000 $49,000 $49,000 $49,000 $49,000
Sales and Marketing and Other Expenses $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000
Depreciation $2,380 $2,380 $2,380 $2,380 $2,380 $2,380 $2,380 $2,380 $2,380 $2,380 $2,380 $2,380
Leased Equipment $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000
Utilities $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $1,500 $1,300 $1,300 $1,300 $1,300 $1,300
Insurance $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000
Lease $20,833 $20,833 $20,833 $20,833 $20,833 $20,833 $20,833 $20,833 $20,833 $20,833 $20,833 $20,837
Payroll Taxes 15% $7,350 $7,350 $7,350 $7,350 $7,350 $7,350 $7,350 $7,350 $7,350 $7,350 $7,350 $7,350
Other $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total Operating Expenses $95,563 $95,563 $95,563 $95,563 $95,563 $95,563 $94,063 $93,863 $93,863 $93,863 $93,863 $93,867
Profit Before Interest and Taxes ($33,713) ($9,313) $2,087 $12,687 $16,187 $26,687 $28,387 $40,187 $28,587 $16,887 ($28,613) ($27,617)
EBITDA ($31,333) ($6,933) $4,467 $15,067 $18,567 $29,067 $30,767 $42,567 $30,967 $19,267 ($26,233) ($25,237)
Interest Expense $2,475 $2,450 $2,426 $2,401 $2,376 $2,351 $2,326 $2,302 $2,277 $2,252 $2,227 $2,202
Taxes Incurred ($10,856) ($3,529) ($102) $3,086 $4,143 $7,301 $7,818 $11,366 $7,893 $4,391 ($9,252) ($8,946)
Net Profit ($25,332) ($8,234) ($237) $7,200 $9,668 $17,035 $18,242 $26,520 $18,417 $10,245 ($21,588) ($20,874)
Net Profit/Sales -34.70% -7.77% -0.20% 5.58% 7.16% 11.83% 12.58% 16.89% 12.70% 7.73% -27.68% -26.09%

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 $73,000 $106,000 $119,000 $129,000 $135,000 $144,000 $145,000 $157,000 $145,000 $132,500 $78,000 $80,000
Subtotal Cash from Operations $73,000 $106,000 $119,000 $129,000 $135,000 $144,000 $145,000 $157,000 $145,000 $132,500 $78,000 $80,000
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 $73,000 $106,000 $119,000 $129,000 $135,000 $144,000 $145,000 $157,000 $145,000 $132,500 $78,000 $80,000
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 $49,000 $49,000 $49,000 $49,000 $49,000 $49,000 $49,000 $49,000 $49,000 $49,000 $49,000 $49,000
Bill Payments $1,193 $36,799 $65,859 $69,622 $69,991 $76,610 $74,012 $76,367 $79,381 $74,604 $68,939 $38,718
Subtotal Spent on Operations $50,193 $85,799 $114,859 $118,622 $118,991 $125,610 $123,012 $125,367 $128,381 $123,604 $117,939 $87,718
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 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Other Liabilities Principal Repayment $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Long-term Liabilities Principal Repayment $2,976 $2,976 $2,976 $2,976 $2,976 $2,976 $2,976 $2,976 $2,976 $2,976 $2,976 $2,976
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 $53,169 $88,775 $117,835 $121,598 $121,967 $128,586 $125,988 $128,343 $131,357 $126,580 $120,915 $90,694
Net Cash Flow $19,831 $17,225 $1,165 $7,402 $13,033 $15,414 $19,012 $28,657 $13,643 $5,920 ($42,915) ($10,694)
Cash Balance $54,431 $71,655 $72,820 $80,223 $93,255 $108,669 $127,681 $156,338 $169,981 $175,901 $132,986 $122,292
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 $34,600 $54,431 $71,655 $72,820 $80,223 $93,255 $108,669 $127,681 $156,338 $169,981 $175,901 $132,986 $122,292
Inventory $30,000 $18,850 $21,725 $23,485 $22,825 $25,575 $23,925 $24,805 $25,245 $24,805 $23,925 $14,025 $15,125
Other Current Assets $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total Current Assets $64,600 $73,281 $93,380 $96,305 $103,048 $118,830 $132,594 $152,486 $181,583 $194,786 $199,826 $147,011 $137,417
Long-term Assets
Long-term Assets $210,000 $210,000 $210,000 $210,000 $210,000 $210,000 $210,000 $210,000 $210,000 $210,000 $210,000 $210,000 $210,000
Accumulated Depreciation $0 $2,380 $4,760 $7,140 $9,520 $11,900 $14,280 $16,660 $19,040 $21,420 $23,800 $26,180 $28,560
Total Long-term Assets $210,000 $207,620 $205,240 $202,860 $200,480 $198,100 $195,720 $193,340 $190,960 $188,580 $186,200 $183,820 $181,440
Total Assets $274,600 $280,901 $298,620 $299,165 $303,528 $316,930 $328,314 $345,826 $372,543 $383,366 $386,026 $330,831 $318,857
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 $0 $34,608 $63,538 $67,296 $67,434 $74,146 $71,470 $73,716 $76,889 $72,271 $67,662 $37,031 $48,907
Current Borrowing $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Other Current Liabilities $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Subtotal Current Liabilities $0 $34,608 $63,538 $67,296 $67,434 $74,146 $71,470 $73,716 $76,889 $72,271 $67,662 $37,031 $48,907
Long-term Liabilities $300,000 $297,024 $294,048 $291,072 $288,096 $285,120 $282,144 $279,168 $276,192 $273,216 $270,240 $267,264 $264,288
Total Liabilities $300,000 $331,632 $357,586 $358,368 $355,530 $359,266 $353,614 $352,884 $353,081 $345,487 $337,902 $304,295 $313,195
Paid-in Capital $600,000 $600,000 $600,000 $600,000 $600,000 $600,000 $600,000 $600,000 $600,000 $600,000 $600,000 $600,000 $600,000
Retained Earnings ($625,400) ($625,400) ($625,400) ($625,400) ($625,400) ($625,400) ($625,400) ($625,400) ($625,400) ($625,400) ($625,400) ($625,400) ($625,400)
Earnings $0 ($25,332) ($33,566) ($33,803) ($26,603) ($16,935) $100 $18,342 $44,862 $63,279 $73,524 $51,936 $31,062
Total Capital ($25,400) ($50,732) ($58,966) ($59,203) ($52,003) ($42,335) ($25,300) ($7,058) $19,462 $37,879 $48,124 $26,536 $5,662
Total Liabilities and Capital $274,600 $280,901 $298,620 $299,165 $303,528 $316,930 $328,314 $345,826 $372,543 $383,366 $386,026 $330,831 $318,857
Net Worth ($25,400) ($50,732) ($58,966) ($59,203) ($52,003) ($42,335) ($25,300) ($7,058) $19,462 $37,879 $48,124 $26,536 $5,662