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Ereidi Farm

Appendix

Sales Forecast
May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr
Sales
Training 0% $0 $0 $0 $0 $7,200 $12,000 $18,000 $24,000 $24,000 $24,000 $24,000 $24,000
Broodmare w/foal 0% $0 $660 $660 $1,320 $2,880 $5,760 $7,200 $8,640 $8,640 $8,640 $8,640 $8,640
Boarding other 0% $1,070 $650 $1,050 $1,050 $1,050 $1,050 $1,050 $600 $1,800 $6,000 $6,000 $6,000
Home-grown sales 0% $2,000 $0 $0 $0 $6,000 $0 $0 $10,000 $0 $0 $0 $0
Total Sales $3,070 $1,310 $1,710 $2,370 $17,130 $18,810 $26,250 $43,240 $34,440 $38,640 $38,640 $38,640
Direct Cost of Sales May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr
Training $0 $0 $0 $0 $600 $1,000 $1,500 $2,000 $2,000 $2,000 $2,000 $2,000
Broodmare w/foal $0 $100 $100 $100 $400 $800 $1,000 $1,200 $1,200 $1,200 $1,200 $1,200
Boarding other $300 $200 $300 $300 $300 $300 $300 $100 $300 $1,000 $1,000 $1,000
Home-grown sales $0 $8,000 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Subtotal Direct Cost of Sales $300 $8,300 $400 $400 $1,300 $2,100 $2,800 $3,300 $3,500 $4,200 $4,200 $4,200
Personnel Plan
May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr
Owner 0% $0 $0 $0 $0 $0 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000
Head Trainer 0% $0 $0 $0 $0 $0 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000
Groom 1 0% $0 $0 $0 $0 $0 $0 $1,203 $1,203 $1,203 $1,203 $1,203 $1,203
Groom 2 0% $0 $0 $0 $0 $0 $0 $0 $0 $1,203 $1,203 $1,203 $1,203
Total People 0 0 0 0 0 2 3 3 4 4 4 4
Total Payroll $0 $0 $0 $0 $0 $4,000 $5,203 $5,203 $6,406 $6,406 $6,406 $6,406

General Assumptions
May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr
Plan Month 1 2 3 4 5 6 7 8 9 10 11 12
Current Interest Rate 5.50% 5.50% 5.50% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00% 6.00%
Long-term Interest Rate 7.00% 7.00% 7.00% 7.00% 7.00% 7.00% 7.00% 7.00% 7.00% 7.00% 7.00% 7.00%
Tax Rate 30.00% 23.00% 23.00% 23.00% 23.00% 23.00% 23.00% 23.00% 23.00% 23.00% 23.00% 23.00%
Other 0 0 0 0 0 0 0 0 0 0 0 0

Pro Forma Profit and Loss
May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr
Sales $3,070 $1,310 $1,710 $2,370 $17,130 $18,810 $26,250 $43,240 $34,440 $38,640 $38,640 $38,640
Direct Cost of Sales $300 $8,300 $400 $400 $1,300 $2,100 $2,800 $3,300 $3,500 $4,200 $4,200 $4,200
Other Costs of Sales $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total Cost of Sales $300 $8,300 $400 $400 $1,300 $2,100 $2,800 $3,300 $3,500 $4,200 $4,200 $4,200
Gross Margin $2,770 ($6,990) $1,310 $1,970 $15,830 $16,710 $23,450 $39,940 $30,940 $34,440 $34,440 $34,440
Gross Margin % 90.23% -533.59% 76.61% 83.12% 92.41% 88.84% 89.33% 92.37% 89.84% 89.13% 89.13% 89.13%
Expenses
Payroll $0 $0 $0 $0 $0 $4,000 $5,203 $5,203 $6,406 $6,406 $6,406 $6,406
Sales and Marketing and Other Expenses $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Depreciation $200 $200 $200 $200 $200 $200 $200 $200 $200 $200 $200 $200
Rent $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Payroll Taxes 15% $0 $0 $0 $0 $0 $600 $780 $780 $961 $961 $961 $961
Other $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total Operating Expenses $200 $200 $200 $200 $200 $4,800 $6,183 $6,183 $7,567 $7,567 $7,567 $7,567
Profit Before Interest and Taxes $2,570 ($7,190) $1,110 $1,770 $15,630 $11,910 $17,267 $33,757 $23,373 $26,873 $26,873 $26,873
EBITDA $2,770 ($6,990) $1,310 $1,970 $15,830 $12,110 $17,467 $33,957 $23,573 $27,073 $27,073 $27,073
Interest Expense $1,185 $1,185 $1,185 $1,191 $1,191 $1,191 $1,191 $1,191 $1,191 $1,191 $1,191 $1,191
Taxes Incurred $415 ($1,926) ($17) $133 $3,321 $2,465 $3,697 $7,490 $5,102 $5,907 $5,907 $5,907
Net Profit $969 ($6,449) ($58) $446 $11,118 $8,254 $12,378 $25,076 $17,080 $19,775 $19,775 $19,775
Net Profit/Sales 31.57% -492.30% -3.40% 18.82% 64.90% 43.88% 47.16% 57.99% 49.59% 51.18% 51.18% 51.18%

Pro Forma Cash Flow
May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr
Cash Received
Cash from Operations
Cash Sales $2,610 $1,114 $1,454 $2,015 $14,561 $15,989 $22,313 $36,754 $29,274 $32,844 $32,844 $32,844
Cash from Receivables $6,469 $6,484 $452 $199 $260 $429 $2,578 $2,859 $4,022 $6,442 $5,187 $5,796
Subtotal Cash from Operations $9,078 $7,597 $1,905 $2,213 $14,820 $16,418 $24,890 $39,613 $33,296 $39,286 $38,031 $38,640
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 $9,078 $7,597 $1,905 $2,213 $14,820 $16,418 $24,890 $39,613 $33,296 $39,286 $38,031 $38,640
Expenditures May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr
Expenditures from Operations
Cash Spending $0 $0 $0 $0 $0 $4,000 $5,203 $5,203 $6,406 $6,406 $6,406 $6,406
Bill Payments $63 $2,089 $7,359 $1,573 $1,860 $5,830 $6,427 $8,612 $12,694 $10,804 $12,259 $12,259
Subtotal Spent on Operations $63 $2,089 $7,359 $1,573 $1,860 $9,830 $11,630 $13,815 $19,100 $17,210 $18,665 $18,665
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 $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 $63 $2,089 $7,359 $1,573 $1,860 $9,830 $11,630 $13,815 $19,100 $17,210 $18,665 $18,665
Net Cash Flow $9,015 $5,508 ($5,454) $640 $12,960 $6,588 $13,261 $25,798 $14,196 $22,076 $19,366 $19,975
Cash Balance $12,297 $17,805 $12,350 $12,990 $25,950 $32,538 $45,799 $71,597 $85,793 $107,869 $127,235 $147,210
Pro Forma Balance Sheet
May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr
Assets Starting Balances
Current Assets
Cash $3,282 $12,297 $17,805 $12,350 $12,990 $25,950 $32,538 $45,799 $71,597 $85,793 $107,869 $127,235 $147,210
Accounts Receivable $12,937 $6,929 $642 $446 $603 $2,913 $5,305 $6,665 $10,292 $11,436 $10,790 $11,399 $11,399
Other Current Assets $87,684 $87,684 $87,684 $87,684 $87,684 $87,684 $87,684 $87,684 $87,684 $87,684 $87,684 $87,684 $87,684
Total Current Assets $103,903 $106,910 $106,130 $100,481 $101,278 $116,547 $125,527 $140,148 $169,573 $184,912 $206,343 $226,318 $246,293
Long-term Assets
Long-term Assets $490,000 $490,000 $490,000 $490,000 $490,000 $490,000 $490,000 $490,000 $490,000 $490,000 $490,000 $490,000 $490,000
Accumulated Depreciation $2,800 $3,000 $3,200 $3,400 $3,600 $3,800 $4,000 $4,200 $4,400 $4,600 $4,800 $5,000 $5,200
Total Long-term Assets $487,200 $487,000 $486,800 $486,600 $486,400 $486,200 $486,000 $485,800 $485,600 $485,400 $485,200 $485,000 $484,800
Total Assets $591,103 $593,910 $592,930 $587,081 $587,678 $602,747 $611,527 $625,948 $655,173 $670,312 $691,543 $711,318 $731,093
Liabilities and Capital May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr
Current Liabilities
Accounts Payable $0 $1,837 $7,307 $1,516 $1,667 $5,618 $6,144 $8,186 $12,336 $10,395 $11,850 $11,850 $11,850
Current Borrowing $13,000 $13,000 $13,000 $13,000 $13,000 $13,000 $13,000 $13,000 $13,000 $13,000 $13,000 $13,000 $13,000
Other Current Liabilities $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Subtotal Current Liabilities $13,000 $14,837 $20,307 $14,516 $14,667 $18,618 $19,144 $21,186 $25,336 $23,395 $24,850 $24,850 $24,850
Long-term Liabilities $193,000 $193,000 $193,000 $193,000 $193,000 $193,000 $193,000 $193,000 $193,000 $193,000 $193,000 $193,000 $193,000
Total Liabilities $206,000 $207,837 $213,307 $207,516 $207,667 $211,618 $212,144 $214,186 $218,336 $216,395 $217,850 $217,850 $217,850
Paid-in Capital $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Retained Earnings $385,103 $385,103 $385,103 $385,103 $385,103 $385,103 $385,103 $385,103 $385,103 $385,103 $385,103 $385,103 $385,103
Earnings $0 $969 ($5,480) ($5,538) ($5,092) $6,026 $14,280 $26,658 $51,734 $68,814 $88,590 $108,365 $128,140
Total Capital $385,103 $386,072 $379,623 $379,565 $380,011 $391,129 $399,383 $411,761 $436,837 $453,917 $473,693 $493,468 $513,243
Total Liabilities and Capital $591,103 $593,910 $592,930 $587,081 $587,678 $602,747 $611,527 $625,948 $655,173 $670,312 $691,543 $711,318 $731,093
Net Worth $385,103 $386,072 $379,623 $379,565 $380,011 $391,129 $399,383 $411,761 $436,837 $453,917 $473,693 $493,468 $513,243