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Bionex Corporation

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
Xenasys Transaction Systems 0% $16,000 $16,650 $15,548 $15,730 $15,239 $25,125 $27,444 $31,260 $36,649 $39,697 $46,501 $49,176
Xenavex Identification Platforms 0% $15,255 $15,793 $13,562 $13,597 $13,936 $22,626 $28,720 $34,279 $34,370 $41,000 $41,487 $47,710
BioXen Biometric Devices 0% $8,766 $10,607 $12,834 $15,530 $18,791 $22,737 $39,511 $56,289 $55,280 $39,738 $28,973 $21,358
Total Sales $40,021 $43,050 $41,944 $44,857 $47,966 $70,488 $95,675 $121,828 $126,299 $120,435 $116,961 $118,244
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
Xenasys Transaction Systems $7,211 $7,524 $7,855 $7,206 $7,579 $7,973 $7,392 $7,835 $7,306 $7,804 $7,332 $7,892
Xenavex Identification Platforms $7,211 $7,472 $7,745 $7,032 $7,334 $7,651 $7,983 $7,332 $7,699 $7,084 $7,488 $7,913
BioXen Biometric Devices $7,700 $7,985 $7,284 $7,598 $7,928 $8,275 $8,639 $9,020 $7,421 $7,843 $7,285 $7,749
Subtotal Direct Cost of Sales $22,122 $22,981 $22,884 $21,836 $22,841 $23,899 $24,014 $24,187 $22,426 $22,731 $22,105 $23,554
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 0% $7,000 $7,000 $7,000 $7,000 $7,000 $7,000 $7,000 $7,000 $7,000 $7,000 $7,000 $5,000
CFO 0% $7,000 $7,000 $7,000 $7,000 $7,000 $7,000 $7,000 $7,000 $7,000 $7,000 $5,000 $7,000
President of Engineering 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
President of Sales 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
President of Marketing 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
Total People 5 5 5 5 5 5 5 5 5 5 5 5
Total Payroll $32,000 $32,000 $32,000 $32,000 $32,000 $32,000 $32,000 $32,000 $32,000 $32,000 $30,000 $30,000

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 9.00% 9.00% 9.00% 9.00% 9.00% 9.00% 9.00% 9.00% 9.00% 9.00% 9.00% 9.00%
Tax Rate 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00%
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 $40,021 $43,050 $41,944 $44,857 $47,966 $70,488 $95,675 $121,828 $126,299 $120,435 $116,961 $118,244
Direct Cost of Sales $22,122 $22,981 $22,884 $21,836 $22,841 $23,899 $24,014 $24,187 $22,426 $22,731 $22,105 $23,554
Other Costs of Goods $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total Cost of Sales $22,122 $22,981 $22,884 $21,836 $22,841 $23,899 $24,014 $24,187 $22,426 $22,731 $22,105 $23,554
Gross Margin $17,899 $20,069 $19,060 $23,021 $25,125 $46,589 $71,661 $97,641 $103,873 $97,704 $94,856 $94,690
Gross Margin % 44.72% 46.62% 45.44% 51.32% 52.38% 66.09% 74.90% 80.15% 82.24% 81.13% 81.10% 80.08%
Expenses
Payroll $32,000 $32,000 $32,000 $32,000 $32,000 $32,000 $32,000 $32,000 $32,000 $32,000 $30,000 $30,000
Sales and Marketing and Other Expenses $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000
Depreciation $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Contracted Employees $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Rent $4,166 $4,166 $4,166 $4,166 $4,166 $4,166 $4,166 $4,166 $4,166 $4,166 $4,166 $4,166
Utilities $125 $125 $125 $125 $125 $125 $125 $125 $125 $125 $125 $125
Insurance $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500
Payroll Taxes 15% $4,800 $4,800 $4,800 $4,800 $4,800 $4,800 $4,800 $4,800 $4,800 $4,800 $4,500 $4,500
Other $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total Operating Expenses $42,591 $42,591 $42,591 $42,591 $42,591 $42,591 $42,591 $42,591 $42,591 $42,591 $40,291 $40,291
Profit Before Interest and Taxes ($24,692) ($22,522) ($23,531) ($19,570) ($17,466) $3,998 $29,070 $55,050 $61,282 $55,113 $54,565 $54,399
EBITDA ($24,692) ($22,522) ($23,531) ($19,570) ($17,466) $3,998 $29,070 $55,050 $61,282 $55,113 $54,565 $54,399
Interest Expense $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Taxes Incurred ($6,173) ($5,631) ($5,883) ($4,893) ($4,367) $999 $7,268 $13,763 $15,321 $13,778 $13,641 $13,600
Net Profit ($18,519) ($16,892) ($17,648) ($14,678) ($13,100) $2,998 $21,803 $41,288 $45,962 $41,335 $40,924 $40,799
Net Profit/Sales -46.27% -39.24% -42.07% -32.72% -27.31% 4.25% 22.79% 33.89% 36.39% 34.32% 34.99% 34.50%

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 $24,013 $25,830 $25,167 $26,914 $28,780 $42,293 $57,405 $73,097 $75,779 $72,261 $70,177 $70,946
Cash from Receivables $0 $534 $16,049 $17,205 $16,817 $17,984 $19,487 $28,531 $38,619 $48,791 $50,441 $48,128
Subtotal Cash from Operations $24,013 $26,364 $41,215 $44,119 $45,596 $60,277 $76,892 $101,628 $114,398 $121,052 $120,618 $119,074
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 $24,013 $26,364 $41,215 $44,119 $45,596 $60,277 $76,892 $101,628 $114,398 $121,052 $120,618 $119,074
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 $32,000 $32,000 $32,000 $32,000 $32,000 $32,000 $32,000 $32,000 $32,000 $32,000 $30,000 $30,000
Bill Payments $12,762 $26,587 $27,930 $27,590 $27,585 $29,280 $35,702 $42,095 $48,534 $48,296 $47,065 $46,084
Subtotal Spent on Operations $44,762 $58,587 $59,930 $59,590 $59,585 $61,280 $67,702 $74,095 $80,534 $80,296 $77,065 $76,084
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 $44,762 $58,587 $59,930 $59,590 $59,585 $61,280 $67,702 $74,095 $80,534 $80,296 $77,065 $76,084
Net Cash Flow ($20,749) ($32,223) ($18,714) ($15,471) ($13,989) ($1,003) $9,189 $27,533 $33,864 $40,756 $43,553 $42,990
Cash Balance $91,128 $58,905 $40,190 $24,719 $10,730 $9,727 $18,916 $46,449 $80,314 $121,069 $164,622 $207,612
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 $111,877 $91,128 $58,905 $40,190 $24,719 $10,730 $9,727 $18,916 $46,449 $80,314 $121,069 $164,622 $207,612
Accounts Receivable $0 $16,008 $32,695 $33,424 $34,161 $36,531 $46,742 $65,525 $85,726 $97,626 $97,010 $93,353 $92,523
Other Current Assets $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total Current Assets $111,877 $107,136 $91,599 $73,614 $58,880 $47,261 $56,469 $84,442 $132,175 $177,940 $218,079 $257,975 $300,135
Long-term Assets
Long-term Assets $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Accumulated Depreciation $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total Long-term Assets $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total Assets $111,877 $107,136 $91,599 $73,614 $58,880 $47,261 $56,469 $84,442 $132,175 $177,940 $218,079 $257,975 $300,135
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 $11,877 $25,655 $27,010 $26,673 $26,617 $28,097 $34,306 $40,477 $46,922 $46,726 $45,530 $44,503 $45,863
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 $11,877 $25,655 $27,010 $26,673 $26,617 $28,097 $34,306 $40,477 $46,922 $46,726 $45,530 $44,503 $45,863
Long-term Liabilities $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total Liabilities $11,877 $25,655 $27,010 $26,673 $26,617 $28,097 $34,306 $40,477 $46,922 $46,726 $45,530 $44,503 $45,863
Paid-in Capital $550,000 $550,000 $550,000 $550,000 $550,000 $550,000 $550,000 $550,000 $550,000 $550,000 $550,000 $550,000 $550,000
Retained Earnings ($450,000) ($450,000) ($450,000) ($450,000) ($450,000) ($450,000) ($450,000) ($450,000) ($450,000) ($450,000) ($450,000) ($450,000) ($450,000)
Earnings $0 ($18,519) ($35,411) ($53,059) ($67,737) ($80,836) ($77,838) ($56,035) ($14,748) $31,214 $72,549 $113,472 $154,272
Total Capital $100,000 $81,481 $64,589 $46,941 $32,263 $19,164 $22,162 $43,965 $85,252 $131,214 $172,549 $213,472 $254,272
Total Liabilities and Capital $111,877 $107,136 $91,599 $73,614 $58,880 $47,261 $56,469 $84,442 $132,175 $177,940 $218,079 $257,975 $300,135
Net Worth $100,000 $81,481 $64,589 $46,941 $32,263 $19,164 $22,162 $43,965 $85,252 $131,214 $172,549 $213,472 $254,272