Pegasus Sports International was conceived by skaters who can devise practical ideas and designs for in-line skating accessories. Being avid health and fitness advocates, we promote in-line skating as a lifestyle.
Our products make the trip to the local store or coffee shop easier and an enjoyable way to get exercise. This will eliminate the stress of driving in traffic and having to search for parking.
The main problem skaters encounter is poor fit. Lateral ankle support is essential due to the narrow wheel footprint of in-line skates. Because of this, skate boots have to be worn tighter than shoes. We have invented a solution to this problem and are excited about its application to other footwear as well. There is a lack of inexpensive accessory products available. Other needs can be addressed with new products.
2.1 Company Ownership
Pegasus Sports International currently is a Limited Partnership.
Presently, Sal M. Chavez is Chief Executive Officer and owns eighty percent (80%) of the company.
Presently, Sandi M. Arnold is Vice President and owns twenty percent (20%) of the company.
Upon incorporating, Sal M. Chavez and Sandi M. Arnold will change their partnership agreement so Sandi and Sal will divide profits to 45% to Sandi and 55% to Sal.
Ten (10%) of Internet sales will go to Beth Laird, our Web Master and Office Administrator.
2.2 Start-up Summary
Our start-up cost has been $10,000. The money has primarily been for materials for prototypes, product development, trademark acquisition, rental equipment, operating and administrative costs, and establishing a website.
Upon receiving our loan for the first month, we plan on heavy advertising through the Internet, skating publications, and on-site events such as skating races.
The start-up costs are shown in the following tables and illustration.
|Start-up Expenses to Fund||$9,204|
|Start-up Assets to Fund||$11,496|
|Total Funding Required||$20,700|
|Non-cash Assets from Start-up||$1,500|
|Cash Requirements from Start-up||$9,996|
|Additional Cash Raised||$0|
|Cash Balance on Starting Date||$9,996|
|Liabilities and Capital|
|Accounts Payable (Outstanding Bills)||$200|
|Other Current Liabilities (interest-free)||$0|
|Lamiah G. Arnold/Trower||$3,000|
|David S. Chavez||$2,000|
|Additional Investment Requirement||$0|
|Total Planned Investment||$16,000|
|Loss at Start-up (Start-up Expenses)||($9,204)|
|Total Capital and Liabilities||$11,496|
|Office & Computer Supply||$1,453|
|Research and Development||$1,827|
|Total Start-up Expenses||$9,204|
|Other Current Assets||$0|
2.3 Company Locations and Facilities
At present we are located in Venice, California. From our location, we will warehouse, package, and ship our products. We will find a larger site as the business expands.
We have manufacturers lined up to sub-contract our large production jobs. We plan to produce products on a monthly basis to cut our need for large inventory space.