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Fargo Medical Laboratories

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
Professional building physicians 0% $0 $2,500 $3,565 $4,245 $4,989 $5,353 $5,978 $6,874 $8,989 $10,225 $13,545 $15,515
Nearby physicians 0% $0 $500 $713 $849 $998 $1,071 $1,196 $1,375 $1,798 $2,045 $2,709 $3,103
Total Sales $0 $3,000 $4,278 $5,094 $5,987 $6,424 $7,174 $8,249 $10,787 $12,270 $16,254 $18,618
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
Professional building physicians $0 $875 $1,248 $1,486 $1,746 $1,874 $2,092 $2,406 $3,146 $3,579 $4,741 $5,430
Nearby physicians $0 $175 $250 $297 $349 $375 $418 $481 $629 $716 $948 $1,086
Subtotal Direct Cost of Sales $0 $1,050 $1,497 $1,783 $2,095 $2,248 $2,511 $2,887 $3,775 $4,295 $5,689 $6,516
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
Dave 0% $0 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000
Phlebotomist 0% $0 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500
Phlebotomist 0% $0 $0 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500
Lab technician 0% $0 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000
Total People 0 3 4 4 4 4 4 4 4 4 4 4
Total Payroll $0 $5,500 $7,000 $7,000 $7,000 $7,000 $7,000 $7,000 $7,000 $7,000 $7,000 $7,000

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 $0 $3,000 $4,278 $5,094 $5,987 $6,424 $7,174 $8,249 $10,787 $12,270 $16,254 $18,618
Direct Cost of Sales $0 $1,050 $1,497 $1,783 $2,095 $2,248 $2,511 $2,887 $3,775 $4,295 $5,689 $6,516
Other Costs of Sales $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total Cost of Sales $0 $1,050 $1,497 $1,783 $2,095 $2,248 $2,511 $2,887 $3,775 $4,295 $5,689 $6,516
Gross Margin $0 $1,950 $2,781 $3,311 $3,891 $4,175 $4,663 $5,362 $7,011 $7,976 $10,565 $12,102
Gross Margin % 0.00% 65.00% 65.00% 65.00% 65.00% 65.00% 65.00% 65.00% 65.00% 65.00% 65.00% 65.00%
Expenses
Payroll $0 $5,500 $7,000 $7,000 $7,000 $7,000 $7,000 $7,000 $7,000 $7,000 $7,000 $7,000
Sales and Marketing and Other Expenses $200 $200 $200 $200 $200 $200 $200 $200 $200 $200 $200 $200
Depreciation $1,217 $1,217 $1,217 $1,217 $1,217 $1,217 $1,217 $1,217 $1,217 $1,217 $1,217 $1,217
Rent $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000
Utilities $150 $150 $150 $150 $150 $150 $150 $150 $150 $150 $150 $150
Insurance $200 $200 $200 $200 $200 $200 $200 $200 $200 $200 $200 $200
Payroll Taxes 15% $0 $825 $1,050 $1,050 $1,050 $1,050 $1,050 $1,050 $1,050 $1,050 $1,050 $1,050
Other $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total Operating Expenses $2,767 $9,092 $10,817 $10,817 $10,817 $10,817 $10,817 $10,817 $10,817 $10,817 $10,817 $10,817
Profit Before Interest and Taxes ($2,767) ($7,142) ($8,036) ($7,506) ($6,926) ($6,642) ($6,154) ($5,455) ($3,806) ($2,842) ($252) $1,285
EBITDA ($1,550) ($5,925) ($6,819) ($6,289) ($5,709) ($5,425) ($4,937) ($4,238) ($2,589) ($1,625) $965 $2,502
Interest Expense $1,408 $1,400 $1,392 $1,383 $1,375 $1,367 $1,358 $1,350 $1,342 $1,333 $1,325 $1,317
Taxes Incurred $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Net Profit ($4,175) ($8,542) ($9,428) ($8,889) ($8,301) ($8,008) ($7,512) ($6,805) ($5,147) ($4,175) ($1,577) ($32)
Net Profit/Sales 0.00% -284.73% -220.38% -174.50% -138.65% -124.67% -104.72% -82.50% -47.72% -34.02% -9.70% -0.17%

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 $0 $750 $1,070 $1,274 $1,497 $1,606 $1,793 $2,062 $2,697 $3,068 $4,064 $4,655
Cash from Receivables $0 $0 $75 $2,282 $3,229 $3,843 $4,501 $4,836 $5,407 $6,250 $8,127 $9,302
Subtotal Cash from Operations $0 $750 $1,145 $3,555 $4,726 $5,449 $6,294 $6,899 $8,104 $9,318 $12,191 $13,957
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 $0 $750 $1,145 $3,555 $4,726 $5,449 $6,294 $6,899 $8,104 $9,318 $12,191 $13,957
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 $0 $5,500 $7,000 $7,000 $7,000 $7,000 $7,000 $7,000 $7,000 $7,000 $7,000 $7,000
Bill Payments $99 $3,021 $4,847 $5,498 $5,776 $6,075 $6,223 $6,481 $6,866 $7,734 $8,274 $9,641
Subtotal Spent on Operations $99 $8,521 $11,847 $12,498 $12,776 $13,075 $13,223 $13,481 $13,866 $14,734 $15,274 $16,641
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 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000
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 $1,099 $9,521 $12,847 $13,498 $13,776 $14,075 $14,223 $14,481 $14,866 $15,734 $16,274 $17,641
Net Cash Flow ($1,099) ($8,771) ($11,703) ($9,943) ($9,051) ($8,626) ($7,929) ($7,583) ($6,763) ($6,417) ($4,083) ($3,685)
Cash Balance $90,901 $82,131 $70,428 $60,485 $51,435 $42,808 $34,879 $27,297 $20,534 $14,117 $10,034 $6,349
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 $92,000 $90,901 $82,131 $70,428 $60,485 $51,435 $42,808 $34,879 $27,297 $20,534 $14,117 $10,034 $6,349
Accounts Receivable $0 $0 $2,250 $5,384 $6,922 $8,183 $9,158 $10,037 $11,387 $14,070 $17,023 $21,086 $25,748
Other Current Assets $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total Current Assets $92,000 $90,901 $84,381 $75,812 $67,407 $59,618 $51,966 $44,917 $38,684 $34,604 $31,140 $31,120 $32,097
Long-term Assets
Long-term Assets $73,000 $73,000 $73,000 $73,000 $73,000 $73,000 $73,000 $73,000 $73,000 $73,000 $73,000 $73,000 $73,000
Accumulated Depreciation $0 $1,217 $2,434 $3,651 $4,868 $6,085 $7,302 $8,519 $9,736 $10,953 $12,170 $13,387 $14,604
Total Long-term Assets $73,000 $71,783 $70,566 $69,349 $68,132 $66,915 $65,698 $64,481 $63,264 $62,047 $60,830 $59,613 $58,396
Total Assets $165,000 $162,684 $154,947 $145,161 $135,539 $126,533 $117,664 $109,398 $101,948 $96,651 $91,970 $90,733 $90,493
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 $2,860 $4,664 $5,306 $5,574 $5,868 $6,008 $6,253 $6,609 $7,460 $7,954 $9,293 $10,085
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 $2,860 $4,664 $5,306 $5,574 $5,868 $6,008 $6,253 $6,609 $7,460 $7,954 $9,293 $10,085
Long-term Liabilities $170,000 $169,000 $168,000 $167,000 $166,000 $165,000 $164,000 $163,000 $162,000 $161,000 $160,000 $159,000 $158,000
Total Liabilities $170,000 $171,860 $172,664 $172,306 $171,574 $170,868 $170,008 $169,253 $168,609 $168,460 $167,954 $168,293 $168,085
Paid-in Capital $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Retained Earnings ($5,000) ($5,000) ($5,000) ($5,000) ($5,000) ($5,000) ($5,000) ($5,000) ($5,000) ($5,000) ($5,000) ($5,000) ($5,000)
Earnings $0 ($4,175) ($12,717) ($22,145) ($31,035) ($39,335) ($47,343) ($54,856) ($61,661) ($66,808) ($70,983) ($72,560) ($72,592)
Total Capital ($5,000) ($9,175) ($17,717) ($27,145) ($36,035) ($44,335) ($52,343) ($59,856) ($66,661) ($71,808) ($75,983) ($77,560) ($77,592)
Total Liabilities and Capital $165,000 $162,684 $154,947 $145,161 $135,539 $126,533 $117,664 $109,398 $101,948 $96,651 $91,970 $90,733 $90,493
Net Worth ($5,000) ($9,175) ($17,717) ($27,145) ($36,035) ($44,335) ($52,343) ($59,856) ($66,661) ($71,808) ($75,983) ($77,560) ($77,592)