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Claremont Funding

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
First-Time Homeowners 0% $2,100 $2,200 $5,020 $8,000 $10,500 $15,000 $18,000 $22,000 $10,022 $5,210 $3,820 $2,800
Other Homebuyers 0% $1,050 $1,100 $2,510 $4,000 $5,250 $7,500 $9,000 $11,000 $5,011 $2,605 $1,910 $1,400
Residential Refinancing 0% $3,000 $3,000 $6,640 $10,000 $11,000 $14,000 $17,000 $20,000 $13,000 $4,322 $3,222 $2,655
Total Sales $6,150 $6,300 $14,170 $22,000 $26,750 $36,500 $44,000 $53,000 $28,033 $12,137 $8,952 $6,855
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
First-Time Homeowners $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Other Homebuyers $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Residential Refinancing $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Subtotal Direct Cost of Sales $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
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
Joan Billings 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
Maureen Shoe 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
Admin Assistants 0% $3,000 $3,000 $3,000 $3,000 $5,000 $5,000 $5,000 $5,000 $5,000 $3,000 $3,000 $3,000
Total People 3 3 3 3 4 4 4 4 4 3 3 3
Total Payroll $13,000 $13,000 $13,000 $13,000 $15,000 $15,000 $15,000 $15,000 $15,000 $13,000 $13,000 $13,000

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 $6,150 $6,300 $14,170 $22,000 $26,750 $36,500 $44,000 $53,000 $28,033 $12,137 $8,952 $6,855
Direct Cost of Sales $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Other Production Expenses $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total Cost of Sales $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Gross Margin $6,150 $6,300 $14,170 $22,000 $26,750 $36,500 $44,000 $53,000 $28,033 $12,137 $8,952 $6,855
Gross Margin % 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Expenses
Payroll $13,000 $13,000 $13,000 $13,000 $15,000 $15,000 $15,000 $15,000 $15,000 $13,000 $13,000 $13,000
Sales and Marketing and Other Expenses $650 $650 $650 $650 $650 $650 $650 $650 $650 $650 $650 $650
Depreciation $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Leased Equipment $200 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Utilities $200 $200 $200 $200 $200 $200 $200 $200 $200 $200 $200 $200
Insurance $200 $200 $200 $200 $200 $200 $200 $200 $200 $200 $200 $200
Rent $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000
Payroll Taxes 15% $1,950 $1,950 $1,950 $1,950 $2,250 $2,250 $2,250 $2,250 $2,250 $1,950 $1,950 $1,950
Other $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total Operating Expenses $19,200 $19,000 $19,000 $19,000 $21,300 $21,300 $21,300 $21,300 $21,300 $19,000 $19,000 $19,000
Profit Before Interest and Taxes ($13,050) ($12,700) ($4,830) $3,000 $5,450 $15,200 $22,700 $31,700 $6,733 ($6,863) ($10,048) ($12,145)
EBITDA ($13,050) ($12,700) ($4,830) $3,000 $5,450 $15,200 $22,700 $31,700 $6,733 ($6,863) ($10,048) ($12,145)
Interest Expense $248 $246 $244 $279 $277 $275 $235 $233 $231 $229 $227 $225
Taxes Incurred ($3,989) ($3,884) ($1,522) $816 $1,552 $4,478 $6,739 $9,440 $1,951 ($2,128) ($3,083) ($3,711)
Net Profit ($9,309) ($9,062) ($3,552) $1,905 $3,621 $10,448 $15,725 $22,027 $4,551 ($4,965) ($7,193) ($8,659)
Net Profit/Sales -151.36% -143.84% -25.06% 8.66% 13.54% 28.62% 35.74% 41.56% 16.24% -40.90% -80.35% -126.32%

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 $1,538 $1,575 $3,543 $5,500 $6,688 $9,125 $11,000 $13,250 $7,008 $3,034 $2,238 $1,714
Cash from Receivables $0 $154 $4,616 $4,922 $10,823 $16,619 $20,306 $27,563 $33,225 $39,126 $20,627 $9,023
Subtotal Cash from Operations $1,538 $1,729 $8,159 $10,422 $17,511 $25,744 $31,306 $40,813 $40,233 $42,160 $22,865 $10,737
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 $4,500 $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 $12,000 $0 $0 $0 $0 $0 $0 $0 $0 $0
Subtotal Cash Received $1,538 $1,729 $20,159 $14,922 $17,511 $25,744 $31,306 $40,813 $40,233 $42,160 $22,865 $10,737
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 $13,000 $13,000 $13,000 $13,000 $15,000 $15,000 $15,000 $15,000 $15,000 $13,000 $13,000 $13,000
Bill Payments $10,082 $2,455 $2,441 $4,801 $7,130 $8,226 $11,127 $13,365 $15,724 $8,336 $4,070 $3,124
Subtotal Spent on Operations $23,082 $15,455 $15,441 $17,801 $22,130 $23,226 $26,127 $28,365 $30,724 $21,336 $17,070 $16,124
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 $4,500 $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 $250 $250 $250 $250 $250 $250 $250 $250 $250 $250 $250 $250
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 $23,332 $15,705 $15,691 $18,051 $22,380 $23,476 $30,877 $28,615 $30,974 $21,586 $17,320 $16,374
Net Cash Flow ($21,794) ($13,977) $4,468 ($3,129) ($4,869) $2,267 $430 $12,198 $9,260 $20,574 $5,546 ($5,637)
Cash Balance $18,156 $4,179 $8,647 $5,518 $649 $2,916 $3,346 $15,544 $24,803 $45,378 $50,923 $45,287
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 $39,950 $18,156 $4,179 $8,647 $5,518 $649 $2,916 $3,346 $15,544 $24,803 $45,378 $50,923 $45,287
Accounts Receivable $0 $4,613 $9,184 $15,195 $26,773 $36,013 $46,769 $59,463 $71,650 $59,450 $29,427 $15,513 $11,631
Other Current Assets $20,000 $20,000 $20,000 $20,000 $20,000 $20,000 $20,000 $20,000 $20,000 $20,000 $20,000 $20,000 $20,000
Total Current Assets $59,950 $42,768 $33,363 $43,842 $52,291 $56,661 $69,685 $82,808 $107,194 $104,253 $94,804 $86,437 $76,918
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 $59,950 $42,768 $33,363 $43,842 $52,291 $56,661 $69,685 $82,808 $107,194 $104,253 $94,804 $86,437 $76,918
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 $10,000 $2,377 $2,283 $4,564 $6,859 $7,858 $10,684 $12,832 $15,441 $8,199 $3,965 $3,040 $2,430
Current Borrowing $0 $0 $0 $0 $4,500 $4,500 $4,500 $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 $10,000 $2,377 $2,283 $4,564 $11,359 $12,358 $15,184 $12,832 $15,441 $8,199 $3,965 $3,040 $2,430
Long-term Liabilities $30,000 $29,750 $29,500 $29,250 $29,000 $28,750 $28,500 $28,250 $28,000 $27,750 $27,500 $27,250 $27,000
Total Liabilities $40,000 $32,127 $31,783 $33,814 $40,359 $41,108 $43,684 $41,082 $43,441 $35,949 $31,465 $30,290 $29,430
Paid-in Capital $40,000 $40,000 $40,000 $52,000 $52,000 $52,000 $52,000 $52,000 $52,000 $52,000 $52,000 $52,000 $52,000
Retained Earnings ($20,050) ($20,050) ($20,050) ($20,050) ($20,050) ($20,050) ($20,050) ($20,050) ($20,050) ($20,050) ($20,050) ($20,050) ($20,050)
Earnings $0 ($9,309) ($18,371) ($21,922) ($20,018) ($16,397) ($5,949) $9,776 $31,803 $36,354 $31,389 $24,197 $15,538
Total Capital $19,950 $10,641 $1,579 $10,028 $11,932 $15,553 $26,001 $41,726 $63,753 $68,304 $63,339 $56,147 $47,488
Total Liabilities and Capital $59,950 $42,768 $33,363 $43,842 $52,291 $56,661 $69,685 $82,808 $107,194 $104,253 $94,804 $86,437 $76,918
Net Worth $19,950 $10,641 $1,579 $10,028 $11,932 $15,553 $26,001 $41,726 $63,753 $68,304 $63,339 $56,147 $47,488