E3 Playhouse is in a start-up position, with a beginning date of July 2004. The company expects to lease venue space in June 2004, a three-month build-out of the space. We anticipate opening our doors to the public in mid-September. The company is on a July through June fiscal year.
2.1 Company Ownership
Established in 2004, E3 Playhouse is operated as a ‘dba’ under the ownership of Equal Time Music, Incorporated. Equal Time Music, Inc. is a California “S” Corporation owned by Wes Anthony. As an “S” Corporation, profits of the corporation ‘pass-through’ to the corporate owner. The owner will pay taxes on the company profits on his personal tax returns.
2.2 Start-up Summary
The corporate owner has contributed $40,260 in paid-in capital for the initial development of E3 Playhouse. Start-up expenses include accounting; legal; consulting services; research and development;and expensed equipment. The company’s start-up position reflects a loss of ($39,260), and total capital and liabilities of $1,000.
The following table summarizes the company’s start-up position.
|Marketing Collateral (bcards, brochures, etc.)||$500|
|Research and Development (Time & Expenses)||$9,000|
|Total Start-up Expenses||$39,260|
|Other Current Assets||$0|
|Start-up Expenses to Fund||$39,260|
|Start-up Assets to Fund||$1,000|
|Total Funding Required||$40,260|
|Non-cash Assets from Start-up||$0|
|Cash Requirements from Start-up||$1,000|
|Additional Cash Raised||$0|
|Cash Balance on Starting Date||$1,000|
|Liabilities and Capital|
|Accounts Payable (Outstanding Bills)||$0|
|Other Current Liabilities (interest-free)||$0|
|Owner Paid-In Capital||$40,260|
|Additional Investment Requirement||$0|
|Total Planned Investment||$40,260|
|Loss at Start-up (Start-up Expenses)||($39,260)|
|Total Capital and Liabilities||$1,000|