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Glass Dreams

Executive Summary

More than 10 years ago Jan Primak discovered stained glass art. Within six months, she was teaching the art, running a successful stained glass retail store in Richmond and developing her own artistic style. Jan returned to Montclair and dedicated her time to creating unique stained glass pieces and teaching stained glass classes at Montclair Community College.  Later she opened Glass Dreams, a highly successful art studio and gallery.

As well as an art studio, Glass Dreams is a small retail outlet for supplies, tools and glass in Montclair.

Glass Dreams wants to expand the retail outlet to create a second storefront with the most comprehensive variety of supplies, tools and glass in Montclair.  The new storefront will be adjacent to studio.  The original storefront will become a reference library with over 610 art glass books, and a training center for both serious and recreational artists, novice and expert alike.

Glass Dreams will secure a $50,000 long-term loan to facilitate the opening of a second storefront.

1.1 Mission

Glass Dreams’ mission is to offer consumers one of a kind stained glass art as well as provide tools and training to both serious and recreational artists.

1.2 Keys to Success

  • A knowledgeable staff that can quickly answer customer questions.
  • Excellent instruction in the art of stained glass.
  • A comfortable shopping environment that keeps customers in the store.
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Company Summary

Glass Dreams is a highly successful art studio and gallery, as well as a small retail outlet for supplies, tools and glass in Montclair.  Jan Primak is a popular stained glass instructor and the studio has become a gathering place for aspiring stained glass artists.

2.1 Company History

Jan uses stained glass art and the play of ambient light to create her artistic interpretations. Jan combines the shifting qualities of light with the subtle textures and colors of glass, to create graceful, elegant, exclusive pieces for discriminating collectors from around the world.

Jan Primak has chosen to work in Montclair, but she is an artist of international renown. Her singular stained glass creations have sold to Japan, Belgium, Egypt, Australia and the United States. A high-energy individual, she has a seemingly limitless supply of creative ideas. She proudly emphasizes the individuality of each and every piece she creates. Her singular art pieces and limitless ideas result in high demand for her work.

Her studio, gallery and store are combined in one, which creates an unusually wonderful experience for customers and aspiring stained glass artists. Her classes are so popular that the existing store space can no longer accommodate her students and customers.

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Past Performance
1999 2000 2001
Sales $180,000 $220,000 $260,000
Gross Margin $50,000 $60,000 $75,000
Gross Margin % 27.78% 27.27% 28.85%
Operating Expenses $100,000 $110,000 $120,000
Inventory Turnover 13.00 11.85 5.52
Balance Sheet
1999 2000 2001
Current Assets
Cash $10,000 $30,000 $50,000
Inventory $10,000 $17,000 $50,000
Other Current Assets $0 $0 $0
Total Current Assets $20,000 $47,000 $100,000
Long-term Assets
Long-term Assets $20,000 $20,000 $20,000
Accumulated Depreciation $1,000 $2,000 $3,000
Total Long-term Assets $19,000 $18,000 $17,000
Total Assets $39,000 $65,000 $117,000
Current Liabilities
Accounts Payable $14,000 $15,000 $16,000
Current Borrowing $0 $0 $0
Other Current Liabilities (interest free) $0 $0 $0
Total Current Liabilities $14,000 $15,000 $16,000
Long-term Liabilities $0 $0 $50,000
Total Liabilities $14,000 $15,000 $66,000
Paid-in Capital $0 $0 $0
Retained Earnings ($5,000) $20,000 $11,000
Earnings $30,000 $30,000 $40,000
Total Capital $25,000 $50,000 $51,000
Total Capital and Liabilities $39,000 $65,000 $117,000
Other Inputs
Payment Days 0 0 0

2.2 Company Ownership

Jan Primak is the owner of Glass Dreams.

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Products and Services

Glass Dreams will be opening a second store front that will focus on selling stained glass supplies. The new space will double the inventory of Glass Dreams and will provide ample space for customers to shop.  The retail space will have its own manager and staff.

Glass Dreams provides the following products and services:

STAINED GLASS SUPPLIES

  • Basic and super stained glass tool kits;
  • Gryphon band saws;
  • Tauris ring saws;
  • Glass grinders;
  • Glass: Spectrum, Kokomo, Bullseye, Armstrong, Optimum, Sahara, English Muffle, Uroborus, GNA, Antiques, Gluechip;
  • Mosaic forms and supplies;
  • Slab glass (Dalle De Verre);
  • Solder;
  • Lamp bases;
  • Bevels;
  • Books and more!

TEACHING

  • Stained glass courses;
  • 7-10 week classes;
  • Novice to advanced;
  • Mosaics, etching, soldering–one day courses.

STAINED GLASS DESIGNS FOR

  • Entryways;
  • Shower doors;
  • Lamps;
  • Windows;
  • Gifts;
  • Custom orders;
  • Residential;
  • Commercial.
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Market Analysis Summary

Stained glass is a very popular craft art.  It has grown to be a popular attraction of art and craft galleries and festivals.  There are approximately 2,000 galleries on the West Coast that carry stained glass art.  Each year, stained glass artists are popular attractions at over 250 major arts and craft festivals on the West Coast. It is estimated that over 30 million shopper visit these arts and craft festivals annually. These galleries and festivals represent millions of dollars in sales for stained glass artists. 

Over the past three years, Jan Primak has had many customers sign up for stained glass project classes.  Some of these students have gone on to become stained glass artists. Jan has built a base of loyal artists and customers who use Glass Dreams as a resource.

4.1 Market Segmentation

Glass Dreams will focus on two customer groups:

  • Recreational Artists: These are customers of Jan’s less expensive pieces and are interested in trying their own hand at creating a piece based on one of Jan’s designs.
  • Serious Artists: This group represents the strong artist base that comes from three years of teaching stained glass courses.  Over that period, Jan has assisted 300 students in finishing multiple stained glass projects.
Stained glass gallery business plan, market analysis summary chart image

Market Analysis
2002 2003 2004 2005 2006
Potential Customers Growth CAGR
Recreational Artists 15% 5,000 5,750 6,613 7,605 8,746 15.00%
Serious Artists 10% 2,000 2,200 2,420 2,662 2,928 10.00%
Total 13.64% 7,000 7,950 9,033 10,267 11,674 13.64%

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Strategy and Implementation Summary

After the second storefront is opened, Glass Dreams will have the following resources:

Studio

The work studio is a new space with many amenities, including a 4′ x 6′ light box table, a full basement with kilns, and a kitchenette where coffee and good conversation are always present. Jan Primak and apprentices are continuously working on many projects.

The teaching section of the studio, allows for up to six people at a time, where they can receive instruction in stained glass assembly. The different types of classes being taught are: beginning, intermediate or advanced. Some of the different types of projects customers can learn to make are: lead came windows, panel lamps, tiffany lamps, glass mosaics, picture frames, stained glass boxes, stained and beveled glass windows, stained glass stone tables, mosaic stepping stones and garden stakes.

Retail

The retail section offers everything that a glass crafter needs to work with stained glass, we offer a selection with over 6,000 square feet of stained glass varying from clear textured to hand rolled opalescent and cathedrals. The retail store will have a manager and a staff of two. This staff will be responsible for the setup and maintenance of the store.

5.1 Competitive Edge

Jan Primak is an artist of international renown. She is the competitive edge of Glass Dreams.  Her stained glass creations are sold throughout the world. She is a high-energy individual with a seemingly limitless supply of creative ideas. But most importantly, she is excellent with customers and fellow artists. Her classes are popular and have generated a loyal base of budding artists that return again and again to Glass Dreams for supplies and inspiration.

5.2 Sales Strategy

Glass Dream’s focus will be on building the retail storefront during the first three months of operation. During that time, Glass Dreams will offer a 20% discount on all purchases of $50 or more. Glass Dreams anticipates that sales will grow slowly during the first five months of the store’s operation.

5.2.1 Sales Forecast

The following is the sales forecast for three years.

Stained glass gallery business plan, strategy and implementation summary chart image

Stained glass gallery business plan, strategy and implementation summary chart image

Sales Forecast
2002 2003 2004
Sales
Retail $125,000 $140,000 $160,000
Courses $89,000 $100,000 $100,000
Art Pieces $118,500 $120,000 $140,000
Total Sales $332,500 $360,000 $400,000
Direct Cost of Sales 2002 2003 2004
Retail $40,500 $45,000 $52,000
Courses $0 $0 $0
Art Pieces $25,250 $30,000 $36,000
Subtotal Direct Cost of Sales $65,750 $75,000 $88,000

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Management Summary

Jan Primak will manage the staff of Glass Dreams, though the retail storefront will have its own manager. Jan has over ten years experience in stained glass art. More importantly, she has been a popular arts teacher at the local community college. Her ability to manage people and maintain a disciplined, but creative, environment is one of her strongest hallmark as an artist and teacher.

6.1 Personnel Plan

Glass Dreams will be doubling its staff with the opening of the second storefront. The retail store manager position and the retail staff positions are new. The personnel plan for Glass Dreams is as follows:

Personnel Plan
2002 2003 2004
Jan Primak $36,000 $38,000 $40,000
Retail Store Manager $32,400 $34,000 $36,000
Apprentices/Project Assistants (2) $48,000 $48,000 $48,000
Retail Staff (2) $38,400 $40,000 $42,000
Total People 5 5 5
Total Payroll $154,800 $160,000 $166,000

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Financial Plan

The following sections outline the financial plan for Glass Dreams.

7.1 Break-even Analysis

The following table and chart show our monthly break-even point for the next year.

Stained glass gallery business plan, financial plan chart image

Break-even Analysis
Monthly Revenue Break-even $23,353
Assumptions:
Average Percent Variable Cost 20%
Estimated Monthly Fixed Cost $18,735

7.2 Projected Profit and Loss

The following table and charts are the projected profit and loss for three years.

Stained glass gallery business plan, financial plan chart image

Stained glass gallery business plan, financial plan chart image

Stained glass gallery business plan, financial plan chart image

Stained glass gallery business plan, financial plan chart image

Pro Forma Profit and Loss
2002 2003 2004
Sales $332,500 $360,000 $400,000
Direct Cost of Sales $65,750 $75,000 $88,000
Other Production Expenses $0 $0 $0
Total Cost of Sales $65,750 $75,000 $88,000
Gross Margin $266,750 $285,000 $312,000
Gross Margin % 80.23% 79.17% 78.00%
Expenses
Payroll $154,800 $160,000 $166,000
Sales and Marketing and Other Expenses $6,000 $6,000 $6,000
Depreciation $0 $0 $0
Leased Equipment $0 $0 $0
Utilities $4,800 $4,800 $4,800
Insurance $0 $0 $0
Rent $36,000 $36,000 $36,000
Payroll Taxes $23,220 $24,000 $24,900
Other $0 $0 $0
Total Operating Expenses $224,820 $230,800 $237,700
Profit Before Interest and Taxes $41,930 $54,200 $74,300
EBITDA $41,930 $54,200 $74,300
Interest Expense $4,415 $3,380 $2,300
Taxes Incurred $11,255 $15,246 $21,600
Net Profit $26,260 $35,574 $50,400
Net Profit/Sales 7.90% 9.88% 12.60%

7.3 Projected Cash Flow

The following table and chart are the projected cash flow for three years.

Stained glass gallery business plan, financial plan chart image

Pro Forma Cash Flow
2002 2003 2004
Cash Received
Cash from Operations
Cash Sales $332,500 $360,000 $400,000
Subtotal Cash from Operations $332,500 $360,000 $400,000
Additional Cash Received
Sales Tax, VAT, HST/GST Received $0 $0 $0
New Current Borrowing $0 $0 $0
New Other Liabilities (interest-free) $0 $0 $0
New Long-term Liabilities $0 $0 $0
Sales of Other Current Assets $0 $0 $0
Sales of Long-term Assets $0 $0 $0
New Investment Received $0 $0 $0
Subtotal Cash Received $332,500 $360,000 $400,000
Expenditures 2002 2003 2004
Expenditures from Operations
Cash Spending $154,800 $160,000 $166,000
Bill Payments $111,511 $164,044 $183,256
Subtotal Spent on Operations $266,311 $324,044 $349,256
Additional Cash Spent
Sales Tax, VAT, HST/GST Paid Out $0 $0 $0
Principal Repayment of Current Borrowing $0 $0 $0
Other Liabilities Principal Repayment $0 $0 $0
Long-term Liabilities Principal Repayment $10,800 $10,800 $10,800
Purchase Other Current Assets $0 $0 $0
Purchase Long-term Assets $0 $0 $0
Dividends $0 $0 $0
Subtotal Cash Spent $277,111 $334,844 $360,056
Net Cash Flow $55,389 $25,156 $39,944
Cash Balance $105,389 $130,545 $170,490

7.4 Projected Balance Sheet

The following table is the projected balance sheet for three years.

Pro Forma Balance Sheet
2002 2003 2004
Assets
Current Assets
Cash $105,389 $130,545 $170,490
Inventory $6,380 $7,278 $8,539
Other Current Assets $0 $0 $0
Total Current Assets $111,769 $137,823 $179,029
Long-term Assets
Long-term Assets $20,000 $20,000 $20,000
Accumulated Depreciation $3,000 $3,000 $3,000
Total Long-term Assets $17,000 $17,000 $17,000
Total Assets $128,769 $154,823 $196,029
Liabilities and Capital 2002 2003 2004
Current Liabilities
Accounts Payable $12,309 $13,588 $15,194
Current Borrowing $0 $0 $0
Other Current Liabilities $0 $0 $0
Subtotal Current Liabilities $12,309 $13,588 $15,194
Long-term Liabilities $39,200 $28,400 $17,600
Total Liabilities $51,509 $41,988 $32,794
Paid-in Capital $0 $0 $0
Retained Earnings $51,000 $77,261 $112,835
Earnings $26,260 $35,574 $50,400
Total Capital $77,261 $112,835 $163,235
Total Liabilities and Capital $128,769 $154,823 $196,029
Net Worth $77,260 $112,835 $163,235

7.5 Business Ratios

Business ratios for the years of this plan are shown below.  Industry profile ratios based on the Standard Industrial Classification (SIC) code 7336, Commercial Art and Graphic Design, are shown for comparison.

Ratio Analysis
2002 2003 2004 Industry Profile
Sales Growth 27.88% 8.27% 11.11% 8.50%
Percent of Total Assets
Inventory 4.95% 4.70% 4.36% 5.30%
Other Current Assets 0.00% 0.00% 0.00% 44.20%
Total Current Assets 86.80% 89.02% 91.33% 69.00%
Long-term Assets 13.20% 10.98% 8.67% 31.00%
Total Assets 100.00% 100.00% 100.00% 100.00%
Current Liabilities 9.56% 8.78% 7.75% 43.70%
Long-term Liabilities 30.44% 18.34% 8.98% 19.40%
Total Liabilities 40.00% 27.12% 16.73% 63.10%
Net Worth 60.00% 72.88% 83.27% 36.90%
Percent of Sales
Sales 100.00% 100.00% 100.00% 100.00%
Gross Margin 80.23% 79.17% 78.00% 0.00%
Selling, General & Administrative Expenses 72.33% 69.29% 65.40% 81.30%
Advertising Expenses 1.80% 1.67% 1.50% 1.00%
Profit Before Interest and Taxes 12.61% 15.06% 18.58% 1.70%
Main Ratios
Current 9.08 10.14 11.78 1.60
Quick 8.56 9.61 11.22 1.23
Total Debt to Total Assets 40.00% 27.12% 16.73% 63.10%
Pre-tax Return on Net Worth 48.56% 45.04% 44.11% 3.60%
Pre-tax Return on Assets 29.13% 32.82% 36.73% 9.80%
Additional Ratios 2002 2003 2004
Net Profit Margin 7.90% 9.88% 12.60% n.a
Return on Equity 33.99% 31.53% 30.88% n.a
Activity Ratios
Inventory Turnover 2.93 10.98 11.13 n.a
Accounts Payable Turnover 8.76 12.17 12.17 n.a
Payment Days 31 29 28 n.a
Total Asset Turnover 2.58 2.33 2.04 n.a
Debt Ratios
Debt to Net Worth 0.67 0.37 0.20 n.a
Current Liab. to Liab. 0.24 0.32 0.46 n.a
Liquidity Ratios
Net Working Capital $99,460 $124,235 $163,835 n.a
Interest Coverage 9.50 16.04 32.30 n.a
Additional Ratios
Assets to Sales 0.39 0.43 0.49 n.a
Current Debt/Total Assets 10% 9% 8% n.a
Acid Test 8.56 9.61 11.22 n.a
Sales/Net Worth 4.30 3.19 2.45 n.a
Dividend Payout 0.00 0.00 0.00 n.a

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Appendix

Sales Forecast
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Sales
Retail 0% $5,000 $6,000 $7,000 $8,000 $9,000 $10,000 $12,000 $12,000 $14,000 $14,000 $14,000 $14,000
Courses 0% $5,000 $5,000 $6,000 $7,000 $8,000 $8,000 $10,000 $10,000 $8,000 $8,000 $8,000 $6,000
Art Pieces 0% $9,000 $8,500 $8,000 $11,000 $13,000 $12,000 $10,000 $12,000 $7,000 $8,000 $10,000 $10,000
Total Sales $19,000 $19,500 $21,000 $26,000 $30,000 $30,000 $32,000 $34,000 $29,000 $30,000 $32,000 $30,000
Direct Cost of Sales Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Retail $1,300 $1,600 $2,100 $3,000 $4,000 $4,000 $4,500 $4,500 $4,000 $4,200 $4,000 $3,300
Courses $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Art Pieces $1,000 $1,500 $2,000 $2,500 $2,500 $2,500 $2,000 $2,500 $1,750 $2,000 $2,500 $2,500
Subtotal Direct Cost of Sales $2,300 $3,100 $4,100 $5,500 $6,500 $6,500 $6,500 $7,000 $5,750 $6,200 $6,500 $5,800
Personnel Plan
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Jan Primak 0% $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000
Retail Store Manager 0% $2,700 $2,700 $2,700 $2,700 $2,700 $2,700 $2,700 $2,700 $2,700 $2,700 $2,700 $2,700
Apprentices/Project Assistants (2) 0% $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000
Retail Staff (2) 0% $3,200 $3,200 $3,200 $3,200 $3,200 $3,200 $3,200 $3,200 $3,200 $3,200 $3,200 $3,200
Total People 5 5 5 5 5 5 5 5 5 5 5 5
Total Payroll $12,900 $12,900 $12,900 $12,900 $12,900 $12,900 $12,900 $12,900 $12,900 $12,900 $12,900 $12,900

General Assumptions
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
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
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Sales $19,000 $19,500 $21,000 $26,000 $30,000 $30,000 $32,000 $34,000 $29,000 $30,000 $32,000 $30,000
Direct Cost of Sales $2,300 $3,100 $4,100 $5,500 $6,500 $6,500 $6,500 $7,000 $5,750 $6,200 $6,500 $5,800
Other Production Expenses $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total Cost of Sales $2,300 $3,100 $4,100 $5,500 $6,500 $6,500 $6,500 $7,000 $5,750 $6,200 $6,500 $5,800
Gross Margin $16,700 $16,400 $16,900 $20,500 $23,500 $23,500 $25,500 $27,000 $23,250 $23,800 $25,500 $24,200
Gross Margin % 87.89% 84.10% 80.48% 78.85% 78.33% 78.33% 79.69% 79.41% 80.17% 79.33% 79.69% 80.67%
Expenses
Payroll $12,900 $12,900 $12,900 $12,900 $12,900 $12,900 $12,900 $12,900 $12,900 $12,900 $12,900 $12,900
Sales and Marketing and Other Expenses $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500
Depreciation $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Leased Equipment $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Utilities $400 $400 $400 $400 $400 $400 $400 $400 $400 $400 $400 $400
Insurance $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
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% $1,935 $1,935 $1,935 $1,935 $1,935 $1,935 $1,935 $1,935 $1,935 $1,935 $1,935 $1,935
Other $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total Operating Expenses $18,735 $18,735 $18,735 $18,735 $18,735 $18,735 $18,735 $18,735 $18,735 $18,735 $18,735 $18,735
Profit Before Interest and Taxes ($2,035) ($2,335) ($1,835) $1,765 $4,765 $4,765 $6,765 $8,265 $4,515 $5,065 $6,765 $5,465
EBITDA ($2,035) ($2,335) ($1,835) $1,765 $4,765 $4,765 $6,765 $8,265 $4,515 $5,065 $6,765 $5,465
Interest Expense $409 $402 $394 $387 $379 $372 $364 $357 $349 $342 $334 $327
Taxes Incurred ($733) ($821) ($669) $413 $1,316 $1,318 $1,920 $2,373 $1,250 $1,417 $1,929 $1,541
Net Profit ($1,711) ($1,916) ($1,560) $965 $3,070 $3,075 $4,481 $5,536 $2,916 $3,306 $4,502 $3,597
Net Profit/Sales -9.00% -9.82% -7.43% 3.71% 10.23% 10.25% 14.00% 16.28% 10.06% 11.02% 14.07% 11.99%

Pro Forma Cash Flow
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Cash Received
Cash from Operations
Cash Sales $19,000 $19,500 $21,000 $26,000 $30,000 $30,000 $32,000 $34,000 $29,000 $30,000 $32,000 $30,000
Subtotal Cash from Operations $19,000 $19,500 $21,000 $26,000 $30,000 $30,000 $32,000 $34,000 $29,000 $30,000 $32,000 $30,000
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 $19,000 $19,500 $21,000 $26,000 $30,000 $30,000 $32,000 $34,000 $29,000 $30,000 $32,000 $30,000
Expenditures Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Expenditures from Operations
Cash Spending $12,900 $12,900 $12,900 $12,900 $12,900 $12,900 $12,900 $12,900 $12,900 $12,900 $12,900 $12,900
Bill Payments $16,184 $5,508 $5,420 $5,596 $6,665 $7,530 $7,544 $8,134 $8,646 $11,118 $14,310 $14,855
Subtotal Spent on Operations $29,084 $18,408 $18,320 $18,496 $19,565 $20,430 $20,444 $21,034 $21,546 $24,018 $27,210 $27,755
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 $900 $900 $900 $900 $900 $900 $900 $900 $900 $900 $900 $900
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 $29,984 $19,308 $19,220 $19,396 $20,465 $21,330 $21,344 $21,934 $22,446 $24,918 $28,110 $28,655
Net Cash Flow ($10,984) $192 $1,780 $6,604 $9,535 $8,670 $10,656 $12,066 $6,554 $5,082 $3,890 $1,345
Cash Balance $39,016 $39,209 $40,988 $47,592 $57,127 $65,797 $76,453 $88,518 $95,073 $100,154 $104,044 $105,389
Pro Forma Balance Sheet
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Assets Starting Balances
Current Assets
Cash $50,000 $39,016 $39,209 $40,988 $47,592 $57,127 $65,797 $76,453 $88,518 $95,073 $100,154 $104,044 $105,389
Inventory $50,000 $47,700 $44,600 $40,500 $35,000 $28,500 $22,000 $15,500 $8,500 $6,325 $6,820 $7,150 $6,380
Other Current Assets $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total Current Assets $100,000 $86,716 $83,809 $81,488 $82,592 $85,627 $87,797 $91,953 $97,018 $101,398 $106,974 $111,194 $111,769
Long-term Assets
Long-term 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
Accumulated Depreciation $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000
Total Long-term Assets $17,000 $17,000 $17,000 $17,000 $17,000 $17,000 $17,000 $17,000 $17,000 $17,000 $17,000 $17,000 $17,000
Total Assets $117,000 $103,716 $100,809 $98,488 $99,592 $102,627 $104,797 $108,953 $114,018 $118,398 $123,974 $128,194 $128,769
Liabilities and Capital Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Current Liabilities
Accounts Payable $16,000 $5,327 $5,235 $5,375 $6,414 $7,279 $7,274 $7,849 $8,279 $10,642 $13,812 $14,431 $12,309
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 $16,000 $5,327 $5,235 $5,375 $6,414 $7,279 $7,274 $7,849 $8,279 $10,642 $13,812 $14,431 $12,309
Long-term Liabilities $50,000 $49,100 $48,200 $47,300 $46,400 $45,500 $44,600 $43,700 $42,800 $41,900 $41,000 $40,100 $39,200
Total Liabilities $66,000 $54,427 $53,435 $52,675 $52,814 $52,779 $51,874 $51,549 $51,079 $52,542 $54,812 $54,531 $51,509
Paid-in Capital $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Retained Earnings $11,000 $51,000 $51,000 $51,000 $51,000 $51,000 $51,000 $51,000 $51,000 $51,000 $51,000 $51,000 $51,000
Earnings $40,000 ($1,711) ($3,627) ($5,187) ($4,222) ($1,152) $1,923 $6,404 $11,940 $14,856 $18,162 $22,664 $26,260
Total Capital $51,000 $49,289 $47,373 $45,813 $46,778 $49,848 $52,923 $57,404 $62,940 $65,856 $69,162 $73,664 $77,261
Total Liabilities and Capital $117,000 $103,716 $100,809 $98,488 $99,592 $102,627 $104,797 $108,953 $114,018 $118,398 $123,974 $128,194 $128,769
Net Worth $51,000 $49,289 $47,373 $45,813 $46,778 $49,848 $52,923 $57,404 $62,940 $65,856 $69,162 $73,664 $77,260

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