Table of Contents1. Executive Summary..........................................................................................................................................................................12. Company Overview..........................................................................................................................................................................2

2.1 U.S. Company...........................................................................................................................................................................23.0 Business Overview.........................................................................................................................................................................5

3.1 Business Description.................................................................................................................................................................53.2 Products and Services...............................................................................................................................................................53.3 Permits, Licenses, and Contracts..............................................................................................................................................63.4 Business Growth........................................................................................................................................................................6

4. Industry and Market Analysis............................................................................................................................................................84.1 Industry Analysis........................................................................................................................................................................84.2 Market Description.....................................................................................................................................................................84.3 Market Description...................................................................................................................................................................10

5. Competition Analysis......................................................................................................................................................................115.1 Competing Businesses............................................................................................................................................................115.2 Competitive Strengths..............................................................................................................................................................115.3 Competitive Weaknesses........................................................................................................................................................11

6. Marketing Strategy..........................................................................................................................................................................126.1 Pricing Strategy.......................................................................................................................................................................126.2 Servicing Strategy....................................................................................................................................................................12

7. Key Management and Personnel....................................................................................................................................................137.1 Hiring Schedule.......................................................................................................................................................................137.2 Organization and Management................................................................................................................................................13

Table 7.2: Personnel.................................................................................................................................................................157.3 Job Positions...........................................................................................................................................................................16

8. Financial Forecasts.........................................................................................................................................................................208.1 Investment Summary...............................................................................................................................................................208.2 Sales Forecast.........................................................................................................................................................................21

Table 8.2: Sales Forecast.........................................................................................................................................................21Chart 8.2: Sales Monthly...........................................................................................................................................................21Chart 8.2: Sales by Year...........................................................................................................................................................21

8.3 Profit and Loss Statement........................................................................................................................................................22Table 8.3: Profit and Loss.........................................................................................................................................................22Chart 8.3: Profit Monthly...........................................................................................................................................................22Chart 8.3: Profit Yearly..............................................................................................................................................................23

8.4 Projected Cash Flow................................................................................................................................................................23Table 8.4: Cash Flow................................................................................................................................................................23Chart 8.4: Monthly Cash...........................................................................................................................................................24Chart 8.4: Annual Cash.............................................................................................................................................................24

8.5 Projected Balance Sheet.........................................................................................................................................................24Table 8.5: Balance Sheet..........................................................................................................................................................25

Table: Sales Forecast.........................................................................................................................................................................26Table: Sales Forecast 2nd Year (Planned).........................................................................................................................................27Table: Personnel................................................................................................................................................................................28Table: Personnel 2nd Year (Planned).................................................................................................................................................29Table: Profit and Loss.........................................................................................................................................................................30Table: Profit and Loss 2nd Year (Planned).........................................................................................................................................31Table: Cash Flow................................................................................................................................................................................32Table: Cash Flow 2nd Year (Planned)................................................................................................................................................33Table: Balance Sheet.........................................................................................................................................................................34Table: Balance Sheet 2nd Year (Planned)..........................................................................................................................................35

1. Executive Summary

Company Summary

Greenland Farming, LLC is a textile manufacturer of trendy women’s apparel. The company currently manufactures for retailers and wholesalers, including Maddy M brand leggings. Greenland Farming will expand its operation for increased production capacity and handle wide range of apparel types.

Enterprise Ownership

Greenland Farming is a limited liability company (LLC) with one member, Ms. Xiaojie Jin. Ms. Jin has invested $514,868 cash and holds a 100% interest in the Company.

Business Description

Product Description

Greenland Farming is a full-production sewing contractor and garment manufacturer, offering competitive prices with reasonable factory minimums. The Company professionally handles each step of the manufacturing process, including pattern making, sample making, cutting, pressing, sewing, digital creation, digitizing, packing, and delivery.

Greenland Farming manufactures a full line of clothing items, such as leggings, dresses and tops for women’s juniors, petites, contemporary, misses, and plus sizes. The Company also specializes in customizing its clothing line through an assortment of styles, colors, and patterns to further appeal to consumers and wholesalers.

Business Objective

In the next five years, the Company plans to expand its production operation, grow its network of buyers, expand its product categories, and build a reputation for quality construction, swift delivery, and responsive customer service.

Cost Projections

The Company will need approximately $335,000 in its first year of operation, not including the one-time purchase of Tamie Fashion for $50,000. The remaining capital will be used as reserve capital for cash flow, client credits, cost of goods, and other expense. Its annual expense will increase steadily annually as its operational needs increase.

Marketing Strategy

Greenland Farming will utilize a number of marketing strategies. The Company will rely on the professional and personal network of Ms. Jin and the client list and good will obtained from the purchase of Tamie Fashion. The company’s marketing plan will also include press releases, trade shows, print advertising, and Internet marketing.

Sales and Income Projections

The Company is expected to achieve US$310,000 by the end of 2019 and increase its gross sales by roughly US$80,000 annually. This projection will result in an operating loss for the second year due to an increase in personnel, equipment, and production capacity. The Company will achieve net profit after year 2020.

Personnel Plan and Schedule for Hiring

The Company currently has five employees from Tamie Fashion. The Company will hire additional 12 full-time employees by the end of 2019 and five more by the end of 2020 for a total of 17 employees.

2. Company Overview

2.1 U.S. Company Greenland Farming, LLC (“Greenland Farming” or “the Company”) is a new commercial enterprise formed in August 2013 in the state of California. The Company manufactures trendy women’s apparel for the juniors, petites, contemporary, misses and plus markets. It manufactures apparels designed and ordered by wholesalers and retailers, including the Maddy M leggings brand sold at national retailers and wholesalers. Greenland Farming operates its own production lines and ships directly from its warehouse. In the next five years, the Company plans to expand its production operation, grow its network of buyers, expand its product categories, and build a reputation for quality construction, swift delivery, and responsive customer service.

OWNERSHIP STRUCTURE

Greenland Farming is a limited liability company (LLC) with one member, Ms. Xiaojie Jin, who holds a 100 percent interest in the Company. Ms. Jin has invested $514,868 cash in the enterprise. In September of 2015, Greenland Farming purchased the assets of Tamie Fashion, LLC for $50,000. Tamie Fashion, LLC, was a garment manufacturer that has been operating in Los Angeles since 2006. Greenland Farming purchased Tamie Fashion’s assets as a going concern and acquired its client list, mailing list, goodwill, equipment, merchandise, furniture, fixtures, computer with custom software, forms, and its rights to all contracts and deposits.

Note: Ms. Jin will support Greenland Farming with additional capital and other resources in the future as needed to ensure its success.

LOCATION

Greenland Farming is located in the city of South El Monte in Los Angeles County. Its address is 2420 Rosemead Blvd., South El Monte, California 91733, at the previous address of Tamie Fashion LLC. The Company has signed a new one-year lease agreement with S.A. Hill Enterprises, Inc. to rent the 8,200 square foot premise for a monthly rate of $4,000. The premise comprises an office space and a production floor with sewing stations, cutting table, ironing station, and warehouse space. The warehouse space is used to store inventory and process outgoing orders.

Figure 1: Production Floor

Figure 2: President’s office Figure 3: Ironing station

South El Monte is a residential, industrial and commercial city in the San Gabriel Valley, located east of the Los Angeles City. South El Monte has approximately 21,000 residents.1 Approximately 54 percent of the city is utilized for industrial use, and its daytime population increases to over 44,000 due to workers streaming into the city daily. The Company’s location has been certified as a targeted employment area by the Governor’s Office of Business and Economic Development of the State of California.

South El Monte is a favorable location for Greenland Farming’s business for several reasons. For one, the city sits just 15 miles away from downtown Los Angeles, which is a major design, warehouse, and distribution nexus of the clothing, accessories and fabric industry on the west coast of the United States. The Company will benefit from the close proximity to the region’s many vendors, suppliers, and contractors offering textiles, trims, cutting and sewing services, design services, and more.

1 http://quickfacts.census.gov/qfd/states/06/0672996.html

Moreover, the Company is conveniently located near major freeways, including interstate 10, 710, 605, which connects it to major shipping hubs around the Los Angeles area. The Los Angeles International Airport is one of the busiest and largest international airport in the world, and the Port of Long Beach/Los Angeles is the Western Hemisphere’s busiest container port. Access to these major transportation hubs provides advantages in terms of cheaper and convenient distribution network and imported materials.

3.0 Business Overview

3.1 Business Description

Greenland Farming is a full-production sewing contractor and garment manufacturer offering competitive prices with reasonable factory minimums. The Company professionally handles each step of the manufacturing process, including pattern making, sample making, cutting, pressing, sewing, digital creation, digitizing, packing, labeling and delivery. The Company manufactures products according to order specifications from retailers and wholesalers.

3.2 Products and Services

Greenland Farming manufactures a complete line of leggings, dresses, and tops for juniors, petites, contemporary, misses, and plus size women under the brand name Matty Mâ. The clothing line offers a variety of styles, shapes, and colors to better meet the needs of customers. The Company specializes in customizing garments to perfectly fit the expectations of the customer. Customers may request a specific pattern, style, and color of their favorite legging, dress, or top. Furthermore, Greenland Farming works with the customer for that perfect fit, fabric, color, trim, and size. Samples are submitted and adjustments are made according to the customer’s feedback.

Figure 4: Manufacturing Flow Chart

PRODUCTION PROCESS

The basic process begins when Greenland Farming accepts an order from a wholesale or retail customer to manufacture a style of clothing of the customer’s choosing. A sample is created, designed, and produced for the customer. Once the sample is approved for production, the Company proceeds to acquire the necessary fabric, trim and other raw materials. It creates patterns and cuts the fabric into component pieces. Once cut, the fabric, trim and other components are moved onto the sewing line, where experienced contractors skillfully assemble them into garments. The finished garments are then carefully inspected for defect to ensure quality standards. Afterwards, they are cleaned up, tagged, labeled, packed, and shipped for delivery.

Greenland Farming currently manufactures stylish women’s leggings for the Matty Mâ brand, which is sold at many big-name retailers such as Nordstrom and Costco. In addition, the Company intends to manufacture a full array of t-shirts, tops, and dresses for its customers.

SALES AND DISTRIBUTION STRATEGY

Greenland Farming will utilize diverse strategy to grow its sales. First, the Company will rely to its quality product and reputation with current customers to generate referrals and potential leads. These existing customers include Nordstrom and Costco. The Company will also review the client list of Tamie Fashion for potential customers. It will also rely on the personal networking of the owner and hire a sales team that will be tasked with generating leads for orders on a regional and national basis. The Company will explore

partnerships with reputable showrooms and independent sales representatives, who will be tasked with establishing connections with wholesale and retail customers and expanding the Company’s network of buyers. The Company will also make sales at popular industry trade shows, such as the bi-annual MAGIC conference in Las Vegas. Finally, the Company plans to create its own brands and directly sell its designs as an online retailer. On the basis of quality workmanship, competitive prices and excellent customer service, the Company will seek to secure a stable and continuous volume of orders by building long-term relationships with customers that will generate repeat business.

3.3 Permits, Licenses, and Contracts

Greenland Farming has acquired or is in the process of acquiring the necessary licenses to lawfully operate as a garment manufacturer in the state of California, including:

Garment registration certificate (California Department of Industrial Relations) City business license (City of Los Angeles Office of Finance) Public health permit (LA County Department of Public Health)

Contracts

Greenland Farming has signed a contract with Complete Clothing Company of Vernon, California. The contract allows Greenland Farming to manufacture Complete Clothing Company’s entire line of women’s apparel items. This contract was agreed upon and signed on April 15, 2016 and continues to be enforced.

3.4 Business Growth

Several ongoing trends in the fashion industry point to opportunities for business growth in the near future. One, rising material and labor costs in the Pacific Rim region, particularly in China, are making domestic manufacturing more competitive in the marketplace. This is bringing some clothing production back to the United States. In addition, a new generation of young apparel professionals, educated and technologically savvy, are revitalizing the industry with fresh ideas and new approaches. Finally, advances in automated manufacturing technology are driving substantial gains in factory efficiency and output, making U.S. apparel companies more competitive. These trends suggest that apparel manufacturing will grow again over the long term as the effects of these trends play out in the market. DEVELOPMENT PLAN

In the next five years, Greenland Farming will focus on growing its customer base and expanding its production lines from mainly women’s leggings to include other garment categories such as t-shirts, tops, and dresses, building a steady and continuous volume of orders, and optimizing its manufacturing operation for cost efficiency, quality, and timeliness. The Company will seek to achieve the following goals:

Year 1

Secure initial orders with buyers, and establish a reputation for quality, reliability, and value; Build a trustworthy production team to process orders in a streamlined, results-driven fashion; Secure orders in new product categories such as t-shirts, tops, and dresses; Retool and upgrade equipment to automate processes where possible; Achieve USD 1 million in gross sales; Hire 4 additional full-time U.S. employees including General Manager, Warehouse Supervisor, Sample Maker, and Fabric Cutter;

Years 2-3

Aggressively market the company’s services through showrooms, sales representatives, trade shows, advertisements, Internet channels, and direct networking; Grow sales volume by securing repeat orders from existing customers, and continue marketing aggressively to potential customers; Secure a sufficient volume of orders to keep the factory consistently operating at full or almost full capacity; Grow the Company’s production capacity by purchasing additional machines and hiring additional workers, so it can handle larger volume orders; Achieve USD 1.25 million in gross sales for year 2 and USD 1.5 million in gross sales for year 3; Achieve net profit by the end of year 3; Hire 6 additional full-time U.S. employees including Shipping Specialist, Sales, Accountant, Sewing Operators, and Quality Control Specialist;

Years 4-5

Increase sales by targeting customers in new geographical areas; Continue to expand product categories; Target wholesale and retail customers who work with merchandise at higher price points; Launch online brand and online retail; Achieve USD 1.75 million to 2 million in gross sales; Hire 2 additional full-time U.S. employees including Sewing Operator and Quality Control Specialist;

4. Industry and Market Analysis

4.1 Industry Analysis

The size of the global apparel business is growing and is expected to generate double digit growth between now and 2020.2 Much of this growth is coming from developing markets, notably from the exploding buying power among Asian consumers, who are migrating into the middle class and starting to view clothes as an extension and expression of their new lifestyle. These consumers are also increasingly travelling – and shopping – abroad. By 2020, foreign spending of Asian-Pacific residents outside of their home countries will triple, totaling $600 billion. In the luxury goods segment, 75 percent of all sales will be from Chinese consumers, with more than half of that being spent outside of China.

Around the globe, fashion consumers are becoming more environmentally conscious. They expect ecologically unobjectionable fabrics, a conservationminded use of resources, reduced emission of pollutants, greater social commitment, and fair treatment of employees in production facilities. In many countries, legislators are requiring companies to create more sustainable products, such as by prohibiting certain harmful dyestuffs. Yet unfortunately, only the fewest customers are willing to pay more for these greener products. However, a clear commitment to sustainability is also considered good style in the industry, with online fashion retailers like Yoox now providing sustainability reports.

This has vast implications for apparel companies across the whole value chain. Core functions need to be adapted to make and market more sustainable products. Environmentally friendly products require the right commodities like organic cotton, which is in scarce supply, or a complete overhaul of the manufacturing processes to reduce the huge amount of water typically used for apparel. Ethical products require appropriate working conditions and a fair share of profits across the supply chain.

In addition, young fashion customers readily use a spectrum of digital platforms to get information on trends, exchange experiences, or compare prices. Within these customer journeys, social media plays a key role. Up to 35 percent of consumers indicate that they rely on recommendations from social networks. Digital channels no longer only serve to provide pre-purchase information; they have become standalone transaction platforms. Primarily thanks to mobile devices, global online clothing is growing at a rate three-times that of the market overall. Independent of channel and device, fashion consumers expect a seamless shopping experience, which presents big challenges for retailers and their partners, requiring them to fuse links between these channels.

Since 2008, half the world’s population has been living in cities. By 2020, a quarter of global wealth will be concentrated in just 60 mega-cities, some of which will be larger than countries. Already today, a large share of the fastest-growing cities lies outside Europe and North America, primarily in China and India. The future impact of these trends will be even more dramatic in the apparel business than in most others. Emerging markets in Asia and South America currently account for roughly one-third of global revenues for women’s apparel. Over the coming 20 years, this share will grow to over half.

4.2 Market Description

Despite declining mall traffic and competition from thriving superstore retailers, the women’s apparel industry in the United States has remained relatively strong over the past five years. Disposable income and consumer sentiment are on the rise, and the industry is expected to continue growing, buoyed by a rise in high-income households. The market research firm NPD Group reports that total women’s apparel retail sales reached $116.4 billion in 2013, a 4 percent increase over the $112.3 billion generated in 2012.3 Double-digit increases in some of the smaller apparel segments – those producing less than $10 billion in annual sales – drove the gains. Among them was outerwear, which increased 12 percent to $6.3 billion as a result of an especially cold winter season in 2013-2014. Not only were women dressing for

2 http://www.mckinseyonmarketingandsales.com/succeeding-in-tomorrows-global-fashionmarket

warmth, they were also dressing for success. Thanks in large part to double-digit dollar gains of jackets/blazers and suit separates, annual dollar sales for tailored clothing reached $4 billion, an 11 percent increase over 2012.3 Complementing the “dress up” trend, dollar sales for tights grew 33 percent in 2013.

Even though the stores benefitting the most in 2013 from total women’s apparel sales were off-price retailers and warehouse clubs, there were some bright spots within other channels. Strong sales of outerwear and tailored clothing boosted sales in department stores and mass merchants. Moreover, website purchases, which represented 15 percent of women’s apparel sales, saw some of the highest growth for the year, rising 17 percent over 2012. While the vast majority of apparel purchases still take place in brick-and-mortar stores, apparel sales are increasingly being conducted through online channels. Last year, ecommerce revenue from apparel and accessories sales reached $44.7 billion. That figure is projected to reach $52 billion this year and grow steadily to $86 billion by 2018. In fact, apparel and accessories is the best-performing online retail category, with a compound annual growth rate of 17.2 percent projected from 2012 to 2017, according to eMarketer.

In addition, with workplace dress standards increasingly becoming more relaxed, women’s clothing stores have begun to alter their product mix toward casual clothes to meet rising demand. Some retailers have either amended their existing merchandise assortments or are now carrying a wider variety of styles. Tops and blouses represent the largest product segment within the industry. Most women own more tops than dresses, pants or other pieces of apparel. Shirts are the most versatile garment, since they can transition from dressy attire to casual attire seamlessly. Tops are also more prone to wear and tear, because they are not made from durable materials like denim, but require softer, more delicate fabrics like knit cotton and silk. This movement toward casual apparel such as shirts and blouses bodes well for Greenland Farming, because those items are relatively simple to sew, and therefore are cheaper to produce. This means domestic manufacturers can produce in the United States and still enjoy a competitive advantage over foreign competitors on price, who must deal with significant exporting costs.

THE OUTLOOK FOR LA’S APPAREL INDUSTRY

LA’s apparel industry success has long been driven by the pull of design talent, favorable cost economics, appeal of casual clothing (particularly denim), fashion, and speed to market. Local operators earn at least $18 billion in revenue from the LA region’s apparel wholesale, textile, and apparel manufacturing businesses, and their workers earn more than $6.4 billion in direct, indirect, and induced income. More than $46 billion in apparel imports comes through LA ports.

The global industry has clear reasons for sustaining a permanent place in this region, which boasts a well-paid employment base. Geography and a marketable fashion statement form a powerful combination. Given the enduring popularity of LA-based design, inspired by the sun and a vision of easy living, “LA Style” is constantly propagated by the national media’s obsession with Hollywood celebrities. LA brands and a constant influx of new designer names command a premium in the capital markets. Moreover, technology helps LA’s designers and manufacturers stay competitive, shortening production cycles and reducing costs.

Design talent coming out of LA’s fashion and art schools provides one of the greatest assets of the fashion industry. Some of these students come from faraway places and are attracted by both the real assets (i.e., the schools themselves) and their perceptions of LA. Furthermore, it is easier for young designers to get attention in LA than in New York because the industry is less structured and always looking for new talent. Moreover, there is a tremendous interest in the “LA Style,” an amorphous concept that’s open to interpretation. Los Angeles has strength in contemporary designers because LA helps define what’s hot and what’s “in.” In recent years, Orange County has also established itself as a center for surf wear and active wear design. KEY FACTS ABOUT LA’S APPAREL INDUSTRY

3 https://www.npd.com/wps/portal/npd/us/news/press-releases/the-npd-group-reports-uswomens-apparel-market-grew-4-percent-in-2013/

Textile & Apparel 5-County MacroLA Customs District Imports $46+ billionCompany Revenues $18+ billionWorker Incomes $6.4+ billion

Job CountsSoCal Workers 97,384 (or 94,276 in a 2011 data breakdown)LA County Workers 77,512NYC Workers 47,069SoCal Wholesalers 23,723 (or 42,076 in a 2011 data breakdown)Apparel Mfg. 67,774 (or 45,500 in a 2011 data breakdown)Textile Mfg. 10,887 (or 6,700 in a 2011 data breakdown)

Independents 8,995Fashion Designers 3,770Cosmetics Workers 5,590Jewelry Workers 6,985Footwear Workers 5,904

Additional FiguresLA Knitting Machines 2,000Centers for Higher Ed 12SoCal Establishments 10,000Overall Fashion Jobs 127,578Apparel Direct and Indirect Jobs 191,635Proportion of US Jobs in Southland in 2011Apparel Manufacturing 36%Wholesalers (Importers) 18%Textile Mills 6%

LA County Companies with $1 Million or More in Revenues in 2013Textile Mills and Apparel Manufacturing 667Wholesale (Importers) 870

4.3 Target Market Description

Greenland Farming plans to target wholesale and retail businesses that sell clothing to women consumers between the ages of 12 and 60 with a combined household income of more than $40,000. Manufacturing for a broad customer base will help the Company obtain orders from a wide range of buyers. The Company will manufacture goods in a variety of product categories, including juniors, petites, contemporary, misses, and plus. Moreover, Greenland Farming will aim to work with apparel businesses with a robust online presence and strong ecommerce capabilities to take advantage of rising sales on the Internet.

5. Competition Analysis

5.1 Competing Businesses

Many garment manufacturers currently operate in Los Angeles. In 2011, LA County recorded 2,465 firms involved in the business.4 In addition, U.S. manufacturers must compete with dozens of low cost factories in Asia, who enjoy competitiveness in price due to low wage rates and material costs. In light of these pressures, it can be said that the apparel industry exists in a dynamic and competitive environment. In order to improve profitability, many companies are restructuring to create leaner organizations and adopt new technologies. Consolidation has been prevalent in this industry in the past few years, as larger companies gain leverage in market position and cost cutting.

Main industry competitors in the region include: Elation Fashion, Inc. (11221 Rush St. South El Monte, CA 91733)

• Provides women’s dresses, tops, and pants to consumers and wholesalers. Triple H Industry, Inc. (2714 Chico Ave., South El Monte, CA 91733)

• Provides wholesale women’s clothing. Caleb Fashion (2734 Chico Ave., South El Monte, CA 91733)

• Provides women's ready-to-wear apparel. Tian Tian Fashion, Inc. (2620 Lee Ave., South El Monte, CA 91733)

• Provides an assortment of women’s clothing for wholesalers. T&V Fashion, Inc. (9231 Fern St., South El Monte, CA 91733)

• Provides wholesale women's clothing.

5.2 Competitive Strengths

Although foreign competition and consolidation present substantial challenges, Greenland Farming will successfully compete in the marketplace by capitalizing on its strengths. In a market where consumers are barraged by advertising and marketing campaigns delivering an onslaught of lifestyle and fashion messages, a brand name is a powerful weapon. Brands have become an increasingly significant factor in apparel and footwear. Many consumers have less time to shop and are spending their disposable income more carefully. Established brand names, with their quality image, make the shopping experience easier and faster for many consumers. For manufacturers, brands build customer loyalty, which translates into repeat business. Over the next five years, through hard work and strategic marketing, the Company will seek to build a brand image synonymous with quality, value, and service.

Moreover, Greenland Farming controls its own manufacturing operation, which will allow it to better manage risk and react quickly and flexibly to customers’ requirements and external circumstances. The Company has the production capacity, technical skill and infrastructure to handle its customers’ orders speedily and efficiently without compromising on quality. Ms. Xiaojie Jin also has experience and network in apparel manufacturing. Her expertise will enable the Company to establish a solid production operation in the near future.

Lastly, Greenland Farming’s pricing structure is 10 to 15 percent less than the five competitors listed above. This cost savings is due to the company’s competitive strengths and its suppliers that provide lower priced raw materials.

5.3 Competitive Weaknesses

Domestic and foreign competition’s weaknesses are represented in two areas. First, the competition lacks a broad range of clients that contribute to their overall success. Most are dependent on a single large client for growth. Greenland Farming has a broad range of clients (both small and large clients) that has contributed to its overall success. Secondly, a weakening U.S. garment industry has impacted many U.S. firms that have either merged or closed. Greenland Farming sells to clients all over the world which has

4 http://www.cit.com/wcmprod/groups/content/@wcm/@cit/@products-and-services/@tradefinance/documents/information/la-fashion-fullreport-2014.pdf

proved success for the company. 6. Marketing Strategy

Greenland Farming will utilize a number of marketing strategies that will allow it to reach its target customers both regionally and nationally. The Company’s promotional plan is diverse and includes a range of marketing communications:

Trade shows. Company representatives will attend and participate in national, regional, and local trade shows, including MAGIC in Las Vegas.

Print advertising. The Company’s print advertising program will include advertisements in trade journals, magazines and local newspapers.

Networking. Ms. Jin and the Company’s sales staff will network with industry professionals. Sales leads may be from purchased client list, personal contacts, referrals, or other resources.

Brand Awareness. The Company will build an online brand for direct online retail sale.

Internet. Greenland Farming plans to establish an online presence by developing a website. Plans are underway to develop a professional and effective site that will be interactive and from which sales may be generated worldwide. In the future, this is expected to be one of the Company’s primary marketing channels.

Other. The Company also plans to use various other channels including billboards, radio and television commercials, and a street team.

6.1 Pricing Strategy

Greenland Farming’s pricing strategy will continue to drive prices 10 to 15 percent lower than the competition. Regular updates from the competitors pricing structure will help Greenland Farming maintain its 10 to 15 percent pricing edge over the long-term.

6.2 Servicing Strategy

Greenland Farming’s servicing strategy will include meeting with wholesale client on a regular basis to ensure any issues with quality and service are addressed quickly and easily for the client. The sales manager will meet with the client’s executives to obtain feedback of the client’s orders and any new orders that may be required.

7. Key Management and Personnel

7.1 Hiring Schedule

Greenland Farming currently employs 5 full-time U.S. workers, including three Sewing Operators and two Quality Control Specialists. Upon approval of Ms. Xiaojie Jin’s EB-5 petition and conditional resident status, the Company will hire an additional 12 full-time and five part-time U.S. workers within 2 years.

Greenland Farming Personnel Plan and Hiring Schedule

Name Position Hire date

Anne W. Huang Sewing Operator 02/2016Cuc H. Luu Sewing Operator 02/2016Hue Lam Sewing Operator 02/19/2018Anna Troung Sewing Operator 02/2016Nancy Nguyen Quality Control Specialist 11/2017Duyen Ong Quality Control Specialist 07/10/2017Catarina Juan Quality Control Specialist 02/2016TBH Quality Control Specialist 02/2019TBH General Manager 02/2019TBH Accountant 02/2020TBH Shipping Specialist 02/2020TBH Sales 02/2020TBH Warehouse Supervisor 02/2019TBH Sample Maker 02/2019TBH Fabric Cutter 09/2019TBH Sewing Operator 11/2020TBH Quality Control Specialist 11/2020Total 17Note: The personnel plan and hiring schedule reflects a projected schedule and is subject to change according to the discretion of the company.

7.2 Organization and Management

Greenland Farming will implement an organizational structure that establishes clear roles and accountability for decisions, supports objectives, and enables superior execution of programmatic work processes. It will be organized around key functions, which is appropriate for small organizations that do not need to be managed across a large geographic area. Management will set clear goals and priorities, translated into measurable goals. It will also ensure key work processes are defined.

Potential candidates will be hired based on their work experience, skill sets, and their overall ability to function in a highly demanding manufacturing and warehouse environment. Employees will be compensated based on their level of work experience and skill sets. Healthcare, vacation time, and sick pay will not be included with the employees’ salary package.

Year 1

Greenland Farming will hire the following employees to staff the Company’s administrative, production and shipping operations. The new staff will focus on increasing the efficiency of the Company’s production lines and expanding its manufacturing capacity. The Company projects the need to hire 4 workers in the first year for a total of 9 full time U.S. employees.

New Employees List General Manager Warehouse Supervisor Sample Maker Fabric Cutter

YEAR 1 ORGANIZATIONAL CHART

Years 2-3

In the second and third years, Greenland Farming will hire one Accountant to help manage the Company’s books, one Sales Representative for additional sales, one Shipping Specialist, two additional Sewing Operator and one Quality Control Specialist to bolster the Company’s production capacity. The Company will hire an additional 6 workers in Years 2 and 3 for a total of 15 full time U.S. employees.

New Employees List Shipping Specialist Sewing Operator (2) Quality Control Specialist Accountant Sales

YEARS 2-3 ORGANIZATIONAL CHART

Year 4-5

In the fourth and fifth years, the Company will hire one additional Sewing Operator and one additional Quality Control Specialist to handle an anticipated increase in the volume of orders. The Company will hire a total of two workers in Years 4 and 5 for a total of 17 full time U.S. employees.

New Employees List Quality Control Specialist Sewing Operators

YEARS 4-5 ORGANIZATIONAL CHART

NEED FOR ADDITIONAL EMPLOYEES – NEW PRODUCTION LINES

Greenland Farming’s need for additional employees stems in part from its plan to expand its current production to other profitable garment categories, including t-shirts, tops, dresses, and other kinds of apparel. Diversification of product is an important component of the Company’s strategy to attract a greater volume of orders and increase its sales revenue. To handle the orders and new product categories, the Company plans to bolster its manufacturing capacity by establishing new production lines, which necessitates the hiring and training of additional workers to staff and manage the lines.

Moreover, additional employees are needed to bring key manufacturing operations in house in order to maximize efficiency and extend its reach within the supply chain. Many manufacturers, including Tamie Fashion before Greenland Farming acquired it, contract out to other suppliers various processes that they are not equipped to handle, including fabric cutting, pattern making, sample making, and sewing. When outside contractors are hired to perform the work, quality of workmanship, worker availability, and cost can vary widely. To better control these variables, Greenland Farming plans to bring in house as many components of the manufacturing process as possible, including cutting, pattern making, sample making, sewing, packaging and shipping. While the Company will likely have to continue relying on some outside contractors, it intends to rely on its own employees to handle key processes, which will guarantee a more streamlined operation and stable labor pool.

Table 7.2: Personnel

Personnel PlanFY 2019 FY 2020 FY 2021 FY 2022 FY 2023

General Manager $36,400 $43,680 $40,070 $41,860 $43,680 Accountant $0 $32,760 $34,580 $36,400 $38,220 Shipping Specialist $0 $25,935 $27,300 $28,665 $29,575 Sales $0 $27,300 $29,120 $30,940 $32,760 Warehouse Supervisor $27,300 $29,120 $30,940 $32,760 $34,580 Sample Maker $24,115 $25,935 $27,300 $32,760 $29,575 Fabric Cutter $12,066 $25,935 $27,300 $28,665 $29,575 Sewing Operator 1 $15,158 $16,302 $17,130 $18,018 $18,590 Sewing Operator 2 $10,335 $11,115 $11,700 $12,285 $12,675 Sewing Operator 3 $10,335 $11,115 $11,700 $12,285 $12,675 Sewing Operator 4 $13,780 $14,820 $15,600 $16,380 $16,900 Sewing Operator 5 $0 $6,484 $27,300 $28,665 $29,575 Quality Control Specialist 1 $10,335 $11,115 $11,700 $12,285 $12,675 Quality Control Specialist 2 $6,888 $7,410 $7,800 $8,190 $8,450 Quality Control Specialist 3 $10,332 $11,115 $11,700 $12,285 $12,675 Quality Control Specialist 4 $13,776 $14,820 $15,600 $16,380 $16,900 Quality Control Specialist 5 $0 $6,484 $27,300 $28,665 $29,575 Total People 12 17 17 17 17

Total Payroll $190,820 $321,445 $374,140 $397,488 $408,655

WORK FLOW

Greenland Farming’s basic production process can be broken down into the following steps:

The Company’s sales representative (independent or showroom) secures an order from a customer.

The General Manager reviews the order, and purchases raw materials from outside suppliers accordingly, such as fabric, trims, and accessories. The Accountant, in consultation with the President, arranges the funds for the purchase.

The Sample Maker reviews the style to be produced and creates a production sample and patterns for the style. Typically, the customer provides feedback on the sample at this stage, pointing out errors and making desired adjustments. Once the sample is approved, the style goes to production.

Using the approved patterns, the Fabric Cutter cuts the garment components out of the production fabric. The pieces are then sent to the sewing line for construction. The Sewing Operators sew the pieces into garments, adding labels, tags, and other accessories as required by the customer.

Quality Control Specialists inspect the finished goods, paying close attention to the customer’s fit and quality standards.

Once the inspection is complete, the Warehouse Supervisor packs the garments into poly bags and cartons for shipping, hiring contract laborers to assist with the packing as needed.

The Shipping Specialist places the appropriate shipping labels on the cartons and arranges with logistics companies to pick up and deliver the goods to the customer on time.

The Accountant invoices the customer and collects payment.

7.3 Job Positions

PRESIDENT – XIAOJIE JIN (EB-5 INVESTOR)

Upon approval of her EB-5 immigrant petition and conditional green card, Ms. Xiaojie Jin will fully assume the duties as President of Greenland Farming. As President, Ms. Jin will be responsible for planning, directing, and overseeing the implementation of business strategies and procedures to enable Greenland Farming to successfully establish itself in the United States. Ms. Jin will also be responsible for the following duties:

Take charge of financial planning, budgeting, cash flow, investment priorities, and policy matters; Establish and monitor staff performance and development goals, assign accountabilities, set objectives, establish priorities, conduct annual performance appraisals, and administer salary adjustments; Review reports and analyze operations to evaluate the Company’s performance in meeting its objectives; Train and develop employees into a constructive work team; Represent Greenland Farming as its public relations representative and primary spokesperson; Strategize future growth and research new business opportunities; Appoint company managers and assign or delegate responsibilities; Network with potential clients for additional sales and orders

GENERAL MANAGER – TO BE HIRED

The General Manager will act as the executive in charge of the Company’s operation until Ms. Jin fully assumes the duties of the President. The General Manager will direct, coordinate and manage the Company’s administrative, production, and shipping activities to ensure that operations run smoothly. He

or she will take charge of the entire production process, and moving orders along the production process. The General Manager will be ultimately responsible for ensuring the quality and accurate quantity of the product that is shipped for delivery, ensuring that the product conforms to customer production standards. Additional responsibilities include:

Coordinate company efforts by establishing production, shipping, inventory, and order processing policies and practices;

Oversee the entire production process, drawing up a production schedule; Set quality standards, and ensure that production is cost effective; Ensure products are produced on time and are of good quality; Manage the human and material resources needed; Monitor product standards and implement quality-control programs; Supervise sewing contractors and other personnel; Build company image by collaborating with customers, government, community organizations,

and employees; Maintain professional and technical knowledge by attending educational workshops, reviewing

professional publications, establishing personal networks, benchmarking state-of-the-art practices, and participating in professional societies;

SALES – TO BE HIRED

Responsibilities: Develop and follow sales leads for new client orders and/or increased orders from existing clients; Attend national and regional trade shows; Communicate with clients and manage expectations; Regularly meet with President and General Manager to discuss seasonal fashion trends and sales leads; Network with current and potential contacts;

SHIPPING SPECIALIST – TO BE HIRED

Responsibilities: Supervise and coordinate verification and keeping of records on incoming and outgoing shipments; Prepare items for shipment, studying shipping notices, bills of lading, invoices, orders, and other records; Determine shipping priorities, work assignments, and shipping methods required to meet shipping and receiving schedules; Utilize knowledge of shipping procedures, routes, and rates; Direct movement of shipments from shipping and receiving platform to storage and work areas; Negotiate transportation and services;

WAREHOUSE SUPERVISOR – TO BE HIRED

Responsibilities: Assist the Shipping Manager process shipments by preparing shipments for delivery and loading orders; Prepare orders by processing requests and supply orders, pulling materials, packing boxes, and

placing orders in the delivery area; Maintain inventory controls by collecting stock location orders and printing requests; Maintain safe and clean work environment by keeping shelves, pallet area, and workstations

neat, complying with procedures, rules and regulations; Complete reports by entering the required information;

SAMPLE MAKER – TO BE HIRED

Responsibilities: Test patterns by making and fitting sample garments; Determine the best layout of pattern pieces to minimize waste of material; Discuss design specifications with designers, and convert their original models of garments into

patterns of separate parts that can be laid out on a length of fabric; Compute dimensions of patterns according to sizes, considering stretching of material; Be intimately familiar with fabrics, trims and other materials for making samples; Be able to sew patterns into well-constructed prototypes;

FABRIC CUTTER – TO BE HIRED

Responsibilities: Place, measure and mark fabric using specified patterns; Cut fabric and sew with appropriate accessories to produce customer specified orders; Examine fabric pieces for compliance to quality standards and material specifications; Pack fabric pieces for storage and shipping in a proper manner; Procure, stock, and maintain raw materials and fabric supplies; Operate and maintain equipment, and report their malfunctions;

SEWING OPERATOR – TO BE HIRED

Responsibilities: Assemble or finish clothes, join garment component parts together, reinforce seams, attach

buttons, hooks, zippers, and accessories to product clothing; Operate and tend sewing machines, such as single needle, double needle, overlock, etc.; Repair or alter items by adding replacement parts or missing stitches; Record quantities of materials processed; Match cloth pieces in correct sequences prior to sewing them, and verify that dye lots and

patterns match; Examine and measure finished articles to verify conformance to standards, using rulers;

QUALITY CONTROL SPECIALIST – TO BE HIRED

Responsibilities: Determine overall product quality by inspecting finished garments, conducting and evaluating

various product tests; Confirm that plant audit procedures are properly carried out and assigned work schedules are

maintained; Resolve major quality problems at the factory and warehouse as required; Educate and instruct factory personnel in recommended quality control standards, discuss factory

evaluation with management, make appropriate recommendations and set timetable for improvement and corrections;

Prepare order evaluation reports and submit them to the Production Manager;

ACCOUNTANT – TO BE HIRED

Responsibilities:

Prepare asset, liability, and capital account entries by compiling and analyzing account information;

Document financial transactions by entering account information; Recommend financial actions by analyzing accounting options; Summarize current financial status by collecting information, preparing balance sheets, profit and loss statements, and other reports; Substantiate financial transactions by auditing documents; Maintain accounting controls by preparing and recommending policies and procedures; Distribute invoices to customers and follow up on payments; Prepare payments by verifying documentation and requesting disbursements;

8. Financial Forecasts

8.1 Investment Summary

Greenland Farming has received $514,868 as initial business capital to fund the costs of its operation and cover cash flow. The budget below provides an estimate of how the funds will be used. The Company anticipates staff wages, equipment purchase, marketing expenses, and the office lease will make up the largest portion of initial expenses.

Note: This start-up budget is based on cost estimates. Actual expenses will vary. The owner will contribute additional capital to fund the successful launch of the business.

8.2 Sales Forecast

The sales forecast is based on the sales trends of the past and the efforts of the parent company. Greenland Farming expects initial sales forecast to be $310,000 for the 2019 fiscal year. Sales are expected to grow 45.16 percent to $450,000 by the end of the second year, 17.78% to $530,000 by the end of the third year, 13.21% to $600,000 by the end of the fourth year, and 11.67% to $670,000 by the end of the fifth year. These figures are largely based on conservative demand and expected to be much higher as the company grows.

Table 8.2: Sales Forecast

Sales ForecastFY 2019 FY 2020 FY 2021 FY 2022 FY 2023

SalesLeggings $155,000 $219,999 $254,000 $280,000 $305,000 Dress $108,000 $145,884 $175,000 $200,000 $225,000 Tops $47,000 $84,117 $101,000 $120,000 $140,000 Total Sales $310,000 $450,000 $530,000 $600,000 $670,000

Chart 8.2: Sales Monthly

Leggings

Dress

Tops

$0

$4,000

$8,000

$12,000

$16,000

$20,000

$24,000

$28,000

$32,000

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Sales Monthly

Chart 8.2: Sales by Year

8.3 Profit and Loss Statement

The following are sales, cost, and income projections for the first five years of operation. The figures are based on analysis of market demand, conservative sales projections, and the company’s pricing model. Greenland Farming fully expects its operations to be profitable within five years but has made efforts not to overstate the projected figures. The Company projects sales revenue to increase steadily in the first few years, with more dramatic increases as it becomes more established in the U.S. market.

The profit potential is expected to be $3,806, ($7,925), $10,737, $46,738, and $100,266 for the first, second, third, fourth, and fifth year. The second year’s negative profit projection is a result of an increase in labor costs.

Table 8.3: Profit and Loss

Pro Forma Profit and LossFY 2019 FY 2020 FY 2021 FY 2022 FY 2023

Sales $310,000 $450,000 $530,000 $600,000 $670,000

Gross Margin $310,000 $450,000 $530,000 $600,000 $670,000 Gross Margin % 100.00% 100.00% 100.00% 100.00% 100.00%

ExpensesPayroll $190,820 $321,445 $374,140 $397,488 $408,655 Marketing/Promotion $6,000 $10,000 $15,000 $20,000 $20,000 Office Lease $60,000 $63,000 $66,000 $68,700 $72,000 Utilities $6,000 $6,600 $7,200 $7,800 $8,400 Insurance $7,000 $8,000 $8,000 $8,000 $8,000 Payroll Taxes $17,174 $28,930 $33,673 $35,774 $36,779 Equipment Purchase $10,000 $10,000 $5,000 $5,000 $5,000 Transportation Fee $1,200 $1,750 $2,050 $2,200 $2,600 Supplies $1,000 $1,200 $1,200 $1,300 $1,300 Licenses and Permits $2,000 $2,000 $2,000 $2,000 $2,000 Legal Fees $5,000 $5,000 $5,000 $5,000 $5,000

Total Operating Expenses $306,194 $457,925 $519,263 $553,262 $569,734

Profit Before Interest and Taxes $3,806 ($7,925) $10,737 $46,738 $100,266 EBITDA $3,806 ($7,925) $10,737 $46,738 $100,266 Interest Expense $0 $0 $0 $0 $0 Taxes Incurred $0 $0 $0 $0 $0

Leggings

Dress

Tops

$0

$100,000

$200,000

$300,000

$400,000

$500,000

$600,000

$700,000

FY 2019 FY 2020 FY 2021 FY 2022 FY 2023

Sales by Year

Net Profit $3,806 ($7,925) $10,737 $46,738 $100,266 Net Profit/Sales 1.23% -1.76% 2.03% 7.79% 14.97%

Chart 8.3: Profit Monthly

Chart 8.3: Profit Yearly

8.4 Projected Cash Flow

Since the Greenland Farming is an established business, working capital is available to ensure expenses are met and that the company operates smoothly. Furthermore, working capital generated will allow the company to purchase the equipment needed to meet customer. These projections are educated assumptions with revenue generation factors carrying the most significant weight regarding outcome.

Table 8.4: Cash Flow

Pro Forma Cash FlowFY 2019 FY 2020 FY 2021 FY 2022 FY 2023

Cash Received

Cash from OperationsCash Sales $310,000 $450,000 $530,000 $600,000 $670,000

$0

$1,000

$2,000

$3,000

$4,000

$5,000

($1,000)

($2,000)

Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May

Profit Monthly

$0

$20,000

$40,000

$60,000

$80,000

$100,000

FY 2019 FY 2020 FY 2021 FY 2022 FY 2023

Profit Yearly

Subtotal Cash from Operations $310,000 $450,000 $530,000 $600,000 $670,000

Additional Cash ReceivedSubtotal Cash Received $310,000 $450,000 $530,000 $600,000 $670,000

Expenditures FY 2019 FY 2020 FY 2021 FY 2022 FY 2023

Expenditures from OperationsCash Spending $190,820 $321,445 $374,140 $397,488 $408,655 Bill Payments $105,940 $134,910 $144,198 $154,898 $160,643 Subtotal Spent on Operations $296,760 $456,355 $518,338 $552,386 $569,298

Additional Cash SpentSubtotal Cash Spent $296,760 $456,355 $518,338 $552,386 $569,298

Net Cash Flow $13,240 ($6,355) $11,662 $47,614 $100,702 Cash Balance $13,240 $6,885 $18,547 $66,160 $166,862

Chart 8.4: Monthly Cash

Chart 8.4: Annual Cash

Net Cash Flow

Cash Balance

$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000Ju

nJu

lA

ugS

epO

ctN

ovD

ecJa

nFe

bM

arA

prM

ayCash

2019 2020 2021 2022 2023($20,000)

$0

$20,000

$40,000

$60,000

$80,000

$100,000

$120,000

$140,000

$160,000

Net Cash FlowCash Balance

8.5 Projected Balance Sheet

The balance sheet will serve as a measure of the company’s financial strength with respect to company’s net worth, earnings, and asset allocation of its equipment. Greenland Farming expects net worth to grow above $3k in the first year to over $153k in the fifth year. The Company does not project any real trouble meeting debt obligations, earnings and net worth as sales revenue increases from year to year.  

Detailed monthly projections are available in the appendix section of this business plan.

Table 8.5: Balance Sheet

Pro Forma Balance SheetFY 2019 FY 2020 FY 2021 FY 2022 FY 2023

Assets

Current AssetsCash $13,240 $6,885 $18,547 $66,160 $166,862 Total Current Assets $13,240 $6,885 $18,547 $66,160 $166,862

Long-term AssetsLong-term Assets $0 $0 $0 $0 $0 Total Long-term Assets $0 $0 $0 $0 $0 Total Assets $13,240 $6,885 $18,547 $66,160 $166,862

Liabilities and Capital FY 2019 FY 2020 FY 2021 FY 2022 FY 2023

Long-term Liabilities $0 $0 $0 $0 $0 Total Liabilities $9,434 $11,003 $11,928 $12,803 $13,239

Paid-in Capital $0 $0 $0 $0 $0 Retained Earnings $0 $3,806 ($4,119) $6,619 $53,357 Earnings $3,806 ($7,925) $10,737 $46,738 $100,266 Total Capital $3,806 ($4,119) $6,619 $53,357 $153,623 Total Liabilities and Capital $13,240 $6,885 $18,547 $66,160 $166,862

Net Worth $3,806 ($4,119) $6,619 $53,357 $153,623

Table: Sales Forecast

Sales ForecastJan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2019 2020 2021 2022 2023

SalesLeggings $11,113 $11,335 $11,562 $11,793 $12,029 $12,270 $12,515 $13,259 $13,884 $14,598 $14,821 $15,821 $155,000 $219,999 $254,000 $280,000 $305,000 Dress $8,008 $8,168 $8,331 $8,498 $8,668 $8,841 $9,018 $9,198 $9,382 $9,650 $9,952 $10,286 $108,000 $145,884 $175,000 $200,000 $225,000 Tops $3,125 $3,188 $3,252 $3,317 $3,383 $3,451 $3,520 $3,828 $4,238 $4,625 $5,103 $5,970 $47,000 $84,117 $101,000 $120,000 $140,000 Total Sales $22,246 $22,691 $23,145 $23,608 $24,080 $24,562 $25,053 $26,285 $27,504 $28,873 $29,876 $32,077 $310,000 $450,000 $530,000 $600,000 $670,000

Table: Sales Forecast 2nd Year (Planned)

Sales ForecastJan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2020 2021 2022 2023

SalesLeggings $16,443 $16,772 $17,107 $17,449 $17,798 $18,154 $18,517 $18,887 $19,235 $19,550 $19,893 $20,194 $219,999 $254,000 $280,000 $305,000 Dress $10,877 $11,095 $11,317 $11,543 $11,774 $12,009 $12,249 $12,494 $12,744 $12,999 $13,259 $13,524 $145,884 $175,000 $200,000 $225,000 Tops $6,313 $6,439 $6,568 $6,699 $6,833 $6,970 $7,109 $7,251 $7,396 $7,444 $7,446 $7,649 $84,117 $101,000 $120,000 $140,000 Total Sales $33,633 $34,306 $34,992 $35,691 $36,405 $37,133 $37,875 $38,632 $39,375 $39,993 $40,598 $41,367 $450,000 $530,000 $600,000 $670,000

Table: Personnel

Personnel PlanJan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2019 2020 2021 2022 2023

General Manager $3,033 $3,033 $3,033 $3,033 $3,033 $3,033 $3,033 $3,033 $3,033 $3,033 $3,033 $3,037 $36,400 $43,680 $40,070 $41,860 $43,680 Accountant $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $32,760 $34,580 $36,400 $38,220 Shipping Specialist $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $25,935 $27,300 $28,665 $29,575 Sales $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $27,300 $29,120 $30,940 $32,760 Warehouse Supervisor $2,275 $2,275 $2,275 $2,275 $2,275 $2,275 $2,275 $2,275 $2,275 $2,275 $2,275 $2,275 $27,300 $29,120 $30,940 $32,760 $34,580 Sample Maker $2,009 $2,009 $2,009 $2,009 $2,009 $2,009 $2,009 $2,009 $2,009 $2,009 $2,009 $2,016 $24,115 $25,935 $27,300 $32,760 $29,575 Fabric Cutter $0 $0 $0 $0 $0 $0 $0 $0 $3,016 $3,016 $3,017 $3,017 $12,066 $25,935 $27,300 $28,665 $29,575 Sewing Operator 1 $1,263 $1,263 $1,263 $1,263 $1,263 $1,263 $1,263 $1,263 $1,263 $1,263 $1,263 $1,265 $15,158 $16,302 $17,130 $18,018 $18,590 Sewing Operator 2 $861 $861 $861 $861 $861 $861 $861 $861 $861 $861 $861 $864 $10,335 $11,115 $11,700 $12,285 $12,675 Sewing Operator 3 $861 $861 $861 $861 $861 $861 $861 $861 $861 $861 $861 $864 $10,335 $11,115 $11,700 $12,285 $12,675 Sewing Operator 4 $1,148 $1,148 $1,148 $1,148 $1,148 $1,148 $1,148 $1,148 $1,149 $1,149 $1,149 $1,149 $13,780 $14,820 $15,600 $16,380 $16,900 Sewing Operator 5 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $6,484 $27,300 $28,665 $29,575 Quality Control Specialist 1 $861 $861 $861 $861 $861 $861 $861 $861 $861 $861 $861 $864 $10,335 $11,115 $11,700 $12,285 $12,675 Quality Control Specialist 2 $574 $574 $574 $574 $574 $574 $574 $574 $574 $574 $574 $574 $6,888 $7,410 $7,800 $8,190 $8,450 Quality Control Specialist 3 $861 $861 $861 $861 $861 $861 $861 $861 $861 $861 $861 $861 $10,332 $11,115 $11,700 $12,285 $12,675 Quality Control Specialist 4 $1,148 $1,148 $1,148 $1,148 $1,148 $1,148 $1,148 $1,148 $1,148 $1,148 $1,148 $1,148 $13,776 $14,820 $15,600 $16,380 $16,900 Quality Control Specialist 5 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $6,484 $27,300 $28,665 $29,575 Total People 11 11 11 11 11 11 11 11 11 12 12 12 12 17 17 17 17

Total Payroll $14,894 $14,894 $14,894 $14,894 $14,894 $14,894 $14,894 $14,894 $17,911 $17,911 $17,912 $17,934 $190,820 $321,445 $374,140 $397,488 $408,655

Table: Personnel 2nd Year (Planned)

Personnel PlanJan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2020 2021 2022 2023

General Manager $3,640 $3,640 $3,640 $3,640 $3,640 $3,640 $3,640 $3,640 $3,640 $3,640 $3,640 $3,640 $43,680 $40,070 $41,860 $43,680 Accountant $2,730 $2,730 $2,730 $2,730 $2,730 $2,730 $2,730 $2,730 $2,730 $2,730 $2,730 $2,730 $32,760 $34,580 $36,400 $38,220 Shipping Specialist $2,161 $2,161 $2,161 $2,161 $2,161 $2,161 $2,161 $2,161 $2,161 $2,161 $2,161 $2,164 $25,935 $27,300 $28,665 $29,575 Sales $2,275 $2,275 $2,275 $2,275 $2,275 $2,275 $2,275 $2,275 $2,275 $2,275 $2,275 $2,275 $27,300 $29,120 $30,940 $32,760 Warehouse Supervisor $2,426 $2,426 $2,426 $2,426 $2,426 $2,426 $2,426 $2,426 $2,426 $2,428 $2,429 $2,429 $29,120 $30,940 $32,760 $34,580 Sample Maker $2,161 $2,161 $2,161 $2,161 $2,161 $2,161 $2,161 $2,161 $2,161 $2,161 $2,161 $2,164 $25,935 $27,300 $32,760 $29,575 Fabric Cutter $2,161 $2,161 $2,161 $2,161 $2,161 $2,161 $2,161 $2,161 $2,161 $2,161 $2,161 $2,164 $25,935 $27,300 $28,665 $29,575 Sewing Operator 1 $1,358 $1,358 $1,358 $1,358 $1,358 $1,358 $1,359 $1,359 $1,359 $1,359 $1,359 $1,359 $16,302 $17,130 $18,018 $18,590 Sewing Operator 2 $926 $926 $926 $926 $926 $926 $926 $926 $926 $927 $927 $927 $11,115 $11,700 $12,285 $12,675 Sewing Operator 3 $926 $926 $926 $926 $926 $926 $926 $926 $926 $927 $927 $927 $11,115 $11,700 $12,285 $12,675 Sewing Operator 4 $1,235 $1,235 $1,235 $1,235 $1,235 $1,235 $1,235 $1,235 $1,235 $1,235 $1,235 $1,235 $14,820 $15,600 $16,380 $16,900 Sewing Operator 5 $540 $540 $540 $540 $540 $540 $540 $540 $540 $540 $540 $544 $6,484 $27,300 $28,665 $29,575 Quality Control Specialist 1 $926 $926 $926 $926 $926 $926 $926 $926 $926 $927 $927 $927 $11,115 $11,700 $12,285 $12,675 Quality Control Specialist 2 $617 $617 $617 $617 $617 $617 $617 $617 $617 $619 $619 $619 $7,410 $7,800 $8,190 $8,450 Quality Control Specialist 3 $926 $926 $926 $926 $926 $926 $926 $926 $926 $927 $927 $927 $11,115 $11,700 $12,285 $12,675 Quality Control Specialist 4 $1,235 $1,235 $1,235 $1,235 $1,235 $1,235 $1,235 $1,235 $1,235 $1,235 $1,235 $1,235 $14,820 $15,600 $16,380 $16,900 Quality Control Specialist 5 $540 $540 $540 $540 $540 $540 $540 $540 $540 $540 $540 $544 $6,484 $27,300 $28,665 $29,575 Total People 15 15 15 15 15 15 15 15 15 15 17 17 17 17 17 17

Total Payroll $26,783 $26,783 $26,783 $26,783 $26,783 $26,783 $26,784 $26,784 $26,784 $26,792 $26,793 $26,810 $321,445 $374,140 $397,488 $408,655

Table: Profit and Loss

Pro Forma Profit and LossJan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2019 2020 2021 2022 2023

Sales $22,246 $22,691 $23,145 $23,608 $24,080 $24,562 $25,053 $26,285 $27,504 $28,873 $29,876 $32,077 $310,000 $450,000 $530,000 $600,000 $670,000

Gross Margin $22,246 $22,691 $23,145 $23,608 $24,080 $24,562 $25,053 $26,285 $27,504 $28,873 $29,876 $32,077 $310,000 $450,000 $530,000 $600,000 $670,000 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% 100.00% 100.00% 100.00% 100.00% 100.00%

ExpensesPayroll $14,894 $14,894 $14,894 $14,894 $14,894 $14,894 $14,894 $14,894 $17,911 $17,911 $17,912 $17,934 $190,820 $321,445 $374,140 $397,488 $408,655 Marketing/Promotion $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $6,000 $10,000 $15,000 $20,000 $20,000 Office Lease $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $60,000 $63,000 $66,000 $68,700 $72,000 Utilities $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $6,000 $6,600 $7,200 $7,800 $8,400 Insurance $580 $580 $580 $580 $580 $580 $580 $580 $580 $580 $600 $600 $7,000 $8,000 $8,000 $8,000 $8,000 Payroll Taxes $1,340 $1,340 $1,340 $1,340 $1,340 $1,340 $1,340 $1,340 $1,612 $1,612 $1,612 $1,614 $17,174 $28,930 $33,673 $35,774 $36,779 Equipment Purchase $840 $840 $840 $840 $840 $840 $840 $840 $840 $840 $840 $760 $10,000 $10,000 $5,000 $5,000 $5,000 Transportation Fee $100 $100 $100 $100 $100 $100 $100 $100 $100 $100 $100 $100 $1,200 $1,750 $2,050 $2,200 $2,600 Supplies $80 $80 $80 $80 $85 $85 $85 $85 $85 $85 $85 $85 $1,000 $1,200 $1,200 $1,300 $1,300 Licenses and Permits $165 $165 $165 $165 $165 $165 $165 $165 $165 $165 $170 $180 $2,000 $2,000 $2,000 $2,000 $2,000 Legal Fees $415 $415 $415 $415 $415 $415 $415 $415 $420 $420 $420 $420 $5,000 $5,000 $5,000 $5,000 $5,000

Total Operating Expenses $24,414 $24,414 $24,414 $24,414 $24,419 $24,419 $24,419 $24,419 $27,713 $27,713 $27,739 $27,693 $306,194 $457,925 $519,263 $553,262 $569,734

Profit Before Interest and Taxes

($2,168) ($1,723) ($1,269) ($806) ($339) $143 $634 $1,866 ($209) $1,160 $2,137 $4,384 $3,806 ($7,925) $10,737 $46,738 $100,266

EBITDA ($2,168) ($1,723) ($1,269) ($806) ($339) $143 $634 $1,866 ($209) $1,160 $2,137 $4,384 $3,806 ($7,925) $10,737 $46,738 $100,266 Interest Expense $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Taxes Incurred $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Net Profit ($2,168) ($1,723) ($1,269) ($806) ($339) $143 $634 $1,866 ($209) $1,160 $2,137 $4,384 $3,806 ($7,925) $10,737 $46,738 $100,266 Net Profit/Sales -9.75% -7.60% -5.48% -3.42% -1.41% 0.58% 2.53% 7.10% -0.76% 4.02% 7.15% 13.67% 1.23% -1.76% 2.03% 7.79% 14.97%

Table: Profit and Loss 2nd Year (Planned)

Pro Forma Profit and LossJan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2020 2021 2022 2023

Sales $33,633 $34,306 $34,992 $35,691 $36,405 $37,133 $37,875 $38,632 $39,375 $39,993 $40,598 $41,367 $450,000 $530,000 $600,000 $670,000

Gross Margin $33,633 $34,306 $34,992 $35,691 $36,405 $37,133 $37,875 $38,632 $39,375 $39,993 $40,598 $41,367 $450,000 $530,000 $600,000 $670,000 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% 100.00% 100.00% 100.00% 100.00%

ExpensesPayroll $26,783 $26,783 $26,783 $26,783 $26,783 $26,783 $26,784 $26,784 $26,784 $26,792 $26,793 $26,810 $321,445 $374,140 $397,488 $408,655 Marketing/Promotion $830 $830 $830 $830 $830 $830 $830 $830 $830 $830 $840 $860 $10,000 $15,000 $20,000 $20,000 Office Lease $5,100 $5,100 $5,100 $5,300 $5,300 $5,300 $5,300 $5,300 $5,300 $5,300 $5,300 $5,300 $63,000 $66,000 $68,700 $72,000 Utilities $550 $550 $550 $550 $550 $550 $550 $550 $550 $550 $550 $550 $6,600 $7,200 $7,800 $8,400 Insurance $650 $650 $650 $650 $650 $650 $650 $650 $700 $700 $700 $700 $8,000 $8,000 $8,000 $8,000 Payroll Taxes $2,410 $2,410 $2,410 $2,410 $2,410 $2,410 $2,411 $2,411 $2,411 $2,411 $2,411 $2,413 $28,930 $33,673 $35,774 $36,779 Equipment Purchase $840 $840 $840 $840 $840 $840 $840 $840 $840 $840 $840 $760 $10,000 $5,000 $5,000 $5,000 Transportation Fee $150 $150 $150 $150 $150 $150 $150 $150 $150 $150 $150 $100 $1,750 $2,050 $2,200 $2,600 Supplies $100 $100 $100 $100 $100 $100 $100 $100 $100 $100 $100 $100 $1,200 $1,200 $1,300 $1,300 Licenses and Permits $165 $165 $165 $165 $165 $165 $165 $165 $165 $165 $170 $180 $2,000 $2,000 $2,000 $2,000 Legal Fees $415 $415 $415 $415 $415 $415 $415 $415 $420 $420 $420 $420 $5,000 $5,000 $5,000 $5,000

Total Operating Expenses $37,993 $37,993 $37,993 $38,193 $38,193 $38,193 $38,195 $38,195 $38,250 $38,258 $38,274 $38,193 $457,925 $519,263 $553,262 $569,734

Profit Before Interest and Taxes ($4,360) ($3,687) ($3,001) ($2,502) ($1,788) ($1,060) ($320) $437 $1,125 $1,735 $2,324 $3,174 ($7,925) $10,737 $46,738 $100,266 EBITDA ($4,360) ($3,687) ($3,001) ($2,502) ($1,788) ($1,060) ($320) $437 $1,125 $1,735 $2,324 $3,174 ($7,925) $10,737 $46,738 $100,266 Interest Expense $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Taxes Incurred $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Net Profit ($4,360) ($3,687) ($3,001) ($2,502) ($1,788) ($1,060) ($320) $437 $1,125 $1,735 $2,324 $3,174 ($7,925) $10,737 $46,738 $100,266 Net Profit/Sales -12.96% -10.75% -8.58% -7.01% -4.91% -2.86% -0.84% 1.13% 2.86% 4.34% 5.72% 7.67% -1.76% 2.03% 7.79% 14.97%

Table: Cash Flow

Pro Forma Cash FlowJan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2019 2020 2021 2022 2023

Cash Received

Cash from OperationsCash Sales $22,246 $22,691 $23,145 $23,608 $24,080 $24,562 $25,053 $26,285 $27,504 $28,873 $29,876 $32,077 $310,000 $450,000 $530,000 $600,000 $670,000 Subtotal Cash from Operations

$22,246 $22,691 $23,145 $23,608 $24,080 $24,562 $25,053 $26,285 $27,504 $28,873 $29,876 $32,077 $310,000 $450,000 $530,000 $600,000 $670,000

Additional Cash ReceivedSubtotal Cash Received $22,246 $22,691 $23,145 $23,608 $24,080 $24,562 $25,053 $26,285 $27,504 $28,873 $29,876 $32,077 $310,000 $450,000 $530,000 $600,000 $670,000

Expenditures Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2019 2020 2021 2022 2023

Expenditures from OperationsCash Spending $24,414 $24,414 $24,414 $24,414 $24,419 $24,419 $24,419 $24,419 $27,713 $27,713 $27,739 $27,693 $306,194 $457,925 $519,263 $553,262 $569,734 Subtotal Spent on Operations

$24,414 $24,414 $24,414 $24,414 $24,419 $24,419 $24,419 $24,419 $27,713 $27,713 $27,739 $27,693 $306,194 $457,925 $519,263 $553,262 $569,734

Additional Cash SpentSubtotal Cash Spent $24,414 $24,414 $24,414 $24,414 $24,419 $24,419 $24,419 $24,419 $27,713 $27,713 $27,739 $27,693 $306,194 $457,925 $519,263 $553,262 $569,734

Net Cash Flow ($2,168) ($1,723) ($1,269) ($806) ($339) $143 $634 $1,866 ($209) $1,160 $2,137 $4,384 $3,806 ($7,925) $10,737 $46,738 $100,266 Cash Balance ($2,168) ($3,892) ($5,161) ($5,968) ($6,307) ($6,165) ($5,531) ($3,666) ($3,875) ($2,715) ($578) $3,806 $3,806 ($4,119) $6,619 $53,357 $153,623

Table: Cash Flow 2nd Year (Planned)

Pro Forma Cash FlowJan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2020 2021 2022 2023

Cash Received

Cash from OperationsCash Sales $33,633 $34,306 $34,992 $35,691 $36,405 $37,133 $37,875 $38,632 $39,375 $39,993 $40,598 $41,367 $450,000 $530,000 $600,000 $670,000 Subtotal Cash from Operations $33,633 $34,306 $34,992 $35,691 $36,405 $37,133 $37,875 $38,632 $39,375 $39,993 $40,598 $41,367 $450,000 $530,000 $600,000 $670,000

Additional Cash ReceivedSubtotal Cash Received $33,633 $34,306 $34,992 $35,691 $36,405 $37,133 $37,875 $38,632 $39,375 $39,993 $40,598 $41,367 $450,000 $530,000 $600,000 $670,000

Expenditures Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2020 2021 2022 2023

Expenditures from OperationsCash Spending $37,993 $37,993 $37,993 $38,193 $38,193 $38,193 $38,195 $38,195 $38,250 $38,258 $38,274 $38,193 $457,925 $519,263 $553,262 $569,734 Subtotal Spent on Operations $37,993 $37,993 $37,993 $38,193 $38,193 $38,193 $38,195 $38,195 $38,250 $38,258 $38,274 $38,193 $457,925 $519,263 $553,262 $569,734

Additional Cash SpentSubtotal Cash Spent $37,993 $37,993 $37,993 $38,193 $38,193 $38,193 $38,195 $38,195 $38,250 $38,258 $38,274 $38,193 $457,925 $519,263 $553,262 $569,734

Net Cash Flow ($4,360) ($3,687) ($3,001) ($2,502) ($1,788) ($1,060) ($320) $437 $1,125 $1,735 $2,324 $3,174 ($7,925) $10,737 $46,738 $100,266 Cash Balance ($554) ($4,242) ($7,243) ($9,745) ($11,534) ($12,594) ($12,914) ($12,477) ($11,351) ($9,616) ($7,293) ($4,119) ($4,119) $6,619 $53,357 $153,623

Table: Balance Sheet

Pro Forma Balance Sheet

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2019 2020 2021 2022 2023Assets Starting

Balances

Current AssetsCash $0 ($2,168) ($3,892) ($5,161) ($5,968) ($6,307) ($6,165) ($5,531) ($3,666) ($3,875) ($2,715) ($578) $3,806 $3,806 ($4,119) $6,619 $53,357 $153,623 Other Current Assets

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Total Current Assets

$0 ($2,168) ($3,892) ($5,161) ($5,968) ($6,307) ($6,165) ($5,531) ($3,666) ($3,875) ($2,715) ($578) $3,806 $3,806 ($4,119) $6,619 $53,357 $153,623

Long-term AssetsLong-term Assets $0 $0 $0 $0 $0 $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 $0 $0 $0 $0 $0

Total Assets $0 ($2,168) ($3,892) ($5,161) ($5,968) ($6,307) ($6,165) ($5,531) ($3,666) ($3,875) ($2,715) ($578) $3,806 $3,806 ($4,119) $6,619 $53,357 $153,623

Liabilities and Capital

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2019 2020 2021 2022 2023

Long-term Liabilities

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Total Liabilities $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Paid-in Capital $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Retained Earnings $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $3,806 ($4,119) $6,619 $53,357 Earnings $0 ($2,168) ($3,892) ($5,161) ($5,968) ($6,307) ($6,165) ($5,531) ($3,666) ($3,875) ($2,715) ($578) $3,806 $3,806 ($7,925) $10,737 $46,738 $100,266 Total Capital $0 ($2,168) ($3,892) ($5,161) ($5,968) ($6,307) ($6,165) ($5,531) ($3,666) ($3,875) ($2,715) ($578) $3,806 $3,806 ($4,119) $6,619 $53,357 $153,623 Total Liabilities and Capital

$0 ($2,168) ($3,892) ($5,161) ($5,968) ($6,307) ($6,165) ($5,531) ($3,666) ($3,875) ($2,715) ($578) $3,806 $3,806 ($4,119) $6,619 $53,357 $153,623

Net Worth $0 ($2,168) ($3,892) ($5,161) ($5,968) ($6,307) ($6,165) ($5,531) ($3,666) ($3,875) ($2,715) ($578) $3,806 $3,806 ($4,119) $6,619 $53,357 $153,623

Table: Balance Sheet 2nd Year (Planned)

Pro Forma Balance SheetJan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2020 2021 2022 2023

Assets

Current AssetsCash ($554) ($4,242) ($7,243) ($9,745) ($11,534) ($12,594) ($12,914) ($12,477) ($11,351) ($9,616) ($7,293) ($4,119) ($4,119) $6,619 $53,357 $153,623 Other Current Assets $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Total Current Assets ($554) ($4,242) ($7,243) ($9,745) ($11,534) ($12,594) ($12,914) ($12,477) ($11,351) ($9,616) ($7,293) ($4,119) ($4,119) $6,619 $53,357 $153,623

Long-term AssetsLong-term Assets $0 $0 $0 $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 $0 $0 $0 Total Assets ($554) ($4,242) ($7,243) ($9,745) ($11,534) ($12,594) ($12,914) ($12,477) ($11,351) ($9,616) ($7,293) ($4,119) ($4,119) $6,619 $53,357 $153,623

Liabilities and Capital Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2020 2021 2022 2023

Long-term Liabilities $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Total Liabilities $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Paid-in Capital $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Retained Earnings $3,806 $3,806 $3,806 $3,806 $3,806 $3,806 $3,806 $3,806 $3,806 $3,806 $3,806 $3,806 $3,806 ($4,119) $6,619 $53,357 Earnings ($4,360) ($8,048) ($11,049) ($13,552) ($15,340) ($16,401) ($16,720) ($16,283) ($15,158) ($13,423) ($11,099) ($7,925) ($7,925) $10,737 $46,738 $100,266 Total Capital ($554) ($4,242) ($7,243) ($9,745) ($11,534) ($12,594) ($12,914) ($12,477) ($11,351) ($9,616) ($7,293) ($4,119) ($4,119) $6,619 $53,357 $153,623 Total Liabilities and Capital ($554) ($4,242) ($7,243) ($9,745) ($11,534) ($12,594) ($12,914) ($12,477) ($11,351) ($9,616) ($7,293) ($4,119) ($4,119) $6,619 $53,357 $153,623

Net Worth ($554) ($4,242) ($7,243) ($9,745) ($11,534) ($12,594) ($12,914) ($12,477) ($11,351) ($9,616) ($7,293) ($4,119) ($4,119) $6,619 $53,357 $153,623