e-2 visa sample (fashion) masterplans.com

B u s i n e s s P l a n

Contact: Karl LentzEmail: [email protected]

Cell: 503.226.4400

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CONFIDENTIAL – Do Not Distribute Without Permission

Love Making Love, LLC

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THIS IS A SAMPLE BUSINESS PLAN

This file was created by redacting an actual business plan MasterPlanswrote for a client seeking an E-2 visa in 2015. All client information and

propriety content has been removed. As such, the business model,managers and financial pro forma herein are entirely theoretical – onlythe structure of the plan itself and portions of the market and industry

research remain “real”.

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EXECUTIVE SUMMARY....................................................................................................4

COMPANY DESCRIPTION .................................................................................................5Company Ownership .................................................................................................. 5Company Location ...................................................................................................... 5

INVESTMENT AND FINANCIAL DETAILS ................................................................................7Use of Funds............................................................................................................... 7Applicant Investment Details....................................................................................... 7

BUSINESS DESCRIPTION ..................................................................................................9

MARKET ANALYSIS SUMMARY ...................................................................................... 11Market Segmentation................................................................................................ 12Industry Analysis....................................................................................................... 14Competitors............................................................................................................... 17Competitive Edge...................................................................................................... 18

MARKETING SUMMARY............................................................................................... 19Objectives ................................................................................................................. 19Marketing Strategy.................................................................................................... 19

MANAGEMENT SUMMARY ........................................................................................... 22

FINANCIAL PROJECTIONS.............................................................................................. 23

APPENDIX II: YEAR 1 FINANCIALS BY MONTH .................................................................... 34

TABLE OFCONTENTS

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Since 2012, Love Making Love, LLC (also referred to as “LML” and “theCompany”) has been designing and creating graphics-driven, fashion-forward clothing inspired by music and modern street-style culture. The Company’sbrand was launched in Fiji and has been carried by major retailers in the UnitedStates and Australia since 2012. LML is now preparing to capitalize on itsinternational momentum by establishing a flagship retail store and wholesaleshowplace in trendy Miami Beach, Florida, significantly boosting its presence in theUnited States and adding to the brand’s growing cachet. LML will continue tooperate with a commitment to quality and exceptional design, thereby cementing itsstatus as a sought-after lifestyle brand.The Company will locate its retail store on Harding Avenue in Miami Beach, where itwill benefit from the high volume of foot traffic drawn to the area’s stores,restaurants, beach life, and entertainment destinations. More than one millionpeople live within 10 miles of LML’s chosen location, including a high percentage offashion-forward young women, a demographic that represents the Company’s corecustomer base. The Company will benefit from growth in the national ClothingBoutiques industry, which earned an estimated $27.1 billion in revenue in 2014.Thanks to its multifaceted sales strategy, which blends brick-and-mortar,ecommerce, and wholesale sales, LML is poised to capitalize on numerous upwardtrends in the U.S. fashion sales market. While other urban apparel retailers willcompete with the Company for market share, the Company’s unique brand, music-inspired designs, and competitive price points will allow it to quickly build on itsexisting base of devoted consumers.In order to build awareness of its new retail store’s grand opening event and toencourage repeat patronage, LML will engage in a variety of promotional tactics togenerate interest in its exceptional selection of apparel. The Company’s marketingstrategy will feature a robust internet presence, extensive social media usage, andspecial events. By executing a well-designed marketing campaign and capitalizingon celebrity endorsements along with the positive word-of-mouth of satisfiedcustomers, the Company intends to strengthen consumer demand for fashion-forward casual clothing and build a flourishing business.Karl Lentz and Anshu Amadi are the Company’s co-founders. Mr. Lentz designsLML’s apparel and accessories while Ms. Amadi oversees marketing and sales forthe Company. The two owners will continue to apply their entrepreneurial driveand demonstrated business development expertise to ensure the ongoing success ofLML.

EXECUTIVESUMMARY

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Love Making Love is a Limited Liability Company registered in the state of Delawareand operating in Florida. The Company was formed on February 29, 2012.Company OwnershipThe Company is owned by Karl Lentz (50%) and Anshu Amadi (50%).Karl Lentz is a national of Germany; Anshu Amadi is a national of The Philippines.Company LocationThe Company will establish its new U.S. operations at the following location:7625 Harding AvenueMiami Beach, Florida 33141

COMPANYDESCRIPTION

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LML has selected an 800-square-foot retail storefront located on Miami Beach’sHarding Avenue. This highly visible location will allow the Company access to a highrate of foot and vehicular traffic thanks to the many popular stores, high schools,and other businesses in the local area.The following is an image of the Company’s storefront:

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Use of FundsThe table below outlines the sources and uses of funding:Applicant Investment $145,000

Total Sources $145,000

Start-up ExpensesLease Deposit $15,750Marketing $10,000Tradeshow $11,250Office Supplies $5,000Shipping $2,000Permits $1,000

Total Start-up Expenses $45,000

Start-up AssetsWorking Capital $20,000Inventory $65,000Renovations $15,000

Total Start-up Assets $100,000

Total Uses $145,000

Sources Of Funds

Uses Of Funds

SOURCES & USES

Applicant Investment DetailsThe applicant will contribute investment from three primary sources:1. The applicant will be contributing $145,000 of personal capital as cash2. The applicant will defer 33% of her salary in Years 1 in order to free up anadditional $15,000 per year in funds to ensure establishment of a robust andthriving U.S. business and to make sure that cash is available for additional hires3. The applicant projects that the Company will make a sizeable profit in the firstyear of operations. This will allow the Company to continue to grow into newmarkets and cover the expenses for any new employees and marketing activities

INVESTMENT ANDFINANCIAL DETAILS

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The following table and graph illustrate the financial goals of the Company during the nextfive years:Year 1 Year 2 Year 3 Year 4 Year 5

Total Revenue $557,405 $825,480 $994,660 $1,150,413 $1,321,975Gross Margin $373,462 $541,721 $625,393 $701,177 $783,931Operating Expenses $278,792 $388,334 $422,392 $456,281 $491,888EBITDA* $96,793 $155,510 $205,123 $247,019 $294,166Net Profit $89,191 $148,593 $198,941 $241,624 $289,615

Profitability RatiosGross Margin/Revenue 67% 66% 63% 61% 59%EBITDA/Revenue 17% 19% 21% 21% 22%Net Profit % 16% 18% 20% 21% 22%

Debt RatiosDebt Ratio (Total Debt/Total Assets) 35.77% 23.57% 15.69% 10.98% 7.94%Interest Coverage Ratio 17.67 32.44 50.53 75.49 121.16Debt Service Coverage Ratio 6.47 10.40 13.72 16.52 19.67

Days on HandReceivables 0 0 0 0 0Inventory 100 90 90 90 90Payables 30 30 30 30 30

Net Cash Flow $135,951 $125,586 $178,857 $219,229 $264,922Cash Balance - Ending $210,071 $335,657 $514,514 $733,743 $998,666

FINANCIAL HIGHLIGHTS

*Earnings before interest, taxes, depreciation& amortization

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Since 2010, LML has been designing graphics-driven women’sclothing inspired by art, music, and the creative streetwear lifestyle. The Companybegan operations in Fiji and launched wholesale accounts with major U.S. andAustralian retailers in 2012. Currently, LML merchandise is carried by a variety oftop stores and select boutiques around the world.

LML is now preparing to launch its first retail store, which will also serve as awholesale showroom and office. The Company has chosen Miami Beach as the ideallocation for its flagship store, and will use this retail location to further enhance itsbrand’s visibility, popularity, and status in the U.S.

BUSINESSDESCRIPTION

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The Company carries a wide range of products in the following categories, with newcollections designed each season: Intimates Bags Jewelry Eyewear Accessories Dresses Outerwear Swimwear Bottoms Tops

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The Company’s chosen storefront location at 7625 Harding Avenue inMiami Beach places it in a location that maximizes its ability tocapitalize on shoppers in the area. The following table provides pertinent figures forthe population living in LML’s immediate retail store service radius. This data isprovided by ESRI, a market research firm.1Full Demographic Report: Radial Analysis7625 Harding Ave. Miami Beach, Florida

Radius:1 mile

Radius:5 miles

Radius:10 miles

2014 Total Population 24,228 195,196 1,022,0782019 Total Population 25,039 206,679 1,082,050

2014 - 2019 Annual Rate 0.66% 1.15% 1.15%

2014 Households 11,764 82,647 395,2852014 Average Household Size 2.06 2.32 2.55

2014 Families 5,745 44,464 230,6132014 Average Family Size 2.81 3.08 3.26

Median Household Income2014 $30,672 $38,356 $33,3062019 $36,786 $46,808 $39,581

Per Capita Income2014 $25,339 $28,317 $20,8572019 $29,592 $32,947 $24,177

Median Age2010 41.7 39.0 38.22014 42.8 40.0 38.92019 43.8 40.3 39.3

2014 Households by IncomeHousehold Income Base 11,764 82,642 395,257

< $15,000 23.9% 20.4% 24.4%$15,000 - $24,999 17.4% 14.4% 15.2%$25,000 - $34,999 13.6% 11.3% 12.0%$35,000 - $49,999 14.9% 13.5% 14.2%$50,000 - $74,999 13.7% 14.3% 14.5%$75,000 - $99,999 5.9% 8.2% 7.3%$100,000 - $149,999 4.2% 8.0% 6.5%

1 Business Analyst Online. Source: http://bao.esri.com/

MARKETANALYSIS

SUMMARY

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$150,000 - $199,999 2.0% 3.8% 2.5%$200,000 + 4.3% 6.0% 3.4%

Average Household Income $52,243 $66,537 $53,532

2014 Population by AgeTotal 24,228 195,198 1,022,079

0 - 4 4.5% 5.7% 5.9%5 - 9 4.5% 5.5% 5.7%10 - 14 4.4% 5.1% 5.3%15 - 24 10.5% 12.3% 12.3%25 - 34 14.0% 14.4% 15.4%35 - 44 15.6% 14.4% 13.7%45 - 54 15.9% 14.6% 13.7%55 - 64 13.5% 12.9% 12.1%65 - 74 8.9% 8.2% 8.5%75 - 84 5.7% 4.7% 5.1%85+ 2.5% 2.2% 2.2%18+ 84.0% 80.7% 79.9%

2014 Population by SexMales 11,998 95,873 501,193Females 12,230 99,323 520,885

Market SegmentationLML will cater to local and online consumers who enjoy trendy, casual apparelinspired by music culture. The Company predicts that its primary customers in boththe retail and online spheres will include moderately affluent, fashion-forwardwomen who are dedicated to contemporary design, graphic-driven, high-qualityclothing, and businesses focused on music and culture. The following chart providesan overview of the female population of the Company’s service area, broken downby age. 27625 Harding Ave. Miami Beach, Florida: 2014 Female Population by Age

Radius:1 mile

Radius:5 miles

Radius:10 miles

Total 12,230 99,323 520,8850 - 4 550 5,492 29,5525 - 9 534 5,359 28,80610 - 14 528 4,955 26,58915 - 19 506 5,451 27,25720 - 24 734 6,877 35,51325 - 29 808 7,043 40,51730 - 34 857 7,331 38,76835 - 39 879 6,795 34,273


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40 - 44 940 6,988 34,38645 - 49 913 6,731 33,67350 - 54 896 6,852 35,36855 - 59 889 6,734 34,06160 - 64 782 5,994 30,33665 - 69 656 4,852 25,80770 - 74 552 3,777 21,15975 - 79 452 2,891 17,10680 - 84 361 2,348 13,02285+ 394 2,854 14,692The following map illustrates the Company’s target market: 3


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The Company will also work as a clothing wholesaler, marketing and selling itsclothing and accessories to other large retailers that specialize in fashion-forwardapparel for young women. Industry research firm IBISWorld offers the followingoverview of the markets served by the Women’s and Children’s Apparel Wholesalingsector:4

Industry AnalysisLML’s new retail location will allow the Company to operate in the U.S. ClothingBoutiques industry. This $27.1 billion industry is expected to experience 1.3%average annual growth through 2019 as consumers spend more on clothing andaccessories from favorite designers. As online shopping continues to grow inpopularity, IBISWorld predicts that “operators will see greater competition fromonline retailers domestically and internationally as consumers turn online topurchase clothing,” but notes that “this also provides a new growth platform forindustry operators that are able to set up online stores and capture changingconsumer preferences.” The Company’s blended brick-and-mortar and online salesstrategy will allow LML to take advantage of both the convenience of onlineshopping and the cachet of shopping at a flagship branded boutique. IBISWorldoffers the following overview of the Clothing Boutiques industry:5

4 IBISWorld. Source: www.ibisworld.com5 IBISWorld. Source: www.ibisworld.com

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“IBISWorld estimates that sales of women's clothing make up the majority of theClothing Boutiques industry's sales,” the research firm writes. “Women's fashionrepresents the cornerstone of apparel industries, as luxury fashion is mostlydesigned for women. Its prominence in the fashion world is not expected to change,and this product segment is expected to remain steady.”6

“IBISWorld estimates that about four-fifths of the industry's sales to consumerscome from women while only about one-fifth come from men. For both men andwomen consumers, however, the industry's major markets are perhaps bestsegmented by age.”7

6 IBISWorld. Source: www.ibisworld.com7 IBISWorld. Source: www.ibisworld.com

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The Company will also continue to function within related industry sectors. At itsnew retail location, LML will also operate a wholesale showroom and will market itsclothing aggressively to potential buyers. These business activities align theCompany with the Women’s and Children’s Apparel Wholesaling industry, which isoverviewed as follows.

Finally, the Company’s ongoing design work will place the business within theFashion Designers sector:

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CompetitorsMiami Beach is a well-known leader in the global fashion scene, and, as such,numerous brands operate boutiques in the city. LML will compete with these localcompetitors and with other global brands that design collections similarly inspiredby music, culture, and street style. However, no other designer currently operatingin the local or online market provides the Company’s signature blend of art, style,and quality. LML will capitalize on this market niche by earning a reputation as aleading provider of music-inspired apparel in both the local and online spheres. TheCompany has carefully analyzed the strengths and weaknesses of its stylecompetitors, and will utilize the following analyses of these businesses’ successesand shortcomings as a roadmap as it finalizes its own marketing and operationalplans:W.I.A. CollectionsW.I.A. Collections offers graphically arresting, street-style clothing for men andwomen with a strong signature look. This brand is designed in Spain and Italy, andmanufactures its products in Spain. Price points are considerably higher than LML.SHADE LondonSHADE London is a primarily online retailer of a small collection of clothing for menand women. The brand’s logo figures prominently into the design of every item, andthe cuts and styles of the clothing are not highly creative.JoyrichStreet-style and casual clothing designer Joyrich is an international companyoffering clothing for men and women. The brand collaborates frequently with well-known companies such as Disney, Coca-Cola, and Playboy to create unique co-branded apparel and accessories.Nasir MazharU.K.-based designer Nasir Mazhar creates fashion-forward street-style designs formen and women as well as his signature hats. His creations have been worn by LadyGaga. Nasir Mazhar’s first full clothing collection debuted at London Fashion Weekin 2013.The Ragged PriestU.K. clothing brand The Ragged Priest offers modern takes on vintage clothing withan edgy, fashion-forward spirit. Ragged Priest clothing is carried by major U.K.retailers Topshop and ASOS, which also sell LML’s merchandise.

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Competitive EdgeThe Company will experience competition from other clothing designers andretailers, most of which lack an equally strong and internationally acclaimedlifestyle brand. LML will capitalize on its competitors’ weaknesses by building onseveral strengths: Distinct music-inspired look International reputation Strong designs make a compelling lifestyle brand High-quality apparel for women Miami Beach flagship location Established wholesale accounts with major retailers Wholesale showroom on-site Hosts events at major music festivals User-friendly online store Clothing worn by major celebrities and performing artists Creator of custom stage costumes for Miami-based touring artistsIn addition, LML’s wholesale showroom will provide the Company with directaccess to new and existing celebrity clients who are eager to wear LML clothes forpress events and performances. This proximity will not only maintain butstrengthen the Company’s relationships with celebrities, as the Miami Beachshowroom will allow for more efficient and expedient accommodation of needs.

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LML has developed a brand that communicates its commitment to music, culture,and the modern lifestyle. A cohesive brand identity, including a memorable logo andall necessary marketing collateral, will transmit a clear message of these values tothe Company’s customers and guide the development of marketing campaigns. LMLplans to utilize a predominantly online and events-based marketing approachleveraging social media, celebrity endorsements, and a presence at major musicevents. This strategy is specifically designed to reach fashion-forward customers.ObjectivesThe Company has identified the following objectives and benchmarks as it launchesretail operations:

Short-term

Create a compelling retail store and wholesale design showroom in MiamiBeach Utilize the Miami Beach store as new headquarters of wholesale distribution Build the brand’s reputation in the Miami area and beyond Build a base of customers and retail accounts that is large enough to sustainbusiness

Long-term

Enhance its client base to sustain the business’ trajectory and support itsgrowth objectives Generate enough revenue to expand the brand into new products

Marketing StrategyLML will use a variety of advertising channels to increase its exposure amongprospective customers. Specific channels will include:Word of mouth: The advent of social media means that word travels faster thanever before between family members, peers, and colleagues who are pleased withtheir experiences with a particular business. The Company will actively cultivatethis effective and inexpensive resource to generate interest in its clothing. Accordingto research conducted by Nielsen, word of mouth remains among the most trustedforms of advertising: 84% of consumers around the world say they trust earned

MARKETINGSUMMARY

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advertising, such as word of mouth or recommendations from friends and family,above all other forms of advertising.8Product placements: LML will utilize its wholesale showroom as a marketing andPR tool, inviting print and online fashion journalists to the showroom to view thelatest collections, pull pieces, and borrow items for photoshoots. To date, theCompany has secured placements in music videos and reality TV shows shot inMiami, but has been forced to ship the items from New York City or Fiji. The newMiami Beach address will allow for more expedient service and easier collectionbrowsing, and will significantly increase the number of product placements securedby LML.Website: The Company will utilize its website to generate interest in its products.This website will be search engine optimized and mobile compatible, and willinclude a shopping cart, product information, regularly updated blog, lookbooks,press mentions, and contact information.Internet advertising: LML will use a combination of internet advertising methodsincluding Pay-per-Click, Google AdWords, Tags, and banner ads. This effort will helpgenerate interest in the Company from the online community and general public.Viral marketing: The Company will rely on online viral marketing to rapidly reacha broad audience. Viral marketing efforts hinge on the creation of engaging contentdesigned to be shared by viewers. To encourage social sharing, LML will pursuecross-marketing with other websites, create YouTube videos, establish a presenceon social networking sites, blog regularly, and engage frequently on Twitter.Social networking: LML will develop a distinctive and authentic presence on socialnetworking sites including Facebook, Instagram, and Twitter, and may also placeadvertisements on these sites. Customers can “like” LML on Facebook or “follow”the Company’s Twitter or Instagram feed in order to gain access to special discountsor promotions, and LML will regularly monitor and interact with consumersthrough social networking sites. About 72% of all internet users are active on socialnetworks, while 89% of all Millennial consumers are active social network users.Almost half of all Americans report that Facebook is their primary influencer ofpurchase, while 63% of Millennials report using social media to stay updated on theactivity of their favorite brands.98 Nielsen Report. Global Trust in Advertising and Brand Messages. 2013. Source:http://www.nielsen.com/content/corporate/us/en/insights/reports/2013/global-trust-in-advertising-and-brand-messages.html9 Pick, Tom. “104 fascinating social media and marketing statistics for 2014 (and 2015).” B2C. 2014. Source:http://www.business2community.com/social-media/104-fascinating-social-media-marketing-statistics-2014-2015-01084935

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Mobile marketing: LML will strongly emphasize mobile compatibility in allmarketing campaigns, including a mobile-optimized website and email marketing,the development of mobile apps, tight integration with social media platforms, opt-in push advertising, and streamlined mobile purchasing capabilities. According toForbes, “mobile is the channel of choice to keep relationships with existingcustomers alive because it cuts through the clutter of email and social. That’sbecause phones and tablets are consumers preferred platform to browse forproducts, contact customer service, participate in social communities, watch videos,sign up for alerts, and download branded apps.10Outdoor marketing: LML will create large, eye-catching signs that are prominentlyplaced at its retail location for maximum visibility to both foot and vehicular traffic.Grand opening: The Company’s grand opening event at its retail store will bedesigned to generate initial buzz for the Company, signaling its formal launch. Thisevent will feature live entertainment, complimentary refreshments, and specialdiscounts.Direct sales: In the business-to-business world, direct advertising has always beenthe most effective means of reaching new customers. For this reason, LML will usedirect sales calls, presentations, and appointments with retail buyers throughout theUnited States and Australia. The Company will also arrange conference calls andwebinar presentations with faraway prospects when geography is a limiting factor.The benefits of a direct sales approach include lower upfront marketing costs,enhanced lead generation, and immediate results.Established relationships: The Company has already established a number ofbusiness relationships that it will use to market its products, to generate referrals,and to build its wholesale client base.Music festivals: LML will benefit from participating in music festivals and eventssuch as Coachella, SXSW, Made in America Festival, and Bonnaroo.Celebrity endorsements: LML will pursue endorsement agreements withprominent, fashionable celebrities who have high numbers of social mediafollowers. Celebrity endorsers will receive free products or custom stage costumesin exchange for wearing the Company’s clothing at events or promoting the brand inFacebook or Twitter posts.10 Crandell, Christine. “2014 State of Marketing.” Forbes. 2014. Source:http://www.forbes.com/sites/christinecrandell/2014/01/07/2014-state-of-marketing-email-flood-despite-rise-of-mobile-and-social/

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Karl Lentz, Creative DirectorMr. Lentz leads the Company’s design and creative endeavors, drawing upon hisformal academic training in fashion and jewelry design. Working in partnershipwith his co-founder, he has been developing and refining the LML brand since 2010.Mr. Lentz designs ready-to-wear women’s collections and also oversees theproduction process, including controlling the image and branding, forecastingtrends, showing collections at U.S. fashion tradeshows, receiving orders, anddelivering completed garments to stores around the world. In addition to theseduties, Mr. Lentz has provided executive support and oversight for the Company,working to conduct market and trend research, creating sales targets, managingvisual merchandising, and assisting with social media and promotions.Mr. Lentz previously spent four years as an independent jewelry designer, and hasalso worked as a Production Manager and Visual Merchandiser. He studied FashionBusiness at La Salle College and Jewelry Business at Central Saint Martins –University of the Arts, London.Anshu Amadi, Director of MarketingMs. Amadi co-founded LML in 2010 and presently serves as the Company’s leadmarketing, sales, and event planning professional. She developed the concept for theCompany’s store in Fiji and oversaw the launch of both the retail boutique and itssibling online store. Ms. Amadi also trains and manages staff, creates online andtraditional marketing campaigns, manages inventory, leads brand developmentinitiatives, and secures wholesale accounts with international retailers.Prior to co-founding LML, Ms. Amadi worked as a Sales Executive at a majorAustralian retailer, and has owned and operated her own café and bar. She gainedadditional career experience from her years as Head of Public Relations at a newlylaunched restaurant.

MANAGEMENTSUMMARY

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The table below outlines the sources and uses of funding:Applicant Investment $145,000

Total Sources $145,000

Start-up ExpensesLease Deposit $15,750Marketing $10,000Tradeshow $11,250Office Supplies $5,000Shipping $2,000Permits $1,000

Total Start-up Expenses $45,000

Start-up AssetsWorking Capital $20,000Inventory $65,000Renovations $15,000

Total Start-up Assets $100,000

Total Uses $145,000

Sources Of Funds

Uses Of Funds

SOURCES & USES

FINANCIALPROJECTIONS

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The following table and graph illustrate the financial goals of the Company during the nextfive years:Year 1 Year 2 Year 3 Year 4 Year 5

Total Revenue $557,405 $825,480 $994,660 $1,150,413 $1,321,975Gross Margin $373,462 $541,721 $625,393 $701,177 $783,931Operating Expenses $278,792 $388,334 $422,392 $456,281 $491,888EBITDA* $96,793 $155,510 $205,123 $247,019 $294,166Net Profit $89,191 $148,593 $198,941 $241,624 $289,615

Profitability RatiosGross Margin/Revenue 67% 66% 63% 61% 59%EBITDA/Revenue 17% 19% 21% 21% 22%Net Profit % 16% 18% 20% 21% 22%

Debt RatiosDebt Ratio (Total Debt/Total Assets) 35.77% 23.57% 15.69% 10.98% 7.94%Interest Coverage Ratio 17.67 32.44 50.53 75.49 121.16Debt Service Coverage Ratio 6.47 10.40 13.72 16.52 19.67

Days on HandReceivables 0 0 0 0 0Inventory 100 90 90 90 90Payables 30 30 30 30 30

Net Cash Flow $135,951 $125,586 $178,857 $219,229 $264,922Cash Balance - Ending $210,071 $335,657 $514,514 $733,743 $998,666

FINANCIAL HIGHLIGHTS

*Earnings before interest, taxes, depreciation& amortization

$0

$200,000

$400,000

$600,000

$800,000

$1,000,000

$1,200,000

$1,400,000

Year 1 Year 2 Year 3 Year 4 Year 5

Financial Highlights

Revenue

Direct Costs

Operating Expenses

Net Profit

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The following table details the past performance of the Company’s wholesale-onlyoperations in the U.S. (using other distributors): PROFIT & LOSS 2012 2013 2014Revenue $68,541 $205,623 $411,246Gross Margin $41,125 $127,486 $263,197Gross Margin % 60% 62% 64%Operating Expenses $56,412 $115,632 $213,986Net Profit ($15,287) $11,854 $49,211Net Profit % -22% 6% 12%

BALANCE SHEET 2012 2013 2014Current Assets

Cash $4,602 $18,568 $54,120Accounts Receivable $0 $0 $0Inventory $0 $3,105 $18,552Other Current Assets $0 $0 $0

Total Current Assets $4,602 $21,673 $72,672

Long-term AssetsLong-term Assets $1,020 $3,252 $16,845Accumulated Depreciation $204 $650 $3,369

Total Long-term Assets $816 $2,602 $13,476

Other AssetsOther Assets $0 $0 $0

Total Assets $5,418 $24,275 $86,148

Current LiabilitiesAccounts Payable $256 $1,585 $6,843Current Borrowing $0 $0 $0Other Current Liabilities $0 $0 $0

Total Current Liabilities $256 $1,585 $6,843

Long-term Liabilities $0 $0 $82,556Total Liabilities $256 $1,585 $89,399

Paid-in Capital $0 $0 $0Retained Earnings $20,449 $10,835 ($52,462)Current Year Earnings ($15,287) $11,854 $49,211

Total Capital $5,162 $22,690 ($3,251)Total Capital and Liabilities $5,418 $24,275 $86,148

PAST PERFORMANCE

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The following is a five-year revenue forecast. Direct costs include all costs which can bedirectly tied to revenue and include “cost of goods.”Year 1 Year 2 Year 3 Year 4 Year 5

RevenueWholesale $111,481 $206,370 $348,131 $483,174 $634,548Retail $167,222 $181,606 $198,932 $207,074 $211,516Ecommerce $278,703 $437,504 $447,597 $460,165 $475,911

Total Revenue $557,405 $825,480 $994,660 $1,150,413 $1,321,975

Direct Cost of RevenueWholesale $61,315 $113,503 $191,472 $265,745 $349,002Retail $45,986 $49,942 $54,706 $56,945 $58,167Ecommerce $76,643 $120,314 $123,089 $126,545 $130,876

Subtotal Cost of Revenue $183,944 $283,759 $369,268 $449,236 $538,044Other Direct Cost $0 $0 $0 $0 $0Total Direct Costs $183,944 $283,759 $369,268 $449,236 $538,044

Gross Margin $373,462 $541,721 $625,393 $701,177 $783,931Gross Margin/Revenue 67% 66% 63% 61% 59%

REVENUE FORECAST

The table below shows the units and pricing assumptions underlying the revenue forecast:Year 1 Year 2 Year 3 Year 4 Year 5

UnitsWholesale 5,574 10,318 17,407 24,159 31,727Retail 4,181 4,540 4,973 5,177 5,288Ecommerce 6,968 10,938 11,190 11,504 11,898

Total Units 16,722 25,796 33,570 40,840 48,913

Unit PriceWholesale $20.00 $20.00 $20.00 $20.00 $20.00Retail $40.00 $40.00 $40.00 $40.00 $40.00Ecommerce $40.00 $40.00 $40.00 $40.00 $40.00

Direct Unit CostWholesale $11.00 $11.00 $11.00 $11.00 $11.00Retail $11.00 $11.00 $11.00 $11.00 $11.00Ecommerce $11.00 $11.00 $11.00 $11.00 $11.00

UNIT ASSUMPTIONS

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$0

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Mon

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th 7

Mon

th 8

Mon

th 9

Mon

th 1

0

Mon

th 1

1

Mon

th 1

2

Year 1 Revenue Monthly

Ecommerce

Retail

Wholesale

$0

$200,000

$400,000

$600,000

$800,000

$1,000,000

$1,200,000

$1,400,000


Annual Revenue

Ecommerce

Retail

Wholesale

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28

The Company’s personnel forecast is outlined below. Personnel wages indicate the averagewage per position and personnel costs are total wages for each position.Year 1 Year 2 Year 3 Year 4 Year 5

Year End Personnel CountCreative 1 1 1 1 1Marketing 1 1 1 1 1Sales Associate 3 3 4 5 6Shipping Manager 0 1 1 1 1Showroom Manager 1 1 1 1 1

Total Personnel 6 7 8 9 10

Personnel WageCreative $30,000 $45,000 $45,900 $46,818 $47,754Marketing $30,000 $45,000 $45,900 $46,818 $47,754Sales Associate $13,200 $13,464 $13,733 $14,008 $14,288Shipping Manager $0 $31,200 $31,824 $32,460 $33,110Showroom Manager $31,200 $31,824 $32,460 $33,110 $33,772

Personnel CostsCreative $30,000 $45,000 $45,900 $46,818 $47,754Marketing $30,000 $45,000 $45,900 $46,818 $47,754Sales Associate $39,600 $40,392 $54,933 $70,040 $85,729Shipping Manager $0 $31,200 $31,824 $32,460 $33,110Showroom Manager $15,600 $31,824 $32,460 $33,110 $33,772

Total Payroll $115,200 $193,416 $211,018 $229,246 $248,119Payroll/Revenue 20.67% 23.43% 21.22% 19.93% 18.77%

PERSONNEL FORECAST

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29

The Company intends to deploy its funding to maximize growth and profitability. In theProfit and Loss table below, gross margin equals revenue minus direct costs. The “bottomline” or profit (as measured before and after interest, taxes, depreciation, andamortization) equals gross margin minus operating expenses.Year 1 Year 2 Year 3 Year 4 Year 5

Total Revenue $557,405 $825,480 $994,660 $1,150,413 $1,321,975Total Direct Cost of Revenue $183,944 $283,759 $369,268 $449,236 $538,044Gross Margin $373,462 $541,721 $625,393 $701,177 $783,931Gross Margin/Revenue 67% 66% 63% 61% 59%

ExpensesCommissions $33,444 $49,529 $59,680 $69,025 $79,319Rent $63,000 $64,890 $66,837 $68,842 $70,907Utilities $7,800 $8,034 $8,275 $8,523 $8,779PR/Marketing $27,600 $28,428 $29,281 $30,159 $31,064Insurance $3,000 $3,090 $3,183 $3,278 $3,377Merchant Card Fees $3,344 $3,632 $3,979 $4,141 $4,230Misc $6,000 $6,180 $6,365 $6,556 $6,753Depreciation $2,123 $2,123 $2,123 $2,123 $2,123Payroll Taxes & Benefits $17,280 $29,012 $31,653 $34,387 $37,218Total Personnel $115,200 $193,416 $211,018 $229,246 $248,119

Total Op. Expenses $278,792 $388,334 $422,392 $456,281 $491,888

Profit Before Int. & Tax $94,670 $153,387 $203,000 $244,896 $292,043EBITDA $96,793 $155,510 $205,123 $247,019 $294,166Interest Expense $5,479 $4,794 $4,060 $3,272 $2,428Taxes Incurred $0 $0 $0 $0 $0

Net Profit $89,191 $148,593 $198,941 $241,624 $289,615Net Profit % 16.0% 18.0% 20.0% 21.0% 21.9%

PRO FORMA PROFIT & LOSS

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30

The table and chart below demonstrate when the Company is expected to becomeprofitable. Break-even occurs when accumulated revenue equals accumulated expenses.According to the forecasted financials, month 7 will be the point at which break-even willoccur.Break-Even Month 7

Accumulated Gross Revenue $300,950

BREAK-EVEN ANALYSIS

$0

$1,000,000

$2,000,000

$3,000,000

$4,000,000

$5,000,000

$6,000,000

1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 55 58

Accumulated Revenue

Accumulated Expenses

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31

The following depictions of the Company’s projected cash flow show that the Companyexpects to maintain sufficient cash balances over the five years of this plan. The “pro formacash flow” table differs from the “pro forma profit and loss” (P&L) table. Pro forma cashflow is intended to represent the actual flow of cash in and out of the Company. Incomparison, the revenue and expense projections on the P&L table include “non-cash”items and exclude funding and investment illustrations.

$0

$200,000

$400,000

$600,000

$800,000

$1,000,000

$1,200,000


Cash Flow

Net Cash Flow

Cash Balance

Year 1 Year 2 Year 3 Year 4 Year 5OPERATINGNet Profit $89,191 $148,593 $198,941 $241,624 $289,615Adjustments to Net Profit

Depreciation & Amortization $2,123 $2,123 $2,123 $2,123 $2,123(Increases)/Decreases in Accounts Receivable $0 $0 $0 $0 $0(Additions)/Depletions of Inventory $30,466 ($24,751) ($18,281) ($20,815) ($23,116)Increases/(Decreases) in Accounts Payable $23,644 $9,779 $6,966 $7,978 $8,824

Net Cash From Operating Activities $145,424 $135,744 $189,750 $230,909 $277,446

INVESTINGPurchase of Other Current Assets $0 $0 $0 $0 $0Sale of Other Current Assets $0 $0 $0 $0 $0Purchase of Land $0 $0 $0 $0 $0Sale of Land $0 $0 $0 $0 $0Purchase Long-term Assets $0 $0 $0 $0 $0Sale of Long-term Assets $0 $0 $0 $0 $0Net Cash From Investing Activities $0 $0 $0 $0 $0

FINANCINGInvestment $0 $0 $0 $0 $0Dividends $0 $0 $0 $0 $0New Current Borrowing $0 $0 $0 $0 $0Current Borrowing Repay. $0 $0 $0 $0 $0New Long Term Liabilities $0 $0 $0 $0 $0Long Term Liability Repay ($9,473) ($10,158) ($10,892) ($11,680) ($12,524)Net Cash From Financing Activities ($9,473) ($10,158) ($10,892) ($11,680) ($12,524)NET CASH FLOW $135,951 $125,586 $178,857 $219,229 $264,922Beginning Cash $74,120 $210,071 $335,657 $514,514 $733,743Ending Cash $210,071 $335,657 $514,514 $733,743 $998,666

CASH FLOW

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32

The balance sheet below highlights the Company’s projected assets, liabilities, and capital:Year 1 Year 2 Year 3 Year 4 Year 5

AssetsCurrent AssetsCash $210,071 $335,657 $514,514 $733,743 $998,666Accounts Receivable $0 $0 $0 $0 $0Inventory $53,086 $77,837 $96,117 $116,933 $140,049Other Current Assets $0 $0 $0 $0 $0

Total Current Assets $263,157 $413,494 $610,632 $850,676 $1,138,714

Fixed AssetsLong-term Assets $31,845 $31,845 $31,845 $31,845 $31,845Accum. Depreciation $5,492 $7,615 $9,738 $11,861 $13,984Land $0 $0 $0 $0 $0

Total Fixed Assets $26,353 $24,230 $22,107 $19,984 $17,861Total Assets $289,510 $437,724 $632,739 $870,660 $1,156,575

Liabilities and CapitalCurrent Liabilities

Accounts Payable $30,487 $40,266 $47,232 $55,210 $64,034Current Borrowing $0 $0 $0 $0 $0Other Current Liabilities $0 $0 $0 $0 $0

Subtotal Current Liabilities $30,487 $40,266 $47,232 $55,210 $64,034

Long-term Liabilities $73,083 $62,925 $52,033 $40,353 $27,829Total Liabilities $103,570 $103,191 $99,265 $95,563 $91,863

Paid-in Capital $145,000 $145,000 $145,000 $145,000 $145,000Retained Earnings ($48,251) $40,940 $189,533 $388,474 $630,097Earnings $89,191 $148,593 $198,941 $241,624 $289,615

Total Capital $185,940 $334,533 $533,474 $775,097 $1,064,712Total Liabilities and Capital $289,510 $437,724 $632,739 $870,660 $1,156,575

BALANCE SHEET

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33

The sensitivity analysis below assumes that revenues are 15% higher or lower than figuresprojected earlier in this business plan:Year 1 Year 2 Year 3 Year 4 Year 5

Revenue $641,016 $949,302 $1,143,859 $1,322,975 $1,520,272Cost of Goods $211,535 $326,323 $424,658 $516,622 $618,751Gross Margin $429,481 $622,979 $719,201 $806,353 $901,521Gross Margin/Revenue 67% 66% 63% 61% 59%Operating Expenses $278,792 $388,334 $422,392 $456,281 $491,888Net Profit $145,210 $229,851 $292,750 $346,800 $407,205Net Profit/Revenue 23% 24% 26% 26% 27%

Cash Flow $191,970 $206,844 $272,666 $324,406 $382,512Cash Balance $266,090 $472,934 $745,600 $1,070,006 $1,452,518


Revenue $473,794 $701,658 $845,461 $977,851 $1,123,679Cost of Goods $156,352 $241,195 $313,877 $381,851 $457,337Gross Margin $317,442 $460,463 $531,584 $596,000 $666,342Gross Margin/Revenue 67% 66% 63% 61% 59%Operating Expenses $278,792 $388,334 $422,392 $456,281 $491,888Net Profit $33,172 $67,335 $105,132 $136,447 $172,026Net Profit/Revenue 7% 10% 12% 14% 15%

Cash Flow $79,932 $44,328 $85,049 $114,053 $147,333Cash Balance $154,052 $198,379 $283,428 $397,481 $544,813

WORST CASE SCENARIO

BEST CASE SCENARIOREVENUE IS 15% GREATER THAN PROJECTED

REVENUE IS 15% LESS THAN PROJECTED

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34

Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12

Revenue

Wholesale $7,855 $8,091 $8,334 $8,584 $8,841 $9,106 $9,380 $9,661 $9,951 $10,249 $10,557 $10,873

Retail $11,783 $12,136 $12,500 $12,875 $13,262 $13,659 $14,069 $14,491 $14,926 $15,374 $15,835 $16,310

Ecommerce $19,638 $20,227 $20,834 $21,459 $22,103 $22,766 $23,449 $24,152 $24,877 $25,623 $26,392 $27,184

Total Revenue $39,276 $40,454 $41,668 $42,918 $44,205 $45,532 $46,898 $48,304 $49,754 $51,246 $52,784 $54,367

Direct Cost of Revenue

Wholesale $4,320 $4,450 $4,583 $4,721 $4,863 $5,008 $5,159 $5,313 $5,473 $5,637 $5,806 $5,980

Retail $3,240 $3,337 $3,438 $3,541 $3,647 $3,756 $3,869 $3,985 $4,105 $4,228 $4,355 $4,485

Ecommerce $5,400 $5,562 $5,729 $5,901 $6,078 $6,261 $6,448 $6,642 $6,841 $7,046 $7,258 $7,475Subtotal Cost of Revenue $12,961 $13,350 $13,750 $14,163 $14,588 $15,025 $15,476 $15,940 $16,419 $16,911 $17,419 $17,941

Other Direct Cost $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0Total Direct Costs $12,961 $13,350 $13,750 $14,163 $14,588 $15,025 $15,476 $15,940 $16,419 $16,911 $17,419 $17,941

Gross Margin $26,315 $27,104 $27,917 $28,755 $29,618 $30,506 $31,421 $32,364 $33,335 $34,335 $35,365 $36,426

Gross Margin/Revenue 67% 67% 67% 67% 67% 67% 67% 67% 67% 67% 67% 67%

REVENUE FORECAST

APPENDIX II: YEAR 1FINANCIALS BY MONTH

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35


Units

Wholesale 393 405 417 429 442 455 469 483 498 512 528 544

Retail 295 303 313 322 332 341 352 362 373 384 396 408

Ecommerce 491 506 521 536 553 569 586 604 622 641 660 680

Total Units 1,178 1,214 1,250 1,288 1,326 1,366 1,407 1,449 1,493 1,537 1,584 1,631

Unit Price

Wholesale $20.00 $20.00 $20.00 $20.00 $20.00 $20.00 $20.00 $20.00 $20.00 $20.00 $20.00 $20.00

Retail $40.00 $40.00 $40.00 $40.00 $40.00 $40.00 $40.00 $40.00 $40.00 $40.00 $40.00 $40.00

Ecommerce $40.00 $40.00 $40.00 $40.00 $40.00 $40.00 $40.00 $40.00 $40.00 $40.00 $40.00 $40.00

Direct Unit CostWholesale $11.00 $11.00 $11.00 $11.00 $11.00 $11.00 $11.00 $11.00 $11.00 $11.00 $11.00 $11.00

Retail $11.00 $11.00 $11.00 $11.00 $11.00 $11.00 $11.00 $11.00 $11.00 $11.00 $11.00 $11.00Ecommerce $11.00 $11.00 $11.00 $11.00 $11.00 $11.00 $11.00 $11.00 $11.00 $11.00 $11.00 $11.00

UNIT ASSUMPTIONS

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36


Personnel Count

Creative 1 1 1 1 1 1 1 1 1 1 1 1

Marketing 1 1 1 1 1 1 1 1 1 1 1 1

Sales Associate 3 3 3 3 3 3 3 3 3 3 3 3

Shipping Manager 0 0 0 0 0 0 0 0 0 0 0 0

Showroom Manager 0 0 0 0 0 0 1 1 1 1 1 1

Total Personnel 5 5 5 5 5 5 6 6 6 6 6 6

Personnel Wage

Creative $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500Marketing $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500

Sales Associate $1,100 $1,100 $1,100 $1,100 $1,100 $1,100 $1,100 $1,100 $1,100 $1,100 $1,100 $1,100Shipping Manager $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Showroom Manager $2,600 $2,600 $2,600 $2,600 $2,600 $2,600 $2,600 $2,600 $2,600 $2,600 $2,600 $2,600

Personnel Costs

Creative $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500Marketing $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500 $2,500

Sales Associate $3,300 $3,300 $3,300 $3,300 $3,300 $3,300 $3,300 $3,300 $3,300 $3,300 $3,300 $3,300

Shipping Manager $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Showroom Manager $0 $0 $0 $0 $0 $0 $2,600 $2,600 $2,600 $2,600 $2,600 $2,600

Total Payroll $8,300 $8,300 $8,300 $8,300 $8,300 $8,300 $10,900 $10,900 $10,900 $10,900 $10,900 $10,900Payroll/Revenue 21.13% 20.52% 19.92% 19.34% 18.78% 18.23% 23.24% 22.57% 21.91% 21.27% 20.65% 20.05%

PERSONNEL FORECAST

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37


Total Revenue $39,276 $40,454 $41,668 $42,918 $44,205 $45,532 $46,898 $48,304 $49,754 $51,246 $52,784 $54,367

Total Direct Cost of Revenue $12,961 $13,350 $13,750 $14,163 $14,588 $15,025 $15,476 $15,940 $16,419 $16,911 $17,419 $17,941

Gross Margin $26,315 $27,104 $27,917 $28,755 $29,618 $30,506 $31,421 $32,364 $33,335 $34,335 $35,365 $36,426

Gross Margin/Revenue 67% 67% 67% 67% 67% 67% 67% 67% 67% 67% 67% 67%

Expenses

Commissions $2,357 $2,427 $2,500 $2,575 $2,652 $2,732 $2,814 $2,898 $2,985 $3,075 $3,167 $3,262

Rent $5,250 $5,250 $5,250 $5,250 $5,250 $5,250 $5,250 $5,250 $5,250 $5,250 $5,250 $5,250

Utilities $650 $650 $650 $650 $650 $650 $650 $650 $650 $650 $650 $650

PR/Marketing $2,300 $2,300 $2,300 $2,300 $2,300 $2,300 $2,300 $2,300 $2,300 $2,300 $2,300 $2,300Insurance $250 $250 $250 $250 $250 $250 $250 $250 $250 $250 $250 $250

Merchant Card Fees $236 $243 $250 $258 $265 $273 $281 $290 $299 $307 $317 $326Misc $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500

Depreciation $177 $177 $177 $177 $177 $177 $177 $177 $177 $177 $177 $177Payroll Taxes & Benefits $1,245 $1,245 $1,245 $1,245 $1,245 $1,245 $1,635 $1,635 $1,635 $1,635 $1,635 $1,635

Total Personnel $8,300 $8,300 $8,300 $8,300 $8,300 $8,300 $10,900 $10,900 $10,900 $10,900 $10,900 $10,900

Total Op. Expenses $21,264 $21,342 $21,422 $21,504 $21,589 $21,677 $24,757 $24,850 $24,946 $25,044 $25,146 $25,250

Profit Before Int. & Tax $5,051 $5,762 $6,495 $7,250 $8,028 $8,829 $6,664 $7,514 $8,389 $9,291 $10,219 $11,176

EBITDA $5,228 $5,939 $6,672 $7,427 $8,205 $9,006 $6,841 $7,691 $8,566 $9,468 $10,396 $11,353

Interest Expense $482 $477 $473 $468 $464 $459 $454 $450 $445 $440 $436 $431

Taxes Incurred $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Net Profit $4,569 $5,285 $6,023 $6,782 $7,565 $8,370 $6,210 $7,064 $7,944 $8,850 $9,784 $10,745Net Profit % 11.6% 13.1% 14.5% 15.8% 17.1% 18.4% 13.2% 14.6% 16.0% 17.3% 18.5% 19.8%

PRO FORMA PROFIT & LOSS

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38


OPERATING

Net Profit $4,569 $5,285 $6,023 $6,782 $7,565 $8,370 $6,210 $7,064 $7,944 $8,850 $9,784 $10,745

Adjustments to Net Profit

Depreciation & Amortization $177 $177 $177 $177 $177 $177 $177 $177 $177 $177 $177 $177

(Increases)/Decreases in Accounts Receivable $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

(Additions)/Depletions of Inventory $12,961 $13,350 $13,750 $1,584 ($1,257) ($1,295) ($1,334) ($1,374) ($1,415) ($1,457) ($1,501) ($1,546)

Increases/(Decreases) in Accounts Payable $17,800 $456 $470 $484 $498 $513 $529 $545 $561 $578 $596 $614

Net Cash From Operating Activities $35,507 $19,268 $20,420 $9,027 $6,983 $7,766 $5,582 $6,412 $7,267 $8,148 $9,055 $9,989

INVESTINGPurchase of Other Current Assets $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Sale of Other Current Assets $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0Purchase of Land $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Sale of Land $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0Purchase Long-term Assets $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Sale of Long-term Assets $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Net Cash From Investing Activities $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

FINANCING

Investment $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

New Current Borrowing $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0Current Borrowing Repay. $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 $0Long Term Liability Repay ($764) ($769) ($773) ($778) ($782) ($787) ($792) ($796) ($801) ($805) ($810) ($815)

Net Cash From Financing Activities ($764) ($769) ($773) ($778) ($782) ($787) ($792) ($796) ($801) ($805) ($810) ($815)NET CASH FLOW $34,742 $18,499 $19,646 $8,249 $6,200 $6,979 $4,790 $5,616 $6,467 $7,343 $8,245 $9,174

Beginning Cash $74,120 $108,862 $127,361 $147,008 $155,257 $161,457 $168,436 $173,226 $178,842 $185,309 $192,651 $200,896Ending Cash $108,862 $127,361 $147,008 $155,257 $161,457 $168,436 $173,226 $178,842 $185,309 $192,651 $200,896 $210,071

CASH FLOW

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