advanced linguistic pontificators

8/10/2019 Advanced Linguistic Pontificators

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January 2001

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Confidentiality Agreement

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Upon request, this document is to be immediately returned to _______________.

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Name (typed or printed)___________________

DateThis is a business plan. It does not imply an offering of securities.


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Table of Contents

1.0 Executive Summar .............................................................................................................................11.1 Mission........................................................................................................................................21.2 Objectives...................................................................................................................................2

2.0 Company Summar .............................................................................................................................22.1 Company Ownership.................................................................................................................22.2 Start-up Summar ......................................................................................................................3

3.0 Services................................................................................................................................................54.0 Market Analysis Summar ..................................................................................................................5

4.1 Market Segmentation................................................................................................................64.2 Target Market Segment Strateg .............................................................................................74.3 Service Business Analysis........................................................................................................7

5.0 Strategy and Implementation Summar ............................................................................................75.1 Sales Strateg ............................................................................................................................85.1.1 Sales Forecast........................................................................................................................85.2 Competitive Edge......................................................................................................................95.3 Milestones................................................................................................................................10

6.0 Management Summar ....................................................................................................................106.1 Personnel Plan.........................................................................................................................11

7.0 Financial Plan....................................................................................................................................117.1 Important Assumptions............................................................................................................117.2 Projected Cash Flo ...............................................................................................................127.3 Break-even Analysis................................................................................................................147.4 Projected Profit and Loss.......................................................................................................157.5 Projected Balance Sheet........................................................................................................18

7.6 Business Ratios.......................................................................................................................19


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Advanced Linguistic Pontificators

1.0 Executive Summar

Advanced Linguistic Pontificators is a leading seminar and training program company led by best-selling author Daug Matisim. Advanced Linguistic Pontificators will be targeting medium- and

large-size companies/corporations. Pontificators will quickly reach profitability and achieve$79,000 of net profit by year two.

Services

Advanced Linguistic Pontificators will provide medium- to large-size companies with trainingprograms and seminars covering the subjects of advanced reading, stress management, and time

management. The advanced reading course will teach speed reading with increasedcomprehension and memory. Stress management will teach techniques to better deal withstress, and time management will teach methods to become more efficient with the limited

amount of time that we all have. The subjects will be taught in either seminar format or trainingprogram format. The seminar format is a presentation that concentrates on a specific topic. For

the seminars, the audience just observes. A training program is like a seminar except theattendees participate in the entire process.

Marketing

Advanced Linguistic Pontificators will utilize a three-prong strategy to generate a 15% increasein clients each year. The first prong is the use of free public seminars. The public seminars are

an excellent method of bringing together a diverse crowd of people that would not haveotherwise heard of Pontificators before. The second prong is the dissemination of printed

material and the promotion of Daug's published books. The last prong is the use of networkingand word of mouth advertising. Daug recognizes the "small universe" of seminars and trainingprograms and will leverage this element to generate significant business from network contacts.

Management


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1.1 Mission

Advanced Linguistic Pontificators' mission is to provide companies with high-quality training

seminars. We exist to attract and maintain customers. When we adhere to this maxim,

everything else will fall into place. Our services will exceed the expectations of our customers.

1.2 Objectives


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2.2 Start-up Summar

Advanced Linguistic Pontificators will incur the following start-up costs:

Desk, chair, filing cabinet. Computer (including printer, and CD-RW) with Internet access. Fax machine, copier.

Pager and cell phone. Laptop computer.

LCD computer projector. Microsoft Office Suite and QuickBooks Pro.

Additional land phone line.

Please note that all items that are assets to be used for more than one year will be considered a

long-term asset and will be depreciated using the straight-line method.

Table: Start-up

Start-up

Requirement

Start-up Expense

Legal $500

Stationery etc. $300

Brochure $300

Consultant $500

eb development cost $1,000

Rent $0

Research and development $0

Expensed equipment $0

Other $0


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Table: Start-up Funding

Start-up Funding

Start-up Expenses to Fund $2,600

Start-up Assets to Fund $19,400

Total Funding Required $22,000

Asset

Non-cash Assets from Start-up $11,500

Cash Requirements from Start-up $7,900

Addit ional Cash Raised $0

Cash Balance on Starting Date $7,900

Total Asset $19,400

Liabilities and Capital

Liabilitie

Current Borrowing $0

Long-term Liabili ties $0

Accounts Payab le (Outstanding Bi ll s) $0

Other Current Liabili ties (interest-free) $0

Total Liabili tie $0

Capital

Planned Investment

Daug $22,000

Investor 2 $0

Other $0

Addit ional Investment Requi rement $0

Total Planned Investment $22,000

Loss at Start-up (Start-up Expenses) ($2,600)


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3.0 Services

Advanced Linguistic Pontificators will provide medium- to large-size companies with training

programs and seminars covering the subjects of advanced reading, stress management, and time

management. The advanced reading course will teach speed reading with increasedcomprehension and memory. Stress management will teach techniques to better deal withstress, and time management will teach methods to become more efficient with the limited

amount of time that we all have.


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4.1 Market Segmentation

Advanced Linguistic Pontificators is targeting two separate segments:

Large corporations (100< employees): typically purchases t raining seminars through specificdivisions in the company. Usually a specific manager will have money in their budget and theywill choose to have their department trained.

Medium size companies (100> employees): typically purchases the training seminars throughthe HR manager or the training manager. Medium-size companies will often have the training

applied to the entire organization, not just a certain section of the company.

These segments are good customers because companies of these sizes to have earmarkedmoney for training. These companies recognize the value that they hold in intellectual capitaland the need for future investments to maintain the intellectual equity. This recognition of value

in training makes them ideal customers. Economic downturns do not seem to effec t businessfrom these sources because of the recognition that it is more cost effective to have training

done by a third party then to try to have a solution crafted in-house.


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4.2 Target Market Segment Strateg

Advanced Linguistic Pontificators has a three part strategy for targeting the two chosensegments. The first part is through public seminars. A public seminar is a presentation on a

subject that is offered to the public. They are typically held in a library or some other publicbuilding. While public seminars are not big money makers (and sometimes you will lose money),they bring together a diverse audience to view the seminar. This is quite valuable because within

the diverse crowd are people that work in companies that would would otherwise have neverheard about Advanced Linguistic Pontificators. It becomes a wonderful advertising tool.

The second way the Pontificators will reach their target market is through visibility of printed

material, specifically books. Daug has published two books, one on advanced reading, the otheron stress and time management. Having the speaker published adds invaluable amounts ofcredibility and authenticity. These books are typically toward managers so it is not unusual that

a manager will have read the book and then become inspired into having the author come andprovide a t raining session for the the company.

The last method of reaching the target market is word of mouth. Although the industry of

training programs and seminars is large, those that are good and concentrate on certain areasform a group of well known service providers. This is quite intuitive. The experts in the field riseto the top and people that are in the "know" are familiar with these people. Word of mouth

marketing is incredibly efficient once you have established yourself as one of the best.

4.3 Service Business Analysis

There are many different competitors in this space:

Seminar production companies that act only as producers of the events, they do not makethe actual presentation. These companies typically have a list of different presenters that

they use. Independent seminar presenters


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5.1 Sales Strateg

Advanced Linguistic Pontificators' sales strategy is relatively straight forward. Let the customersee part of a presentation in addition to the information contained in Daug's book and the

product/service will sell it self. The customer will see examples of Daug's work through threeavenues.

1. Purchase a copy of Daug's book.2. Receive an excerpt of the book from Advanced Linguistic Pontificators office.

3. View an example of one of Daug's presentations via streaming media from the Pontificators'website.

These examples of Daug's work will speak for themselves. Once the customer is interested theywould only need to contact the office and determine availability, and set up an event.

5.1.1 Sales Forecast

The first month will be used to set up the office and schedule public seminars for month two.There will be some sales activity during months three through seven. Starting with month eight,

things will begin to pick up nicely as word gets out that Daug is on the circuit.


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5.3 Milestones

Advanced Linguistic Pontificators will have several milestones early on:

1. Business plan completion. This will be done as a road map for the organization. While we donot need a business plan to raise capital, it will be an indispensable tool for the ongoingperformance and improvement of the company.

2. Set up office.3. Finish the fifth public seminar.

4. Finish the tenth seminar/training program.5. Profit exceeding $50,000.

Table: Milestones

Milestones

Milestone Start Date End Date Budget Manager Department

Business plan completion 1/1/2001 2/1/2001 $0 ABC MarketingSet up office 3/1/1999 2/1/2001 $0 ABC Department

Finish the fifth public seminar 2/1/2001 3/1/2001 $0 ABC Department

Finish the tenth seminar/ traini ng

program

2/1/2001 5/1/2001 $0 ABC Department

Profit exceeding $50,000 1/1/2001 3/1/2002 $0 ABC Department

Total $0

6.0 Management Summar

Advanced Linguistic Pontificators is owned and operated by Daug Matisim. Daug was a degree incommunications from Reed College. Following college, Daug pursued his Master's in Education

from the University of California, Berkeley. Following graduate school Daug moved back to Oregonto begin working on his first of two books The first book "Read Fast Comprehend More


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6.1 Personnel Plan

Advanced Linguistic Pontificators will be a one man show. Daug will be responsible for arrangingand performing all seminars. Things such as PowerPoint presentations and travel arrangements

will be outsourced and the client will cover the costs of all travel arrangements.

Table: Personnel

Personnel Plan

2001 2002 2003Daug Matism $24,000 $36,000 $50,000

Other $0 $0 $0

Total People 0 0 0

Total Payroll $24,000 $36,000 $50,000

7.0 Financial Plan

The following sections will outline the important financial data.

7.1 Important Assumptions

The following table details important financial assumptions for Advanced Linguistic Pontificators.

Table: General Assumptions

General Assumptions

2001 2002 2003Plan Month 1 2 3

Current Interest Rate 10.00% 10.00% 10.00%

Long-term Interest Rate 10.00% 10.00% 10.00%

Tax Rate 25.42% 25.00% 25.42%


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7.2 Projected Cash Flow

The following chart and table will indicate projected cash flow.

Table: Cash Flo

Pro Forma Cash Flo

2001 2002 2003

Cash Received

Cash from Operation

Cash Sale $107,125 $181,000 $190,000

Subtotal Cash from Operations $107,125 $181,000 $190,000

Addit ional Cash Received

Sales Tax, VAT, HST/GST Received $0 $0 $0

New Current Borrowing $0 $0 $0

New Other Liabil ities (interest-free) $0 $0 $0

New Long-term Liabil itie $0 $0 $0

Sales of Other Current Assets $0 $0 $0Sales of Long-term Asset $0 $0 $0

New Investment Received $0 $0 $0

Subtotal Cash Received $107,125 $181,000 $190,000

Expenditures 2001 2002 2003

Expenditures from Operation

Cash Spending $24,000 $36,000 $50,000

Bill Payment $23,153 $45,002 $43,397

Subtotal Spent on Operation $47,153 $81,002 $93,397

Addit ional Cash Spen t

Sales Tax, VAT, HST/GST Paid Out $0 $0 $0

Principal Repayment of Current Borrowing $0 $0 $0


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7.3 Break-even Analysis

The Break-even Analysis is shown below.

Table: Break-even Analysis

Break-even Anal ysi

Monthly Revenue Break-even $3,211

Assumpti ons:

Average Percent Variabl e Cost 0%

Estimated Monthly Fixed Cost $3,211


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7.4 Projected Profit and Loss

The following table will indicate projected profit and loss.


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Table: Profit and Loss

Pro Forma Profit a nd Los

2001 2002 2003

Sale $107,125 $181,000 $190,000Direct Cost of Sale $0 $0 $0

Other $0 $0 $0

Total Cost of Sales $0 $0 $0


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7.5 Projected Balance Sheet

The following table will indicate the projected balance sheet.

Table: Balance Sheet

Pro Forma Bal ance Sheet

2001 2002 2003

Asset

Current Asset

Cash $67,872 $167,869 $264,473

Other Current Asset $0 $0 $0

Total Current Asset $67,872 $167,869 $264,473

Long-term Assets

Long-term Assets $11,500 $11,500 $11,500

Accumulated Deprecia tion $3,828 $7,656 $11 ,484

Total Long-term Assets $7,672 $3,844 $16

Total Asset $75,544 $171,713 $264,489

Liabili ties and Capital 2001 2002 2003

Current Liabilitie

Accounts Payab le $4,556 $3,622 $3,5 62

Current Borrowing $0 $0 $0

Other Current Liabili tie $0 $0 $0

Subtotal Current Liabil ities $4,556 $3,622 $3,562

Long-term Liabili ties $0 $0 $0Total Liabili tie $4,556 $3,622 $3,562

Paid-in Capital $22,000 $22,000 $22,000

Retained Earnings ($2 600) $48 987 $146 091


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7.6 Business Ratios

The following table outlines some of the more important ratios from the Professional andManagement Development Training industry. The final column, Industry Profile, details specific

ratios based on the industry as it is classified by the NAICS code, 611430.


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Table: Ratios

Ratio Analysi

2001 2002 2003 Industry Profi le

Sales Growth 0.00% 68.96% 4.97% 9.50%

Percent of Total Assets

Other Current Asset 0.00% 0.00% 0.00% 45.60%

Total Current Asset 89.84% 97.76% 99.99% 62.40%

Long-term Assets 10.16% 2.24% 0.01% 37.60%

Total Asset 100.00% 100.00% 100.00% 100.00%

Current Liabil i tie 6.03% 2.11% 1.35% 43.30%

Long-term Liabili ties 0.00% 0.00% 0.00% 17.30%

Total Liabili tie 6.03% 2.11% 1.35% 60.60%

Net Worth 93.97% 97.89% 98.65% 39.40%

Percent of Sale

Sale 100.00% 100.00% 100.00% 100.00%

Gross Margin 100.00% 100.00% 100.00% 0.00%

Selling, General & Administrative Expense 68.78% 56.30% 62.71% 73.80%

Advertising Expenses 1.68 % 0.99% 0.95% 5.00%

Profit Before Interest and Taxe 64.03% 71.53% 65.51% 3.20%

Main Ratio

Current 14.90 46.35 74.25 1.33

Quick 14.90 46.35 74.25 1.11

Total Debt to Total Asset 6.03% 2.11% 1.35% 60.60%

Pre-tax Return on Net Worth 96.63% 77.02% 47.70% 5.50%

Pre-tax Return on Asset 90.80% 75.40% 47.06% 14.00%

Addit ional Ratio 2001 2002 2003

Net Profit Margin 48.16% 53.65% 48.86% n.a

Return on Equity 72.67% 57.77% 35.58% n.a


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Appendix

Page 1

Table: Sales Forecast

Sales Forecast

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

Sales

Medium-size companies 0% $0 $0 $2,000 $3,500 $4,000 $4,100 $4,200 $5,200 $6,000 $6,500 $7,025 $7,400Large corporations 0% $0 $0 $2,000 $4,000 $5,000 $4,500 $4,700 $6,000 $7,000 $7,500 $8,000 $8,500

otal Sales $0 $0 $4,000 $7,500 $9,000 $8,600 $8,900 $11,200 $13,000 $14,000 $15,025 $15,900

Direct Cost of Sales Jan Feb Mar Apr May Jun Jul Aug Sep Oc Nov Dec

Medium-size companies $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Large corporations $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Subtotal Direct Cost of Sales $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0


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Appendix

Page 2

Table: Personnel

Personnel Plan

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

Daug Matism 0% $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000

Other 0% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0otal People 0 0 0 0 0 0 0 0 0 0 0 0

otal Payroll $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000


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Appendix

Page 3

Table: General Assumptions

General Assumptions


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

Current Interest Rate 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00%Long-term Interest Rate 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00%

ax Rate 30.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00% 25.00%

Other 0 0 0 0 0 0 0 0 0 0 0 0


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Appendix

Page 4

Table: Profit and Loss

Pro Forma Profit and Loss


Sales $0 $0 $4,000 $7,500 $9,000 $8,600 $8,900 $11,200 $13,000 $14,000 $15,025 $15,900

Direct Cost of Sales $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0Other $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

otal Cost of Sales $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Gross Margin $0 $0 $4,000 $7,500 $9,000 $8,600 $8,900 $11,200 $13,000 $14,000 $15,025 $15,900

Gross Margin % 0.00% 0.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Expenses

Payroll $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000

Sales and Marketing and Other

Expenses

$150 $150 $650 $650 $650 $650 $650 $650 $650 $650 $650 $650

Depreciation $319 $319 $319 $319 $319 $319 $319 $319 $319 $319 $319 $319

Leased Equipment $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Utilities $200 $200 $200 $200 $200 $200 $200 $200 $200 $200 $200 $200

Insurance $125 $125 $125 $125 $125 $125 $125 $125 $125 $125 $125 $125

Rent $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Payroll Taxes 15% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Other $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

otal Operating Expenses $2,794 $2,794 $3,294 $3,294 $3,294 $3,294 $3,294 $3,294 $3,294 $3,294 $3,294 $3,294

Profit Before Interest and Taxes ($2,794) ($2,794) $706 $4,206 $5,706 $5,306 $5,606 $7,906 $9,706 $10,706 $11,731 $12,606

EBITD ($2,475) ($2,475) $1,025 $4,525 $6,025 $5,625 $5,925 $8,225 $10,025 $11,025 $12,050 $12,925

Interest Expense $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Taxes Incurred ($838) ($699) $177 $1,052 $1,427 $1,327 $1,402 $1,977 $2,427 $2,677 $2,933 $3,152

Net Profit ($1,956) ($2,096) $530 $3,155 $4,280 $3,980 $4,205 $5,930 $7,280 $8,030 $8,798 $9,455

Net Profit/Sales 0.00% 0.00% 13.24% 42.06% 47.55% 46.27% 47.24% 52.94% 56.00% 57.35% 58.56% 59.46%


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Appendix

Page 5

Table: Cash Flo

Pro Forma Cash Flow


Cash Received

Cash from Operations

Cash Sales $0 $0 $4,000 $7,500 $9,000 $8,600 $8,900 $11,200 $13,000 $ 14,000 $15,025 $15,900

Subtotal Cash from Operations $0 $0 $4,000 $7,500 $9,000 $8,600 $8,900 $11,200 $13,000 $14,000 $15,025 $15,900

Additional Cash Received

Sales Tax , VAT, HST/GST Received 0.00% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

New Current Borrowing $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

New Other Liabilities (interest-free) $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

New Long-term Liabilities $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Sales of Other Current Assets $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Sales of Long-term Assets $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

New Investment Received $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Subtotal Cash Received $0 $0 $4,000 $7,500 $9,000 $8,600 $8,900 $11,200 $13,000 $14,000 $15,025 $15,900

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

Expenditures from Operations

Cash Spending $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000

Bill Payments ($363) ($575) ($178) $1,181 $2,039 $2,398 $2,304 $2,396 $2,967 $3,410 $3,660 $3,915

Subtotal Spent on Operations $1,637 $1,425 $1,822 $3,181 $4,039 $4,398 $4,304 $4,396 $4,967 $5,410 $5,660 $5,915

Additional Cash Spent

Sales Tax , VAT, HST/GST Paid Ou $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Principal Repayment of Current Borrowing $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Other Liabilities Principal Repayment $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Long-term Liabilities Principal Repayment $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Purchase Other Current Assets $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Purchase Long-term Assets $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Dividends $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Subtotal Cash Spent $1,637 $1,425 $1,822 $3,181 $4,039 $4,398 $4,304 $4,396 $4,967 $5,410 $5,660 $5,915

Net Cash Flow ($1,637) ($1,425) $2,178 $4,319 $4,961 $4,202 $4,596 $6,804 $8,034 $8,590 $9,365 $9,985

Cash Balance $6,263 $4,838 $7,015 $11,335 $16,296 $20,498 $25,094 $31,898 $39,931 $48,522 $57,887 $67,872


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Appendix

Page 6

Table: Balance Sheet

Pro Forma Balance Sheet


Assets Starting Balances

Curren t Assets

Cash $7,900 $6,263 $4,838 $7,015 $11,335 $16,296 $20,498 $25,094 $31,898 $39,931 $48,522 $57,887 $67,872

Other Current Assets $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

otal Current Assets $7,900 $6,263 $4,838 $7,015 $11,335 $16,296 $20,498 $25,094 $31,898 $39,931 $48,522 $57,887 $67,872

Long -term Assets

Long-term Assets $11,500 $11,500 $11,500 $11,500 $11,500 $11,500 $11,500 $11,500 $11,500 $11,500 $11,500 $11,500 $11,500

Accumulated Depr eciation $0 $319 $638 $957 $1,276 $1,595 $1,914 $2,233 $2,552 $2,871 $3,190 $3,509 $3,828

otal Long-term Assets $11,500 $11,181 $10,862 $10,543 $10,224 $9,905 $9,586 $9,267 $8,948 $8,629 $8,310 $7,991 $7,672

otal Assets $19,400 $17,444 $15,700 $17,558 $21,559 $26,201 $30,084 $34,361 $40,846 $48,560 $56,832 $65,878 $75,544

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

Current Liabilities

Accounts Payable $0 $0 $351 $1,680 $2,526 $2,889 $2,792 $2,864 $3,420 $3,855 $4,097 $4,345 $4,556

Current Borrowing $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Other Current Liabilities $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Subtotal Current Liabilities $0 $0 $351 $1,680 $2,526 $2,889 $2,792 $2,864 $3,420 $3,855 $4,097 $4,345 $4,556

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

otal Liabilities $0 $0 $351 $1,680 $2,526 $2,889 $2,792 $2,864 $3,420 $3,855 $4,097 $4,345 $4,556

Paid-in Capital $22,000 $22,000 $22,000 $22,000 $22,000 $22,000 $22,000 $22,000 $22,000 $22,000 $22,000 $22,000 $22,000

Retained Earnings ($2,600) ($2,600) ($2,600) ($2,600) ($2,600) ($2,600) ($2,600) ($2,600) ($2,600) ($2,600) ($2,600) ($2,600) ($2,600)

Earnings $0 ($1,956) ($4,051) ($3,522) ($367) $3,912 $7,892 $12,096 $18,026 $25,305 $33,335 $42,133 $51,587

otal Capital $19,400 $17,444 $15,349 $15,878 $19,033 $23,312 $27,292 $31,496 $37,426 $44,705 $52,735 $61,533 $70,987

otal Liabilities and Capital $19,400 $17,444 $15,700 $17,558 $21,559 $26,201 $30,084 $34,361 $40,846 $48,560 $56,832 $65,878 $75,544

Net Worth $19,400 $17,444 $15,349 $15,878 $19,033 $23,312 $27,292 $31,496 $37,426 $44,705 $52,735 $61,533 $70,987

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