Inputs-F-SACTUAL FINANCIAL DATA - PLEASE INPUT DATA IN YELLOW CELLSName of CorporationBLUE WORLD SEAFOODDate for Fiscal Year end (e.g. 31-Dec-00)31-Aug-14

Operating Income / ExpensesRevenueFish Sales500,00060% (Product yield) 500,000

Less: COGSFish Purchase200,00040% of sales200,000

Other CostsTransportation30,0006% of sales0.0Auto expense

Less: Operating ExpensesOverhead CostsRent54,0009,000New div portionEquipment Rental19,200Refrigerated Van ($1,600/mth X 12 mths)19,200Equipment Maintenance10,0005,000Insurance5,0005,000

Other Operating CostsGeneral Operating supplies5,00030,0006% of salesRenovation65,000 Electrical $20,000 Plumbing $15,000 Painting/Drywall $10,000 Office Furniture/Supply $20,0000.0No renoUtilities18,0005,000New div portionAmortizationSee scheduleProfessional fees4,0004,000Wages & Employment Benefits 313,6007 FT- President($5000)/ Accounting Clerk($2500)/ Sales and Marketing Manager($3000)/Supervisor($2500)/ High Skilled sushi chef($4000)/ Delivery Worker($13/hr) & 12K for benefits4 PT - Low Skilled Helper(Cutting, Wrapping) $13/hr * 4 hrs/day189,000Add Staff + mkt mgr vac pay inclCPP&EI&WCB Expenses23,1502014 CRA Rate applied (CPP:4.95%, EI:1.88%) + WCB (2%)19,000Bank Charges 5,0005,000Advertising and Promotion5,0005,000Auto expenses8,400Gas. InsMiscellenious3,0003,000

Other Income / ExpensesNon-operating Income0.00.0Non-operating Expenses0.00.0

Interest Expense500

Tax Rate (%)14.5%14.5%

Current AssetsCashCashBankAccounts Receivable0.00.0InventoryInventory

Property, Plant & EquipmentFish Tank(Accumulated Depreciation)Wrapping machine for vacuum-pack(Accumulated Depreciation)Conveyor(Accumulated Depreciation)Working Board(3ft*4ft) $7000*3(Accumulated Depreciation)Fish Bine Remover(Accumulated Depreciation)Slice Machine(Accumulated Depreciation)Packing Printing, Web ads, advertise(Accumulated Amortization)Refrigerated Van(Accumulated Amortization)

Current LiabilitiesAccounts PayableAccounts Payable/Accrued LiabilitiesAccounts Payable- VISA/MC Other Current LiabilitiesCorporate Tax PayableIncome Tax PayableCPP & EI PayableGST&PST CollectedGST Input CreditsAccrued Vacation Payable

Long Term LiabilitiesLoan PayableDue to (from) Shareholder

Shareholders EquityRetained EarningsCurrent Earningsnet IncomeDividends

ProformasBLUE WORLD SEAFOOD - Financial Statements

PRO FORMA PROFIT & LOSS STATEMENT - 3 YEAR PROJECTED

ProformaProformaProforma%Assumption1st Year2nd Year3rd YearOperating IncomeSalesFish Sales500,0001,000,0001,500,000GST Free

Less: COGSFish Purchase(200,000)(400,000)(600,000)40%of sales

Other CostsTransportation(30,000)(60,000)(90,000)6%of sales(30,000)(60,000)(90,000)

Gross Profit270,000540,000810,000

Less: Operating ExpensesOverhead CostsRent54,00054,00054,000Equipment Rental19,20019,20019,200Refrigerated VanEquipment Maintenance10,00013,00016,000Insurance5,0005,0005,000

Other Operating CostsGeneral Operating supplies5,0008,00010,000Renovation0.010,00010,0001st year:Capitalize 'Leasehold improvement 'Utilities18,00020,00022,000Amortization67,95099,31572,331Professional fees5,0005,0005,000Wages & Employment Benefits 313,600313,600313,600Sales and Marketing Director/Factory Manager/Warehouse Management and Receiving/High Skilled sushi chef/2 Skilled sushi cooksCPP&EI&WCB Expenses23,15023,15023,1502014 CRA Rate applied (CPP:4.95%, EI:1.88%)Bank Charges 5,0007,18010,1702.99%admin fee on credit card sales (appx. 20% of sales)Advertising and Promotion4,0002,0002,000Miscellenious3,0003,0003,000Total Operating Expenses532,900582,445565,451

Operating Income before Taxes & Interests(262,900)(42,445)244,549

Interests1,0001,0001,000Taxes Incurred(38,121)(6,155)35,46014.50%Small Business Tax rate (effective 2013)Net Income(225,780)(37,291)208,090

Retained Earnings(Deficit) at Beginning of Year0.0(297,780)(419,070)Dividends paid out(72,000)(84,000)(96,000)Retained Earnings at End of Year(297,780)(419,070)(306,980)

PRO FORMA BALANCE SHEET - 3 YEAR PROJECTED

ProformaProformaProforma%Assumption/Comment1st Year2nd Year3rd YearCurrent AssetsCash213,610(317,480)(237,605)Accounts Receivable0.0150,000300,000Inventory200,000375,000510,000Total Current Assets413,610207,520572,395

Property, Plant & EquipmentFish Tank20,00020,00020,000(Accumulated Depreciation)(3,000)(8,100)(11,670)30% declining balance/ half year ruleWrapping machine for vacuum-pack20,00020,00020,000(Accumulated Depreciation)(3,000)(8,100)(11,670)30% declining balance/ half year ruleConveyor10,00010,00010,000(Accumulated Depreciation)(1,500)(4,050)(5,835)30% declining balance/ half year ruleWorking Board(3ft*4ft) $7000*321,00021,00021,000(Accumulated Depreciation)(3,150)(8,505)(12,254)30% declining balance/ half year ruleFish Bine Remover40,00040,00040,000(Accumulated Depreciation)(6,000)(16,200)(23,340)30% declining balance/ half year ruleSlice Machine150,000150,000150,000(Accumulated Depreciation)(22,500)(60,750)(87,525)30% declining balance/ half year rulePacking Printing, Web ads, advertise100,000100,000100,000(Accumulated Amortization)(20,000)(40,000)(60,000)5 year straight lineRefrigerated Van32,00032,00032,000(Accumulated Amortization)(8,800)(21,560)(27,302)55% declining balance/ half year ruleTotal P.P.& E. Assets325,050225,735153,405

Intangible AssetsGoodwill0.00.00.0No impairment of goodwill occurred

Total Assets738,660433,255725,799

Current LiabilitiesAccounts Payable/Accrued Liabilities593,000375,000510,000593,000375,000510,000Other Current LiabilitiesCorporate Tax Payable(38,121)(6,155)35,460Accrued Vacation Payable10,56012,48016,3204%(27,561)6,32551,780Long Term LiabilitiesLoan Payable0.00.00.0Due to (from) Shareholder0.00.00.00.00.00.0

Total Liabilities565,439381,325561,780

Shareholders' EquityOwner, Capital400,000400,000400,000Retained Earnings(297,780)(419,070)(306,980)Total Shareholders Equity102,220(19,070)93,020

Total Liabilities & Owners' Equity667,660362,255654,799Do Not Balance!Do Not Balance!Do Not Balance!

PRO FORMA CASH FLOW - 3 YEAR PROJECTED

ProformaProformaProforma%Assumption1st Year2nd Year3rd YearOperating ActivitiesNet income(loss) for the year(225,780)(37,291)208,090Depreciation & Amortization67,95099,31572,331Change in AR0.0(150,000)(150,000)Change in Inventory(200,000)(175,000)(135,000)Change in AP593,000(218,000)135,000Change in Taxes payable(38,121)31,96641,614Change in Accrued payable10,5601,9203,840207,610(447,090)175,874

Investing ActivitiesPurchase of fixed assets(322,000)0.00.0(322,000)0.00.0

Financing ActivitiesDividend (72,000)(84,000)(96,000)Investment by Owner400,0000.00.0328,000(84,000)(96,000)

Increase(decrease) in cash213,610(531,090)79,874Cash at beginning of year 0.0213,610(317,480)CASH AT END OF YEAR 213,610(317,480)(237,605)

Sales ForecastBLUE WORLD SEAFOODSales ForecastYear 1Year 2Year 3SALESFish Sales$500,000.00$1,000,000.00$1,500,000.00

Total0.0$500,000.00$1,000,000.00$1,500,000.00

Rev ProformasBLUE WORLD SEAFOOD - Financial Statements (Food Preparation Business Only)

PRO FORMA PROFIT & LOSS STATEMENT - 3 YEAR PROJECTED

ProformaProformaProforma%Assumption1st Year2nd Year3rd YearOperating IncomeSalesFish Sales500,0001,000,0001,500,000Sales froecast with no GST

Less: COGSFish Purchase(200,000)(400,000)(600,000)40%of sales

Gross Profit300,000600,000900,000

Less: Operating ExpensesOverhead CostsRent9,0009,0009,000Sashimi Division onlyEquipment Rental19,20019,20019,200Refrigerated VanEquipment Maintenance10,00010,00010,000Insurance5,0005,0005,000

Other Operating CostsGeneral Operating supplies30,00060,00090,0006%of salesUtilities5,00010,00015,000Sashimi Division only/sales growthAmortization26,65043,30530,314As per Amort ScheduleProfessional fees4,0004,0004,000Wages & Employment Benefits 189,000189,000189,000Sales and Marketing Director/Factory Manager/Warehouse Management and Receiving/High Skilled sushi chef/2 Skilled sushi cooksCPP&EI&WCB Expenses19,00019,00019,0002014 CRA Rate applied (CPP:4.95%, EI:1.88%)Bank Charges 5,0008,00011,0002.99%admin fee on credit card sales (appx. 20% of sales)Advertising and Promotion5,0005,0005,000Auto expenses8,40016,80025,200Sales growthAuto expenses (amortization of down payment)2,0002,0002,00020.00%$10,000 downpayment - refrigerator vanMiscellenious3,0003,0003,000Total Operating Expenses340,250403,305436,714

Operating Income before Taxes & Interests(40,250)196,695463,287

Interests0.00.00.0Income taxes0.028,52167,17714.50%Small Business Tax rate (effective 2013)Net Income(40,250)168,174396,110Net profit margin-8%17%26%

Retained Earnings(Deficit) at Beginning of Year0.0(40,250)127,924Dividends paid outNo dividend during forecast periodRetained Earnings at End of Year(40,250)127,924524,035

PRO FORMA BALANCE SHEET - 3 YEAR PROJECTED

ProformaProformaProforma%Assumption/Comment1st Year2nd Year3rd YearCurrent AssetsCash141,400308,400700,479Accounts Receivable42,00084,000125,000I month credit salesInventory50,000100,000150,0003 months invenory - fish purchsePrepaid expenses8,0006,0004,000Down payment of Refrigerator van/5 yr straight Total Current Assets241,400498,400979,479

Property, Plant & EquipmentFish Tank20,00020,00020,000(Accumulated Depreciation)(3,000)(8,100)(11,670)30% declining balance/ half year ruleWrapping machine for vacuum-pack20,00020,00020,000(Accumulated Depreciation)(3,000)(8,100)(11,670)30% declining balance/ half year ruleConveyor10,00010,00010,000(Accumulated Depreciation)(1,500)(4,050)(5,835)30% declining balance/ half year ruleWorking Board(3ft*4ft) $7000*321,00021,00021,000(Accumulated Depreciation)(3,150)(8,505)(12,254)30% declining balance/ half year ruleFish Bine Remover40,00040,00040,000(Accumulated Depreciation)(6,000)(16,200)(23,340)30% declining balance/ half year ruleSlice Machine40,00040,00040,000(Accumulated Depreciation)(6,000)(16,200)(23,340)30% declining balance/ half year rulePacking Printing, Web ads, advertise20,00020,00020,000(Accumulated Amortization)(4,000)(8,800)(12,160)30% declining balance/ half year ruleTotal P.P.& E. Assets144,350101,04570,732

Total Assets385,750599,4451,050,211

Current LiabilitiesAccounts Payable17,00034,00050,000I month credit on fish purchaseWage payables9,0009,0009,000Assumuing Bi-weekly payroll payments26,00043,00059,000Other Current LiabilitiesCorporate Tax Payable0.028,52167,1770.028,52167,177Long Term LiabilitiesDue to (from) Shareholder180,000180,000180,000180,000180,000180,000

Total Liabilities206,000251,521306,177

Shareholders' EquityOwner, Capital220,000220,000220,000Retained Earnings(40,250)127,924524,035Total Shareholders Equity179,750347,924744,035

Total Liabilities & Owners' Equity385,750599,4451,050,211

PRO FORMA CASH FLOW - 3 YEAR PROJECTED

ProformaProformaProforma%Assumption1st Year2nd Year3rd YearOperating ActivitiesNet income(loss) for the year(40,250)168,174396,110Depreciation & Amortization26,65043,30530,314Change in AR(42,000)(42,000)(41,000)Change in Inventory(50,000)(50,000)(50,000)Change in Prepaid Expenses(8,000)2,0002,000Change in AP & wages payables26,00017,00016,000Change in Taxes payable0.028,52138,656(87,600)167,000392,079

Investing ActivitiesPurchase of fixed assets(171,000)0.00.0(171,000)0.00.0

Financing ActivitiesInvestment by Owner (Due to S/H)180,0000.00.0Investment by Owner (Share purchase)220,0000.00.0400,0000.00.0

Increase(decrease) in cash141,400167,000392,079Cash at beginning of year 0.0141,400308,400CASH AT END OF YEAR 141,400308,400700,479