rcc pro forma working draft - march 17, 2013

7/29/2019 RCC Pro Forma Working Draft - March 17, 2013

1/10

YearOneIncomeStatement

RenaissanceCommunityCoop http://renaissancecoop.com

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

MonthName June July August September October November December January February March April May

NumberofWeeks 4.29 4.43 4.43 4.29 4.43 4.29 4.43 4.43 4.00 4.43 4.29 4.43 52.14enue

edule: Sales 197,802$ 238,462$ 272,527$ 296,703$ 340,659$ 329,670$ 340,659$ 340,659$ 307,692$ 340,659$ 329,670$ 340,659$ 3,675,824$

GrossSales 197,802$ 238,462$ 272,527$ 296,703$ 340,659$ 329,670$ 340,659$ 340,659$ 307,692$ 340,659$ 329,670$ 340,659$ 3,675,824$

AllMerchandise

tof

d/Products

TotalCostofFood/Products 138,462$ 166,923$ 190,769$ 207,692$ 238,462$ 230,769$ 238,462$ 238,462$ 215,385$ 238,462$ 230,769$ 238,462$ 2,573,077$

or ProductionStaff 35,096$ 36,266$ 36,266$ 35,096$ 36,266$ 35,096$ 36,266$ 36,266$ 32,756$ 36,266$ 35,096$ 36,266$ 426,998$

TotalProductionWages 35,096$ 36,266$ 36,266$ 35,096$ 36,266$ 35,096$ 36,266$ 36,266$ 32,756$ 36,266$ 35,096$ 36,266$ 426,998$

ailMaterials bags 198$ 238$ 273$ 297$ 341$ 330$ 341$ 341$ 308$ 341$ 330$ 341$ 3,676$

Labels-forpricing 99$ 119$ 136$ 148$ 170$ 165$ 170$ 170$ 154$ 170$ 165$ 170$ 1,838$

Supplies-cleaning,etc 198$ 238$ 273$ 297$ 341$ 330$ 341$ 341$ 308$ 341$ 330$ 341$ 3,676$

Total Pro du ctio nMateri al s 4 95$ 596$ 681$ 742$ 852$ 824$ 852$ 852$ 769$ 852$ 824$ 852$ 9,190$

ableCosts P ro d. - I ns ur an ce - W or ke rs ' Co mp 2 ,1 06$ 2,176$ 2,176$ 2,106$ 2,176$ 2,106$ 2,176$ 2,176$ 1,965$ 2,176$ 2,106$ 2,176$ 25,620$

P ro d. - E mp lo ye e He al th B en ef it s 5 ,6 67$ 5,667$ 5,667$ 5,667$ 5,667$ 5,667$ 5,667$ 5,667$ 5,667$ 5,667$ 5,667$ 5,667$ 68,000$

P ro d. - P ay ro ll T ax es -- Pr od n Wa ge s 3 ,7 38$ 3,862$ 3,862$ 3,738$ 3,862$ 3,738$ 3,862$ 3,862$ 3,489$ 3,862$ 3,738$ 3,862$ 45,475$

CreditCardFees(sales*%ccusage*ccfeerate*s l 2,534$ 3,055$ 3,491$ 3,801$ 4,364$ 4,223$ 4,364$ 4,364$ 3,942$ 4,364$ 4,223$ 4,364$ 47,087$

RepairandMaintenance 198$ 238$ 273$ 297$ 341$ 330$ 341$ 341$ 308$ 341$ 330$ 341$ 3,676$

Other 396$ 477$ 545$ 593$ 681$ 659$ 681$ 681$ 615$ 681$ 659$ 681$ 7,352$

TotalOtherProductionExpenses 14,637$ 15,475$ 16,014$ 16,201$ 17,091$ 16,722$ 17,091$ 17,091$ 15,985$ 17,091$ 16,722$ 17,091$ 197,210$

TotalCostofGoodsSold 188,689$ 219,260$ 243,730$ 259,731$ 292,669$ 283,411$ 292,669$ 292,669$ 264,895$ 292,669$ 283,411$ 292,669$ 3,206,474$

eral&

minWages AdministrativeEmployees 11,657$ 12,046$ 12,046$ 11,657$ 12,046$ 11,657$ 12,046$ 12,046$ 10,880$ 12,046$ 11,657$ 12,046$ 141,829$

TotalG&AWages 11,657$ 12,046$ 12,046$ 11,657$ 12,046$ 11,657$ 12,046$ 12,046$ 10,880$ 12,046$ 11,657$ 12,046$ 141,829$

eral&

minExpense Admin.-PayrollTax--Others 1,241$ 1,283$ 1,283$ 1,241$ 1,283$ 1,241$ 1,283$ 1,283$ 1,159$ 1,283$ 1,241$ 1,283$ 15,105$

Admin.-Workers'Comp--Others 117$ 120$ 120$ 117$ 120$ 117$ 120$ 120$ 109$ 120$ 117$ 120$ 1,418$

A dm in . - Em pl oy ee B en ef it s- -O th er 1 ,0 00$ 1,000$ 1,000$ 1,000$ 1,000$ 1,000$ 1,000$ 1,000$ 1,000$ 1,000$ 1,000$ 1,000$ 12,000$

Electric 800$ 800$ 800$ 800$ 800$ 800$ 800$ 800$ 800$ 800$ 800$ 800$ 9,600$

HVAC 1,500$ 2,000$ 2,500$ 2,500$ 2,000$ 1,000$ 1,500$ 1,500$ 1,500$ 1,000$ 1,000$ 1,000$ 19,000$

PestControl 80$ 80$ 80$ 80$ 80$ 80$ 80$ 80$ 80$ 80$ 80$ 80$ 960$

CommercialTrashRemoval 100$ 100$ 100$ 100$ 100$ 100$ 100$ 100$ 100$ 100$ 100$ 100$ 1,200$

Telephone 100$ 100$ 100$ 100$ 100$ 100$ 100$ 100$ 100$ 100$ 100$ 100$ 1,200$

Water&Sewer 200$ 200$ 200$ 200$ 200$ 200$ 200$ 200$ 200$ 200$ 200$ 200$ 250$

Insurance-Inclusive(R&D&liabilityetc.) 250$ 250$ 250$ 250$ 250$ 250$ 250$ 250$ 250$ 250$ 250$ 250$ 3,000$InterestonDebt 3,255$ 3,231$ 3,207$ 3,184$ 3,160$ 3,136$ 3,112$ 3,088$ 3,064$ 3,040$ 3,016$ 2,992$ 37,486$

Depreciation 9,940$ 9,940$ 9,940$ 9,940$ 9,940$ 9,940$ 9,940$ 9,940$ 9,940$ 9,940$ 9,940$ 9,940$ 119,275$

R en t/ Le as e (i nc . pr op t ax & f ir e in s. ?) 5 00$ 500$ 500$ 1,418$ 1,418$ 1,418$ 1,934$ 1,934$ 1,934$ 1,978$ 1,978$ 1,978$ 17,489$

Accounting 120$ 120$ 120$ 120$ 120$ 120$ 120$ 120$ 120$ 120$ 120$ 120$ 1,440$

PayrollFees 400$ 400$ 400$ 400$ 400$ 400$ 400$ 400$ 400$ 400$ 400$ 400$ 4,800$

Computer/WebsiteExpense(hosting,emailetc.) 275$ 275$ 275$ 275$ 275$ 275$ 275$ 275$ 275$ 275$ 275$ 275$ 3,300$

LegalExpenses 100$ 100$ 100$ 100$ 100$ 100$ 100$ 100$ 100$ 100$ 100$ 100$ 1,200$

MembershipFeesetc. 250$ 250$ 250$ 250$ 250$ 250$ 250$ 250$ 250$ 250$ 250$ 250$ 3,000$

OfficeExpense 25$ 25$ 25$ 25$ 25$ 25$ 25$ 25$ 25$ 25$ 25$ 25$ 300$

Marketing--Ads,etc. 2,631$ 3,172$ 3,625$ 3,946$ 4,531$ 4,385$ 4,531$ 4,531$ 4,092$ 4,531$ 4,385$ 4,531$ 48,888$

OtherG&A 200$ 200$ 200$ 200$ 200$ 200$ 200$ 200$ 200$ 200$ 200$ 200$ 2,400$

TotalG&A--OtherThanWages 23,083$ 24,145$ 25,075$ 26,245$ 26,351$ 25,136$ 26,320$ 26,296$ 25,698$ 25,792$ 25,576$ 25,744$ 305,461$

TotalGenandAdmin 34,740$ 36,191$ 37,120$ 37,902$ 38,397$ 36,793$ 38,366$ 38,342$ 36,578$ 37,838$ 37,234$ 37,789$ 447,289$

TOTALOPERATINGCOSTS 223,429$ 255,451$ 280,850$ 297,633$ 331,066$ 320,204$ 331,035$ 331,011$ 301,473$ 330,507$ 320,645$ 330,459$ 3,653,764$

N etPro fi t ( 25 ,6 27 )$ (16,989)$ (8,323)$ (930)$ 9,593$ 9,466$ 9,624$ 9,648$ 6,220$ 10,152$ 9,025$ 10,200$ 22,060$

IncomeTaxes 8,824$

Laborasa%ofsales 31% 26% 23% 20% 18% 18% 18% 18% 19% 18% 18% 18%

NETINCOMEAFTERTAXES 13,236$

MonthofStart-up


2/10

YearOneIncomeStatement


Costofgoodssold 70%

PayrollTaxes 10.65% ofwages

WorkersCompenstation(Risky) 0.06

W or ke rs C om pe ns ta ti on ( No n- Ri sk y) 0 .0 1

E mp lo ye e he al th b en ef it s $ 4, 00 0 p er F T em pl oy ee /y ea r

creditcardfeerate 0.03

%ofcreditcardusage 0.4

SalesTax 0.0675

BuildingDepreciation 20 years

EquipmentDepreciation 7 years

IncomeTax 0.4

marketingcosts 1.33% ofsales

Bags 0.1% ofsales

Labels-price 0.05% ofsales

Cleaningsupplies 0.1% ofsales

Repair&maintenance 0.1% ofsales

Other 0.2% ofsales

Electric 800$ permonthHVAC variablebyseason

PestControl 80$ permonth

TrashRemoval 100$ permonth

Telephone&Internet 100$ permonth

Water&Sewer 200$ permonth

Insurance--Inclusive 250$ permonth

Rentfirstquarterofoperations 500$ permonth

V ar ia bl e re nt r at e fo r la te r qu ar te rs 0 .6 % ofprevQTRsales,

Caponrent 2,000$ permonth

Accounting 120$ permonth

C om pu te r/ In te rn et /W eb si te E xp en se 2 75$ permonth

LegalExpenses 100$ permonth

Membershipfees 250$ permonth

OfficeExpense 25$ permonth

OtherG&A 200$ permonth

PayrollFees 400.00$ permonth

Assumptions


3/10

YearOneCashFlowAnalysis


Average

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

rting Cash 220,549$ 194,609$ 177,283$ 168,600$ 167,287$ 176,472$ 185,507$ 194,676$ 203,844$ 209,561$ 219,186$ 227,660$

urces

Cash Sales 197,802$ 238,462$ 272,527$ 296,703$ 340,659$ 329,670$ 340,659$ 340,659$ 307,692$ 340,659$ 329,670$ 340,659$

Rental Income -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

Short-term Loan Proceeds -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

Long-Term Loan Proceeds -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

Equity Capital Proceeds -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ TotalCFS Total ISS

Total Souces 197,802$ 238,462$ 272,527$ 296,703$ 340,659$ 329,670$ 340,659$ 340,659$ 307,692$ 340,659$ 329,670$ 340,659$ 3,675,824$ 3,675,824$

es

Payroll & Related 60,621$ 62,420$ 62,420$ 60,621$ 62,420$ 60,621$ 62,420$ 62,420$ 57,024$ 62,420$ 60,621$ 62,420$

Cost of Food/Products Sold 138,462$ 166,923$ 190,769$ 207,692$ 238,462$ 230,769$ 238,462$ 238,462$ 215,385$ 238,462$ 230,769$ 238,462$

Production Materials 495$ 596$ 681$ 742$ 852$ 824$ 852$ 852$ 769$ 852$ 824$ 852$

Other Production Expenses 3,127$ 3,770$ 4,309$ 4,691$ 5,386$ 5,212$ 5,386$ 5,386$ 4,865$ 5,386$ 5,212$ 5,386$

nsurance 250$ 250$ 250$ 250$ 250$ 250$ 250$ 250$ 250$ 250$ 250$ 250$Rent 500$ 500$ 500$ 1,418$ 1,418$ 1,418$ 1,934$ 1,934$ 1,934$ 1,978$ 1,978$ 1,978$

Other G&A 6,781$ 7,822$ 8,775$ 9,096$ 9,181$ 8,035$ 8,681$ 8,681$ 8,242$ 8,181$ 8,035$ 8,181$

nterest 3,255$ 3,231$ 3,207$ 3,184$ 3,160$ 3,136$ 3,112$ 3,088$ 3,064$ 3,040$ 3,016$ 2,992$ 31 23.80 37 ,48 6$

Purchase Depreciable Assets -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

Purchase Non-Depr. Assets -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

Dividends, Owner Pay-outs -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$

Debt Principle Payments 10,253$ 10,276$ 10,300$ 10,324$ 10,347$ 10,371$ 10,395$ 10,419$ 10,443$ 10,467$ 10,491$ 10,515$ 10383.34 $124,600

Total Uses Before Taxes 223,742$ 255,787$ 281,210$ 298,017$ 331,474$ 320,636$ 331,490$ 331,490$ 301,976$ 331,034$ 321,196$ 331,034$

ncome Taxes -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ 8,824$

Total Uses After Taxes 223,742$ 255,787$ 281,210$ 298,017$ 331,474$ 320,636$ 331,490$ 331,490$ 301,976$ 331,034$ 321,196$ 339,859$

N et CS F N et I SS

t Change in Cash (25,940)$ (17,326)$ (8,683)$ (1,314)$ 9,185$ 9,034$ 9,169$ 9,169$ 5,716$ 9,625$ 8,474$ 801$ 13,236.26$ 13,236.26$

Ending Cash Position 194,609$ 177,283$ 168,600$ 167,287$ 176,472$ 185,507$ 194,676$ 203,844$ 209,561$ 219,186$ 227,660$ 228,460$

ChangeinCashbeforeInterest&DebtPmt (12,433)$ (3,819)$ 4,824$ 12,194$ 22,692$ 22,542$ 22,676$ 22,676$ 19,223$ 23,132$ 21,981$ 14,308$ 14166.38

btservciecoverage -0.92 -0.28 0.36 0.90 1.68 1.67 1.68 1.68 1.42 1.71 1.63 1.06 1.05

rest&debtprinciple $ 13 ,5 07 $ 13 ,5 07 $ 13 ,5 07 $ 13 ,5 07 $ 13 ,5 07 $ 13 ,5 07 $ 13 ,5 07 $ 13 ,5 07 $ 13 ,5 07 $ 13 ,5 07 $ 13 ,5 07 $ 13 ,5 07

Month of Start-up Totals/Checks


4/10

YearOneRevenueModel


ossRevenue

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

June July August September October November December January February March April May Total

NumberofWeeks 4.29 4.43 4.43 4.29 4.43 4.29 4.43 4.43 4.00 4.43 4.29 4.43 30.57

Sales $197,802 $238,462 $272,527 $296,703 $340,659 $329,670 $340,659 $340,659 $307,692 $340,659 $329,670 $340,659 $3,675,824

Assumptions

AnnualSalesasmp 4,000,000

WeeklySalesatcapacity $76,923

1stMonth%capacity 60%

2ndMonth%capacity 70%3rdMonth%capacity 80%

4thMonth%capacity 90%

5thMonth%capacity 100%

Projectedsalespsf $400.00 StuartReid

StoresquareFootage 10,000

RCCMonthofStart-up

Source:


5/10

EmployeeWorksheet


HourlyorProductionEmployees

Employee

Numbers

WagesPer

Hour

HoursPer

Week Total/Week

TotalPer

Month

TotalPer

Year

Checkout-FullTime 6 $11.00 36 $2,376 $10,296 $123,552

Checkout-PartTime 3 $11.00 15 $495 $2,145 $25,740

ProduceDept.Manager 1 $15.00 40 $600 $2,600 $31,200

MeatDept.Manager 1 $17.00 40 $680 $2,947 $35,360

MeatDept.Staff 1 $11.00 40 $440 $1,907 $22,880

DeliManager 1 $15.00 40 $600 $2,600 $31,200

Wellness&CommunityManager 1 $15.00 40 $600 $2,600 $31,200

DeliStaff 2 $11.00 40 $880 $3,813 $45,760

Stockers/FloorStaff 3 $11.00 36 $1,188 $5,148 $61,776

Janitorial 1 $11.00 30 $330 $1,430 $17,160

Total 20 $8,189 $35,486 $425,828

TotalFTProductionemployees 17

AdministrativeEmployees

Manager 1 $33.00 40 $1,320 $5,720 $68,640

AssistantManager 1 $20.00 40 $800 $3,467 $41,600

OfficeAssistant 1 $15.00 40 $600 $2,600 $31,200

Total 3 $2,720 $11,787 $141,440

TotalFTAdmnemployees 3

TotalFullTimeEmployees 20

TotalPartTimeEmployees 3

TOTAL 23 $10,909 $47,272 $567,268

RCCEmployment-WeeklyPayroll


6/10

ThreeYearCashFlowAnalysis


1 2 3

Starting Cash 220,549$ 238,410$ 273,786$

Sources

Cash Sales 3,675,824$ 3,933,132$ 4,208,451$

Rental Income -$ -$ -$

Short-term Loan Proceeds -$ -$ -$

Long-Term Loan Proceeds -$ -$ -$

Equity Capital Proceeds -$ -$ -$

Total Souces 3,675,824$ 3,933,132$ 4,208,451$

Uses

Payroll & Related 736,445$ 769,860$ 804,844$

Cost of Food/Products Sold 2,573,077$ 2,753,192$ 2,945,916$

Production Materials 9,190$ 9,373$ 9,561$

Other Production Expenses 58,115$ 61,631$ 65,383$

Insurance 3,000$ 3,060$ 3,121$

Rent 17,489$ 24,000$ 24,480$

Other G&A 89,738$ 91,533$ 93,364$

Interest 37,486$ 35,465$ 31,926$

Purchase Depreciable Assets -$ -$ -$

Purchase Non-Depr. Assets -$ -$ -$

Dividends, Owner Pay-outs -$ -$ -$

Debt Principle Payments 124,600$ 126,621$ 130,159$Total Uses Before Taxes 3,649,139$ 3,874,736$ 4,108,754$

Income Taxes 8,824$ 23,021$ 40,793$

Total Uses After Taxes 3,657,963$ 3,897,757$ 4,149,547$

Net Change in Cash 17,861$ 35,375$ 58,904$

Ending Cash Position 238,410$ 273,786$ 332,690$

NetChangeinCashbeforeInterest&DebtPmt 179,947$ 197,461$ 220,990$

Debtservciecoverage 1.11 1.22 1.36

SumofInterst&debtprinciple $162,086 $162,086 $162,086

Summary Cash Flow Analysis


7/10

ThreeYearIncomeStatement


1$ 2$ 3$

RevenueSchedule: Sales 3,675,824$ 3,933,132$ 4,208,451$

GrossSales 3,675,824$ 3,933,132$ 4,208,451$

AllMerchandise

CostofFood/ProductsSold Total CostofFood/Products 2,573,077$ 2,753,192$ 2,945,916$

Labor ProductionStaff 426,998$ 448,348$ 470,765$

TotalProductionWages 426,998$ 448,348$ 470,765$

RetailMaterials Bags 3,676$ 3,749$ 3,824$

Labels-forpricing 1,838$ 1,875$ 1,912$

Supplies-cleaning,etc 3,676$ 3,749$ 3,824$

TotalProductionMaterials 9,190$ 9,373$ 9,561$

VariableCosts Prod. - In suranc e -Workers 'Comp 25,620$ 26,901$ 28,246$

Prod.-EmployeeBenefits 68,000$ 71,400$ 74,970$

Prod. - Payro llTaxes--Prodn Wages 45,475$ 47,749$ 50,136$

CreditCardFees(sales*%ccusage*ccfeerate*s 47,087$ 50,383$ 53,910$

RepairandMaintenance 3,676$ 3,749$ 3,824$

Other 7,352$ 7,499$ 7,649$

TotalOtherProductionExpenses 197,210$ 207,681$ 218,736$

TotalCostofGoodsSold 3,206,474$ 3,418,595$ 3,644,977$

General&AdminWages AdministrativeEmployees 141,829$ 146,083$ 150,466$

TotalG&AWages 141,829$ 146,083$ 150,466$

General&AdminExpense Admin.-PayrollTax--Others 15,105$ 15,558$ 16,025$

Admin.-Workers'Comp--Others 1,418$ 1,461$ 1,505$

A dmin.- Emp lo yeeBenefits --Other 12,000$ 12,360$ 12,731$

Electric 9,600$ 9,792$ 9,988$

HVAC 19,000$ 19,380$ 19,768$

PestControl 960$ 979$ 999$

TrashRemoval 1,200$ 1,224$ 1,248$

Telephone 1,200$ 1,224$ 1,248$

Water&Sewer 250$ 255$ 260$

Insurance-Inclusive 3,000$ 3,060$ 3,121$

InterestonDebt 37,486$ 35,465$ 31,926$

Depreciation 119,275$ 119,275$ 119,275$

Rent 17,489$ 24,000$ 24,480$

Accounting 1,440$ 1,469$ 1,498$

PayrollFees 4,800$ 5,040$ 5,292$

Computer/Intern et/Web siteExpense 3,3 00$ 3,366$ 3,433$

LegalExpenses 1,200$ 1,224$ 1,248$

MembershipFees 3,000$ 3,150$ 3,308$

OfficeExpense 300$ 306$ 312$

Marketing--Ads,etc. 48,888$ 49,866$ 50,864$

OtherG&A 2,400$ 2,448$ 2,497$

TotalG&A--OtherThanWages 303,311$ 310,902$ 311,026$

TotalGenandAdmin 445,139$ 456,985$ 461,492$

TOTALOPERATINGCOSTS 3,651,614$ 3,875,580.06$ 4,106,469$

IncomeTaxes 8,824$ 23,021$ 40,793$

NetProfit 24, 210$ 57,552$ 101,982$

NetProfitAfterTaxes 15,386$ 34,531$ 61,189$

AssumptionsforGrowth

CostofGoodssoldholdssteadyrelativetopricecharged 70%

GeneralExpenseGrowth 2%

ProductionEmployeeExpenseGrowth 5%

AdminEmployeeGrowth 3%

SalesGrowth 7%

YearofStart-up


8/10

CapitalRequirements


FundUsage Amount FundSources Amount

LongTermCapitalization Equity

LeaseholdImprovements $350,000 Memberships $100,000

Equipment $650,000 GrassrootsFundraising $24,938

Inventory $236,250 Grantsfromlocal&regionalfoundations $120,000

ProfFeesfordesign/inventory $148,350 CityofGSOEconDev'tGrant $100,000

ConstructionManagementfee $30,000 Federalgrants(USDA,SBA,Blockgrants) $290,000

TotalLongTerm $1,414,600 TotalEquity $634,938

ShortTermCapitalization Subordinateddebt(4%,10years)

Start-upstaffing 69,806$ Loansfromcommunitymembers 300,000$Start-uppromotion 18,379$ TotalSubordinateddebt 300,000$

Interestpaidpre-opening 13,014$

post-openingprofessionalsupport 30,000$ Governmentloans

Operatingcostpriortoopening 15,000$ CityofGSOEconDev'tLoan(0%,10years) 600,000$

OperatiingCapital(Cash) 220,549$ TotalGovernmentLoans 600,000$

TotalShortTerm 366,749$

CommercialLoans

Overrunallowance 267,202$ CDFI&CoopFundingSources(4%,10years) 315,000$

RegionalCommercialBank(7%,10years) 200,000$

TotalCapitalNeeded 2,048,551$ TotalCommercialLoans 515,000$

EQUITY 634,938$

TOTALTOBEBORROWED 1,413,613$ TOTALBORROWED 1,415,000$

Assumptionsfromothersheets

BuildingSpaceSquareFootage 10,000 Fromrevenuemodel

Firstyearsales 3,675,824$ Fromrevenuemodel

Assumptions DataSource

LeaseholdImprovements 35.00$ pertotalsquarefoot SReid/bldgisvanillabox

SalesFloorsquarefootage 67.5% oftotalsquarefootage SReid

Equipmentpsf 65.00$ pertotalsquarefoot SReid

Inventorypsf 35.00$ perretailsquarefoot SReid

Professionalfees 12% of(LHI+eqpt+inv) SReid

Constructionmanagementfee 30,000.00$ SReid

Pre-openingstaffing-fullcohort 1 monthsofwages SReid

Pre-openingstaffing-generalmanager 6 monthsofwages SReid

StartUpPromotion 0.5% offirstyearsales SReid

StartupCapital 6% StewartReid'ssources&us SReid

Blendedinterestrate 2.8% weightedaverageoftermsabove)

%borrowedbeforeopening 100%

Monthscapitalborrowedbeforeopening 4

Operatingcapital 6% ofyear1sales

Othercostsinleaduptoconstruction 15,000

Overrunestimate 15% ofstartupcosts SReid

MembershipFee 100$

Numberofmembers 1,000

Numberofindivloans 100

Avgsizeofindivloan 3,000$


9/10

DepreciationCalculator


Over#of

years Months/year #ofmonths

Monthly

Depreciation

Capital $528,350 20 12 240 $2,201.46

Equipment $650,000 7 12 84 $7,738.10

Totalmonthlydepreciation $9,939.55

StraightLineDepreciation


10/10

Long-TermAmortization


$1,415,000 $162,085.682.760% $13,507.1410 $22,284.392014 $205,856.80June $1,620,856.80

Year MonthBeginning

BalancePayment Principal Interest

Cumulative

Principal

Cumulative

InterestEnding Balance

Jun $1,415,000.00 $13,507.14 $10,252.64 $3,254.50 $10,252.64 $3,254.50 $1,404,747.36

Jul $1,404,747.36 $13,507.14 $10,276.22 $3,230.92 $20,528.86 $6,485.42 $1,394,471.14Aug $1,394,471.14 $13,507.14 $10,299.86 $3,207.28 $30,828.72 $9,692.70 $1,384,171.28Sep $1,384,171.28 $13,507.14 $10,323.55 $3,183.59 $41,152.27 $12,876.29 $1,373,847.73Oct $1,373,847.73 $13,507.14 $10,347.29 $3,159.85 $51,499.56 $16,036.14 $1,363,500.44Nov $1,363,500.44 $13,507.14 $10,371.09 $3,136.05 $61,870.65 $19,172.19 $1,353,129.35Dec $1,353,129.35 $13,507.14 $10,394.94 $3,112.20 $72,265.59 $22,284.39 $1,342,734.41

2015 Jan $1,342,734.41 $13,507.14 $10,418.85 $3,088.29 $82,684.44 $25,372.68 $1,332,315.56Feb $1,332,315.56 $13,507.14 $10,442.81 $3,064.33 $93,127.25 $28,437.01 $1,321,872.75Mar $1,321,872.75 $13,507.14 $10,466.83 $3,040.31 $103,594.08 $31,477.32 $1,311,405.92

Apr $1,311,405.92 $13,507.14 $10,490.91 $3,016.23 $114,084.99 $34,493.55 $1,300,915.01May $1,300,915.01 $13,507.14 $10,515.04 $2,992.10 $124,600.03 $37,485.65 $1,290,399.97

YearBeginning

BalancePayment Principal Interest

Cumulative

Principal

Cumulative

Interest

Ending

Balance

2015 $1,342,734.41 $162,085.68 $126,620.51 $35,465.17 $198,886.10 $57,749.56 $1,216,113.902016 $1,216,113.90 $162,085.68 $130,159.26 $31,926.42 $329,045.36 $89,675.98 $1,085,954.642017 $1,085,954.64 $162,085.68 $133,797.44 $28,288.24 $462,842.80 $117,964.22 $952,157.202018 $952,157.20 $162,085.68 $137,537.33 $24,548.35 $600,380.13 $142,512.57 $814,619.872019 $814,619.87 $162,085.68 $141,381.75 $20,703.93 $741,761.88 $163,216.50 $673,238.122020 $673,238.12 $162,085.68 $145,333.63 $16,752.05 $887,095.51 $179,968.55 $527,904.492021 $527,904.49 $162,085.68 $149,395.97 $12,689.71 $1,036,491.47 $192,658.27 $378,508.532022 $378,508.53 $162,085.68 $153,571.86 $8,513.82 $1,190,063.33 $201,172.09 $224,936.672023 $224,936.67 $162,085.68 $157,864.47 $4,221.21 $1,347,927.81 $205,393.29 $67,072.192024 $67,072.19 $67,535.70 $67,072.19 $463.51 $1,415,000.00 $205,856.80 $0.00

Payments in First 12 Months

Yearly Schedule of Balances and Payments

Loan period in years Interest in first calendar yearBase year of loan Interest over term of loanBase month of loan Sum of all payments

Inputs Key Figures

Loan principal amount Annual loan paymentsBlended annual interest rate Monthly payments

rcc pro forma working draft - march 17, 2013

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