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Biz Plan

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1.0 Executive Summary 1 Chart: Highlights 1 1.1 Objectives 2 1.2 Mission 2 1.3 Keys to Success 2
2.0 Company Summary 3 2.1 Company Ownership 3 2.2 Start-up Summary 4 Table: Start-up 4 Chart: Start-up 4 2.3 Company Locations and Facilities 5
3.0 Products 5 3.1 Product Description 5 3.2 Competitive Comparison 6 3.3 Sales Literature 6 3.4 Sourcing 7 3.5 Sales Programs 7 3.6 Future Products 7
4.0 Market Analysis Summary 8 4.1 Market Segmentation 9 Table: Market Analysis 9 Chart: Market Analysis (Pie) 9 4.2 Target Market Segment Strategy 10 4.2.1 Market Needs 10 4.2.2 Market Trends 11 4.3 Industry Analysis 11 4.3.1 Trends in Food Service Retail 12 4.3.2 Competition and Buying Patterns 12 4.3.3 Main Competitors 13 4.3.4 Foreign Vs. Local Franchising 13
5.0 Strategy and Implementation Summary 14 5.1 Competitive Edge 14 5.2 Marketing Strategy 14 5.2.1 Pricing Strategy 14 5.2.2 Brand Challenges 14 5.2.3 Marketing Programs 15 5.2.4 Positioning Statement 15 5.3 Sales Strategy 15 5.3.1 Sales Forecast 16 Table: Sales Forecast 16 Chart: Sales Monthly 17 Chart: Sales by Year 17 5.4 Strategic Alliances 18 5.5 Milestones 18 Chart: Milestones 18 Table: Milestones 19
6.0 Web Plan Summary 19 6.1 Website Marketing Strategy 19 6.2 Development Requirements 20
7.0 Management Summary 20 7.1 Management Team 20 7.2 Organizational Structure 20 7.3 Personnel Plan 21 Table: Personnel 21
8.0 Financial Plan 21 8.1 Start-up Funding 21 Table: Start-up Funding 22 8.2 Break-even Analysis 22 Chart: Break-even Analysis 23 Table: Break-even Analysis 23 8.3 Projected Profit and Loss 24 8.3 Projected Profit and Loss 24 Chart: Profit Monthly 24 Chart: Profit Yearly 25 Chart: Gross Margin Monthly 25 Chart: Gross Margin Yearly 26 Table: Profit and Loss 26 8.4 Projected Cash Flow 27 Chart: Cash 27 Table: Cash Flow 28 8.5 Projected Balance Sheet 29 8.5 Projected Balance Sheet 29 Table: Balance Sheet 29 8.6 Business Ratios 29 Table: Ratios 30
Table: Sales Forecast 1
Table: Personnel 2
Table: Personnel 2
Table: Profit and Loss 3
Table: Profit and Loss 3
Table: Cash Flow 4
Table: Cash Flow 4
Table: Balance Sheet 6
Table: Balance Sheet 6
1.0 Executive Summary

Fresin Fries is a locally owned fast food outlet that will be positioned as an international franchise through our creative approach to the company's image and detail presentation. Fresin Fries will provide a combination of excellent food at value pricing, with fun packaging and atmosphere. Fresin Fries is the answer to an increasing demand for snack-type fast food, to be consumed while window shopping and walking around inside a shopping mall.

In today's highly competitive environment, it is becoming increasingly difficult to differentiate one fast food outlet from another. Singapore, a city state, is now becoming the model metropolis for Asia's new economic boom. With more than 11 million visitors yearly, mainly from neighboring countries (Malaysia, Indonesia, Thailand and the Philippines), Singapore's retail sector is the strongest in the region.

Our main priority is to establish one outlet in a crowded mall, preferably in one of prominent shopping malls in Singapore. Later, our effort will be a further development of more retail outlets in the surrounding area.

This plan is prepared to obtain a location for the initial launch of this concept. Additional financing will need to be secured for the two subsequent outlets, anticipated in month 13 and early in year three. The financing, in addition to the capital contributions from shareholders, will allow Fresin Fries to successfully open and expand through year two. The initial capital investment will allow Fresin Fries to provide its customers with a value-driven, entertaining experience through the creativity of its founders.

Fresin Fries will entice youngsters to bring their friends and family with our innovative environment, fresh-cut Belgian fries, and selection of unique signature dipping sauces.

Please note that all tables are in Singaporean Dollars (1 USD= S$1.60)

Chart: Highlights

[pic]

1.1 Objectives

• To establish a presence as a successful local fast food outlets and gain a market share in Singapore's fast food industry.

• To make Fresin Fries a destination spot for mall-goers.

• To expand into a number of outlets by year three, and sell the franchise to neighboring metropolitan cities, such as Jakarta, Kuala Lumpur, Bangkok and Manila.

1.2 Mission

Our main goal is to be one of the most successful fast food outlets in Singapore, starting with one retail outlet located inside a major shopping mall as a "market tester."

Fresin Fries will strive to be a premier local fast food brand in the local marketplace. We want our customers to have the total experience when visiting our outlet(s) and website as they will learn about this fascinating new "pop culture." We will sell merchandise from pre-packaged sauces and t-shirts, to potato cutters, all with our official brand attached to them.

Our main focus will be serving high-quality food at a great value.

1.3 Keys to Success

To succeed in this business we must:

• Create a unique, innovative, entertaining menu that will differentiate us from the rest of the competition. • Control costs at all times, in all areas and implement a conservative approach to growth policy. Although, we provide more than enough fund to open more than one outlet, we want to be on the safe side of the business. • Sell the products that are of the highest quality, as well as keeping the customers happy with all of our product categories from food to store merchandising. • Provide 100% satisfaction to our customers and maintaining the level of excellent services among other competitors. • Encourage the two most important values in fast food business: brand and image, as these two ingredients are a couple of main drivers in marketing communications. • Get access to high-traffic shopping malls near the target market. • Promote good values of company culture and business philosophy.

2.0 Company Summary

What is Fresin Fries? Fresin Fries sells gourmet fries in a cone with a choice of sauce. We use the concept of Belgian Fries, where the fries are all made from fresh potatoes and fried twice. Our outlet also provides excellent and friendly customer service to support the ambience of fun, energetic and youthful lifestyle.

Youthful and fresh surroundings We will imitate successful establishments, such as Jamba Juice and Starbucks, which represent the majority of our core target market, between 18 to 35 years of age. Our store will feature display cooking of our featured Belgian Fries from cutting to frying. Our customers will also be able to read our in-house brochures in regards to all knowledge about Belgian Fries and our featured sauces. Our store will be decorated with fast food setting, such as a bright counter and display menu on the wall.

Quality food Each store will offer nothing but freshly fried Belgian fries, sandwiches and variety of unique blend sauces, all served with old-fashioned home-style care.

Open everyday Our store is open everyday from 10 am to 9 pm.

Variety, variety, variety A different selection of sauces will be featured every three months and we will also change our Italian soda flavors to accompany our fries.

2.1 Company Ownership

Fresin Fries is a privately held company. It will be registered as a Limited company, with ownership 25% - Guy Fry, 25% - Sam Sauce, 25% - Carl Cone, 25% - Harry Hip.

Guy Fry and Sam Sauce have more than 10 years of experience in the food industry. Both are currently employed as Corporate Staff of Company A.

Sam Sauce holds an MBA degree from University V. A true entrepreneur by heart, his latest entrepreneurial project is a diamond store in the heart of Singapore.

Guy Fry holds a BA degree in Graphic Design from the Academy of Arts. His projects are widely varied from product design to brand development of several reputable companies.

Harry Hip holds a MS degree from Institute Y. He completed several projects and served as project manager for multi-national companies in Singapore.

Carl Cone holds a BS degree from University Z, majoring in Management and Information Technology. Prior to his return to Singapore, he has held several management positions in a U.S.-based IT company.

2.2 Start-up Summary

The retail outlet will be rented at one of the target location shopping malls. Our preference is Space A, for the main reason of reaching larger traffic.

Startup requirements will be financed through owner investments.

Table: Start-up

|Start-up | |
| | |
|Requirements | |
| | |
|Start-up Expenses | |
|Kitchen and Fixtures |$21,600 |
|Furniture and Interior |$16,500 |
|Legal |$3,000 |
|Rent |$15,000 |
|Packaging and Stationary |$8,500 |
|Contingencies |$4,200 |
|Total Start-up Expenses |$68,800 |
| | |
|Start-up Assets | |
|Cash Required |$50,000 |
|Other Current Assets |$0 |
|Long-term Assets |$0 |
|Total Assets |$50,000 |
| | |
|Total Requirements |$118,800 |

Chart: Start-up

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2.3 Company Locations and Facilities

Fresin Fries locations will range in size from 50 – 70 meter square and will seat from 15 – 25 guests. Our first location will be on the larger end of this range. The location will feature its own originality in merchandise display and other brand building attributes. We will equip the outlet with modern furniture and aim for cleanliness and an open feeling. We are currently looking at several possible sites in shopping malls along Orchard Road.

The space selection will be chosen based upon the following criteria:

• Community size: minimum of 800,000 people within a radius of 8 kilometers. • Tourist destination. • Easy access. • Large percentage of teenagers in the community.

All of these qualities are consistent with Fresin Fries' goal of providing a top quality fast food experience. We want "word-of-mouth" to be our best form of marketing, where our customers value our brand as something exciting and cannot wait to tell their friends and neighbors.

Fresin Fries will directly compete with several fast food joints inside the chosen shopping mall, including Tori-Q (yakitori specialist), Bee Che Hiang (chinese sausages), Bread Talk (one of the most successful bakery franchises), and Pizza Walker (locally owned pizza chain).

3.0 Products

We want to focus only on selling fries. Alcoholic drinks will not be sold in our outlet, as Fresin Fries promotes a healthy and positive Singaporean lifestyle. Instead, we will offer Italian Soda to complement the fries.

In promoting the Fresin Fries lifestyle, we will offer various merchandise with our logo and colors, from hats to t-shirts to potato cutters to our signature sauces, so that our customers can enjoy Fresin Fries at home. Our signature sauce is exclusively manufactured by Company Q. They can be also purchased at selected retailers.

3.1 Product Description

Fresin Fries primarily sells fries and our unique dipping sauces. Main products sold are: Belgian fries, Italian sodas and corporate merchandise.

Belgian-style fries are available in large (choose 2 dips), small (choose 1 dip), with addition of garlic Fresin (add S$0.25).

The dips for Belgian style fries can also be served with sandwiches; they are available in more than 20 flavors:

• Pesto Mayo • Satay Sauce • Teriyaki Sauce • Thai Chili Ketchup • Creamy Wasabi Mayo • Roasted Pepper Mayo • Lava Cheese • Black Pepper Sauce • Curry Ketchup • Barbecue • Jalapeno Ketchup • Caribbean Islands • Traditional Sambal • Korean BBQ • Hot Chili Sauce • Garlic Dip

3.2 Competitive Comparison

Fresin Fries has several advantages over its leading competitors:

• Unique "fusion" concept of dipping sauce. • We expect a high degree of enthusiasm and offer a fun store with friendly staff, that reflects the company's youthful and energetic culture. • Supporting merchandise items that support the company's brand building. • Our fried potato is made 100% fresh, compared to most fast food outlets that use frozen fries. • Our dipping sauce is also made fresh without preservatives. • Our innovative packaging will be more entertaining than our competitors; a single cone with a cup reserved for dipping sauce.

|Company |Clean |Value |Merchandising |
| | Year 1 | Year 2 | Year 3 |
|Unit Sales | | | |
|Belgian Fries |49,464 |98,928 |197,856 |
|Italian Soda |27,692 |55,384 |110,768 |
|Merchandising |3,889 |7,778 |15,556 |
|Signature Packaged Sauces |3,356 |6,712 |13,425 |
|Total Unit Sales |84,401 |168,802 |337,605 |
| | | | |
|Unit Prices | Year 1 | Year 2 | Year 3 |
|Belgian Fries |$4.00 |$4.00 |$4.00 |
|Italian Soda |$1.50 |$1.50 |$1.50 |
|Merchandising |$8.50 |$8.50 |$8.50 |
|Signature Packaged Sauces |$2.00 |$2.00 |$2.00 |
| | | | |
|Sales | | | |
|Belgian Fries |$197,856 |$395,712 |$791,424 |
|Italian Soda |$41,538 |$83,076 |$166,152 |
|Merchandising |$33,057 |$66,114 |$132,228 |
|Signature Packaged Sauces |$6,712 |$13,425 |$26,849 |
|Total Sales |$279,163 |$558,327 |$1,116,654 |
| | | | |
|Direct Unit Costs | Year 1 | Year 2 | Year 3 |
|Belgian Fries |$0.80 |$0.80 |$0.80 |
|Italian Soda |$0.15 |$0.15 |$0.15 |
|Merchandising |$3.83 |$3.83 |$3.83 |
|Signature Packaged Sauces |$1.00 |$1.00 |$1.00 |
| | | | |
|Direct Cost of Sales | | | |
|Belgian Fries |$39,571 |$79,142 |$158,285 |
|Italian Soda |$4,154 |$8,308 |$16,615 |
|Merchandising |$14,876 |$29,751 |$59,503 |
|Signature Packaged Sauces |$3,356 |$6,712 |$13,425 |
|Subtotal Direct Cost of Sales |$61,957 |$123,914 |$247,827 |

Chart: Sales Monthly

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Chart: Sales by Year

[pic]

5.4 Strategic Alliances

Our business requires a long relationship with raw suppliers as well as partner vendors. In Chinese, this relationship is called "guanxi," meaning business bonding. We already have a long and good standing relationship with Company V in our previous ventures. For Company Y, Mr. Joe Shmo, the managing director, is a prominent figure in the society and we hope to strengthen further our business relationship with him and the company.

5.5 Milestones

During the initial set up of the company, the 4 founders (Guy Fry, Harry Hip, Sam Sauce, and Carl Cone) will conduct the planning and implementation in building the brand and the construction of our first outlet. The planning and construction will take approximately 8 months, in addition to the revision and refinement process that will take the rest of the 12 month period before our opening in early 2005.

Chart: Milestones

[pic]

Table: Milestones

|Milestones | | | | | |
| | | | | | |
|Milestone |Start Date |End Date |Budget |Manager |Department |
|Presentation materials for all |1/12/2004 |3/12/2004 |TBD |Carl Cone |Business Development |
|stakeholders | | | | | |
|Follow up with suppliers |1/21/2004 |3/22/2004 |$100 |Sam Sauce |Business Development |
|Follow up with developers |1/21/2004 |9/8/2004 |$50 |Sam Sauce |Business Development |
|Printing materials |2/13/2004 |4/10/2004 |$8,000 |Guy Fry |Marketing |
|Marketing communication program |2/21/2004 |6/23/2004 |TBD |Sam Sauce |Marketing |
|Constructions |5/22/2004 |12/3/2004 |TBD |Harry Hip |Business Development |
|In store signage, POP |5/23/2004 |10/11/2004 |TBD |Guy Fry |Marketing |
|Grand opening materials |6/2/2004 |10/13/2004 |TBD |Guy Fry |Marketing |
|Hiring staff |7/14/2004 |8/12/2004 |$900 |Harry Hip |Human Resources |
|Open second location |7/1/2005 |7/1/2005 |$10,000 |Carl Cone |Business Development |
|Open 3rd and 4th locations |1/1/2006 |6/1/2006 |$15,000 |Carl Cone |Business Development |
|Open 5th, 6th, and 7th locations |1/1/2007 |12/31/2007 |$20,000 |Carl Cone |Business Development |
|Training staff |9/12/2004 |12/10/2004 |$1,000 |Harry Hip |Human Resources |
|Totals | | |$55,050 | | |

6.0 Web Plan Summary

The website will, of course, show visitors everything about Belgian food culture, including the history of french fries over time. To make the website interactive, Fresin Fries will offer gift cards and promotions via the Internet, so our visitors can print the promotional coupon in PDF format and bring it when they visit Fresin Fries. Visitors can also download Fresin Fries' theme song as ring tones, or order potato cutters for delivery.

Besides the traditional formats of customer service hotline and in-store form, customers can now write their comments and suggestions on our website, which will be directed to one of our staff.

So, the website itself will act as the medium between our company and our audience.

In the future, our website will show information on franchising/licensing our brand name.

6.1 Website Marketing Strategy

We will leverage the visibility of our shopping mall's website by getting them to include a link to ours. We will also post banners on an official Singapore tourism website.

6.2 Development Requirements

To adequately serve our audience, the front end strategy of our website should be parallel with our corporate color. The front end design of our website will be entirely trusted to Mr. Guy Fry.

The diversity of founders' background in our company has enabled a cost efficient development in our venture. As Mr. Harry Hip and Mr. Carl Cone are experts in Information Technology, the back end of our website will be developed by these gentlemen.

7.0 Management Summary

The initial management team depends on the founders themselves, with little back-up. As we grow, we will take on additional help in certain key areas. Part of our basic philosophy will be able to run our executive management as a "knowledge sharing" fellowship. We will not add additional overhead until absolutely necessary. This will mean that the initial staff support team will have to work extra. By doing this, we will keep our overhead as low as possible, allowing us to adequately staff our outlets. This will also allow us and future business partners to recoup investments as quickly as possible and enjoy a higher return.

At present time, Fresin Fries is being owned by its 4 founders. Others that have helped on the development of this business venture will be offered an opportunity to grow together with the company at the appropriate time, and when the time comes, the 4 founders’ share will be consolidated as one entity.

7.1 Management Team

Fresin Fries is currently the creative idea of its four founders. As the company is small in nature, it only requires a simple organizational structure. Implementation of this organization form calls for all four individuals to make all major management decisions in addition to monitoring all other business activities.

As we expand into multiple locations, each location will have a primary site manager.

7.2 Organizational Structure

Future organizational structure will include a director of store operations when the store locations exceed four units. We hope that this individual will come out of the ranks of our stores’ management. This will provide a supervisory level between the executive level and the store management level.

Current plan is to have our accounting and payroll functions done by an in-house bookkeeping. Mr. David Lu will be responsible for accounting and business development of Fresin Fries, helped by Mr. Harry Hip, acting Head of Human Resources Division. Possible positions might be added at a later date include marketing manager, purchasing manager, controller, human resources, R&D and administrative support team.

7.3 Personnel Plan

Our initial employees will include two cashiers, two cooks and two bus boys per location, with one of each on the premises during open hours. This is considered an ideal personnel number for a food outlet the size of our own. Each employee will work for 38-40 hours per week.

In the long run, as we expand our product category and retail outlets, we will employ more people in the middle management to ensure the focus of our work, including site managers.

Table: Personnel

|Personnel Plan | | | |
| | Year 1 | Year 2 | Year 3 |
|Site Managers |$0 |$60,000 |$96,000 |
|Cashiers |$36,000 |$80,000 |$144,400 |
|Cook |$28,800 |$66,000 |$115,200 |
|Busboy |$23,400 |$56,000 |$94,000 |
|Total People |12 |26 |40 |
| | | | |
|Total Payroll |$88,200 |$262,000 |$449,600 |

8.0 Financial Plan

The company is now privately held by Harry Hip, Guy Fry, Carl Cone, and Sam Sauce. Future shares will be offered after two consecutive years of operating in Singapore.

8.1 Start-up Funding

Currently, the company is owned by the original 4 founders, who each will contribute $200,000 for the same amount of share, 25%. This will more than cover start-up requirements, and provide the business with a cash cushion to use for expansion over the first three years.

Table: Start-up Funding

|Start-up Funding | |
|Start-up Expenses to Fund |$68,800 |
|Start-up Assets to Fund |$50,000 |
|Total Funding Required |$118,800 |
| | |
|Assets | |
|Non-cash Assets from Start-up |$0 |
|Cash Requirements from Start-up |$50,000 |
|Additional Cash Raised |$681,200 |
|Cash Balance on Starting Date |$731,200 |
|Total Assets |$731,200 |
| | |
| | |
|Liabilities and Capital | |
| | |
|Liabilities | |
|Current Borrowing |$0 |
|Long-term Liabilities |$0 |
|Accounts Payable (Outstanding Bills) |$0 |
|Other Current Liabilities (interest-free) |$0 |
|Total Liabilities |$0 |
| | |
|Capital | |
| | |
|Planned Investment | |
|Eric Yam |$200,000 |
|Martin Ng |$200,000 |
|David Lu |$200,000 |
|Sagita Suwandi |$200,000 |
|Additional Investment Requirement |$0 |
|Total Planned Investment |$800,000 |
| | |
|Loss at Start-up (Start-up Expenses) |($68,800) |
|Total Capital |$731,200 |
| | |
| | |
|Total Capital and Liabilities |$731,200 |
| | |
|Total Funding |$800,000 |

8.2 Break-even Analysis

Our break-even analysis shows that we need unit sales over 9,700 per month to break even. We do not expect to begin turning a profit until year three.

Chart: Break-even Analysis

[pic]

Table: Break-even Analysis

|Break-even Analysis | |
| | |
|Monthly Units Break-even |9,706 |
|Monthly Revenue Break-even |$32,104 |
| | |
|Assumptions: | |
|Average Per-Unit Revenue |$3.31 |
|Average Per-Unit Variable Cost |$0.73 |
|Estimated Monthly Fixed Cost |$24,979 |

8.3 Projected Profit and Loss

As the Profit and Loss shows, Fresin Fries will run at a loss for the first two years, using up some of the cash reserves initially invested by the founders. As sales increase, we will expand into new locations to aggressively spread brand recognition. This increase in visibility will allow us to take up less expensive locations off of Orchard Road, while maintaining our flagship operation, the first store, in a prime spot.

Chart: Profit Monthly

[pic]

Chart: Profit Yearly

[pic]

Chart: Gross Margin Monthly

[pic]

Chart: Gross Margin Yearly

[pic]

Table: Profit and Loss

|Pro Forma Profit and Loss | | | |
| | Year 1 | Year 2 | Year 3 |
|Sales |$279,163 |$558,327 |$1,116,654 |
|Direct Cost of Sales |$61,957 |$123,914 |$247,827 |
|Other Costs of Sales |$0 |$0 |$0 |
|Total Cost of Sales |$61,957 |$123,914 |$247,827 |
| | | | |
|Gross Margin |$217,207 |$434,413 |$868,826 |
|Gross Margin % |77.81% |77.81% |77.81% |
| | | | |
| | | | |
|Expenses | | | |
|Payroll |$88,200 |$262,000 |$449,600 |
|Marketing/Promotion |$10,000 |$10,000 |$10,000 |
|Depreciation |$0 |$0 |$0 |
|Rent |$174,000 |$248,000 |$298,000 |
|Utilities |$2,550 |$5,000 |$8,000 |
|New location setup |$25,000 |$50,000 |$50,000 |
| | | | |
|Total Operating Expenses |$299,750 |$575,000 |$815,600 |
| | | | |
|Profit Before Interest and Taxes |($82,543) |($140,587) |$53,226 |
|EBITDA |($82,543) |($140,587) |$53,226 |
| Interest Expense |$0 |$0 |$0 |
| Taxes Incurred |$0 |$0 |$0 |
| | | | |
|Net Profit |($82,543) |($140,587) |$53,226 |
|Net Profit/Sales |-29.57% |-25.18% |4.77% |

8.4 Projected Cash Flow

The following chart and table show the Projected Cash Flow for Fresin Fries.

Chart: Cash

[pic]

Table: Cash Flow

|Pro Forma Cash Flow | | | |
| | Year 1 | Year 2 | Year 3 |
|Cash Received | | | |
| | | | |
|Cash from Operations | | | |
|Cash Sales |$279,163 |$558,327 |$1,116,654 |
|Subtotal Cash from Operations |$279,163 |$558,327 |$1,116,654 |
| | | | |
|Additional Cash Received | | | |
|Sales Tax, VAT, HST/GST Received |$0 |$0 |$0 |
|New Current Borrowing |$0 |$0 |$0 |
|New Other Liabilities (interest-free) |$0 |$0 |$0 |
|New Long-term Liabilities |$0 |$0 |$0 |
|Sales of Other Current Assets |$0 |$0 |$0 |
|Sales of Long-term Assets |$0 |$0 |$0 |
|New Investment Received |$0 |$0 |$0 |
|Subtotal Cash Received |$279,163 |$558,327 |$1,116,654 |
| | | | |
|Expenditures | Year 1 | Year 2 | Year 3 |
| | | | |
|Expenditures from Operations | | | |
|Cash Spending |$88,200 |$262,000 |$449,600 |
|Bill Payments |$244,265 |$430,245 |$599,286 |
|Subtotal Spent on Operations |$332,465 |$692,245 |$1,048,886 |
| | | | |
|Additional Cash Spent | | | |
|Sales Tax, VAT, HST/GST Paid Out |$0 |$0 |$0 |
|Principal Repayment of Current Borrowing |$0 |$0 |$0 |
|Other Liabilities Principal Repayment |$0 |$0 |$0 |
|Long-term Liabilities Principal Repayment |$0 |$0 |$0 |
|Purchase Other Current Assets |$0 |$0 |$0 |
|Purchase Long-term Assets |$0 |$0 |$0 |
|Dividends |$0 |$0 |$0 |
|Subtotal Cash Spent |$332,465 |$692,245 |$1,048,886 |
| | | | |
|Net Cash Flow |($53,301) |($133,918) |$67,767 |
|Cash Balance |$677,899 |$543,981 |$611,748 |

8.5 Projected Balance Sheet

Fresin's projected company balance sheet follows. We expect to run at a loss for the first two years, decreasing our net worth slightly. As the operation becomes more profitable in the third year, our net worth rises again.

Table: Balance Sheet

|Pro Forma Balance Sheet | | | |
| | Year 1 | Year 2 | Year 3 |
|Assets | | | |
| | | | |
|Current Assets | | | |
|Cash |$677,899 |$543,981 |$611,748 |
|Other Current Assets |$0 |$0 |$0 |
|Total Current Assets |$677,899 |$543,981 |$611,748 |
| | | | |
|Long-term Assets | | | |
|Long-term Assets |$0 |$0 |$0 |
|Accumulated Depreciation |$0 |$0 |$0 |
|Total Long-term Assets |$0 |$0 |$0 |
|Total Assets |$677,899 |$543,981 |$611,748 |
| | | | |
|Liabilities and Capital | Year 1 | Year 2 | Year 3 |
| | | | |
|Current Liabilities | | | |
|Accounts Payable |$29,242 |$35,911 |$50,452 |
|Current Borrowing |$0 |$0 |$0 |
|Other Current Liabilities |$0 |$0 |$0 |
|Subtotal Current Liabilities |$29,242 |$35,911 |$50,452 |
| | | | |
|Long-term Liabilities |$0 |$0 |$0 |
|Total Liabilities |$29,242 |$35,911 |$50,452 |
| | | | |
|Paid-in Capital |$800,000 |$800,000 |$800,000 |
|Retained Earnings |($68,800) |($151,343) |($291,930) |
|Earnings |($82,543) |($140,587) |$53,226 |
|Total Capital |$648,657 |$508,070 |$561,296 |
|Total Liabilities and Capital |$677,899 |$543,981 |$611,748 |
| | | | |
|Net Worth |$648,657 |$508,070 |$561,296 |

8.6 Business Ratios

The following table outlines some of the more important ratios from the Fast Food Restaurants and Stands industry. The final column, Industry Profile, details specific ratios based on the industry as it is classified by the Standard Industry Classification (SIC) code 5812.

Table: Ratios

|Ratio Analysis | | | | |
| | Year 1 | Year 2 | Year 3 |Industry Profile |
|Sales Growth |n.a. |100.00% |100.00% |8.67% |
| | | | | |
|Percent of Total Assets | | | | |
|Other Current Assets |0.00% |0.00% |0.00% |37.31% |
|Total Current Assets |100.00% |100.00% |100.00% |45.97% |
|Long-term Assets |0.00% |0.00% |0.00% |54.03% |
|Total Assets |100.00% |100.00% |100.00% |100.00% |
| | | | | |
|Current Liabilities |4.31% |6.60% |8.25% |17.94% |
|Long-term Liabilities |0.00% |0.00% |0.00% |22.26% |
|Total Liabilities |4.31% |6.60% |8.25% |40.20% |
|Net Worth |95.69% |93.40% |91.75% |59.80% |
| | | | | |
|Percent of Sales | | | | |
|Sales |100.00% |100.00% |100.00% |100.00% |
|Gross Margin |77.81% |77.81% |77.81% |59.05% |
|Selling, General & Administrative Expenses |107.37% |102.99% |73.04% |39.24% |
|Advertising Expenses |0.00% |0.00% |0.00% |1.96% |
|Profit Before Interest and Taxes |-29.57% |-25.18% |4.77% |1.92% |
| | | | | |
|Main Ratios | | | | |
|Current |23.18 |15.15 |12.13 |1.04 |
|Quick |23.18 |15.15 |12.13 |0.66 |
|Total Debt to Total Assets |4.31% |6.60% |8.25% |50.22% |
|Pre-tax Return on Net Worth |-12.73% |-27.67% |9.48% |6.90% |
|Pre-tax Return on Assets |-12.18% |-25.84% |8.70% |13.87% |
| | | | | |
|Additional Ratios | Year 1 | Year 2 | Year 3 | |
|Net Profit Margin |-29.57% |-25.18% |4.77% |n.a |
|Return on Equity |-12.73% |-27.67% |9.48% |n.a |
| | | | | |
|Activity Ratios | | | | |
|Accounts Payable Turnover |9.35 |12.17 |12.17 |n.a |
|Payment Days |27 |27 |26 |n.a |
|Total Asset Turnover |0.41 |1.03 |1.83 |n.a |
| | | | | |
|Debt Ratios | | | | |
|Debt to Net Worth |0.05 |0.07 |0.09 |n.a |
|Current Liab. to Liab. |1.00 |1.00 |1.00 |n.a |
| | | | | |
|Liquidity Ratios | | | | |
|Net Working Capital |$648,657 |$508,070 |$561,296 |n.a |
|Interest Coverage |0.00 |0.00 |0.00 |n.a |
| | | | | |
|Additional Ratios | | | | |
|Assets to Sales |2.43 |0.97 |0.55 |n.a |
|Current Debt/Total Assets |4% |7% |8% |n.a |
|Acid Test |23.18 |15.15 |12.13 |n.a |
|Sales/Net Worth |0.43 |1.10 |1.99 |n.a |
|Dividend Payout | 0.00 |0.00 |0.00 |n.a |

Table: Sales Forecast

Sales Forecast | | | | | | | | | | | | | | | | | Month 1 | Month 2 | Month 3 | Month 4 | Month 5 | Month 6 | Month 7 | Month 8 | Month 9 | Month 10 | Month 11 | Month 12 | |Unit Sales | | | | | | | | | | | | | | |Belgian Fries |2% |1,000 |1,200 |1,440 |1,728 |2,074 |2,488 |3,981 |4,778 |5,733 |6,880 |8,256 |9,907 | |Italian Soda |2% |650 |780 |936 |1,123 |1,348 |1,617 |2,426 |2,790 |3,209 |3,690 |4,243 |4,880 | |Merchandising |2% |100 |120 |144 |160 |180 |220 |299 |358 |430 |516 |619 |743 | |Signature Packaged Sauces |1% |100 |118 |139 |150 |150 |150 |270 |319 |376 |444 |523 |618 | |Total Unit Sales | |1,850 |2,218 |2,659 |3,161 |3,751 |4,476 |6,976 |8,244 |9,747 |11,529 |13,641 |16,147 | | | | | | | | | | | | | | | | |Unit Prices | | Month 1 | Month 2 | Month 3 | Month 4 | Month 5 | Month 6 | Month 7 | Month 8 | Month 9 | Month 10 | Month 11 | Month 12 | |Belgian Fries | |$4.00 |$4.00 |$4.00 |$4.00 |$4.00 |$4.00 |$4.00 |$4.00 |$4.00 |$4.00 |$4.00 |$4.00 | |Italian Soda | |$1.50 |$1.50 |$1.50 |$1.50 |$1.50 |$1.50 |$1.50 |$1.50 |$1.50 |$1.50 |$1.50 |$1.50 | |Merchandising | |$8.50 |$8.50 |$8.50 |$8.50 |$8.50 |$8.50 |$8.50 |$8.50 |$8.50 |$8.50 |$8.50 |$8.50 | |Signature Packaged Sauces | |$2.00 |$2.00 |$2.00 |$2.00 |$2.00 |$2.00 |$2.00 |$2.00 |$2.00 |$2.00 |$2.00 |$2.00 | | | | | | | | | | | | | | | | |Sales | | | | | | | | | | | | | | |Belgian Fries | |$4,000 |$4,800 |$5,760 |$6,912 |$8,294 |$9,953 |$15,925 |$19,110 |$22,932 |$27,519 |$33,023 |$39,627 | |Italian Soda | |$975 |$1,170 |$1,404 |$1,685 |$2,022 |$2,426 |$3,639 |$4,185 |$4,813 |$5,535 |$6,365 |$7,320 | |Merchandising | |$850 |$1,020 |$1,224 |$1,360 |$1,530 |$1,870 |$2,538 |$3,046 |$3,655 |$4,386 |$5,263 |$6,316 | |Signature Packaged Sauces | |$200 |$236 |$278 |$300 |$300 |$300 |$540 |$637 |$752 |$887 |$1,047 |$1,235 | |Total Sales | |$6,025 |$7,226 |$8,666 |$10,257 |$12,146 |$14,549 |$22,642 |$26,978 |$32,152 |$38,326 |$45,697 |$54,498 | | | | | | | | | | | | | | | | |Direct Unit Costs | | Month 1 | Month 2 | Month 3 | Month 4 | Month 5 | Month 6 | Month 7 | Month 8 | Month 9 | Month 10 | Month 11 | Month 12 | |Belgian Fries |20.00% |$0.80 |$0.80 |$0.80 |$0.80 |$0.80 |$0.80 |$0.80 |$0.80 |$0.80 |$0.80 |$0.80 |$0.80 | |Italian Soda |10.00% |$0.15 |$0.15 |$0.15 |$0.15 |$0.15 |$0.15 |$0.15 |$0.15 |$0.15 |$0.15 |$0.15 |$0.15 | |Merchandising |45.00% |$3.83 |$3.83 |$3.83 |$3.83 |$3.83 |$3.83 |$3.83 |$3.83 |$3.83 |$3.83 |$3.83 |$3.83 | |Signature Packaged Sauces |50.00% |$1.00 |$1.00 |$1.00 |$1.00 |$1.00 |$1.00 |$1.00 |$1.00 |$1.00 |$1.00 |$1.00 |$1.00 | | | | | | | | | | | | | | | | |Direct Cost of Sales | | | | | | | | | | | | | | |Belgian Fries | |$800 |$960 |$1,152 |$1,382 |$1,659 |$1,991 |$3,185 |$3,822 |$4,586 |$5,504 |$6,605 |$7,925 | |Italian Soda | |$98 |$117 |$140 |$168 |$202 |$243 |$364 |$419 |$481 |$553 |$636 |$732 | |Merchandising | |$383 |$459 |$551 |$612 |$689 |$842 |$1,142 |$1,371 |$1,645 |$1,974 |$2,368 |$2,842 | |Signature Packaged Sauces | |$100 |$118 |$139 |$150 |$150 |$150 |$270 |$319 |$376 |$444 |$523 |$618 | |Subtotal Direct Cost of Sales | |$1,380 |$1,654 |$1,982 |$2,313 |$2,700 |$3,225 |$4,961 |$5,930 |$7,088 |$8,474 |$10,133 |$12,117 | |

Table: Personnel

Personnel Plan | | | | | | | | | | | | | | | | | Month 1 | Month 2 | Month 3 | Month 4 | Month 5 | Month 6 | Month 7 | Month 8 | Month 9 | Month 10 | Month 11 | Month 12 | |Site Managers |0% |$0 |$0 |$0 |$0 |$0 |$0 |$0 |$0 |$0 |$0 |$0 |$0 | |Cashiers |0% |$2,000 |$2,000 |$2,000 |$2,000 |$2,000 |$2,000 |$4,000 |$4,000 |$4,000 |$4,000 |$4,000 |$4,000 | |Cook |0% |$1,600 |$1,600 |$1,600 |$1,600 |$1,600 |$1,600 |$3,200 |$3,200 |$3,200 |$3,200 |$3,200 |$3,200 | |Busboy |0% |$1,300 |$1,300 |$1,300 |$1,300 |$1,300 |$1,300 |$2,600 |$2,600 |$2,600 |$2,600 |$2,600 |$2,600 | |Total People | |6 |6 |6 |6 |6 |6 |12 |12 |12 |12 |12 |12 | | | | | | | | | | | | | | | | |Total Payroll | |$4,900 |$4,900 |$4,900 |$4,900 |$4,900 |$4,900 |$9,800 |$9,800 |$9,800 |$9,800 |$9,800 |$9,800 | |

Table: Profit and Loss

Pro Forma Profit and Loss | | | | | | | | | | | | | | | | | Month 1 | Month 2 | Month 3 | Month 4 | Month 5 | Month 6 | Month 7 | Month 8 | Month 9 | Month 10 | Month 11 | Month 12 | |Sales | |$6,025 |$7,226 |$8,666 |$10,257 |$12,146 |$14,549 |$22,642 |$26,978 |$32,152 |$38,326 |$45,697 |$54,498 | |Direct Cost of Sales | |$1,380 |$1,654 |$1,982 |$2,313 |$2,700 |$3,225 |$4,961 |$5,930 |$7,088 |$8,474 |$10,133 |$12,117 | |Other Costs of Sales | |$0 |$0 |$0 |$0 |$0 |$0 |$0 |$0 |$0 |$0 |$0 |$0 | |Total Cost of Sales | |$1,380 |$1,654 |$1,982 |$2,313 |$2,700 |$3,225 |$4,961 |$5,930 |$7,088 |$8,474 |$10,133 |$12,117 | | | | | | | | | | | | | | | | |Gross Margin | |$4,645 |$5,572 |$6,684 |$7,944 |$9,447 |$11,325 |$17,681 |$21,048 |$25,063 |$29,852 |$35,565 |$42,381 | |Gross Margin % | |77.10% |77.11% |77.13% |77.45% |77.77% |77.84% |78.09% |78.02% |77.95% |77.89% |77.83% |77.77% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |Expenses | | | | | | | | | | | | | | |Payroll | |$4,900 |$4,900 |$4,900 |$4,900 |$4,900 |$4,900 |$9,800 |$9,800 |$9,800 |$9,800 |$9,800 |$9,800 | |Marketing/Promotion | |$833 |$833 |$833 |$833 |$833 |$833 |$833 |$833 |$833 |$833 |$833 |$833 | |Depreciation | |$0 |$0 |$0 |$0 |$0 |$0 |$0 |$0 |$0 |$0 |$0 |$0 | |Rent | |$12,000 |$12,000 |$12,000 |$12,000 |$12,000 |$12,000 |$17,000 |$17,000 |$17,000 |$17,000 |$17,000 |$17,000 | |Utilities |15% |$125 |$125 |$125 |$125 |$125 |$125 |$300 |$300 |$300 |$300 |$300 |$300 | |New location setup | |$0 |$0 |$0 |$0 |$0 |$25,000 |$0 |$0 |$0 |$0 |$0 |$0 | | | | | | | | | | | | | | | | |Total Operating Expenses | |$17,858 |$17,858 |$17,858 |$17,858 |$17,858 |$42,858 |$27,933 |$27,933 |$27,933 |$27,933 |$27,933 |$27,933 | | | | | | | | | | | | | | | | |Profit Before Interest and Taxes | |($13,213) |($12,286) |($11,174) |($9,914) |($8,412) |($31,534) |($10,252) |($6,885) |($2,870) |$1,919 |$7,631 |$14,447 | |EBITDA | |($13,213) |($12,286) |($11,174) |($9,914) |($8,412) |($31,534) |($10,252) |($6,885) |($2,870) |$1,919 |$7,631 |$14,447 | | Interest Expense | |$0 |$0 |$0 |$0 |$0 |$0 |$0 |$0 |$0 |$0 |$0 |$0 | | Taxes Incurred | |$0 |$0 |$0 |$0 |$0 |$0 |$0 |$0 |$0 |$0 |$0 |$0 | | | | | | | | | | | | | | | | |Net Profit | |($13,213) |($12,286) |($11,174) |($9,914) |($8,412) |($31,534) |($10,252) |($6,885) |($2,870) |$1,919 |$7,631 |$14,447 | |Net Profit/Sales | |-219.30% |-170.03% |-128.94% |-96.66% |-69.25% |-216.74% |-45.28% |-25.52% |-8.93% |5.01% |16.70% |26.51% | |

Table: Cash Flow

Pro Forma Cash Flow | | | | | | | | | | | | | | | | | Month 1 | Month 2 | Month 3 | Month 4 | Month 5 | Month 6 | Month 7 | Month 8 | Month 9 | Month 10 | Month 11 | Month 12 | |Cash Received | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |Cash from Operations | | | | | | | | | | | | | | |Cash Sales | |$6,025 |$7,226 |$8,666 |$10,257 |$12,146 |$14,549 |$22,642 |$26,978 |$32,152 |$38,326 |$45,697 |$54,498 | |Subtotal Cash from Operations | |$6,025 |$7,226 |$8,666 |$10,257 |$12,146 |$14,549 |$22,642 |$26,978 |$32,152 |$38,326 |$45,697 |$54,498 | | | | | | | | | | | | | | | | |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 | |$6,025 |$7,226 |$8,666 |$10,257 |$12,146 |$14,549 |$22,642 |$26,978 |$32,152 |$38,326 |$45,697 |$54,498 | | | | | | | | | | | | | | | | |Expenditures | | Month 1 | Month 2 | Month 3 | Month 4 | Month 5 | Month 6 | Month 7 | Month 8 | Month 9 | Month 10 | Month 11 | Month 12 | | | | | | | | | | | | | | | | |Expenditures from Operations | | | | | | | | | | | | | | |Cash Spending | |$4,900 |$4,900 |$4,900 |$4,900 |$4,900 |$4,900 |$9,800 |$9,800 |$9,800 |$9,800 |$9,800 |$9,800 | |Bill Payments | |$478 |$14,347 |$14,623 |$14,952 |$15,284 |$16,509 |$40,580 |$23,127 |$24,102 |$25,268 |$26,663 |$28,332 | |Subtotal Spent on Operations | |$5,378 |$19,247 |$19,523 |$19,852 |$20,184 |$21,409 |$50,380 |$32,927 |$33,902 |$35,068 |$36,463 |$38,132 | | | | | | | | | | | | | | | | |Additional Cash Spent | | | | | | | | | | | | | | |Sales Tax, VAT, HST/GST Paid Out | |$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 | |$5,378 |$19,247 |$19,523 |$19,852 |$20,184 |$21,409 |$50,380 |$32,927 |$33,902 |$35,068 |$36,463 |$38,132 | | | | | | | | | | | | | | | | |Net Cash Flow | |$647 |($12,021) |($10,857) |($9,595) |($8,038) |($6,859) |($27,738) |($5,949) |($1,750) |$3,259 |$9,234 |$16,365 | |Cash Balance | |$731,847 |$719,826 |$708,969 |$699,374 |$691,336 |$684,477 |$656,739 |$650,791 |$649,041 |$652,299 |$661,534 |$677,899 | |

Table: Balance Sheet

Pro Forma Balance Sheet | | | | | | | | | | | | | | | | | Month 1 | Month 2 | Month 3 | Month 4 | Month 5 | Month 6 | Month 7 | Month 8 | Month 9 | Month 10 | Month 11 | Month 12 | |Assets |Starting Balances | | | | | | | | | | | | | | | | | | | | | | | | | | | | |Current Assets | | | | | | | | | | | | | | |Cash |$731,200 |$731,847 |$719,826 |$708,969 |$699,374 |$691,336 |$684,477 |$656,739 |$650,791 |$649,041 |$652,299 |$661,534 |$677,899 | |Other Current Assets |$0 |$0 |$0 |$0 |$0 |$0 |$0 |$0 |$0 |$0 |$0 |$0 |$0 | |Total Current Assets |$731,200 |$731,847 |$719,826 |$708,969 |$699,374 |$691,336 |$684,477 |$656,739 |$650,791 |$649,041 |$652,299 |$661,534 |$677,899 | | | | | | | | | | | | | | | | |Long-term Assets | | | | | | | | | | | | | | |Long-term Assets |$0 |$0 |$0 |$0 |$0 |$0 |$0 |$0 |$0 |$0 |$0 |$0 |$0 | |Accumulated Depreciation |$0 |$0 |$0 |$0 |$0 |$0 |$0 |$0 |$0 |$0 |$0 |$0 |$0 | |Total Long-term Assets |$0 |$0 |$0 |$0 |$0 |$0 |$0 |$0 |$0 |$0 |$0 |$0 |$0 | |Total Assets |$731,200 |$731,847 |$719,826 |$708,969 |$699,374 |$691,336 |$684,477 |$656,739 |$650,791 |$649,041 |$652,299 |$661,534 |$677,899 | | | | | | | | | | | | | | | | |Liabilities and Capital | | Month 1 | Month 2 | Month 3 | Month 4 | Month 5 | Month 6 | Month 7 | Month 8 | Month 9 | Month 10 | Month 11 | Month 12 | | | | | | | | | | | | | | | | |Current Liabilities | | | | | | | | | | | | | | |Accounts Payable |$0 |$13,860 |$14,125 |$14,443 |$14,762 |$15,136 |$39,810 |$22,325 |$23,261 |$24,381 |$25,721 |$27,324 |$29,242 | |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 |$13,860 |$14,125 |$14,443 |$14,762 |$15,136 |$39,810 |$22,325 |$23,261 |$24,381 |$25,721 |$27,324 |$29,242 | | | | | | | | | | | | | | | | |Long-term Liabilities |$0 |$0 |$0 |$0 |$0 |$0 |$0 |$0 |$0 |$0 |$0 |$0 |$0 | |Total Liabilities |$0 |$13,860 |$14,125 |$14,443 |$14,762 |$15,136 |$39,810 |$22,325 |$23,261 |$24,381 |$25,721 |$27,324 |$29,242 | | | | | | | | | | | | | | | | |Paid-in Capital |$800,000 |$800,000 |$800,000 |$800,000 |$800,000 |$800,000 |$800,000 |$800,000 |$800,000 |$800,000 |$800,000 |$800,000 |$800,000 | |Retained Earnings |($68,800) |($68,800) |($68,800) |($68,800) |($68,800) |($68,800) |($68,800) |($68,800) |($68,800) |($68,800) |($68,800) |($68,800) |($68,800) | |Earnings |$0 |($13,213) |($25,499) |($36,674) |($46,588) |($55,000) |($86,533) |($96,785) |($103,670) |($106,540) |($104,621) |($96,990) |($82,543) | |Total Capital |$731,200 |$717,987 |$705,701 |$694,526 |$684,612 |$676,200 |$644,667 |$634,415 |$627,530 |$624,660 |$626,579 |$634,210 |$648,657 | |Total Liabilities and Capital |$731,200 |$731,847 |$719,826 |$708,969 |$699,374 |$691,336 |$684,477 |$656,739 |$650,791 |$649,041 |$652,299 |$661,534 |$677,899 | | | | | | | | | | | | | | | | |Net Worth |$731,200 |$717,987 |$705,701 |$694,526 |$684,612 |$676,200 |$644,667 |$634,415 |$627,530 |$624,660 |$626,579 |$634,210 |$648,657 | |…...

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