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Table of Contents
1.0
Executive Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1.1
Objectives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1.2
Mission . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1.3
Keys to Success . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1
2
2
2
2.0
Company Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
2.1
Company Ownership . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
2.2
Start-up Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
3.0
Products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3.1
Business Model Description . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4.0
5.0
6.0
7.0
Management Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
7.1
Personnel Plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
8.0
Financial Plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8.1
Important Assumptions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8.2
Break-even Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8.3
Projected Profit and Loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8.4
Projected Cash Flow . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8.5
Projected Balance Sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4
4
6
7
7
7
7
8
10
10
10
12
13
14
Highlights
$1,200,000
$1,000,000
$800,000
Sales
$600,000
Gross Margin
$400,000
Net Profit
$200,000
$0
($200,000)
2001
2002
2003
Page 1
1.2 Mission
The Discount Pharmacy's mission is to provide our customers with the best prices for theri
prescription medications. Our convenience and services will exceed the expectations of our
customers.
Please note that these items will be used for more than one year and will therefore be labeled
long-term assets, depreciated using G.A.A.P. approved straight-line depreciation.
Page 2
$1,000
$1,000
$2,000
$140,500
$0
$140,500
Long-term Assets
Total Assets
Total Requirements
$8,500
$149,000
$151,000
Funding
Investment
Seed Funding
John
Friends and Family
Total Investment
$50,000
$51,000
$50,000
$151,000
Current Liabilities
Accounts Payable
Current Borrowing
Other Current Liabilities
Current Liabilities
$0
$0
$0
$0
Long-term Liabilities
Total Liabilities
$0
$0
Loss at Start-up
Total Capital
Total Capital and Liabilities
($2,000)
$149,000
$149,000
Start-up
$160,000
$140,000
$120,000
$100,000
$80,000
$60,000
$40,000
$20,000
$0
Expenses
Assets
Investment
Loans
Page 3
Page 4
Growth
8%
9%
8.99%
2001
345,887
54,876,345
55,222,232
2002
373,558
59,815,216
60,188,774
2003
403,443
65,198,585
65,602,028
2004
435,718
71,066,458
71,502,176
2005
470,575
77,462,439
77,933,014
CAGR
8.00%
9.00%
8.99%
Page 5
Walk-in customers
Mail order customers
We anticipate that by far our largest group of customers will be those who order through the
mail. These customers will be targeted through an advertising campaign in magazines and
newsletters that have an older (>55) audience who regularly need medication and are aware
in advance of their needs. For example, one of the main advertising vehicles will be the
A.A.R.P monthly newsletter.
Walk-in customers will be targeted through advertisements in the local paper, "The
Oregonian." Ads will raise awareness for the The Discount Pharmacy and our low prices.
Page 6
Page 7
2001
$183,056
$193,224
$376,280
2002
$399,833
$567,432
$967,265
2003
$431,334
$640,543
$1,071,877
2001
$111,664
$86,951
$198,615
2002
$243,898
$255,344
$499,243
2003
$263,114
$288,244
$551,358
Sales Monthly
$70,000
$60,000
$50,000
$40,000
Walk-in customers
$30,000
$20,000
$10,000
$0
Jan Feb Mar Apr May Jun
5.4 Milestones
The Discount Drug Dealer will have several milestones early on:
Office/business set up.
Establishment of the first strategic relationship.
Profitability.
Table: Milestones
Milestones
Milestone
Office/business set up
Establishment of the first
stategic relationship
Profitability
Totals
Start Date
1/1/2001
End Date
5/1/2001
1/1/2001
7/1/2001
1/1/2001
11/1/2002
Budget
Manager
John
John
Everyone
Department
Executive
Business
Development
Finance
$0
Page 8
2001
$48,000
$55,000
$27,500
$27,500
$17,500
$19,200
$19,200
$11,520
$14,400
$14,400
$14,400
11
$268,620
2002
$52,000
$60,000
$30,000
$30,000
$30,000
$23,040
$23,040
$23,040
$17,280
$17,280
$17,280
11
$322,960
2003
$60,000
$60,000
$30,000
$30,000
$30,000
$23,040
$23,040
$23,040
$17,280
$17,280
$17,280
11
$330,960
Page 9
2001
1
10.00%
10.00%
30.00%
0.00%
2002
2
10.00%
10.00%
30.00%
0.00%
2003
3
10.00%
10.00%
30.00%
0.00%
$268,620
$524,386
$322,960
$872,053
$330,960
$939,847
725
$72,494
Assumptions:
Average Per-Unit Revenue
Average Per-Unit Variable Cost
Estimated Monthly Fixed Cost
$100.00
$53.00
$34,072
Page 10
Break-even Analysis
$20,000
$10,000
$0
($10,000)
($20,000)
($30,000)
($40,000)
$0
$20,000
$40,000
$60,000
$80,000
$100,000
Page 11
2001
$376,280
$198,615
$0
-----------$198,615
$177,665
47.22%
2002
$967,265
$499,243
$0
-----------$499,243
$468,022
48.39%
2003
$1,071,877
$551,358
$0
-----------$551,358
$520,519
48.56%
$268,620
$8,400
$1,704
$0
$4,800
$3,600
$24,000
$40,293
$0
-----------$351,417
($173,752)
$0
$0
($173,752)
-46.18%
FALSE
$322,960
$8,400
$1,704
$0
$4,800
$3,600
$24,000
$48,444
$0
-----------$413,908
$54,114
$0
$16,234
$37,880
3.92%
TRUE
$330,960
$8,400
$1,704
$0
$4,800
$3,600
$24,000
$49,644
$0
-----------$423,108
$97,411
$0
$29,223
$68,188
6.36%
TRUE
Profit Monthly
$0
($5,000)
($10,000)
($15,000)
($20,000)
($25,000)
Jan Feb Mar Apr May Jun
Page 12
2001
2002
2003
Cash Received
Cash from Operations:
Cash Sales
Cash from Receivables
Subtotal Cash from Operations
$376,280
$0
$376,280
$967,265
$0
$967,265
$1,071,877
$0
$1,071,877
$0
$0
$0
$0
$0
$0
$0
$0
$376,280
$0
$0
$0
$0
$0
$0
$0
$0
$967,265
$0
$0
$0
$0
$0
$0
$0
$0
$1,071,877
Expenditures
Expenditures from Operations:
Cash Spending
Payment of Accounts Payable
Subtotal Spent on Operations
2001
2002
2003
$23,941
$492,074
$516,015
$55,628
$829,288
$884,916
$62,138
$931,060
$993,199
$0
$0
$0
$0
$0
$0
$0
$0
$516,015
$0
$0
$0
$0
$0
$0
$0
$0
$884,916
$0
$0
$0
$0
$0
$0
$0
$0
$993,199
($139,735)
$765
$82,349
$83,114
$78,678
$161,792
Page 13
Cash
$140,000
$120,000
$100,000
$80,000
$60,000
Cash Balance
$40,000
$20,000
$0
($20,000)
Jan Feb Mar Apr May Jun
2001
$765
$0
$765
2002
$83,114
$0
$83,114
2003
$161,792
$0
$161,792
$8,500
$1,704
$6,796
$7,561
$8,500
$3,408
$5,092
$88,206
$8,500
$5,112
$3,388
$165,180
Accounts Payable
Current Borrowing
Other Current Liabilities
Subtotal Current Liabilities
2001
$32,313
$0
$0
$32,313
2002
$75,078
$0
$0
$75,078
2003
$83,865
$0
$0
$83,865
Long-term Liabilities
Total Liabilities
$0
$32,313
$0
$75,078
$0
$83,865
$151,000
($2,000)
($173,752)
($24,752)
$7,561
($24,752)
$151,000
($175,752)
$37,880
$13,128
$88,206
$13,128
$151,000
($137,872)
$68,188
$81,316
$165,180
$81,316
Paid-in Capital
Retained Earnings
Earnings
Total Capital
Total Liabilities and Capital
Net Worth
Page 14
Appendix
Appendix Table: Sales Forecast
Sales Forecast
Sales
Walk-in customers
Mail order customers
Total Sales
Jan
$0
$0
$0
Feb
$0
$0
$0
Mar
$8,765
$2,245
$11,010
Apr
$10,987
$5,543
$16,530
May
$12,554
$6,543
$19,097
Jun
$16,776
$12,344
$29,120
Jul
$18,443
$15,454
$33,897
Aug
$20,001
$19,877
$39,878
Sep
$21,332
$26,765
$48,097
Oct
$22,343
$31,223
$53,566
Nov
$25,311
$34,232
$59,543
Dec
$26,544
$38,998
$65,542
Jan
$0
$0
$0
Feb
$0
$0
$0
Mar
$5,347
$1,010
$6,357
Apr
$6,702
$2,494
$9,196
May
$7,658
$2,944
$10,602
Jun
$10,233
$5,555
$15,788
Jul
$11,250
$6,954
$18,205
Aug
$12,201
$8,945
$21,145
Sep
$13,013
$12,044
$25,057
Oct
$13,629
$14,050
$27,680
Nov
$15,440
$15,404
$30,844
Dec
$16,192
$17,549
$33,741
Page 1
Appendix
Appendix Table: Personnel
Personnel Plan
CEO (John)
Pharmacist
Pharmacist technician
Pharmacist technician
Pharmacist technician
Sales agent
Sales agent
Sales agent
Counter person/phone rep.
Counter person/phone rep.
Order fulfillment
Total People
Total Payroll
Jan
$4,000
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
1
$4,000
Feb
$4,000
$5,000
$2,500
$2,500
$0
$0
$0
$0
$0
$0
$0
4
$14,000
Mar
$4,000
$5,000
$2,500
$2,500
$0
$1,920
$1,920
$0
$1,440
$1,440
$1,440
9
$22,160
Apr
$4,000
$5,000
$2,500
$2,500
$0
$1,920
$1,920
$0
$1,440
$1,440
$1,440
9
$22,160
May
$4,000
$5,000
$2,500
$2,500
$0
$1,920
$1,920
$0
$1,440
$1,440
$1,440
9
$22,160
Jun
$4,000
$5,000
$2,500
$2,500
$2,500
$1,920
$1,920
$0
$1,440
$1,440
$1,440
10
$24,660
Jul
$4,000
$5,000
$2,500
$2,500
$2,500
$1,920
$1,920
$1,920
$1,440
$1,440
$1,440
11
$26,580
Aug
$4,000
$5,000
$2,500
$2,500
$2,500
$1,920
$1,920
$1,920
$1,440
$1,440
$1,440
11
$26,580
Sep
$4,000
$5,000
$2,500
$2,500
$2,500
$1,920
$1,920
$1,920
$1,440
$1,440
$1,440
11
$26,580
Oct
$4,000
$5,000
$2,500
$2,500
$2,500
$1,920
$1,920
$1,920
$1,440
$1,440
$1,440
11
$26,580
Nov
$4,000
$5,000
$2,500
$2,500
$2,500
$1,920
$1,920
$1,920
$1,440
$1,440
$1,440
11
$26,580
Dec
$4,000
$5,000
$2,500
$2,500
$2,500
$1,920
$1,920
$1,920
$1,440
$1,440
$1,440
11
$26,580
Page 2
Appendix
Appendix Table: General Assumptions
General Assumptions
Plan Month
Current Interest Rate
Long-term Interest Rate
Tax Rate
Other
Calculated Totals
Payroll Expense
New Accounts Payable
Jan
1
10.00%
10.00%
30.00%
0.00%
Feb
2
10.00%
10.00%
30.00%
0.00%
Mar
3
10.00%
10.00%
30.00%
0.00%
Apr
4
10.00%
10.00%
30.00%
0.00%
May
5
10.00%
10.00%
30.00%
0.00%
Jun
6
10.00%
10.00%
30.00%
0.00%
Jul
7
10.00%
10.00%
30.00%
0.00%
Aug
8
10.00%
10.00%
30.00%
0.00%
Sep
9
10.00%
10.00%
30.00%
0.00%
Oct
10
10.00%
10.00%
30.00%
0.00%
Nov
11
10.00%
10.00%
30.00%
0.00%
Dec
12
10.00%
10.00%
30.00%
0.00%
$4,000
$7,660
$14,000
$19,160
$22,160
$34,265
$22,160
$36,821
$22,160
$38,086
$24,660
$45,628
$26,580
$50,011
$26,580
$52,658
$26,580
$56,178
$26,580
$58,539
$26,580
$61,387
$26,580
$63,994
Page 3
Appendix
Appendix Table: Profit and Loss
Pro Forma Profit and Loss
Sales
Direct Costs of Goods
Other Production Expenses
Cost of Goods Sold
Gross Margin
Gross Margin %
Expenses:
Payroll
Sales and Marketing and Other Expenses
Depreciation
Leased Equipment
Utilities
Insurance
Rent
Payroll Taxes
Other
Total Operating Expenses
Profit Before Interest and Taxes
Interest Expense
Taxes Incurred
Net Profit
Net Profit/Sales
Include Negative Taxes
15%
Jan
$0
$0
$0
-----------$0
$0
0.00%
Feb
$0
$0
$0
-----------$0
$0
0.00%
Mar
$11,010
$6,357
$0
-----------$6,357
$4,653
42.26%
Apr
$16,530
$9,196
$0
-----------$9,196
$7,334
44.37%
May
$19,097
$10,602
$0
-----------$10,602
$8,495
44.48%
Jun
$29,120
$15,788
$0
-----------$15,788
$13,332
45.78%
Jul
$33,897
$18,205
$0
-----------$18,205
$15,692
46.29%
Aug
$39,878
$21,145
$0
-----------$21,145
$18,733
46.98%
Sep
$48,097
$25,057
$0
-----------$25,057
$23,040
47.90%
Oct
$53,566
$27,680
$0
-----------$27,680
$25,886
48.33%
Nov
$59,543
$30,844
$0
-----------$30,844
$28,699
48.20%
Dec
$65,542
$33,741
$0
-----------$33,741
$31,801
48.52%
$4,000
$700
$142
$0
$400
$300
$2,000
$600
$0
-----------$8,142
($8,142)
$0
$0
($8,142)
0.00%
$14,000
$700
$142
$0
$400
$300
$2,000
$2,100
$0
-----------$19,642
($19,642)
$0
$0
($19,642)
0.00%
$22,160
$700
$142
$0
$400
$300
$2,000
$3,324
$0
-----------$29,026
($24,373)
$0
$0
($24,373)
-221.37%
$22,160
$700
$142
$0
$400
$300
$2,000
$3,324
$0
-----------$29,026
($21,692)
$0
$0
($21,692)
-131.23%
$22,160
$700
$142
$0
$400
$300
$2,000
$3,324
$0
-----------$29,026
($20,531)
$0
$0
($20,531)
-107.51%
$24,660
$700
$142
$0
$400
$300
$2,000
$3,699
$0
-----------$31,901
($18,569)
$0
$0
($18,569)
-63.77%
$26,580
$700
$142
$0
$400
$300
$2,000
$3,987
$0
-----------$34,109
($18,417)
$0
$0
($18,417)
-54.33%
$26,580
$700
$142
$0
$400
$300
$2,000
$3,987
$0
-----------$34,109
($15,376)
$0
$0
($15,376)
-38.56%
$26,580
$700
$142
$0
$400
$300
$2,000
$3,987
$0
-----------$34,109
($11,069)
$0
$0
($11,069)
-23.01%
$26,580
$700
$142
$0
$400
$300
$2,000
$3,987
$0
-----------$34,109
($8,223)
$0
$0
($8,223)
-15.35%
$26,580
$700
$142
$0
$400
$300
$2,000
$3,987
$0
-----------$34,109
($5,410)
$0
$0
($5,410)
-9.09%
$26,580
$700
$142
$0
$400
$300
$2,000
$3,987
$0
-----------$34,109
($2,308)
$0
$0
($2,308)
-3.52%
Page 4
Appendix
Appendix Table: Cash Flow
Pro Forma Cash Flow
Cash Received
Cash from Operations:
Cash Sales
Cash from Receivables
Subtotal Cash from Operations
Additional Cash Received
Non Operating (Other) Income
Sales Tax, VAT, HST/GST Received
New Current Borrowing
New Other Liabilities (interest-free)
New Long-term Liabilities
Sales of Other Current Assets
Sales of Long-term Assets
New Investment Received
Subtotal Cash Received
0.00%
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
$0
$0
$0
$0
$0
$0
$11,010
$0
$11,010
$16,530
$0
$16,530
$19,097
$0
$19,097
$29,120
$0
$29,120
$33,897
$0
$33,897
$39,878
$0
$39,878
$48,097
$0
$48,097
$53,566
$0
$53,566
$59,543
$0
$59,543
$65,542
$0
$65,542
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$11,010
$0
$0
$0
$0
$0
$0
$0
$0
$16,530
$0
$0
$0
$0
$0
$0
$0
$0
$19,097
$0
$0
$0
$0
$0
$0
$0
$0
$29,120
$0
$0
$0
$0
$0
$0
$0
$0
$33,897
$0
$0
$0
$0
$0
$0
$0
$0
$39,878
$0
$0
$0
$0
$0
$0
$0
$0
$48,097
$0
$0
$0
$0
$0
$0
$0
$0
$53,566
$0
$0
$0
$0
$0
$0
$0
$0
$59,543
$0
$0
$0
$0
$0
$0
$0
$0
$65,542
Expenditures
Expenditures from Operations:
Cash Spending
Payment of Accounts Payable
Subtotal Spent on Operations
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
$340
$4,702
$5,042
$340
$19,160
$19,500
$976
$28,735
$29,710
$1,260
$34,350
$35,610
$1,400
$36,863
$38,263
$1,919
$41,117
$43,035
$2,160
$47,909
$50,069
$2,455
$50,099
$52,554
$2,846
$52,775
$55,621
$3,108
$56,257
$59,365
$3,424
$58,634
$62,058
$3,714
$61,474
$65,188
$0
$0
$0
$0
$0
$0
$0
$0
$5,042
$0
$0
$0
$0
$0
$0
$0
$0
$19,500
$0
$0
$0
$0
$0
$0
$0
$0
$29,710
$0
$0
$0
$0
$0
$0
$0
$0
$35,610
$0
$0
$0
$0
$0
$0
$0
$0
$38,263
$0
$0
$0
$0
$0
$0
$0
$0
$43,035
$0
$0
$0
$0
$0
$0
$0
$0
$50,069
$0
$0
$0
$0
$0
$0
$0
$0
$52,554
$0
$0
$0
$0
$0
$0
$0
$0
$55,621
$0
$0
$0
$0
$0
$0
$0
$0
$59,365
$0
$0
$0
$0
$0
$0
$0
$0
$62,058
$0
$0
$0
$0
$0
$0
$0
$0
$65,188
($5,042)
$135,458
($19,500)
$115,958
($18,700)
$97,258
($19,080)
$78,178
($19,166)
$59,011
($13,915)
$45,096
($16,172)
$28,924
($12,676)
$16,248
($7,524)
$8,724
($5,799)
$2,925
($2,515)
$410
$354
$765
Page 5
Appendix
Appendix Table: Balance Sheet
Pro Forma Balance Sheet
Assets
Current Assets
Cash
Other Current Assets
Total Current Assets
Long-term Assets
Long-term Assets
Accumulated Depreciation
Total Long-term Assets
Total Assets
Starting Balances
$140,500
$0
$140,500
Jan
$135,458
$0
$135,458
Feb
$115,958
$0
$115,958
Mar
$97,258
$0
$97,258
Apr
$78,178
$0
$78,178
May
$59,011
$0
$59,011
Jun
$45,096
$0
$45,096
Jul
$28,924
$0
$28,924
Aug
$16,248
$0
$16,248
Sep
$8,724
$0
$8,724
Oct
$2,925
$0
$2,925
Nov
$410
$0
$410
Dec
$765
$0
$765
$8,500
$0
$8,500
$149,000
$8,500
$142
$8,358
$143,816
$8,500
$284
$8,216
$124,174
$8,500
$426
$8,074
$105,332
$8,500
$568
$7,932
$86,110
$8,500
$710
$7,790
$66,801
$8,500
$852
$7,648
$52,744
$8,500
$994
$7,506
$36,430
$8,500
$1,136
$7,364
$23,612
$8,500
$1,278
$7,222
$15,946
$8,500
$1,420
$7,080
$10,005
$8,500
$1,562
$6,938
$7,348
$8,500
$1,704
$6,796
$7,561
Accounts Payable
Current Borrowing
Other Current Liabilities
Subtotal Current Liabilities
$0
$0
$0
$0
Jan
$2,958
$0
$0
$2,958
Feb
$2,958
$0
$0
$2,958
Mar
$8,489
$0
$0
$8,489
Apr
$10,959
$0
$0
$10,959
May
$12,182
$0
$0
$12,182
Jun
$16,694
$0
$0
$16,694
Jul
$18,796
$0
$0
$18,796
Aug
$21,354
$0
$0
$21,354
Sep
$24,757
$0
$0
$24,757
Oct
$27,039
$0
$0
$27,039
Nov
$29,792
$0
$0
$29,792
Dec
$32,313
$0
$0
$32,313
Long-term Liabilities
Total Liabilities
$0
$0
$0
$2,958
$0
$2,958
$0
$8,489
$0
$10,959
$0
$12,182
$0
$16,694
$0
$18,796
$0
$21,354
$0
$24,757
$0
$27,039
$0
$29,792
$0
$32,313
$151,000
($2,000)
$0
$149,000
$149,000
$149,000
$151,000
($2,000)
($8,142)
$140,858
$143,816
$140,858
$151,000
($2,000)
($27,784)
$121,216
$124,174
$121,216
$151,000
($2,000)
($52,157)
$96,843
$105,332
$96,843
$151,000
($2,000)
($73,849)
$75,151
$86,110
$75,151
$151,000
($2,000)
($94,381)
$54,619
$66,801
$54,619
$151,000
($2,000)
($112,950)
$36,050
$52,744
$36,050
$151,000
($2,000)
($131,366)
$17,634
$36,430
$17,634
$151,000
($2,000)
($146,743)
$2,257
$23,612
$2,257
$151,000
($2,000)
($157,811)
($8,811)
$15,946
($8,811)
$151,000
($2,000)
($166,034)
($17,034)
$10,005
($17,034)
$151,000
($2,000)
($171,444)
($22,444)
$7,348
($22,444)
$151,000
($2,000)
($173,752)
($24,752)
$7,561
($24,752)
Paid-in Capital
Retained Earnings
Earnings
Total Capital
Total Liabilities and Capital
Net Worth
Page 6