Year 1 Jan. Feb.

March April
Initial Cash flow 5,000.00 6,400.00 6,650.00 7,950.00

Sales incl. VAT 2,500.00 2,700.00 2,900.00 3,300.00

Equity 3,000.00 3,200.00 3,400.00 3,400.00
Associate current accounts 1,500.00 0.00 0.00 0.00
Subsidies 0.00 0.00 0.00 0.00
Loans 0.00 0.00 0.00 0.00
VAT refunds 0.00 0.00 0.00 0.00
Other cash inflows 0.00 0.00 0.00 0.00
Total receipts 7,000.00 5,900.00 6,300.00 6,700.00

Purchases (incl. tax) 500.00 600.00 0.00 0.00

Disbursement for prior expenses 100.00 50.00 0.00 0.00
General expenses (incl. tax) 0.00 0.00 0.00
Net salaries and wages 1,000.00 1,000.00 1,000.00 1,200.00
Social security charges 0.00 0.00 0.00 0.00
Assets 4,000.00 4,000.00 4,000.00 4,000.00
Disbursement of VAT 0.00 0.00 0.00 0.00
Corporate income tax 0.00 0.00 0.00 0.00
Repayment Loans 0.00 0.00 0.00 0.00
Other disbursements 0.00 0.00 0.00 0.00
Total disbursements 5,600.00 5,650.00 5,000.00 5,200.00
Monthly Cash balance 1,400.00 250.00 1,300.00 1,500.00
Acumulated cash balance 6,400.00 6,650.00 7,950.00 9,450.00
 May June July Aug. Sept. Oct. Nov. Dec.
9,450.00 11,250.00 13,450.00 16,150.00 19,350.00 22,850.00 26,350.00 30,050.00

3,600.00 4,000.00 4,000.00 4,500.00 4,600.00 4,600.00 4,700.00 5,500.00

3,400.00 3,400.00 3,900.00 3,900.00 4,100.00 4,100.00 4,200.00 4,200.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
7,000.00 7,400.00 7,900.00 8,400.00 8,700.00 8,700.00 8,900.00 9,700.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
1,200.00 1,200.00 1,200.00 1,200.00 1,200.00 1,200.00 1,200.00 1,200.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00 4,000.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
5,200.00 5,200.00 5,200.00 5,200.00 5,200.00 5,200.00 5,200.00 5,200.00
1,800.00 2,200.00 2,700.00 3,200.00 3,500.00 3,500.00 3,700.00 4,500.00
11,250.00 13,450.00 16,150.00 19,350.00 22,850.00 26,350.00 30,050.00 34,550.00
  Year 1   Year 2 
Total revenue $ 31,000.00 $ 45,000.00
R&D ( capitalized product )  $ 1,000.00 $ 1,200.00
Commerical margin $ 13,000.00 $ 23,000.00
Total products  $ 31,000.00 $ 45,000.00
Comercial mergin rate $ 0.42 $ 0.51
Total consumed purchases $ 18,000.00 $ 22,000.00
Merchandise purchases rate  $ 0.58 $ 0.49
All other purchases and external expenses $ 5,000.00 $ 7,000.00
Total intermediate consumption $ 36,000.00 $ 52,000.00
Added value $ (5,000.00) $ (7,000.00)
Added value/ Total products $ 0.05 $ 0.89
Staff $ 18,000.00 $ 22,000.00
Duties and taxes 0  0 
EBITDA $ (23,000.00) $ (29,000.00)
Ebitda rate $ (0.74) $ (0.64)
Financial fees: on loans $ - $ -
Allocation to depreciation $ 4,000.00 $ 5,000.00
Profit before taxes $ (27,000.00) $ (34,000.00)
Corporate tax rate $ 0.20 $ 0.20
Company tax $ 21,600.00 $ 27,200.00
Tax credit (research, etc.) 0  0 
Profit after taxes $ 29,000.00 $ 43,000.00
Fixed cost $ (5,000.00) $ (7,000.00)
Equity funding $ (11,923.08) $ (13,695.65)
Break even 68768116  103780488 
Neutral
Average purchase 0  0 
Profit befor taxes rate $ (0.87) $ (0.76)
Profit after taxes rate $ 0.94 $ 0.46
 Year 3 
$ 55,000.00
$ 2,000.00
$ 27,000.00
$ 55,000.00
$ 0.49
$ 28,000.00
$ 0.51
$ 10,000.00
$ 65,000.00
$ (10,000.00)
$ 0.85
$ 30,000.00
0 
$ (40,000.00)
$ (0.73)
$ -
$ 7,000.00
$ (47,000.00)
$ 0.20
$ 37,600.00
0 
$ 50,000.00
$ (10,000.00)
$ (20,370.37)
159259259 

0 
$ (0.85)
$ 0.25