Confidentiality Agreement

The undersigned reader ac knowledges that the information provided by in this

business plan is c onfidential; therefore, reader agrees not to disc lose it without the express
written permission of .
It is ac knowledged by reader that information to be furnished in this business plan is in all respec ts
c onfidential in nature, other than information whic h is in the public domain through other means
and that any disc losure or use of same by reader, may c ause serious harm or damage to
.
Upon request, this doc ument is to be immediately returned to .

Signature

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Date
This is a business plan. It does not imply an offering of sec urities.
Table of Contents

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 LBA Auditing Financial Plan

Table: Start-up
Start-up

Requirements

Start-up Expenses
Legal Stati R2,000
onery etc. R500
Insurance R1,000
Rent R5,000
Computer R5,000
Other R1,500
Total Start-up Expenses R15,000

Start-up Assets
Cash Required R10,000
Other Current Assets R0
Long-term Assets R0
Total Assets R10,000

Total Requirements R25,000

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Table: Market Analysis

Market Analysis
2014 2015 2016 2017 2018
Potential Customers Growth CAGR
Individual Persons & Investors 20% 50 60 72 86 103 19.80%
Small & Medium Business 20% 30 36 43 52 62 19.90%
Large Corporations 10% 10 11 12 13 14 8.78%
Total 18.76% 90 107 127 151 179 18.76%

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Table: Sales Forecast

Sales Forecast
FY 2015 FY 2016 FY 2017
Unit Sales
Individual Audit Services 531,843 587,670 646,437
SME audit services 499,229 552,148 607,362
Corporate Audit services 716,909 698,315 768,147
Total Unit Sales 1,747,981 1,838,133 2,021,946

Unit Prices FY 2015 FY 2016 FY 2017

Individual Audit Services R1.00 R1.00 R1.00
SME audit services R1.00 R1.00 R1.00
Corporate Audit services R1.00 R1.00 R1.00

Sales
Individual Audit Services R531,843 R587,670 R646,437
SME audit services R499,229 R552,148 R607,362
Corporate Audit services R716,909 R698,315 R768,147
Total Sales R1,747,981 R1,838,133 R2,021,946

Direct Unit Costs FY 2015 FY 2016 FY 2017

Individual Audit Services R0.10 R0.10 R0.10
SME audit services R0.10 R0.10 R0.10
Corporate Audit services R0.10 R0.10 R0.10

Direct Cost of Sales

Individual Audit Services R53,184 R58,767 R64,644
SME audit services R49,923 R55,215 R60,736
Corporate Audit services R71,691 R69,832 R76,815
Subtotal Direct Cost of Sales R174,798 R183,813 R202,195

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Table: Milestones
Milestones

Milestone Start Date End Date Budget Manager Department

Acquire Financing 8/1/2014 8/16/2014 R0 ABC Department
Advertising Hi 8/1/2014 8/16/2014 R0 ABC Department
re personnel T 8/1/2014 8/16/2014 R0 ABC Department
BA 7/17/2014 8/16/2014 R0 ABC Department
TBA 7/17/2014 8/16/2014 R0 ABC Department
T BA 7/17/2014 8/16/2014 R0 ABC Department
T BA 7/17/2014 8/16/2014 R0 ABC Department
T BA 7/17/2014 8/16/2014 R0 ABC Department
T BA 7/17/2014 8/16/2014 R0 ABC Department
T BA 7/17/2014 8/16/2014 R0 ABC Department
Totals R0

Table: Personnel
Personnel Plan
FY 2015 FY 2016 FY 2017
Managing Director R360,000 R360,000 R360,000
senior Auditor Audi R240,000 R240,000 R240,000
tors x1 R180,000 R180,000 R180,000
Total People 0 0 0

Total Payroll R780,000 R780,000 R780,000

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Table: Start-up Funding

Start-up Funding
Start-up Expenses to Fund R15,000
Start-up Assets to Fund R10,000
Total Funding Required R25,000

Assets
Non-cash Assets from Start-up R0
Cash Requirements from Start-up R10,000
Additional Cash Raised R0
Cash Balance on Starting Date R10,000
Total Assets R10,000

Liabilities and Capital

Liabilities
Current Borrowing R0
Long-term Liabilities R0
Accounts Payable (Outstanding Bills) R0
Other Current Liabilities (interest-free) R0
Total Liabilities R0

Capital

Planned Investment
Group Funding R15,000
Investor R10,000
Additional Investment Requirement R0
Total Planned Investment R25,000

Loss at Start-up (Start-up Expenses) (R15,000)

Total Capital R10,000

Total Capital and Liabilities R10,000

Total Funding R25,000

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Table: Break-even Analysis

Break-even Analysis

Monthly Units Break-even 95,185

Monthly Revenue Break-even R95,185

Assumptions:
Average Per-Unit Revenue R1.00
Average Per-Unit Variable Cost R0.10
Estimated Monthly Fixed Cost R85,667

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Table: Profit and Loss

Pro Forma Profit and Loss
FY 2015 FY 2016 FY 2017
Sales R1,747,981 R1,838,133 R2,021,946
Direct Cost of Sales R174,798 R183,813 R202,195
Other Costs of Sales R0 R0 R0
Total Cost of Sales R174,798 R183,813 R202,195

Gross Margin R1,573,183 R1,654,320 R1,819,751

Gross Margin % 90.00% 90.00% 90.00%

Expenses
Payroll Marketi R780,000 R780,000 R780,000
ng/Promotion R60,000 R80,000 R100,000
Depreciation R0 R0 R0
Rent R60,000 R66,000 R75,000
Utilities R5,000 R5,000 R5,000
Insurance R6,000 R6,000 R6,000
Payroll T axes R117,000 R117,000 R117,000
Other R0 R0 R0

Total Operating Expenses R1,028,000 R1,054,000 R1,083,000

Profit Before Interest and Taxes R545,183 R600,320 R736,751

EBITDA R545,183 R600,320 R736,751
Interest Expense R0 R0 R0
Taxes Incurred R163,555 R180,096 R221,025

Net Profit R381,628 R420,224 R515,726

Net Profit/Sales 21.83% 22.86% 25.51%

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Table: Cash Flow

Pro Forma Cash Flow
FY 2015 FY 2016 FY 2017
Cash Received

Cash from Operations

Cash Sales R1,747,981 R1,838,133 R2,021,946
Subtotal Cash from Operations R1,747,981 R1,838,133 R2,021,946

Additional Cash Received

Sales T ax, VAT, HST/GST Received R0 R0 R0
New Current Borrowing R0 R0 R0
New Other Liabilities (interest-free) R0 R0 R0
New Long-term Liabilities R0 R0 R0
Sales of Other Current Assets R0 R0 R0
Sales of Long-term Assets R0 R0 R0
New Investment Received R0 R0 R0
Subtotal Cash Received R1,747,981 R1,838,133 R2,021,946

Expenditures FY 2015 FY 2016 FY 2017

Expenditures from Operations

Cash Spending R780,000 R780,000 R780,000
Bill Payments R527,358 R644,473 R718,962
Subtotal Spent on Operations R1,307,358 R1,424,473 R1,498,962

Additional Cash Spent

Sales T ax, VAT, HST/GST Paid Out Princi R0 R0 R0
pal Repayment of Current Borrowing Other R0 R0 R0
Liabilities Principal Repayment Long-term R0 R0 R0
Liabilities Principal Repayment Purchase R0 R0 R0
Other Current Assets R0 R0 R0
Purchase Long-term Assets R0 R0 R0
Dividends R120,000 R180,000 R240,000
Subtotal Cash Spent R1,427,358 R1,604,473 R1,738,962

Net Cash Flow R320,623 R233,660 R282,984

Cash Balance R330,623 R564,283 R847,267

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Table: Balance Sheet

Pro Forma Balance Sheet
FY 2015 FY 2016 FY 2017
Assets

Current Assets
Cash R330,623 R564,283 R847,267
Other Current Assets R0 R0 R0
Total Current Assets R330,623 R564,283 R847,267

Long-term Assets
Long-term Assets Accumul R0 R0 R0
ated Depreciation R0 R0 R0
Total Long-term Assets R0 R0 R0
Total Assets R330,623 R564,283 R847,267

Liabilities and Capital FY 2015 FY 2016 FY 2017

Current Liabilities
Accounts Payable R58,995 R52,431 R59,689
Current Borrowing R0 R0 R0
Other Current Liabilities R0 R0 R0
Subtotal Current Liabilities R58,995 R52,431 R59,689

Long-term Liabilities R0 R0 R0
Total Liabilities R58,995 R52,431 R59,689

Paid-in Capital R25,000 R25,000 R25,000

Retained Earnings (R135,000) R66,628 R246,852
Earnings R381,628 R420,224 R515,726
Total Capital R271,628 R511,852 R787,578
Total Liabilities and Capital R330,623 R564,283 R847,267

Net Worth R271,628 R511,852 R787,578

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Table: Ratios
Ratio Analysis
FY 2015 FY 2016 FY 2017 Industry Profile
Sales Growth 0.00% 5.16% 10.00% 12.49%

Percent of Total Assets

Other Current Assets 0.00% 0.00% 0.00% 47.49%
Total Current Assets 100.00% 100.00% 100.00% 61.28%
Long-term Assets 0.00% 0.00% 0.00% 38.72%
Total Assets 100.00% 100.00% 100.00% 100.00%

Current Liabilities 17.84% 9.29% 7.04% 27.44%

Long-term Liabilities 0.00% 0.00% 0.00% 21.65%
Total Liabilities 17.84% 9.29% 7.04% 49.09%
Net Worth 82.16% 90.71% 92.96% 50.91%

Percent of Sales
Sales 100.00% 100.00% 100.00% 100.00%
Gross Margin 90.00% 90.00% 90.00% 100.00%
Selling, General & Administrative Expenses 68.17% 67.14% 64.49% 68.73%
Advertising Expenses 3.43% 4.35% 4.95% 2.32%
Profit Before Interest and Taxes 31.19% 32.66% 36.44% 3.59%

Main Ratios
Current 5.60 10.76 14.19 1.34
Quick 5.60 10.76 14.19 1.03
Total Debt to T otal Assets 17.84% 9.29% 7.04% 64.62%
Pre-tax Return on Net Worth 200.71% 117.28% 93.55% 19.53%
Pre-tax Return on Assets 164.90% 106.39% 86.96% 6.91%

Additional Ratios FY 2015 FY 2016 FY 2017

Net Profit Margin 21.83% 22.86% 25.51% n.a
Return on Equity 140.50% 82.10% 65.48% n.a

Activity Ratios
Accounts Payable T urnover 9.94 12.17 12.17 n.a
Payment Days 27 32 28 n.a
Total Asset Turnover 5.29 3.26 2.39 n.a

Debt Ratios
Debt to Net Worth 0.22 0.10 0.08 n.a
Current Liab. to Liab. 1.00 1.00 1.00 n.a

Liquidity Ratios
Net Working Capital R271,628 R511,852 R787,578 n.a
Interest Coverage 0.00 0.00 0.00 n.a

Additional Ratios
Assets to Sales 0.19 0.31 0.42 n.a
Current Debt/Total Assets 18% 9% 7% n.a
Acid T est 5.60 10.76 14.19 n.a
Sales/Net Worth 6.44 3.59 2.57 n.a
Dividend Payout 0.31 0.43 0.47 n.a

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Table: Investment Offering

Investment Offering Seed Round 1 Round 2 Exit
Proposed Year: 1 2 3 7

Valuation, Investment, Shares

Investment Amount R100,000 R0 R0
Equity Share Offering Percentage 80.00% 0.00% 0.00%
Valuation R125,000 R0 R0 R5,000,000
Investor Exit Payout R4,000,000 R0 R0
Investor Years Until Exit 6 5 4
Investor IRR 84.93% 0.00% 0.00%

Share Ownership Year 1 Year 2 Year 3 Year 7

Founders' Shares 10,000 10,000 10,000 10,000
Stock Split Multiple 0 0 0
Stock Options Issued 0 0 0 0
Investor Shares Issued 40,000 0 0
Price per share R2.50 R0.00 R0.00 R100.00
Options Holders' Shares 0 0 0 0
Year 1 Investors' Shares 40,000 40,000 40,000 40,000
Year 2 Investors' Shares 0 0 0
Year 3 Investors' Shares T 0 0
otal Shares Outstanding 50,000 50,000 50,000 50,000

Equity Ownership Percentage Year 1 Year 2 Year 3 Year 7

Founders' Equity Opti 20.00% 20.00% 20.00% 20.00%
on Holders' Equity Year 0.00% 0.00% 0.00% 0.00%
1 Investors' Equity Year 80.00% 80.00% 80.00% 80.00%
2 Investors' Equity Year 0.00% 0.00% 0.00%
3 Investors' Equity T otal 0.00% 0.00%
Equity 100.00% 100.00% 100.00% 100.00%
Investors' Equity 80.00% 80.00% 80.00% 80.00%
Founders' & Employees' Equity 20.00% 20.00% 20.00% 20.00%

Table: Investment Analysis

Investment Analysis
Start FY 2015 FY 2016 FY 2017
Initial Investment
Investment R25,000 R0 R0 R0
Dividends R0 R120,000 R180,000 R240,000
Ending Valuation R0 R0 R0 R1,806,000
Combination as Income Stream (R25,000) R120,000 R180,000 R2,046,000
Percent Equity Acquired Net 35%
Present Value (NPV) Internal R1,609,128
Rate of Return (IRR) 631%

Assumptions
Discount Rate 10.00%
Valuation Earnings Multiple 10 10 10
Valuation Sales Multiple 2 2 2

Investment (calculated) R25,000 R0 R0 R0

Dividends R120,000 R180,000 R240,000
Calculated Earnings-based Valuation R3,820,000 R4,200,000 R5,160,000
Calculated Sales-based Valuation R3,500,000 R3,680,000 R4,040,000
Calculated Average Valuation R3,660,000 R3,940,000 R4,600,000

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Table: Use of Funds

Use of Funds

Use Amount
Name R0
Name R0
Name R0
Name R0
Total R0

Table: Payback
Payback

Projected Payback Calculation

Investment FY 2015 FY 2016 FY 2017 FY 2018 FY 2019
Investment R500,000
Cash Returns by Year Combination as R100,000 R100,000 R100,000 R100,000 R100,000
Income Stream Cumulative Net Cash (R500,000) R100,000 R100,000 R100,000 R100,000 R100,000
Flow to Investors (R500,000) (R400,000) (R300,000) (R200,000) (R100,000) R0
Payback Period 5 years

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Table: Sales Forecast

Sales Forecast
Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul
Unit Sales
Individual Audit Services 41,600 39,729 42,286 42,286 42,286 44,000 45,714 45,714 48,000 45,143 49,371 45,714
SME audit services 37,143 36,643 37,029 37,414 38,571 38,186 40,114 41,271 43,586 42,429 51,686 55,157
Corporate Audit services 45,933 51,253 53,419 54,847 56,996 56,562 58,738 61,033 62,276 66,000 72,334 77,519
Total Unit Sales 124,676 127,625 132,734 134,547 137,853 138,748 144,566 148,018 153,862 153,572 173,391 178,390

Unit Prices Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul
Individual Audit Services R1.00 R1.00 R1.00 R1.00 R1.00 R1.00 R1.00 R1.00 R1.00 R1.00 R1.00 R1.00
SME audit services R1.00 R1.00 R1.00 R1.00 R1.00 R1.00 R1.00 R1.00 R1.00 R1.00 R1.00 R1.00
Corporate Audit services R1.00 R1.00 R1.00 R1.00 R1.00 R1.00 R1.00 R1.00 R1.00 R1.00 R1.00 R1.00

Sales
Individual Audit Services R41,600 R39,729 R42,286 R42,286 R42,286 R44,000 R45,714 R45,714 R48,000 R45,143 R49,371 R45,714
SME audit services R37,143 R36,643 R37,029 R37,414 R38,571 R38,186 R40,114 R41,271 R43,586 R42,429 R51,686 R55,157
Corporate Audit services R45,933 R51,253 R53,419 R54,847 R56,996 R56,562 R58,738 R61,033 R62,276 R66,000 R72,334 R77,519
Total Sales R124,676 R127,625 R132,734 R134,547 R137,853 R138,748 R144,566 R148,018 R153,862 R153,572 R173,391 R178,390

Direct Unit Costs Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul
Individual Audit Services 10.00% R0.10 R0.10 R0.10 R0.10 R0.10 R0.10 R0.10 R0.10 R0.10 R0.10 R0.10 R0.10
SME audit services 10.00% R0.10 R0.10 R0.10 R0.10 R0.10 R0.10 R0.10 R0.10 R0.10 R0.10 R0.10 R0.10
Corporate Audit services 10.00% R0.10 R0.10 R0.10 R0.10 R0.10 R0.10 R0.10 R0.10 R0.10 R0.10 R0.10 R0.10

Direct Cost of Sales

Individual Audit Services R4,160 R3,973 R4,229 R4,229 R4,229 R4,400 R4,571 R4,571 R4,800 R4,514 R4,937 R4,571
SME audit services R3,714 R3,664 R3,703 R3,741 R3,857 R3,819 R4,011 R4,127 R4,359 R4,243 R5,169 R5,516
Corporate Audit services R4,593 R5,125 R5,342 R5,485 R5,700 R5,656 R5,874 R6,103 R6,228 R6,600 R7,233 R7,752
Subtotal Direct Cost of Sales R12,468 R12,762 R13,273 R13,455 R13,785 R13,875 R14,457 R14,802 R15,386 R15,357 R17,339 R17,839

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 Appendix
Table: Personnel

Personnel Plan
Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul
Managing Director R30,000 R30,000 R30,000 R30,000 R30,000 R30,000 R30,000 R30,000 R30,000 R30,000 R30,000 R30,000
senior Auditor R20,000 R20,000 R20,000 R20,000 R20,000 R20,000 R20,000 R20,000 R20,000 R20,000 R20,000 R20,000
Auditors x 1 R15,000 R15,000 R15,000 R15,000 R15,000 R15,000 R15,000 R15,000 R15,000 R15,000 R15,000 R15,000
Total People 0 0 0 0 0 0 0 0 0 0 0 0

Total Payroll R65,000 R65,000 R65,000 R65,000 R65,000 R65,000 R65,000 R65,000 R65,000 R65,000 R65,000 R65,000

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 Appendix
Table: Profit and Loss

Pro Forma Profit and Loss

Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul
Sales R124,676 R127,625 R132,734 R134,547 R137,853 R138,748 R144,566 R148,018 R153,862 R153,572 R173,391 R178,390
Direct Cost of Sales R12,468 R12,762 R13,273 R13,455 R13,785 R13,875 R14,457 R14,802 R15,386 R15,357 R17,339 R17,839
Other Costs of Sales R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0
Total Cost of Sales R12,468 R12,762 R13,273 R13,455 R13,785 R13,875 R14,457 R14,802 R15,386 R15,357 R17,339 R17,839

Gross Margin R112,208 R114,862 R119,460 R121,093 R124,067 R124,873 R130,110 R133,216 R138,476 R138,215 R156,052 R160,551
Gross Margin % 90.00% 90.00% 90.00% 90.00% 90.00% 90.00% 90.00% 90.00% 90.00% 90.00% 90.00% 90.00%

Expenses
Payroll Marketin R65,000 R65,000 R65,000 R65,000 R65,000 R65,000 R65,000 R65,000 R65,000 R65,000 R65,000 R65,000
g/Promotion R5,000 R5,000 R5,000 R5,000 R5,000 R5,000 R5,000 R5,000 R5,000 R5,000 R5,000 R5,000
Depreciation R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0
Rent R5,000 R5,000 R5,000 R5,000 R5,000 R5,000 R5,000 R5,000 R5,000 R5,000 R5,000 R5,000
Utilities R0 R0 R500 R500 R500 R500 R500 R500 R500 R500 R500 R500
Insurance R500 R500 R500 R500 R500 R500 R500 R500 R500 R500 R500 R500
Payroll Taxes 15% R9,750 R9,750 R9,750 R9,750 R9,750 R9,750 R9,750 R9,750 R9,750 R9,750 R9,750 R9,750
Other R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0

Total Operating Expenses R85,250 R85,250 R85,750 R85,750 R85,750 R85,750 R85,750 R85,750 R85,750 R85,750 R85,750 R85,750

Profit Before Interest and Taxes R26,958 R29,612 R33,710 R35,343 R38,317 R39,123 R44,360 R47,466 R52,726 R52,465 R70,302 R74,801
EBITDA R26,958 R29,612 R33,710 R35,343 R38,317 R39,123 R44,360 R47,466 R52,726 R52,465 R70,302 R74,801
Interest Expense R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0
Taxes Incurred R8,087 R8,884 R10,113 R10,603 R11,495 R11,737 R13,308 R14,240 R15,818 R15,739 R21,090 R22,440

Net Profit R18,871 R20,729 R23,597 R24,740 R26,822 R27,386 R31,052 R33,226 R36,908 R36,725 R49,211 R52,361
Net Profit/Sales 15.14% 16.24% 17.78% 18.39% 19.46% 19.74% 21.48% 22.45% 23.99% 23.91% 28.38% 29.35%

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 Appendix
Table: Cash Flow
Pro Forma Cash Flow
Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul
Cash Received

Cash from Operations

Cash Sales R124,676 R127,625 R132,734 R134,547 R137,853 R138,748 R144,566 R148,018 R153,862 R153,572 R173,391 R178,390
Subtotal Cash from Operations R124,676 R127,625 R132,734 R134,547 R137,853 R138,748 R144,566 R148,018 R153,862 R153,572 R173,391 R178,390

Additional Cash Received

Sales Tax, VAT, HST/GST Received 0.00% R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0
New Current Borrowing R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0
New Other Liabilities (interest-free) R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0
New Long-term Liabilities R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0
Sales of Other Current Assets R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0
Sales of Long-term Assets R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0
New Investment Received R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0
Subtotal Cash Received R124,676 R127,625 R132,734 R134,547 R137,853 R138,748 R144,566 R148,018 R153,862 R153,572 R173,391 R178,390

Expenditures Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul

Expenditures from Operations

Cash Spending R65,000 R65,000 R65,000 R65,000 R65,000 R65,000 R65,000 R65,000 R65,000 R65,000 R65,000 R65,000
Bill Payments R1,360 R40,841 R41,971 R44,159 R44,848 R46,041 R46,433 R48,557 R49,864 R51,950 R52,091 R59,241
Subtotal Spent on Operations R66,360 R105,841 R106,971 R109,159 R109,848 R111,041 R111,433 R113,557 R114,864 R116,950 R117,091 R124,241

Additional Cash Spent

Sales Tax, VAT, HST/GST Paid Out Prin R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0
cipal Repayment of Current Borrowing R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0
Other Liabilities Principal Repayment R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0
Long-term Liabilities Principal Repayment R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0
Purchase Other Current Assets R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0
Purchase Long-term Assets R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0
Dividends R10,000 R10,000 R10,000 R10,000 R10,000 R10,000 R10,000 R10,000 R10,000 R10,000 R10,000 R10,000
Subtotal Cash Spent R76,360 R115,841 R116,971 R119,159 R119,848 R121,041 R121,433 R123,557 R124,864 R126,950 R127,091 R134,241

Net Cash Flow R48,316 R11,783 R15,763 R15,388 R18,004 R17,706 R23,133 R24,461 R28,998 R26,622 R46,300 R44,149
Cash Balance R58,316 R70,099 R85,862 R101,250 R119,254 R136,961 R160,094 R184,554 R213,553 R240,175 R286,474 R330,623

Page 4
 Appendix
Table: Balance Sheet

Pro Forma Balance Sheet

Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul
Assets Starting Balances

Current Assets
Cash R10,000 R58,316 R70,099 R85,862 R101,250 R119,254 R136,961 R160,094 R184,554 R213,553 R240,175 R286,474 R330,623
Other Current Assets R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0
Total Current Assets R10,000 R58,316 R70,099 R85,862 R101,250 R119,254 R136,961 R160,094 R184,554 R213,553 R240,175 R286,474 R330,623

Long-term Assets
Long-term Assets R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0
Accumulated Depreciation R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0
Total Long-term Assets R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0
Total Assets R10,000 R58,316 R70,099 R85,862 R101,250 R119,254 R136,961 R160,094 R184,554 R213,553 R240,175 R286,474 R330,623

Liabilities and Capital Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul

Current Liabilities
Accounts Payable R0 R39,445 R40,500 R42,665 R43,314 R44,496 R44,816 R46,897 R48,132 R50,222 R50,118 R57,207 R58,995
Current Borrowing R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0
Other Current Liabilities R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0
Subtotal Current Liabilities R0 R39,445 R40,500 R42,665 R43,314 R44,496 R44,816 R46,897 R48,132 R50,222 R50,118 R57,207 R58,995

Long-term Liabilities R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0 R0
Total Liabilities R0 R39,445 R40,500 R42,665 R43,314 R44,496 R44,816 R46,897 R48,132 R50,222 R50,118 R57,207 R58,995

Paid-in Capital R25,000 R25,000 R25,000 R25,000 R25,000 R25,000 R25,000 R25,000 R25,000 R25,000 R25,000 R25,000 R25,000
Retained Earnings (R15,000) (R25,000) (R35,000) (R45,000) (R55,000) (R65,000) (R75,000) (R85,000) (R95,000) (R105,000) (R115,000) (R125,000) (R135,000)
Earnings R0 R18,871 R39,599 R63,196 R87,936 R114,758 R142,144 R173,196 R206,423 R243,331 R280,056 R329,267 R381,628
Total Capital R10,000 R18,871 R29,599 R43,196 R57,936 R74,758 R92,144 R113,196 R136,423 R163,331 R190,056 R229,267 R271,628
Total Liabilities and Capital R10,000 R58,316 R70,099 R85,862 R101,250 R119,254 R136,961 R160,094 R184,554 R213,553 R240,175 R286,474 R330,623

Net Worth R10,000 R18,871 R29,599 R43,196 R57,936 R74,758 R92,144 R113,196 R136,423 R163,331 R190,056 R229,267 R271,628

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