Profit and Loss Year 1 Year 2 Year 3 Year 4

Sales $1,148,073 $1,416,719 $1,639,149 $1,847,034

Direct Cost of Sales $221,414 $273,224 $316,122 $356,214
Gross Margin $926,659 $1,143,494 $1,323,028 $1,490,821
Gross Margin 80.71% 80.71% 80.71% 80.71%
Operating Expenses
Salaries $390,000 $309,000 $318,270 $327,818

Taxes and Benefits $136,500 $108,150 $111,395 $114,736

Marketing $24,000 $25,200 $26,460 $27,783
Rent $84,000 $86,520 $89,116 $91,789
Utilities $16,800 $17,304 $17,823 $18,358
Glassware and Maintenance $25,200 $25,956 $26,735 $27,537
Legal and Administrative Fees $6,000 $6,180 $6,365 $6,556
Merchant Service Fees $22,961 $28,334 $32,783 $36,941
State Excise Tax $5,382 $6,641 $7,684 $8,658
Federal Excise Tax $1,266 $1,562 $1,807 $2,036
Other $9,489 $9,019 $9,671 $10,297
Total Operating Expenses $721,598 $623,866 $648,108 $672,510
EBITDA $205,061 $519,628 $674,920 $818,311
Depreciation $22,000 $22,000 $22,000 $22,000
Profit Before Interest and Taxes $183,061 $497,628 $652,920 $796,311
Interest $12,046 $12,046 $12,046 $12,046
Taxes $36,280 $101,972 $134,584 $164,696
Net Profit $134,736 $383,610 $506,291 $619,569
Net Margin 11.74% 27.08% 30.89% 33.54%

Profit and Loss M1 M2 M3 M4

Sales $84,000 $86,100 $88,253 $90,459
Direct Cost of Sales $16,200 $16,605 $17,020 $17,446
Gross Margin $67,800 $69,495 $71,232 $73,013
Gross Margin 80.71% 80.71% 80.71% 80.71%
Operating Expenses
Salaries $35,000 $35,000 $35,000 $35,000
Taxes and Benefits $12,250 $12,250 $12,250 $12,250
Marketing $2,000 $2,000 $2,000 $2,000
Rent $7,000 $7,000 $7,000 $7,000
Utilities $1,400 $1,400 $1,400 $1,400
Glassware and Maintenance $2,100 $2,100 $2,100 $2,100
Legal and Administrative Fees $500 $500 $500 $500
Merchant Service Fees $1,680 $1,722 $1,765 $1,809
State Excise Tax $394 $404 $414 $424
Federal Excise Tax $93 $95 $97 $100
Other $800 $804 $809 $813
Total Operating Expenses $63,216 $63,275 $63,335 $63,396
EBITDA $4,584 $6,220 $7,898 $9,617
Depreciation $1,833 $1,833 $1,833 $1,833
Profit Before Interest and Taxes $2,751 $4,387 $6,064 $7,784
Interest $1,004 $1,004 $1,004 $1,004
Taxes $734 $710 $1,063 $1,424
Net Profit $1,013 $2,673 $3,998 $5,356
Net Margin 1.21% 3.10% 4.53% 5.92%

Profit and Loss M13 M14 M15 M16

Sales $108,634 $110,263 $111,917 $113,596
Direct Cost of Sales $20,951 $21,265 $21,584 $21,908
Gross Margin $87,683 $88,998 $90,333 $91,688
Gross Margin 80.71% 80.71% 80.71% 80.71%
Operating Expenses
Salaries $25,750 $25,750 $25,750 $25,750
Taxes and Benefits $9,013 $9,013 $9,013 $9,013
Marketing $2,100 $2,100 $2,100 $2,100
Rent $7,210 $7,210 $7,210 $7,210
Utilities $1,442 $1,442 $1,442 $1,442
Glassware and Maintenance $2,163 $2,163 $2,163 $2,163
Legal and Administrative Fees $515 $515 $515 $515
Merchant Service Fees $2,173 $2,205 $2,238 $2,272
State Excise Tax $509 $517 $525 $532
Federal Excise Tax $120 $122 $123 $125
Other $731 $735 $738 $742
Total Operating Expenses $51,726 $51,771 $51,817 $51,864
EBITDA $35,957 $37,227 $38,516 $39,824
Depreciation $1,833 $1,833 $1,833 $1,833
Profit Before Interest and Taxes $34,124 $35,394 $36,683 $37,991
Interest $1,004 $1,004 $1,004 $1,004
Taxes $6,955 $7,222 $7,493 $7,767
Net Profit $26,165 $27,168 $28,186 $29,220
Net Margin 24.09% 24.64% 25.18% 25.72%

Profit and Loss M25 M26 M27 M28

Sales $129,245 $130,537 $131,843 $133,161
Direct Cost of Sales $24,926 $25,175 $25,427 $25,681
Gross Margin $104,319 $105,362 $106,416 $107,480
Gross Margin 80.71% 80.71% 80.71% 80.71%
Operating Expenses
Salaries $26,523 $26,523 $26,523 $26,523
Taxes and Benefits $9,283 $9,283 $9,283 $9,283
Marketing $2,205 $2,205 $2,205 $2,205
Rent $7,426 $7,426 $7,426 $7,426
Utilities $1,485 $1,485 $1,485 $1,485
Glassware and Maintenance $2,228 $2,228 $2,228 $2,228
Legal and Administrative Fees $530 $530 $530 $530
Merchant Service Fees $2,585 $2,611 $2,637 $2,663
State Excise Tax $606 $612 $618 $624
Federal Excise Tax $143 $144 $145 $147
Other $790 $793 $796 $799
Total Operating Expenses $53,804 $53,840 $53,876 $53,913
EBITDA $50,515 $51,522 $52,540 $53,567
Depreciation $1,833 $1,833 $1,833 $1,833
Profit Before Interest and Taxes $48,682 $49,689 $50,706 $51,734
Interest $1,004 $1,004 $1,004 $1,004
Taxes $10,012 $10,224 $10,438 $10,653
Net Profit $37,666 $38,461 $39,265 $40,077
Net Margin 29.14% 29.46% 29.78% 30.10%

Profit and Loss M37 M38 M39 M40

Sales $145,636 $147,093 $148,564 $150,049
Direct Cost of Sales $28,087 $28,368 $28,652 $28,938
Gross Margin $117,549 $118,725 $119,912 $121,111
Gross Margin 80.71% 80.71% 80.71% 80.71%
Operating Expenses
Salaries $27,318 $27,318 $27,318 $27,318
Taxes and Benefits $9,561 $9,561 $9,561 $9,561
Marketing $2,315 $2,315 $2,315 $2,315
Rent $7,649 $7,649 $7,649 $7,649
Utilities $1,530 $1,530 $1,530 $1,530
Glassware and Maintenance $2,295 $2,295 $2,295 $2,295
Legal and Administrative Fees $546 $546 $546 $546
Merchant Service Fees $2,913 $2,942 $2,971 $3,001
State Excise Tax $683 $689 $696 $703
Federal Excise Tax $161 $162 $164 $165
Other $840 $844 $847 $850
Total Operating Expenses $55,811 $55,852 $55,893 $55,934
EBITDA $61,738 $62,873 $64,019 $65,177
Depreciation $1,833 $1,833 $1,833 $1,833
Profit Before Interest and Taxes $59,905 $61,040 $62,186 $63,343
Interest $1,004 $1,004 $1,004 $1,004
Taxes $12,369 $12,608 $12,848 $13,091
Net Profit $46,532 $47,428 $48,334 $49,248
Net Margin 31.95% 32.24% 32.53% 32.82%
Profit and Loss M49 M50 M51 M52
Sales $164,107 $165,748 $167,405 $169,079
Direct Cost of Sales $31,649 $31,966 $32,285 $32,608
Gross Margin $132,458 $133,782 $135,120 $136,471
Gross Margin 80.71% 80.71% 80.71% 80.71%
Operating Expenses
Salaries $28,138 $28,138 $28,138 $28,138
Taxes and Benefits $9,848 $9,848 $9,848 $9,848
Marketing $2,431 $2,431 $2,431 $2,431
Rent $7,879 $7,879 $7,879 $7,879
Utilities $1,576 $1,576 $1,576 $1,576
Glassware and Maintenance $2,364 $2,364 $2,364 $2,364
Legal and Administrative Fees $563 $563 $563 $563
Merchant Service Fees $3,282 $3,315 $3,348 $3,382
State Excise Tax $769 $777 $785 $793
Federal Excise Tax $181 $183 $185 $186
Other $896 $899 $903 $906
Total Operating Expenses $57,925 $57,971 $58,018 $58,064
EBITDA $74,532 $75,811 $77,102 $78,407
Depreciation $1,833 $1,833 $1,833 $1,833
Profit Before Interest and Taxes $72,699 $73,978 $75,269 $76,574
Interest $1,004 $1,004 $1,004 $1,004
Taxes $15,056 $15,324 $15,596 $15,870
Net Profit $56,639 $57,649 $58,670 $59,700
Net Margin 34.51% 34.78% 35.05% 35.31%
 Year 5 We trust you'll find this sample business plan excel template helpful.
$2,081,285 If you'd like an even easier way to complete your business plan finan
$401,391 Growthink’s Ultimate Business Plan Template includes a much more
$1,679,894 You simply enter some figures, such as the # of products/services yo
80.71% and Growthink’s Ultimate Business Plan Template automatically com
You can literally complete your financial model in 10 minutes.
$337,653

$118,178 You can access Growthink’s Ultimate Business Plan Templat

$29,172
$94,543
$18,909
$28,363
$6,753
$41,626
$9,756
$2,295
$10,986
$698,233
$981,661
$22,000
$959,661
$12,046
$198,999
$748,616
35.97%

M5 M6 M7 M8 M9 M10 M11 M12

$92,720 $95,038 $96,939 $98,878 $100,855 $102,873 $104,930 $107,029
$17,882 $18,329 $18,695 $19,069 $19,451 $19,840 $20,236 $20,641
$74,839 $76,709 $78,244 $79,809 $81,405 $83,033 $84,693 $86,387
80.71% 80.71% 80.71% 80.71% 80.71% 80.71% 80.71% 80.71%

$35,000 $35,000 $35,000 $35,000 $35,000 $25,000 $25,000 $25,000

$12,250 $12,250 $12,250 $12,250 $12,250 $8,750 $8,750 $8,750
$2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000
$7,000 $7,000 $7,000 $7,000 $7,000 $7,000 $7,000 $7,000
$1,400 $1,400 $1,400 $1,400 $1,400 $1,400 $1,400 $1,400
$2,100 $2,100 $2,100 $2,100 $2,100 $2,100 $2,100 $2,100
$500 $500 $500 $500 $500 $500 $500 $500
 $1,854 $1,901 $1,939 $1,978 $2,017 $2,057 $2,099 $2,141
$435 $445 $454 $463 $473 $482 $492 $502
$102 $105 $107 $109 $111 $113 $116 $118
$818 $823 $827 $831 $836 $705 $709 $714
$63,459 $63,524 $63,577 $63,631 $63,687 $50,108 $50,165 $50,224
$11,379 $13,185 $14,666 $16,177 $17,718 $32,925 $34,528 $36,163
$1,833 $1,833 $1,833 $1,833 $1,833 $1,833 $1,833 $1,833
$9,546 $11,352 $12,833 $14,344 $15,885 $31,092 $32,695 $34,330
$1,004 $1,004 $1,004 $1,004 $1,004 $1,004 $1,004 $1,004
$1,794 $2,173 $2,484 $2,801 $3,125 $6,318 $6,655 $6,999
$6,748 $8,175 $9,345 $10,539 $11,756 $23,769 $25,036 $26,328
7.28% 8.60% 9.64% 10.66% 11.66% 23.11% 23.86% 24.60%

M17 M18 M19 M20 M21 M22 M23 M24

$115,300 $117,030 $118,785 $120,567 $122,375 $124,211 $126,074 $127,965
$22,236 $22,570 $22,909 $23,252 $23,601 $23,955 $24,314 $24,679
$93,064 $94,460 $95,877 $97,315 $98,774 $100,256 $101,760 $103,286
80.71% 80.71% 80.71% 80.71% 80.71% 80.71% 80.71% 80.71%

$25,750 $25,750 $25,750 $25,750 $25,750 $25,750 $25,750 $25,750

$9,013 $9,013 $9,013 $9,013 $9,013 $9,013 $9,013 $9,013
$2,100 $2,100 $2,100 $2,100 $2,100 $2,100 $2,100 $2,100
$7,210 $7,210 $7,210 $7,210 $7,210 $7,210 $7,210 $7,210
$1,442 $1,442 $1,442 $1,442 $1,442 $1,442 $1,442 $1,442
$2,163 $2,163 $2,163 $2,163 $2,163 $2,163 $2,163 $2,163
$515 $515 $515 $515 $515 $515 $515 $515
$2,306 $2,341 $2,376 $2,411 $2,448 $2,484 $2,521 $2,559
$540 $549 $557 $565 $574 $582 $591 $600
$127 $129 $131 $133 $135 $137 $139 $141
$746 $749 $753 $757 $761 $765 $769 $773
$51,912 $51,960 $52,009 $52,059 $52,109 $52,161 $52,213 $52,265
$41,152 $42,500 $43,867 $45,256 $46,665 $48,095 $49,547 $51,021
$1,833 $1,833 $1,833 $1,833 $1,833 $1,833 $1,833 $1,833
$39,319 $40,666 $42,034 $43,423 $44,832 $46,262 $47,714 $49,188
$1,004 $1,004 $1,004 $1,004 $1,004 $1,004 $1,004 $1,004
$8,046 $8,329 $8,616 $8,908 $9,204 $9,504 $9,809 $10,119
$30,269 $31,333 $32,414 $33,511 $34,624 $35,754 $36,901 $38,065
26.25% 26.77% 27.29% 27.79% 28.29% 28.78% 29.27% 29.75%

M29 M30 M31 M32 M33 M34 M35 M36

$134,493 $135,838 $137,196 $138,568 $139,954 $141,353 $142,767 $144,194
$25,938 $26,197 $26,459 $26,724 $26,991 $27,261 $27,534 $27,809
$108,555 $109,640 $110,737 $111,844 $112,963 $114,092 $115,233 $116,386
80.71% 80.71% 80.71% 80.71% 80.71% 80.71% 80.71% 80.71%
$26,523 $26,523 $26,523 $26,523 $26,523 $26,523 $26,523 $26,523
$9,283 $9,283 $9,283 $9,283 $9,283 $9,283 $9,283 $9,283
$2,205 $2,205 $2,205 $2,205 $2,205 $2,205 $2,205 $2,205
$7,426 $7,426 $7,426 $7,426 $7,426 $7,426 $7,426 $7,426
$1,485 $1,485 $1,485 $1,485 $1,485 $1,485 $1,485 $1,485
$2,228 $2,228 $2,228 $2,228 $2,228 $2,228 $2,228 $2,228
$530 $530 $530 $530 $530 $530 $530 $530
$2,690 $2,717 $2,744 $2,771 $2,799 $2,827 $2,855 $2,884
$630 $637 $643 $650 $656 $663 $669 $676
$148 $150 $151 $153 $154 $156 $157 $159
$801 $804 $807 $810 $813 $816 $819 $822
$53,950 $53,988 $54,026 $54,064 $54,103 $54,142 $54,181 $54,221
$54,605 $55,653 $56,711 $57,780 $58,860 $59,950 $61,052 $62,164
$1,833 $1,833 $1,833 $1,833 $1,833 $1,833 $1,833 $1,833
$52,771 $53,819 $54,878 $55,947 $57,027 $58,117 $59,219 $60,331
$1,004 $1,004 $1,004 $1,004 $1,004 $1,004 $1,004 $1,004
$10,871 $11,091 $11,314 $11,538 $11,765 $11,994 $12,225 $12,459
$40,896 $41,724 $42,560 $43,405 $44,258 $45,120 $45,990 $46,869
30.41% 30.72% 31.02% 31.32% 31.62% 31.92% 32.21% 32.50%

M41 M42 M43 M44 M45 M46 M47 M48

$151,550 $153,065 $154,596 $156,142 $157,703 $159,280 $160,873 $162,482
$29,227 $29,520 $29,815 $30,113 $30,414 $30,718 $31,026 $31,336
$122,322 $123,546 $124,781 $126,029 $127,289 $128,562 $129,848 $131,146
80.71% 80.71% 80.71% 80.71% 80.71% 80.71% 80.71% 80.71%

$27,318 $27,318 $27,318 $27,318 $27,318 $27,318 $27,318 $27,318

$9,561 $9,561 $9,561 $9,561 $9,561 $9,561 $9,561 $9,561
$2,315 $2,315 $2,315 $2,315 $2,315 $2,315 $2,315 $2,315
$7,649 $7,649 $7,649 $7,649 $7,649 $7,649 $7,649 $7,649
$1,530 $1,530 $1,530 $1,530 $1,530 $1,530 $1,530 $1,530
$2,295 $2,295 $2,295 $2,295 $2,295 $2,295 $2,295 $2,295
$546 $546 $546 $546 $546 $546 $546 $546
$3,031 $3,061 $3,092 $3,123 $3,154 $3,186 $3,217 $3,250
$710 $717 $725 $732 $739 $747 $754 $762
$167 $169 $170 $172 $174 $176 $177 $179
$853 $856 $860 $863 $866 $870 $873 $876
$55,976 $56,019 $56,061 $56,105 $56,148 $56,192 $56,237 $56,282
$66,346 $67,527 $68,720 $69,924 $71,141 $72,370 $73,611 $74,865
$1,833 $1,833 $1,833 $1,833 $1,833 $1,833 $1,833 $1,833
$64,513 $65,694 $66,886 $68,091 $69,308 $70,537 $71,778 $73,031
$1,004 $1,004 $1,004 $1,004 $1,004 $1,004 $1,004 $1,004
$13,337 $13,585 $13,835 $14,088 $14,344 $14,602 $14,863 $15,126
$50,172 $51,105 $52,047 $52,999 $53,960 $54,931 $55,911 $56,902
33.11% 33.39% 33.67% 33.94% 34.22% 34.49% 34.75% 35.02%
 M53 M54 M55 M56 M57 M58 M59 M60
$170,770 $172,478 $174,203 $175,945 $177,704 $179,481 $181,276 $183,089
$32,934 $33,264 $33,596 $33,932 $34,272 $34,614 $34,960 $35,310
$137,836 $139,214 $140,606 $142,012 $143,433 $144,867 $146,316 $147,779
80.71% 80.71% 80.71% 80.71% 80.71% 80.71% 80.71% 80.71%

$28,138 $28,138 $28,138 $28,138 $28,138 $28,138 $28,138 $28,138

$9,848 $9,848 $9,848 $9,848 $9,848 $9,848 $9,848 $9,848
$2,431 $2,431 $2,431 $2,431 $2,431 $2,431 $2,431 $2,431
$7,879 $7,879 $7,879 $7,879 $7,879 $7,879 $7,879 $7,879
$1,576 $1,576 $1,576 $1,576 $1,576 $1,576 $1,576 $1,576
$2,364 $2,364 $2,364 $2,364 $2,364 $2,364 $2,364 $2,364
$563 $563 $563 $563 $563 $563 $563 $563
$3,415 $3,450 $3,484 $3,519 $3,554 $3,590 $3,626 $3,662
$800 $808 $817 $825 $833 $841 $850 $858
$188 $190 $192 $194 $196 $198 $200 $202
$910 $913 $917 $921 $925 $928 $932 $936
$58,112 $58,159 $58,207 $58,256 $58,305 $58,355 $58,405 $58,455
$79,724 $81,055 $82,399 $83,757 $85,128 $86,512 $87,911 $89,323
$1,833 $1,833 $1,833 $1,833 $1,833 $1,833 $1,833 $1,833
$77,891 $79,222 $80,566 $81,923 $83,294 $84,679 $86,077 $87,490
$1,004 $1,004 $1,004 $1,004 $1,004 $1,004 $1,004 $1,004
$16,146 $16,426 $16,708 $16,993 $17,281 $17,572 $17,865 $18,162
$60,741 $61,792 $62,854 $63,926 $65,009 $66,103 $67,208 $68,324
35.57% 35.83% 36.08% 36.33% 36.58% 36.83% 37.08% 37.32%
xcel template helpful.
ur business plan financials, we recommend Growthink’s Ultimate Business Plan Template
ncludes a much more comprehensive financial template.
products/services you expect to sell and the growth rate
ate automatically completes your complete financial model.
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siness Plan Template here.

Year 1
$1,148,073
$221,414
$926,659
80.71%

$390,000
$136,500
$24,000
$84,000
$16,800
$25,200
$6,000
 $22,961
$5,382
$1,266
$9,489
$721,598
$205,061
$22,000
$183,061
$12,046
$36,280
$134,736
11.74%

Year 2
$1,416,719
$273,224
$1,143,494
80.71%

$309,000
$108,150
$25,200
$86,520
$17,304
$25,956
$6,180
$28,334
$6,641
$1,562
$9,019
$623,866
$519,628
$22,000
$497,628
$12,046
$101,972
$383,610
27.08%

Year 3
$1,639,149
$316,122
$1,323,028
80.71%
$318,270
$111,395
$26,460
$89,116
$17,823
$26,735
$6,365
$32,783
$7,684
$1,807
$9,671
$648,108
$674,920
$22,000
$652,920
$12,046
$134,584
$506,291
30.89%

Year 4
$1,847,034
$356,214
$1,490,821
80.71%

$327,818
$114,736
$27,783
$91,789
$18,358
$27,537
$6,556
$36,941
$8,658
$2,036
$10,297
$672,510
$818,311
$22,000
$796,311
$12,046
$164,696
$619,569
33.54%
 Year 5
$2,081,285
$401,391
$1,679,894
80.71%

$337,653
$118,178
$29,172
$94,543
$18,909
$28,363
$6,753
$41,626
$9,756
$2,295
$10,986
$698,233
$981,661
$22,000
$959,661
$12,046
$198,999
$748,616
35.97%
ess Plan Template
Balance Sheet Year 1 Year 2 Year 3 Year 4 Year 5
Assets
Current Assets
Cash $116,750 $452,991 $911,970 $1,484,325 $2,185,842
Inventory $18,299 $20,015 $21,250 $22,560 $23,952
Accounts Receivable $8,669 $10,365 $11,680 $13,161 $14,830
Total Current Assets $143,718 $483,371 $944,899 $1,520,046 $2,224,624
Long-term Assets
Long-term Assets $285,000 $285,000 $285,000 $285,000 $285,000
Accumulated Depreciation $22,000 $44,000 $66,000 $88,000 $110,000
Total Long-term Assets $263,000 $241,000 $219,000 $197,000 $175,000
Miscellaneous Assets
Intangible Assets $15,000 $15,000 $15,000 $15,000 $15,000
Total Miscellaneous Assets $15,000 $15,000 $15,000 $15,000 $15,000
Total Assets $421,718 $739,371 $1,178,899 $1,732,046 $2,414,624
Liabilities and Capital
Liabilities
Accounts Payable $10,022 $13,305 $15,783 $18,600 $21,802
Long-term Liabilities $276,960 $207,720 $138,480 $69,240 $0
Total Liabilities $286,982 $221,025 $154,263 $87,840 $21,802
Capital
Paid-in Capital $0 $0 $0 $0 $0
Retained Earnings $108,408 $480,281 $977,768 $1,587,304 $2,324,498
Earnings $26,328 $38,065 $46,869 $56,902 $68,324
Total Capital $134,736 $518,346 $1,024,637 $1,644,206 $2,392,823
Total Liabilities and Capital $421,718 $739,371 $1,178,899 $1,732,046 $2,414,624
Net Worth $134,736 $518,346 $1,024,637 $1,644,206 $2,392,823
Current Assets / Liabilities 50.08% 218.70% 612.53% 1730.47% 10203.90%

Balance Sheet M1 M2 M3 M4 M5
Assets
Current Assets
Cash $23,896 $22,249 $22,295 $23,702 $26,503
Inventory $16,200 $16,403 $16,608 $16,815 $17,025
Accounts Receivable $6,804 $6,974 $7,148 $7,327 $7,510
Total Current Assets $46,900 $45,625 $46,051 $47,844 $51,039
Long-term Assets
Long-term Assets $285,000 $285,000 $285,000 $285,000 $285,000
Accumulated Depreciation $1,833 $3,667 $5,500 $7,333 $9,167
Total Long-term Assets $283,167 $281,333 $279,500 $277,667 $275,833
Miscellaneous Assets
Intangible Assets $15,000 $15,000 $15,000 $15,000 $15,000
Total Miscellaneous Assets $15,000 $15,000 $15,000 $15,000 $15,000
Total Assets $345,067 $341,959 $340,551 $340,511 $341,872
Liabilities and Capital
Liabilities
Accounts Payable $3,624 $3,613 $3,977 $4,351 $4,734
Long-term Liabilities $340,430 $334,660 $328,890 $323,120 $317,350
Total Liabilities $344,054 $338,273 $332,867 $327,471 $322,084
Capital
Paid-in Capital $0 $0 $0 $0 $0
Retained Earnings $0 $1,013 $3,686 $7,684 $13,040
Earnings $1,013 $2,673 $3,998 $5,356 $6,748
Total Capital $1,013 $3,686 $7,684 $13,040 $19,788
Total Liabilities and Capital $345,067 $341,959 $340,551 $340,511 $341,872
Net Worth $1,013 $3,686 $7,684 $13,040 $19,788
Current Assets / Liabilities 13.63% 13.49% 13.83% 14.61% 15.85%

Balance Sheet M13 M14 M15 M16 M17

Assets
Current Assets
Cash $138,719 $161,956 $186,213 $211,504 $237,845
Inventory $18,436 $18,574 $18,713 $18,854 $18,995
Accounts Receivable $8,799 $8,931 $9,065 $9,201 $9,339
Total Current Assets $165,954 $189,462 $213,992 $239,559 $266,180
Long-term Assets
Long-term Assets $285,000 $285,000 $285,000 $285,000 $285,000
Accumulated Depreciation $23,833 $25,667 $27,500 $29,333 $31,167
Total Long-term Assets $261,167 $259,333 $257,500 $255,667 $253,833
Miscellaneous Assets
Intangible Assets $15,000 $15,000 $15,000 $15,000 $15,000
Total Miscellaneous Assets $15,000 $15,000 $15,000 $15,000 $15,000
Total Assets $442,121 $463,795 $486,492 $510,226 $535,013
Liabilities and Capital
Liabilities
Accounts Payable $10,030 $10,306 $10,586 $10,871 $11,159
Long-term Liabilities $271,190 $265,420 $259,650 $253,880 $248,110
Total Liabilities $281,220 $275,726 $270,236 $264,751 $259,269
Capital
Paid-in Capital $0 $0 $0 $0 $0
Retained Earnings $134,736 $160,901 $188,069 $216,255 $245,475
Earnings $26,165 $27,168 $28,186 $29,220 $30,269
Total Capital $160,901 $188,069 $216,255 $245,475 $275,744
Total Liabilities and Capital $442,121 $463,795 $486,492 $510,226 $535,013
Net Worth $160,901 $188,069 $216,255 $245,475 $275,744
Current Assets / Liabilities 59.01% 68.71% 79.19% 90.48% 102.67%
Balance Sheet M25 M26 M27 M28 M29
Assets
Current Assets
Cash $486,461 $520,999 $556,342 $592,497 $629,472
Inventory $20,115 $20,216 $20,317 $20,418 $20,521
Accounts Receivable $10,469 $10,574 $10,679 $10,786 $10,894
Total Current Assets $517,045 $551,789 $587,338 $623,702 $660,887
Long-term Assets
Long-term Assets $285,000 $285,000 $285,000 $285,000 $285,000
Accumulated Depreciation $45,833 $47,667 $49,500 $51,333 $53,167
Total Long-term Assets $239,167 $237,333 $235,500 $233,667 $231,833
Miscellaneous Assets
Intangible Assets $15,000 $15,000 $15,000 $15,000 $15,000
Total Miscellaneous Assets $15,000 $15,000 $15,000 $15,000 $15,000
Total Assets $771,212 $804,122 $837,838 $872,368 $907,720
Liabilities and Capital
Liabilities
Accounts Payable $13,250 $13,469 $13,690 $13,913 $14,139
Long-term Liabilities $201,950 $196,180 $190,410 $184,640 $178,870
Total Liabilities $215,200 $209,649 $204,100 $198,553 $193,009
Capital
Paid-in Capital $0 $0 $0 $0 $0
Retained Earnings $518,346 $556,012 $594,473 $633,738 $673,815
Earnings $37,666 $38,461 $39,265 $40,077 $40,896
Total Capital $556,012 $594,473 $633,738 $673,815 $714,711
Total Liabilities and Capital $771,212 $804,122 $837,838 $872,368 $907,720
Net Worth $556,012 $594,473 $633,738 $673,815 $714,711
Current Assets / Liabilities 240.26% 263.20% 287.77% 314.12% 342.41%

Balance Sheet M37 M38 M39 M40 M41

Assets
Current Assets
Cash $954,305 $997,819 $1,042,239 $1,087,574 $1,133,834
Inventory $21,356 $21,463 $21,570 $21,678 $21,786
Accounts Receivable $11,797 $11,915 $12,034 $12,154 $12,276
Total Current Assets $987,458 $1,031,196 $1,075,843 $1,121,406 $1,167,896
Long-term Assets
Long-term Assets $285,000 $285,000 $285,000 $285,000 $285,000
Accumulated Depreciation $67,833 $69,667 $71,500 $73,333 $75,167
Total Long-term Assets $217,167 $215,333 $213,500 $211,667 $209,833
Miscellaneous Assets
Intangible Assets $15,000 $15,000 $15,000 $15,000 $15,000
Total Miscellaneous Assets $15,000 $15,000 $15,000 $15,000 $15,000
Total Assets $1,219,625 $1,261,530 $1,304,343 $1,348,073 $1,392,729
Liabilities and Capital
Liabilities
Accounts Payable $15,746 $15,993 $16,242 $16,494 $16,748
Long-term Liabilities $132,710 $126,940 $121,170 $115,400 $109,630
Total Liabilities $148,456 $142,933 $137,412 $131,894 $126,378
Capital
Paid-in Capital $0 $0 $0 $0 $0
Retained Earnings $1,024,637 $1,071,169 $1,118,597 $1,166,931 $1,216,179
Earnings $46,532 $47,428 $48,334 $49,248 $50,172
Total Capital $1,071,169 $1,118,597 $1,166,931 $1,216,179 $1,266,351
Total Liabilities and Capital $1,219,625 $1,261,530 $1,304,343 $1,348,073 $1,392,729
Net Worth $1,071,169 $1,118,597 $1,166,931 $1,216,179 $1,266,351
Current Assets / Liabilities 665.15% 721.46% 782.93% 850.23% 924.13%

Balance Sheet M49 M50 M51 M52 M53

Assets
Current Assets
Cash $1,536,768 $1,590,513 $1,645,278 $1,701,075 $1,757,914
Inventory $22,673 $22,786 $22,900 $23,015 $23,130
Accounts Receivable $13,293 $13,426 $13,560 $13,695 $13,832
Total Current Assets $1,572,734 $1,626,725 $1,681,739 $1,737,786 $1,794,876
Long-term Assets
Long-term Assets $285,000 $285,000 $285,000 $285,000 $285,000
Accumulated Depreciation $89,833 $91,667 $93,500 $95,333 $97,167
Total Long-term Assets $195,167 $193,333 $191,500 $189,667 $187,833
Miscellaneous Assets
Intangible Assets $15,000 $15,000 $15,000 $15,000 $15,000
Total Miscellaneous Assets $15,000 $15,000 $15,000 $15,000 $15,000
Total Assets $1,782,901 $1,835,058 $1,888,239 $1,942,452 $1,997,710
Liabilities and Capital
Liabilities
Accounts Payable $18,586 $18,864 $19,145 $19,428 $19,715
Long-term Liabilities $63,470 $57,700 $51,930 $46,160 $40,390
Total Liabilities $82,056 $76,564 $71,075 $65,588 $60,105
Capital
Paid-in Capital $0 $0 $0 $0 $0
Retained Earnings $1,644,206 $1,700,845 $1,758,494 $1,817,164 $1,876,864
Earnings $56,639 $57,649 $58,670 $59,700 $60,741
Total Capital $1,700,845 $1,758,494 $1,817,164 $1,876,864 $1,937,605
Total Liabilities and Capital $1,782,901 $1,835,058 $1,888,239 $1,942,452 $1,997,710
Net Worth $1,700,845 $1,758,494 $1,817,164 $1,876,864 $1,937,605
Current Assets / Liabilities 1916.67% 2124.67% 2366.16% 2649.54% 2986.25%
 M6 M7 M8 M9 M10 M11 M12 Year 1

$30,734 $36,138 $42,737 $50,556 $73,252 $94,354 $116,750 $116,750

$17,238 $17,411 $17,585 $17,760 $17,938 $18,117 $18,299 $18,299
$7,698 $7,852 $8,009 $8,169 $8,333 $8,499 $8,669 $8,669
$55,670 $61,401 $68,331 $76,485 $99,523 $120,971 $143,718 $143,718

$285,000 $285,000 $285,000 $285,000 $285,000 $285,000 $285,000 $285,000

$11,000 $12,833 $14,667 $16,500 $18,333 $20,167 $22,000 $22,000
$274,000 $272,167 $270,333 $268,500 $266,667 $264,833 $263,000 $263,000

$15,000 $15,000 $15,000 $15,000 $15,000 $15,000 $15,000 $15,000

 $15,000 $15,000 $15,000 $15,000 $15,000 $15,000 $15,000 $15,000
$344,670 $348,567 $353,664 $359,985 $381,190 $400,804 $421,718 $421,718

$5,127 $5,449 $5,778 $6,113 $9,318 $9,666 $10,022 $10,022

$311,580 $305,810 $300,040 $294,270 $288,500 $282,730 $276,960 $276,960
$316,707 $311,259 $305,818 $300,383 $297,818 $292,396 $286,982 $286,982

$0 $0 $0 $0 $0 $0 $0 $0
$19,788 $27,963 $37,308 $47,847 $59,603 $83,372 $108,408 $108,408
$8,175 $9,345 $10,539 $11,756 $23,769 $25,036 $26,328 $26,328
$27,963 $37,308 $47,847 $59,603 $83,372 $108,408 $134,736 $134,736
$344,670 $348,567 $353,664 $359,985 $381,190 $400,804 $421,718 $421,718
$27,963 $37,308 $47,847 $59,603 $83,372 $108,408 $134,736 $134,736
17.58% 19.73% 22.34% 25.46% 33.42% 41.37% 50.08% 50.08%

M18 M19 M20 M21 M22 M23 M24 Year 2

$265,252 $293,741 $323,328 $354,030 $385,863 $418,844 $452,991 $452,991

$19,138 $19,281 $19,426 $19,571 $19,718 $19,866 $20,015 $20,015
$9,479 $9,622 $9,766 $9,912 $10,061 $10,212 $10,365 $10,365
$293,869 $322,644 $352,520 $383,514 $415,642 $448,922 $483,371 $483,371

$285,000 $285,000 $285,000 $285,000 $285,000 $285,000 $285,000 $285,000

$33,000 $34,833 $36,667 $38,500 $40,333 $42,167 $44,000 $44,000
$252,000 $250,167 $248,333 $246,500 $244,667 $242,833 $241,000 $241,000

$15,000 $15,000 $15,000 $15,000 $15,000 $15,000 $15,000 $15,000

$15,000 $15,000 $15,000 $15,000 $15,000 $15,000 $15,000 $15,000
$560,869 $587,811 $615,854 $645,014 $675,309 $706,756 $739,371 $739,371

$11,453 $11,750 $12,052 $12,358 $12,669 $12,985 $13,305 $13,305

$242,340 $236,570 $230,800 $225,030 $219,260 $213,490 $207,720 $207,720
$253,793 $248,320 $242,852 $237,388 $231,929 $226,475 $221,025 $221,025

$0 $0 $0 $0 $0 $0 $0 $0
$275,744 $307,077 $339,491 $373,002 $407,626 $443,380 $480,281 $480,281
$31,333 $32,414 $33,511 $34,624 $35,754 $36,901 $38,065 $38,065
$307,077 $339,491 $373,002 $407,626 $443,380 $480,281 $518,346 $518,346
$560,869 $587,811 $615,854 $645,014 $675,309 $706,756 $739,371 $739,371
$307,077 $339,491 $373,002 $407,626 $443,380 $480,281 $518,346 $518,346
115.79% 129.93% 145.16% 161.56% 179.21% 198.22% 218.70% 218.70%
 M30 M31 M32 M33 M34 M35 M36 Year 3

$667,276 $705,917 $745,403 $785,743 $826,945 $869,018 $911,970 $911,970

$20,623 $20,726 $20,830 $20,934 $21,039 $21,144 $21,250 $21,250
$11,003 $11,113 $11,224 $11,336 $11,450 $11,564 $11,680 $11,680
$698,902 $737,756 $777,457 $818,013 $859,433 $901,726 $944,899 $944,899

$285,000 $285,000 $285,000 $285,000 $285,000 $285,000 $285,000 $285,000

$55,000 $56,833 $58,667 $60,500 $62,333 $64,167 $66,000 $66,000
$230,000 $228,167 $226,333 $224,500 $222,667 $220,833 $219,000 $219,000

$15,000 $15,000 $15,000 $15,000 $15,000 $15,000 $15,000 $15,000

$15,000 $15,000 $15,000 $15,000 $15,000 $15,000 $15,000 $15,000
$943,902 $980,923 $1,018,790 $1,057,513 $1,097,100 $1,137,559 $1,178,899 $1,178,899

$14,367 $14,597 $14,829 $15,064 $15,301 $15,541 $15,783 $15,783

$173,100 $167,330 $161,560 $155,790 $150,020 $144,250 $138,480 $138,480
$187,467 $181,927 $176,389 $170,854 $165,321 $159,791 $154,263 $154,263

$0 $0 $0 $0 $0 $0 $0 $0
$714,711 $756,435 $798,996 $842,401 $886,659 $931,778 $977,768 $977,768
$41,724 $42,560 $43,405 $44,258 $45,120 $45,990 $46,869 $46,869
$756,435 $798,996 $842,401 $886,659 $931,778 $977,768 $1,024,637 $1,024,637
$943,902 $980,923 $1,018,790 $1,057,513 $1,097,100 $1,137,559 $1,178,899 $1,178,899
$756,435 $798,996 $842,401 $886,659 $931,778 $977,768 $1,024,637 $1,024,637
372.81% 405.52% 440.76% 478.78% 519.86% 564.32% 612.53% 612.53%

M42 M43 M44 M45 M46 M47 M48 Year 4

$1,181,027 $1,229,164 $1,278,253 $1,328,304 $1,379,326 $1,431,330 $1,484,325 $1,484,325

$21,895 $22,005 $22,115 $22,225 $22,336 $22,448 $22,560 $22,560
$12,398 $12,522 $12,647 $12,774 $12,902 $13,031 $13,161 $13,161
$1,215,321 $1,263,691 $1,313,015 $1,363,303 $1,414,564 $1,466,809 $1,520,046 $1,520,046

$285,000 $285,000 $285,000 $285,000 $285,000 $285,000 $285,000 $285,000

$77,000 $78,833 $80,667 $82,500 $84,333 $86,167 $88,000 $88,000
$208,000 $206,167 $204,333 $202,500 $200,667 $198,833 $197,000 $197,000

$15,000 $15,000 $15,000 $15,000 $15,000 $15,000 $15,000 $15,000

$15,000 $15,000 $15,000 $15,000 $15,000 $15,000 $15,000 $15,000
$1,438,321 $1,484,857 $1,532,348 $1,580,803 $1,630,231 $1,680,642 $1,732,046 $1,732,046
 $17,005 $17,264 $17,526 $17,791 $18,058 $18,328 $18,600 $18,600
$103,860 $98,090 $92,320 $86,550 $80,780 $75,010 $69,240 $69,240
$120,865 $115,354 $109,846 $104,341 $98,838 $93,338 $87,840 $87,840

$0 $0 $0 $0 $0 $0 $0 $0
$1,266,351 $1,317,456 $1,369,503 $1,422,502 $1,476,462 $1,531,393 $1,587,304 $1,587,304
$51,105 $52,047 $52,999 $53,960 $54,931 $55,911 $56,902 $56,902
$1,317,456 $1,369,503 $1,422,502 $1,476,462 $1,531,393 $1,587,304 $1,644,206 $1,644,206
$1,438,321 $1,484,857 $1,532,348 $1,580,803 $1,630,231 $1,680,642 $1,732,046 $1,732,046
$1,317,456 $1,369,503 $1,422,502 $1,476,462 $1,531,393 $1,587,304 $1,644,206 $1,644,206
1005.52% 1095.49% 1195.32% 1306.59% 1431.20% 1571.51% 1730.47% 1730.47%

M54 M55 M56 M57 M58 M59 M60 Year 5

$1,815,805 $1,874,759 $1,934,785 $1,995,896 $2,058,102 $2,121,414 $2,185,842 $2,185,842

$23,246 $23,362 $23,479 $23,596 $23,714 $23,833 $23,952 $23,952
$13,971 $14,110 $14,252 $14,394 $14,538 $14,683 $14,830 $14,830
$1,853,021 $1,912,231 $1,972,516 $2,033,886 $2,096,354 $2,159,930 $2,224,624 $2,224,624

$285,000 $285,000 $285,000 $285,000 $285,000 $285,000 $285,000 $285,000

$99,000 $100,833 $102,667 $104,500 $106,333 $108,167 $110,000 $110,000
$186,000 $184,167 $182,333 $180,500 $178,667 $176,833 $175,000 $175,000

$15,000 $15,000 $15,000 $15,000 $15,000 $15,000 $15,000 $15,000

$15,000 $15,000 $15,000 $15,000 $15,000 $15,000 $15,000 $15,000
$2,054,021 $2,111,397 $2,169,849 $2,229,386 $2,290,021 $2,351,763 $2,414,624 $2,414,624

$20,004 $20,296 $20,591 $20,889 $21,190 $21,495 $21,802 $21,802

$34,620 $28,850 $23,080 $17,310 $11,540 $5,770 $0 $0
$54,624 $49,146 $43,671 $38,199 $32,730 $27,265 $21,802 $21,802

$0 $0 $0 $0 $0 $0 $0 $0
$1,937,605 $1,999,397 $2,062,251 $2,126,178 $2,191,187 $2,257,290 $2,324,498 $2,324,498
$61,792 $62,854 $63,926 $65,009 $66,103 $67,208 $68,324 $68,324
$1,999,397 $2,062,251 $2,126,178 $2,191,187 $2,257,290 $2,324,498 $2,392,823 $2,392,823
$2,054,021 $2,111,397 $2,169,849 $2,229,386 $2,290,021 $2,351,763 $2,414,624 $2,414,624
$1,999,397 $2,062,251 $2,126,178 $2,191,187 $2,257,290 $2,324,498 $2,392,823 $2,392,823
3392.32% 3890.91% 4516.73% 5324.39% 6404.90% 7922.11% 10203.90% 10203.90%
Cash Flow Year 1 Year 2 Year 3 Year 4 Year 5
Cash Inflow
Investments Received $346,200 $0 $0 $0 $0
Net Income (Loss) $134,736 $383,610 $506,291 $619,569 $748,616
Increase in payables $10,022 $3,283 $2,477 $2,817 $3,202
Depreciation $22,000 $22,000 $22,000 $22,000 $22,000
Total Cash Inflow $512,958 $408,894 $530,768 $644,387 $773,818
Cash Outflow
Preliminary expenses $15,000 $0 $0 $0 $0
Direct Cash Spending $0 $0 $0 $0 $0
Increase in Receivables $8,669 $1,696 $1,315 $1,481 $1,669
Increase in Inventory $18,299 $1,717 $1,234 $1,311 $1,391
Purchase Long-Term Assets $285,000 $0 $0 $0 $0
Principal Repayment $69,240 $69,240 $69,240 $69,240 $69,240
Total Cash Outflow $396,208 $72,652 $71,789 $72,032 $72,301
Net Cash Flow $116,750 $336,241 $458,979 $572,355 $701,517
Cash Balance $116,750 $452,991 $911,970 $1,484,325 $2,185,842

Cash Flow M1 M2 M3 M4 M5
Cash Inflow
Investments Received $346,200 $0 $0 $0 $0
Net Income (Loss) $1,013 $2,673 $3,998 $5,356 $6,748
Increase in payables $3,624 -$11 $365 $374 $383
Depreciation $1,833 $1,833 $1,833 $1,833 $1,833
Total Cash Inflow $352,670 $4,495 $6,196 $7,563 $8,965
Cash Outflow
Preliminary expenses $15,000 $0 $0 $0 $0
Increase in Receivables $6,804 $170 $174 $179 $183
Increase in Inventory $16,200 $203 $205 $208 $210
Purchase Long-Term Assets $285,000 $0 $0 $0 $0
Principal Repayment $5,770 $5,770 $5,770 $5,770 $5,770
Total Cash Outflow $328,774 $6,143 $6,149 $6,156 $6,163
Net Cash Flow $23,896 -$1,648 $46 $1,407 $2,801
Cash Balance $23,896 $22,249 $22,295 $23,702 $26,503

Cash Flow M13 M14 M15 M16 M17

Cash Inflow
Investments Received $0 $0 $0 $0 $0
Net Income (Loss) $26,165 $27,168 $28,186 $29,220 $30,269
Increase in payables $8 $276 $280 $284 $289
Depreciation $1,833 $1,833 $1,833 $1,833 $1,833
Total Cash Inflow $28,006 $29,278 $30,300 $31,338 $32,391
Cash Outflow
Preliminary expenses $0 $0 $0 $0 $0
Increase in Receivables $130 $132 $134 $136 $138
Increase in Inventory $137 $138 $139 $140 $141
Purchase Long-Term Assets $0 $0 $0 $0 $0
Principal Repayment $5,770 $5,770 $5,770 $5,770 $5,770
Total Cash Outflow $6,037 $6,040 $6,043 $6,046 $6,049
Net Cash Flow $21,969 $23,237 $24,257 $25,291 $26,341
Cash Balance $138,719 $161,956 $186,213 $211,504 $237,845

Cash Flow M25 M26 M27 M28 M29

Cash Inflow
Investments Received $0 $0 $0 $0 $0
Net Income (Loss) $37,666 $38,461 $39,265 $40,077 $40,896
Increase in payables -$55 $219 $221 $223 $226
Depreciation $1,833 $1,833 $1,833 $1,833 $1,833
Total Cash Inflow $39,444 $40,514 $41,319 $42,133 $42,955
Cash Outflow
Preliminary expenses $0 $0 $0 $0 $0
Increase in Receivables $104 $105 $106 $107 $108
Increase in Inventory $100 $101 $101 $102 $102
Purchase Long-Term Assets $0 $0 $0 $0 $0
Principal Repayment $5,770 $5,770 $5,770 $5,770 $5,770
Total Cash Outflow $5,974 $5,975 $5,977 $5,978 $5,980
Net Cash Flow $33,470 $34,538 $35,343 $36,155 $36,975
Cash Balance $486,461 $520,999 $556,342 $592,497 $629,472

Cash Flow M37 M38 M39 M40 M41

Cash Inflow
Investments Received $0 $0 $0 $0 $0
Net Income (Loss) $46,532 $47,428 $48,334 $49,248 $50,172
Increase in payables -$37 $247 $249 $252 $254
Depreciation $1,833 $1,833 $1,833 $1,833 $1,833
Total Cash Inflow $48,329 $49,508 $50,416 $51,333 $52,260
Cash Outflow
Preliminary expenses $0 $0 $0 $0 $0
Increase in Receivables $117 $118 $119 $120 $122
Increase in Inventory $106 $107 $107 $108 $108
Purchase Long-Term Assets $0 $0 $0 $0 $0
Principal Repayment $5,770 $5,770 $5,770 $5,770 $5,770
Total Cash Outflow $5,993 $5,995 $5,996 $5,998 $6,000
Net Cash Flow $42,335 $43,514 $44,420 $45,335 $46,260
Cash Balance $954,305 $997,819 $1,042,239 $1,087,574 $1,133,834

Cash Flow M49 M50 M51 M52 M53

Cash Inflow
Investments Received $0 $0 $0 $0 $0
Net Income (Loss) $56,639 $57,649 $58,670 $59,700 $60,741
Increase in payables -$15 $278 $281 $284 $286
Depreciation $1,833 $1,833 $1,833 $1,833 $1,833
Total Cash Inflow $58,458 $59,761 $60,784 $61,817 $62,861
Cash Outflow
Preliminary expenses $0 $0 $0 $0 $0
Increase in Receivables $132 $133 $134 $136 $137
Increase in Inventory $113 $113 $114 $115 $115
Purchase Long-Term Assets $0 $0 $0 $0 $0
Principal Repayment $5,770 $5,770 $5,770 $5,770 $5,770
Total Cash Outflow $6,014 $6,016 $6,018 $6,020 $6,022
Net Cash Flow $52,443 $53,744 $54,766 $55,797 $56,839
Cash Balance $1,536,768 $1,590,513 $1,645,278 $1,701,075 $1,757,914
 M6 M7 M8 M9 M10 M11 M12 Year 1

$0 $0 $0 $0 $0 $0 $0 $346,200
$8,175 $9,345 $10,539 $11,756 $23,769 $25,036 $26,328 $134,736
$393 $322 $328 $335 $3,205 $349 $356 $10,022
$1,833 $1,833 $1,833 $1,833 $1,833 $1,833 $1,833 $22,000
$10,401 $11,501 $12,700 $13,924 $28,808 $27,218 $28,517 $512,958

$0 $0 $0 $0 $0 $0 $0 $15,000
$188 $154 $157 $160 $163 $167 $170 $8,669
$213 $172 $174 $176 $178 $179 $181 $18,299
$0 $0 $0 $0 $0 $0 $0 $285,000
$5,770 $5,770 $5,770 $5,770 $5,770 $5,770 $5,770 $69,240
$6,171 $6,096 $6,101 $6,106 $6,111 $6,116 $6,121 $396,208
$4,231 $5,404 $6,599 $7,818 $22,697 $21,102 $22,395 $116,750
$30,734 $36,138 $42,737 $50,556 $73,252 $94,354 $116,750 $116,750

M18 M19 M20 M21 M22 M23 M24 Year 2

$0 $0 $0 $0 $0 $0 $0 $0
$31,333 $32,414 $33,511 $34,624 $35,754 $36,901 $38,065 $383,610
$293 $297 $302 $306 $311 $316 $320 $3,283
$1,833 $1,833 $1,833 $1,833 $1,833 $1,833 $1,833 $22,000
$33,460 $34,545 $35,646 $36,764 $37,898 $39,050 $40,219 $408,894
$0
 $0 $0 $0 $0 $0 $0 $0 $0
$140 $142 $144 $146 $149 $151 $153 $1,696
$142 $144 $145 $146 $147 $148 $149 $1,717
$0 $0 $0 $0 $0 $0 $0 $0
$5,770 $5,770 $5,770 $5,770 $5,770 $5,770 $5,770 $69,240
$6,053 $6,056 $6,059 $6,062 $6,065 $6,069 $6,072 $72,652
$27,407 $28,489 $29,587 $30,702 $31,833 $32,981 $34,147 $336,241
$265,252 $293,741 $323,328 $354,030 $385,863 $418,844 $452,991 $452,991

M30 M31 M32 M33 M34 M35 M36 Year 3

$0 $0 $0 $0 $0 $0 $0 $0
$41,724 $42,560 $43,405 $44,258 $45,120 $45,990 $46,869 $506,291
$228 $230 $232 $235 $237 $239 $242 $2,477
$1,833 $1,833 $1,833 $1,833 $1,833 $1,833 $1,833 $22,000
$43,785 $44,624 $45,471 $46,326 $47,190 $48,063 $48,944 $530,768

$0 $0 $0 $0 $0 $0 $0 $0
$109 $110 $111 $112 $113 $114 $116 $1,315
$103 $103 $104 $104 $105 $105 $106 $1,234
$0 $0 $0 $0 $0 $0 $0 $0
$5,770 $5,770 $5,770 $5,770 $5,770 $5,770 $5,770 $69,240
$5,982 $5,983 $5,985 $5,986 $5,988 $5,990 $5,991 $71,789
$37,804 $38,641 $39,486 $40,340 $41,202 $42,073 $42,952 $458,979
$667,276 $705,917 $745,403 $785,743 $826,945 $869,018 $911,970 $911,970

M42 M43 M44 M45 M46 M47 M48 Year 4

$0 $0 $0 $0 $0 $0 $0 $0
$51,105 $52,047 $52,999 $53,960 $54,931 $55,911 $56,902 $619,569
$257 $259 $262 $265 $267 $270 $273 $2,817
$1,833 $1,833 $1,833 $1,833 $1,833 $1,833 $1,833 $22,000
$53,195 $54,140 $55,094 $56,058 $57,031 $58,015 $59,008 $644,387

$0 $0 $0 $0 $0 $0 $0 $0
$123 $124 $125 $126 $128 $129 $130 $1,481
$109 $109 $110 $111 $111 $112 $112 $1,311
$0 $0 $0 $0 $0 $0 $0 $0
$5,770 $5,770 $5,770 $5,770 $5,770 $5,770 $5,770 $69,240
$6,002 $6,003 $6,005 $6,007 $6,009 $6,011 $6,013 $72,032
$47,193 $48,136 $49,089 $50,051 $51,023 $52,004 $52,995 $572,355
$1,181,027 $1,229,164 $1,278,253 $1,328,304 $1,379,326 $1,431,330 $1,484,325 $1,484,325

M54 M55 M56 M57 M58 M59 M60 Year 5

 $0 $0 $0 $0 $0 $0 $0 $0
$61,792 $62,854 $63,926 $65,009 $66,103 $67,208 $68,324 $748,616
$289 $292 $295 $298 $301 $304 $307 $3,202
$1,833 $1,833 $1,833 $1,833 $1,833 $1,833 $1,833 $22,000
$63,915 $64,979 $66,055 $67,141 $68,238 $69,346 $70,465 $773,818

$0 $0 $0 $0 $0 $0 $0 $0
$138 $140 $141 $143 $144 $145 $147 $1,669
$116 $116 $117 $117 $118 $119 $119 $1,391
$0 $0 $0 $0 $0 $0 $0 $0
$5,770 $5,770 $5,770 $5,770 $5,770 $5,770 $5,770 $69,240
$6,024 $6,026 $6,028 $6,030 $6,032 $6,034 $6,036 $72,301
$57,891 $58,954 $60,027 $61,111 $62,206 $63,312 $64,429 $701,517
$1,815,805 $1,874,759 $1,934,785 $1,995,896 $2,058,102 $2,121,414 $2,185,842 $2,185,842