30/06/19A 30/06/20A 30/06/21A

# GDP 6.15% 2.50% -1.33%

Inflation 5.08% 10.58% 9.74%
Policy Rate 10.30% 11.90% 7.00%
KIBOR 11.30% 12.90% 8.00%
PKR/USD 109.98 136.44 158.44
Tax Rate 31% 30% 29%
Dividend Tax
Sales Tax 17% 17% 17%
Interest Tax 10% 10% 10%

# Cost of CRC USD/ton 540.0 544.0 862.0

0.7% 58.5%
Freight USD/ton 15 15.0 15.0 15.0
Insurance % 2% 10.8 10.9 17.2
Landed Price of CRC USD/ton 565.8 569.9 894.2
Additional Custom % 1% 5.7 5.7 8.9
FED % 5% 28.3 28.5 44.7
Custom Duty % 5% 28.3 28.5 44.7
RD % 5% 28.3 28.5 44.7
Cost of CRC at port USD/ton 656.3 661.1 1,037.3
Inland Transportation USD/ton 10 10.0 10.0 10.0
Cost of CRC USD/ton 666.3 671.1 1,047.3
Cost of CRC in PKR PKR/ton 73,282.8 91,559.5 165,937.1

# Cost of HRC 574.2 501.4 484.3

-12.7% -3.4%
Freight USD/ton 15 15.0 15.0 15.0
Insurance % 2% 11.5 10.0 9.7
Landed Price of HRC USD/ton 600.7 526.4 509.0
Additional Custom % 1% 6.0 5.3 5.1
FED % 5% 30.0 26.3 25.4
Custom Duty % 5% 30.0 26.3 25.4
RD % 5% 30.0 26.3 25.4
Cost of HRC at port USD/ton 696.8 610.7 590.4
Inland Transportation USD/ton 10 10.0 10.0 10.0
Cost of HRC USD/ton 706.8 620.7 600.4
Cost of HRC in PKR PKR/ton 77,733.1 84,682.4 95,131.1

# Cost of HDGC 655 679 977

4% 44%
Freight USD/ton 15 15 15 15
Insurance % 2% 13 14 20
Landed Price of HDGC USD/ton 683 708 1,012
Additional Custom % 1% 7 7 10
FED % 5% 34 35 51
Custom Duty % 5% 34 35 51
RD % 5% 34 35 51
Cost of HDGC at port USD/ton 792 821 1,173
 Inland Transportation USD/ton 10 10 10 10
Cost of HDGC USD/ton 802 831 1,183
Cost of HDGC in PKR PKR/ton 88,248 113,353 187,496

# Sales
Production Capacity
Cold rolled steel coil 1,000,000
Cold rolled annealed
Cold rolled full hard
Galvanising 462,000
Colour coated 84,000

Utilization
Cold rolled 498,037
Galvanising 279,678
Colour coated 15,478
793,193
Utilization %
Cold rolled 50%
Galvanising 61%
Colour coated 18%

Cold rolled
Galvanising
Colour coated
Total Sales

Local - Gross
Export - Gross

Local (%)
Export (%)

Sales Tax
Trade Discount
Sales Commission

Sales Tax (%)

Trade Discount (%)
Sales Commission (%)

Local
Export
Sales -Net

# Cost of Sales
Opening
Purchases
Closing

Cost per ton

 Manufacturing overheads
Salaries, wages and benefits
Electricity, gas and water
Insurance
Security and janitorial
Depreciation
Amortization
Stores and spares consumed
(Reversal) / Provision for net realizable value written
down against stores and spares
Provision for capital spares
Repairs and maintenance
Postage, telephone and stationery
Vehicle, travel and conveyance
Internal material handling
Environment management expense
Computer stationery and software support fees
Sundries
Total

Cost of Sales

# SELLING AND DISTRIBUTION EXPENSES

Salaries, wages and benefits
Rent, rates and taxes
Electricity, gas and water
Insurance
Depreciation
Depreciation on right-of-use assets
Postage, telephone and stationery
Vehicle, travel and conveyance
Freight and forwarding
Sales promotion
Others

ADMINISTRATIVE EXPENSES
Salaries, wages and benefits
Rent, rates and taxes
Electricity, gas and water
Insurance
Depreciation
Depreciation on right-of-use assets
Security and janitorial services
Printing and stationery
Computer stationery and software support fees
Postage and communication
Vehicle, travel and conveyance
Legal and professional charges
Certification and registration charges
Directors’ fee
Others
OTHER OPERATING CHARGES
Auditors' remuneration
Donations

Workers' Profit Participation Fund

Workers' Welfare Fund

Export Realization charges

Exchange loss

Property, plant and equipment

Operating assets
Capital work-in-progress
Stores and spares held for capital expenditure

Cost
Opening Balance
Addition during the year
Disposal during the year
Revlaution
Ending Balance

Depreciation
Accumulated Depreciation/Impairment
Addition during the year
Disposal during year
Depreciation Revluation
Ending Balance

Net Book Value

Addition-%
Depreciation-%

Stores and spares

Stock-in-trade
Trade debts
Trade and other payables

Sales
Cogs

Inventory Turnover
Receivables Turnover
Payable Turnover
Stores and spares
Stock-in-trade
30/06/22A 30/06/23A 30/06/24F 30/06/25F 30/06/26F 30/06/27F 30/06/28F
6.50% 0.60% 2.00% 3.50% 4.50% 6.00% 6.00%
9.50% 35.00% 30.00% 15.00% 11.00% 9.00% 6.00%
7.00% 23.00% 20.00% 15.00% 11.00% 9.00% 7.00%
8.00% 24.00% 21.00% 16.00% 12.00% 10.00% 8.00%
160.21 287.00 270.00 297.00 326.70 359.37 395.31
29% 35% 35% 35% 35% 35% 35%
12.5% 12.5% 12.5% 12.5% 12.5% 12.5%
18% 18% 18% 18% 18% 18% 18%
15% 15% 15% 15% 15% 15% 15%

922.0 1123.0 1,369.9 1,671.2 2,038.7 2,487.0 3,033.8

7.0% 21.8% 22% 22% 22% 22% 22%
15.0 15.0 15.0 15.0 15.0 15.0 15.0
18.4 22.5 27.4 33.4 40.8 49.7 60.7
955.4 1,160.5 1,412.3 1,719.6 2,094.4 2,551.7 3,109.5
9.6 11.6 14.1 17.2 20.9 25.5 31.1
47.8 58.0 70.6 86.0 104.7 127.6 155.5
47.8 58.0 70.6 86.0 104.7 127.6 155.5
47.8 58.0 70.6 86.0 104.7 127.6 155.5
1,108.3 1,346.1 1,638.3 1,994.7 2,429.5 2,960.0 3,607.0
10.0 10.0 10.0 10.0 10.0 10.0 10.0
1,118.3 1,356.1 1,648.3 2,004.7 2,439.5 2,970.0 3,617.0
179,164.5 389,210.3 445,044.8 595,408.8 797,000.9 1,067,317.0 1,429,833.3

814.6 882.4 1,015.7 1,169.2 1,345.8 1,549.2 1,783.2

68.2% 8.3% 15.1% 15.1% 15.1% 15.1% 15.1%
15.0 15.0 15.0 15.0 15.0 15.0 15.0
16.3 17.6 20.3 23.4 26.9 31.0 35.7
845.9 915.0 1,051.0 1,207.6 1,387.8 1,595.2 1,833.9
8.5 9.2 10.5 12.1 13.9 16.0 18.3
42.3 45.8 52.6 60.4 69.4 79.8 91.7
42.3 45.8 52.6 60.4 69.4 79.8 91.7
42.3 45.8 52.6 60.4 69.4 79.8 91.7
981.2 1,061.5 1,219.2 1,400.8 1,609.8 1,850.4 2,127.3
10.0 10.0 10.0 10.0 10.0 10.0 10.0
991.2 1,071.5 1,229.2 1,410.8 1,619.8 1,860.4 2,137.3
158,805.7 307,507.8 331,884.3 419,001.8 529,186.7 668,567.5 844,902.4

1,016 1,225 1,340 1,466 1,604 1,755 1,920

4% 21% 9% 9% 9% 9% 9%
15 15 15 15 15 15 15
20 25 27 29 32 35 38
1,051 1,265 1,382 1,511 1,651 1,805 1,974
11 13 14 15 17 18 20
53 63 69 76 83 90 99
53 63 69 76 83 90 99
53 63 69 76 83 90 99
1,220 1,467 1,603 1,752 1,916 2,094 2,290
 10 10 10 10 10 10 10
1,230 1,477 1,613 1,762 1,926 2,104 2,300
196,983 423,847 435,563 523,433 629,109 756,205 909,072

1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000

454,000 454,000 454,000 454,000 454,000 454,000 454,000
46,000 46,000 46,000 46,000 46,000 46,000 46,000
462,000 462,000 462,000 462,000 462,000 462,000 462,000
84,000 84,000 84,000 84,000 84,000 84,000 84,000

441,013 135,270 358,107 358,107 358,107 358,107 358,107

213,200 154,006 215,628 215,628 215,628 215,628 215,628
17,037 14,268 15,594 15,594 15,594 15,594 15,594
671,250 303,544 589,329 589,329 589,329 589,329 589,329

44% 14% 36% 36% 36% 36% 36%

46% 33% 47% 47% 47% 47% 47%
20% 17% 19% 19% 19% 19% 19%

159,373,521 213,219,873 285,411,320 382,213,337 512,032,821

93,919,501 112,866,854 135,653,451 163,058,920 196,021,377
6,940,177 9,285,004 12,428,697 16,644,097 22,297,296
104,976,712 89,227,488 260,233,200 335,371,732 433,493,468 561,916,354 730,351,494

86,324,979 76,772,842 218,952,665 282,172,046 364,728,828 472,780,118 614,496,559

18,651,733 12,454,646 41,280,535 53,199,686 68,764,640 89,136,235 115,854,935

82% 86% 84% 84% 84% 84% 84%

18% 14% 16% 16% 16% 16% 16%

-12,602,944 -11,390,742 -39,411,480 -50,790,968 -65,651,189 -85,100,421 -110,609,381

-172,907 -411,128 -872,677 -1,124,649 -1,453,695 -1,884,353 -2,449,191
-777,163 -672,284 -1,974,152 -2,544,159 -3,288,519 -4,262,746 -5,540,510

15% 15% 18% 18% 18% 18% 18%

1% 3% 2% 2% 2% 2% 2%
4% 5% 5% 5% 5% 5% 5%

73,722,035 65,382,100 179,541,185 231,381,077 299,077,639 387,679,697 503,887,178

17,701,663 11,371,234 38,433,707 49,530,878 64,022,426 82,989,136 107,865,234
91,423,698 76,753,334 217,974,892 280,911,955 363,100,065 470,668,833 611,752,413

6,899,025 7,542,380
78,799,100 56,535,574 102,899,085 118,446,023 136,341,935 156,941,726 180,653,923
7,542,380 7,333,948
78,155,745 56,744,006 102,899,085 118,446,023 136,341,935 156,941,726 180,653,923

116.43 186.94 174.60 200.98 231.35 266.31 306.54

 829,863 774,672 1,042,948 1,199,390 1,331,323 1,451,142 1,538,210
1,533,200 1,627,410 2,054,397 2,362,556 2,622,437 2,858,456 3,029,964
33,109 36,191 45,045 51,802 57,500 62,675 66,435
35,755 42,170 50,651 58,249 64,656 70,475 74,704
1,359,285 1,477,909
312 370
147,053 153,108 150,081 150,081 150,081 150,081 150,081

77,127 -7,819 34,654 34,654 34,654 34,654 34,654

26,231 27,467 26,849 26,849 26,849 26,849 26,849
154,427 186,477 170,452 170,452 170,452 170,452 170,452
6,720 6,659 8,696 10,001 11,101 12,100 12,826
48,489 89,632 89,779 103,245 114,602 124,917 132,412
26,719 30,285 28,502 28,502 28,502 28,502 28,502
6,918 6,486 6,702 6,702 6,702 6,702 6,702
29,275 86,561 75,293 86,587 99,576 114,512 131,689
34,243 19,446 26,845 26,845 26,845 26,845 26,845
4,348,726 4,557,024 3,810,893 4,315,914 4,745,279 5,138,361 5,430,324

106,709,978 122,761,937 141,087,214 162,080,087 186,084,247

137,414 125,068 170,613 196,205 217,788 237,389 251,632

478 776 815 937 1,040 1,134 1,202
4,098 5,012 5,922 6,810 7,559 8,239 8,733
7,609 5,585 8,576 9,863 10,947 11,933 12,649
13,056 14,054
15,088 16,393
5,480 6,820 7,995 9,194 10,206 11,124 11,792
20,491 45,795 43,086 49,549 54,999 59,949 63,546
1,243,125 671,864 957,495 957,495 957,495 957,495 957,495
101,031 93,789 97,410 97,410 97,410 97,410 97,410
15,259 12,068 13,664 13,664 13,664 13,664 13,664
1,563,129 997,224 1,305,575 1,341,126 1,371,107 1,398,336 1,418,122

208,233 225,882 282,175 324,501 360,196 392,614 416,171

229 29 168 193 214 233 247
1,780 2,425 2,733 3,143 3,489 3,803 4,031
3,170 2,196 3,488 4,011 4,452 4,853 5,144
14,050 16,456
3,165 3,493
534 1,183 1,116 1,283 1,425 1,553 1,646
1,258 2,493 1,876 1,876 1,876 1,876 1,876
112 133 159 183 203 222 235
573 1,146 1,117 1,285 1,426 1,555 1,648
12,139 18,265 19,763 22,727 25,227 27,497 29,147
70,582 83,075 99,877 114,859 127,493 138,967 147,305
4,126 4,440 4,283 4,283 4,283 4,283 4,283
6,800 9,600 10,660 12,259 13,607 14,832 15,722
13,057 18,241 15,649 15,649 15,649 15,649 15,649
 339,808 389,057 443,063 506,252 559,541 607,937 643,104

2,695 3,507 3,504 4,029 4,472 4,875 5,167

85,590 55,660 1,085,587,140 1,548,607,729 2,179,804,164 3,035,860,255 4,194,004,510
1% 1% 1% 1% 1% 1% 1%
430,148 277,332 5,432,409,072 7,749,419,988 10,908,003,129 15,191,811,131 20,987,304,762
5% 5% 5% 5% 5% 5% 5%
172,059 73,733 1,809,788,520 2,581,692,789 3,633,963,970 5,061,099,968 6,991,848,869
2% 1% 2% 2% 2% 2% 2%
48,499 32,226 48,499 48,499 48,499 48,499 48,499
617,018 1,479,155 617,018 617,018 617,018 617,018 617,018
1,356,009 1,921,613 8,328,453,752 11,880,390,053 16,722,441,253 23,289,441,746 32,173,828,824

19,671,436 19,052,667 20,344,991 21,695,234 23,105,991 24,579,974 26,120,017

574,400 703,715 639,058 639,058 639,058 639,058 639,058
503,769 548,187 525,978 525,978 525,978 525,978 525,978
20,749,605 20,304,569 21,510,027 22,860,270 24,271,027 25,745,010 27,285,053

26,410,832 27,838,689 28,835,431 30,127,755 31,477,998 32,888,755 34,362,738

1,346,094 1,076,438 1,292,324 1,350,243 1,410,757 1,473,983 1,540,043
858,672 79,696 0 0 0 0 0
940,435 0 0 0 0 0 0
27,838,689 28,835,431 30,127,755 31,477,998 32,888,755 34,362,738 35,902,781

8,026,031 8,167,253 9,782,764 9,782,764 9,782,764 9,782,764 9,782,764

1,497,883 1,676,252 1,686,213 1,761,784 1,840,742 1,923,239 2,009,433
807,334 60,741 0 0 0 0 0
549,327 0 0 0 0 0 0
8,167,253 9,782,764 9,782,764 9,782,764 9,782,764 9,782,764 9,782,764

19,671,436 19,052,667 20,344,991 21,695,234 23,105,991 24,579,974 26,120,017

5.1% 3.9% 4.5% 4.5% 4.5% 4.5% 4.5%

5.4% 5.8% 5.6% 5.6% 5.6% 5.6% 5.6%

904,026 1,004,646 1,455,674 1,674,645 1,924,628 2,211,000 2,538,450

30,196,653 17,261,712 33,175,388 38,165,831 43,863,031 50,389,569 57,852,295
1,034,132 1,148,499 2,808,313 3,619,172 4,678,055 6,063,934 7,881,606
6,470,477 10,712,974 11,605,090 13,350,798 15,343,737 17,626,787 20,237,324

91,423,698 76,753,334 217,974,892 280,911,955 363,100,065 470,668,833 611,752,413

79,042,389 66,145,658 106,709,978 122,761,937 141,087,214 162,080,087 186,084,247

2.54 3.62 3.08 3.08 3.08 3.08 3.08

88.41 66.83 77.62 77.62 77.62 77.62 77.62
12.22 6.17 9.20 9.20 9.20 9.20 9.20
 3% 5% 4% 4% 4% 4% 4%
97% 95% 96% 96% 96% 96% 96%
 30/06/22A 30/06/23A 30/06/24F 30/06/25F

# Income Statement
Revenue from contracts with customers 91,423,698 76,753,334 217,974,892 280,911,955
Cost of sales (79,042,389) (66,145,658) -106,709,978 -122,761,937
Gross profit 12,381,309 10,607,676 111,264,914 158,150,018
Selling and distribution expenses (1,563,129) (997,224) -1,305,575 -1,341,126
Administrative expenses (339,808) (389,057) -443,063 -506,252
(1,902,937) (1,386,281) -1,748,638 -1,847,378
Operating profit 10,478,372 9,221,395 109,516,276 156,302,640
Finance cost (1,322,584) (2,264,167) (892,813) (1,364,746)
Other operating charges (1,356,009) (1,921,613) 8,328,454 11,880,390
(2,678,593) (4,185,780) -8,329,347 -11,881,755
Other income 200,971 155,796 178,384 178,384
Profit before income tax 8,000,750 5,191,411 101,365,313 144,599,269
Income tax expense (2,588,560) (1,672,621) 35,477,859 50,609,744
Profit for the year 5,412,190 3,518,790 65,887,453 93,989,525

Dividend Payment 3,913,497 3,262,777 54,368,132 77,557,025

Payout Ratio 72% 93% 83% 83%

# Balance Sheet

ASSETS
NON-CURRENT ASSETS
Property, plant and equipment 20,749,605 20,304,569 21,510,027 22,860,270
Right-of-use assets 63,725 43,839 53,782 53,782
Intangible assets 176,866 309,580 243,223 243,223
Long term deposit with Central Depository Company of 100 100
Pakistan Limited 100 100
20,990,296 20,658,088 21,807,132 23,157,375

CURRENT ASSETS
Stores and spares 904,026 1,004,646 1,455,674 1,674,645
Stock-in-trade 30,196,653 17,261,712 33,175,388 38,165,831
Trade debts 1,034,132 1,148,499 2,808,313 3,619,172
Receivable from K-Electric Limited (KE) 32,874 16,685 24,780 24,780
Advances, trade deposits and prepayments 110,795 55,862 83,329 83,329
Staff retirement benefits 0 0 0 0
Sales tax receivable 1,739,818 480,954 1,110,386 1,110,386
Cash and bank balances 896,462 1,765,136
34,914,760 21,733,494 37,440,593,430 43,460,866,296
Total Assets 55,905,056 42,391,582 37,462,400,562 43,484,023,671
 Non-Current Liabilities
Long term financing - secured 2,778,846 1,005,986 1,277,914 986,278
Deferred income - government grant 136,550 126,738 131,644 131,644
Gas Infrastructure Development Cess 426,521 148,993 287,757 287,757
Deferred taxation - net 1,705,161 1,989,947 1,847,554 1,847,554
Lease liabilities 48,786 29,426 39,106 39,106
5,095,864 3,301,090 3,583,975 3,292,339
CURRENT LIABILITIES
Trade and other payables 6,470,477 10,712,974 11,605,090 13,350,798
Contract liabilities 2,290,226 1,816,607 2,053,417 2,053,417
Short term borrowings - secured 17,359,553 3,334,225 5,000,000 13,000,000
Unpaid dividend 0 1,527 764 764
Unclaimed dividend 10,301 8,497 8,497 8,497
Current portion of long term financing - secured 1,419,495 377,378 260,822 291,635
Current portion of lease liabilities 16,155 19,859 18,007 18,007
Taxation - net 1,375,883 920,894 1,148,389 1,148,389
Accrued mark-up 271,013 214,651 242,832 242,832
29,213,103 17,406,612 11,613,822,682 13,367,561,236
Total Liabilities 34,308,967 20,707,702 11,617,406,656 13,370,853,575

Equity
Share Capital 4,350,000 4,350,000 4,350,000 4,350,000
Reserve 14,835,313 15,146,402 11,534,468 27,966,967
Capital Reserve 2,410,776 2,187,478 2,187,478 2,187,478
Total Equity 21,596,089 21,683,880 11,541,005 27,973,505

Total Liabilities and Equity 55,905,056 42,391,582 23,158,412 41,344,358

Check 0 0

# Cash flow Statement

Profit Before Tax
Interest Expense
Changes in Current Assets
Changes in Current Liabilities
Changes in WC
Depreciation
Interest Expense
Taxes
Deferred taxation - net
Cashflow From Operations

CAPEX

Cashflow from Investment

Cashflow from Financing

Share Capital
Unappropriated Profit
Dividend Paid
Net Borrowing
Revaluation surplus on property, plant and equipment
Net Cashflow from Financing

Net Cashflow
 30/06/26F 30/06/27F 30/06/28F

363,100,065 470,668,833 611,752,413

-141,087,214 -162,080,087 -186,084,247
222,012,851 308,588,745 425,668,166
-1,371,107 -1,398,336 -1,418,122
-559,541 -607,937 -643,104
-1,930,648 -2,006,272 -2,061,226
220,082,203 306,582,473 423,606,940
(1,715,541) (1,840,980) (1,680,413)
16,722,441 23,289,442 32,173,829
-16,724,157 -23,291,283 -32,175,509
178,384 178,384 178,384
203,536,430 283,469,574 391,609,814
71,237,750 99,214,351 137,063,435
132,298,679 184,255,223 254,546,379

109,168,464 152,041,273 210,043,194

83% 83% 83%

24,271,027 25,745,010 27,285,053

53,782 53,782 53,782
243,223 243,223 243,223

100 100 100

24,568,132 26,042,115 27,582,158

1,924,628 2,211,000 2,538,450

43,863,031 50,389,569 57,852,295
4,678,055 6,063,934 7,881,606
24,780 24,780 24,780
83,329 83,329 83,329
0 0 0
1,110,386 1,110,386 1,110,386

50,466,932,812 58,665,721,653 68,273,569,739

50,491,500,944 58,691,763,767 68,301,151,897
 694,643 533,899 390,071
131,644 131,644 131,644
287,757 287,757 287,757
1,847,554 1,847,554 1,847,554
39,106 39,106 39,106
3,000,704 2,839,960 2,696,132

15,343,737 17,626,787 20,237,324

2,053,417 2,053,417 2,053,417
20,000,000 25,000,000 30,000,000
764 764 764
8,497 8,497 8,497
291,635 160,744 143,828
18,007 18,007 18,007
1,148,389 1,148,389 1,148,389
242,832 242,832 242,832
15,367,500,360 17,655,419,149 20,270,939,997
15,370,501,064 17,658,259,109 20,273,636,129

4,350,000 4,350,000 4,350,000

51,097,183 83,311,133 127,814,319
2,187,478 2,187,478 2,187,478
51,103,721 83,317,671 127,820,856

66,474,222 100,975,930 148,094,492

 6/30/2022 6/30/2023
Q1 Q2 Q3 Q4
KIBOR 8.00% 24.00%
LTFF 13% 13%
TERF 3% 3%
Export Refinance 17.75%

LTFF Bank AL Habib 365,434 240,432 200,360 160,288

Spread
Principal 40,072 40,072
Interest 15,628 13,023
Payment 55,700 53,095

LTFF United Bank Limited 340,463 219,904 202,988 186,073 169,157 152,241
Spread
Principal 16,916 16,916 16,916 16,916
Interest 7,147 6,597 6,047 5,498
Payment 24,063 23,513 22,963 22,413

LTFF Allied Bank Limited 185,489 195,370 183,159 170,949

Spread
Principal 12,211 12,211
Interest 12,211 11,447
Payment 24,421 23,658

TERF NBP 442,889 493,003 493,003 462,190

Spread
Principal 30,813
Interest 10,476 9,822
Payment 10,476 40,634

ILTFF Meezan 447,402 390,027 375,582 361,136 346,691 332,245

Spread
Principal 14,445 14,445 14,445 14,445
Interest 14,626 14,084 13,543 13,001
Payment 29,071 28,530 27,988 27,446

Current Portion of LTD 260,822

Total Long-Term Debt 1,277,914

Short Term Debt 17,359,553 3,334,225

Spreads
Interest Expense 147,956 147,956 221,875 221,875

Total Interest Payment 181,940 194,742 252,912 263,218

6/30/2024 6/30/2025
Q1 Q2 Q3 Q4 Q1 Q2 Q3
21.00% 16.00%
12% 10%
3% 3%
17.75% 14%

120,216 80,144 40,072

1% 1%
40,072 40,072 40,072
8,816 6,612 3,606
48,888 46,684 43,678

135,326 118,410 101,494 84,578 67,663 50,747 33,831

1% 1%
16,916 16,916 16,916 16,916 16,916 16,916 16,916
4,187 3,721 3,256 2,791 1,903 1,522 1,142
21,102 20,637 20,172 19,707 18,819 18,438 18,058

158,738 146,528 134,317 122,106

0.50% 0.50%
12,211 12,211 12,211 12,211
8,975 8,334 6,227 5,708
21,185 20,544 18,438 17,919

431,378 400,565 369,752

1.25% 1.25%
30,813 30,813 30,813
9,167 8,512 7,857
39,979 39,325 38,670

317,800 303,354 288,909 274,463 260,018 245,573 231,127

3% 3%
14,445 14,445 14,445 14,445 14,445 14,445 14,445
10,798 10,328 9,859 9,390 7,548 7,150 6,753
25,243 24,774 24,304 23,835 21,993 21,596 21,199

291,635
986,278

5,000,000 13,000,000

175,000 175,000 455,000 455,000 325,000 325,000 500,000

892,813 198,959 207,033 476,449 482,305 1,364,746 340,678 345,137 513,604

 6/30/2026 6/30/2027
Q4 Q1 Q2 Q3 Q4 Q1 Q2
12.00% 10.00%
8% 7%
3% 3%
10% 8%

-
1%
40,072
1,803
41,875

16,916 0
1% 1%
16,916 16,916
761 338
17,677 17,254

109,896 97,685 85,474

0.50% 0.50%
12,211 12,211 12,211
4,579 4,121 3,663
16,790 16,332

338,940 308,127 277,314 246,502

1.25% 1.25%
30,813 30,813 30,813 30,813
7,202 6,548 5,893 5,238
38,015 37,360 36,706 36,051

216,682 202,236 187,791 173,345 158,900 144,454 130,009

3% 3%
14,445 14,445 14,445 14,445 14,445 14,445 14,445
6,356 5,417 5,056 4,695 4,334 3,972 3,611
20,801 19,862 19,501 19,140 18,779 18,418 18,057

291,635 160,744
694,643 533,899

20,000,000 25,000,000

500,000 400,000 400,000 500,000 500,000 375,000 375,000

516,123 1,715,541 410,334 411,604 508,816 510,227 1,840,980 382,636 383,850

 6/30/2028
Q3 Q4
8.00%
7%
3%
6%

1%

73,264
0.50%
12,211
3,205

215,689
1.25%
30,813
4,583
35,396

115,564 101,118
3%
14,445 14,445
3,250 2,889
17,696 17,335

143,828
390,071

30,000,000

450,000 450,000

456,456 457,472 1,680,413