Anda di halaman 1dari 56

Assumptions

Assumptions are in blue and flow through the model

US$

Project Summary
Project Cost
Construction Cost
Land Cost
Fees
Construction Interest
Total Project
Financing
Pre-sold Units
Sponsor Equity
Other Equity
Mezzanine
Construction Loan
Units Sold
Total Financing
Permanent Mortgage Loan
Exchange Rate

XXX

Construction Cost
Units for Sale
Access Road (KM)
Internal Roads (KM)
Land Make Ready (Sq. M)
Infrastructure (Sq. M)
Restaurant/Reception
Legal/Permitting
Contingency
Total

Units

US$

na
na
na
na
na
na
na
na
na
na
na
na
na
na
na

22,150,000
5,000,000
5,255,000
3,200,000
35,605,000
0
1,000,000
0
6,500,000
28,105,000
0
35,605,000
na

59

na

Project Return-Mezzanine
Cash Month 48
Cash Distribution to Mezzanine Holders
Cash Return %
Interest Return
Total Return %

Cost
234,915

na

Units
Month

US$
13,860,000
2,000,000
1,300,000
500,000
1,550,000
900,000
2,040,000
22,150,000

New Construction Units-Villas


New Construction Units-3 Bedrooms
New Construction Units-2 Bedrooms
Finished Units-Villas
Finished Units-3 Bedrooms
Finished Units-2 Bedrooms
Units Sold-Villas
Units Sold-3 Bedrooms
Units Sold-2 Bedrooms
Value of Units Sold $
Unit Economics
Unit Type
Units-Villas
Units-3 Bedrooms
Units-2 Bedrooms
Project

Professional Fees
Insurance and Bonding
Surveying
Architect
Engineering
Environmental
Landscape Architect
Project Management
Legals on Land Purchase
Other
Total
Loan Fees
Closing Fee $
Investment Banking Fee $
Legal $
Bank Appraisal/Administration $
Total

Monthly Operating Cost

US$
150,000
970,000
600,000
300,000
400,000
1,500,000
60,000
300,000
4,280,000
Cost

Construction Loan Interest Rate %


Commitment Fee-Loan %
Mezzanine Cash Interest %

US$
225,000
500,000
100,000
150,000
975,000

Construction Period (Months)


Selling Period (Months)
Total Elapsed Time Project (Months)
Time to Construct 1 Unit Months
Time to Sell Completed Unit Months
Average Unit Selling Price $
Sales Commission %
Transfer Tax Paid by Seller %
Legal Fees per Sale %
Stamp Tax
Marketing Expense-Total $

Factor
15% $

US$
22,227,281
3,334,092
9.7%
12.0%
21.7%

Month
1
0
0
0
0
0
0
0
0
0
0

2
0
0
0
0
0
0
0
0
0
0

3
0
0
0
0
0
0
0
0
0
0

4
0
0
0
0
0
0
0
0
0
0

No of
units
33
6
20

Avg sq ft
per unit
2,500
1,500
1,200

Construction Cost
US$/sq ft
120.00
120.00
120.00

59

5
0
0
0
0
0
0
0
0
0
0
Construction
Cost
US$/unit
300,000
180,000
144,000
13,860,000

6
0
0
0
0
0
0
0
0
0
0

7
0
0
0
0
0
0
0
0
0
0

8
0
0
0
0
0
0
0
0
0
0

Sale Price
US$/sq ft

Sale Price
US$/unit
1,500,000
825,000
600,000

Total Sales
US$
49,500,000
4,950,000
12,000,000
66,450,000

600
550
500

9
0
0
0
0
0
0
0
0
0
0

9.00%
1.50%
12.00%

39
36
48
8
8
1,126,271
3.0%
6.0%
1.0%
0.0%
300,000

Land
Acres
Cost/Sq. M $
Land Cost $

87
57,471
5,000,000

Month
10
0
0
0
0
0
0
0
0
0
0

11
0
0
0
0
0
0
0
0
0
0

12
0
0
0
0
0
0
0
0
0
0

13
3
1
1
0
0
0
0
0
0
0

14
3
0
0
0
0
0
0
0
0
0

15
3
0
0
0
0
0
0
0
0
0

16
3
0
0
0
0
0
0
0
0
0

17
3
0
0
0
0
0
0
0
0
0

18
3
0
0
0
0
0
0
0
0
0

19
3
0
0
0
0
0
0
0
0
0

20
3
0
0
3
1
1
0
0
0
0

21
3
0
0
3
0
0
0
0
0
0

22
3
0
0
3
0
0
0
0
0
0

23
3
0
0
3
0
0
0
0
0
0

24
0
0
2
3
0
0
0
0
0
0

25
0
0
2
3
0
0
0
0
0
0

26
0
0
2
3
0
0
0
0
0
0

27
0
0
2
3
0
0
0
0
0
0

28
0
0
2
3
0
0
3
1
1
5925000

29
0
1
2
3
0
0
3
0
0
4500000

Month
30
0
1
2
3
0
0
3
0
0
4500000

31
0
1
2
0
0
2
3
0
0
4500000

32
0
1
2
0
0
2
3
0
0
4500000

33
0
1
1
0
0
2
3
0
0
4500000

34
0
0
0
0
0
2
3
0
0
4500000

35
0
0
0
0
0
2
3
0
0
4500000

36
0
0
0
0
1
2
3
0
0
4500000

37
0
0
0
0
1
2
3
0
0
4500000

38
0
0
0
0
1
2
3
0
0
4500000

39
0
0
0
0
1
2
0
0
2
1200000

40
0
0
0
0
1
1
0
0
2
1200000

41
0
0
0
0
0
0
0
0
2
1200000

42
0
0
0
0
0
0
0
0
2
1200000

43
0
0
0
0
0
0
0
0
2
1200000

44
0
0
0
0
0
0
0
1
2
2025000

45
0
0
0
0
0
0
0
1
2
2025000

46
0
0
0
0
0
0
0
1
2
2025000

47
0
0
0
0
0
0
0
1
2
2025000

48
Total
Check
0
33
0
6
0
20
0
33
0
6
0
20
0
33
1
6
1
20
1425000
66,450,000

0
0
0
0
0
0
0
0
0
0

Summary Financial Information


US$

US$
Units Sold
Units Finished Unsold

Year 1

Year 2

Year 3

Year 4

0
0

0
17

29
19

30
0

Revenue
Gross Margin
Operating Expense
Interest Expense
Net Income

0
0
2,042,000
1,489,075
(3,531,075)

0
0
1,706,000
2,307,825
(4,013,825)

41,925,000
33,501,000
4,732,500
2,075,819
26,692,681

24,525,000
19,089,000
2,864,500
16,224,500

Construction Loan Outstanding YE


Construction Loan Undrawn YE
Maximum Construction Loan Drawn
Mezzanine Outstanding YE

7,500,000
20,605,000
7,500,000
6,500,000

22,500,000
5,605,000
22,500,000
6,500,000

0
0
26,000,000
1,000,000

0
0
0
0

2,347,925

1,329,267

2,079,781

22,227,281

Cash Position

Sources & Uses


Uses
Construction Cost
Land Cost
Fees
Construction Interest
Total
Sources
Pre-sold Units
Sponsor Equity
Other Equity
Mezzanine
Construction Loan
Units Sold
Total

US$
22,150,000
6,500,000
4,955,000
3,200,000
36,805,000
0
1,000,000
0
6,500,000
29,305,000
0
36,805,000

Build Out Plan


US$

Month

Units Under Construction


Villas
Opening Balance
New
Finished Previous Month
Closing Balance

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

3 Bedroom
Opening Balance
New
Finished Previous Month
Closing Balance

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

2 Bedrooms
Opening Balance
New
Finished Previous Month
Closing Balance

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

Monthly Construction Cost


Villas
3 Bedroom
2 Bedrooms
Total

37,500
22,500
18,000

Revenue
Villas
3 Bedroom
2 Bedrooms
Total

1,500,000
825,000
600,000

Cost of Sales
Villas
3 Bedroom
2 Bedrooms
Total

300,000
180,000
144,000

Gross Margin
Villas
3 Bedroom
2 Bedrooms

Total
Operating Expenses
Sales & Markting
Sales Commission
Transfer Tax Paid by Seller
Legal Fees per Sale
Marketing Expense
Total
Professional Fees
Insurance and Bonding
Surveying
Architect
Engineering
Environmental
Landscape Architect
Project Management
Legals on Land Purchase
Other
Total
Bank Loan Administration
Legal/Permitting
Grand Total OPEX
Balance Sheet
Property Improvements Monthly
Access Road
Internal Roads
Land Make Ready
Infrastructure
Restaurant/Reception
Contingency
Total
Cumulative Property Improvements
Depreciation
Accumulated Depreciation
Construction in Progress
Opening Balance
Construction Cost
Units Sold
Ending Balance

0.03
0.06
0.01
300,000

150,000
970,000
600,000
300,000
400,000
1,500,000
60,000
300,000

120,000
0

2,000,000
1,300,000
500,000
1,550,000
900,000
2,040,000

75,000
8,000
50,000
25,000

8,000
50,000
25,000

8,000
50,000
25,000

8,000
50,000
25,000

8,000
50,000
25,000

25,000
31,250

25,000
31,250

25,000
31,250

25,000
31,250

12,500
151,750

12,500
151,750

12,500
151,750

12,500
151,750

25,000
31,250
60,000
12,500
286,750
3,000
0
289,750

3,000

3,000

3,000

3,000

154,750

154,750

154,750

154,750

100,000
54,167
8,000
25,000

100,000
54,167
8,000
25,000

100,000
54,167
8,000
25,000

100,000
54,167
8,000
25,000

100,000
54,167
8,000
25,000

85,000
272,167
272,167

85,000
272,167
544,333

85,000
272,167
816,500

85,000
272,167
1,088,667

85,000
272,167
1,360,833

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

0
0
0
0

10

11

12

13

14

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
0
0

0
3
0
3

3
3
0
6

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
0
0

0
1
0
1

1
0
0
1

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
0
0

0
1
0
1

1
0
0
1

112,500
22,500
18,000
153,000

225,000
22,500
18,000
265,500

10,000
10,000

10,000
10,000

10,000
10,000

10,000
10,000

10,000
10,000

15,000
15,000

15,000
15,000

8,000
50,000
25,000

8,000
50,000
25,000

8,000
50,000
25,000

8,000
50,000
25,000

8,000
50,000
25,000

8,000
50,000
25,000

8,000
50,000
25,000

25,000
70,000

70,000

25,000
31,250

25,000
31,250

25,000
31,250

25,000
31,250

25,000
31,250

25,000
31,250

25,000
31,250

25,000
31,250

25,000
31,250

12,500
151,750

12,500
151,750

12,500
151,750

12,500
151,750

12,500
151,750

12,500
151,750

12,500
151,750

12,500
163,750

12,500
138,750

3,000

3,000

3,000

3,000

3,000

3,000

3,000

3,000

3,000

154,750

154,750

164,750

164,750

164,750

164,750

164,750

181,750

156,750

100,000
54,167
8,000
25,000

100,000
54,167
8,000
25,000

100,000
54,167
8,000
25,000

100,000
54,167
8,000
25,000

100,000
54,167
8,000
25,000

100,000
54,167
8,000
25,000

100,000
54,167
8,000
25,000

85,000
272,167
1,633,000

85,000
272,167
1,905,167

85,000
272,167
2,177,333

85,000
272,167
2,449,500

85,000
272,167
2,721,667

85,000
272,167
2,993,833

85,000
272,167
3,266,000

44,444
54,167
33,667
50,000
100,000
85,000
367,278
3,633,278

44,444
54,167
33,667
50,000
100,000
85,000
367,278
4,000,556

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

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
153,000
153,000

153,000
265,500
418,500

15

16

17

18

19

20

21

22

23

6
3
0
9

9
3
0
12

12
3
0
15

15
3
0
18

18
3
0
21

21
3
0
24

24
3
3
24

24
3
3
24

24
3
3
24

1
0
0
1

1
0
0
1

1
0
0
1

1
0
0
1

1
0
0
1

1
0
0
1

1
0
1
0

0
0
0
0

0
0
0
0

1
0
0
1

1
0
0
1

1
0
0
1

1
0
0
1

1
0
0
1

1
0
0
1

1
0
1
0

0
0
0
0

0
0
0
0

337,500
22,500
18,000
378,000

450,000
22,500
18,000
490,500

562,500
22,500
18,000
603,000

675,000
22,500
18,000
715,500

787,500
22,500
18,000
828,000

900,000
22,500
18,000
940,500

900,000
900,000

900,000
900,000

900,000
900,000

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

15,000
15,000

70,000

70,000

70,000

70,000

70,000

70,000

70,000

70,000

70,000

25,000
31,250

25,000
31,250

31,250

31,250

31,250

31,250

31,250

31,250

31,250

12,500
138,750

12,500
138,750

12,500
113,750

12,500
113,750

12,500
113,750

12,500
113,750

12,500
113,750

12,500
113,750

12,500
113,750

3,000

3,000

3,000

3,000

3,000

3,000

3,000

3,000

3,000

156,750

156,750

131,750

131,750

131,750

131,750

131,750

131,750

131,750

44,444
54,167
33,667
50,000
100,000
85,000
367,278
4,367,833

44,444
54,167
33,667
50,000
100,000
85,000
367,278
4,735,111

44,444
54,167
33,667
50,000
100,000
85,000
367,278
5,102,389

44,444
54,167
33,667
50,000
100,000
85,000
367,278
5,469,667

44,444
54,167
33,667
50,000
100,000
85,000
367,278
5,836,944

44,444
54,167
33,667
50,000
100,000
85,000
367,278
6,204,222

44,444
54,167
33,667
50,000
100,000
85,000
367,278
6,571,500

44,444
54,167
33,667
50,000

44,444
54,167
33,667
50,000

85,000
267,278
6,838,778

85,000
267,278
7,106,056

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

418,500
378,000
796,500

796,500
490,500
1,287,000

1,287,000
603,000
1,890,000

1,890,000
715,500
2,605,500

2,605,500
828,000
3,433,500

3,433,500
940,500
4,374,000

4,374,000
900,000
5,274,000

5,274,000
900,000
6,174,000

6,174,000
900,000
7,074,000

24

25

26

27

28

29

30

31

32

24
0
3
21

21
0
3
18

18
0
3
15

15
0
3
12

12
0
3
9

9
0
3
6

6
0
3
3

3
0
3
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
1
0
1

1
1
0
2

2
1
0
3

3
1
0
4

0
2
0
2

2
2
0
4

4
2
0
6

6
2
0
8

8
2
0
10

10
2
0
12

12
2
0
14

14
2
0
16

16
2
2
16

787,500
36,000
823,500

675,000
72,000
747,000

562,500
108,000
670,500

450,000
144,000
594,000

337,500
180,000
517,500

225,000
22,500
216,000
463,500

112,500
45,000
252,000
409,500

67,500
288,000
355,500

90,000
288,000
378,000

4,500,000
825,000
600,000
5,925,000

4,500,000
4,500,000

4,500,000
4,500,000

4,500,000
4,500,000

4,500,000
4,500,000

900,000
180,000
144,000
1,224,000

900,000
900,000

900,000
900,000

900,000
900,000

900,000
900,000

3,600,000
645,000
456,000

3,600,000
-

3,600,000
-

3,600,000
-

3,600,000
-

4,701,000

3,600,000

3,600,000

3,600,000

3,600,000

15,000
15,000

15,000
15,000

15,000
15,000

15,000
15,000

177,750
355,500
59,250
15,000
607,500

135,000
270,000
45,000
10,000
460,000

135,000
270,000
45,000

135,000
270,000
45,000

135,000
270,000
45,000

450,000

450,000

450,000

70,000

25,000
4,000

4,000

4,000

4,000

4,000

4,000

4,000

4,000

31,250

31,250

31,250

31,250

31,250

31,250

31,250

31,250

31,250

12,500
113,750

60,250

35,250

35,250

35,250

35,250

35,250

35,250

35,250

3,000

3,000

3,000

3,000

3,000

3,000

3,000

3,000

3,000

131,750

78,250

53,250

53,250

645,750

498,250

488,250

488,250

488,250

44,444
54,167
33,667
50,000

44,444

44,444

44,444

44,444

44,444

44,444

54,167

54,167

54,167

54,167

54,167

54,167

54,167

54,167

85,000
267,278
7,373,333

98,611
7,471,944

98,611
7,570,556

98,611
7,669,167

98,611
7,767,778

98,611
7,866,389

98,611
7,965,000

54,167
8,019,167

54,167
8,073,333

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

7,074,000
823,500
7,897,500

7,897,500
747,000
8,644,500

8,644,500
670,500
9,315,000

9,315,000
594,000
9,909,000

9,909,000
517,500
1,224,000
9,202,500

9,202,500
463,500
900,000
8,766,000

8,766,000
409,500
900,000
8,275,500

8,275,500
355,500
900,000
7,731,000

7,731,000
378,000
900,000
7,209,000

33

34

35

36

37

38

39

40

41

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
0
0

0
0
0
0

0
0
0
0

4
1
0
5

5
0
0
5

5
0
0
5

5
0
0
5

5
0
1
4

4
0
1
3

3
0
1
2

2
0
1
1

1
0
1
0

16
1
2
15

15
0
2
13

13
0
2
11

11
0
2
9

9
0
2
7

7
0
2
5

5
0
2
3

3
0
2
1

1
0
1
0

112,500
270,000
382,500

112,500
234,000
346,500

112,500
198,000
310,500

112,500
162,000
274,500

90,000
126,000
216,000

67,500
90,000
157,500

45,000
54,000
99,000

22,500
18,000
40,500

4,500,000
4,500,000

4,500,000
4,500,000

4,500,000
4,500,000

4,500,000
4,500,000

4,500,000
4,500,000

4,500,000
4,500,000

1,200,000
1,200,000

1,200,000
1,200,000

1,200,000
1,200,000

900,000
900,000

900,000
900,000

900,000
900,000

900,000
900,000

900,000
900,000

900,000
900,000

288,000
288,000

288,000
288,000

288,000
288,000

3,600,000
-

3,600,000
-

3,600,000
-

3,600,000
-

3,600,000
-

3,600,000
-

912,000

912,000

912,000

3,600,000

3,600,000

3,600,000

3,600,000

3,600,000

3,600,000

912,000

912,000

912,000

135,000
270,000
45,000

135,000
270,000
45,000

135,000
270,000
45,000

135,000
270,000
45,000

135,000
270,000
45,000

135,000
270,000
45,000

36,000
72,000
12,000

36,000
72,000
12,000

36,000
72,000
12,000

450,000

450,000

450,000

450,000

450,000

450,000

120,000

120,000

120,000

25,000
2,000

31,250

31,250

31,250

31,250

31,250

31,250

31,250

31,250

31,250

33,250

31,250

31,250

31,250

56,250

31,250

31,250

31,250

31,250

3,000

3,000

3,000

3,000

3,000

3,000

3,000

3,000

486,250

484,250

484,250

484,250

509,250

484,250

154,250

154,250

151,250

54,167

54,167

54,167

54,167

54,167
8,127,500

54,167
8,181,667

54,167
8,235,833

54,167
8,290,000

8,290,000

8,290,000

8,290,000

8,290,000

8,290,000

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

7,209,000
382,500
900,000
6,691,500

6,691,500
346,500
900,000
6,138,000

6,138,000
310,500
900,000
5,548,500

5,548,500
274,500
900,000
4,923,000

4,923,000
216,000
900,000
4,239,000

4,239,000
157,500
900,000
3,496,500

3,496,500
99,000
288,000
3,307,500

3,307,500
40,500
288,000
3,060,000

3,060,000
288,000
2,772,000

42

43

44

45

46

47

48

Totals

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
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

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
0
0

0
0
0
0

Check

9,900,000
1,080,000
2,880,000
13,860,000

1,200,000
1,200,000

1,200,000
1,200,000

825,000
1,200,000
2,025,000

825,000
1,200,000
2,025,000

825,000
1,200,000
2,025,000

825,000
1,200,000
2,025,000

825,000
600,000
1,425,000

49,500,000
4,950,000
12,000,000
66,450,000

288,000
288,000

288,000
288,000

180,000
288,000
468,000

180,000
288,000
468,000

180,000
288,000
468,000

180,000
288,000
468,000

180,000
144,000
324,000

9,900,000
1,080,000
2,880,000
13,860,000

912,000

912,000

645,000
912,000

645,000
912,000

645,000
912,000

645,000
912,000

645,000
456,000

912,000

912,000

1,557,000

1,557,000

1,557,000

1,557,000

1,101,000

36,000
72,000
12,000

36,000
72,000
12,000

60,750
121,500
20,250

60,750
121,500
20,250

60,750
121,500
20,250

60,750
121,500
20,250

42,750
85,500
14,250

120,000

120,000

202,500

202,500

202,500

202,500

142,500

31,250

31,250

31,250

31,250

31,250

31,250

31,250

31,250

31,250

31,250

31,250

31,250

31,250

31,250

151,250

151,250

233,750

233,750

233,750

233,750

173,750

8,290,000

8,290,000

8,290,000

8,290,000

8,290,000

8,290,000

8,290,000

0
0

0
0

0
0

0
0

0
0

0
0

0
0

2,772,000
288,000
2,484,000

2,484,000
288,000
2,196,000

2,196,000
468,000
1,728,000

1,728,000
468,000
1,260,000

1,260,000
468,000
792,000

792,000
468,000
324,000

324,000
324,000
-

Debt Schedule
US$

Month
Construction Loan Balance
Opening Balance
Drawdown
Repayment
Closing Balance
Interest Expense
Commitment Fee
Total

0.090
0.015

Mezzanine
Opening Balance
Drawdown
Repayment
Closing Balance
Interest Expense

0.12

Total Interest Expense


Cash

Mezzanine IRR

21.7%
(6,500,000)

0
500,000
0
500,000

500,000
1,000,000
0
1,500,000

1,500,000
0
0
1,500,000

1,500,000
1,000,000
0
2,500,000

2,500,000
0
0
2,500,000

3,750
34,506
38,256

11,250
33,256
44,506

11,250
33,256
44,506

18,750
32,006
50,756

18,750
32,006
50,756

0
6,500,000
0
6,500,000

6,500,000
0
0
6,500,000

6,500,000
0
0
6,500,000

6,500,000
0
0
6,500,000

6,500,000
0
0
6,500,000

65,000

65,000

65,000

65,000

65,000

103,256

109,506

109,506

115,756

115,756

1,479,827

1,943,404

1,406,981

1,864,308

1,321,635

65,000

65,000

65,000

65,000

65,000

10

11

12

13

2,500,000
1,000,000
0
3,500,000

3,500,000
0
0
3,500,000

3,500,000
1,500,000
0
5,000,000

5,000,000
0
0
5,000,000

5,000,000
1,500,000
0
6,500,000

6,500,000
0
0
6,500,000

6,500,000
1,000,000
0
7,500,000

7,500,000
0
0
7,500,000

26,250
30,756
57,006

26,250
30,756
57,006

37,500
28,881
66,381

37,500
28,881
66,381

48,750
27,006
75,756

48,750
27,006
75,756

56,250
25,756
82,006

56,250
25,756
82,006

6,500,000
0
0
6,500,000

6,500,000
0
0
6,500,000

6,500,000
0
0
6,500,000

6,500,000
0
0
6,500,000

6,500,000
0
0
6,500,000

6,500,000
0
0
6,500,000

6,500,000
0
0
6,500,000

6,500,000
0
0
6,500,000

65,000

65,000

65,000

65,000

65,000

65,000

65,000

65,000

122,006

122,006

131,381

131,381

140,756

140,756

147,006

147,006

1,772,713

1,223,790

2,155,492

1,587,194

2,509,521

1,931,848

2,347,925

1,498,891

65,000

65,000

65,000

65,000

65,000

65,000

65,000

65,000

14

15

16

17

18

19

20

7,500,000
2,000,000
0
9,500,000

9,500,000
0
0
9,500,000

9,500,000
1,500,000
0
11,000,000

11,000,000
2,500,000
0
13,500,000

13,500,000
0
0
13,500,000

13,500,000
1,500,000
0
15,000,000

15,000,000
1,500,000
0
16,500,000

71,250
23,256
94,506

71,250
23,256
94,506

82,500
21,381
103,881

101,250
18,256
119,506

101,250
18,256
119,506

112,500
16,381
128,881

123,750
14,506
138,256

6,500,000
0
0
6,500,000

6,500,000
0
0
6,500,000

6,500,000
0
0
6,500,000

6,500,000
0
0
6,500,000

6,500,000
0
0
6,500,000

6,500,000
0
0
6,500,000

6,500,000
0
0
6,500,000

65,000

65,000

65,000

65,000

65,000

65,000

65,000

159,506

159,506

168,881

184,506

184,506

193,881

203,256

2,549,857

1,488,323

1,804,914

3,018,380

1,619,346

1,598,437

1,455,653

65,000

65,000

65,000

65,000

65,000

65,000

65,000

21

22

23

24

25

26

27

16,500,000
1,500,000
0
18,000,000

18,000,000
1,500,000
0
19,500,000

19,500,000
1,500,000
0
21,000,000

21,000,000
1,500,000
0
22,500,000

22,500,000
1,500,000
0
24,000,000

24,000,000
1,000,000
0
25,000,000

25,000,000
1,000,000
0
26,000,000

135,000
12,631
147,631

146,250
10,756
157,006

157,500
8,881
166,381

168,750
7,006
175,756

180,000
5,131
185,131

187,500
3,881
191,381

195,000
2,631
197,631

6,500,000
0
0
6,500,000

6,500,000
0
0
6,500,000

6,500,000
0
0
6,500,000

6,500,000
0
0
6,500,000

6,500,000
0
0
6,500,000

6,500,000
0
0
6,500,000

6,500,000
0
0
6,500,000

65,000

65,000

65,000

65,000

65,000

65,000

65,000

212,631

222,006

231,381

240,756

250,131

256,381

262,631

1,343,994

1,322,960

1,292,551

1,329,267

1,655,274

1,576,532

1,568,040

65,000

65,000

65,000

65,000

65,000

65,000

65,000

28

29

30

31

32

33

34

26,000,000
0
(4,500,000)
21,500,000

21,500,000
0
(3,000,000)
18,500,000

18,500,000
0
(3,000,000)
15,500,000

15,500,000
0
(3,500,000)
12,000,000

12,000,000
0
(3,500,000)
8,500,000

8,500,000
0
(3,500,000)
5,000,000

5,000,000
0
(3,500,000)
1,500,000

161,250
8,256
169,506

138,750
12,006
150,756

116,250
15,756
132,006

90,000
20,131
110,131

63,750
24,506
88,256

37,500
28,881
66,381

11,250
33,256
44,506

6,500,000
0
0
6,500,000

6,500,000
0
0
6,500,000

6,500,000
0
0
6,500,000

6,500,000
0
0
6,500,000

6,500,000
0
0
6,500,000

6,500,000
0
0
6,500,000

6,500,000
0
0
6,500,000

65,000

65,000

65,000

65,000

65,000

65,000

65,000

234,506

215,756

197,006

175,131

153,256

131,381

109,506

1,496,672

1,720,555

2,027,188

1,954,140

1,880,467

1,826,169

1,831,746

65,000

65,000

65,000

65,000

65,000

65,000

65,000

35

36

37

38

39

40

41

42

1,500,000
0
(1,500,000)
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
0
0
0

35,131
35,131

6,500,000
0
(2,000,000)
4,500,000

4,500,000
0
(3,500,000)
1,000,000

1,000,000
0
(1,000,000)
0

0
0

0
0

0
0

0
0

0
0

45,000

10,000

80,131

10,000

1,902,698

2,079,781

4,854,531

8,712,781

9,659,531

10,664,781

11,713,531

12,762,281

2,045,000

3,510,000

1,000,000

43

44

45

46

47

48

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

0
0

0
0

0
0

0
0

0
0

13,811,031

15,602,281

17,393,531

19,184,781

20,976,031

22,227,281

3,334,092

2,853,750
753,969

Income Statement & Balance Sheet


US$

Month
Income statement
Revenue
Cost of Sales
Gross Margin

2
-

3
-

Operating Expenses

289,750

154,750

154,750

Operating Income

(289,750)

(154,750)

(154,750)

Other Expenses
Depreciation
Interest Expense
Total Other Expenses

103,256
103,256

109,506
109,506

109,506
109,506

Income Before Tax


Income Taxes
Net Income

(393,006)
(393,006)

(264,256)
(264,256)

(264,256)
(264,256)

1,479,827
1,943,404
0
0
0
0
0
0
1479827.083 1943404.167

1,406,981
0
0
0
1406981.25

Balance Sheet
Assets
Current Assets
Cash
Accounts Receivable
Inventory
Prepaid Expenses
Total Current Assets
Property, Plant & Equipment
Property
Property Improvements
Construction in Progress
Accumulated Depreciation
Net PP&E
Other Assets
Total Assets
Liabilities & Shareholders Equity
Current Liabilities
Construction Loan
Accounts Payable
Accrued Expenses

5,000,000
272,167
0
0
5,272,167

5,000,000
544,333
0
0
5,544,333

5,000,000
816,500
0
0
5,816,500

855,000

855,000

855,000

7,606,994

8,342,738

8,078,481

500,000
0
0

1,500,000
0
0

1,500,000
0
0

Income Taxes Payable


Total Current Liabilities

0
500,000

0
1,500,000

0
1,500,000

6,500,000
0
6,500,000
7,000,000

6,500,000
0
6,500,000
8,000,000

6,500,000
0
6,500,000
8,000,000

Stockholders' Equity / (Deficit):


Common Stock
Additional Paid in Capital
Retained Earnings/(Deficit)
Net Income / (Loss)
Total Stockholders' Equity / (Deficit)

1,000,000
0
0
(393,006)
606,994

1,000,000
0
(393,006)
(264,256)
342,738

1,000,000
0
(657,263)
(264,256)
78,481

Total Liabilities and Stockholders' Equity / (Deficit)

7,606,994

8,342,738

8,078,481

Long Term Liabilities


Mezzanine Debt
Due to Shareholders
Total Long Term Liabilities
Total Liabilities

Check Total

5
-

6
-

7
-

8
-

9
-

10
-

11
-

154,750

154,750

154,750

154,750

164,750

164,750

164,750

164,750

(154,750)

(154,750)

(154,750)

(154,750)

(164,750)

(164,750)

(164,750)

(164,750)

115,756
115,756

115,756
115,756

122,006
122,006

122,006
122,006

131,381
131,381

131,381
131,381

140,756
140,756

140,756
140,756

(270,506)
(270,506)

(270,506)
(270,506)

(276,756)
(276,756)

(276,756)
(276,756)

(296,131)
(296,131)

(296,131)
(296,131)

(305,506)
(305,506)

(305,506)
(305,506)

1,864,308
1,321,635
0
0
0
0
0
0
1864308.333 1321635.417

1,772,713
1,223,790
2,155,492
0
0
0
0
0
0
0
0
0
1772712.5 1223789.583 2155491.667

1,587,194
2,509,521
1,931,848
0
0
0
0
0
0
0
0
0
1587193.75 2509520.833 1931847.917

5,000,000
1,088,667
0
0
6,088,667

5,000,000
1,360,833
0
0
6,360,833

5,000,000
1,633,000
0
0
6,633,000

5,000,000
1,905,167
0
0
6,905,167

5,000,000
2,177,333
0
0
7,177,333

5,000,000
2,449,500
0
0
7,449,500

5,000,000
2,721,667
0
0
7,721,667

5,000,000
2,993,833
0
0
7,993,833

855,000

855,000

855,000

855,000

855,000

855,000

855,000

855,000

8,807,975

8,537,469

9,260,713

8,983,956

10,187,825

9,891,694

11,086,188

10,780,681

2,500,000
0
0

2,500,000
0
0

3,500,000
0
0

3,500,000
0
0

5,000,000
0
0

5,000,000
0
0

6,500,000
0
0

6,500,000
0
0

0
2,500,000

0
2,500,000

0
3,500,000

0
3,500,000

0
5,000,000

0
5,000,000

0
6,500,000

0
6,500,000

6,500,000
0
6,500,000
9,000,000

6,500,000
0
6,500,000
9,000,000

6,500,000
0
6,500,000
10,000,000

6,500,000
0
6,500,000
10,000,000

6,500,000
0
6,500,000
11,500,000

6,500,000
0
6,500,000
11,500,000

6,500,000
0
6,500,000
13,000,000

6,500,000
0
6,500,000
13,000,000

1,000,000
0
(921,519)
(270,506)
(192,025)

1,000,000
0
(1,192,025)
(270,506)
(462,531)

1,000,000
0
(1,462,531)
(276,756)
(739,288)

1,000,000
0
(1,739,288)
(276,756)
(1,016,044)

1,000,000
0
(2,016,044)
(296,131)
(1,312,175)

1,000,000
0
(2,312,175)
(296,131)
(1,608,306)

1,000,000
0
(2,608,306)
(305,506)
(1,913,813)

1,000,000
0
(2,913,813)
(305,506)
(2,219,319)

8,807,975

8,537,469

9,260,713

8,983,956

10,187,825

9,891,694

11,086,188

10,780,681

12

13
-

14
-

15
-

16
-

17
-

18
-

19
-

164,750

181,750

156,750

156,750

156,750

131,750

131,750

131,750

(164,750)

(181,750)

(156,750)

(156,750)

(156,750)

(131,750)

(131,750)

(131,750)

147,006
147,006

147,006
147,006

159,506
159,506

159,506
159,506

168,881
168,881

184,506
184,506

184,506
184,506

193,881
193,881

(311,756)
(311,756)

(328,756)
(328,756)

(316,256)
(316,256)

(316,256)
(316,256)

(325,631)
(325,631)

(316,256)
(316,256)

(316,256)
(316,256)

(325,631)
(325,631)

2,347,925
1,498,891
2,549,857
1,488,323
1,804,914
3,018,380
1,619,346
1,598,437
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
2347925 1498890.972 2549856.944 1488322.917 1804913.889 3018379.861 1619345.833 1598436.806

5,000,000
3,266,000
0
0
8,266,000

5,000,000
3,633,278
153000
0
8,786,278

5,000,000
4,000,556
418500
0
9,419,056

5,000,000
4,367,833
796500
0
10,164,333

5,000,000
4,735,111
1287000
0
11,022,111

5,000,000
5,102,389
1890000
0
11,992,389

5,000,000
5,469,667
2605500
0
13,075,167

5,000,000
5,836,944
3433500
0
14,270,444

855,000

855,000

855,000

855,000

855,000

855,000

855,000

855,000

11,468,925

11,140,169

12,823,913

12,507,656

13,682,025

15,865,769

15,549,513

16,723,881

7,500,000
0
0

7,500,000
0
0

9,500,000
0
0

9,500,000
0
0

11,000,000
0
0

13,500,000
0
0

13,500,000
0
0

15,000,000
0
0

0
7,500,000

0
7,500,000

0
9,500,000

0
9,500,000

0
11,000,000

0
13,500,000

0
13,500,000

0
15,000,000

6,500,000
0
6,500,000
14,000,000

6,500,000
0
6,500,000
14,000,000

6,500,000
0
6,500,000
16,000,000

6,500,000
0
6,500,000
16,000,000

6,500,000
0
6,500,000
17,500,000

6,500,000
0
6,500,000
20,000,000

6,500,000
0
6,500,000
20,000,000

6,500,000
0
6,500,000
21,500,000

1,000,000
0
(3,219,319)
(311,756)
(2,531,075)

1,000,000
0
(3,531,075)
(328,756)
(2,859,831)

1,000,000
0
(3,859,831)
(316,256)
(3,176,088)

1,000,000
0
(4,176,088)
(316,256)
(3,492,344)

1,000,000
0
(4,492,344)
(325,631)
(3,817,975)

1,000,000
0
(4,817,975)
(316,256)
(4,134,231)

1,000,000
0
(5,134,231)
(316,256)
(4,450,488)

1,000,000
0
(5,450,488)
(325,631)
(4,776,119)

11,468,925

11,140,169

12,823,913

12,507,656

13,682,025

15,865,769

15,549,513

16,723,881

20

21
-

22
-

23
-

24
-

25
-

26

27

131,750

131,750

131,750

131,750

131,750

78,250

53,250

53,250

(131,750)

(131,750)

(131,750)

(131,750)

(131,750)

(78,250)

(53,250)

(53,250)

203,256
203,256

212,631
212,631

222,006
222,006

231,381
231,381

240,756
240,756

250,131
250,131

256,381
256,381

262,631
262,631

(335,006)
(335,006)

(344,381)
(344,381)

(353,756)
(353,756)

(363,131)
(363,131)

(372,506)
(372,506)

(328,381)
(328,381)

(309,631)
(309,631)

(315,881)
(315,881)

1,343,994
1,322,960
1,292,551
1,329,267
0
0
0
0
0
0
0
0
0
0
0
0
1343993.75 1322959.722 1292550.694 1329266.667

1,655,274
0
0
0
1655274.306

1,576,532
0
0
0
1576531.944

1,568,040
0
0
0
1568039.583

1,455,653
0
0
0
1455652.778

5,000,000
6,204,222
4374000
0
15,578,222

5,000,000
6,571,500
5274000
0
16,845,500

5,000,000
6,838,778
6174000
0
18,012,778

5,000,000
7,106,056
7074000
0
19,180,056

5,000,000
7,373,333
7897500
0
20,270,833

5,000,000
7,471,944
8644500
0
21,116,444

5,000,000
7,570,556
9315000
0
21,885,556

5,000,000
7,669,167
9909000
0
22,578,167

855,000

855,000

855,000

855,000

855,000

855,000

855,000

855,000

17,888,875

19,044,494

20,190,738

21,327,606

22,455,100

23,626,719

24,317,088

25,001,206

16,500,000
0
0

18,000,000
0
0

19,500,000
0
0

21,000,000
0
0

22,500,000
0
0

24,000,000
0
0

25,000,000
0
0

26,000,000
0
0

0
16,500,000

0
18,000,000

0
19,500,000

0
21,000,000

0
22,500,000

0
24,000,000

0
25,000,000

0
26,000,000

6,500,000
0
6,500,000
23,000,000

6,500,000
0
6,500,000
24,500,000

6,500,000
0
6,500,000
26,000,000

6,500,000
0
6,500,000
27,500,000

6,500,000
0
6,500,000
29,000,000

6,500,000
0
6,500,000
30,500,000

6,500,000
0
6,500,000
31,500,000

6,500,000
0
6,500,000
32,500,000

1,000,000
0
(5,776,119)
(335,006)
(5,111,125)

1,000,000
0
(6,111,125)
(344,381)
(5,455,506)

1,000,000
0
(6,455,506)
(353,756)
(5,809,263)

1,000,000
0
(6,809,263)
(363,131)
(6,172,394)

1,000,000
0
(7,172,394)
(372,506)
(6,544,900)

1,000,000
0
(7,544,900)
(328,381)
(6,873,281)

1,000,000
0
(7,873,281)
(309,631)
(7,182,913)

1,000,000
0
(8,182,913)
(315,881)
(7,498,794)

17,888,875

19,044,494

20,190,738

21,327,606

22,455,100

23,626,719

24,317,088

25,001,206

28

29

30

31

32

33

34

35

5,925,000
1,224,000
4,701,000

4,500,000
900,000
3,600,000

4,500,000
900,000
3,600,000

4,500,000
900,000
3,600,000

4,500,000
900,000
3,600,000

4,500,000
900,000
3,600,000

4,500,000
900,000
3,600,000

4,500,000
900,000
3,600,000

645,750

498,250

488,250

488,250

488,250

486,250

484,250

484,250

4,055,250

3,101,750

3,111,750

3,111,750

3,111,750

3,113,750

3,115,750

3,115,750

234,506
234,506

215,756
215,756

197,006
197,006

175,131
175,131

153,256
153,256

131,381
131,381

109,506
109,506

80,131
80,131

3,820,744
3,820,744

2,885,994
2,885,994

2,914,744
2,914,744

2,936,619
2,936,619

2,958,494
2,958,494

2,982,369
2,982,369

3,006,244
3,006,244

3,035,619
3,035,619

1,496,672
0
0
0
1496672.222

1,720,555
0
0
0
1720554.861

2,027,188
0
0
0
2027187.5

1,954,140
0
0
0
1954139.583

1,880,467
0
0
0
1880466.667

1,826,169
0
0
0
1826168.75

1,831,746
0
0
0
1831745.833

1,902,698
0
0
0
1902697.917

5,000,000
7,767,778
9202500
0
21,970,278

5,000,000
7,866,389
8766000
0
21,632,389

5,000,000
7,965,000
8275500
0
21,240,500

5,000,000
8,019,167
7731000
0
20,750,167

5,000,000
8,073,333
7209000
0
20,282,333

5,000,000
8,127,500
6691500
0
19,819,000

5,000,000
8,181,667
6138000
0
19,319,667

5,000,000
8,235,833
5548500
0
18,784,333

855,000

855,000

855,000

855,000

855,000

855,000

855,000

855,000

24,321,950

24,207,944

24,122,688

23,559,306

23,017,800

22,500,169

22,006,413

21,542,031

21,500,000
0
0

18,500,000
0
0

15,500,000
0
0

12,000,000
0
0

8,500,000
0
0

5,000,000
0
0

1,500,000
0
0

0
0

0
21,500,000

0
18,500,000

0
15,500,000

0
12,000,000

0
8,500,000

0
5,000,000

0
1,500,000

0
-

6,500,000
0
6,500,000
28,000,000

6,500,000
0
6,500,000
25,000,000

6,500,000
0
6,500,000
22,000,000

6,500,000
0
6,500,000
18,500,000

6,500,000
0
6,500,000
15,000,000

6,500,000
0
6,500,000
11,500,000

6,500,000
0
6,500,000
8,000,000

4,500,000
0
4,500,000
4,500,000

1,000,000
0
(8,498,794)
3,820,744
(3,678,050)

1,000,000
0
(4,678,050)
2,885,994
(792,056)

1,000,000
0
(1,792,056)
2,914,744
2,122,688

1,000,000
0
1,122,688
2,936,619
5,059,306

1,000,000
0
4,059,306
2,958,494
8,017,800

1,000,000
0
7,017,800
2,982,369
11,000,169

1,000,000
0
10,000,169
3,006,244
14,006,413

1,000,000
0
13,006,413
3,035,619
17,042,031

24,321,950

24,207,944

24,122,688

23,559,306

23,017,800

22,500,169

22,006,413

21,542,031

36

37

38

39

40

41

42

43

4,500,000
900,000
3,600,000

4,500,000
900,000
3,600,000

4,500,000
900,000
3,600,000

1,200,000
288,000
912,000

1,200,000
288,000
912,000

1,200,000
288,000
912,000

1,200,000
288,000
912,000

1,200,000
288,000
912,000

484,250

509,250

484,250

154,250

154,250

151,250

151,250

151,250

3,115,750

3,090,750

3,115,750

757,750

757,750

760,750

760,750

760,750

10,000
10,000

3,105,750
3,105,750

3,090,750
3,090,750

3,115,750
3,115,750

757,750
757,750

757,750
757,750

760,750
760,750

760,750
760,750

760,750
760,750

2,079,781
0
0
0
2079781.25

4,854,531
0
0
0
4854531.25

8,712,781
0
0
0
8712781.25

9,659,531
0
0
0
9659531.25

10,664,781
0
0
0
10664781.25

11,713,531
0
0
0
11713531.25

12,762,281
0
0
0
12762281.25

13,811,031
0
0
0
13811031.25

5,000,000
8,290,000
4923000
0
18,213,000

5,000,000
8,290,000
4239000
0
17,529,000

5,000,000
8,290,000
3496500
0
16,786,500

5,000,000
8,290,000
3307500
0
16,597,500

5,000,000
8,290,000
3060000
0
16,350,000

5,000,000
8,290,000
2772000
0
16,062,000

5,000,000
8,290,000
2484000
0
15,774,000

5,000,000
8,290,000
2196000
0
15,486,000

855,000

855,000

855,000

855,000

855,000

855,000

855,000

855,000

21,147,781

23,238,531

26,354,281

27,112,031

27,869,781

28,630,531

29,391,281

30,152,031

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
-

0
-

0
-

0
-

0
-

0
-

0
-

0
-

1,000,000
0
1,000,000
1,000,000

0
-

0
-

0
-

0
-

0
-

0
-

0
-

1,000,000
0
16,042,031
3,105,750
20,147,781

1,000,000
0
19,147,781
3,090,750
23,238,531

1,000,000
0
22,238,531
3,115,750
26,354,281

1,000,000
0
25,354,281
757,750
27,112,031

1,000,000
0
26,112,031
757,750
27,869,781

1,000,000
0
26,869,781
760,750
28,630,531

1,000,000
0
27,630,531
760,750
29,391,281

1,000,000
0
28,391,281
760,750
30,152,031

21,147,781

23,238,531

26,354,281

27,112,031

27,869,781

28,630,531

29,391,281

30,152,031

44

45

46

47

48

2,025,000
468,000
1,557,000

2,025,000
468,000
1,557,000

2,025,000
468,000
1,557,000

2,025,000
468,000
1,557,000

1,425,000
324,000
1,101,000

233,750

233,750

233,750

233,750

173,750

1,323,250

1,323,250

1,323,250

1,323,250

927,250

1,323,250
1,323,250

1,323,250
1,323,250

1,323,250
1,323,250

1,323,250
1,323,250

927,250
927,250

15,602,281
0
0
0
15602281.25

17,393,531
0
0
0
17393531.25

19,184,781
0
0
0
19184781.25

20,976,031
0
0
0
20976031.25

22,227,281
0
0
0
22227281.25

5,000,000
8,290,000
1728000
0
15,018,000

5,000,000
8,290,000
1260000
0
14,550,000

5,000,000
8,290,000
792000
0
14,082,000

5,000,000
8,290,000
324000
0
13,614,000

5,000,000
8,290,000
0
0
13,290,000

855,000

855,000

855,000

855,000

855,000

31,475,281

32,798,531

34,121,781

35,445,031

36,372,281

0
0

0
0

0
0

0
0

0
0

0
-

0
-

0
-

0
-

0
-

0
-

0
-

0
-

0
-

0
-

1,000,000
0
29,152,031
1,323,250
31,475,281

1,000,000
0
30,475,281
1,323,250
32,798,531

1,000,000
0
31,798,531
1,323,250
34,121,781

1,000,000
0
33,121,781
1,323,250
35,445,031

1,000,000
0
34,445,031
927,250
36,372,281

31,475,281

32,798,531

34,121,781

35,445,031

36,372,281

Cash Flow
US$

Month

(393,006)

(264,256)

(264,256)

(393,006)

(264,256)

(264,256)

(855,000)
(855,000)
(1,248,006)

(264,256)

(264,256)

(5,272,167)
(5,272,167)

(272,167)
(272,167)

(272,167)
(272,167)

500,000
6,500,000
1,000,000
8,000,000

1,000,000
1,000,000

1,479,827
1,479,827

463,577
1,479,827
1,943,404

Cash provided by (used in)


Operating activities
Net income (loss) for the period
Non-cash transactions
Depreciation
Non-cash interest accrued
Sub-total
Changes in assets and liabilities
Accounts receivable
Construction in Progress
Prepaid expenses
Other Assets
Accounts payable
Accrued expenses
Income taxes payable
Sub-total
Total Operating Activities
Investing Activities
Purchase of PPE
Total
Financing activities
Line of credit
Mezzanine Debt
Proceeds from stock
Due to shareholders
Total
Increase (decrease) in cash during period
Cash beginning of period
Cash end of period

(536,423)
1,943,404
1,406,981

10

(270,506)

(270,506)

(276,756)

(276,756)

(296,131)

(296,131)

(305,506)

(270,506)

(270,506)

(276,756)

(276,756)

(296,131)

(296,131)

(305,506)

(270,506)

(270,506)

(276,756)

(276,756)

(296,131)

(296,131)

(305,506)

(272,167)
(272,167)

(272,167)
(272,167)

(272,167)
(272,167)

(272,167)
(272,167)

(272,167)
(272,167)

(272,167)
(272,167)

(272,167)
(272,167)

1,000,000
1,000,000
457,327
1,406,981
1,864,308

(542,673)
1,864,308
1,321,635

1,000,000
1,000,000
451,077
1,321,635
1,772,713

(548,923)
1,772,713
1,223,790

1,500,000
1,500,000
931,702
1,223,790
2,155,492

(568,298)
2,155,492
1,587,194

1,500,000
1,500,000
922,327
1,587,194
2,509,521

11

12

13

14

15

16

17

(305,506)

(311,756)

(328,756)

(316,256)

(316,256)

(325,631)

(316,256)

(305,506)

(311,756)

(328,756)

(316,256)

(316,256)

(325,631)

(316,256)

(305,506)

(311,756)

(153,000)
(153,000)
(481,756)

(265,500)
(265,500)
(581,756)

(378,000)
(378,000)
(694,256)

(490,500)
(490,500)
(816,131)

(603,000)
(603,000)
(919,256)

(272,167)
(272,167)

(272,167)
(272,167)

(367,278)
(367,278)

(367,278)
(367,278)

(367,278)
(367,278)

(367,278)
(367,278)

(367,278)
(367,278)

1,500,000
1,500,000

2,500,000
2,500,000

316,591
1,488,323
1,804,914

1,213,466
1,804,914
3,018,380

(577,673)
2,509,521
1,931,848

1,000,000
1,000,000
416,077
1,931,848
2,347,925

(849,034)
2,347,925
1,498,891

2,000,000
2,000,000
1,050,966
1,498,891
2,549,857

(1,061,534)
2,549,857
1,488,323

18

19

(316,256)

(325,631)

(335,006)

(344,381)

(353,756)

(363,131)

(372,506)

(316,256)

(325,631)

(335,006)

(344,381)

(353,756)

(363,131)

(372,506)

(715,500)
(715,500)
(1,031,756)

(828,000)
(828,000)
(1,153,631)

(940,500)
(940,500)
(1,275,506)

(900,000)
(900,000)
(1,244,381)

(900,000)
(900,000)
(1,253,756)

(900,000)
(900,000)
(1,263,131)

(823,500)
(823,500)
(1,196,006)

(367,278)
(367,278)

(367,278)
(367,278)

(367,278)
(367,278)

(367,278)
(367,278)

(267,278)
(267,278)

(267,278)
(267,278)

(267,278)
(267,278)

1,500,000
1,500,000

1,500,000
1,500,000

1,500,000
1,500,000

1,500,000
1,500,000

1,500,000
1,500,000

1,500,000
1,500,000

(20,909)
1,619,346
1,598,437

(142,784)
1,598,437
1,455,653

(111,659)
1,455,653
1,343,994

(21,034)
1,343,994
1,322,960

(30,409)
1,322,960
1,292,551

36,716
1,292,551
1,329,267

(1,399,034)
3,018,380
1,619,346

20

21

22

23

24

25

26

27

28

29

30

31

(328,381)

(309,631)

(315,881)

3,820,744

2,885,994

2,914,744

2,936,619

(328,381)

(309,631)

(315,881)

3,820,744

2,885,994

2,914,744

2,936,619

(747,000)
(747,000)
(1,075,381)

(670,500)
(670,500)
(980,131)

(594,000)
(594,000)
(909,881)

706,500
706,500
4,527,244

436,500
436,500
3,322,494

490,500
490,500
3,405,244

544,500
544,500
3,481,119

(98,611)
(98,611)

(98,611)
(98,611)

(98,611)
(98,611)

(98,611)
(98,611)

(98,611)
(98,611)

(98,611)
(98,611)

(54,167)
(54,167)

1,500,000
1,500,000

1,000,000
1,000,000

1,000,000
1,000,000

(4,500,000)
(4,500,000)

(3,000,000)
(3,000,000)

(3,000,000)
(3,000,000)

(3,500,000)
(3,500,000)

326,008
1,329,267
1,655,274

(78,742)
1,655,274
1,576,532

(8,492)
1,576,532
1,568,040

(71,367)
1,568,040
1,496,672

223,883
1,496,672
1,720,555

306,633
1,720,555
2,027,188

(73,048)
2,027,188
1,954,140

32

33

34

35

36

37

38

2,958,494

2,982,369

3,006,244

3,035,619

3,105,750

3,090,750

3,115,750

2,958,494

2,982,369

3,006,244

3,035,619

3,105,750

3,090,750

3,115,750

522,000
522,000
3,480,494

517,500
517,500
3,499,869

553,500
553,500
3,559,744

589,500
589,500
3,625,119

625,500
625,500
3,731,250

684,000
684,000
3,774,750

742,500
742,500
3,858,250

(54,167)
(54,167)

(54,167)
(54,167)

(54,167)
(54,167)

(54,167)
(54,167)

(54,167)
(54,167)

(3,500,000)
(3,500,000)

(3,500,000)
(3,500,000)

(3,500,000)
(3,500,000)

(1,500,000)
(2,000,000)
(3,500,000)

(3,500,000)
(3,500,000)

(1,000,000)
(1,000,000)

(73,673)
1,954,140
1,880,467

(54,298)
1,880,467
1,826,169

5,577
1,826,169
1,831,746

70,952
1,831,746
1,902,698

177,083
1,902,698
2,079,781

2,774,750
2,079,781
4,854,531

3,858,250
4,854,531
8,712,781

39

40

41

42

43

44

45

757,750

757,750

760,750

760,750

760,750

1,323,250

1,323,250

757,750

757,750

760,750

760,750

760,750

1,323,250

1,323,250

189,000
189,000
946,750

247,500
247,500
1,005,250

288,000
288,000
1,048,750

288,000
288,000
1,048,750

288,000
288,000
1,048,750

468,000
468,000
1,791,250

468,000
468,000
1,791,250

946,750
8,712,781
9,659,531

1,005,250
9,659,531
10,664,781

1,048,750
10,664,781
11,713,531

1,048,750
11,713,531
12,762,281

1,048,750
12,762,281
13,811,031

1,791,250
13,811,031
15,602,281

1,791,250
15,602,281
17,393,531

46

47

48

1,323,250

1,323,250

927,250

1,323,250

1,323,250

927,250

468,000
468,000
1,791,250

468,000
468,000
1,791,250

324,000
324,000
1,251,250

1,791,250
17,393,531
19,184,781

1,791,250
19,184,781
20,976,031

1,251,250
20,976,031
22,227,281