Fridgey Safe

Proforma Financial Forecast

Income Statement

Revenue
Sales
Other
Total Revenues

Jan 11
Proj.
Month 1

Cost of Goods Sold

Material Costs
Direct Labor
Manufacturing Overhead
Total Cost of Goods Sold

Feb 11
Proj.
Month 2

Gross Margin - Production

Mar 11
Proj.
Month 3

Apr 11
Proj.
Month 4

May 11
Proj.
Month 5

Jun 11
Proj.
Month 6

Jul 11
Proj.
Month 7

77,520
77,520

Aug 11
Proj.
Month 8

200,640
200,640

Sept 11
Proj.
Month 9

214,016
214,016

Oct 11
Proj.
Month 10

341,088
341,088

Nov 11
Proj.
Month 11

361,152
361,152

Dec 11
Proj.
Month 12

391,216
391,216

Proj.
Year 1

1,585,632
1,585,632

5,000
5,000

5,417
6,368
11,784

12,457
15,895
28,352

35,979
10,857
36,253
83,088

93,121
12,457
61,101
166,679

99,329
12,457
62,156
173,942

158,306
12,457
83,367
254,130

167,618
12,457
84,948
265,023

176,930
12,457
86,529
275,916

731,284
91,013
441,617
1,263,914

(5,000)

(11,784)

(28,352)

(5,568)

33,961

40,074

86,958

96,129

115,300

321,718

0.0%

0.0%

0.0%

-7.2%

0.0%

0.0%

0.0%

Selling, General & Administrative

10,000

17,397

17,997

17,997

17,997

18,768

23,203

24,048

147,407

EBITDA

(5,000)

(21,784)

(45,749)

(23,565)

15,964

22,078

68,190

72,926

91,252

174,311

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

-30.4%

Other (Income) / Expense

Depreciation & Amortization
Interest Expense
Other (Income) / Expense
Total Other (Income) / Expense

6,750
6,750

6,750
6,750

444
6,750
7,194

7,694
6,750
14,444

7,722
6,750
14,472

7,750
6,696
14,446

7,778
6,871
14,649

7,806
7,045
14,850

7,833
6,921
14,754

47,028
61,282
108,310

PreTax Profit

(11,750)

(28,534)

(52,943)

(38,009)

1,492

7,632

53,541

58,075

76,498

66,001

28,380

28,380

Income Tax Expense

Net Income

(11,750) $

(28,534) $

(52,943) $

(38,009) $

16.9%

18.7%

8.0%

1,492

25.5%

10.3%

7,632

26.6%

20.0%

53,541

29.5%

20.2%

58,075

20.3%

23.3%

48,117

11.0%

37,620

Fridgey Safe
Proforma Financial Forecast

Balance Sheet

Jan 11
Proj.
Month 1

Feb 11
Proj.
Month 2

Mar 11
Proj.
Month 3

Apr 11
Proj.
Month 4

May 11
Proj.
Month 5

Jun 11
Proj.
Month 6

Jul 11
Proj.
Month 7

Aug 11
Proj.
Month 8

Sept 11
Proj.
Month 9

Oct 11
Proj.
Month 10

Nov 11
Proj.
Month 11

Dec 11
Proj.
Month 12

Proj.
Year 1

Assets
Current Assets
Cash
Accounts Receivable, net
Inventory
Other Current
Total Current Assets

1,650,000
1,650,000

1,313,250
1,313,250

Fixed Assets
Land & Buildings
Furniture & Office Equipment
Machinery & Equipment
Leasehold Improvements
Gross Fixed Assets
Less: Accumulated Depreciation
Net Fixed Assets

Other Assets
Deposits on Equipment/Const. in Progress
Other Deposits
Organization Costs/Goodwill

200,000

325,000
200,000

Total Assets

1,850,000

963,049
963,049

568,016
568,016

154,545
77,520
14,815
246,879

51,975
213,560
29,629
295,164

19,622
247,456
31,605
298,683

376,757
50,370
427,127

418,000
53,333
471,333

27,914
451,408
56,296
535,618

27,914
451,408
56,296
535,618

10,000
10,000
20,000
444
19,556

10,500
10,500
1,300,000
1,000
1,322,000
8,139
1,313,861

11,000
11,000
1,300,000
2,000
1,324,000
15,861
1,308,139

11,500
11,500
1,300,000
3,000
1,326,000
23,611
1,302,389

12,000
12,000
1,300,000
4,000
1,328,000
31,389
1,296,611

12,500
12,500
1,300,000
5,000
1,330,000
39,194
1,290,806

13,000
13,000
1,300,000
6,000
1,332,000
47,028
1,284,972

13,000
13,000
1,300,000
6,000
1,332,000
47,028
1,284,972

650,000
200,000

975,000
200,000

200,000

200,000

200,000

200,000

200,000

200,000

200,000

1,838,250

1,813,049

1,762,571

1,760,741

1,803,303

1,801,072

1,923,739

1,962,139

2,020,590

2,020,590

128,571
128,571

144,643
144,643

3,333
160,714
164,048

5,799
176,786
182,585

35,979
5,999
192,857
234,835

93,121
5,999
192,857
291,977

99,329
5,999
192,857
298,185

158,306
6,256
25,963
192,857
383,382

167,618
7,734
11,569
192,857
379,779

176,930
8,016
192,857
28,380
406,184

176,930
8,016
192,857
28,380
406,184

1,221,429
1,350,000

1,205,357
1,350,000

1,189,286
1,353,333

1,173,214
1,355,799

1,157,143
1,391,978

1,141,071
1,433,049

1,125,000
1,423,185

1,108,929
1,492,311

1,092,857
1,472,636

1,076,786
1,482,970

1,076,786
1,482,970

500,000
37,620
537,620

500,000
37,620
537,620

Liabilities
Current Liabilities
Accounts Payable, net
Accrued Expenses
Revolving Line of Credit
Term Loans-Current Portion
Leases Payable
Tax Distributions Payable
Other Current Liabilities
Total Current Liabilities
Leases Payable
Term Loans - LT Portion
Other Long-Term Liabilities
Total Liabilities
Members' Equity
Contributed Capital - Members
Accumulated Surplus / (Deficit)
Total Members' Equity
Total Liabilities and Members' Equity

500,000
500,000
$

1,850,000
-

500,000
(11,750)
488,250
$

1,838,250
-

500,000
(40,284)
459,716
$

1,813,049
-

500,000
(93,228)
406,772
$

1,762,571
-

500,000
(131,237)
368,763
$

1,760,741
-

500,000
(129,745)
370,255
$

1,803,303
-

500,000
(122,114)
377,886
$

1,801,072
-

500,000
(68,572)
431,428
$

1,923,739
-

500,000
(10,497)
489,503
$

1,962,139
-

2,020,590
-

2,020,590

Fridgey Safe
Proforma Financial Forecast

Cash Flow Statement

Cash Flows from Operating Activities

Beginning Cash
Net Collections
Cash Cost of Sales
(Inc) / Dec in Other Current
(Inc) / Dec in Inventory
Inc / (Dec) in Accounts Payable
Inc / (Dec) in Accrued Liabilities
Other Sources / (Uses)
Cash Available for Operations

Jan 11
Proj.
Month 1

1,650,000 $
(5,000)
(325,000)

1,320,000

1,320,000

969,799

1,313,250

1,313,250

1,313,250

1,313,250

594,766

963,049

963,049

963,049

963,049

1,463,295

588,016

568,016

1,456,545

568,016

1,456,545

154,545

154,545

76,796

70,046

53,975

51,975

51,975

51,975 $
180,120
(173,942)
(1,975)
6,208
62,386

44,389

37,694

(16,071)
$

21,622

19,622

19,622

17,748

62,714

39,511

(6,871)

(7,045)

(7,892) $

32,466

16,394

14,394

88,522

64,474

57,554

41,482

39,482

27,914

90.0%
80.0%
-

90.0%
80.0%
-

90.0%
80.0%
-

90.0%
80.0%
-

90.0%
80.0%
-

90.0%
80.0%
-

77,520
90.0%
80.0%
55,814

213,560
90.0%
80.0%
153,763

247,456
90.0%
80.0%
178,168

376,757
90.0%
80.0%
271,265

418,000
90.0%
80.0%
300,960

451,408
90.0%
80.0%
325,014

Inventory Balance
% of Eligible Inventory
Advance Rate on Eligible Inv.
Inventory Availability

90.0%
65.0%
-

90.0%
65.0%
-

90.0%
65.0%
-

90.0%
65.0%
-

90.0%
65.0%
-

90.0%
65.0%
-

14,815
90.0%
65.0%
8,667

29,629
90.0%
65.0%
17,333

31,605
90.0%
65.0%
18,489

50,370
90.0%
65.0%
29,467

53,333
90.0%
65.0%
31,200

56,296
90.0%
65.0%
32,933

Borrowing Capacity

64,481

Beginning Revolver Balance

Advances / (Payments)
Ending Revolver Balance

Capacity Utilization %
Unused Revolver Availability
Total Cash & Revolver Availability

$
$

0%
171,096 $
223,071 $

196,657
0%
196,657 $
216,279 $

300,732

332,160

357,947

25,963
25,963

25,963
(14,394)
11,569

11,569
(11,569)
-

3%
320,591 $
320,591 $

0%
357,947
385,861

9%
274,769 $
274,769 $

1,501,553

(147,407)

(61,282)
$

1,440,271
(80,357)

1,359,914
(1,332,000)
-

(11,569)
(11,569)

Revolving Line of Credit Availability

1,648,960

(2,000)
-

Total Accounts Receivable Bal.

% of Eligible A/R
Advance Rate - A/R
Accounts Receivable Availability

171,096

(16,071)

(14,394)
(14,394)
$

$ 1,650,000
357,808
1,134,224
(275,916)
(1,263,914)
(2,963)
(56,296)
9,312
176,930
282
8,016
-

(6,921)

(2,000)
-

(25,963) $

Proj.
Year 1

(24,048)
$

(16,071)

(23,963) $

(23,203)

25,963
25,963
$

Dec 11
Proj.
Month 12

$
319,909
(265,023)
(2,963)
9,312
1,478
-

(1,020) $

(2,000)
-

19,622 $
211,787
(254,130)
(18,765)
58,977
257
-

(16,071)

(2,000)
$

Nov 11
Proj.
Month 11

(18,768)
$

(6,696)

Oct 11
Proj.
Month 10

(17,997)
$

(2,000)
-

94,793

(16,071)

(1,302,000)
$

154,545 $
64,600
(166,679)
(14,815)
57,143
-

(6,750)

(0)
$

Sept 11
Proj.
Month 9

(17,997)
$

(6,750)

(17,997)

(20,000)
-

588,016

568,016 $
(83,088)
(14,815)
35,979
200
975,000
1,481,292

(6,750)
$

Aug 11
Proj.
Month 8

(17,397)

612,163

(6,750)
$

Jul 11
Proj.
Month 7

963,049 $
(28,352)
2,466
(325,000)

(10,000)

979,799

(6,750)
$

Jun 11
Proj.
Month 6

1,313,250 $
(11,784)
3,333
(325,000)

Change in Short-Term Debt

Change in Long-Term Debt
Change in Equity
Total External Finance
Ending Cash

Capital Expenditures
Income Taxes Paid
Financing (Requirement) / Surplus

May 11
Proj.
Month 5

Current Portion of Long Term Debt

Cash After Debt Amortization

Apr 11
Proj.
Month 4

Interest Expense
Net Cash Income

Mar 11
Proj.
Month 3

Cash Operating Costs

Net Cash After Operations

Feb 11
Proj.
Month 2

27,914
-

27,914

Fridgey Safe
Proforma Financial Forecast

Jan 11
Proj.
Month 1

Income Statement Assumptions

Production Capacity
Pellet Mill Lines Operating
# of Days Operating
# of Shifts per Day
# of Hours per Shift
Production Capacity - Tons per Hour
Max Production (tons)

$
$

Sales Assumptions
% of Production Shipped
% Shipped - Bagged
% Shipped - Bulk
Tons Shipped-Total
Tons Shipped-Bagged
Tons Shipped - Bulk
Beginning Finished Inventory
Tons Produced
Tons Shipped
Ending Finished Inventory
Total Revenues
Bagged Pellet Sales
Bulk Pellet Sales
Total Pellet Sales

Mar 11
Proj.
Month 3

Apr 11
Proj.
Month 4

100.0%
-

100.0%
-

100.0%
-

100.0%
-

100.0%
-

75.0%
-

75.0%
816

$
$

170.00
95.00

0.0
8.0
9.0

$
$

170.00
95.00

Jul 11
Proj.
Month 7

0.0
8.0
9.0

Jun 11
Proj.
Month 6

170.00
97.00

May 11
Proj.
Month 5

1
17
1.0
8.0
8.0
1,088

0.0
8.0
9.0

Production Rate Assumptions

% of Capacity Produced
Tons Produced
Price / Ton (Net of Freight)
Bagged
Bulk

Feb 11
Proj.
Month 2

0.0
8.0
9.0

$
$

170.00
95.00

22
1.0
8.0
8.0

0.0
8.0
9.0

$
$

170.00
95.00

$
$

170.00
95.00

100.0%
0.0%
100.0%
-

100.0%
0.0%
100.0%
-

100.0%
0.0%
100.0%
-

100.0%
0.0%
100.0%
-

100.0%
0.0%
100.0%
-

100.0%
0.0%
100.0%
-

$
$

170.00
95.00

Aug 11
Proj.
Month 8

$
$

100.0%
0.0%
100.0%
816
816
816
816
-

77,520
77,520

Sept 11
Proj.
Month 9

Oct 11
Proj.
Month 10

Nov 11
Proj.
Month 11

Dec 11
Proj.
Month 12

Proj.
Year 1

1
22.0
2.0
8.0
8.0
2,816

1
22.0
2.0
8.0
8.0
2,816

1
22.0
3.0
8.0
8.0
4,224

1
22.0
3.0
8.0
8.0
4,224

1
22.0
3.0
8.0
8.0
4,224

19,392

75.0%
2,112

80.0%
2,253

85.0%
3,590

90.0%
3,802

95.0%
4,013

16,586

170.00
95.00

$
$

170.00
95.00

$
$

170.00
95.00

$
$

170.00
95.00

$
$

170.00
97.49

149

$
$

95.60

100.0%
0.0%
100.0%
2,112
2,112

100.0%
0.0%
100.0%
2,253
2,253

100.0%
0.0%
100.0%
3,590
3,590

100.0%
0.0%
100.0%
3,802
3,802

100.0%
0.0%
100.0%
4,013
4,013

100.0%
0.0%
100.0%
16,586
16,586

2,112
2,112
-

2,253
2,253
-

3,590
3,590
-

3,802
3,802
-

4,013
4,013
-

16,586
16,586
-

200,640
200,640

214,016
214,016

341,088
341,088

361,152
361,152

391,216
391,216

1,585,632
1,585,632

Fridgey Safe
Proforma Financial Forecast

Jan 11
Proj.
Month 1

Feb 11
Proj.
Month 2

Mar 11
Proj.
Month 3

Apr 11
Proj.
Month 4

May 11
Proj.
Month 5

Jun 11
Proj.
Month 6

Jul 11
Proj.
Month 7

Aug 11
Proj.
Month 8

Sept 11
Proj.
Month 9

Oct 11
Proj.
Month 10

Nov 11
Proj.
Month 11

Dec 11
Proj.
Month 12

816

98.0%
-

98.0%
-

98.0%
-

98.0%
-

98.0%
-

98.0%
-

98.0%
833
50.0%
416
39.00 $
416
16,237 $

98.0%
2,155
50.0%
1,078
39.00 $
1,078
42,024 $

98.0%
2,299
50.0%
1,149
39.00 $
1,149
44,826 $

98.0%
3,664
50.0%
1,832
39.00 $
1,832
71,442 $

98.0%
3,879
50.0%
1,940
39.00 $
1,940
75,644 $

98.0%
4,095
50.0%
2,047
39.00
2,047
79,847 $

60.0%
36.00 $
30.00 $
$

62.0%
658
36.00 $
658
30.00 $
658
19,742 $

62.0%
1,703
36.00 $
1,703
30.00 $
1,703
51,097 $

62.0%
1,817
36.00 $
1,817
30.00 $
1,817
54,503 $

62.0%
2,895
36.00 $
2,895
30.00 $
2,895
86,865 $

62.0%
3,066
36.00 $
3,066
30.00 $
3,066
91,974 $

62.0%
3,236
36.00
3,236
30.00
3,236
97,084 $

Proj.
Year 1

Cost of Sales - Pellet Plant

Material Requirements
Tons Produced - Pellets
Dry Shavings & Sawdust
Yield % from Dry Fiber
Tons Required - Dry Fiber
% of Requirements from Dry Fiber
Dry Fiber Purchased - (Tons)
Cost per Ton Total Purchases - Dry Fiber (Tons)
Total Purchases - Dry Fiber ($)

$
$

39.00
-

$
$

39.00
-

$
$

39.00
-

$
$

39.00
-

$
$

39.00
-

$
$

39.00
-

2,112

2,253

3,590

3,802

4,013

16,586

98.0%
16,924
8,462
8,462
330,020

Green Fiber
Yield % from Green Fiber (Wet to Dry)
Tons Required - Green Fiber
Additional Tons Required - Boiler Fuel
Cost per Ton to Produce Green Fiber Puchased - Third Parties (tons)
Cost per Ton - Third Parties
Total Purchases - Green Fiber (Tons)
Total Purchases - Green Fiber ($)

Avg. Fiber Cost per Ton Produced

44.09

44.09

44.09

44.09

44.09

44.09

44.09

44.09

$
$

$
$

$
$

$
$

$
$

$
$

$
$

44.09

$
$
$
$

44.09
15.50
59.59

$
$
$
$

44.09
15.50
59.59

$
$
$
$

44.09
15.50
59.59

$
$
$
$

44.09
15.50
59.59

$
$
$
$

44.09
15.50
59.59

$
$
$
$

44.09
44.09

16,237
19,742
35,979

42,024
51,097
93,121

44,826
54,503
99,329

71,442
86,865
158,306

75,644
91,974
167,618

79,847
97,084
176,930

330,020
401,265
731,284

Material Cost per Ton Produced

Wood Fiber
Packaging Materials
Other Materials
Total Material Costs per Ton
Material Costs
Dry Fiber
Green Fiber
Packaging Materials
Other Materials
Total Material Costs

$
$

60.0%
36.00 $
30.00 $
$

60.0%
36.00 $
30.00 $
$

60.0%
36.00 $
30.00 $
$

60.0%
36.00 $
30.00 $
$

60.0%
36.00 $
30.00 $
$

13,375
13,375
13,375
401,265

Fridgey Safe
Proforma Financial Forecast

Direct Labor
Fixed
General Manager
Worker 1
Worker 2
Worker 3
Worker 4
Other
Total Fixed Direct Labor
Variable
Incentive Bonus Program
Variable Labor
Total Variable Direct Labor
Factory Overhead
Facility Rent
Payroll Taxes
Employee Benefits
Repairs & Maintenance-Bldg & Yard
Repairs & Maintenance-Equipment
Repairs & Maintenance-Autos & Trucks
Production Supplies/Small Tools
Dryer Fuel
General Safety Supplies
Waste Removal
Equipment Rental
Real Estate Taxes
Personal Property Taxes
Insurance
Electricity
Miscellaneous
Total Factory Overhead

Jan 11
Proj.
Month 1

Feb 11
Proj.
Month 2

Mar 11
Proj.
Month 3

Apr 11
Proj.
Month 4

5,000
-

5,000

May 11
Proj.
Month 5

5,417
5,417

Jun 11
Proj.
Month 6

5,417
2,464
2,288
2,288
12,457

5,000
691
677

5,417
1,904
1,768
1,768
10,857

5,000
1,588
1,557
750
1,000
500
500
1,500

10,000
1,384
1,357
750
3,264
1,000
408
2,437
500
500
1,500

6,368

3,500
15,895

3,500
8,652
1,000
36,253

Jul 11
Proj.
Month 7

Aug 11
Proj.
Month 8

5,417
2,464
2,288
2,288
12,457

10,000
1,588
1,557
750
8,448
1,000
1,056
6,308
500
500
1,500
1,000
3,500
22,394
1,000
61,101

Sept 11
Proj.
Month 9

5,417
2,464
2,288
2,288
12,457

10,000
1,588
1,557
750
9,011
1,000
1,126
6,729
500
500
1,500
1,000
3,500
22,394
1,000
62,156

Oct 11
Proj.
Month 10

5,417
2,464
2,288
2,288
12,457

10,000
1,588
1,557
750
14,362
1,000
1,795
10,724
500
500
1,500
1,000
3,500
33,591
1,000
83,367

Nov 11
Proj.
Month 11

5,417
2,464
2,288
2,288
12,457

10,000
1,588
1,557
750
15,206
1,000
1,901
11,355
500
500
1,500
1,000
3,500
33,591
1,000
84,948

Dec 11
Proj.
Month 12

5,417
2,464
2,288
2,288
12,457

10,000
1,588
1,557
750
16,051
1,000
2,006
11,986
500
500
1,500
1,000
3,500
33,591
1,000
86,529

Proj.
Year 1

43,333
16,688
15,496
15,496
91,013

75,000
11,604
11,377
5,250
66,342
7,000
8,293
49,539
3,500
3,500
10,500
5,000
24,500
154,212
6,000
441,617

Fridgey Safe
Proforma Financial Forecast

Staffing Schedule
Administrative
President/CEO
Accounting Clerk
Office Assistant
Other
Other
Total Administrative Salaries

Jan 11
Proj.
Month 1

Feb 11
Proj.
Month 2

Mar 11
Proj.
Month 3

Apr 11
Proj.
Month 4

$0

Selling, General & Administrative

Administrative Salaries & Wages
Administrative Employee Benefits
Administrative Payroll Taxes
Incentive Bonus Program
Marketing Expenses
Professional Fees
Payroll Services
Office Supplies
Equipment Rental
Administrative Rent
Telephone
General Insurance
Dues and Subscriptions
Bank Fees
Postage & Courier
Janitorial & Landscaping
Miscellaneous

$0

$0

$0

May 11
Proj.
Month 5

Jun 11
Proj.
Month 6

Jul 11
Proj.
Month 7

Aug 11
Proj.
Month 8

Sept 11
Proj.
Month 9

Oct 11
Proj.
Month 10

Nov 11
Proj.
Month 11

Dec 11
Proj.
Month 12

Proj.
Year 1

10,000
$10,000

10,000
2,917
$12,917

10,000
2,917
$12,917

10,000
2,917
$12,917

10,000
2,917
$12,917

10,771
2,917
$13,688

15,206
2,917
$18,123

16,051
2,917
$18,968

92,029
20,417
$112,445

10,000
-

12,917
583
372
250
750
500
250
1,000
25
50
100
100
500
17,397

12,917
583
372
250
750
100
500
250
1,000
25
50
100
100
1,000
17,997

12,917
583
372
250
750
100
500
250
1,000
25
50
100
100
1,000
17,997

12,917
583
372
250
750
100
500
250
1,000
25
50
100
100
1,000
17,997

13,688
583
372
250
750
100
500
250
1,000
25
50
100
100
1,000
18,768

18,123
583
372
250
750
100
500
250
1,000
25
50
100
100
1,000
23,203

18,968
583
372
250
750
100
500
250
1,000
25
50
100
100
1,000
24,048

112,445
4,083
2,603
1,750
5,250
600
3,500
1,750
7,000
175
350
700
700
6,500
147,407

10,000

Fridgey Safe
Proforma Financial Forecast

Balance Sheet Assumptions - Pellet Plant

Accounts Receivable
Beginning Accounts Receivable
Plus: New Sales
Less: Collections
Ending Accounts Receivable
A/R Days
Inventory
Beginning Inventory-Raw Materials
Ending Inventory-Raw Materials
Inventory Days on Hand
Beginning Inventory - Finished Tons
Beginning Capitalized Inventory Cost
Tons Produced
Cost of Goods - Tons Produced
Tons Available for Shipment
Capitalized Cost - Tons Available for Shipment
Avg. Cost per Ton Available for Shipment
Tons Shipped
Cost of Goods - Tons Shipped
Ending Inventory - Finished Tons
Ending Inventory - Capitalized Inventory Cost
Total Beginning Inventory
Total Ending Inventory

Jan 11
Proj.
Month 1

Feb 11
Proj.
Month 2

Mar 11
Proj.
Month 3

Apr 11
Proj.
Month 4

May 11
Proj.
Month 5

Jun 11
Proj.
Month 6

30

30

$
$
$
$
$
$

30

$
$
$
$
$
$

30

$
$
$
$
$
$

35

$
$
$
$
$
$

$
$
$
$
$
$

$
$
$
$
$

$
$
$
$
$
$

816
83,088
816
83,088
101.82
816
83,088
-

Sept 11
Proj.
Month 9

77,520
200,640
64,600
213,560
35

14,815
7

Aug 11
Proj.
Month 8

77,520
77,520
35

35

Jul 11
Proj.
Month 7

213,560
214,016
180,120
247,456
35

14,815
29,629
7

$
$
$
$
$
$

2,112
166,679
2,112
166,679
78.92
2,112
166,679
-

Oct 11
Proj.
Month 10

247,456
341,088
211,787
376,757
35

29,629
31,605
7

$
$
$
$
$
$

2,253
173,942
2,253
173,942
77.21
2,253
173,942
-

Nov 11
Proj.
Month 11

376,757
361,152
319,909
418,000
35

31,605
50,370
7

$
$
$
$
$
$

3,590
254,130
3,590
254,130
70.78
3,590
254,130
-

Dec 11
Proj.
Month 12

418,000
391,216
357,808
451,408
35

50,370
53,333
7

$
$
$
$
$
$

3,802
265,023
3,802
265,023
69.71
3,802
265,023
-

53,333
56,296
7

$
$
$
$
$
$

4,013
275,916
4,013
275,916
68.76
4,013
275,916
-

14,815

14,815
29,629

29,629
31,605

31,605
50,370

50,370
53,333

53,333
56,296

Beginning Accounts Payable - Material Vendors

Ending Accounts Payable-Material Vendors
Accounts Payable Days

35,979
30

35,979
93,121
30

93,121
99,329
30

Beginning Accounts Payable-Other

Ending Accounts Payable-Other
Accounts Payable Days

Beginning Accrued Expenses

Ending Accrued Expenses

Beginning Other
Ending Other

S G & A Days

30

30
-

30

30

10

30
30
-

10

30
-

30
-

158,306
167,618
30
-

167,618
176,930
30
-

30

30

30

30

30

30

30

30

30

10

3,333
10

3,333
5,799
10

5,799
5,999
10

5,999
5,999
10

5,999
5,999
10

5,999
6,256
10

6,256
7,734
10

7,734
8,016
10

10

30

99,329
158,306
30

Fridgey Safe
Proforma Financial Forecast

Jan 11
Proj.
Month 1

Feb 11
Proj.
Month 2

Mar 11
Proj.
Month 3

Apr 11
Proj.
Month 4

May 11
Proj.
Month 5

10,000
10,000
20,000

Depreciation on Existing Fixed Assets

Depreciation on New Fixed Assets

Furniture & Office Equipment
Computer Equipment
Machinery & Equipment
Leasehold Improvements
Total Depreciation

278
167
444

Capital Expenditures
Furniture & Office Equipment
Computer Equipment
Machinery & Equipment
Leasehold Improvements
Total CAPEX

Jun 11
Proj.
Month 6

Jul 11
Proj.
Month 7

Aug 11
Proj.
Month 8

Sept 11
Proj.
Month 9

Oct 11
Proj.
Month 10

Nov 11
Proj.
Month 11

Dec 11
Proj.
Month 12

Proj.
Year 1

500
500
1,300,000
1,000
1,302,000

500
500
1,000
2,000

500
500
1,000
2,000

500
500
1,000
2,000

500
500
1,000
2,000

500
500
1,000
2,000

13,000
13,000
1,300,000
6,000
1,332,000

444

7,694

7,722

7,750

7,778

7,806

39,194

14
8

361
217
7,222
33
47,028

Depreciation Schedule

Capital Expenditures - Pellet Plant

Furniture & Office Equipment

Computer Equipment
Machinery & Equipment
Material Handling infeed
Hammer Mill - Material size reduction
Pellet Mill Surge Bin Storage
Pellet Mill Conditioner
Andritz Sprout 26LM Pellet Mill(s)
Dryer System
12 ton Cooler
Pellet Screener
Misc
Enviva Lab
Motor Control Center
Tractor/Trailers
Site Improvements
Mechanical Installation
Electrical Installation
Freight
Process & Design Engineering
Project Management
Commissioning & Training
Contingency
Total Machinery & Equipment

Jan 11
Proj.
Month 1

Feb 11
Proj.
Month 2

Mar 11
Proj.
Month 3

Apr 11
Proj.
Month 4

May 11
Proj.
Month 5

Jun 11
Proj.
Month 6

10,000
10,000

14
8
7,222
6
7,694
Jul 11
Proj.
Month 7

500
500

14
8

14
8

6
7,722
Aug 11
Proj.
Month 8

500
500

14
8

6
7,750
Sept 11
Proj.
Month 9

500
500

14
8

6
7,778
Oct 11
Proj.
Month 10

500
500

6
7,806
Nov 11
Proj.
Month 11

500
500

6
7,833
Dec 11
Proj.
Month 12

500
500

Proj.
Year 1

13,000
13,000

17,300
57,500
43,000
28,000
450,000
225,000
103,000
32,500
6,200
40,000
30,000
75,000
20,000
60,000
15,000
5,000
10,000
82,500
1,300,000

17,300
57,500
43,000
28,000
450,000

Leasehold Improvements

1,000

1,000

1,000

1,000

1,000

1,000

6,000

Total Capital Expenditures

20,000

1,302,000

2,000

2,000

2,000

2,000

2,000

1,332,000

103,000
32,500
6,200
40,000
30,000
75,000
20,000
60,000
15,000
5,000
10,000
82,500
1,075,000

Fridgey Safe
Proforma Financial Forecast

Income Statement

Revenue
Sales
Other
Total Revenues

Jan 12
Proj.
Month 13

391,216
391,216

Feb 12
Proj.
Month 14

460,528
460,528

Mar 12
Proj.
Month 15

460,528
460,528

Apr 12
Proj.
Month 16

460,528
460,528

May 12
Proj.
Month 17

685,792
685,792

Jun 12
Proj.
Month 18

685,792
685,792

Jul 12
Proj.
Month 19

695,792
695,792

Aug 12
Proj.
Month 20

695,792
695,792

Sept 12
Proj.
Month 21

695,792
695,792

Oct 12
Proj.
Month 22

695,792
695,792

Nov 12
Proj.
Month 23

695,792
695,792

Dec 12
Proj.
Month 24

746,928
746,928

Proj.
Year 2

7,370,272
7,370,272

Cost of Goods Sold

Material Costs
Direct Labor
Manufacturing Overhead
Total Cost of Goods Sold

176,930
12,457
86,529
275,916

209,100
13,737
98,422
321,259

209,100
13,737
98,422
321,259

209,100
13,737
99,422
322,259

313,649
13,737
130,890
458,276

313,649
13,737
130,890
458,276

313,649
13,737
130,890
458,276

313,649
13,737
130,890
458,276

313,649
13,737
130,890
458,276

313,649
13,737
130,890
458,276

313,649
13,737
130,890
458,276

313,649
13,737
130,890
458,276

3,313,424
163,560
1,429,916
4,906,899

Gross Margin - Production

115,300

139,269

139,269

138,269

227,516

227,516

237,516

237,516

237,516

237,516

237,516

288,652

2,463,373

29.5%

30.2%

30.2%

30.0%

33.2%

33.2%

34.1%

34.1%

34.1%

34.1%

34.1%

38.6%

33.4%

Selling, General & Administrative

24,048

26,966

26,966

26,966

43,565

43,565

43,565

43,565

43,565

43,565

43,565

50,678

460,580

EBITDA

91,252

112,303

112,303

111,303

183,951

183,951

193,951

193,951

193,951

193,951

193,951

237,974

2,002,792

23.3%

24.4%

24.4%

24.2%

26.8%

26.8%

27.9%

27.9%

27.9%

27.9%

27.9%

31.9%

27.2%

Other (Income) / Expense

Depreciation & Amortization
Interest Expense
Other (Income) / Expense
Total Other (Income) / Expense

7,861
6,585
14,446

7,889
6,291
14,180

7,917
6,187
14,104

9,611
6,950
16,561

9,639
7,713
17,352

9,667
7,300
16,967

9,694
6,949
16,644

9,722
6,442
16,164

9,750
5,790
15,540

9,778
5,625
15,403

9,806
5,545
15,350

9,833
5,464
15,298

111,167
76,842
188,009

PreTax Profit

76,805

98,123

98,199

94,742

166,600

166,984

177,308

177,787

178,411

178,548

178,601

222,676

1,814,784

33,026

42,193

42,225

40,739

71,638

71,803

76,242

76,449

76,717

76,776

76,798

95,751

780,357

Income Tax Expense

Net Income

43,779

55,930

55,973

54,003

94,962

95,181

101,065

101,339

101,694

101,773

101,803

126,925

1,034,427

Fridgey Safe
Proforma Financial Forecast

Balance Sheet

Jan 12
Proj.
Month 13

Feb 12
Proj.
Month 14

Mar 12
Proj.
Month 15

Apr 12
Proj.
Month 16

May 12
Proj.
Month 17

Jun 12
Proj.
Month 18

Jul 12
Proj.
Month 19

Aug 12
Proj.
Month 20

Sept 12
Proj.
Month 21

Oct 12
Proj.
Month 22

Nov 12
Proj.
Month 23

Dec 12
Proj.
Month 24

Proj.
Year 2

Assets
Current Assets
Cash
Accounts Receivable, net
Inventory
Other Current
Total Current Assets

Fixed Assets
Land & Buildings
Furniture & Office Equipment
Machinery & Equipment
Leasehold Improvements
Gross Fixed Assets
Less: Accumulated Depreciation
Net Fixed Assets
Other Assets
Deposits on Equipment/Const. in Progress
Other Deposits
Organization Costs/Goodwill
Total Assets

77,202
456,419
40,211
573,832

128,973
525,731
40,211
694,915

205,465
537,283
40,211
782,959

537,283
40,211
577,494

762,547
60,317
822,864

18,217
800,091
60,317
878,625

810,091
60,317
870,408

160,739
811,757
60,317
1,032,813

330,828
811,757
60,317
1,202,903

271,676
811,757
60,317
1,143,750

442,011
811,757
60,317
1,314,085

607,684
862,893
60,317
1,530,894

607,684
862,893
60,317
1,530,894

13,500
13,500
1,300,000
7,000
1,334,000
54,889
1,279,111

14,000
14,000
1,300,000
8,000
1,336,000
62,778
1,273,222

14,500
14,500
1,300,000
9,000
1,338,000
70,694
1,267,306

15,000
15,000
1,600,000
10,000
1,640,000
80,306
1,559,694

15,500
15,500
1,600,000
11,000
1,642,000
89,944
1,552,056

16,000
16,000
1,600,000
12,000
1,644,000
99,611
1,544,389

16,500
16,500
1,600,000
13,000
1,646,000
109,306
1,536,694

17,000
17,000
1,600,000
14,000
1,648,000
119,028
1,528,972

17,500
17,500
1,600,000
15,000
1,650,000
128,778
1,521,222

18,000
18,000
1,600,000
16,000
1,652,000
138,556
1,513,444

18,500
18,500
1,600,000
17,000
1,654,000
148,361
1,505,639

19,000
19,000
1,600,000
18,000
1,656,000
158,194
1,497,806

19,000
19,000
1,600,000
18,000
1,656,000
158,194
1,497,806

200,000

200,000

200,000

200,000

200,000

200,000

200,000

200,000

200,000

200,000

200,000

200,000

200,000

2,052,943

2,168,137

2,250,265

2,337,189

2,574,919

2,623,013

2,607,102

2,761,786

2,924,125

2,857,195

3,019,724

3,228,700

3,228,700

176,930
8,016
192,857
33,026
410,830

209,100
8,989
192,857
75,219
486,165

209,100
8,989
192,857
117,445
528,390

209,100
8,989
125,698
192,857
40,739
577,383

313,649
14,522
102,819
192,857
112,377
736,223

313,649
14,522
192,857
184,180
705,208

313,649
14,522
7,032
192,857
76,242
604,303

313,649
14,522
192,857
152,691
673,719

313,649
14,522
192,857
229,407
750,436

313,649
14,522
192,857
76,776
597,804

313,649
14,522
192,857
153,574
674,602

313,649
16,893
192,857
249,325
772,724

313,649
16,893
192,857
249,325
772,724

1,060,714
1,471,544

1,044,643
1,530,808

1,028,571
1,556,962

1,012,500
1,589,883

996,428
1,732,652

980,357
1,685,565

964,286
1,568,589

948,214
1,621,933

932,143
1,682,578

916,071
1,513,875

900,000
1,574,602

883,928
1,656,653

883,928
1,656,653

500,000
81,399
581,399

500,000
137,330
637,330

500,000
193,303
693,303

500,000
247,306
747,306

500,000
342,267
842,267

500,000
437,448
937,448

500,000
538,514
1,038,514

500,000
639,852
1,139,852

500,000
741,547
1,241,547

500,000
843,319
1,343,319

500,000
945,122
1,445,122

500,000
1,072,047
1,572,047

500,000
1,072,047
1,572,047

Liabilities
Current Liabilities
Accounts Payable, net
Accrued Expenses
Revolving Line of Credit
Term Loans-Current Portion
Leases Payable
Tax Distributions Payable
Other Current Liabilities
Total Current Liabilities
Leases Payable
Term Loans - LT Portion
Other Long-Term Liabilities
Total Liabilities
Members' Equity
Contributed Capital - Members
Accumulated Surplus / (Deficit)
Total Members' Equity
Total Liabilities and Members' Equity

2,052,943
-

2,168,137
-

2,250,265
-

2,337,189
-

2,574,919
-

2,623,013
-

2,607,102
-

2,761,786
-

2,924,125
-

2,857,195
-

3,019,724
-

3,228,700
-

3,228,700

Fridgey Safe
Proforma Financial Forecast

Cash Flow Statement

Cash Flows from Operating Activities

Beginning Cash
Net Collections
Cash Cost of Sales
(Inc) / Dec in Other Current
(Inc) / Dec in Inventory
Inc / (Dec) in Accounts Payable
Inc / (Dec) in Accrued Liabilities
Other Sources / (Uses)
Cash Available for Operations

Jan 12
Proj.
Month 13

154,287

130,239

Current Portion of Long Term Debt

Cash After Debt Amortization

153,335

123,654

107,582

77,202

77,202

229,724

147,044

130,973

128,973

128,973

316,768

223,536

207,465

205,465

205,465

309,818

293,746

92,229

48,664

40,951

24,880

(302,000)
(117,445)

(2,000)
-

(125,698) $

22,880

189,972

146,407

245,733

202,168

139,107
(16,071)

123,035

121,035

18,217

192,285

195,219

179,147

354,690

185,843

169,771

167,771

160,739

524,779

348,900

332,828

330,828

330,828

465,627

519,154

503,083

271,676

271,676

631,219

460,082

444,011

442,011

442,011

625,755

609,684

Inventory Balance
% of Eligible Inventory
Advance Rate on Eligible Inv.
Inventory Availability
Borrowing Capacity

607,684

607,684

Capacity Utilization %
Unused Revolver Availability
Total Cash & Revolver Availability

525,731
90.0%
80.0%
378,526

537,283
90.0%
80.0%
386,844

537,283
90.0%
80.0%
386,844

762,547
90.0%
80.0%
549,034

800,091
90.0%
80.0%
576,065

810,091
90.0%
80.0%
583,265

811,757
90.0%
80.0%
584,465

811,757
90.0%
80.0%
584,465

811,757
90.0%
80.0%
584,465

811,757
90.0%
80.0%
584,465

862,893
90.0%
80.0%
621,283

40,211
90.0%
65.0%
23,524

40,211
90.0%
65.0%
23,524

40,211
90.0%
65.0%
23,524

40,211
90.0%
65.0%
23,524

60,317
90.0%
65.0%
35,286

60,317
90.0%
65.0%
35,286

60,317
90.0%
65.0%
35,286

60,317
90.0%
65.0%
35,286

60,317
90.0%
65.0%
35,286

60,317
90.0%
65.0%
35,286

60,317
90.0%
65.0%
35,286

60,317
90.0%
65.0%
35,286

$
$

0%
352,145 $
429,347 $

402,050
0%
402,050 $
531,023 $

410,367
0%
410,367 $
615,832 $

410,367

584,319

611,351

125,698
125,698

125,698
(22,880)
102,819

102,819
(102,819)
-

31%
284,669 $
284,669 $

18%
481,501 $
481,501 $

0%
611,351 $
629,568 $

618,551

619,751

7,032
7,032

7,032
(7,032)
-

1%
611,518 $
611,518 $

0%
619,751 $
780,490 $

619,751
0%
619,751 $
950,579 $

619,751
0%
619,751 $
891,426 $

(460,580)

(76,842)
$

619,751
0%
619,751 $
1,061,761 $

656,569
0%
656,569
1,264,252

1,683,953
(192,857)

1,491,096
(324,000)
(559,412)

456,419
90.0%
80.0%
328,621

352,145

Beginning Revolver Balance

Advances / (Payments)
Ending Revolver Balance

1,760,795

(2,000)
-

Revolving Line of Credit Availability

Total Accounts Receivable Bal.
% of Eligible A/R
Advance Rate - A/R
Accounts Receivable Availability

(16,071)

2,221,375

(5,464)

(2,000)
$

(50,678)

(16,071)

681,898

(5,545)
$

Proj.
Year 2

442,011 $
27,914
695,792
6,958,787
(458,276)
(4,906,899)
(4,021)
136,719
2,371
8,877
-

(43,565)

(2,000)
(229,407)

(16,071)

(2,000)
$

509,192

(5,625)
$

Dec 12
Proj.
Month 24

271,676 $
695,792
(458,276)
-

(43,565)

(16,071)

(7,032)
(7,032)
$

568,344

(5,790)
$

Nov 12
Proj.
Month 23

330,828 $
695,792
(458,276)
-

(43,565)

(2,000)
-

(7,032) $

(16,071)

7,032
7,032
$

398,255

(6,442)
$

Oct 12
Proj.
Month 22

160,739 $
695,792
(458,276)
-

(43,565)

(2,000)
(184,180)

(102,819)
(102,819)
$

(16,071)

(2,000)
$

235,849

(6,949)
$

Sept 12
Proj.
Month 21

$
694,125
(458,276)
-

(43,565)

(7,300)
$

Aug 12
Proj.
Month 20

18,217 $
685,792
(458,276)
-

(43,565)

(22,880)
(22,880)
$

Jul 12
Proj.
Month 19

$
648,248
(458,276)
-

(16,071)

125,698
125,698
$

$
460,528
(458,276)
(20,106)
104,550
5,533
-

(7,713)

(16,071)
$

Jun 12
Proj.
Month 18

(43,565)
$

(6,950)

(26,966)

(2,000)
-

(16,071)

(2,000)
$

343,734

(6,187)
$

May 12
Proj.
Month 17

205,465 $
460,528
(322,259)
-

(26,966)

(16,071)

256,690

(6,291)
$

Apr 12
Proj.
Month 16

128,973 $
448,976
(321,259)
-

(26,966)

(2,000)
(28,380)

Change in Short-Term Debt

Change in Long-Term Debt
Change in Equity
Total External Finance
Ending Cash

(16,071)

Capital Expenditures
Income Taxes Paid
Financing (Requirement) / Surplus

180,302

(6,585)
$

Mar 12
Proj.
Month 15

77,202 $
391,216
(321,259)
32,169
973
-

(24,048)

Interest Expense
Net Cash Income

27,914 $
386,205
(275,916)
16,085
-

Cash Operating Costs

Net Cash After Operations

Feb 12
Proj.
Month 14

607,684
-

607,684

Fridgey Safe
Proforma Financial Forecast

Jan 12
Proj.
Month 13

Income Statement Assumptions

Feb 12
Proj.
Month 14

Mar 12
Proj.
Month 15

Apr 12
Proj.
Month 16

May 12
Proj.
Month 17

Jun 12
Proj.
Month 18

Jul 12
Proj.
Month 19

Aug 12
Proj.
Month 20

Sept 12
Proj.
Month 21

Oct 12
Proj.
Month 22

Nov 12
Proj.
Month 23

Dec 12
Proj.
Month 24

Proj.
Year 2

Production Capacity
Pellet Mill Lines Operating
# of Days Operating
# of Shifts per Day
# of Hours per Shift
Production Capacity - Tons per Hour
Max Production (tons)

1
22.0
3.0
8.0
8.0
4,224

1
26.0
3.0
8.0
8.0
4,992

1
26.0
3.0
8.0
8.0
4,992

1
26.0
3.0
8.0
8.0
4,992

1
26.0
3.0
8.0
12.0
7,488

1
26.0
3.0
8.0
12.0
7,488

1
26.0
3.0
8.0
12.0
7,488

1
26.0
3.0
8.0
12.0
7,488

1
26.0
3.0
8.0
12.0
7,488

1
26.0
3.0
8.0
12.0
7,488

1
26.0
3.0
8.0
12.0
7,488

1
26.0
3.0
8.0
12.0
7,488

79,104

Production Rate Assumptions

% of Capacity Produced
Tons Produced

95.0%
4,013

95.0%
4,742

95.0%
4,742

95.0%
4,742

95.0%
7,114

95.0%
7,114

95.0%
7,114

95.0%
7,114

95.0%
7,114

95.0%
7,114

95.0%
7,114

95.0%
7,114

75,149

Price / Ton (Net of Freight)

Bagged
Bulk

$
$

Sales Assumptions
% of Production Shipped
% Shipped - Bagged
% Shipped - Bulk
Tons Shipped-Total
Tons Shipped-Bagged
Tons Shipped - Bulk
Beginning Finished Inventory
Tons Produced
Tons Shipped
Ending Finished Inventory
Total Revenues
Bagged Pellet Sales
Bulk Pellet Sales
Total Pellet Sales

170.00
97.49

$
$

170.00
97.11

$
$

170.00
97.11

$
$

170.00
97.11

$
$

170.00
96.41

$
$

170.00
96.41

$
$

170.00
97.81

$
$

170.00
97.81

$
$

170.00
97.81

$
$

170.00
97.81

$
$

170.00
97.81

$
$

170.00
105.00

308

$
$

98.08

100.0%
0.0%
100.0%
4,013
4,013

100.0%
0.0%
100.0%
4,742
4,742

100.0%
0.0%
100.0%
4,742
4,742

100.0%
0.0%
100.0%
4,742
4,742

100.0%
0.0%
100.0%
7,114
7,114

100.0%
0.0%
100.0%
7,114
7,114

100.0%
0.0%
100.0%
7,114
7,114

100.0%
0.0%
100.0%
7,114
7,114

100.0%
0.0%
100.0%
7,114
7,114

100.0%
0.0%
100.0%
7,114
7,114

100.0%
0.0%
100.0%
7,114
7,114

100.0%
0.0%
100.0%
7,114
7,114

100.0%
0.0%
100.0%
75,149
75,149

4,013
4,013
-

4,742
4,742
-

4,742
4,742
-

4,742
4,742
-

7,114
7,114
-

7,114
7,114
-

7,114
7,114
-

7,114
7,114
-

7,114
7,114
-

7,114
7,114
-

7,114
7,114
-

7,114
7,114
-

75,149
75,149
-

391,216
391,216

460,528
460,528

460,528
460,528

460,528
460,528

685,792
685,792

685,792
685,792

695,792
695,792

695,792
695,792

695,792
695,792

695,792
695,792

695,792
695,792

746,928
746,928

7,370,272
7,370,272

Fridgey Safe
Proforma Financial Forecast

Jan 12
Proj.
Month 13

Feb 12
Proj.
Month 14

Mar 12
Proj.
Month 15

Apr 12
Proj.
Month 16

May 12
Proj.
Month 17

Jun 12
Proj.
Month 18

Jul 12
Proj.
Month 19

Aug 12
Proj.
Month 20

Sept 12
Proj.
Month 21

Oct 12
Proj.
Month 22

Nov 12
Proj.
Month 23

Dec 12
Proj.
Month 24

Proj.
Year 2

Cost of Sales - Pellet Plant

Material Requirements
Tons Produced - Pellets
Dry Shavings & Sawdust
Yield % from Dry Fiber
Tons Required - Dry Fiber
% of Requirements from Dry Fiber
Dry Fiber Purchased - (Tons)
Cost per Ton Total Purchases - Dry Fiber (Tons)
Total Purchases - Dry Fiber ($)

4,013

$
$

4,742

4,742

4,742

7,114

7,114

7,114

7,114

7,114

7,114

7,114

7,114

75,149

98.0%
76,682

98.0%
4,095
50.0%
2,047
39.00 $
2,047
79,847 $

98.0%
4,839
50.0%
2,420
39.00 $
2,420
94,364 $

98.0%
4,839
50.0%
2,420
39.00 $
2,420
94,364 $

98.0%
4,839
50.0%
2,420
39.00 $
2,420
94,364 $

98.0%
7,259
50.0%
3,629
39.00 $
3,629
141,546 $

98.0%
7,259
50.0%
3,629
39.00 $
3,629
141,546 $

98.0%
7,259
50.0%
3,629
39.00 $
3,629
141,546 $

98.0%
7,259
50.0%
3,629
39.00 $
3,629
141,546 $

98.0%
7,259
50.0%
3,629
39.00 $
3,629
141,546 $

98.0%
7,259
50.0%
3,629
39.00 $
3,629
141,546 $

98.0%
7,259
50.0%
3,629
39.00 $
3,629
141,546 $

98.0%
7,259
50.0%
3,629
39.00
3,629
141,546 $

62.0%
3,236
36.00 $
3,236
30.00 $
3,236
97,084 $

62.0%
3,825
36.00 $
3,825
30.00 $
3,825
114,735 $

62.0%
3,825
36.00 $
3,825
30.00 $
3,825
114,735 $

62.0%
3,825
36.00 $
3,825
30.00 $
3,825
114,735 $

62.0%
5,737
36.00 $
5,737
30.00 $
5,737
172,103 $

62.0%
5,737
36.00 $
5,737
30.00 $
5,737
172,103 $

62.0%
5,737
36.00 $
5,737
30.00 $
5,737
172,103 $

62.0%
5,737
36.00 $
5,737
30.00 $
5,737
172,103 $

62.0%
5,737
36.00 $
5,737
30.00 $
5,737
172,103 $

62.0%
5,737
36.00 $
5,737
30.00 $
5,737
172,103 $

62.0%
5,737
36.00 $
5,737
30.00 $
5,737
172,103 $

62.0%
5,737
36.00
5,737
30.00
5,737
172,103 $

38,341
38,341
1,495,308

Green Fiber
Yield % from Green Fiber (Wet to Dry)
Tons Required - Green Fiber
Additional Tons Required - Boiler Fuel
Cost per Ton to Produce Green Fiber Puchased - Third Parties (tons)
Cost per Ton - Third Parties
Total Purchases - Green Fiber (Tons)
Total Purchases - Green Fiber ($)

Avg. Fiber Cost per Ton Produced

44.09

44.09

44.09

44.09

44.09

44.09

44.09

44.09

44.09

44.09

44.09

44.09

44.09

$
$
$
$

44.09
15.50
59.59

$
$
$
$

44.09
15.50
59.59

$
$
$
$

44.09
15.50
59.59

$
$
$
$

44.09
15.50
59.59

$
$
$
$

44.09
15.50
59.59

$
$
$
$

44.09
15.50
59.59

$
$
$
$

44.09
15.50
59.59

$
$
$
$

44.09
15.50
59.59

$
$
$
$

44.09
15.50
59.59

$
$
$
$

44.09
15.50
59.59

$
$
$
$

44.09
15.50
59.59

$
$
$
$

44.09
15.50
59.59

$
$
$
$

44.09
44.09

79,847
97,084
176,930

94,364
114,735
209,100

94,364
114,735
209,100

94,364
114,735
209,100

141,546
172,103
313,649

141,546
172,103
313,649

141,546
172,103
313,649

141,546
172,103
313,649

141,546
172,103
313,649

141,546
172,103
313,649

141,546
172,103
313,649

141,546
172,103
313,649

1,495,308
1,818,116
3,313,424

Material Cost per Ton Produced

Wood Fiber
Packaging Materials
Other Materials
Total Material Costs per Ton
Material Costs
Dry Fiber
Green Fiber
Packaging Materials
Other Materials
Total Material Costs

$
$

60,604
60,604
60,604
1,818,116

Fridgey Safe
Proforma Financial Forecast

Jan 12
Proj.
Month 13
Direct Labor
Fixed
General Manager
Worker 1
Worker 2
Worker 3
Worker 4
Other
Total Fixed Direct Labor
Variable
Incentive Bonus Program
Variable Labor
Total Variable Direct Labor
Factory Overhead
Facility Rent
Payroll Taxes
Employee Benefits
Repairs & Maintenance-Bldg & Yard
Repairs & Maintenance-Equipment
Repairs & Maintenance-Autos & Trucks
Production Supplies/Small Tools
Dryer Fuel
General Safety Supplies
Waste Removal
Equipment Rental
Real Estate Taxes
Personal Property Taxes
Insurance
Electricity
Miscellaneous
Total Factory Overhead

5,417
2,464
2,288
2,288
12,457

10,000
1,588
1,557
750
16,051
1,000
2,006
11,986
500
500
1,500
1,000
3,500
33,591
1,000
86,529

Feb 12
Proj.
Month 14

5,417
2,912
2,704
2,704
13,737

10,000
1,751
1,717
750
18,970
1,000
2,371
14,165
500
500
1,500
1,000
3,500
39,698
1,000
98,422

Mar 12
Proj.
Month 15

5,417
2,912
2,704
2,704
13,737

10,000
1,751
1,717
750
18,970
1,000
2,371
14,165
500
500
1,500
1,000
3,500
39,698
1,000
98,422

Apr 12
Proj.
Month 16

5,417
2,912
2,704
2,704
13,737

10,000
1,751
1,717
750
18,970
1,000
2,371
14,165
500
500
1,500
2,000
3,500
39,698
1,000
99,422

May 12
Proj.
Month 17

5,417
2,912
2,704
2,704
13,737

10,000
1,751
1,717
750
28,454
1,000
3,557
21,247
500
500
1,500
2,000
5,000
51,913
1,000
130,890

Jun 12
Proj.
Month 18

5,417
2,912
2,704
2,704
13,737

10,000
1,751
1,717
750
28,454
1,000
3,557
21,247
500
500
1,500
2,000
5,000
51,913
1,000
130,890

Jul 12
Proj.
Month 19

5,417
2,912
2,704
2,704
13,737

10,000
1,751
1,717
750
28,454
1,000
3,557
21,247
500
500
1,500
2,000
5,000
51,913
1,000
130,890

Aug 12
Proj.
Month 20

5,417
2,912
2,704
2,704
13,737

10,000
1,751
1,717
750
28,454
1,000
3,557
21,247
500
500
1,500
2,000
5,000
51,913
1,000
130,890

Sept 12
Proj.
Month 21

5,417
2,912
2,704
2,704
13,737

10,000
1,751
1,717
750
28,454
1,000
3,557
21,247
500
500
1,500
2,000
5,000
51,913
1,000
130,890

Oct 12
Proj.
Month 22

5,417
2,912
2,704
2,704
13,737

10,000
1,751
1,717
750
28,454
1,000
3,557
21,247
500
500
1,500
2,000
5,000
51,913
1,000
130,890

Nov 12
Proj.
Month 23

5,417
2,912
2,704
2,704
13,737

10,000
1,751
1,717
750
28,454
1,000
3,557
21,247
500
500
1,500
2,000
5,000
51,913
1,000
130,890

Dec 12
Proj.
Month 24

5,417
2,912
2,704
2,704
13,737

10,000
1,751
1,717
750
28,454
1,000
3,557
21,247
500
500
1,500
2,000
5,000
51,913
1,000
130,890

Proj.
Year 2

65,000
34,496
32,032
32,032
163,560

120,000
20,854
20,445
9,000
300,595
12,000
37,574
224,458
6,000
6,000
18,000
21,000
54,000
567,989
12,000
1,429,916

Fridgey Safe
Proforma Financial Forecast

Jan 12
Proj.
Month 13
Staffing Schedule
Administrative
President/CEO
Accounting Clerk
Office Assistant
Other
Other
Total Administrative Salaries
Selling, General & Administrative
Administrative Salaries & Wages
Administrative Employee Benefits
Administrative Payroll Taxes
Incentive Bonus Program
Marketing Expenses
Professional Fees
Payroll Services
Office Supplies
Equipment Rental
Administrative Rent
Telephone
General Insurance
Dues and Subscriptions
Bank Fees
Postage & Courier
Janitorial & Landscaping
Miscellaneous
$

Feb 12
Proj.
Month 14

Mar 12
Proj.
Month 15

Apr 12
Proj.
Month 16

May 12
Proj.
Month 17

Jun 12
Proj.
Month 18

Jul 12
Proj.
Month 19

Aug 12
Proj.
Month 20

Sept 12
Proj.
Month 21

Oct 12
Proj.
Month 22

Nov 12
Proj.
Month 23

Dec 12
Proj.
Month 24

Proj.
Year 2

16,051
2,917
$18,968

18,970
2,917
$21,886

18,970
2,917
$21,886

18,970
2,917
$21,886

35,568
2,917
$38,485

35,568
2,917
$38,485

35,568
2,917
$38,485

35,568
2,917
$38,485

35,568
2,917
$38,485

35,568
2,917
$38,485

35,568
2,917
$38,485

42,682
2,917
$45,598

364,618
35,000
$399,618

18,968
583
372
250
750
100
500
250
1,000
25
50
100
100
1,000
24,048

21,886
583
372
250
750
100
500
250
1,000
25
50
100
100
1,000
26,966

21,886
583
372
250
750
100
500
250
1,000
25
50
100
100
1,000
26,966

21,886
583
372
250
750
100
500
250
1,000
25
50
100
100
1,000
26,966

38,485
583
372
250
750
100
500
250
1,000
25
50
100
100
1,000
43,565

38,485
583
372
250
750
100
500
250
1,000
25
50
100
100
1,000
43,565

38,485
583
372
250
750
100
500
250
1,000
25
50
100
100
1,000
43,565

38,485
583
372
250
750
100
500
250
1,000
25
50
100
100
1,000
43,565

38,485
583
372
250
750
100
500
250
1,000
25
50
100
100
1,000
43,565

38,485
583
372
250
750
100
500
250
1,000
25
50
100
100
1,000
43,565

38,485
583
372
250
750
100
500
250
1,000
25
50
100
100
1,000
43,565

45,598
583
372
250
750
100
500
250
1,000
25
50
100
100
1,000
50,678

399,618
7,000
4,463
3,000
9,000
1,200
6,000
3,000
12,000
300
600
1,200
1,200
12,000
460,580

Fridgey Safe
Proforma Financial Forecast

Jan 12
Proj.
Month 13

Balance Sheet Assumptions - Pellet Plant

Accounts Receivable
Beginning Accounts Receivable
Plus: New Sales
Less: Collections
Ending Accounts Receivable

451,408
391,216
386,205
456,419
35

A/R Days
Inventory
Beginning Inventory-Raw Materials
Ending Inventory-Raw Materials
Inventory Days on Hand
Beginning Inventory - Finished Tons
Beginning Capitalized Inventory Cost
Tons Produced
Cost of Goods - Tons Produced
Tons Available for Shipment
Capitalized Cost - Tons Available for Shipment
Avg. Cost per Ton Available for Shipment
Tons Shipped
Cost of Goods - Tons Shipped
Ending Inventory - Finished Tons
Ending Inventory - Capitalized Inventory Cost
Total Beginning Inventory
Total Ending Inventory
Beginning Other
Ending Other
Beginning Accounts Payable - Material Vendors
Ending Accounts Payable-Material Vendors
Accounts Payable Days
Beginning Accounts Payable-Other
Ending Accounts Payable-Other
Accounts Payable Days
Beginning Accrued Expenses
Ending Accrued Expenses
S G & A Days

Feb 12
Proj.
Month 14

456,419
460,528
391,216
525,731
35

56,296
40,211
5

$
$
$
$
$
$

4,013
275,916
4,013
275,916
68.76
4,013
275,916
-

Mar 12
Proj.
Month 15

525,731
460,528
448,976
537,283
35

40,211
40,211
5

$
$
$
$
$
$

4,742
321,259
4,742
321,259
67.74
4,742
321,259
-

Apr 12
Proj.
Month 16

537,283
460,528
460,528
537,283
35

40,211
40,211
5

$
$
$
$
$
$

4,742
321,259
4,742
321,259
67.74
4,742
321,259
-

May 12
Proj.
Month 17

537,283
685,792
460,528
762,547
35

40,211
40,211
5

$
$
$
$
$
$

4,742
322,259
4,742
322,259
67.95
4,742
322,259
-

Jun 12
Proj.
Month 18

762,547
685,792
648,248
800,091
35

40,211
60,317
5

$
$
$
$
$
$

7,114
458,276
7,114
458,276
64.42
7,114
458,276
-

Jul 12
Proj.
Month 19

800,091
695,792
685,792
810,091
35

60,317
60,317
5

$
$
$
$
$
$

7,114
458,276
7,114
458,276
64.42
7,114
458,276
-

Aug 12
Proj.
Month 20

810,091
695,792
694,125
811,757
35

60,317
60,317
5

$
$
$
$
$
$

7,114
458,276
7,114
458,276
64.42
7,114
458,276
-

Sept 12
Proj.
Month 21

811,757
695,792
695,792
811,757
35

60,317
60,317
5

$
$
$
$
$
$

7,114
458,276
7,114
458,276
64.42
7,114
458,276
-

Oct 12
Proj.
Month 22

811,757
695,792
695,792
811,757
35

60,317
60,317
5

$
$
$
$
$
$

7,114
458,276
7,114
458,276
64.42
7,114
458,276
-

Nov 12
Proj.
Month 23

811,757
695,792
695,792
811,757
35

60,317
60,317
5

$
$
$
$
$
$

7,114
458,276
7,114
458,276
64.42
7,114
458,276
-

Dec 12
Proj.
Month 24

811,757
746,928
695,792
862,893
35

60,317
60,317
5

$
$
$
$
$
$

7,114
458,276
7,114
458,276
64.42
7,114
458,276
-

60,317
60,317
5

$
$
$
$
$
$

7,114
458,276
7,114
458,276
64.42
7,114
458,276
-

56,296
40,211

40,211
40,211

40,211
40,211

40,211
40,211

40,211
60,317

60,317
60,317

60,317
60,317

60,317
60,317

60,317
60,317

60,317
60,317

60,317
60,317

60,317
60,317

176,930
176,930
30
-

176,930
209,100
30
-

209,100
209,100
30
-

209,100
209,100
30
-

209,100
313,649
30
-

313,649
313,649
30
-

313,649
313,649
30
-

313,649
313,649
30
-

313,649
313,649
30
-

313,649
313,649
30
-

313,649
313,649
30
-

313,649
313,649
30
-

30

30

30

30

30

30

30

30

30

30

30

30

8,016
8,016
10

8,016
8,989
10

8,989
8,989
10

8,989
8,989
10

8,989
14,522
10

14,522
14,522
10

14,522
14,522
10

14,522
14,522
10

14,522
14,522
10

14,522
14,522
10

14,522
14,522
10

14,522
16,893
10

Fridgey Safe
Proforma Financial Forecast

Jan 12
Proj.
Month 13
Capital Expenditures
Furniture & Office Equipment
Computer Equipment
Machinery & Equipment
Leasehold Improvements
Total CAPEX

Feb 12
Proj.
Month 14

Mar 12
Proj.
Month 15

Apr 12
Proj.
Month 16

May 12
Proj.
Month 17

Jun 12
Proj.
Month 18

Jul 12
Proj.
Month 19

Aug 12
Proj.
Month 20

Sept 12
Proj.
Month 21

Oct 12
Proj.
Month 22

Nov 12
Proj.
Month 23

Dec 12
Proj.
Month 24

Proj.
Year 2

500
500
1,000
2,000

500
500
1,000
2,000

500
500
1,000
2,000

500
500
300,000
1,000
302,000

500
500
1,000
2,000

500
500
1,000
2,000

500
500
1,000
2,000

500
500
1,000
2,000

500
500
1,000
2,000

500
500
1,000
2,000

500
500
1,000
2,000

500
500
1,000
2,000

3,500
3,500
7,000
14,000

7,833

7,861

7,889

7,917

9,611

9,639

9,667

9,694

9,722

9,750

9,778

9,806

68,056

14
8

14
8
1,667
6
9,611

Depreciation Schedule
Depreciation on Existing Fixed Assets
Depreciation on New Fixed Assets
Furniture & Office Equipment
Computer Equipment
Machinery & Equipment
Leasehold Improvements
Total Depreciation

Capital Expenditures - Pellet Plant

Furniture & Office Equipment

Computer Equipment
Machinery & Equipment
Material Handling infeed
Hammer Mill - Material size reduction
Pellet Mill Surge Bin Storage
Pellet Mill Conditioner
Andritz Sprout 26LM Pellet Mill(s)
Dryer System
12 ton Cooler
Pellet Screener
Misc
Enviva Lab
Motor Control Center
Tractor/Trailers
Site Improvements
Mechanical Installation
Electrical Installation
Freight
Process & Design Engineering
Project Management
Commissioning & Training
Contingency
Total Machinery & Equipment

14
8

14
8

6
7,861
Jan 12
Proj.
Month 13

500
500

6
7,889
Feb 12
Proj.
Month 14

500
500

6
7,917
Mar 12
Proj.
Month 15

500
500

Apr 12
Proj.
Month 16

500
500

14
8

6
9,639
May 12
Proj.
Month 17

500
500

14
8

14
8

6
9,667
Jun 12
Proj.
Month 18

500
500

14
8

6
9,694
Jul 12
Proj.
Month 19

500
500

14
8

6
9,722
Aug 12
Proj.
Month 20

500
500

14
8

6
9,750
Sept 12
Proj.
Month 21

500
500

14
8

6
9,778
Oct 12
Proj.
Month 22

500
500

14
8

6
9,806
Nov 12
Proj.
Month 23

500
500

97
58

6
9,833
Dec 12
Proj.
Month 24

500
500

39
68,250

Proj.
Year 2

6,000
6,000

300,000

300,000

Leasehold Improvements

1,000

1,000

1,000

Total Capital Expenditures

2,000

2,000

2,000

300,000

1,000

1,000

1,000

1,000

1,000

1,000

1,000

1,000

1,000

12,000

302,000

2,000

2,000

2,000

2,000

2,000

2,000

2,000

2,000

324,000

300,000

Fridgey Safe
Proforma Financial Forecast

Income Statement

Revenue
Sales
Other
Total Revenues

Jan 13
Proj.
Month 25

746,928
746,928

Feb 13
Proj.
Month 26

746,928
746,928

Mar 13
Proj.
Month 27

746,928
746,928

Apr 13
Proj.
Month 28

746,928
746,928

May 13
Proj.
Month 29

746,928
746,928

Jun 13
Proj.
Month 30

746,928
746,928

Jul 13
Proj.
Month 31

746,928
746,928

Aug 13
Proj.
Month 32

746,928
746,928

Sept 13
Proj.
Month 33

746,928
746,928

Oct 13
Proj.
Month 34

746,928
746,928

Nov 13
Proj.
Month 35

746,928
746,928

Dec 13
Proj.
Month 36

746,928
746,928

Proj.
Year 3

8,963,136
8,963,136

Cost of Goods Sold

Material Costs
Direct Labor
Manufacturing Overhead
Total Cost of Goods Sold

313,649
13,737
131,190
458,576

313,649
13,737
131,190
458,576

313,649
13,737
131,190
458,576

313,649
13,737
131,190
458,576

313,649
13,737
131,190
458,576

313,649
13,737
131,190
458,576

313,649
13,737
131,190
458,576

313,649
13,737
131,190
458,576

313,649
13,737
131,190
458,576

313,649
13,737
131,190
458,576

313,649
13,737
131,190
458,576

313,649
13,737
131,190
458,576

3,763,792
164,840
1,574,279
5,502,911

Gross Margin - Production

288,352

288,352

288,352

288,352

288,352

288,352

288,352

288,352

288,352

288,352

288,352

288,352

3,460,225

38.6%

Selling, General & Administrative

EBITDA

38.6%

PreTax Profit
Income Tax Expense
Net Income

38.6%

38.6%

38.6%

38.6%

38.6%

38.6%

38.6%

38.6%

38.6%

38.6%

50,872

50,872

50,872

50,872

50,872

50,872

50,872

50,872

50,872

50,872

50,872

50,872

610,465

237,480

237,480

237,480

237,480

237,480

237,480

237,480

237,480

237,480

237,480

237,480

237,480

2,849,760

31.8%

Other (Income) / Expense

Depreciation & Amortization
Interest Expense
Other (Income) / Expense
Total Other (Income) / Expense

38.6%

31.8%

31.8%

31.8%

31.8%

31.8%

31.8%

31.8%

31.8%

31.8%

31.8%

31.8%

31.8%

9,861
5,384
15,245

9,889
5,304
15,192

9,917
5,223
15,140

9,944
5,143
15,087

9,972
5,062
15,035

10,000
4,982
14,982

10,028
4,902
14,930

10,056
4,821
14,877

10,083
4,741
14,824

10,111
4,661
14,772

10,139
4,580
14,719

10,167
4,500
14,667

120,167
59,304
179,470

222,235

222,288

222,340

222,393

222,445

222,498

222,550

222,603

222,656

222,708

222,761

222,813

2,670,290

95,561

95,584

95,606

95,629

95,651

95,674

95,697

95,719

95,742

95,765

95,787

95,810

1,148,225

126,674

126,704

126,734

126,764

126,794

126,824

126,854

126,884

126,914

126,944

126,974

127,004

1,522,065

Fridgey Safe
Proforma Financial Forecast

Balance Sheet

Jan 13
Proj.
Month 25

Feb 13
Proj.
Month 26

Mar 13
Proj.
Month 27

Apr 13
Proj.
Month 28

May 13
Proj.
Month 29

Jun 13
Proj.
Month 30

Jul 13
Proj.
Month 31

Aug 13
Proj.
Month 32

Sept 13
Proj.
Month 33

Oct 13
Proj.
Month 34

Nov 13
Proj.
Month 35

Dec 13
Proj.
Month 36

Proj.
Year 3

Assets
Current Assets
Cash
Accounts Receivable, net
Inventory
Other Current
Total Current Assets

Fixed Assets
Land & Buildings
Furniture & Office Equipment
Machinery & Equipment
Leasehold Improvements
Gross Fixed Assets
Less: Accumulated Depreciation
Net Fixed Assets

563,925
871,416
60,317
1,495,659

778,030
871,416
60,317
1,709,763

992,216
871,416
60,317
1,923,949

919,730
871,416
60,317
1,851,464

1,134,076
871,416
60,317
2,065,810

1,348,503
871,416
60,317
2,280,236

1,276,055
871,416
60,317
2,207,788

1,490,642
871,416
60,317
2,422,376

1,705,310
871,416
60,317
2,637,043

1,632,900
871,416
60,317
2,564,633

1,847,728
871,416
60,317
2,779,461

2,062,637
871,416
60,317
2,994,370

2,062,637
871,416
60,317
2,994,370

19,500
19,500
1,600,000
19,000
1,658,000
168,056
1,489,944

20,000
20,000
1,600,000
20,000
1,660,000
177,944
1,482,056

20,500
20,500
1,600,000
21,000
1,662,000
187,861
1,474,139

21,000
21,000
1,600,000
22,000
1,664,000
197,806
1,466,194

21,500
21,500
1,600,000
23,000
1,666,000
207,778
1,458,222

22,000
22,000
1,600,000
24,000
1,668,000
217,778
1,450,222

22,500
22,500
1,600,000
25,000
1,670,000
227,806
1,442,194

23,000
23,000
1,600,000
26,000
1,672,000
237,861
1,434,139

23,500
23,500
1,600,000
27,000
1,674,000
247,944
1,426,056

24,000
24,000
1,600,000
28,000
1,676,000
258,056
1,417,944

24,500
24,500
1,600,000
29,000
1,678,000
268,194
1,409,806

25,000
25,000
1,600,000
30,000
1,680,000
278,361
1,401,639

25,000
25,000
1,600,000
30,000
1,680,000
278,361
1,401,639

200,000

200,000

200,000

200,000

200,000

200,000

200,000

200,000

200,000

200,000

200,000

200,000

200,000

3,185,603

3,391,819

3,598,088

3,517,658

3,724,032

3,930,458

3,849,983

4,056,514

4,263,099

4,182,577

4,389,267

4,596,009

4,596,009

313,649
16,957
192,857
95,561
619,025

313,649
16,957
192,857
191,145
714,609

313,649
16,957
192,857
286,751
810,215

313,649
16,957
192,857
95,629
619,093

313,649
16,957
192,857
191,280
714,744

313,649
16,957
192,857
286,954
810,418

313,649
16,957
192,857
95,697
619,161

313,649
16,957
192,857
191,416
714,880

313,649
16,957
192,857
287,158
810,622

313,649
16,957
192,857
95,765
619,228

313,649
16,957
192,857
191,552
715,016

313,649
16,957
192,857
287,361
810,825

313,649
16,957
192,857
287,361
810,825

Leases Payable
Term Loans - LT Portion
Other Long-Term Liabilities
Total Liabilities

867,857
1,486,882

851,786
1,566,394

835,714
1,645,929

819,643
1,438,735

803,571
1,518,316

787,500
1,597,918

771,428
1,390,589

755,357
1,470,237

739,286
1,549,907

723,214
1,342,443

707,143
1,422,158

691,071
1,501,897

691,071
1,501,897

Members' Equity
Contributed Capital - Members
Accumulated Surplus / (Deficit)
Total Members' Equity

500,000
1,198,721
1,698,721

500,000
1,325,425
1,825,425

500,000
1,452,159
1,952,159

500,000
1,578,923
2,078,923

500,000
1,705,716
2,205,716

500,000
1,832,540
2,332,540

500,000
1,959,394
2,459,394

500,000
2,086,278
2,586,278

500,000
2,213,191
2,713,191

500,000
2,340,135
2,840,135

500,000
2,467,109
2,967,109

500,000
2,594,112
3,094,112

500,000
2,594,112
3,094,112

Other Assets
Deposits on Equipment/Const. in Progress
Other Deposits
Organization Costs/Goodwill
Total Assets
Liabilities
Current Liabilities
Accounts Payable, net
Accrued Expenses
Revolving Line of Credit
Term Loans-Current Portion
Leases Payable
Tax Distributions Payable
Other Current Liabilities
Total Current Liabilities

Total Liabilities and Members' Equity

3,185,603
-

3,391,819
-

3,598,088
-

3,517,658
-

3,724,032
-

3,930,458
-

3,849,983
-

4,056,514
-

4,263,099
-

4,182,577
-

4,389,267
-

4,596,009
-

4,596,009

Fridgey Safe
Proforma Financial Forecast

Cash Flow Statement

Cash Flows from Operating Activities

Beginning Cash
Net Collections
Cash Cost of Sales
(Inc) / Dec in Other Current
(Inc) / Dec in Inventory
Inc / (Dec) in Accounts Payable
Inc / (Dec) in Accrued Liabilities
Other Sources / (Uses)
Cash Available for Operations

Jan 13
Proj.
Month 25

887,578

836,706

Current Portion of Long Term Debt

Cash After Debt Amortization

801,405

831,322

815,250

563,925

563,925

1,015,510

796,102

780,030

778,030

778,030

1,229,696

1,010,287

994,216

992,216

992,216

1,157,210

1,224,553

1,208,481

919,730

919,730

1,134,076

1,134,076

Nov 13
Proj.
Month 35

Dec 13
Proj.
Month 36

1,632,900 $
746,928
(458,576)
-

1,847,728 $
607,684
746,928
8,954,613
(458,576)
(5,502,911)
65
-

1,422,429

1,636,855

1,564,407

1,778,994

1,993,662

1,921,252

2,136,080

1,371,556

1,585,983

1,513,535

1,728,122

1,942,790

1,870,380

2,085,208

(50,872)

(50,872)

(4,982)
$

1,366,574

(4,902)
$

(16,071)
$

1,350,503

1,348,503

1,348,503

1,565,010

1,276,055

1,276,055

1,492,642

1,490,642

1,490,642

1,707,310

1,705,310

1,705,310

1,922,058

1,632,900

1,632,900

1,849,728

1,847,728

1,847,728

Inventory Balance
% of Eligible Inventory
Advance Rate on Eligible Inv.
Inventory Availability
Borrowing Capacity

2,080,708

2,064,637

2,062,637

2,062,637

Capacity Utilization %
Unused Revolver Availability
Total Cash & Revolver Availability

871,416
90.0%
80.0%
627,420

871,416
90.0%
80.0%
627,420

871,416
90.0%
80.0%
627,420

871,416
90.0%
80.0%
627,420

871,416
90.0%
80.0%
627,420

871,416
90.0%
80.0%
627,420

871,416
90.0%
80.0%
627,420

871,416
90.0%
80.0%
627,420

871,416
90.0%
80.0%
627,420

871,416
90.0%
80.0%
627,420

871,416
90.0%
80.0%
627,420

60,317
90.0%
65.0%
35,286

60,317
90.0%
65.0%
35,286

60,317
90.0%
65.0%
35,286

60,317
90.0%
65.0%
35,286

60,317
90.0%
65.0%
35,286

60,317
90.0%
65.0%
35,286

60,317
90.0%
65.0%
35,286

60,317
90.0%
65.0%
35,286

60,317
90.0%
65.0%
35,286

60,317
90.0%
65.0%
35,286

60,317
90.0%
65.0%
35,286

60,317
90.0%
65.0%
35,286

$
$

662,705

662,705

662,705

662,705

662,705

662,705

662,705

662,705

662,705

(610,465)

(59,304)
$

662,705

0%
662,705 $
1,226,630 $

0%
662,705 $
1,440,735 $

0%
662,705 $
1,654,921 $

0%
662,705 $
1,582,436 $

0%
662,705 $
1,796,782 $

0%
662,705 $
2,011,208 $

0%
662,705 $
1,938,760 $

0%
662,705 $
2,153,347 $

0%
662,705 $
2,368,015 $

0%
662,705 $
2,295,605 $

0%
662,705 $
2,510,433 $

662,705
0%
662,705
2,725,342

3,389,682
(192,857)

3,196,825
(24,000)
(1,110,188)

871,416
90.0%
80.0%
627,420

662,705

Beginning Revolver Balance

Advances / (Payments)
Ending Revolver Balance

3,448,985

(2,000)
-

(16,071)

(2,000)
-

1,865,799

4,059,450

(4,500)

(16,071)

(2,000)
(287,158)

1,938,129

(50,872)

(4,580)

(16,071)

(2,000)
-

1,723,381

(50,872)

(4,661)

(16,071)

(2,000)
-

1,508,714

(50,872)

(4,741)

(16,071)

(2,000)
(286,954)

1,581,081

(50,872)

(4,821)

(16,071)

(2,000)
$

(50,872)

Revolving Line of Credit Availability

Total Accounts Receivable Bal.
% of Eligible A/R
Advance Rate - A/R
Accounts Receivable Availability

Proj.
Year 3

1,705,310 $
746,928
(458,576)
-

Oct 13
Proj.
Month 34

1,490,642 $
746,928
(458,576)
-

(2,000)
-

1,136,076

Sept 13
Proj.
Month 33

1,276,055 $
746,928
(458,576)
-

(16,071)

(2,000)
(286,751)
$

1,152,148

Aug 13
Proj.
Month 32

1,348,503 $
746,928
(458,576)
-

(5,062)
$

Jul 13
Proj.
Month 31

1,134,076 $
746,928
(458,576)
-

(50,872)

(16,071)

1,208,082

(5,143)
$

Jun 13
Proj.
Month 30

919,730 $
746,928
(458,576)
-

(50,872)

(2,000)
-

(16,071)

(2,000)
$

1,280,568

(5,223)
$

May 13
Proj.
Month 29

992,216 $
746,928
(458,576)
-

(50,872)

(16,071)

1,066,382

(5,304)
$

Apr 13
Proj.
Month 28

778,030 $
746,928
(458,576)
-

(50,872)

(2,000)
(249,325)

Change in Short-Term Debt

Change in Long-Term Debt
Change in Equity
Total External Finance
Ending Cash

(16,071)

Capital Expenditures
Income Taxes Paid
Financing (Requirement) / Surplus

852,277

(5,384)
$

Mar 13
Proj.
Month 27

563,925 $
746,928
(458,576)
-

(50,872)

Interest Expense
Net Cash Income

607,684 $
738,405
(458,576)
65
-

Cash Operating Costs

Net Cash After Operations

Feb 13
Proj.
Month 26

2,062,637
-

2,062,637

Fridgey Safe
Proforma Financial Forecast

Jan 13
Proj.
Month 25

Income Statement Assumptions

Feb 13
Proj.
Month 26

Mar 13
Proj.
Month 27

Apr 13
Proj.
Month 28

May 13
Proj.
Month 29

Jun 13
Proj.
Month 30

Jul 13
Proj.
Month 31

Aug 13
Proj.
Month 32

Sept 13
Proj.
Month 33

Oct 13
Proj.
Month 34

Nov 13
Proj.
Month 35

Dec 13
Proj.
Month 36

Proj.
Year 3

Production Capacity
Pellet Mill Lines Operating
# of Days Operating
# of Shifts per Day
# of Hours per Shift
Production Capacity - Tons per Hour
Max Production (tons)

1
26.0
3.0
8.0
12.0
7,488

1
26.0
3.0
8.0
12.0
7,488

1
26.0
3.0
8.0
12.0
7,488

1
26.0
3.0
8.0
12.0
7,488

1
26.0
3.0
8.0
12.0
7,488

1
26.0
3.0
8.0
12.0
7,488

1
26.0
3.0
8.0
12.0
7,488

1
26.0
3.0
8.0
12.0
7,488

1
26.0
3.0
8.0
12.0
7,488

1
26.0
3.0
8.0
12.0
7,488

1
26.0
3.0
8.0
12.0
7,488

1
26.0
3.0
8.0
12.0
7,488

89,856

Production Rate Assumptions

% of Capacity Produced
Tons Produced

95.0%
7,114

95.0%
7,114

95.0%
7,114

95.0%
7,114

95.0%
7,114

95.0%
7,114

95.0%
7,114

95.0%
7,114

95.0%
7,114

95.0%
7,114

95.0%
7,114

95.0%
7,114

85,363

Price / Ton (Net of Freight)

Bagged
Bulk

$
$

Sales Assumptions
% of Production Shipped
% Shipped - Bagged
% Shipped - Bulk
Tons Shipped-Total
Tons Shipped-Bagged
Tons Shipped - Bulk
Beginning Finished Inventory
Tons Produced
Tons Shipped
Ending Finished Inventory
Total Revenues
Bagged Pellet Sales
Bulk Pellet Sales
Total Pellet Sales

170.00
105.00

$
$

170.00
105.00

$
$

170.00
105.00

$
$

170.00
105.00

$
$

170.00
105.00

$
$

170.00
105.00

$
$

170.00
105.00

$
$

170.00
105.00

$
$

170.00
105.00

$
$

170.00
105.00

$
$

170.00
105.00

$
$

170.00
105.00

312

$
$

105.00

100.0%
0.0%
100.0%
7,114
7,114

100.0%
0.0%
100.0%
7,114
7,114

100.0%
0.0%
100.0%
7,114
7,114

100.0%
0.0%
100.0%
7,114
7,114

100.0%
0.0%
100.0%
7,114
7,114

100.0%
0.0%
100.0%
7,114
7,114

100.0%
0.0%
100.0%
7,114
7,114

100.0%
0.0%
100.0%
7,114
7,114

100.0%
0.0%
100.0%
7,114
7,114

100.0%
0.0%
100.0%
7,114
7,114

100.0%
0.0%
100.0%
7,114
7,114

100.0%
0.0%
100.0%
7,114
7,114

100.0%
0.0%
100.0%
85,363
85,363

7,114
7,114
-

7,114
7,114
-

7,114
7,114
-

7,114
7,114
-

7,114
7,114
-

7,114
7,114
-

7,114
7,114
-

7,114
7,114
-

7,114
7,114
-

7,114
7,114
-

7,114
7,114
-

7,114
7,114
-

85,363
85,363
-

746,928
746,928

746,928
746,928

746,928
746,928

746,928
746,928

746,928
746,928

746,928
746,928

746,928
746,928

746,928
746,928

746,928
746,928

746,928
746,928

746,928
746,928

746,928
746,928

8,963,136
8,963,136

Fridgey Safe
Proforma Financial Forecast

Jan 13
Proj.
Month 25

Feb 13
Proj.
Month 26

Mar 13
Proj.
Month 27

Apr 13
Proj.
Month 28

May 13
Proj.
Month 29

Jun 13
Proj.
Month 30

Jul 13
Proj.
Month 31

Aug 13
Proj.
Month 32

Sept 13
Proj.
Month 33

Oct 13
Proj.
Month 34

Nov 13
Proj.
Month 35

Dec 13
Proj.
Month 36

Proj.
Year 3

Cost of Sales - Pellet Plant

Material Requirements
Tons Produced - Pellets
Dry Shavings & Sawdust
Yield % from Dry Fiber
Tons Required - Dry Fiber
% of Requirements from Dry Fiber
Dry Fiber Purchased - (Tons)
Cost per Ton Total Purchases - Dry Fiber (Tons)
Total Purchases - Dry Fiber ($)

$
$

7,114

7,114

7,114

7,114

7,114

7,114

7,114

7,114

7,114

7,114

7,114

7,114

85,363

98.0%
7,259
50.0%
3,629
39.00 $
3,629
141,546 $

98.0%
7,259
50.0%
3,629
39.00 $
3,629
141,546 $

98.0%
7,259
50.0%
3,629
39.00 $
3,629
141,546 $

98.0%
7,259
50.0%
3,629
39.00 $
3,629
141,546 $

98.0%
7,259
50.0%
3,629
39.00 $
3,629
141,546 $

98.0%
7,259
50.0%
3,629
39.00 $
3,629
141,546 $

98.0%
7,259
50.0%
3,629
39.00 $
3,629
141,546 $

98.0%
7,259
50.0%
3,629
39.00 $
3,629
141,546 $

98.0%
7,259
50.0%
3,629
39.00 $
3,629
141,546 $

98.0%
7,259
50.0%
3,629
39.00 $
3,629
141,546 $

98.0%
7,259
50.0%
3,629
39.00 $
3,629
141,546 $

98.0%
7,259
50.0%
3,629
39.00
3,629
141,546 $

98.0%
87,105

62.0%
5,737
36.00 $
5,737
30.00 $
5,737
172,103 $

62.0%
5,737
36.00 $
5,737
30.00 $
5,737
172,103 $

62.0%
5,737
36.00 $
5,737
30.00 $
5,737
172,103 $

62.0%
5,737
36.00 $
5,737
30.00 $
5,737
172,103 $

62.0%
5,737
36.00 $
5,737
30.00 $
5,737
172,103 $

62.0%
5,737
36.00 $
5,737
30.00 $
5,737
172,103 $

62.0%
5,737
36.00 $
5,737
30.00 $
5,737
172,103 $

62.0%
5,737
36.00 $
5,737
30.00 $
5,737
172,103 $

62.0%
5,737
36.00 $
5,737
30.00 $
5,737
172,103 $

62.0%
5,737
36.00 $
5,737
30.00 $
5,737
172,103 $

62.0%
5,737
36.00
5,737
30.00
5,737
172,103 $

43,553
43,553
1,698,553

Green Fiber
Yield % from Green Fiber (Wet to Dry)
Tons Required - Green Fiber
Additional Tons Required - Boiler Fuel
Cost per Ton to Produce Green Fiber Puchased - Third Parties (tons)
Cost per Ton - Third Parties
Total Purchases - Green Fiber (Tons)
Total Purchases - Green Fiber ($)

62.0%
5,737
36.00 $
5,737
30.00 $
5,737
172,103 $

Avg. Fiber Cost per Ton Produced

44.09

44.09

44.09

44.09

44.09

44.09

44.09

44.09

44.09

44.09

44.09

44.09

44.09

$
$
$
$

44.09
15.50
59.59

$
$
$
$

44.09
15.50
59.59

$
$
$
$

44.09
15.50
59.59

$
$
$
$

44.09
15.50
59.59

$
$
$
$

44.09
15.50
59.59

$
$
$
$

44.09
15.50
59.59

$
$
$
$

44.09
15.50
59.59

$
$
$
$

44.09
15.50
59.59

$
$
$
$

44.09
15.50
59.59

$
$
$
$

44.09
15.50
59.59

$
$
$
$

44.09
15.50
59.59

$
$
$
$

44.09
15.50
59.59

$
$
$
$

44.09
44.09

141,546
172,103
313,649

141,546
172,103
313,649

141,546
172,103
313,649

141,546
172,103
313,649

141,546
172,103
313,649

141,546
172,103
313,649

141,546
172,103
313,649

141,546
172,103
313,649

141,546
172,103
313,649

141,546
172,103
313,649

141,546
172,103
313,649

141,546
172,103
313,649

1,698,553
2,065,239
3,763,792

Material Cost per Ton Produced

Wood Fiber
Packaging Materials
Other Materials
Total Material Costs per Ton
Material Costs
Dry Fiber
Green Fiber
Packaging Materials
Other Materials
Total Material Costs

68,841
68,841
68,841
2,065,239

Fridgey Safe
Proforma Financial Forecast

Jan 13
Proj.
Month 25
Direct Labor
Fixed
General Manager
Worker 1
Worker 2
Worker 3
Worker 4
Other
Total Fixed Direct Labor
Variable
Incentive Bonus Program
Variable Labor
Total Variable Direct Labor
Factory Overhead
Facility Rent
Payroll Taxes
Employee Benefits
Repairs & Maintenance-Bldg & Yard
Repairs & Maintenance-Equipment
Repairs & Maintenance-Autos & Trucks
Production Supplies/Small Tools
Dryer Fuel
General Safety Supplies
Waste Removal
Equipment Rental
Real Estate Taxes
Personal Property Taxes
Insurance
Electricity
Miscellaneous
Total Factory Overhead

5,417
2,912
2,704
2,704
13,737

10,300
1,751
1,717
750
28,454
1,000
3,557
21,247
500
500
1,500
2,000
5,000
51,913
1,000
131,190

Feb 13
Proj.
Month 26

5,417
2,912
2,704
2,704
13,737

10,300
1,751
1,717
750
28,454
1,000
3,557
21,247
500
500
1,500
2,000
5,000
51,913
1,000
131,190

Mar 13
Proj.
Month 27

5,417
2,912
2,704
2,704
13,737

10,300
1,751
1,717
750
28,454
1,000
3,557
21,247
500
500
1,500
2,000
5,000
51,913
1,000
131,190

Apr 13
Proj.
Month 28

5,417
2,912
2,704
2,704
13,737

10,300
1,751
1,717
750
28,454
1,000
3,557
21,247
500
500
1,500
2,000
5,000
51,913
1,000
131,190

May 13
Proj.
Month 29

5,417
2,912
2,704
2,704
13,737

10,300
1,751
1,717
750
28,454
1,000
3,557
21,247
500
500
1,500
2,000
5,000
51,913
1,000
131,190

Jun 13
Proj.
Month 30

5,417
2,912
2,704
2,704
13,737

10,300
1,751
1,717
750
28,454
1,000
3,557
21,247
500
500
1,500
2,000
5,000
51,913
1,000
131,190

Jul 13
Proj.
Month 31

5,417
2,912
2,704
2,704
13,737

10,300
1,751
1,717
750
28,454
1,000
3,557
21,247
500
500
1,500
2,000
5,000
51,913
1,000
131,190

Aug 13
Proj.
Month 32

5,417
2,912
2,704
2,704
13,737

10,300
1,751
1,717
750
28,454
1,000
3,557
21,247
500
500
1,500
2,000
5,000
51,913
1,000
131,190

Sept 13
Proj.
Month 33

5,417
2,912
2,704
2,704
13,737

10,300
1,751
1,717
750
28,454
1,000
3,557
21,247
500
500
1,500
2,000
5,000
51,913
1,000
131,190

Oct 13
Proj.
Month 34

5,417
2,912
2,704
2,704
13,737

10,300
1,751
1,717
750
28,454
1,000
3,557
21,247
500
500
1,500
2,000
5,000
51,913
1,000
131,190

Nov 13
Proj.
Month 35

5,417
2,912
2,704
2,704
13,737

10,300
1,751
1,717
750
28,454
1,000
3,557
21,247
500
500
1,500
2,000
5,000
51,913
1,000
131,190

Dec 13
Proj.
Month 36

5,417
2,912
2,704
2,704
13,737

10,300
1,751
1,717
750
28,454
1,000
3,557
21,247
500
500
1,500
2,000
5,000
51,913
1,000
131,190

Proj.
Year 3

65,000
34,944
32,448
32,448
164,840

123,600
21,017
20,605
9,000
341,453
12,000
42,682
254,967
6,000
6,000
18,000
24,000
60,000
622,956
12,000
1,574,279

Fridgey Safe
Proforma Financial Forecast

Jan 13
Proj.
Month 25
Staffing Schedule
Administrative
President/CEO
Accounting Clerk
Office Assistant
Other
Other
Total Administrative Salaries
Selling, General & Administrative
Administrative Salaries & Wages
Administrative Employee Benefits
Administrative Payroll Taxes
Incentive Bonus Program
Marketing Expenses
Professional Fees
Payroll Services
Office Supplies
Equipment Rental
Administrative Rent
Telephone
General Insurance
Dues and Subscriptions
Bank Fees
Postage & Courier
Janitorial & Landscaping
Miscellaneous
$

Feb 13
Proj.
Month 26

Mar 13
Proj.
Month 27

Apr 13
Proj.
Month 28

May 13
Proj.
Month 29

Jun 13
Proj.
Month 30

Jul 13
Proj.
Month 31

Aug 13
Proj.
Month 32

Sept 13
Proj.
Month 33

Oct 13
Proj.
Month 34

Nov 13
Proj.
Month 35

Dec 13
Proj.
Month 36

Proj.
Year 3

5.0%
42,682
3,063
$45,744

42,682
3,063
$45,744

42,682
3,063
$45,744

42,682
3,063
$45,744

42,682
3,063
$45,744

42,682
3,063
$45,744

42,682
3,063
$45,744

42,682
3,063
$45,744

42,682
3,063
$45,744

42,682
3,063
$45,744

42,682
3,063
$45,744

42,682
3,063
$45,744

512,179
36,750
$548,929

45,744
613
390
250
750
100
500
250
1,000
25
50
100
100
1,000
50,872

45,744
613
390
250
750
100
500
250
1,000
25
50
100
100
1,000
50,872

45,744
613
390
250
750
100
500
250
1,000
25
50
100
100
1,000
50,872

45,744
613
390
250
750
100
500
250
1,000
25
50
100
100
1,000
50,872

45,744
613
390
250
750
100
500
250
1,000
25
50
100
100
1,000
50,872

45,744
613
390
250
750
100
500
250
1,000
25
50
100
100
1,000
50,872

45,744
613
390
250
750
100
500
250
1,000
25
50
100
100
1,000
50,872

45,744
613
390
250
750
100
500
250
1,000
25
50
100
100
1,000
50,872

45,744
613
390
250
750
100
500
250
1,000
25
50
100
100
1,000
50,872

45,744
613
390
250
750
100
500
250
1,000
25
50
100
100
1,000
50,872

45,744
613
390
250
750
100
500
250
1,000
25
50
100
100
1,000
50,872

45,744
613
390
250
750
100
500
250
1,000
25
50
100
100
1,000
50,872

548,929
7,350
4,686
3,000
9,000
1,200
6,000
3,000
12,000
300
600
1,200
1,200
12,000
610,465

Fridgey Safe
Proforma Financial Forecast

Jan 13
Proj.
Month 25

Balance Sheet Assumptions - Pellet Plant

Accounts Receivable
Beginning Accounts Receivable
Plus: New Sales
Less: Collections
Ending Accounts Receivable

862,893
746,928
738,405
871,416
35

A/R Days
Inventory
Beginning Inventory-Raw Materials
Ending Inventory-Raw Materials
Inventory Days on Hand
Beginning Inventory - Finished Tons
Beginning Capitalized Inventory Cost
Tons Produced
Cost of Goods - Tons Produced
Tons Available for Shipment
Capitalized Cost - Tons Available for Shipment
Avg. Cost per Ton Available for Shipment
Tons Shipped
Cost of Goods - Tons Shipped
Ending Inventory - Finished Tons
Ending Inventory - Capitalized Inventory Cost
Total Beginning Inventory
Total Ending Inventory
Beginning Other
Ending Other
Beginning Accounts Payable - Material Vendors
Ending Accounts Payable-Material Vendors
Accounts Payable Days
Beginning Accounts Payable-Other
Ending Accounts Payable-Other
Accounts Payable Days
Beginning Accrued Expenses
Ending Accrued Expenses
S G & A Days

Feb 13
Proj.
Month 26

871,416
746,928
746,928
871,416
35

60,317
60,317
5

$
$
$
$
$
$

7,114
458,576
7,114
458,576
64.46
7,114
458,576
-

Mar 13
Proj.
Month 27

871,416
746,928
746,928
871,416
35

60,317
60,317
5

$
$
$
$
$
$

7,114
458,576
7,114
458,576
64.46
7,114
458,576
-

Apr 13
Proj.
Month 28

871,416
746,928
746,928
871,416
35

60,317
60,317
5

$
$
$
$
$
$

7,114
458,576
7,114
458,576
64.46
7,114
458,576
-

May 13
Proj.
Month 29

871,416
746,928
746,928
871,416
35

60,317
60,317
5

$
$
$
$
$
$

7,114
458,576
7,114
458,576
64.46
7,114
458,576
-

Jun 13
Proj.
Month 30

871,416
746,928
746,928
871,416
35

60,317
60,317
5

$
$
$
$
$
$

7,114
458,576
7,114
458,576
64.46
7,114
458,576
-

Jul 13
Proj.
Month 31

871,416
746,928
746,928
871,416
35

60,317
60,317
5

$
$
$
$
$
$

7,114
458,576
7,114
458,576
64.46
7,114
458,576
-

Aug 13
Proj.
Month 32

871,416
746,928
746,928
871,416
35

60,317
60,317
5

$
$
$
$
$
$

7,114
458,576
7,114
458,576
64.46
7,114
458,576
-

Sept 13
Proj.
Month 33

871,416
746,928
746,928
871,416
35

60,317
60,317
5

$
$
$
$
$
$

7,114
458,576
7,114
458,576
64.46
7,114
458,576
-

Oct 13
Proj.
Month 34

871,416
746,928
746,928
871,416
35

60,317
60,317
5

$
$
$
$
$
$

7,114
458,576
7,114
458,576
64.46
7,114
458,576
-

Nov 13
Proj.
Month 35

871,416
746,928
746,928
871,416
35

60,317
60,317
5

$
$
$
$
$
$

7,114
458,576
7,114
458,576
64.46
7,114
458,576
-

Dec 13
Proj.
Month 36

871,416
746,928
746,928
871,416
35

60,317
60,317
5

$
$
$
$
$
$

7,114
458,576
7,114
458,576
64.46
7,114
458,576
-

60,317
60,317
5

$
$
$
$
$
$

7,114
458,576
7,114
458,576
64.46
7,114
458,576
-

60,317
60,317

60,317
60,317

60,317
60,317

60,317
60,317

60,317
60,317

60,317
60,317

60,317
60,317

60,317
60,317

60,317
60,317

60,317
60,317

60,317
60,317

60,317
60,317

313,649
313,649
30
-

313,649
313,649
30
-

313,649
313,649
30
-

313,649
313,649
30
-

313,649
313,649
30
-

313,649
313,649
30
-

313,649
313,649
30
-

313,649
313,649
30
-

313,649
313,649
30
-

313,649
313,649
30
-

313,649
313,649
30
-

313,649
313,649
30
-

30

30

30

30

30

30

30

30

30

30

30

30

16,893
16,957
10

16,957
16,957
10

16,957
16,957
10

16,957
16,957
10

16,957
16,957
10

16,957
16,957
10

16,957
16,957
10

16,957
16,957
10

16,957
16,957
10

16,957
16,957
10

16,957
16,957
10

16,957
16,957
10

Fridgey Safe
Proforma Financial Forecast

Jan 13
Proj.
Month 25
Capital Expenditures
Furniture & Office Equipment
Computer Equipment
Machinery & Equipment
Leasehold Improvements
Total CAPEX

Feb 13
Proj.
Month 26

Mar 13
Proj.
Month 27

Apr 13
Proj.
Month 28

May 13
Proj.
Month 29

Jun 13
Proj.
Month 30

Jul 13
Proj.
Month 31

Aug 13
Proj.
Month 32

Sept 13
Proj.
Month 33

Oct 13
Proj.
Month 34

Nov 13
Proj.
Month 35

Dec 13
Proj.
Month 36

Proj.
Year 3

500
500
1,000
2,000

500
500
1,000
2,000

500
500
1,000
2,000

500
500
1,000
2,000

500
500
1,000
2,000

500
500
1,000
2,000

500
500
1,000
2,000

500
500
1,000
2,000

500
500
1,000
2,000

500
500
1,000
2,000

500
500
1,000
2,000

500
500
1,000
2,000

3,500
3,500
7,000
14,000

9,833

9,861

9,889

9,917

9,944

9,972

10,000

10,028

10,056

10,083

10,111

10,139

70,389

Depreciation Schedule
Depreciation on Existing Fixed Assets
Depreciation on New Fixed Assets
Furniture & Office Equipment
Computer Equipment
Machinery & Equipment
Leasehold Improvements
Total Depreciation

Capital Expenditures - Pellet Plant

Furniture & Office Equipment

Computer Equipment
Machinery & Equipment
Material Handling infeed
Hammer Mill - Material size reduction
Pellet Mill Surge Bin Storage
Pellet Mill Conditioner
Andritz Sprout 26LM Pellet Mill(s)
Dryer System
12 ton Cooler
Pellet Screener
Misc
Enviva Lab
Motor Control Center
Tractor/Trailers
Site Improvements
Mechanical Installation
Electrical Installation
Freight
Process & Design Engineering
Project Management
Commissioning & Training
Contingency
Total Machinery & Equipment

14
8

14
8

6
9,861
Jan 13
Proj.
Month 25

500
500

14
8

6
9,889
Feb 13
Proj.
Month 26

500
500

14
8

6
9,917
Mar 13
Proj.
Month 27

500
500

14
8

6
9,944
Apr 13
Proj.
Month 28

500
500

14
8

6
9,972
May 13
Proj.
Month 29

500
500

14
8

6
10,000
Jun 13
Proj.
Month 30

500
500

14
8

6
10,028
Jul 13
Proj.
Month 31

500
500

14
8

6
10,056
Aug 13
Proj.
Month 32

500
500

14
8

6
10,083
Sept 13
Proj.
Month 33

500
500

14
8

6
10,111
Oct 13
Proj.
Month 34

500
500

14
8

6
10,139
Nov 13
Proj.
Month 35

500
500

97
58

6
10,167
Dec 13
Proj.
Month 36

500
500

39
70,583

Proj.

6,000
6,000

Leasehold Improvements

1,000

1,000

1,000

1,000

1,000

1,000

1,000

1,000

1,000

1,000

1,000

1,000

12,000

Total Capital Expenditures

2,000

2,000

2,000

2,000

2,000

2,000

2,000

2,000

2,000

2,000

2,000

2,000

24,000

Fridgey Safe
Proforma Financial Forecast

Income Statement

Revenue
Sales
Other
Total Revenues

Jan 14
Proj.
Month 37

746,928
746,928

Feb 14
Proj.
Month 38

746,928
746,928

Mar 14
Proj.
Month 39

746,928
746,928

Apr 14
Proj.
Month 40

746,928
746,928

May 14
Proj.
Month 41

746,928
746,928

Jun 14
Proj.
Month 42

746,928
746,928

Jul 14
Proj.
Month 43

746,928
746,928

Aug 14
Proj.
Month 44

746,928
746,928

Sept 14
Proj.
Month 45

746,928
746,928

Oct 14
Proj.
Month 46

746,928
746,928

Nov 14
Proj.
Month 47

746,928
746,928

Dec 14
Proj.
Month 48

746,928
746,928

Proj.
Year 4

8,963,136
8,963,136

Cost of Goods Sold

Material Costs
Direct Labor
Manufacturing Overhead
Total Cost of Goods Sold

313,649
13,737
131,499
458,885

313,649
13,737
131,499
458,885

313,649
13,737
131,499
458,885

313,649
13,737
131,499
458,885

313,649
13,737
131,499
458,885

313,649
13,737
131,499
458,885

313,649
13,737
131,499
458,885

313,649
13,737
131,499
458,885

313,649
13,737
131,499
458,885

313,649
13,737
131,499
458,885

313,649
13,737
131,499
458,885

313,649
13,737
131,499
458,885

3,763,792
164,840
1,577,987
5,506,619

Gross Margin - Production

288,043

288,043

288,043

288,043

288,043

288,043

288,043

288,043

288,043

288,043

288,043

288,043

3,456,517

38.6%

Selling, General & Administrative

EBITDA

38.6%

PreTax Profit
Income Tax Expense
Net Income

38.6%

38.6%

38.6%

38.6%

38.6%

38.6%

38.6%

38.6%

38.6%

38.6%

51,075

51,075

51,075

51,075

51,075

51,075

51,075

51,075

51,075

51,075

51,075

51,075

612,904

236,968

236,968

236,968

236,968

236,968

236,968

236,968

236,968

236,968

236,968

236,968

236,968

2,843,613

31.7%

Other (Income) / Expense

Depreciation & Amortization
Interest Expense
Other (Income) / Expense
Total Other (Income) / Expense

38.6%

31.7%

31.7%

31.7%

31.7%

31.7%

31.7%

31.7%

31.7%

31.7%

31.7%

31.7%

31.7%

10,194
4,420
14,614

10,222
4,339
14,562

10,250
4,259
14,509

10,278
4,179
14,456

10,306
4,098
14,404

10,333
4,018
14,351

10,361
3,937
14,299

10,389
7,795
18,184

10,417
12,462
22,878

10,444
9,738
20,183

10,472
4,910
15,382

10,500
3,536
14,036

124,167
67,691
191,858

222,354

222,406

222,459

222,511

222,564

222,617

222,669

218,784

214,089

216,785

221,585

222,932

2,651,755

95,612

95,635

95,657

95,680

95,702

95,725

95,748

94,077

92,058

93,217

95,282

95,861

1,140,255

126,742

126,772

126,802

126,831

126,861

126,891

126,921

124,707

122,031

123,567

126,304

127,071

1,511,500

Fridgey Safe
Proforma Financial Forecast

Balance Sheet

Jan 14
Proj.
Month 37

Feb 14
Proj.
Month 38

Mar 14
Proj.
Month 39

Apr 14
Proj.
Month 40

May 14
Proj.
Month 41

Jun 14
Proj.
Month 42

Jul 14
Proj.
Month 43

Aug 14
Proj.
Month 44

Sept 14
Proj.
Month 45

Oct 14
Proj.
Month 46

Nov 14
Proj.
Month 47

Dec 14
Proj.
Month 48

Proj.
Year 4

Assets
Current Assets
Cash
Accounts Receivable, net
Inventory
Other Current
Total Current Assets

Fixed Assets
Land & Buildings
Furniture & Office Equipment
Machinery & Equipment
Leasehold Improvements
Gross Fixed Assets
Less: Accumulated Depreciation
Net Fixed Assets

1,989,820
871,416
60,317
2,921,553

2,204,377
871,416
60,317
3,136,110

2,419,014
871,416
60,317
3,350,747

2,346,828
871,416
60,317
3,278,561

2,561,626
871,416
60,317
3,493,359

2,776,504
871,416
60,317
3,708,237

2,704,356
871,416
60,317
3,636,089

2,915,457
871,416
60,317
3,847,190

3,121,891
871,416
60,317
4,053,624

3,049,166
871,416
60,317
3,980,899

3,263,152
871,416
60,317
4,194,885

3,478,513
871,416
60,317
4,410,246

3,478,513
871,416
60,317
4,410,246

25,500
25,500
1,600,000
31,000
1,682,000
288,556
1,393,444

26,000
26,000
1,600,000
32,000
1,684,000
298,778
1,385,222

26,500
26,500
1,600,000
33,000
1,686,000
309,028
1,376,972

27,000
27,000
1,600,000
34,000
1,688,000
319,306
1,368,694

27,500
27,500
1,600,000
35,000
1,690,000
329,611
1,360,389

28,000
28,000
1,600,000
36,000
1,692,000
339,944
1,352,056

28,500
28,500
1,600,000
37,000
1,694,000
350,306
1,343,694

29,000
29,000
1,600,000
38,000
1,696,000
360,694
1,335,306

29,500
29,500
1,600,000
39,000
1,698,000
371,111
1,326,889

30,000
30,000
1,600,000
40,000
1,700,000
381,556
1,318,444

30,500
30,500
1,600,000
41,000
1,702,000
392,028
1,309,972

31,000
31,000
1,600,000
42,000
1,704,000
402,528
1,301,472

31,000
31,000
1,600,000
42,000
1,704,000
402,528
1,301,472

200,000

200,000

200,000

200,000

200,000

200,000

200,000

200,000

200,000

200,000

200,000

200,000

200,000

4,514,997

4,721,332

4,927,719

4,847,255

5,053,748

5,260,293

5,179,783

5,382,495

5,580,513

5,499,344

5,704,858

5,911,718

5,911,718

313,649
17,025
192,857
95,612
619,144

313,649
17,025
192,857
191,247
714,778

313,649
17,025
192,857
286,904
810,436

313,649
17,025
192,857
95,680
619,212

313,649
17,025
192,857
191,382
714,914

313,649
17,025
192,857
287,107
810,639

313,649
17,025
192,857
95,748
619,279

313,649
17,025
192,857
189,825
713,356

313,649
17,025
192,857
281,883
805,415

313,649
17,025
192,857
93,217
616,749

313,649
17,025
192,857
188,499
712,031

313,649
17,025
192,857
284,360
807,892

313,649
17,025
192,857
284,360
807,892

Leases Payable
Term Loans - LT Portion
Other Long-Term Liabilities
Total Liabilities

675,000
1,294,144

658,928
1,373,707

642,857
1,453,293

626,786
1,245,997

610,714
1,325,628

594,643
1,405,282

578,571
1,197,851

562,500
1,275,856

546,428
1,351,843

530,357
1,147,106

514,286
1,226,316

498,214
1,306,106

498,214
1,306,106

Members' Equity
Contributed Capital - Members
Accumulated Surplus / (Deficit)
Total Members' Equity

500,000
2,720,854
3,220,854

500,000
2,847,625
3,347,625

500,000
2,974,427
3,474,427

500,000
3,101,258
3,601,258

500,000
3,228,120
3,728,120

500,000
3,355,011
3,855,011

500,000
3,481,933
3,981,933

500,000
3,606,639
4,106,639

500,000
3,728,670
4,228,670

500,000
3,852,237
4,352,237

500,000
3,978,541
4,478,541

500,000
4,105,612
4,605,612

500,000
4,105,612
4,605,612

Other Assets
Deposits on Equipment/Const. in Progress
Other Deposits
Organization Costs/Goodwill
Total Assets
Liabilities
Current Liabilities
Accounts Payable, net
Accrued Expenses
Revolving Line of Credit
Term Loans-Current Portion
Leases Payable
Tax Distributions Payable
Other Current Liabilities
Total Current Liabilities

Total Liabilities and Members' Equity

4,514,997
-

4,721,332
-

4,927,719
-

4,847,255
-

5,053,748
-

5,260,293
-

5,179,783
-

5,382,495
-

5,580,513
-

5,499,344
-

5,704,858
-

5,911,718
-

5,911,718

Fridgey Safe
Proforma Financial Forecast

Cash Flow Statement

Cash Flows from Operating Activities

Beginning Cash
Net Collections
Cash Cost of Sales
(Inc) / Dec in Other Current
(Inc) / Dec in Inventory
Inc / (Dec) in Accounts Payable
Inc / (Dec) in Accrued Liabilities
Other Sources / (Uses)
Cash Available for Operations

Jan 14
Proj.
Month 37

Jul 14
Proj.
Month 43

Aug 14
Proj.
Month 44

Sept 14
Proj.
Month 45

Oct 14
Proj.
Month 46

Nov 14
Proj.
Month 47

Dec 14
Proj.
Month 48

2,346,828 $
746,928
(458,885)
-

2,561,626 $
746,928
(458,885)
-

2,776,504 $
746,928
(458,885)
-

2,704,356 $
746,928
(458,885)
-

2,915,457 $
746,928
(458,885)
-

3,121,891 $
746,928
(458,885)
-

3,049,166 $
746,928
(458,885)
-

3,263,152 $ 2,062,637
746,928
8,963,136
(458,885)
(5,506,619)
68
-

2,350,747

2,277,863

2,492,420

2,707,057

2,634,871

2,849,669

3,064,547

2,992,399

3,203,500

3,409,934

3,337,209

3,551,195

2,299,672

2,226,787

2,441,344

2,655,982

2,583,795

2,798,593

3,013,472

2,941,323

3,152,424

3,358,859

3,286,134

3,500,120

(51,075)

(51,075)

(4,420)
$

2,295,252

2,279,181

1,989,820

1,989,820

2,206,377

2,204,377

2,204,377

2,421,014

2,419,014

2,419,014

2,635,732

2,346,828

2,346,828

2,563,626

2,561,626

2,561,626

2,778,504

2,776,504

2,776,504

2,993,463

2,704,356

2,704,356

2,917,457

2,915,457

2,915,457

3,123,891

3,121,891

3,121,891

3,333,049

3,049,166

3,049,166

3,265,152

3,263,152

3,263,152

3,496,584

3,480,513

3,478,513

Borrowing Capacity

3,478,513

871,416
90.0%
80.0%
627,420

871,416
90.0%
80.0%
627,420

871,416
90.0%
80.0%
627,420

871,416
90.0%
80.0%
627,420

871,416
90.0%
80.0%
627,420

871,416
90.0%
80.0%
627,420

871,416
90.0%
80.0%
627,420

871,416
90.0%
80.0%
627,420

871,416
90.0%
80.0%
627,420

871,416
90.0%
80.0%
627,420

871,416
90.0%
80.0%
627,420

871,416
90.0%
80.0%
627,420

60,317
90.0%
65.0%
35,286

60,317
90.0%
65.0%
35,286

60,317
90.0%
65.0%
35,286

60,317
90.0%
65.0%
35,286

60,317
90.0%
65.0%
35,286

60,317
90.0%
65.0%
35,286

60,317
90.0%
65.0%
35,286

60,317
90.0%
65.0%
35,286

60,317
90.0%
65.0%
35,286

60,317
90.0%
65.0%
35,286

60,317
90.0%
65.0%
35,286

60,317
90.0%
65.0%
35,286

662,705

Beginning Revolver Balance

Advances / (Payments)
Ending Revolver Balance

$
$

662,705

662,705

662,705

662,705

662,705

662,705

662,705

662,705

662,705

(612,904)

(67,691)
$

662,705

0%
662,705 $
2,652,525 $

0%
662,705 $
2,867,082 $

0%
662,705 $
3,081,719 $

0%
662,705 $
3,009,533 $

0%
662,705 $
3,224,331 $

0%
662,705 $
3,439,209 $

0%
662,705 $
3,367,061 $

0%
662,705 $
3,578,162 $

0%
662,705 $
3,784,596 $

0%
662,705 $
3,711,871 $

0%
662,705 $
3,925,857 $

662,705
0%
662,705
4,141,218

4,838,626
(192,857)

4,645,769
(24,000)
(1,143,256)

Revolving Line of Credit Availability

Inventory Balance
% of Eligible Inventory
Advance Rate on Eligible Inv.
Inventory Availability

4,906,317

(2,000)
-

(16,071)

(2,000)
-

3,281,224

5,519,221

(3,536)

(16,071)

(2,000)
(281,883)

3,349,120

(51,075)

(4,910)

(16,071)

(2,000)
-

3,139,963

(51,075)

(9,738)

(16,071)

(2,000)
-

2,933,528

(51,075)

(12,462)

(16,071)

(2,000)
(287,107)

3,009,534

(51,075)

(7,795)

(16,071)

(2,000)
-

2,794,576

(51,075)

(3,937)

(16,071)

(2,000)
-

2,579,697

(51,075)

(4,018)

(16,071)

(2,000)
(286,904)

2,651,803

(51,075)

(4,098)

(16,071)

(2,000)
-

2,437,085

(51,075)

(4,179)

(16,071)

(2,000)
-

2,222,448

(51,075)

(4,259)

(16,071)

(2,000)
(287,361)
$

(51,075)

(4,339)

(16,071)

Total Accounts Receivable Bal.

% of Eligible A/R
Advance Rate - A/R
Accounts Receivable Availability

Capacity Utilization %
Unused Revolver Availability
Total Cash & Revolver Availability

Proj.
Year 4

2,419,014 $
746,928
(458,885)
-

Change in Short-Term Debt

Change in Long-Term Debt
Change in Equity
Total External Finance
Ending Cash

Jun 14
Proj.
Month 42

2,204,377 $
746,928
(458,885)
-

Capital Expenditures
Income Taxes Paid
Financing (Requirement) / Surplus

May 14
Proj.
Month 41

1,989,820 $
746,928
(458,885)
-

Current Portion of Long Term Debt

Cash After Debt Amortization

Apr 14
Proj.
Month 40

2,062,637 $
746,928
(458,885)
68
-

Interest Expense
Net Cash Income

Mar 14
Proj.
Month 39

Cash Operating Costs

Net Cash After Operations

Feb 14
Proj.
Month 38

3,478,513
-

3,478,513

Fridgey Safe
Proforma Financial Forecast

Jan 14
Proj.
Month 37

Income Statement Assumptions

Feb 14
Proj.
Month 38

Mar 14
Proj.
Month 39

Apr 14
Proj.
Month 40

May 14
Proj.
Month 41

Jun 14
Proj.
Month 42

Jul 14
Proj.
Month 43

Aug 14
Proj.
Month 44

Sept 14
Proj.
Month 45

Oct 14
Proj.
Month 46

Nov 14
Proj.
Month 47

Dec 14
Proj.
Month 48

Proj.
Year 4

Production Capacity
Pellet Mill Lines Operating
# of Days Operating
# of Shifts per Day
# of Hours per Shift
Production Capacity - Tons per Hour
Max Production (tons)

1
26.0
3.0
8.0
12.0
7,488

1
26.0
3.0
8.0
12.0
7,488

1
26.0
3.0
8.0
12.0
7,488

1
26.0
3.0
8.0
12.0
7,488

1
26.0
3.0
8.0
12.0
7,488

1
26.0
3.0
8.0
12.0
7,488

1
26.0
3.0
8.0
12.0
7,488

1
26.0
3.0
8.0
12.0
7,488

1
26.0
3.0
8.0
12.0
7,488

1
26.0
3.0
8.0
12.0
7,488

1
26.0
3.0
8.0
12.0
7,488

1
26.0
3.0
8.0
12.0
7,488

89,856

Production Rate Assumptions

% of Capacity Produced
Tons Produced

95.0%
7,114

95.0%
7,114

95.0%
7,114

95.0%
7,114

95.0%
7,114

95.0%
7,114

95.0%
7,114

95.0%
7,114

95.0%
7,114

95.0%
7,114

95.0%
7,114

95.0%
7,114

85,363

Price / Ton (Net of Freight)

Bagged
Bulk

$
$

Sales Assumptions
% of Production Shipped
% Shipped - Bagged
% Shipped - Bulk
Tons Shipped-Total
Tons Shipped-Bagged
Tons Shipped - Bulk
Beginning Finished Inventory
Tons Produced
Tons Shipped
Ending Finished Inventory
Total Revenues
Bagged Pellet Sales
Bulk Pellet Sales
Total Pellet Sales

170.00
105.00

$
$

170.00
105.00

$
$

170.00
105.00

$
$

170.00
105.00

$
$

170.00
105.00

$
$

170.00
105.00

$
$

170.00
105.00

$
$

170.00
105.00

$
$

170.00
105.00

$
$

170.00
105.00

$
$

170.00
105.00

$
$

170.00
105.00

312

$
$

105.00

100.0%
0.0%
100.0%
7,114
7,114

100.0%
0.0%
100.0%
7,114
7,114

100.0%
0.0%
100.0%
7,114
7,114

100.0%
0.0%
100.0%
7,114
7,114

100.0%
0.0%
100.0%
7,114
7,114

100.0%
0.0%
100.0%
7,114
7,114

100.0%
0.0%
100.0%
7,114
7,114

100.0%
0.0%
100.0%
7,114
7,114

100.0%
0.0%
100.0%
7,114
7,114

100.0%
0.0%
100.0%
7,114
7,114

100.0%
0.0%
100.0%
7,114
7,114

100.0%
0.0%
100.0%
7,114
7,114

100.0%
0.0%
100.0%
85,363
85,363

7,114
7,114
-

7,114
7,114
-

7,114
7,114
-

7,114
7,114
-

7,114
7,114
-

7,114
7,114
-

7,114
7,114
-

7,114
7,114
-

7,114
7,114
-

7,114
7,114
-

7,114
7,114
-

7,114
7,114
-

85,363
85,363
-

746,928
746,928

746,928
746,928

746,928
746,928

746,928
746,928

746,928
746,928

746,928
746,928

746,928
746,928

746,928
746,928

746,928
746,928

746,928
746,928

746,928
746,928

746,928
746,928

8,963,136
8,963,136

Fridgey Safe
Proforma Financial Forecast

Jan 14
Proj.
Month 37

Feb 14
Proj.
Month 38

Mar 14
Proj.
Month 39

Apr 14
Proj.
Month 40

May 14
Proj.
Month 41

Jun 14
Proj.
Month 42

Jul 14
Proj.
Month 43

Aug 14
Proj.
Month 44

Sept 14
Proj.
Month 45

Oct 14
Proj.
Month 46

Nov 14
Proj.
Month 47

Dec 14
Proj.
Month 48

Proj.
Year 4

Cost of Sales - Pellet Plant

Material Requirements
Tons Produced - Pellets
Dry Shavings & Sawdust
Yield % from Dry Fiber
Tons Required - Dry Fiber
% of Requirements from Dry Fiber
Dry Fiber Purchased - (Tons)
Cost per Ton Total Purchases - Dry Fiber (Tons)
Total Purchases - Dry Fiber ($)

$
$

7,114

7,114

7,114

7,114

7,114

7,114

7,114

7,114

7,114

7,114

7,114

7,114

85,363

98.0%
7,259
50.0%
3,629
39.00 $
3,629
141,546 $

98.0%
7,259
50.0%
3,629
39.00 $
3,629
141,546 $

98.0%
7,259
50.0%
3,629
39.00 $
3,629
141,546 $

98.0%
7,259
50.0%
3,629
39.00 $
3,629
141,546 $

98.0%
7,259
50.0%
3,629
39.00 $
3,629
141,546 $

98.0%
7,259
50.0%
3,629
39.00 $
3,629
141,546 $

98.0%
7,259
50.0%
3,629
39.00 $
3,629
141,546 $

98.0%
7,259
50.0%
3,629
39.00 $
3,629
141,546 $

98.0%
7,259
50.0%
3,629
39.00 $
3,629
141,546 $

98.0%
7,259
50.0%
3,629
39.00 $
3,629
141,546 $

98.0%
7,259
50.0%
3,629
39.00 $
3,629
141,546 $

98.0%
7,259
50.0%
3,629
39.00
3,629
141,546 $

98.0%
87,105

62.0%
5,737
36.00 $
5,737
30.00 $
5,737
172,103 $

62.0%
5,737
36.00 $
5,737
30.00 $
5,737
172,103 $

62.0%
5,737
36.00 $
5,737
30.00 $
5,737
172,103 $

62.0%
5,737
36.00 $
5,737
30.00 $
5,737
172,103 $

62.0%
5,737
36.00 $
5,737
30.00 $
5,737
172,103 $

62.0%
5,737
36.00 $
5,737
30.00 $
5,737
172,103 $

62.0%
5,737
36.00 $
5,737
30.00 $
5,737
172,103 $

62.0%
5,737
36.00 $
5,737
30.00 $
5,737
172,103 $

62.0%
5,737
36.00 $
5,737
30.00 $
5,737
172,103 $

62.0%
5,737
36.00 $
5,737
30.00 $
5,737
172,103 $

62.0%
5,737
36.00
5,737
30.00
5,737
172,103 $

43,553
43,553
1,698,553

Green Fiber
Yield % from Green Fiber (Wet to Dry)
Tons Required - Green Fiber
Additional Tons Required - Boiler Fuel
Cost per Ton to Produce Green Fiber Puchased - Third Parties (tons)
Cost per Ton - Third Parties
Total Purchases - Green Fiber (Tons)
Total Purchases - Green Fiber ($)

62.0%
5,737
36.00 $
5,737
30.00 $
5,737
172,103 $

Avg. Fiber Cost per Ton Produced

44.09

44.09

44.09

44.09

44.09

44.09

44.09

44.09

44.09

44.09

44.09

44.09

44.09

$
$
$
$

44.09
15.50
59.59

$
$
$
$

44.09
15.50
59.59

$
$
$
$

44.09
15.50
59.59

$
$
$
$

44.09
15.50
59.59

$
$
$
$

44.09
15.50
59.59

$
$
$
$

44.09
15.50
59.59

$
$
$
$

44.09
15.50
59.59

$
$
$
$

44.09
15.50
59.59

$
$
$
$

44.09
15.50
59.59

$
$
$
$

44.09
15.50
59.59

$
$
$
$

44.09
15.50
59.59

$
$
$
$

44.09
15.50
59.59

$
$
$
$

44.09
44.09

141,546
172,103
313,649

141,546
172,103
313,649

141,546
172,103
313,649

141,546
172,103
313,649

141,546
172,103
313,649

141,546
172,103
313,649

141,546
172,103
313,649

141,546
172,103
313,649

141,546
172,103
313,649

141,546
172,103
313,649

141,546
172,103
313,649

141,546
172,103
313,649

1,698,553
2,065,239
3,763,792

Material Cost per Ton Produced

Wood Fiber
Packaging Materials
Other Materials
Total Material Costs per Ton
Material Costs
Dry Fiber
Green Fiber
Packaging Materials
Other Materials
Total Material Costs

68,841
68,841
68,841
2,065,239

Fridgey Safe
Proforma Financial Forecast

Jan 14
Proj.
Month 37
Direct Labor
Fixed
General Manager
Worker 1
Worker 2
Worker 3
Worker 4
Other
Total Fixed Direct Labor
Variable
Incentive Bonus Program
Variable Labor
Total Variable Direct Labor
Factory Overhead
Facility Rent
Payroll Taxes
Employee Benefits
Repairs & Maintenance-Bldg & Yard
Repairs & Maintenance-Equipment
Repairs & Maintenance-Autos & Trucks
Production Supplies/Small Tools
Dryer Fuel
General Safety Supplies
Waste Removal
Equipment Rental
Real Estate Taxes
Personal Property Taxes
Insurance
Electricity
Miscellaneous
Total Factory Overhead

5,417
2,912
2,704
2,704
13,737

10,609
1,751
1,717
750
28,454
1,000
3,557
21,247
500
500
1,500
2,000
5,000
51,913
1,000
131,499

Feb 14
Proj.
Month 38

5,417
2,912
2,704
2,704
13,737

10,609
1,751
1,717
750
28,454
1,000
3,557
21,247
500
500
1,500
2,000
5,000
51,913
1,000
131,499

Mar 14
Proj.
Month 39

5,417
2,912
2,704
2,704
13,737

10,609
1,751
1,717
750
28,454
1,000
3,557
21,247
500
500
1,500
2,000
5,000
51,913
1,000
131,499

Apr 14
Proj.
Month 40

5,417
2,912
2,704
2,704
13,737

10,609
1,751
1,717
750
28,454
1,000
3,557
21,247
500
500
1,500
2,000
5,000
51,913
1,000
131,499

May 14
Proj.
Month 41

5,417
2,912
2,704
2,704
13,737

10,609
1,751
1,717
750
28,454
1,000
3,557
21,247
500
500
1,500
2,000
5,000
51,913
1,000
131,499

Jun 14
Proj.
Month 42

5,417
2,912
2,704
2,704
13,737

10,609
1,751
1,717
750
28,454
1,000
3,557
21,247
500
500
1,500
2,000
5,000
51,913
1,000
131,499

Jul 14
Proj.
Month 43

5,417
2,912
2,704
2,704
13,737

10,609
1,751
1,717
750
28,454
1,000
3,557
21,247
500
500
1,500
2,000
5,000
51,913
1,000
131,499

Aug 14
Proj.
Month 44

5,417
2,912
2,704
2,704
13,737

10,609
1,751
1,717
750
28,454
1,000
3,557
21,247
500
500
1,500
2,000
5,000
51,913
1,000
131,499

Sept 14
Proj.
Month 45

5,417
2,912
2,704
2,704
13,737

10,609
1,751
1,717
750
28,454
1,000
3,557
21,247
500
500
1,500
2,000
5,000
51,913
1,000
131,499

Oct 14
Proj.
Month 46

5,417
2,912
2,704
2,704
13,737

10,609
1,751
1,717
750
28,454
1,000
3,557
21,247
500
500
1,500
2,000
5,000
51,913
1,000
131,499

Nov 14
Proj.
Month 47

5,417
2,912
2,704
2,704
13,737

10,609
1,751
1,717
750
28,454
1,000
3,557
21,247
500
500
1,500
2,000
5,000
51,913
1,000
131,499

Dec 14
Proj.
Month 48

5,417
2,912
2,704
2,704
13,737

10,609
1,751
1,717
750
28,454
1,000
3,557
21,247
500
500
1,500
2,000
5,000
51,913
1,000
131,499

Proj.
Year 4

65,000
34,944
32,448
32,448
164,840

127,308
21,017
20,605
9,000
341,453
12,000
42,682
254,967
6,000
6,000
18,000
24,000
60,000
622,956
12,000
1,577,987

Fridgey Safe
Proforma Financial Forecast

Jan 14
Proj.
Month 37
Staffing Schedule
Administrative
President/CEO
Accounting Clerk
Office Assistant
Other
Other
Total Administrative Salaries
Selling, General & Administrative
Administrative Salaries & Wages
Administrative Employee Benefits
Administrative Payroll Taxes
Incentive Bonus Program
Marketing Expenses
Professional Fees
Payroll Services
Office Supplies
Equipment Rental
Administrative Rent
Telephone
General Insurance
Dues and Subscriptions
Bank Fees
Postage & Courier
Janitorial & Landscaping
Miscellaneous
$

Feb 14
Proj.
Month 38

Mar 14
Proj.
Month 39

Apr 14
Proj.
Month 40

May 14
Proj.
Month 41

Jun 14
Proj.
Month 42

Jul 14
Proj.
Month 43

Aug 14
Proj.
Month 44

Sept 14
Proj.
Month 45

Oct 14
Proj.
Month 46

Nov 14
Proj.
Month 47

Dec 14
Proj.
Month 48

Proj.
Year 4

5.0%
42,682
3,216
$45,897

42,682
3,216
$45,897

42,682
3,216
$45,897

42,682
3,216
$45,897

42,682
3,216
$45,897

42,682
3,216
$45,897

42,682
3,216
$45,897

42,682
3,216
$45,897

42,682
3,216
$45,897

42,682
3,216
$45,897

42,682
3,216
$45,897

42,682
3,216
$45,897

512,179
38,588
$550,767

45,897
643
410
250
750
100
500
250
1,000
25
50
100
100
1,000
51,075

45,897
643
410
250
750
100
500
250
1,000
25
50
100
100
1,000
51,075

45,897
643
410
250
750
100
500
250
1,000
25
50
100
100
1,000
51,075

45,897
643
410
250
750
100
500
250
1,000
25
50
100
100
1,000
51,075

45,897
643
410
250
750
100
500
250
1,000
25
50
100
100
1,000
51,075

45,897
643
410
250
750
100
500
250
1,000
25
50
100
100
1,000
51,075

45,897
643
410
250
750
100
500
250
1,000
25
50
100
100
1,000
51,075

45,897
643
410
250
750
100
500
250
1,000
25
50
100
100
1,000
51,075

45,897
643
410
250
750
100
500
250
1,000
25
50
100
100
1,000
51,075

45,897
643
410
250
750
100
500
250
1,000
25
50
100
100
1,000
51,075

45,897
643
410
250
750
100
500
250
1,000
25
50
100
100
1,000
51,075

45,897
643
410
250
750
100
500
250
1,000
25
50
100
100
1,000
51,075

550,767
7,718
4,920
3,000
9,000
1,200
6,000
3,000
12,000
300
600
1,200
1,200
12,000
612,904

Fridgey Safe
Proforma Financial Forecast

Jan 14
Proj.
Month 37

Balance Sheet Assumptions - Pellet Plant

Accounts Receivable
Beginning Accounts Receivable
Plus: New Sales
Less: Collections
Ending Accounts Receivable

871,416
746,928
746,928
871,416
35

A/R Days
Inventory
Beginning Inventory-Raw Materials
Ending Inventory-Raw Materials
Inventory Days on Hand
Beginning Inventory - Finished Tons
Beginning Capitalized Inventory Cost
Tons Produced
Cost of Goods - Tons Produced
Tons Available for Shipment
Capitalized Cost - Tons Available for Shipment
Avg. Cost per Ton Available for Shipment
Tons Shipped
Cost of Goods - Tons Shipped
Ending Inventory - Finished Tons
Ending Inventory - Capitalized Inventory Cost
Total Beginning Inventory
Total Ending Inventory
Beginning Other
Ending Other
Beginning Accounts Payable - Material Vendors
Ending Accounts Payable-Material Vendors
Accounts Payable Days
Beginning Accounts Payable-Other
Ending Accounts Payable-Other
Accounts Payable Days
Beginning Accrued Expenses
Ending Accrued Expenses
S G & A Days

Feb 14
Proj.
Month 38

871,416
746,928
746,928
871,416
35

60,317
60,317
5

$
$
$
$
$
$

7,114
458,885
7,114
458,885
64.51
7,114
458,885
-

Mar 14
Proj.
Month 39

871,416
746,928
746,928
871,416
35

60,317
60,317
5

$
$
$
$
$
$

7,114
458,885
7,114
458,885
64.51
7,114
458,885
-

Apr 14
Proj.
Month 40

871,416
746,928
746,928
871,416
35

60,317
60,317
5

$
$
$
$
$
$

7,114
458,885
7,114
458,885
64.51
7,114
458,885
-

May 14
Proj.
Month 41

871,416
746,928
746,928
871,416
35

60,317
60,317
5

$
$
$
$
$
$

7,114
458,885
7,114
458,885
64.51
7,114
458,885
-

Jun 14
Proj.
Month 42

871,416
746,928
746,928
871,416
35

60,317
60,317
5

$
$
$
$
$
$

7,114
458,885
7,114
458,885
64.51
7,114
458,885
-

Jul 14
Proj.
Month 43

871,416
746,928
746,928
871,416
35

60,317
60,317
5

$
$
$
$
$
$

7,114
458,885
7,114
458,885
64.51
7,114
458,885
-

Aug 14
Proj.
Month 44

871,416
746,928
746,928
871,416
35

60,317
60,317
5

$
$
$
$
$
$

7,114
458,885
7,114
458,885
64.51
7,114
458,885
-

Sept 14
Proj.
Month 45

871,416
746,928
746,928
871,416
35

60,317
60,317
5

$
$
$
$
$
$

7,114
458,885
7,114
458,885
64.51
7,114
458,885
-

Oct 14
Proj.
Month 46

871,416
746,928
746,928
871,416
35

60,317
60,317
5

$
$
$
$
$
$

7,114
458,885
7,114
458,885
64.51
7,114
458,885
-

Nov 14
Proj.
Month 47

871,416
746,928
746,928
871,416
35

60,317
60,317
5

$
$
$
$
$
$

7,114
458,885
7,114
458,885
64.51
7,114
458,885
-

Dec 14
Proj.
Month 48

871,416
746,928
746,928
871,416
35

60,317
60,317
5

$
$
$
$
$
$

7,114
458,885
7,114
458,885
64.51
7,114
458,885
-

60,317
60,317
5

$
$
$
$
$
$

7,114
458,885
7,114
458,885
64.51
7,114
458,885
-

60,317
60,317

60,317
60,317

60,317
60,317

60,317
60,317

60,317
60,317

60,317
60,317

60,317
60,317

60,317
60,317

60,317
60,317

60,317
60,317

60,317
60,317

60,317
60,317

313,649
313,649
30
-

313,649
313,649
30
-

313,649
313,649
30
-

313,649
313,649
30
-

313,649
313,649
30
-

313,649
313,649
30
-

313,649
313,649
30
-

313,649
313,649
30
-

313,649
313,649
30
-

313,649
313,649
30
-

313,649
313,649
30
-

313,649
313,649
30
-

30

30

30

30

30

30

30

30

30

30

30

30

16,957
17,025
10

17,025
17,025
10

17,025
17,025
10

17,025
17,025
10

17,025
17,025
10

17,025
17,025
10

17,025
17,025
10

17,025
17,025
10

17,025
17,025
10

17,025
17,025
10

17,025
17,025
10

17,025
17,025
10

Fridgey Safe
Proforma Financial Forecast

Jan 14
Proj.
Month 37
Capital Expenditures
Furniture & Office Equipment
Computer Equipment
Machinery & Equipment
Leasehold Improvements
Total CAPEX

Feb 14
Proj.
Month 38

Mar 14
Proj.
Month 39

Apr 14
Proj.
Month 40

May 14
Proj.
Month 41

Jun 14
Proj.
Month 42

Jul 14
Proj.
Month 43

Aug 14
Proj.
Month 44

Sept 14
Proj.
Month 45

Oct 14
Proj.
Month 46

Nov 14
Proj.
Month 47

Dec 14
Proj.
Month 48

Proj.
Year 4

500
500
1,000
2,000

500
500
1,000
2,000

500
500
1,000
2,000

500
500
1,000
2,000

500
500
1,000
2,000

500
500
1,000
2,000

500
500
1,000
2,000

500
500
1,000
2,000

500
500
1,000
2,000

500
500
1,000
2,000

500
500
1,000
2,000

500
500
1,000
2,000

3,500
3,500
7,000
14,000

10,167

10,194

10,222

10,250

10,278

10,306

10,333

10,361

10,389

10,417

10,444

10,472

72,722

Depreciation Schedule
Depreciation on Existing Fixed Assets
Depreciation on New Fixed Assets
Furniture & Office Equipment
Computer Equipment
Machinery & Equipment
Leasehold Improvements
Total Depreciation

Capital Expenditures - Pellet Plant

Furniture & Office Equipment

Computer Equipment
Machinery & Equipment
Material Handling infeed
Hammer Mill - Material size reduction
Pellet Mill Surge Bin Storage
Pellet Mill Conditioner
Andritz Sprout 26LM Pellet Mill(s)
Dryer System
12 ton Cooler
Pellet Screener
Misc
Enviva Lab
Motor Control Center
Tractor/Trailers
Site Improvements
Mechanical Installation
Electrical Installation
Freight
Process & Design Engineering
Project Management
Commissioning & Training
Contingency
Total Machinery & Equipment

14
8

14
8

6
10,194
Jan 14
Proj.
Month 37

500
500

14
8

6
10,222
Feb 14
Proj.
Month 38

500
500

14
8

6
10,250
Mar 14
Proj.
Month 39

500
500

14
8

6
10,278
Apr 14
Proj.
Month 40

500
500

14
8

6
10,306
May 14
Proj.
Month 41

500
500

14
8

6
10,333
Jun 14
Proj.
Month 42

500
500

14
8

6
10,361
Jul 14
Proj.
Month 43

500
500

14
8

6
10,389
Aug 14
Proj.
Month 44

500
500

14
8

6
10,417
Sept 14
Proj.
Month 45

500
500

14
8

6
10,444
Oct 14
Proj.
Month 46

500
500

14
8

6
10,472
Nov 14
Proj.
Month 47

500
500

97
58

6
10,500
Dec 14
Proj.
Month 48

500
500

39
72,917

Proj.

6,000
6,000

Leasehold Improvements

1,000

1,000

1,000

1,000

1,000

1,000

1,000

1,000

1,000

1,000

1,000

1,000

12,000

Total Capital Expenditures

2,000

2,000

2,000

2,000

2,000

2,000

2,000

2,000

2,000

2,000

2,000

2,000

24,000

Wood Pellet Co.

Proforma Financial Forecast Summary
2011
Key Metrics
Total Wood Pellet Sales - Tons
Avg. Price per Ton
Income Statement
Revenues
Wood Pellet Revenue
Other Revenues
Total Revenues

Cost of Sales

2012

16,586
95.60

1,585,632
1,585,632

1,263,914

2013

75,149
98.08

7,370,272
7,370,272

2014

85,363
105.00

8,963,136
8,963,136

85,363
105.00

8,963,136
8,963,136

4,906,899

5,502,911

5,506,619

Gross Profit
Gross Profit %

321,718
20.3%

2,463,373
33.4%

3,460,225
38.6%

3,456,517
38.6%

SG&A Expenses

147,407

460,580

610,465

612,904

EBITDA
EBITDA %
Balance Sheet
Total Cash
Total Assets
Total Funded Debt
Total Liabilities
Shareholder's Equity
Est. Market Valuation - Year 4
Year 4 Projected EBITDA
Range of EBITDA Multiples
Enterprise Value
Plus:
Cash
Less:
Funded Debt
Net Shareholder Value
Class A Common Member (20%)
Class B Common Member (80%)

174,311
11.0%
2011

2,002,792
27.2%
2012

2,849,760
31.8%
2013

2,843,613
31.7%
2014

$
$
$
$
$

27,914
2,020,590
1,269,643
1,482,970
537,620

$
$
$
$
$

607,684
3,228,700
1,076,786
1,656,653
1,572,047

$
$
$
$
$

2,062,637
4,596,009
883,928
1,501,897
3,094,112

$
$
$
$
$

3,478,513
5,911,718
691,071
1,306,106
4,605,612

2,843,613
5.5
15,639,869

$
$

2,843,613
6.0
17,061,675

$
$
$

3,478,513

3,478,513

3,478,513

3,478,513

$
$

691,071
15,583,698

$
$

691,071
17,005,504

$
$

691,071
18,427,311

$
$

691,071
19,849,117

3,116,740
12,466,958
15,583,698

3,401,101
13,604,403
17,005,504

3,685,462
14,741,848
18,427,311

3,969,823
15,879,293
19,849,117

Debt Service Coverage

Assumed Exit Valuation - Year 4

2,843,613
$
2,843,613
$
4.5
5.0
12,796,257
$
14,218,063
$

2011

2012

2013

2014

EBITDA / Interest Expense

2.84

26.06

48.05

42.01

Senior Term Debt Principal Coverage

1.05

5.94

8.52

8.48

Tons Produced

16,586

Production Metrics
Revenues

75,149

2011
$

Fiber Feedstock
Direct Labor
Overhead
Total CGS

85,363

2012

1,585,632

85,363

2013

7,370,272

2014

8,963,136

8,963,136

731,284
113,994
441,617
1,286,895

3,313,424
204,859
1,429,916
4,948,198

3,763,792
206,462
1,574,279
5,544,533

3,763,792
206,462
1,577,987
5,548,241

Electricity
Repairs & Maintenance
Dryer Fuel
Insurance
Other

154,212
78,592
49,539
24,500
134,774

567,989
321,595
224,458
54,000
261,873

622,956
362,453
254,967
60,000
273,904

622,956
362,453
254,967
60,000
277,612

SG & A Expenses

147,407

460,580

610,465

612,904

EBITDA

174,311

2,002,792

2,849,760

2,843,613

2012

2013

2014

Production Metrics ($ per Ton)

2011

Revenues

95.60

98.08

105.00

105.00

Fiber Feedstock
Direct Labor
Overhead
Total CGS

$
$
$
$

44.09
6.87
26.63
77.59

$
$
$
$

44.09
2.73
19.03
65.85

$
$
$
$

44.09
2.42
18.44
64.95

$
$
$
$

44.09
2.42
18.49
65.00

Electricity
Repairs & Maintenance
Dryer Fuel
Insurance
Other

$
$
$
$
$

9.30
4.74
2.99
1.48
8.13

$
$
$
$
$

7.56
4.28
2.99
0.72
3.48

$
$
$
$
$

7.30
4.25
2.99
0.70
3.21

$
$
$
$
$

7.30
4.25
2.99
0.70
3.25

SG & A Expenses

8.89

6.13

7.15

7.18

EBITDA

10.51

26.65

33.38

33.31

Wood Pellet Co.

Proforma Financial Forecast

Closing
Senior Term Loan 1
Beginning Bal
Principal
Interest
End Principal
Expansion Term Loan
Beginning Bal
Principal
Interest
End Principal
Sub Debt
Beginning Bal
Principal
Interest
End Principal
Seller Sub-Debt
Beginning Bal
Principal
Interest
End Principal

1,350,000

Month 3

Month 4

Month 5

Month 6

Month 7

Month 8

Month 9

Month 10

Month 11

Month 12

1,350,000

1,350,000
6,750
1,350,000

1,350,000
6,750
1,350,000

1,350,000
6,750
1,350,000

1,350,000
6,750
1,350,000

1,350,000
16,071
6,750
1,333,929

1,333,929
16,071
6,670
1,317,857

1,317,857
16,071
6,589
1,301,786

1,301,786
16,071
6,509
1,285,714

1,285,714
16,071
6,429
1,269,643

6,750
-

6,750
-

6,750
-

6,750
(0)

6,750
6,750

6,750

6,750

6,750

6,750

6,670
(0)
26
6,696

0
0

16,071
0
16,071

16,071
0
16,071

16,071
0
16,071

16,071
0
16,071

16,071
0
16,071

Interest Expense
Senior Term Loan 1
Expansion Term Loan
Sub Debt
Seller Sub-Debt
Revolving Line
Total Interest
Principal Payments
Senior Term Loan 1
Expansion Term Loan
Volvo Financial Services
Sub-Debt Term Loan
Total Principal

Long-Term Portion
Senior Term Loan 1
Expansion Term Loan

Month 2

Revolving Line of Credit

Beginning Bal
Advance/(Curtail)
Ending Bal
Interest

Current Maturities
Senior Term Loan 1
Expansion Term Loan
Volvo Financial Services
Sub-Debt Term Loan
Total CMLTD

Month 1

1,350,000

(0)
0
(0)
(0)

0
(0)

(0)
0
(0)
(0)

(0)
0
(0)
(0)

25,963
25,963
87

6,589
(0)
282
6,871

(0)
0
(0)
(0)

(0)
0
(0)
(0)

25,963
(14,394)
11,569
125

11,569
(11,569)
39

6,509
(0)
536
7,045

6,429
(0)
492
6,921

128,571
0
128,571

144,643
0
144,643

160,714
0
160,714

176,786
0
176,786

192,857
0
192,857

192,857
0
192,857

192,857
0
192,857

192,857
0
192,857

192,857
0
192,857

192,857
0
192,857

1,221,429
-

1,205,357
-

1,189,286
-

1,173,214
-

1,157,143
-

1,141,071
-

1,125,000
-

1,108,929
-

1,092,857
-

1,076,786
-

Wood Pellet Co.

Proforma Financial Forecast

Volvo Financial Services

Sub-Debt Term Loan
Total Long-Term Portion
Total Senior & Sub Term Debt
New Term Debt

Closing
-

Month 1
-

Month 2
-

Month 3
(0)
1,221,429

1,350,000
1,350,000

Month 4
(0)
1,205,357

Month 5
(0)
1,189,286

Month 6
(0)
1,173,214

Month 7
(0)
1,157,143

Month 8
(0)
1,141,071

Month 9
(0)
1,125,000

Month 10
(0)
1,108,929

Month 11
(0)
1,092,857

Month 12
(0)
1,076,786

1,350,000
-

1,350,000
-

1,350,000
-

1,350,000
-

1,333,929
-

1,317,857
-

1,301,786
-

1,285,714
-

1,269,643
-

Wood Pellet Co.

Proforma Financial Forecast

Closing

Month 1

Month 2

Month 3

Month 4

Month 5

Month 6

Month 7

Month 8

Month 9

Month 10

Month 11

Month 12

Wood Pellet Co.

Proforma Financial Forecast

Senior Term Loan 1

Beginning Bal
Principal
Interest
End Principal

Month 13

Month 14

Month 15

Month 16

Month 17

Month 18

Month 19

Month 20

Month 21

Month 22

Month 23

Month 24

1,269,643
16,071
6,348
1,253,571

1,253,571
16,071
6,268
1,237,500

1,237,500
16,071
6,188
1,221,429

1,221,429
16,071
6,107
1,205,357

1,205,357
16,071
6,027
1,189,286

1,189,286
16,071
5,946
1,173,214

1,173,214
16,071
5,866
1,157,143

1,157,143
16,071
5,786
1,141,071

1,141,071
16,071
5,705
1,125,000

1,125,000
16,071
5,625
1,108,929

1,108,929
16,071
5,545
1,092,857

1,092,857
16,071
5,464
1,076,786

Expansion Term Loan

Beginning Bal
Principal
Interest
End Principal

Sub Debt
Beginning Bal
Principal
Interest
End Principal

Seller Sub-Debt
Beginning Bal
Principal
Interest
End Principal
Revolving Line of Credit
Beginning Bal
Advance/(Curtail)
Ending Bal
Interest
Interest Expense
Senior Term Loan 1
Expansion Term Loan
Sub Debt
Seller Sub-Debt
Revolving Line
Total Interest

(0)
0
(0)
(0)

(0)
0
(0)
(0)

(0)
0
(0)
(0)

6,348
(0)
237
6,585

6,268
(0)
23
6,291

6,188
(0)
6,187

(0)
0
(0)
(0)

125,698
125,698
419

6,107
(0)
843
6,950

(0)
0
(0)
(0)

(0)
0
(0)
(0)

125,698
(22,880)
102,819
762

102,819
(102,819)
343

6,027
(0)
1,686
7,713

5,946
(0)
1,354
7,300

(0)
0
(0)
(0)

(0)
0
(0)
(0)

(0)
0
(0)
(0)

(0)
0
(0)
(0)

(0)
0
(0)
(0)

(0)
0
(0)
(0)

7,032
7,032
23

7,032
(7,032)
23

5,866
(0)
1,083
6,949

5,786
(0)
656
6,442

5,705
(0)
85
5,790

5,625
(0)

5,545
(0)

5,464
(0)

5,625

5,545

5,464

Principal Payments
Senior Term Loan 1
Expansion Term Loan
Volvo Financial Services
Sub-Debt Term Loan
Total Principal

16,071
0
16,071

16,071
0
16,071

16,071
0
16,071

16,071
0
16,071

16,071
0
16,071

16,071
0
16,071

16,071
0
16,071

16,071
0
16,071

16,071
0
16,071

16,071
0
16,071

16,071
0
16,071

16,071
0
16,071

Current Maturities
Senior Term Loan 1
Expansion Term Loan
Volvo Financial Services
Sub-Debt Term Loan
Total CMLTD

192,857
0
192,857

192,857
0
192,857

192,857
0
192,857

192,857
0
192,857

192,857
0
192,857

192,857
0
192,857

192,857
0
192,857

192,857
0
192,857

192,857
0
192,857

192,857
0
192,857

192,857
0
192,857

192,857
0
192,857

1,060,714
-

1,044,643
-

1,028,571
-

1,012,500
-

996,429
-

980,357
-

964,286
-

948,214
-

932,143
-

916,071
-

900,000
-

883,929
-

Long-Term Portion
Senior Term Loan 1
Expansion Term Loan

Wood Pellet Co.

Proforma Financial Forecast

Volvo Financial Services

Sub-Debt Term Loan
Total Long-Term Portion

Month 13
(0)
1,060,714

Total Senior & Sub Term Debt 1,253,571

New Term Debt
-

Month 14
(0)
1,044,643

Month 15
(0)
1,028,571

Month 16
(0)
1,012,500

Month 17
(0)
996,428

Month 18
(0)
980,357

Month 19
(0)
964,286

Month 20
(0)
948,214

Month 21
(0)
932,143

Month 22
(0)
916,071

Month 23
(0)
900,000

Month 24
(0)
883,928

1,237,500
-

1,221,429
-

1,205,357
-

1,189,286
-

1,173,214
-

1,157,143
-

1,141,071
-

1,125,000
-

1,108,929
-

1,092,857
-

1,076,786
-

Wood Pellet Co.

Proforma Financial Forecast

Month 13

Month 14

Month 15

Month 16

Month 17

Month 18

Month 19

Month 20

Month 21

Month 22

Month 23

Month 24

Wood Pellet Co.

Proforma Financial Forecast

Senior Term Loan 1

Beginning Bal
Principal
Interest
End Principal

Month 25

Month 26

Month 27

Month 28

Month 29

Month 30

Month 31

Month 32

Month 33

Month 34

Month 35

Month 36

1,076,786
16,071
5,384
1,060,714

1,060,714
16,071
5,304
1,044,643

1,044,643
16,071
5,223
1,028,571

1,028,571
16,071
5,143
1,012,500

1,012,500
16,071
5,062
996,429

996,429
16,071
4,982
980,357

980,357
16,071
4,902
964,286

964,286
16,071
4,821
948,214

948,214
16,071
4,741
932,143

932,143
16,071
4,661
916,071

916,071
16,071
4,580
900,000

900,000
16,071
4,500
883,929

Expansion Term Loan

Beginning Bal
Principal
Interest
End Principal

Sub Debt
Beginning Bal
Principal
Interest
End Principal

Seller Sub-Debt
Beginning Bal
Principal
Interest
End Principal
Revolving Line of Credit
Beginning Bal
Advance/(Curtail)
Ending Bal
Interest
Interest Expense
Senior Term Loan 1
Expansion Term Loan
Sub Debt
Seller Sub-Debt
Revolving Line
Total Interest

(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)

5,384
(0)

5,304
(0)

5,223
(0)

5,143
(0)

5,062
(0)

4,982
(0)

4,902
(0)

4,821
(0)

4,741
(0)

4,661
(0)

4,580
(0)

4,500
(0)

5,384

5,304

5,223

5,143

5,062

4,982

4,902

4,821

4,741

4,661

4,580

4,500

Principal Payments
Senior Term Loan 1
Expansion Term Loan
Volvo Financial Services
Sub-Debt Term Loan
Total Principal

16,071
0
16,071

16,071
0
16,071

16,071
0
16,071

16,071
0
16,071

16,071
0
16,071

16,071
0
16,071

16,071
0
16,071

16,071
0
16,071

16,071
0
16,071

16,071
0
16,071

16,071
0
16,071

16,071
0
16,071

Current Maturities
Senior Term Loan 1
Expansion Term Loan
Volvo Financial Services
Sub-Debt Term Loan
Total CMLTD

192,857
0
192,857

192,857
0
192,857

192,857
0
192,857

192,857
0
192,857

192,857
0
192,857

192,857
0
192,857

192,857
0
192,857

192,857
0
192,857

192,857
0
192,857

192,857
0
192,857

192,857
0
192,857

192,857
0
192,857

Long-Term Portion
Senior Term Loan 1
Expansion Term Loan

867,857
-

851,786
-

835,714
-

819,643
-

803,571
-

787,500
-

771,429
-

755,357
-

739,286
-

723,214
-

707,143
-

691,071
-

Wood Pellet Co.

Proforma Financial Forecast

Volvo Financial Services

Sub-Debt Term Loan
Total Long-Term Portion

Month 25
(0)
867,857

Total Senior & Sub Term Debt 1,060,714

New Term Debt
-

Month 26
(0)
851,786

Month 27
(0)
835,714

Month 28
(0)
819,643

Month 29
(0)
803,571

Month 30
(0)
787,500

Month 31
(0)
771,428

Month 32
(0)
755,357

Month 33
(0)
739,286

Month 34
(0)
723,214

Month 35
(0)
707,143

Month 36
(0)
691,071

1,044,643
-

1,028,571
-

1,012,500
-

996,428
-

980,357
-

964,286
-

948,214
-

932,143
-

916,071
-

900,000
-

883,928
-

Wood Pellet Co.

Proforma Financial Forecast

Month 25

Month 26

Month 27

Month 28

Month 29

Month 30

Month 31

Month 32

Month 33

Month 34

Month 35

Month 36

Wood Pellet Co.

Proforma Financial Forecast

Senior Term Loan 1

Beginning Bal
Principal
Interest
End Principal

Month 37

Month 38

Month 39

Month 40

Month 41

Month 42

Month 43

Month 44

Month 45

Month 46

Month 47

Month 48

883,929
16,071
4,420
867,857

867,857
16,071
4,339
851,786

851,786
16,071
4,259
835,714

835,714
16,071
4,179
819,643

819,643
16,071
4,098
803,571

803,571
16,071
4,018
787,500

787,500
16,071
3,938
771,429

771,429
16,071
3,857
755,357

755,357
16,071
3,777
739,286

739,286
16,071
3,696
723,214

723,214
16,071
3,616
707,143

707,143
16,071
3,536
691,071

Expansion Term Loan

Beginning Bal
Principal
Interest
End Principal

Sub Debt
Beginning Bal
Principal
Interest
End Principal

Seller Sub-Debt
Beginning Bal
Principal
Interest
End Principal
Revolving Line of Credit
Beginning Bal
Advance/(Curtail)
Ending Bal
Interest
Interest Expense
Senior Term Loan 1
Expansion Term Loan
Sub Debt
Seller Sub-Debt
Revolving Line
Total Interest

(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)

4,420
(0)

4,339
(0)

4,259
(0)

4,179
(0)

4,098
(0)

4,018
(0)

3,938
(0)

3,857
(0)
3,938
7,795

3,777
(0)
8,685
12,462

3,696
(0)
6,042
9,738

3,616
(0)
1,294
4,910

3,536
(0)

4,420

4,339

4,259

4,179

4,098

4,018

3,937

Principal Payments
Senior Term Loan 1
Expansion Term Loan
Volvo Financial Services
Sub-Debt Term Loan
Total Principal

3,536

16,071
0
16,071

16,071
0
16,071

16,071
0
16,071

16,071
0
16,071

16,071
0
16,071

16,071
0
16,071

16,071
0
16,071

16,071
0
16,071

16,071
0
16,071

16,071
0
16,071

16,071
0
16,071

16,071
0
16,071

Current Maturities
Senior Term Loan 1
Expansion Term Loan
Volvo Financial Services
Sub-Debt Term Loan
Total CMLTD

192,857
0
192,857

192,857
0
192,857

192,857
0
192,857

192,857
0
192,857

192,857
0
192,857

192,857
0
192,857

192,857
0
192,857

192,857
0
192,857

192,857
0
192,857

192,857
0
192,857

192,857
0
192,857

192,857
0
192,857

Long-Term Portion
Senior Term Loan 1
Expansion Term Loan

675,000
-

658,929
-

642,857
-

626,786
-

610,714
-

594,643
-

578,571
-

562,500
-

546,429
-

530,357
-

514,286
-

498,214
-

Wood Pellet Co.

Proforma Financial Forecast

Volvo Financial Services

Sub-Debt Term Loan
Total Long-Term Portion
Total Senior & Sub Term Debt
New Term Debt

Month 37
(0)
675,000

Month 38
(0)
658,928

Month 39
(0)
642,857

Month 40
(0)
626,786

Month 41
(0)
610,714

Month 42
(0)
594,643

Month 43
(0)
578,571

Month 44
(0)
562,500

Month 45
(0)
546,428

Month 46
(0)
530,357

Month 47
(0)
514,286

Month 48
(0)
498,214

867,857
-

851,786
-

835,714
-

819,643
-

803,571
-

787,500
-

771,428
-

755,357
-

739,286
-

723,214
-

707,143
-

691,071
-

Wood Pellet Co.

Proforma Financial Forecast

Month 37

Month 38

Month 39

Month 40

Month 41

Month 42

Month 43

Month 44

Month 45

Month 46

Month 47

Month 48

Wood Pellet Co.

Proforma Financial Forecast

Senior Term Loan 1

Beginning Bal
Principal
Interest
End Principal

Month 49

Month 50

Month 51

Month 52

Month 53

Month 54

Month 55

Month 56

Month 57

Month 58

Month 59

Month 60

691,071
16,071
3,455
675,000

675,000
16,071
3,375
658,929

658,929
16,071
3,295
642,857

642,857
16,071
3,214
626,786

626,786
16,071
3,134
610,714

610,714
16,071
3,054
594,643

594,643
16,071
2,973
578,571

578,571
16,071
2,893
562,500

562,500
16,071
2,813
546,429

546,429
16,071
2,732
530,357

530,357
16,071
2,652
514,286

514,286
16,071
2,571
498,214

Expansion Term Loan

Beginning Bal
Principal
Interest
End Principal

Sub Debt
Beginning Bal
Principal
Interest
End Principal

Seller Sub-Debt
Beginning Bal
Principal
Interest
End Principal
Revolving Line of Credit
Beginning Bal
Advance/(Curtail)
Ending Bal
Interest
Interest Expense
Senior Term Loan 1
Expansion Term Loan
Sub Debt
Seller Sub-Debt
Revolving Line
Total Interest

(0)
0
(0)
(0)

#REF!
#REF!
#REF!

(0)
0
(0)
(0)

#REF!
#REF!
#REF!
#REF!

(0)
0
(0)
(0)

#REF!
#REF!
#REF!
#REF!

(0)
0
(0)
(0)

#REF!
#REF!
#REF!
#REF!

(0)
0
(0)
(0)

#REF!
#REF!
#REF!
#REF!

(0)
0
(0)
(0)

#REF!
#REF!
#REF!
#REF!

(0)
0
(0)
(0)

#REF!
#REF!
#REF!
#REF!

(0)
0
(0)
(0)

#REF!
#REF!
#REF!
#REF!

(0)
0
(0)
(0)

#REF!
#REF!
#REF!
#REF!

3,455
(0)

3,375
(0)

3,295
(0)

3,214
(0)

3,134
(0)

3,054
(0)

2,973
(0)

2,893
(0)

2,813
(0)

(0)
0
(0)
(0)

#REF!
#REF!
#REF!
#REF!

2,732
(0)
2,732

(0)
0
(0)
(0)

#REF!
#REF!
#REF!
#REF!

2,652
(0)
2,652

(0)
0
(0)
(0)

#REF!
#REF!
#REF!
#REF!

2,571
(0)
2,571

3,455

3,375

3,295

3,214

3,134

3,054

2,973

2,893

2,812

Principal Payments
Senior Term Loan 1
Expansion Term Loan
Volvo Financial Services
Sub-Debt Term Loan
Total Principal

16,071
0
16,071

16,071
0
16,071

16,071
0
16,071

16,071
0
16,071

16,071
0
16,071

16,071
0
16,071

16,071
0
16,071

16,071
0
16,071

16,071
0
16,071

16,071
0
16,071

16,071
0
16,071

16,071
0
16,071

Current Maturities
Senior Term Loan 1
Expansion Term Loan
Volvo Financial Services
Sub-Debt Term Loan
Total CMLTD

176,786
14,736
191,522

160,714
29,583
190,297

144,643
44,541
189,184

128,571
59,612
188,183

112,500
74,795
187,295

96,429
90,092
186,521

80,357
105,504
185,862

64,286
121,032
185,318

48,214
136,676
184,890

32,143
152,438
184,580

16,071
168,317
184,389

184,316
184,316

Long-Term Portion
Senior Term Loan 1
Expansion Term Loan

498,214
-

498,214
-

498,214
-

498,214
-

498,214
-

498,214
-

498,214
-

498,214
-

498,214
-

498,214
-

498,214
-

498,214
-

Wood Pellet Co.

Proforma Financial Forecast

Volvo Financial Services

Sub-Debt Term Loan
Total Long-Term Portion
Total Senior & Sub Term Debt
New Term Debt

Month 49
(14,737)
483,478

Month 50
(29,583)
468,631

Month 51
(44,542)
453,673

Month 52
(59,612)
438,602

Month 53
(74,795)
423,419

Month 54
(90,093)
408,122

Month 55
(105,505)
392,710

Month 56
(121,032)
377,182

Month 57
(136,676)
361,538

Month 58
(152,438)
345,777

Month 59
(168,317)
329,897

Month 60
(184,316)
313,898

675,000
-

658,928
-

642,857
-

626,786
-

610,714
-

594,643
-

578,571
-

562,500
-

546,428
-

530,357
-

514,286
-

498,214
-

Wood Pellet Co.

Proforma Financial Forecast

Month 49

Month 50

Month 51

Month 52

Month 53

Month 54

Month 55

Month 56

Month 57

Month 58

Month 59

Month 60

Wood Pellet Co.

Proforma Financial Forecast

Sources
Contributed Capital -Class A
Contributed Capital - Class B
Contributed Land & Buildings
Contributed Assets
Total Equity

Initial Draw - Line

Bank Term Loan 1
Seller Sub-Debt Term
Sub-Debt Term Loan
Total Debt Used
Total Sources

500,000
500,000
1,350,000
1,350,000

Uses
Pellet Mill Equipment - Installed
Pellet Manufacturing Assets
Purchase Land & Buildings
Project Soft Costs/Engineering
Total Pellet Plant Project Costs

1,850,000

8.00%
6.00%
7.00%
9.00%

7
15
9

Fees & Expenses

Working Capital

Total Uses

1,290,000
10,000
1,300,000

200,000
350,000

1,850,000

Sub-Debt
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50

9.00%
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

Seller Sub-Debt
-

108.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50

(0.00)
(0.01)
(0.01)
(0.01)
(0.02)
(0.02)
(0.02)
(0.03)
(0.03)
(0.03)
(0.04)
(0.04)
(0.04)
(0.05)
(0.05)
(0.05)
(0.06)
(0.06)
(0.06)
(0.07)
(0.07)
(0.07)
(0.08)
(0.08)
(0.08)
(0.09)
(0.09)
(0.10)
(0.10)
(0.10)
(0.11)
(0.11)
(0.11)
(0.12)
(0.12)
(0.13)
(0.13)
(0.13)
(0.14)
(0.14)
(0.15)
(0.15)
(0.15)
(0.16)

7.0%
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)

51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102

0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102

(0.16)
(0.17)
(0.17)
(0.17)
(0.18)
(0.18)
(0.19)
(0.19)
(0.20)
(0.20)
(0.20)
(0.21)
(0.21)
(0.22)
(0.22)
(0.23)
(0.23)
(0.23)
(0.24)
(0.24)
(0.25)
(0.25)
(0.26)
(0.26)
(0.27)
(0.27)
(0.28)
(0.28)
(0.29)
(0.29)
(0.30)
(0.30)
(0.31)
(0.31)
(0.32)
(0.32)
(0.33)
(0.33)
(0.34)
(0.34)
(0.35)
(0.35)
(0.36)
(0.36)
(0.37)
(0.37)
(0.38)
(0.38)
(0.39)
(0.39)
(0.40)

(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)
(0.00)

103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120

103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120

180.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00

$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50

Senior Term
1,350,000.00

6.00%

1,350,000.00
1,350,000.00
1,350,000.00
1,350,000.00
1,350,000.00
1,333,928.57
1,317,857.14
1,301,785.71
1,285,714.29
1,269,642.86
1,253,571.43
1,237,500.00
1,221,428.57
1,205,357.14
1,189,285.71
1,173,214.29
1,157,142.86
1,141,071.43
1,125,000.00
1,108,928.57
1,092,857.14
1,076,785.71
1,060,714.29
1,044,642.86
1,028,571.43
1,012,500.00
996,428.57
980,357.14
964,285.71
948,214.29
932,142.86
916,071.43
900,000.00
883,928.57
867,857.14
851,785.71
835,714.29
819,642.86
803,571.43
787,500.00
771,428.57
755,357.14
739,285.71
723,214.29
707,142.86
691,071.43
675,000.00
658,928.57

0.00
0.00
6,750.00
6,750.00
6,750.00
6,750.00
6,750.00
6,669.64
6,589.29
6,508.93
6,428.57
6,348.21
6,267.86
6,187.50
6,107.14
6,026.79
5,946.43
5,866.07
5,785.71
5,705.36
5,625.00
5,544.64
5,464.29
5,383.93
5,303.57
5,223.21
5,142.86
5,062.50
4,982.14
4,901.79
4,821.43
4,741.07
4,660.71
4,580.36
4,500.00
4,419.64
4,339.29
4,258.93
4,178.57
4,098.21
4,017.86
3,937.50
3,857.14
3,776.79
3,696.43
3,616.07
3,535.71
3,455.36
3,375.00

84.00
0.00
0.00
0.00
0.00
0.00
0.00
16,071.43
16,071.43
16,071.43
16,071.43
16,071.43
16,071.43
16,071.43
16,071.43
16,071.43
16,071.43
16,071.43
16,071.43
16,071.43
16,071.43
16,071.43
16,071.43
16,071.43
16,071.43
16,071.43
16,071.43
16,071.43
16,071.43
16,071.43
16,071.43
16,071.43
16,071.43
16,071.43
16,071.43
16,071.43
16,071.43
16,071.43
16,071.43
16,071.43
16,071.43
16,071.43
16,071.43
16,071.43
16,071.43
16,071.43
16,071.43
16,071.43
16,071.43
16,071.43

6,750.00
6,750.00
6,750.00
6,750.00
22,821.43
22,741.07
22,660.71
22,580.36
22,500.00
22,419.64
22,339.29
22,258.93
22,178.57
22,098.21
22,017.86
21,937.50
21,857.14
21,776.79
21,696.43
21,616.07
21,535.71
21,455.36
21,375.00
21,294.64
21,214.29
21,133.93
21,053.57
20,973.21
20,892.86
20,812.50
20,732.14
20,651.79
20,571.43
20,491.07
20,410.71
20,330.36
20,250.00
20,169.64
20,089.29
20,008.93
19,928.57
19,848.21
19,767.86
19,687.50
19,607.14
19,526.79
19,446.43

$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.01
$0.01
$0.01
$0.01
$0.01
$0.01
$0.01
$0.01
$0.01
$0.01
$0.01
$0.01
$0.01
$0.01
$0.01

$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00

51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102

642,857.14
626,785.71
610,714.29
594,642.86
578,571.43
562,500.00
546,428.57
530,357.14
514,285.71
498,214.29
482,142.86
466,071.43
450,000.00
433,928.57
417,857.14
401,785.71
385,714.29
369,642.86
353,571.43
337,500.00
321,428.57
305,357.14
289,285.71
273,214.29
257,142.86
241,071.43
225,000.00
208,928.57
192,857.14
176,785.71
160,714.29
144,642.86
128,571.43
112,500.00
96,428.57
80,357.14
64,285.71
48,214.29
32,142.86
16,071.43
0.00

3,294.64
3,214.29
3,133.93
3,053.57
2,973.21
2,892.86
2,812.50
2,732.14
2,651.79
2,571.43
2,491.07
2,410.71
2,330.36
2,250.00
2,169.64
2,089.29
2,008.93
1,928.57
1,848.21
1,767.86
1,687.50
1,607.14
1,526.79
1,446.43
1,366.07
1,285.71
1,205.36
1,125.00
1,044.64
964.29
883.93
803.57
723.21
642.86
562.50
482.14
401.79
321.43
241.07
160.71
80.36

16,071.43
16,071.43
16,071.43
16,071.43
16,071.43
16,071.43
16,071.43
16,071.43
16,071.43
16,071.43
16,071.43
16,071.43
16,071.43
16,071.43
16,071.43
16,071.43
16,071.43
16,071.43
16,071.43
16,071.43
16,071.43
16,071.43
16,071.43
16,071.43
16,071.43
16,071.43
16,071.43
16,071.43
16,071.43
16,071.43
16,071.43
16,071.43
16,071.43
16,071.43
16,071.43
16,071.43
16,071.43
16,071.43
16,071.43
16,071.43
16,071.43

19,366.07
19,285.71
19,205.36
19,125.00
19,044.64
18,964.29
18,883.93
18,803.57
18,723.21
18,642.86
18,562.50
18,482.14
18,401.79
18,321.43
18,241.07
18,160.71
18,080.36
18,000.00
17,919.64
17,839.29
17,758.93
17,678.57
17,598.21
17,517.86
17,437.50
17,357.14
17,276.79
17,196.43
17,116.07
17,035.71
16,955.36
16,875.00
16,794.64
16,714.29
16,633.93
16,553.57
16,473.21
16,392.86
16,312.50
16,232.14
16,151.79

103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50

Expansion Term Loans

0.00%
-

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50

Expansion Term Loan 1

-

51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
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82
83
84
85
86
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88
89
90
91
92
93
94
95
96
97
98
99
100
101
102

51
52
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103
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113
114
115
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119
120

103
104
105
106
107
108
109
110
111
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113
114
115
116
117
118
119
120

xpansion Term Loan 1

8.25%
-

$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00

$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
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20
21
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30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50

Expansion Term Loan 2

8.25%
-

$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00

$0.00
$0.00
-

$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00

$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00

51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
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77
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79
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81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102

$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00

$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00

$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00

103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120

$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00