January 2003

This sample business plan has been made available to users of Business Plan Pro, business planning software published by Palo Alto Software. Names, locations and numbers may have been changed, and substantial portions of text may have been omitted from the original plan to preserve confidentiality and proprietary information. You are welcome to use this plan as a starting point to create your own, but you do not have permission to reproduce, publish, distribute or even copy this plan as it exists here. Requests for reprints, academic use, and other dissemination of this sample plan should be emailed to the marketing department of Palo Alto Software at marketing@paloalto.com. For product information visit our Website: www.paloalto.com or call: 1-800-229-7526. Copyright Palo Alto Software, Inc., 1995-2003 All Rights Reserved

Confidentiality Agreement

The undersigned reader acknowledges that the information provided by _________________________ in this business plan is confidential; therefore, reader agrees not to disclose it without the express written permission of _________________________. It is acknowledged by reader that information to be furnished in this business plan is in all respects confidential in nature, other than information which is in the public domain through other means and that any disclosure or use of same by reader, may cause serious harm or damage to _________________________. Upon request, this document is to be immediately returned to _________________________. ___________________ Signature ___________________ Name (typed or printed) ___________________ Date This is a business plan. It does not imply an offering of securities.

Table of Contents
1.0 Executive Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1 Objectives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2 Mission . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3 Keys to Success . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 2 2 2

2.0

Company Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 2.1 Company Ownership . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 2.2 Company History . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Market Analysis Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.1 Market Segmentation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.2 Target Market Segment Strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.3 Industry Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.3.1 Competition and Buying Patterns . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Strategy and Implementation Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.1 Competitive Edge . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.2 Marketing Strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.3 Sales Strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.3.1 Sales Forecast . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.4 Milestones . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 5 5 6 7 8 8 9 9 9 10 11

3.0 4.0

5.0

6.0 7.0

Management Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 6.1 Personnel Plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Financial Plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.1 Important Assumptions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.2 Break-even Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.3 Projected Profit and Loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.4 Projected Cash Flow . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.5 Projected Balance Sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.6 Business Ratios . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 14 14 15 18 19 20

Botanical Bounty
1.0 Executive Summary
Botanical Bounty is an existing farm dedicated to the production of botanical perennials. Botanical Bounty has been formed as an Oregon-based Limited Liability Corp. (L.L.C.) located outside of Albany, Oregon. Botanical Bounty is working hard to become a leading producer of botanical plants for the natural supplement industry as well as plant nurseries. By leveraging a well thought out business plan executed by a skilled management team, Botanical Bounty will generate over $216,000 in year three sales. Keys to Success Botanical Bounty has identified three keys that will be instrumental in their success. The first is the implementation of strict financial controls. By having the proper controls, production efficiency will be maximized. The second key will be the never ending pursuit for the industry's highest concentration levels of botanical ingredients in each plant. The third key is the recognition and implementation of the philosophy that 100% customer satisfaction is required to ensure a profitable business. Profits are a by product of satisfying customers, not the other way around. Products Botanical Bounty is a 10 acre farm that concentrates on the growing of botanical medicinals. Botanical Bounty has chosen five plant species that have significant market demand as well being well suited for growth in the Willamette River Valley. Botanical Bounty will feature: Echinaceaan immune system booster; Ginsenga source of energy; St John's Wortfor mild depression; Skullcap- for inflammation; and Gingera stomach soother. Market Botanical Bounty has three distinct customers: supplement companies, processors of botanicals for supplement companies, and nurseries that resell the plants. The first two customers purchase the plants for use in their products which they ultimately sell to the end consumer. The market for natural supplements is quite exciting. Surveys show that over 158 million consumers (over 55% of U.S. population) use dietary supplements. An estimated 115.3 million consumers buy vitamins and minerals for themselves, and 55.8 million purchase them for other members of their family, including children. Consumer surveys consistently find that nearly half of all Americans now use herbsa statistic that is particularly remarkable when we realize that today's herbal products industry is just over a quarter century old. Management Team Botanical Bounty will be lead by the husband and wife team of David and Sue Nealon. David brings a wealth of business and project management skills to the company. While working at Yahoo!, David was responsible for the successful launch and market lead capture of Yahoo!s driving directions section. Utilizing these skills, David will be responsible for the business operations of the farm. Sue, with a background of plant biology will be the driving force of the operation, growing the highest active ingredient content plants in the country. Additionally, because of her wealth of knowledge, she will be the leader of the sales department. Botanical Bounty began as a hobby for David and Sue two years ago. Over the last two years they have worked out all of the bugs related to production. Additionally, they are now quite hungry to succeed, creating one of the premier botanical perennial farms in the country. Sales forecasts conservatively indicate that $190,000 of year two revenue will be generated, rising to $216,000 the following year. Botanical Bounty will achieve a net profit percentage of 3.23% in year two, increasing to 9.78% in year three.

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Highlights

$250,000 $200,000 $150,000 $100,000 $50,000 $0 ($50,000) ($100,000) 2003 2004 2005

Sales Gross Margin Net Profit

1.1 Objectives
The Botanical Bounty has identified several objectives for the business: 1. 2. 3. Become a leading supplier of botanical perennials for the health/vitamin industry. Reach the point of sustainable profitability. Enjoy work while making a good living.

1.2 Mission
It is Botanical Bounty's mission to become the leading provider of botanical perennials to the health/vitamin industry. This will be accomplished by providing quality plants at fair prices while exceeding customer's expectations.

1.3 Keys to Success

Botanical Bounty will adhere to three keys that will be instrumental in its success: 1. 2. 3. Strict financial controls. The never ending pursuit of the highest concentration of botanicals in every plant. Ensuring that all customer's needs are met and they are satisfied with the purchased products.

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2.0 Company Summary
Botanical Bounty is an Oregon based perennial farm that grows a variety of botanical medicinal perennials. The company has been formed as an Oregon L.L.C. The farm has been in existence for two years now, initially operating as a hobby as rather than a profit producing business.

2.1 Company Ownership

Botanical Bounty is an Oregon L.L.C. owned by David and Susan Nealon. The L.L.C. business formation has been chosen as a strategic way to shield the Nealon's from personal liability.

2.2 Company History

Botanical Bounty has been in operation for two years. Initially it was started as a hobby where Susan could use her plant biology skills while covering some of the costs. The Nealon's were able to achieve this lifestyle due to a windfall that David received as a result of exercised stock options. After the second year, the Nealon's decided that although they had the money to live on for many years, it would be irresponsible to needlessly spend it so they got serious about the business and made a concerted effort to become profitable. Botanical Bounty has chosen the Willamette River Valley as an ideal place to grow perennials. Botanical Bounty has 10 acres of land which they use for production. During several of the winter months, production is moved into their green house for propagation. Botanical Bounty employs a drip irrigation system for all of the plants.

Past Performance

$50,000 $45,000 $40,000 $35,000 $30,000 $25,000 $20,000 $15,000 $10,000 $5,000 $0 2000 2001 2002

Sales Gross Net

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Table: Past Performance Past Performance Sales Gross Margin Gross Margin % Operating Expenses Collection Period (days) Inventory Turnover Balance Sheet Current Assets Cash Accounts Receivable Inventory Other Current Assets Total Current Assets Long-term Assets Capital Assets Accumulated Depreciation Total Long-term Assets Total Assets Capital and Liabilities Accounts Payable Current Borrowing Other Current Liabilities Subtotal Current Liabilities Long-term Liabilities Total Liabilities Paid-in Capital Retained Earnings Earnings Total Capital Total Capital and Liabilities Other Inputs Payment Days Sales on Credit Receivables Turnover 2000 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 2000 0 $0 0.00 2001 $12,000 $0 $0 $12,000 $0 $12,000 $0 $81,500 $0 $81,500 $93,500 2001 0 $0 0.00 2002 $13,090 $0 $0 $13,090 $0 $13,090 $0 $67,510 $0 $67,510 $80,600 2002 0 $0 0.00 2000 $0 $0 0.00% $0 0 0.00 2000 $0 $0 $0 $0 $0 $0 $0 $0 $0 2001 $45,000 $36,000 80.00% $75,000 0 5.14 2001 $50,000 $9,000 $3,500 $3,000 $65,500 $35,000 $7,000 $28,000 $93,500 2002 $46,500 $36,590 78.69% $74,000 0 2.18 2002 $35,000 $8,000 $5,600 $4,000 $52,600 $35,000 $7,000 $28,000 $80,600

3.0 Products
Botanical Bounty offers a range of botanical perennials (plants where the root structure remains, allowing the plant to regrow every year). Botanical perennials were chosen for two main reasons. The first is the medicinal value that they offer, therefore the plants have a positive contribution to society by improving people's health. The second reason is that the market for medicinal herbs is a very strong industry with excellent growth, ensuring demand for their plants. Botanical Bounty will offer the following excellent: Echinacea Echinacea was used extensively by Native Americans and the early settlers also adopted its use. It has been used for years in alternative medicine to support the immune system, and to purify the blood, especially during season changes and during the cold and flu season. Scientific studies have confirmed the presence of natural chemicals, echinacosides, which increase white blood cell activity. Ginseng Ginseng stimulates and increases endocrine activity in the body. Promotes a mild increase in metabolic activity and relaxes heart and artery movements. Stimulates the medulla centers and relaxes the central nervous system. Page 4

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St. John's Wort St. John's Wort has been used as a medicinal for thousands of years, but has only recently been studied for its medicinal value. Now proven to have many highly active compounds including rutin, pectin, choline, sitosterol, hypericin and pseudohypericin. The flowers and leaves are medicinal as analgesic, antiseptic, antispasmodic, aromatic, astringent, cholagogue, digestive, diuretic, expectorant, nervine, resolvent, stimulant, vermifuge and vulnerary. Some compounds of the plant have been shown to have potent anti-retroviral activity without serious side effects and they are being researched in the treatment of AIDS. Skullcap Skullcap is a powerful medicinal herb, it is used in alternative medicine as an antiinflammatory, abortifacient, antispasmodic, slightly astringent, emmenagogue, febrifuge, nervine, sedative and strongly tonic. Some valuable constituents found in the plant are scutellarin, catalpol, other volatile oils, bitter iridoids and tannins. Scientific studies are proving this to be a valuable plant in many areas for mental disorders. Skullcap is used in the treatment of a wide range of nervous conditions including epilepsy, insomnia, hysteria, anxiety, delirium tremens, withdrawal from barbiturates and tranquilizers. Ginger Ginger roots and dried herb are medicinal and edible, it has a spicy, hot, crispy, taste and can be eaten fresh in small quantities in salads, used as a relish, a condiment, or made into a sauce for meat, especially good on chicken, or used to make ginger candy. Widely used as an alternative medicine ginger contains the valuable constituent aristolochic acid, scientific study shows it to have anti-inflammatory, antiviral, antitumor activity, cures warts in some cases and is a broad-spectrum antibacterial and antifungal. Botanical Bounty sells these excellent perennials in plant form for the botanicals to be extracted by their customers. Botanical Bounty concentrates on producing the healthiest plants which have the highest concentration of active botanicals.

4.0 Market Analysis Summary

Botanical Bounty has identified three main customer groups: supplement companies; botanical processors; and other nurseries. The customer segments are distinct enough to be able to target each one differently. The industry that Botanical Bounty produces for has been undergoing consolidation for several years now. Botanical Bounty will be able to serve the industry by leveraging their competitive edge of healthy, potent plants.

4.1 Market Segmentation

Botanical Bounty has identified three different target market segments which they will sell to: Supplement Companies This customer group manufactures botanical supplements for their own label products. The companies purchase the plants and extract the active ingredients and transform them into sellable products for their own brand. There are a handful of large companies that operate in this market space. Ten years ago there were many different ones but through consolidation the industry has grown in size but decreased in the number of different players. Processors These customers purchase the the plants, extract the botanicals and either sell the concentrated botanicals to the end producers or they themselves produce the supplement and Page 5

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sell the final product to other companies for their private label products. In essence they are the subcontractor for the supplement companies. These companies therefore are one layer within the manufacturing system and do not sell to the end consumer. They act as a supplier/processor for the retail brands. Other Nurseries/Garden Centers This customer group purchases the plants which they in turn sell at retail to the individual end consumer. The typical consumer is a health conscious individual who is interested in either extracting the botanical from the plant immediately or growing the plant in their own garden for future use.
Table: Market Analysis Market Analysis Potential Customers Supplement Companies Processors Nurseries/Garden Centers Total Growth 5% 4% 5% 4.58% 2003 21 9 123 153 2004 22 9 129 160 2005 23 9 135 167 2006 24 9 142 175 2007 25 9 149 183 CAGR 4.46% 0.00% 4.91% 4.58%

Market Analysis (Pie)

Supplement Companies Processors Nurseries/Garden Centers

4.2 Target Market Segment Strategy

Botanical Bounty has chosen the three market segments based on the consistent demand for botanical extracts. While there are other potential customers, they are smaller, less consistent in terms of demand, and more difficult to reach. The supplement companies, processors, and to a smaller degree the nurseries are attractive customers due to the their consistent demand and typical long-term contract needs. There is significant value to these customers for a grower to consistently offer the same high level of active botanicals in each plant and to be able to meet the needs of large volume, long duration contracts.

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4.3 Industry Analysis
The botanical perennial growing market is typically concentrated in several regions around the U.S. which have optimum growing conditions. While there are a couple mega farms, on the whole, 78% of the U.S. production comes from growers with 5-20 acres of land. Approximately 23% of botanical extracts are grown abroad and imported into the United States. Reasons for botanical growth to occur overseas is typically based on the type of herb and its ability to grow better in the respective region. The market for supplements is huge and growing: U.S. Supplement Market Surveys show that over 158 million consumers (over 55% of the U.S. population) use dietary supplements. An estimated 115.3 million consumers buy vitamins and minerals for themselves, and 55.8 million purchase them for other members of their family, including children. Consumer surveys consistently find that nearly half of all Americans now use herbsa statistic that is particularly remarkable when we realize that today's herbal products industry is just over a quarter century old. The basic reason cited for dietary supplement growth is the desire for self-care. Consumers use dietary supplement products to help them achieve their self-care goals that arise out of a sense of alienation from the established health care system. Results from a national survey conducted in 1999 by Men's Health magazine show that consumers use dietary supplements as a means of ensuring good health. They also use supplements for very specific medicinal purposes such as treating and preventing serious illnesses, colds, and the flu; increasing mental sharpness; and alleviating depression. The consumer's desire for self-care and the widespread use of dietary supplements may cause problems for public health. An estimated 22.8 million consumers use herbal remedies instead of prescription medicine, and an estimated 19.6 million use them with a prescription product. In the past, except for vitamin and mineral products, dietary supplements, particularly botanical products, were sold mainly to adults in health food stores. In contrast, now such products are available in supermarkets, other retail stores, and on the Internet, making these products readily accessible to children and other vulnerable populations. The Nutrition Business Journal estimated that in 1999, U.S. consumer sales of supplements over the Internet amounted to $142 million, almost three times the previous year's total of $48 million. The five main channels of distribution are: consumer-direct (includes direct mail/catalog, direct from sales representatives, multi-level marketing, Internet & infomercial/direct from television); food, drug, mass-market stores, health and natural food stores, healthcare professionals and practitioners, others. Channel of Distribution % of $ Sales
Consumer-direct Food, drug, mass-market stores Health & natural food stores Healthcare professionals / practitioners Other 42% 30% 20% 4% 4%

The 10 largest companies in the botanical and dietary supplement market account for 83% of the total U.S. annual market.

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Company 2001 Sales
General Nutrition Companies Nu Skin Enterprises Herbalife International Perrigo NBTY Rexall Sundown Weider Nutrition International Twinlab Natures Sunshine Chattem $1.4 billion* $921.60 $899.70 $877.60 $610.10 $590.20 $335.50 $321.00 $287.40 $272.80

4.3.1 Competition and Buying Patterns

As mentioned previously, competition takes two forms, farms similar in size and production capacity to Botanical Bounty and megafarms. The similarly sized farms range in size from 5-30 acres. The number of different herbs grown varies from a handful to upwards of 50. The choice of plants grown is based on owner preference as well as location and the ability of the local growing conditions to support the different plants. On the other end of spectrum is the megafarm. These farms have a similar range of species cultivated, however they differ greatly in production capacity. These farms are huge, typically not less than 100 acres, peaking at 300 acres. These growers however are few number. The buying patterns of the different customers are typically based on these variables: Price Availability Ability to deliver consistently on long-term contracts Significant % of active ingredients Consistency.

5.0 Strategy and Implementation Summary

Botanical Bounty will leverage their competitive edge in order to gain significant market share. Their competitive edge is their ability to consistently produce plants with high active botanical percentages as well as a high ratio of healthy plants (sellable). The marketing strategy will have the objective of raising awareness and visibility of their industry-leading percentages of active botanicals. The strategy will communicate the fact that Botanical Bounty's plants will yield a significantly higher amount of botanicals measured per plant. The sales strategy, in addition to reinforcing the competitive edge, will seek to qualify leads by concentrating on Botanical Bounty's ability to perform reliably on long-term contracts, becoming a stable supplier to the larger companies that need a steady supply stream.

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5.1 Competitive Edge
Botanical Bounty has a dual competitive edge: Healthy Plants The healthier the plant, the faster it will grow, the more botanicals that can be extracted from it. This means an increase in production efficiency due to a larger percentage of plants that are sellable. Other characteristics of healthy plants which are important on the production side is: lower pest counts, more established root structures, and high biomass. High Concentration of Active Botanicals This is beneficial to the purchaser because they are buying the plants precisely for the active botanicals. High concentration levels are valuable to Botanical Bounty because they increase the amount of botanicals produced per plant or per acre, increasing the production capacity of a given amount of land, thereby increasing their return on investment and increasing the attractiveness of Botanical Bounty's plants relative to the competition.

5.2 Marketing Strategy

The marketing strategy will be based on generating awareness and visibility of Botanical Bounty and their ability to produce the highest percentages of botanicals. The strategy will rely on several different forms of communication. The main form is participation in the numerous trade shows for the industry. The trade shows are where everyone from the industry gathers to meet and transact business. t is a wonderful place to network as well as learn about new developments in the industry. The second form of communication will be the use of advertisements. The main venues for advertisements will be industry trade magazines. The trade magazines are a well read source of information that buyers and sellers refer to for many different transactions.

5.3 Sales Strategy

Botanical Bounty's sales strategy efforts will focus on identifying qualified leads and turning them into paying customers. The main sales effort that Botanical Bounty will undertake is the reinforcement of the fact that Botanical Bounty's plants have the industry's highest percentage of botanicals. This will be quite appealing to the buyers as this is exactly what they want, more botanicals per plant. In addition to selling the buyers on Botanical Bounty's competitive edge of potent plants, there will be an emphasis on Botanical Bounty's ability to perform on longterm contracts. Botanical Bounty recognizes that the transactions should not be thought of as individual sales, but as long-term relationships. This is a reasonable assumption based on the fact that the customers are in the business of utilizing botanicals, that they will continually have the need for the botanicals, and that it is far less expensive to establish a relationship with one vendor than to continually have to find new vendors that can meet their needs.

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5.3.1 Sales Forecast
The sales forecast indicates that growth will be slow but steady. Growth will be slow because of the time and effort needed to develop the customers. Production is not the slowing element as Botanical Bounty has been in production for a couple of years. Granted they were not producing at the same level, or for that matter with the same goal of business efficiency, but nonetheless they will be able to reasonably raise production to meet the sales needs. During the wet months of the year, the forecast reflects a tapering of sales as production will fall during these months. There will however be some sales and production which will be moved inside to the greenhouses. There are a few risks that could have a negative impact on sales. The first is weather. Plants are dependant on the weather. A poor growing season will have a serious effect on production. This risk is spread amongst all of the producers of the specific region meaning the weather risk is imposed on everyone, generally not a specific farmer. Another risk that could effect sales is some sort of pest that could unexpectedly negatively effect the crops. By planting multiple botanicals and choosing them based on their heartiness relative to the growing climate, Botanical Bounty is able to minimize these risks as much as possible.
Table: Sales Forecast Sales Forecast Sales Supplement Companies Processors Nurseries Total Sales Direct Cost of Sales Supplement companies Processors Nurseries Subtotal Direct Cost of Sales 2003 $41,385 $35,591 $7,863 $84,839 2003 $3,104 $2,669 $590 $6,363 2004 $93,090 $80,057 $17,687 $190,835 2004 $6,982 $6,004 $1,327 $14,313 2005 $105,665 $90,872 $20,076 $216,613 2005 $7,925 $6,815 $1,506 $16,246

Sales Monthly
$14,000 $12,000 $10,000 $8,000 $6,000 $4,000 $2,000 $0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Supplement Companies Processors Nurseries

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Sales by Year

$250,000 $200,000 $150,000 $100,000 $50,000 $0 2003 2004 2005

Supplement Companies Processors Nurseries

5.4 Milestones
The value of Botanical Bounty's milestones is in creating a set of measurable activities that will be achievable goals. The achievement of the milestones will be closely monitored and the assigned person will be held accountable for hitting the milestones.
Table: Milestones Milestones Milestone Business plan completion First large contract $100K in revenue Profitability Totals Start Date 1/1/03 1/1/03 1/1/03 1/1/03 End Date 2/1/03 4/30/03 4/4/04 7/30/04 $0 Budget Manager David Sue Sue David Department Strategic planning Sales Sales Operations

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Milestones

Business plan completion

First large contract

$100K in revenue

Profitability

2003

2004

6.0 Management Summary

The Botanical Bounty management team is made up of the husband and wife team of David and Sue Nealon. David studied at Pomona College, a small liberal arts school in central California. David graduated with a dual major of Business and Philosophy. David worked at a bicycle shop for a year before joining Yahoo! as employee number 34. David was a Project Manager and was in charge some business development activities. His first "home run" was the development, launching, and management of Yahoo!'s driving directions service. David recognized the value of providing people with precise, custom driving directions. Initially is was a daunting task to develop revenue for this service which the individual users did not pay for, but David was able to generate sufficient advertising dollars specifically for his service. David was ultimately responsible for the entire project, providing him with a wealth of project management and operations skills. After this direction service became the market leader for this niche, David moved on to other projects at Yahoo! David spent a total of four years at Yahoo! providing him with a wealth of experience. Sue Derent Nealon is the biology/horticulture manager for Botanical Bounty. Sue studied at the University of Oregon, first receiving her undergraduate degree in biology and later her Master's in Plant Biology. Sue's Master's thesis was a dual thesis in plant fertility and herbal concentrations. The plant fertility topic was a study of different types of compost and the effects on fertility. The second topic explored the interrelationships of nutrients and temperature and the effect that they have on the plants' production of the respective botanicals. The topics of her thesis were chosen based on her desire to continue with her education professionally as a grower. After school Sue moved down to California to work at one of the largest indoor growing operations in California. Wanting to be closer to her parents, the Sue and David moved to the Willamette River Valley in Oregon in pursuit of Sue's dream of running her own farm. For the first two years she ran the farm as a hobby, just figuring things out without a concern for profits. After several serious conversations, they decided to really make the farm a business. Page 12

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Playing to their strengths Sue will manage the farming operations and sales, while David handles the business operations.

6.1 Personnel Plan

David: Operations including vendor relations, accounting, and some growing responsibility. Sue: Head grower and sales. As head grower she is responsible for supervising, scheduling plant production, the cutting schedules, crop selection, growing schedules, fertilizer selection and application schedules, irrigation system development, and pest control. Because Sue has the technical knowledge regarding the plants and their industry leading botanical concentrations, she will be in charge of sales which will include qualifying leads as well as participating in the final negotiations and account management. Grower: Sue will have the assistance of a full-time grower in order to allow her to meet her sales responsibilities. Laborers: The laborer positions will be seasonal as there is more work required in the summer months, however, there will always be some laborers on staff throughout the year. Some of the responsibilities of the laborers are soil tilling, compost distribution, plant collections and trimming.
Table: Personnel Personnel Plan David Sue Grower Laborers Total People Total Payroll 2003 $18,000 $18,000 $24,000 $27,000 4 $87,000 2004 $18,000 $18,000 $27,000 $29,000 6 $92,000 2005 $18,000 $18,000 $29,000 $32,000 6 $97,000

7.0 Financial Plan

The following sections will outline important financial information.

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7.1 Important Assumptions
The following table details important Financial Assumptions.
Table: General Assumptions General Assumptions Plan Month Current Interest Rate Long-term Interest Rate Tax Rate Sales on Credit % Other Calculated Totals Payroll Expense Sales on Credit New Accounts Payable 2003 1 10.00% 10.00% 30.00% 75.00% 0.00% $87,000 $63,629 $75,213 2004 2 10.00% 10.00% 30.00% 75.00% 0.00% $92,000 $143,126 $87,690 2005 3 10.00% 10.00% 30.00% 75.00% 0.00% $97,000 $162,460 $97,202

7.2 Break-even Analysis

The Break-even Analysis indicates that $15,220 in monthly revenue is needed to reach the break-even point.
Table: Break-even Analysis Break-even Analysis: Monthly Units Break-even Monthly Revenue Break-even Assumptions: Average Per-Unit Revenue Average Per-Unit Variable Cost Estimated Monthly Fixed Cost 3,044 $15,220 $5.00 $0.45 $13,850

Break-even Analysis
$15,000 $10,000 $5,000 $0 ($5,000) ($10,000) ($15,000) $0 $5,000 $10,000 $15,000 $20,000 $25,000

Monthly break-even point

Break-even point = where line intersects with 0

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Botanical Bounty
7.3 Projected Profit and Loss
The following table and charts show the Projected Profit and Loss.
Table: Profit and Loss Pro Forma Profit and Loss Sales Direct Costs of Goods Production Payroll Other Costs of Goods Cost of Goods Sold Gross Margin Gross Margin % Expenses: Payroll Sales and Marketing and Other Expenses Depreciation Mortgage Utilities Insurance Payroll Taxes Other Total Operating Expenses Profit Before Interest and Taxes Interest Expense Taxes Incurred Net Profit Net Profit/Sales Include Negative Taxes 2003 $84,839 $6,363 $0 $0 -----------$6,363 $78,476 92.50% $87,000 $10,000 $6,996 $24,000 $7,000 $2,400 $13,050 $2,400 -----------$152,846 ($74,370) $10,000 $0 ($84,370) -99.45% FALSE 2004 $190,835 $14,313 $0 $0 -----------$14,313 $176,522 92.50% $92,000 $12,000 $6,996 $24,000 $7,000 $2,400 $13,800 $2,400 -----------$160,596 $15,926 $10,000 $1,778 $4,148 2.17% TRUE 2005 $216,613 $16,246 $0 $0 -----------$16,246 $200,367 92.50% $97,000 $14,000 $6,996 $24,000 $7,000 $2,400 $14,550 $2,400 -----------$168,346 $32,021 $10,000 $6,606 $15,415 7.12% TRUE

Profit Monthly
$0 ($2,000) ($4,000) ($6,000) ($8,000) ($10,000) ($12,000) ($14,000) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

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Botanical Bounty

Profit Yearly

$20,000 $0 ($20,000) ($40,000) ($60,000) ($80,000) ($100,000) 2003 2004 2005

Gross Margin Monthly

$12,000 $10,000 $8,000 $6,000 $4,000 $2,000 $0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

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Botanical Bounty

Gross Margin Yearly

$250,000

$200,000

$150,000

$100,000

$50,000

$0 2003 2004 2005

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Botanical Bounty
7.4 Projected Cash Flow
The following table and chart display the Projected Cash Flow.
Table: Cash Flow Pro Forma Cash Flow Cash Received Cash from Operations: Cash Sales Cash from Receivables Subtotal Cash from Operations Additional Cash Received Non Operating (Other) Income Sales Tax, VAT, HST/GST Received New Current Borrowing New Other Liabilities (interest-free) New Long-term Liabilities Sales of Other Current Assets Sales of Long-term Assets New Investment Received Subtotal Cash Received Expenditures Expenditures from Operations: Cash Spending Payment of Accounts Payable Subtotal Spent on Operations Additional Cash Spent Non Operating (Other) Expense Sales Tax, VAT, HST/GST Paid Out Principal Repayment of Current Borrowing Other Liabilities Principal Repayment Long-term Liabilities Principal Repayment Purchase Other Current Assets Purchase Long-term Assets Dividends Subtotal Cash Spent Net Cash Flow Cash Balance 2003 2004 2005

$21,210 $58,307 $79,517 $0 $0 $100,000 $0 $0 $0 $0 $0 $179,517 2003 $87,000 $82,742 $169,742 $0 $0 $0 $0 $0 $0 $35,000 $0 $204,742 ($25,225) $9,775

$47,709 $126,481 $174,190 $0 $0 $0 $0 $0 $0 $0 $0 $174,190 2004 $92,000 $80,742 $172,742 $0 $0 $0 $0 $0 $0 $0 $0 $172,742 $1,447 $11,222

$54,153 $158,412 $212,565 $0 $0 $0 $0 $0 $0 $0 $0 $212,565 2005 $97,000 $95,513 $192,513 $0 $0 $0 $0 $0 $0 $0 $0 $192,513 $20,053 $31,275

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Botanical Bounty

Cash
$100,000 $80,000 $60,000 $40,000 $20,000 $0 ($20,000) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Net Cash Flow Cash Balance

7.5 Projected Balance Sheet

The Projected Balance Sheet table appears below.
Table: Balance Sheet Pro Forma Balance Sheet Assets Current Assets Cash Accounts Receivable Other Current Assets Total Current Assets Long-term Assets Long-term Assets Accumulated Depreciation Total Long-term Assets Total Assets Liabilities and Capital Accounts Payable Current Borrowing Other Current Liabilities Subtotal Current Liabilities Long-term Liabilities Total Liabilities Paid-in Capital Retained Earnings Earnings Total Capital Total Liabilities and Capital Net Worth 2003 $5,561 $100,000 $0 $105,561 $0 $105,561 $0 $61,910 ($84,370) ($22,460) $83,101 ($22,460) 2004 $12,509 $100,000 $0 $112,509 $0 $112,509 $0 ($22,460) $4,148 ($18,312) $94,198 ($18,312) 2005 $14,199 $100,000 $0 $114,199 $0 $114,199 $0 ($18,312) $15,415 ($2,897) $111,302 ($2,897) 2003 $9,775 $13,322 $4,000 $27,097 $70,000 $13,996 $56,004 $83,101 2004 $11,222 $29,967 $4,000 $45,190 $70,000 $20,992 $49,008 $94,198 2005 $31,275 $34,015 $4,000 $69,290 $70,000 $27,988 $42,012 $111,302

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Botanical Bounty
7.6 Business Ratios
Business ratios for Botanical Bounty. SIC industry class: Herb or spice farm, code 0139.9905.
Table: Ratios Ratio Analysis Sales Growth Percent of Total Assets Accounts Receivable Inventory Other Current Assets Total Current Assets Long-term Assets Total Assets Current Liabilities Long-term Liabilities Total Liabilities Net Worth Percent of Sales Sales Gross Margin Selling, General & Administrative Expenses Advertising Expenses Profit Before Interest and Taxes Main Ratios Current Quick Total Debt to Total Assets Pre-tax Return on Net Worth Pre-tax Return on Assets Business Vitality Profile Sales per Employee Survival Rate Additional Ratios Net Profit Margin Return on Equity Activity Ratios Accounts Receivable Turnover Collection Days Inventory Turnover Accounts Payable Turnover Payment Days Total Asset Turnover Debt Ratios Debt to Net Worth Current Liab. to Liab. Liquidity Ratios Net Working Capital Interest Coverage Additional Ratios Assets to Sales Current Debt/Total Assets Acid Test Sales/Net Worth Dividend Payout 2003 82.45% 16.03% 0.43% 4.81% 32.61% 67.39% 100.00% 127.03% 0.00% 127.03% -27.03% 100.00% 92.50% 191.95% 0.00% -87.66% 0.26 0.25 127.03% 375.65% -101.53% 2003 $21,210 2003 -99.45% 0.00% 4.78 60 0.00 13.52 33 1.02 0.00 1.00 ($78,464) -7.44 0.98 127% 0.13 0.00 0.00 2004 124.94% 31.81% 0.85% 4.25% 47.97% 52.03% 100.00% 119.44% 0.00% 119.44% -19.44% 100.00% 92.50% 90.33% 0.00% 8.35% 0.40 0.39 119.44% -32.36% 6.29% 2004 $31,806 2004 2.17% 0.00% 4.78 55 0.00 7.01 38 2.03 0.00 1.00 ($67,320) 1.59 0.49 119% 0.13 0.00 0.00 2005 13.51% 30.56% 0.82% 3.59% 62.25% 37.75% 100.00% 102.60% 0.00% 102.60% -2.60% 100.00% 92.50% 85.38% 0.00% 14.78% 0.61 0.60 102.60% -760.23% 19.79% 2005 $36,102 2005 7.12% 0.00% 4.78 72 0.00 6.85 50 1.95 0.00 1.00 ($44,909) 3.20 0.51 103% 0.30 0.00 0.00 Industry Profile 10.17% 7.31% 10.20% 27.46% 44.97% 55.03% 100.00% 24.14% 28.08% 52.22% 47.78% 100.00% 47.84% 33.12% 0.26% 0.82% 1.16 0.55 0.86% 61.86% 2.24% Industry $0 0.00% n.a n.a n.a n.a n.a n.a n.a n.a n.a n.a n.a n.a n.a n.a n.a n.a n.a

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Appendix
Appendix Table: Sales Forecast Sales Forecast Sales Supplement Companies Processors Nurseries Total Sales Direct Cost of Sales Supplement companies Processors Nurseries Subtotal Direct Cost of Sales Jan $300 $258 $57 $615 Jan $23 $19 $4 $46 Feb $432 $372 $82 $886 Feb $32 $28 $6 $66 Mar $565 $486 $107 $1,158 Mar $42 $36 $8 $87 Apr $2,002 $1,722 $380 $4,104 Apr $150 $129 $29 $308 May $3,222 $2,771 $612 $6,605 May $242 $208 $46 $495 Jun $4,323 $3,718 $821 $8,862 Jun $324 $279 $62 $665 Jul $4,655 $4,003 $884 $9,543 Jul $349 $300 $66 $716 Aug $5,232 $4,500 $994 $10,726 Aug $392 $337 $75 $804 Sep $5,989 $5,151 $1,138 $12,277 Sep $449 $386 $85 $921 Oct $6,000 $5,160 $1,140 $12,300 Oct $450 $387 $86 $923 Nov $5,232 $4,500 $994 $10,726 Nov $392 $337 $75 $804 Dec $3,433 $2,952 $652 $7,038 Dec $257 $221 $49 $528

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Appendix
Appendix Table: Personnel Personnel Plan David Sue Grower Laborers Total People Total Payroll Jan $1,500 $1,500 $2,000 $1,000 4 $6,000 Feb $1,500 $1,500 $2,000 $1,000 4 $6,000 Mar $1,500 $1,500 $2,000 $2,000 5 $7,000 Apr $1,500 $1,500 $2,000 $2,000 5 $7,000 May $1,500 $1,500 $2,000 $3,000 6 $8,000 Jun $1,500 $1,500 $2,000 $4,000 7 $9,000 Jul $1,500 $1,500 $2,000 $4,000 7 $9,000 Aug $1,500 $1,500 $2,000 $4,000 7 $9,000 Sep $1,500 $1,500 $2,000 $2,000 5 $7,000 Oct $1,500 $1,500 $2,000 $2,000 5 $7,000 Nov $1,500 $1,500 $2,000 $1,000 4 $6,000 Dec $1,500 $1,500 $2,000 $1,000 4 $6,000

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Appendix
Appendix Table: General Assumptions General Assumptions Plan Month Current Interest Rate Long-term Interest Rate Tax Rate Sales on Credit % Other Calculated Totals Payroll Expense Sales on Credit New Accounts Payable Jan 1 10.00% 10.00% 30.00% 75.00% 0.00% $6,000 $461 $5,079 Feb 2 10.00% 10.00% 30.00% 75.00% 0.00% $6,000 $664 $7,700 Mar 3 10.00% 10.00% 30.00% 75.00% 0.00% $7,000 $869 $5,270 Apr 4 10.00% 10.00% 30.00% 75.00% 0.00% $7,000 $3,078 $5,591 May 5 10.00% 10.00% 30.00% 75.00% 0.00% $8,000 $4,954 $6,029 Jun 6 10.00% 10.00% 30.00% 75.00% 0.00% $9,000 $6,647 $6,348 Jul 7 10.00% 10.00% 30.00% 75.00% 0.00% $9,000 $7,157 $6,399 Aug 8 10.00% 10.00% 30.00% 75.00% 0.00% $9,000 $8,044 $9,088 Sep 9 10.00% 10.00% 30.00% 75.00% 0.00% $7,000 $9,208 $6,204 Oct 10 10.00% 10.00% 30.00% 75.00% 0.00% $7,000 $9,225 $6,106 Nov 11 10.00% 10.00% 30.00% 75.00% 0.00% $6,000 $8,044 $5,838 Dec 12 10.00% 10.00% 30.00% 75.00% 0.00% $6,000 $5,278 $5,561

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Appendix
Appendix Table: Profit and Loss Pro Forma Profit and Loss Sales Direct Costs of Goods Production Payroll Other Costs of Goods Cost of Goods Sold Gross Margin Gross Margin % Expenses: Payroll Sales and Marketing and Other Expenses Depreciation Mortgage Utilities Insurance Payroll Taxes Other Total Operating Expenses Profit Before Interest and Taxes Interest Expense Taxes Incurred Net Profit Net Profit/Sales Include Negative Taxes Jan $615 $46 $0 $0 -----------$46 $569 92.50% $6,000 $400 $583 $2,000 $500 $200 $900 $200 -----------$10,783 ($10,214) $833 $0 ($11,047) -1796.33% Feb $886 $66 $0 $0 -----------$66 $819 92.50% $6,000 $3,000 $583 $2,000 $500 $200 $900 $200 -----------$13,383 ($12,564) $833 $0 ($13,397) -1512.78% Mar $1,158 $87 $0 $0 -----------$87 $1,071 92.50% $7,000 $400 $583 $2,000 $500 $200 $1,050 $200 -----------$11,933 ($10,862) $833 $0 ($11,695) -1009.71% Apr $4,104 $308 $0 $0 -----------$308 $3,796 92.50% $7,000 $400 $583 $2,000 $600 $200 $1,050 $200 -----------$12,033 ($8,237) $833 $0 ($9,070) -221.00% May $6,605 $495 $0 $0 -----------$495 $6,110 92.50% $8,000 $400 $583 $2,000 $700 $200 $1,200 $200 -----------$13,283 ($7,173) $833 $0 ($8,007) -121.22% Jun $8,862 $665 $0 $0 -----------$665 $8,197 92.50% $9,000 $400 $583 $2,000 $700 $200 $1,350 $200 -----------$14,433 ($6,236) $833 $0 ($7,069) -79.76% Jul $9,543 $716 $0 $0 -----------$716 $8,827 92.50% $9,000 $400 $583 $2,000 $700 $200 $1,350 $200 -----------$14,433 ($5,606) $833 $0 ($6,439) -67.48% Aug $10,726 $804 $0 $0 -----------$804 $9,921 92.50% $9,000 $3,000 $583 $2,000 $700 $200 $1,350 $200 -----------$17,033 ($7,112) $833 $0 ($7,945) -74.08% Sep $12,277 $921 $0 $0 -----------$921 $11,357 92.50% $7,000 $400 $583 $2,000 $600 $200 $1,050 $200 -----------$12,033 ($676) $833 $0 ($1,510) -12.30% Oct $12,300 $923 $0 $0 -----------$923 $11,378 92.50% $7,000 $400 $583 $2,000 $500 $200 $1,050 $200 -----------$11,933 ($556) $833 $0 ($1,389) -11.29% Nov $10,726 $804 $0 $0 -----------$804 $9,921 92.50% $6,000 $400 $583 $2,000 $500 $200 $900 $200 -----------$10,783 ($862) $833 $0 ($1,695) -15.80% Dec $7,038 $528 $0 $0 -----------$528 $6,510 92.50% $6,000 $400 $583 $2,000 $500 $200 $900 $200 -----------$10,783 ($4,273) $833 $0 ($5,107) -72.56%

15%

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Appendix
Appendix Table: Cash Flow Pro Forma Cash Flow Cash Received Cash from Operations: Cash Sales Cash from Receivables Subtotal Cash from Operations Additional Cash Received Non Operating (Other) Income Sales Tax, VAT, HST/GST Received New Current Borrowing New Other Liabilities (interest-free) New Long-term Liabilities Sales of Other Current Assets Sales of Long-term Assets New Investment Received Subtotal Cash Received Expenditures Expenditures from Operations: Cash Spending Payment of Accounts Payable Subtotal Spent on Operations Additional Cash Spent Non Operating (Other) Expense Sales Tax, VAT, HST/GST Paid Out Principal Repayment of Current Borrowing Other Liabilities Principal Repayment Long-term Liabilities Principal Repayment Purchase Other Current Assets Purchase Long-term Assets Dividends Subtotal Cash Spent Net Cash Flow Cash Balance Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

$154 $4,000 $4,154 $0 $0 $100,000 $0 $0 $0 $0 $0 $104,154 Jan $6,000 $13,090 $19,090 $0 $0 $0 $0 $0 $0 $35,000 $0 $54,090 $50,064 $85,064

$221 $4,000 $4,221 $0 $0 $0 $0 $0 $0 $0 $0 $4,221 Feb $6,000 $5,079 $11,079 $0 $0 $0 $0 $0 $0 $0 $0 $11,079 ($6,858) $78,206

$290 $461 $751 $0 $0 $0 $0 $0 $0 $0 $0 $751 Mar $7,000 $7,700 $14,700 $0 $0 $0 $0 $0 $0 $0 $0 $14,700 ($13,949) $64,257

$1,026 $664 $1,690 $0 $0 $0 $0 $0 $0 $0 $0 $1,690 Apr $7,000 $5,270 $12,270 $0 $0 $0 $0 $0 $0 $0 $0 $12,270 ($10,580) $53,677

$1,651 $869 $2,520 $0 $0 $0 $0 $0 $0 $0 $0 $2,520 May $8,000 $5,591 $13,591 $0 $0 $0 $0 $0 $0 $0 $0 $13,591 ($11,071) $42,606

$2,216 $3,078 $5,294 $0 $0 $0 $0 $0 $0 $0 $0 $5,294 Jun $9,000 $6,029 $15,029 $0 $0 $0 $0 $0 $0 $0 $0 $15,029 ($9,735) $32,870

$2,386 $4,954 $7,340 $0 $0 $0 $0 $0 $0 $0 $0 $7,340 Jul $9,000 $6,348 $15,348 $0 $0 $0 $0 $0 $0 $0 $0 $15,348 ($8,008) $24,862

$2,681 $6,647 $9,328 $0 $0 $0 $0 $0 $0 $0 $0 $9,328 Aug $9,000 $6,399 $15,399 $0 $0 $0 $0 $0 $0 $0 $0 $15,399 ($6,071) $18,791

$3,069 $7,157 $10,226 $0 $0 $0 $0 $0 $0 $0 $0 $10,226 Sep $7,000 $9,088 $16,088 $0 $0 $0 $0 $0 $0 $0 $0 $16,088 ($5,861) $12,930

$3,075 $8,044 $11,119 $0 $0 $0 $0 $0 $0 $0 $0 $11,119 Oct $7,000 $6,204 $13,204 $0 $0 $0 $0 $0 $0 $0 $0 $13,204 ($2,085) $10,845

$2,681 $9,208 $11,889 $0 $0 $0 $0 $0 $0 $0 $0 $11,889 Nov $6,000 $6,106 $12,106 $0 $0 $0 $0 $0 $0 $0 $0 $12,106 ($216) $10,628

$1,759 $9,225 $10,984 $0 $0 $0 $0 $0 $0 $0 $0 $10,984 Dec $6,000 $5,838 $11,838 $0 $0 $0 $0 $0 $0 $0 $0 $11,838 ($853) $9,775

0.00%

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Appendix
Appendix Table: Balance Sheet Pro Forma Balance Sheet Assets Current Assets Cash Accounts Receivable Other Current Assets Total Current Assets Long-term Assets Long-term Assets Accumulated Depreciation Total Long-term Assets Total Assets Liabilities and Capital Accounts Payable Current Borrowing Other Current Liabilities Subtotal Current Liabilities Long-term Liabilities Total Liabilities Paid-in Capital Retained Earnings Earnings Total Capital Total Liabilities and Capital Net Worth $13,090 $0 $0 $13,090 $0 $13,090 $0 $61,910 $0 $61,910 $75,000 $61,910 Jan $5,079 $100,000 $0 $105,079 $0 $105,079 $0 $61,910 ($11,047) $50,863 $155,942 $50,863 Feb $7,700 $100,000 $0 $107,700 $0 $107,700 $0 $61,910 ($24,445) $37,465 $145,165 $37,465 Mar $5,270 $100,000 $0 $105,270 $0 $105,270 $0 $61,910 ($36,140) $25,770 $131,041 $25,770 Apr $5,591 $100,000 $0 $105,591 $0 $105,591 $0 $61,910 ($45,210) $16,700 $122,292 $16,700 May $6,029 $100,000 $0 $106,029 $0 $106,029 $0 $61,910 ($53,216) $8,694 $114,722 $8,694 Jun $6,348 $100,000 $0 $106,348 $0 $106,348 $0 $61,910 ($60,285) $1,625 $107,973 $1,625 Jul $6,399 $100,000 $0 $106,399 $0 $106,399 $0 $61,910 ($66,724) ($4,814) $101,585 ($4,814) Aug $9,088 $100,000 $0 $109,088 $0 $109,088 $0 $61,910 ($74,670) ($12,760) $96,328 ($12,760) Sep $6,204 $100,000 $0 $106,204 $0 $106,204 $0 $61,910 ($76,179) ($14,269) $91,935 ($14,269) Oct $6,106 $100,000 $0 $106,106 $0 $106,106 $0 $61,910 ($77,568) ($15,658) $90,448 ($15,658) Nov $5,838 $100,000 $0 $105,838 $0 $105,838 $0 $61,910 ($79,263) ($17,353) $88,485 ($17,353) Dec $5,561 $100,000 $0 $105,561 $0 $105,561 $0 $61,910 ($84,370) ($22,460) $83,101 ($22,460) Starting Balances $35,000 $8,000 $4,000 $47,000 $35,000 $7,000 $28,000 $75,000 Jan $85,064 $4,461 $4,000 $93,525 $70,000 $7,583 $62,417 $155,942 Feb $78,206 $1,125 $4,000 $83,331 $70,000 $8,166 $61,834 $145,165 Mar $64,257 $1,533 $4,000 $69,790 $70,000 $8,749 $61,251 $131,041 Apr $53,677 $3,947 $4,000 $61,624 $70,000 $9,332 $60,668 $122,292 May $42,606 $8,032 $4,000 $54,637 $70,000 $9,915 $60,085 $114,722 Jun $32,870 $11,600 $4,000 $48,471 $70,000 $10,498 $59,502 $107,973 Jul $24,862 $13,804 $4,000 $42,666 $70,000 $11,081 $58,919 $101,585 Aug $18,791 $15,201 $4,000 $37,992 $70,000 $11,664 $58,336 $96,328 Sep $12,930 $17,252 $4,000 $34,182 $70,000 $12,247 $57,753 $91,935 Oct $10,845 $18,433 $4,000 $33,278 $70,000 $12,830 $57,170 $90,448 Nov $10,628 $17,269 $4,000 $31,898 $70,000 $13,413 $56,587 $88,485 Dec $9,775 $13,322 $4,000 $27,097 $70,000 $13,996 $56,004 $83,101

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