Financial Projections Model v6.8.4

Financial Projections Model
For Business Plans

Frank Moyes and Stephen Lawrence
Deming Center for Entrepreneurship
Leeds College of Business
University of Colorado
Boulder, Colorado
Copyright 2003 by the Regents of the University of Colorado
Instructions
Financial Projections Model
v6.8.3
This financial model is designed to enable entrepreneurs and students project the financial results
of their ventures for a five-year period. As with all models there are certain simplifying
assumptions that have been made. Each of the assumption spreadsheets has an accompanying
Comments box (denoted by a cell with small red triangle in the upper right corner) that provides
suggestions on how to complete the spreadsheet and the underlying assumptions to the model.
You will notice that the cells in the spreadsheet are color-coded. This has been done to assist you
in entering data, creating or changing formulae, or deleting data, formulae and links.
Enter data and information in Green shaded cells only.
Blue shaded cells calculate results within a spreadsheet.
Data in Yellow shaded cells is transferred to other worksheets.
Purple shaded cells bring in data from other spreadsheets.
In the Green and Blue shaded cells, data and formulas may changed, moved or deleted. The
current calculations are for illustration only -- you will need to tailor these spreadsheets to fit your
plan.
In the Yellow shaded cells data and formulas may be changed, but not deleted.
DO NOT delete the Purple shaded cells -- they link one spreadsheet with others.
There are 7 principal spreadsheet outputs of this model:
INCOME: Income Statement
BALANCE: Balance Sheet
CASHFLOW: Cash Flow Statement
BREAKEVEN: Break-even analysis
SUMMARY: Analysis of key measures
INCOME-MOS: Income Statements by months for Years 1 to 5
CASHFLOW-MOS: Cash flow Statements by months for Years 1 and 2, and
by quarters for Years 3 to 5
VAL-1 & VAL-2: Venture capital method for valuing companies
All other spreadsheets are to be used for calculating the underlying assumptions of the 7 principal
spreadsheets:
COMPS: Comparison of financial measures to peer companies
REVENUE: Revenue Projections
COST OF REV: Cost of Goods Sold
OPER EXPEN: Operating Expenses
PROP & EQUIP: Capital Expenditures, Depreciation, and Net Fixed Assets
SALARIES: Salary Personnel
EXTRA: Extraordinary Income and Expense
TAXES: Tax calculation
WORKCAP: Working Capital
FUNDING: Equity, Debt, Interest Expense, Interest Income, Dividends and
Retained Earnings
These assumption spreadsheets are linked to each other and to the 7 principal spreadsheets.
When you make a change in one of the spreadsheets, the impact is automatically recalculated for
all other spreadsheets.
When doing financial projections, it is easy to get lost in the trees and lose the sense of what is
reality. Most errors can be identified if you continuously ask yourself Does this result make
sense? The COMPS spreadsheet, where you look at peer companies, can be particularly helpful
as a reality test.
There is an example in the model with which you can experiment. When you are ready to start your
own projections, clear all the numbers in the green shaded cells, and then you can begin to enter
new numbers. Enter the name of your company in the first cell of the COMPS spreadsheet. Before
you begin, make a copy of the model on a separate disk.
This original version of the model has been used since the mid-1980s. It has undergone numerous
revisions over that period. Since 1998, students in the Business Plan Preparation course at the
University of Colorado have used it to prepare their business plans. We have appreciated their
suggestions for improvements and would encourage all users to send us comments and
suggestions.
Created by Frank Moyes and Stephen Lawrence

Deming Center for Entrepreneurship
Leeds School of Business
University of Colorado
Boulder, Colorado
Copyright 2001 by the Regents of the University of Colorado
02/23/2016
14:24:08
XYZ Company
Notes
Peer Company Comparisons
Company A
Company B
Company C
Select Best
Comparison
Projections
Ratios
Accounts Receivable % of Rev
Inventory % of Rev
Accounts Payable % of Rev
Working Capital % of Rev
Net Fixed Assets % of Rev
Current Ratio
Debt to Capital (LT Debt + Equity)
Year 1
Year 2
Year 3
Year 4
Year 5
10.0%
15.0%
8.0%
16.0%
9.0%
2.3
1.2
10.0%
15.0%
8.0%
16.0%
9.0%
2.3
1.2
8.3%
8.3%
8.7%
7.9%
#DIV/0!
3.2
0.00
8.3%
8.3%
8.7%
7.9%
#DIV/0!
(6.8)
(0.44)
8.3%
6.7%
8.7%
6.3%
#DIV/0!
(25.1)
(0.07)
8.3%
6.7%
8.7%
6.3%
#DIV/0!
(37.1)
(0.02)
8.3%
6.7%
8.7%
6.3%
#DIV/0!
(84.0)
(0.01)
Profitability
Gross Profit % of Rev
Sales & Marketing % of Rev
Research & Development % of Rev
General & Administration % of Rev
Operating Expenses % of Rev
Earnings from Operations % of Rev
EBIT % of Rev
Depreciation % of Rev
EBITDA % of Rev
Net Earnings % of Rev
30.0%
30.0%
30.0%
30.0%
40.0%
12.0%
12.0%
3.0%
14.0%
5.0%
30.0%
17.0%
12.0%
12.0%
3.0%
14.0%
5.0%
#DIV/0!
#DIV/0!
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#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
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#DIV/0!
#DIV/0!
#DIV/0!
Returns
Return on Assets
Return on Equity
Return on Capital (LT Debt + Equity)
12.0%
15.0%
15.0%
12.0%
15.0%
15.0%
-167.5%
-207.5%
-207.5%
262.8%
160.6%
231.6%
80.3%
72.9%
78.1%
57.4%
55.0%
56.2%
45.9%
45.1%
45.5%
Growth
Revenue Growth Rate - CAGR:
Net Earnings Growth Rate - CAGR:
15.0%
12.0%
15.0%
12.0%
#DIV/0!
158.7%
#DIV/0!
67.9%
#DIV/0!
67.3%
#DIV/0!
50.2%
02/23/2016
14:24:08
XYZ Company
Revenue Projections
Years 1 to 5
($)
Product A
Number of Units
Price per unit
Total
Service B
Number of Customers
Fee per Customer
Total
Net Revenue
Months
Month 1
Month 2
Month 3
Total 1st Quarter
Month 4
Month 5
Month 6
Total 2nd Quarter
Month 7
Month 8
Month 9
Total 3rd Quarter
Month 10
Month 11
Month 12
Total 4th Quarter
Total for year
Average Revenue
by Month
by Quarter
Year 1
Year 2
Year 3
Year 4
Year 5
Revenues by Months & Quarters

($)
Year 1
Year 2
Year 3
Year 4
Year 5
100,000
100,000
100,000
300,000
100,000
100,000
100,000
300,000
100,000
100,000
100,000
300,000
100,000
100,000
100,000
300,000
1,200,000
115,000
115,000
115,000
345,000
115,000
115,000
115,000
345,000
115,000
115,000
115,000
345,000
115,000
115,000
115,000
345,000
1,380,000
132,250
132,250
132,250
396,750
132,250
132,250
132,250
396,750
132,250
132,250
132,250
396,750
132,250
132,250
132,250
396,750
1,587,000
152,088
152,088
152,088
456,263
152,088
152,088
152,088
456,263
152,088
152,088
152,088
456,263
152,088
152,088
152,088
456,263
1,825,050
174,901
174,901
174,901
524,702
174,901
174,901
174,901
524,702
174,901
174,901
174,901
524,702
174,901
174,901
174,901
524,702
2,098,808
0
0
0
0
0
0
0
0
0
0
02/23/2016
14:24:08
XYZ Company
Cost of Revenues
Years 1 to 5
($)
Year 1
Year 2
Year 3
Year 4
Year 5
15.00
10.00
25.00
0
0
69,000
69,000
14.00
10.00
24.00
0
0
227,700
227,700
11.00
7.00
18.00
0
0
552,000
552,000
10.00
6.50
16.50
0
0
864,000
864,000
9.00
6.00
15.00
0
0
1,200,000
1,200,000
Service B
Service Personnel Costs
120,750
212,750
480,000
1,500,000
2,750,000
Other Expenses
Salary Expenses
Depreciation
Facility costs (rent, energy)
System Costs
276,000
36,714
50,000
25,000
690,000
91,714
200,000
100,000
990,000
137,429
300,000
150,000
1,410,000
190,286
300,000
300,000
2,000,000
243,143
450,000
350,000
0
577,464
#DIV/0!
0
1,522,164
#DIV/0!
0
2,609,429
#DIV/0!
0
4,564,286
#DIV/0!
0
6,993,143
#DIV/0!
189,750
387,714
577,464
440,450
1,081,714
1,522,164
1,032,000
1,577,429
2,609,429
2,364,000
2,200,286
4,564,286
3,950,000
3,043,143
6,993,143
Revenue
Cost of Revenue
Product A
Material Costs per Unit
Subcontact Costs per Unit
Total Direct Costs per Unit
Unit Sales
Total Direct Costs
Labor Costs
Total Direct Costs
All other costs % of Revenue

Total Cost of Revenues
% of Revenue
Allocation of Cost of Revenue between:
Variable
Fixed
Total
4%
Cost of Revenues by Months & Quarters

($)
Year 1
Year 2
Year 3
Month 1
Month 2
Month 3
Total 1st Quarter
Month 4
Month 5
Month 6
Total 2nd Quarter
Month 7
Month 8
Month 9
Total 3rd Quarter
Month 10
Month 11
Month 12
Total 4th Quarter
Total for year
#DIV/0!
#DIV/0!
#DIV/0!
Year 4
Year 5
#DIV/0!
#DIV/0!
02/23/2016
14:24:09
XYZ Company
Operating Expenses
Years 1 to 5
($)
Net Revenues
Sales & Marketing
Drivers
Salaries and Benefits
Commissions % of Revenue
Direct Mail Campaign
All other expenses % of Revenue
Total Sales and Marketing
% of Revenue
5%
6%
Research & Development

Drivers
Testing
Total Reaserch & Development
% of Revenue
3%
General & Administration

Drivers
Depreciation
Rent and Utilities

Total General & Administration
% of Revenue
Total Operating Expenses
% of Revenue
Allocation of Operating Expenses between:
Vaiable
Fixed
Total
2%
Year 1
Year 2
Year 3
Year 4
Year 5
69,000
0
50,000
270,250
0
150,000
432,900
0
300,000
624,000
0
500,000
816,000
0
1,000,000
0
119,000
#DIV/0!
0
420,250
#DIV/0!
0
732,900
#DIV/0!
0
1,124,000
#DIV/0!
0
1,816,000
#DIV/0!
69,000
50,000
195,500
60,000
310,050
100,000
504,000
250,000
672,000
300,000
0
119,000
#DIV/0!
0
255,500
#DIV/0!
0
410,050
#DIV/0!
0
754,000
#DIV/0!
0
972,000
#DIV/0!
125,000
6,667
20,000
300,150
40,000
20,000
388,440
106,667
100,000
573,600
183,333
110,000
784,800
266,667
200,000
151,667
#DIV/0!
360,150
#DIV/0!
595,107
#DIV/0!
866,933
#DIV/0!
1,251,467
#DIV/0!
389,667
#DIV/0!
1,035,900
#DIV/0!
1,738,057
#DIV/0!
2,744,933
#DIV/0!
4,039,467
#DIV/0!
0
389,667
389,667
0
1,035,900
1,035,900
0
1,738,057
1,738,057
0
2,744,933
2,744,933
0
4,039,467
4,039,467
Sales & Marketing by Months & Quarters

($)
Year 1
Year 2
Year 3
Month 1
Month 2
Month 3
Total 1st Quarter
Month 4
Month 5
Month 6
Total 2nd Quarter
Month 7
Month 8
Month 9
Total 3rd Quarter
Month 10
Month 11
Month 12
Total 4th Quarter
Total for year
#DIV/0!
#DIV/0!
02/23/2016
14:24:09
Year 4
Year 5
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
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#DIV/0!
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#DIV/0!
#DIV/0!
#DIV/0!
Research & Development by Months & Quarters

($)
Year 1
Year 2
Year 3
Year 4
Month 1
Month 2
Month 3
Total 1st Quarter
Month 4
Month 5
Month 6
Total 2nd Quarter
Month 7
Month 8
Month 9
Total 3rd Quarter
Month 10
Month 11
Month 12
Total 4th Quarter
Total for year
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
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#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
General & Administrative by Months & Quarters

($)
Year 1
Year 2
Year 3
Year 4
Month 1
Month 2
Month 3
Total 1st Quarter
Month 4
Month 5
Month 6
Total 2nd Quarter
Month 7
Month 8
Month 9
Total 3rd Quarter
Month 10
Month 11
Month 12
Total 4th Quarter
Total for year
#DIV/0!
#DIV/0!
Year 5
#DIV/0!
Year 5
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
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02/23/2016
14:24:09
XYZ Company
Personnel
Years 1 to 5
($)
Net Revenues
Sales & Marketing
Sales Manager
Marketing Manager
Customer service
Tech support
(other)
(other)
(other)
Total Salary
Benefits
Percent (%)
Total benefit costs
Total S & M Compensation
% of Revenue
Research and Development
R & D Manager
Engineers
Technicians
Subcontract
(other)
(other)
Total Salary
Benefits
Percent (%)
Total benefit costs
Total R & D Compensation
% of Revenue
General & Administration
Chief Executive Officer
Chief Financial Officer
Accounting
Secretarial
Clerks and admin personnel
(other)
(other)
Total Salary
Benefits
Percent (%)
Total benefit costs
Total G & A Compensation
% of Revenue
Year 1
Year 2
Year 3
60,000
80,000
80,000
40,000
35,000
100,000
100,000
120,000
50,000
60,000
235,000
370,000
15%
9,000
69,000
#DIV/0!
15%
35,250
270,250
#DIV/0!
17%
62,900
432,900
#DIV/0!
60,000
80,000
60,000
30,000
100,000
130,000
35,000
60,000
170,000
265,000
15%
9,000
69,000
#DIV/0!
15%
25,500
195,500
#DIV/0!
17%
45,050
310,050
#DIV/0!
60,000
80,000
50,000
45,000
26,000
60,000
100,000
60,000
25,000
27,000
120,000
125,000
261,000
332,000
15%
0
125,000
#DIV/0!
15%
39,150
300,150
#DIV/0!
17%
56,440
388,440
#DIV/0!
40,000
25,000
Cost of Revenue
Manufacturing Personnel
Operations Manager
Quality Assurance
Materials and Logistics
Engineering
Other personnel
(other...)
Total Salary
Benefits
Percent (%)
Total benefit costs
Total Salary Costs
Hourly Personnel
Number of employees
Average wages per employee
Total wages
Benefits
Percent (%)
Total benefit costs
Total Wage Costs
Service Personnel
Number of employees
Salary per employee
Total salaries
Benefits
Percent (%)
Total benefit costs
Total Salary Costs
02/23/2016
14:24:09
100,000
50,000
40,000
50,000
125,000
100,000
150,000
75,000
150,000
150,000
150,000
200,000
125,000
200,000
240,000
600,000
825,000
15%
36,000
276,000
15%
90,000
690,000
20%
165,000
990,000
3
20,000
60,000
9
22,000
198,000
20
23,000
460,000
15%
9,000
69,000
15%
29,700
227,700
20%
92,000
552,000
3
35,000
105,000
5
37,000
185,000
10
40,000
400,000
15%
15,750
120,750
15%
27,750
212,750
20%
80,000
480,000
Total COR's Compensation

% of Revenue
465,750
#DIV/0!
1,130,450
#DIV/0!
2,022,000
#DIV/0!
Total Salary & Wages

Total Benefits
Total Compensation
% of Revenue
545,000
63,000
728,750
#DIV/0!
1,464,000
219,600
1,896,350
#DIV/0!
2,252,000
421,390
3,153,390
#DIV/0!
02/23/2016
14:24:09
Year 4
Year 5
125,000
125,000
200,000
70,000
150,000
150,000
250,000
130,000
520,000
680,000
20%
104,000
624,000
#DIV/0!
20%
136,000
816,000
#DIV/0!
125,000
230,000
65,000
150,000
300,000
110,000
420,000
560,000
20%
84,000
504,000
#DIV/0!
20%
112,000
672,000
#DIV/0!
125,000
75,000
50,000
28,000
200,000
150,000
100,000
75,000
29,000
300,000
478,000
654,000
20%
95,600
573,600
#DIV/0!
20%
130,800
784,800
#DIV/0!
02/23/2016
14:24:09
175,000
300,000
300,000
150,000
250,000
200,000
350,000
450,000
300,000
300,000
1,175,000
1,600,000
20%
235,000
1,410,000
25%
400,000
2,000,000
30
24,000
720,000
40
24,000
960,000
20%
144,000
864,000
25%
240,000
1,200,000
25
50,000
1,250,000
40
55,000
2,200,000
20%
250,000
1,500,000
25%
550,000
2,750,000
3,774,000
#DIV/0!
5,950,000
#DIV/0!
3,313,000
662,600
5,475,600
#DIV/0!
4,454,000
1,018,800
8,222,800
#DIV/0!
02/23/2016
14:24:09
XYZ Company
Extraordinary Income & Expense
Years 1 to 5
($)
Year 1
Income
(Item)
(Item)
(Item)
Total
Start-up expenses
Legal
Relocation
(Item)
Total
Total Extraordinary Income/(Expense)
Year 2
Year 3
Year 4
Year 5
0
0
0
0
0
0
0
0
0
25,000
20,000
45,000
(45,000)
Extraordinary Income and Expense by Months & Quarters

($)
Year 1
Year 2
Year 3
Year 4
Year 5
Month 1
Month 2
Month 3
Total 1st Quarter
Month 4
Month 5
Month 6
Total 2nd Quarter
Month 7
Month 8
Month 9
Total 3rd Quarter
Month 10
Month 11
Month 12
Total 4th Quarter
Total for year
(25,000)
(20,000)
(45,000)
0
0
0
0
0
0
0
0
0
(45,000)
02/23/2016
14:24:09
XYZ Company
Taxes
Years 1 to 5
($)
Net Revenues
Income Tax (Rate Federal & State)
Net Earnings Before Taxes
Cumulative
Taxes
Percent of Revenues
Year 1
Year 2
Year 3
Year 4
Year 5
0.40
0.40
0.40
0.40
0.40
(1,012,131)
(1,012,131)
(2,618,064)
(3,630,195)
(4,395,485)
(8,025,681)
(7,354,219)
(15,379,900)
(11,046,610)
(26,426,509)
0
#DIV/0!
0
#DIV/0!
0
#DIV/0!
0
#DIV/0!
0
#DIV/0!
02/23/2016
14:24:09
XYZ Company
Property and Equipment
Years 1 to 5
($)
Year 0
Net Revenues
Purchased
Assets
Capital Expenditures
Computers, Software & Office Equipment
Plant & Equipment
Other
Total Capital Expenditures
% of Revenue
Year 1
Year 2
20,000
250,000
10,000
280,000
#DIV/0!
100,000
350,000
50,000
500,000
#DIV/0!
Depreciation Computers, Sofware & Office Equipment (allocated to General & Administrative Expenses)
Depreciation Rate: Years
1
3
3
Year 0
0
0
Year 1
6,667
6,667
Year 2
33,333
Year 3
Year 4
Year 5
Total Depreciation
6,667
40,000
Depreciation on Plant and Equipment (allocated to Cost of Revenue)
1
7
Year 0
0
Year 1
35,714
Year 2
Year 3
Year 4
Year 5
Total Depreciation
35,714
Depreciation Other (allocated to Cost of Revenue)
Year 0
Year 1
Year 2
Year 3
Year 4
Year 5
Total Depreciation
Total Depreciation
% of Revenue
Property & Equipment
Gross Asset Value
Accumulated Depreciation
7
0
35,714
50,000
85,714
10
0
1,000
10
0
1,000
5,000
1,000
6,000
43,381
#DIV/0!
131,714
#DIV/0!
280,000
43,381
780,000
175,095
Net Property and Equipment

% of Revenue
236,619
#DIV/0!
604,905
#DIV/0!
02/23/2016
14:24:09
Capital Expenditures by Months & Quarters

($)
Year 1
Year 2
Month 1
Month 2
Month 3
Total 1st Quarter
Month 4
Month 5
Month 6
Total 2nd Quarter
Month 7
Month 8
Month 9
Total 3rd Quarter
Month 10
Month 11
Month 12
Total 4th Quarter
Total for year
50,000
100,000
50,000
200,000
40,000
40,000
40,000
100,000
100,000
200,000
100,000
100,000
40,000
100,000
100,000
0
280,000
100,000
100,000
500,000
02/23/2016
14:24:09
Year 3
Year 4
Year 5
200,000
250,000
100,000
550,000
#DIV/0!
250,000
300,000
100,000
650,000
#DIV/0!
350,000
300,000
100,000
750,000
#DIV/0!
3
0
6,667
33,333
66,667
3
0
0
33,333
66,667
83,333
106,667
183,333
3
0
0
0
66,667
83,333
116,667
266,667
7
0
35,714
50,000
35,714
7
0
35,714
50,000
35,714
42,857
121,429
164,286
10
0
1,000
5,000
10,000
10
0
1,000
5,000
10,000
10,000
16,000
26,000
10
0
1,000
5,000
10,000
10,000
10,000
36,000
244,095
#DIV/0!
373,619
#DIV/0!
509,810
#DIV/0!
1,330,000
419,190
1,980,000
792,810
2,730,000
1,302,619
dministrative Expenses)
7
0
35,714
50,000
35,714
42,857
42,857
207,143
910,810
#DIV/0!
1,187,190
#DIV/0!
1,427,381
#DIV/0!
Year 4
Year 5
res by Months & Quarters

Year 3
100,000
200,000
200,000
200,000
200,000
200,000
100,000
100,000
200,000
150,000
550,000
150,000
650,000
150,000
750,000
02/23/2016
14:24:09
02/23/2016
14:24:09
XYZ Company
Working Capital
Years 1 to 5
($)
Year 1
Net Revenues
Year 2
0
Year 3
0
Year 4
0
Year 5
0
Accounts Receivable
% of Revenue
Days Outstanding
Accounts Receivable
(Increase)/Decrease from Prev. Period
8.3%
30
99,600
(99,600)
8.3%
30
114,540
(14,940)
8.3%
30
131,721
(17,181)
8.3%
30
151,479
(19,758)
8.3%
30
174,201
(22,722)
Inventory
% of Revenue
Inventory Turns
Inventory Days
Inventory
8.3%
12
30
99,600
(99,600)
8.3%
12
30
114,540
(14,940)
6.7%
15
24
106,329
8,211
6.7%
15
24
122,278
(15,949)
6.7%
15
24
140,620
(18,342)
Other Current Assets

% of Revenue
Days
Other CA Value
1.0%
4
12,000
(12,000)
1.0%
4
13,800
(1,800)
1.0%
4
15,870
(2,070)
1.0%
4
18,251
(2,381)
1.0%
4
20,988
(2,738)
Accounts Payable & Accrued Expenses

% of Revenue
Days
AP & Accrued Value
Increase/(Decrease) from Prev. Period
8.7%
31
104,400
104,400
8.7%
31
120,060
15,660
8.7%
31
138,069
18,009
8.7%
31
158,779
20,710
8.7%
31
182,596
23,817
Other Current Liabilites

% of Revenue
Days
Other Current Liabilities
Increase/(Decrease) from Prev. Period
1.0%
4
12,000
12,000
1.0%
4
13,800
1,800
1.0%
4
15,870
2,070
1.0%
4
18,251
2,381
1.0%
4
20,988
2,738
Year 1
($)
Year 2
Year 3
Year 4
Year 5
100,000
100,000
115,000
115,000
132,250
132,250
152,088
152,088
174,901
174,901
100,000
300,000
100,000
100,000
100,000
300,000
100,000
100,000
100,000
300,000
100,000
100,000
100,000
300,000
1,200,000
115,000
345,000
115,000
115,000
115,000
345,000
115,000
115,000
115,000
345,000
115,000
115,000
115,000
345,000
1,380,000
132,250
396,750
132,250
132,250
132,250
396,750
132,250
132,250
132,250
396,750
132,250
132,250
132,250
396,750
1,587,000
152,088
456,263
152,088
152,088
152,088
456,263
152,088
152,088
152,088
456,263
152,088
152,088
152,088
456,263
1,825,050
174,901
524,702
174,901
174,901
174,901
524,702
174,901
174,901
174,901
524,702
174,901
174,901
174,901
524,702
2,098,808
Year 1
($)
Year 2
Year 3
Year 4
Year 5
99,600
99,600
99,600
99,600
99,600
114,540
114,540
114,540
114,540
114,540
Revenues by Months & Quarters
Month 1
Month 2
Month 3
Total 1st Quarter
Month 4
Month 5
Month 6
Total 2nd Quarter
Month 7
Month 8
Month 9
Total 3rd Quarter
Month 10
Month 11
Month 12
Total 4th Quarter
Total for year
Accounts Receivable by Months & Quarters
Month 1
Month 2
Month 3
Month 4
Month 5
131,721
151,479
174,201
Month 6
Month 7
Month 8
Month 9
Month 10
Month 11
Month 12
99,600
99,600
99,600
99,600
99,600
99,600
99,600
114,540
114,540
114,540
114,540
114,540
114,540
114,540
Year 1
($)
Year 2
99,600
99,600
99,600
99,600
99,600
99,600
99,600
99,600
99,600
99,600
99,600
99,600
114,540
114,540
114,540
114,540
114,540
114,540
114,540
114,540
114,540
114,540
114,540
114,540
Year 1
($)
Year 2
131,721
151,479
02/23/2016
174,201
14:24:09
131,721
151,479
174,201
131,721
151,479
174,201
Inventory by Months & Quarters
Month 1
Month 2
Month 3
Month 4
Month 5
Month 6
Month 7
Month 8
Month 9
Month 10
Month 11
Month 12
Year 3
Year 4
Year 5
106,329
122,278
140,620
106,329
122,278
140,620
106,329
122,278
140,620
106,329
122,278
140,620
Other Current Assets by Months & Quarters
Month 1
Month 2
Month 3
Month 4
Month 5
Month 6
Month 7
Month 8
Month 9
Month 10
Month 11
Month 12
99,600
99,600
99,600
12,000
12,000
12,000
12,000
12,000
12,000
12,000
12,000
12,000
13,800
13,800
13,800
13,800
13,800
13,800
13,800
13,800
13,800
13,800
13,800
13,800
Year 3
Year 4
Year 5
15,870
18,251
20,988
15,870
18,251
20,988
15,870
18,251
20,988
15,870
18,251
20,988
02/23/2016
14:24:09
Accounts Payble & Accrued Expenses by Months & Quarters

Year 1
Month 1
Month 2
Month 3
Month 4
Month 5
Month 6
Month 7
Month 8
Month 9
Month 10
Month 11
Month 12
0
31
104,400
104,400
104,400
104,400
104,400
104,400
104,400
104,400
104,400
($)
Year 2
4,400
0
31
120,060
120,060
120,060
120,060
120,060
120,060
120,060
120,060
120,060
Year 3
Year 4
Year 5
138,069
158,779
182,596
138,069
158,779
182,596
138,069
158,779
182,596
138,069
158,779
182,596
Other Current Liabilities by Months & Quarters

Year 1
Month 1
Month 2
Month 3
Month 4
Month 5
Month 6
Month 7
Month 8
Month 9
Month 10
Month 11
Month 12
12,000
12,000
12,000
12,000
12,000
12,000
12,000
12,000
12,000
12,000
12,000
12,000
($)
Year 2
13,800
13,800
13,800
13,800
13,800
13,800
13,800
13,800
13,800
13,800
13,800
13,800
Year 3
Year 4
Year 5
15,870
18,251
20,988
15,870
18,251
20,988
15,870
18,251
20,988
15,870
18,251
20,988
02/23/2016
14:24:09
XYZ Company
Funding Projections
Years 1 to 5
($)
Begin
Year 1
Year 2
Year 3
Year 4
Year 5
500,000
500,000
0
500,000
0
500,000
0
500,000
0
500,000
0
1,000,000
1,000,000
1,000,000
1,000,000
0
1,500,000
1,000,000
500,000
1,500,000
500,000
2,000,000
1,000,000
500,000
1,500,000
0
2,000,000
1,000,000
500,000
1,500,000
0
2,000,000
1,000,000
500,000
1,500,000
0
2,000,000
100,000
100,000
(100,000)
100,000
400,000
500,000
100,000
300,000
400,000
100,000
200,000
300,000
100,000
100,000
200,000
0
0
0
100,000
400,000
500,000
0
(100,000)
(100,000)
0
(100,000)
(100,000)
0
(100,000)
(100,000)
1,500,000
2,500,000
2,400,000
2,400,000
2,200,000
Interest
Interest Rate
Short Term Debt
Long Term Debt
9.0%
12.0%
9.0%
12.0%
9.0%
12.0%
9.0%
12.0%
9.0%
12.0%
Interest Expense
Short Term Debt
Long Term Debt
Total Interest
0
0
0
0
60,000
60,000
0
48,000
48,000
9,000
36,000
45,000
0
24,000
24,000
4.0%
0
4.0%
0
4.0%
0
4.0%
0
4.0%
10,000
(1,012,131)
(2,618,064)
(4,395,485)
(7,354,219)
(1,012,131)
0
(1,012,131)
(2,618,064)
(1,012,131)
(3,630,195)
(4,395,485)
(3,630,195)
(8,025,681)
(7,354,219)
(8,025,681)
(15,379,900)
(11,046,610)
50,000
(11,096,610)
(15,379,900)
(26,476,509)
Beginning Cash
Equity
Common
Increase / (Decrease) Previous Period
Preferred
A Round
B Round
Total Preferred
Total Equity
1,500,000
1,500,000
Debt
Short Term Debt
Long Term Debt
Current Portion
Long Term Portion
Total Long Term Debt
Current Portion
Long Term Protion
Total Long Term Debt
Total Equity & Debt
Interest Income
Interest Rate
Interest Income
Retained Earnings
Net Income
Dividends
Increase / (Decrease) Retained Earnings
Beginning Retained Earnings
Ending Retained Earnings
1,500,000
02/23/2016
14:24:09
XYZ Company
Income Statement
Years 1 to 5
($)
Year 1
Year 2
Year 3
Year 4
Year 5
COST OF REVENUE
% of Revenues
577,464
#DIV/0!
1,522,164
#DIV/0!
2,609,429
#DIV/0!
4,564,286
#DIV/0!
6,993,143
#DIV/0!
GROSS PROFIT
% of Revenues
(577,464)
#DIV/0!
(1,522,164)
#DIV/0!
(2,609,429)
#DIV/0!
(4,564,286)
#DIV/0!
(6,993,143)
#DIV/0!
119,000
119,000
151,667
389,667
420,250
255,500
360,150
1,035,900
732,900
410,050
595,107
1,738,057
1,124,000
754,000
866,933
2,744,933
1,816,000
972,000
1,251,467
4,039,467
(967,131)
(2,558,064)
(4,347,485)
(7,309,219)
(11,032,610)
(45,000)
(1,012,131)
(2,558,064)
(4,347,485)
(7,309,219)
(11,032,610)
INTEREST INCOME / (EXPENSE)
(60,000)
(48,000)
(45,000)
(14,000)
NET EARNINGS BEFORE TAXES
(1,012,131)
(2,618,064)
(4,395,485)
(7,354,219)
(11,046,610)
(1,012,131)
#DIV/0!
(2,618,064)
#DIV/0!
(4,395,485)
#DIV/0!
(7,354,219)
#DIV/0!
(11,046,610)
#DIV/0!
NET REVENUES
OPERATING EXPENSES
Sales & Marketing
General and Administration
% of Revenues
EARNINGS FROM OPERATIONS
EXTRAORDINARY INCOME / (EXPENSE)
EARNINGS BEFORE INTEREST & TAXES
TAXES
NET EARNINGS
% of Revenues
02/23/2016
14:24:09
XYZ Company
Balance Sheet
Years 1 to 5
($)
ASSETS
CURRENT ASSETS
Cash
Accounts Receivable
Inventories
Other Current Assets
Total Current Assets
PROPERTY & EQUIPMENT
TOTAL ASSETS
LIABILITIES & SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Short Term Debt
Accounts Payable & Accrued Expen
Other Current Liab
Current portion of long term debt
Total Current Liabilities
LONG TERM DEBT (less current portion)
STOCKHOLDERS' EQUITY
CommonStock
Preferred Stock
Retained Earnings
Total Equity
TOTAL LIABILITIES & EQUITY
Begin
Year 1
Year 2
Year 3
Year 4
1,500,000
1,500,000
0
156,450
99,600
99,600
12,000
367,650
236,619
(1,844,120)
114,540
114,540
13,800
(1,601,240)
604,905
(6,636,471)
131,721
106,329
15,870
(6,382,551)
910,810
(14,282,068)
151,479
122,278
18,251
(13,990,060)
1,187,190
1,500,000
604,269
(996,335)
(5,471,742)
(12,802,870)
0
0
0
104,400
12,000
0
116,400
0
120,060
13,800
100,000
233,860
0
138,069
15,870
100,000
253,939
100,000
158,779
18,251
100,000
377,030
400,000
300,000
200,000
500,000
1,000,000
1,500,000
500,000
1,000,000
(1,012,131)
487,869
500,000
1,500,000
(3,630,195)
(1,630,195)
500,000
1,500,000
(8,025,681)
(6,025,681)
500,000
1,500,000
(15,379,900)
(13,379,900)
1,500,000
604,269
(996,335)
(5,471,742)
(12,802,870)
02/23/2016
14:24:09
Year 5
(25,836,115)
174,201
140,620
20,988
(25,500,306)
1,427,381
(24,072,925)
0
182,596
20,988
100,000
303,584
100,000
500,000
1,500,000
(26,476,509)
(24,476,509)
(24,072,925)
02/23/2016
14:24:09
XYZ Company
Cash Flow Statememt
Years 1 to 5
($)
OPERATING ACTIVITIES
Net Earnings
Depreciation
Working Capital Changes
(Increase)/Decrease Accounts Receivable
(Increase)/Decrease Inventories
(Increase)/Decrease Other Current Assets
Increase/(Decrease) Accts Pay & Accrd Expenses
Increase/(Decrease) Other Current Liab
Net Cash Provided/(Used) by Operating Activities
INVESTING ACTIVITIES
Other
Net Cash Used in Investing Activities
FINANCING ACTIVITIES
Increase/(Decrease) Short Term Debt
Increase/(Decrease) Curr. Portion LTD
Increase/(Decrease) Long Term Debt
Increase/(Decrease) Common Stock
Increase/(Decrease) Preferred Stock
Dividends Declared
Net Cash Provided / (Used) by Financing
INCREASE/(DECREASE) IN CASH
CASH AT BEGINNING OF YEAR
CASH AT END OF YEAR
1,500,000
Year 1
Year 2
Year 3
Year 4
(1,012,131)
43,381
(2,618,064)
131,714
(4,395,485)
244,095
(7,354,219)
373,619
(99,600)
(99,600)
(12,000)
104,400
12,000
(1,063,550)
(14,940)
(14,940)
(1,800)
15,660
1,800
(2,500,570)
(17,181)
8,211
(2,070)
18,009
2,070
(4,142,351)
(19,758)
(15,949)
(2,381)
20,710
2,381
(6,995,597)
(280,000)
(500,000)
(550,000)
(650,000)
(280,000)
(500,000)
(550,000)
(650,000)
0
0
0
0
0
0
0
0
100,000
400,000
0
500,000
0
1,000,000
0
0
(100,000)
0
0
0
(100,000)
100,000
0
(100,000)
0
0
0
0
(1,343,550)
(2,000,570)
(4,792,351)
(7,645,597)
1,500,000
156,450
156,450
(1,844,120)
(1,844,120)
(6,636,471)
(6,636,471)
(14,282,068)
02/23/2016
14:24:09
Year 5
(11,046,610)
509,810
(22,722)
(18,342)
(2,738)
23,817
2,738
(10,554,047)
(750,000)
(750,000)
(100,000)
0
(100,000)
0
0
(50,000)
(250,000)
(11,554,047)
(14,282,068)
(25,836,115)
02/23/2016
14:24:09
XYZ Company
Break-Even Analysis
Years 1 to 5
($)
Year 1
Year 2
Year 3
Year 4
Year 5
Cost of Revenue
Variable
Fixed
Total
189,750
387,714
577,464
440,450
1,081,714
1,522,164
1,032,000
1,577,429
2,609,429
2,364,000
2,200,286
4,564,286
3,950,000
3,043,143
6,993,143
Operating Expenses
Variable
Fixed
Total
0
389,667
389,667
0
1,035,900
1,035,900
0
1,738,057
1,738,057
0
2,744,933
2,744,933
0
4,039,467
4,039,467
Total Costs & Expenses

Variable
Fixed
Total
189,750
777,381
967,131
440,450
2,117,614
2,558,064
1,032,000
3,315,485
4,347,485
2,364,000
4,945,219
7,309,219
3,950,000
7,082,610
11,032,610
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
Revenue
Variable Costs/Revenue Ratio

Break-Even Point Revenues
02/23/2016
14:24:09
XYZ Company
Income Statement
Year 1 by Months
Month 1
NET REVENUES
Month 2
Month 3
Month 4
Month 5
Month 6
Month 7
Month 8
Month 9
Month 10
Month 11
Month 12
Year 1
Annual
Projection
Total
12 Months
100,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
100,000
1,200,000
COST OF REVENUE
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
577,464
GROSS PROFIT
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
(577,464)
OPERATING EXPENSES
Sales & Marketing
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
119,000
119,000
151,667
389,667
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
(967,131)
(25,000)
(20,000)
(45,000)
(45,000)
(1,012,131)
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
(1,012,131)
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
(1,012,131)
TAXES
NET EARNINGS
XYZ Company
Income Statement
Year 2 by Months
Month 1
NET REVENUES
Month 2
Month 3
Month 4
Month 5
Month 6
Month 7
Month 8
Month 9
Month 10
Month 11
Month 12
Year 2
Annual
Projection
Total
12 Months
115,000
115,000
115,000
115,000
115,000
115,000
115,000
115,000
115,000
115,000
115,000
115,000
1,380,000
COST OF REVENUE
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
1,522,164
GROSS PROFIT
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
(1,522,164)
OPERATING EXPENSES
Sales & Marketing
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
420,250
255,500
360,150
1,035,900
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
(2,558,064)
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
(2,558,064)
(5,000)
(5,000)
(5,000)
(5,000)
(5,000)
(5,000)
(5,000)
(5,000)
(5,000)
(5,000)
(5,000)
(5,000)
(60,000)
(60,000)
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
(2,618,064)
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
(2,618,064)
TAXES
NET EARNINGS
02/23/2016
14:24:09
XYZ Company
Income Statement
Years 3, 4 & 5 by Quarters
Year 3
1st Qtr
2nd Qrtr
Year 4
3rd Qrtr
4th Qrtr
Total
1st Qtr
2nd Qtr
Year 3
Annual
Projection
Year 5
3rd Qtr
4th Qtr
Total
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Year 4
Annual
Projection
Year 5
Annual
Projection
Total
396,750
396,750
396,750
396,750
1,587,000
456,263
456,263
456,263
456,263
1,825,050
524,702
524,702
524,702
524,702
2,098,808
COST OF REVENUE
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
0
0
2,609,429
0
0
4,564,286
0
0
6,993,143
GROSS PROFIT
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
(2,609,429)
(4,564,286)
(6,993,143)
OPERATING EXPENSES
Sales & Marketing
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
732,900
410,050
595,107
1,738,057
1,124,000
754,000
866,933
2,744,933
1,816,000
972,000
1,251,467
4,039,467
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
(4,347,485)
(7,309,219)
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
(12,000)
(12,000)
(12,000)
(12,000)
(48,000)
(11,250)
(11,250)
(11,250)
(11,250)
(45,000)
(3,500)
(3,500)
(3,500)
(3,500)
(14,000)
(48,000)
(45,000)
(14,000)
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
(4,395,485)
(7,354,219)
(11,046,610)
NET REVENUES

TAXES
NET EARNINGS
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
0
(4,347,485)
0
(4,395,485)
0
(7,309,219)
0
(7,354,219)
(11,032,610)
0
(11,032,610)
0
(11,046,610)
02/23/2016
14:24:09
XYZ Company
Cash Flow Statement
Year 1 by Months
Month 1
Net Earnings
Depreciation
Other
Month 2
Month 3
Month 4
Month 5
Month 6
Month 7
Month 8
Month 9
Month 10
Month 11
Estimated
Year 1
Month 12
Year 1
Annual
Projection
#DIV/0!
3,615
#DIV/0!
3,615
#DIV/0!
3,615
#DIV/0!
3,615
#DIV/0!
3,615
#DIV/0!
3,615
#DIV/0!
3,615
#DIV/0!
3,615
#DIV/0!
3,615
#DIV/0!
3,615
#DIV/0!
3,615
#DIV/0!
3,615
#DIV/0!
43,381
(1,012,131)
43,381
(99,600)
(99,600)
(99,600)
0
12,000
#DIV/0!
0
0
0
0
0
#DIV/0!
0
0
0
31
0
#DIV/0!
0
0
87,600
104,369
0
#DIV/0!
0
0
0
0
0
#DIV/0!
0
0
0
0
0
#DIV/0!
0
0
0
0
0
#DIV/0!
0
0
0
0
0
#DIV/0!
0
0
0
0
0
#DIV/0!
0
0
0
0
0
#DIV/0!
0
0
0
0
0
#DIV/0!
0
0
0
0
0
#DIV/0!
(99,600)
(99,600)
(12,000)
104,400
12,000
#DIV/0!
(99,600)
(99,600)
(12,000)
104,400
12,000
(1,063,550)
(50,000)
(100,000)
(50,000)
(40,000)
(40,000)
(50,000)
(100,000)
(50,000)
(40,000)
(40,000)
(280,000)
0
(280,000)
(280,000)
0
(280,000)
0
0
0
0
0
0
0
0
0
0
0
0
0
0
#DIV/0!
(1,343,550)
Dividends Declared
0
0
0
0
0
0
0
0
0
0
0
0
0
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
CASH AT BEGINNING OF PERIOD

CASH AT END OF PERIOD
1,500,000
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
1,500,000
156,450
XYZ Company
Cash Flow Statement
Year 2 by Months
Month 1
Net Earnings
Depreciation
Other
Dividends Declared
Month 2
Month 3
Month 4
Month 5
Month 6
Month 7
Month 8
Month 9
Month 10
Month 11
Estimated
Year 2
Month 12
#DIV/0!
10,976
#DIV/0!
10,976
#DIV/0!
10,976
#DIV/0!
10,976
#DIV/0!
10,976
#DIV/0!
10,976
#DIV/0!
10,976
#DIV/0!
10,976
#DIV/0!
10,976
#DIV/0!
10,976
#DIV/0!
10,976
#DIV/0!
10,976
#DIV/0!
131,714
(14,940)
(14,940)
(1,800)
(100,000)
1,800
#DIV/0!
0
0
0
(4,400)
0
#DIV/0!
0
0
0
31
0
#DIV/0!
0
0
0
120,029
0
#DIV/0!
0
0
0
0
0
#DIV/0!
0
0
0
0
0
#DIV/0!
0
0
0
0
0
#DIV/0!
0
0
0
0
0
#DIV/0!
0
0
0
0
0
#DIV/0!
0
0
0
0
0
#DIV/0!
0
0
0
0
0
#DIV/0!
0
0
0
0
0
#DIV/0!
(14,940)
(14,940)
(1,800)
15,660
1,800
#DIV/0!
(100,000)
(100,000)
(100,000)
(100,000)
(100,000)
(100,000)
(100,000)
(100,000)
(100,000)
(100,000)
(500,000)
0
(500,000)
0
100,000
400,000
0
500,000
0
1,000,000
#DIV/0!
0
100,000
400,000
0
500,000
1,000,000
0
0
0
0
0
0
0
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
Year 2
Annual
Projection
(2,618,064)
131,714
0
(14,940)
(14,940)
(1,800)
15,660
1,800
(2,500,570)
0
0
(500,000)
0
(500,000)
0
0
0
100,000
400,000
0
500,000
0
1,000,000
0
(2,000,570)
156,450
(1,844,120)
XYZ Company
Cash Flow Statement
Years 3, 4 & 5 by Quarters
Year 3
1st Qtr
Net Earnings
Depreciation
Other
Dividends Declared
2nd Qrtr
Year 4
3rd Qrtr
4th Qrtr
Total
1st Qtr
2nd Qtr
Year 3
Annual
Projection
Year 5
3rd Qtr
4th Qtr
Total
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Year 4
Annual
Projection
02/23/2016
14:24:09
Year 5
Annual
Projection
Total
#DIV/0!
61,024
#DIV/0!
61,024
#DIV/0!
61,024
#DIV/0!
61,024
#DIV/0!
244,095
#DIV/0!
93,405
#DIV/0!
93,405
#DIV/0!
93,405
#DIV/0!
93,405
#DIV/0!
373,619
#DIV/0!
127,452
#DIV/0!
127,452
#DIV/0!
127,452
#DIV/0!
127,452
#DIV/0!
509,810
(4,395,485)
244,095
(7,354,219) (11,046,610)
373,619
509,810
(17,181)
8,211
(2,070)
18,009
2,070
#DIV/0!
0
0
0
0
0
#DIV/0!
0
0
0
0
0
#DIV/0!
0
0
0
0
0
#DIV/0!
(17,181)
8,211
(2,070)
18,009
2,070
#DIV/0!
(19,758)
(15,949)
(2,381)
20,710
2,381
#DIV/0!
0
0
0
0
0
#DIV/0!
0
0
0
0
0
#DIV/0!
0
0
0
0
0
#DIV/0!
(19,758)
(15,949)
(2,381)
20,710
2,381
#DIV/0!
(22,722)
(18,342)
(2,738)
23,817
2,738
#DIV/0!
0
0
0
0
0
#DIV/0!
0
0
0
0
0
#DIV/0!
0
0
0
0
0
#DIV/0!
(22,722)
(18,342)
(2,738)
23,817
2,738
#DIV/0!
(17,181)
8,211
(2,070)
18,009
2,070
(4,142,351)
(19,758)
(22,722)
(15,949)
(18,342)
(2,381)
(2,738)
20,710
23,817
2,381
2,738
(6,995,597) (10,554,047)
(100,000)
(200,000)
(100,000)
(150,000)
(200,000)
(100,000)
(150,000)
(200,000)
(200,000)
(150,000)
(750,000)
(100,000)
(150,000)
(200,000)
(200,000)
(100,000)
(150,000)
(650,000)
0
(650,000)
(200,000)
(200,000)
(550,000)
0
(550,000)
(200,000)
(100,000)
(200,000)
(200,000)
(200,000)
(150,000)
(750,000)
(550,000)
0
(550,000)
(650,000)
0
(650,000)
(750,000)
0
(750,000)
0
0
(100,000)
0
0
0
(100,000)
100,000
0
0
0
0
100,000
0
(100,000)
0
0
0
0
0
0
0
0
0
0
(100,000)
0
(100,000)
0
0
(50,000)
(250,000)
(100,000)
0
(100,000)
0
0
(50,000)
(250,000)
0
0
(100,000)
0
0
0
(100,000)
100,000
0
(100,000)
0
0
0
0
(100,000)
0
(100,000)
0
0
(50,000)
(250,000)
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
(4,792,351)
(7,645,597) (11,554,047)
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
(1,844,120)
(6,636,471)
(6,636,471) (14,282,068)
(14,282,068) (25,836,115)
0
0
0
0
0
0
0
0
(100,000)
0
0
0
(100,000)
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
0
0
(100,000)
0
0
0
(100,000)
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
100,000
02/23/2016
14:24:09
XYZ Company
Summary
Years 1 to 5
Summary Financials ($)

Revenue
Gross Profit
EBIT
EBITDA
Net Earnings
Net Cash from Operating Activities
Capital Expenditures
Interest Income/(Expense)
Dividends
Cash
Total Equity
Total Debt
Year 1
Year 2
Year 3
Year 4
Year 5
0
(577,464)
(1,012,131)
(968,750)
(1,012,131)
(1,063,550)
280,000
0
0
156,450
(512,131)
0
0
(1,522,164)
(2,558,064)
(2,426,350)
(2,618,064)
(2,500,570)
500,000
(60,000)
0
(1,844,120)
(3,130,195)
500,000
0
(2,609,429)
(4,347,485)
(4,103,390)
(4,395,485)
(4,142,351)
550,000
(48,000)
0
(6,636,471)
(7,525,681)
400,000
0
(4,564,286)
(7,309,219)
(6,935,600)
(7,354,219)
(6,995,597)
650,000
(45,000)
0
(14,282,068)
(14,879,900)
300,000
0
(6,993,143)
(11,032,610)
(10,522,800)
(11,046,610)
(10,554,047)
750,000
(14,000)
50,000
(25,836,115)
(25,976,509)
200,000
#DIV/0!
158.7%
#DIV/0!
67.9%
#DIV/0!
67.3%
#DIV/0!
50.2%
3.2
0.0
-6.8
-0.4
-25.1
-0.1
-37.1
0.0
-84.0
0.0
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
-167.5%
-207.5%
-207.5%
262.8%
160.6%
231.6%
80.3%
72.9%
78.1%
57.4%
55.0%
56.2%
45.9%
45.1%
45.5%
Growth
Revenue Growth Rate - CAGR:
Net Earnings Growth Rate - CAGR:
Ratios
Current Ratio
Debt to Capital (LT Debt + Equity)
Profitability
Gross Profit %
Operating Expenses %
Net Earnings %
Returns
Return on Assets
Return on Equity
Return on Capital (LT Debt + Equity)
02/23/2016
14:24:09
XYZ Company
Notes
Valuation
Venture Capital Method
Years 1 to 5
Assumptions:
Investor required IRR
P/E ratio at IPO or acquisition
Initial investment
60%
15
$1,500,000
REF
Valuation Calculation
D
Year
Calculation
Liquidity Event in Year 1
1
2
3
4
5
REF
A
B
C
E
Net Income
Income Stmt
(1,012,131)
(2,618,064)
(4,395,485)
(7,354,219)
(11,046,610)
FV(A,C)
G/F
IRR(D,G)
Market
Capitalization
B*E
($15,181,967)
($39,270,964)
($65,932,279)
($110,313,286)
($165,699,143)
Required Future
Value (Investor)
FV(F,D)
$2,400,000
$3,840,000
$6,144,000
$9,830,400
$15,728,640
Investor's
Share
C/G
100.0%
100.0%
100.0%
100.0%
100.0%
Investor's
Return
F*H
$0
$0
$0
$0
$0
Investor's
ROI
I/C
0%
0%
0%
0%
0%
Investor's
IRR
IRR(I,C,D)
#N/A
Negotiation Workspace
Investor's
Investor's
Share
Return
25.0%
$0
25.0%
$0
25.0%
$0
25.0%
$0
40.0%
$0
Investor's
ROI
0%
0%
0%
0%
0%
Investor's
IRR
#N/A
Year
1
2
3
4
5
IRR Calculation Workspace

Start
Year 1
($1,500,000)
($1,500,000)
($1,500,000)
($1,500,000)
($1,500,000)
($1,500,000)
($1,500,000)
($1,500,000)
($1,500,000)
($1,500,000)
Year 2
Year 3
Year 4
Year 5
$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
02/23/2016
14:24:09
XYZ Company
Valuation
Venture Capital Method
Years 1 to 5
Multiple Rounds
Assumptions
Month of IPO
Forecast annualized earnings at IPO
P/E ratio at IPO
Investment Round
Month of Investment
Investor required IRR
Amount of Investment
Required Monthly IRR
Duration of Investment
Calculations
Market Capitalization at IPO
Ref
A
B
C
60
($11,046,610)
15
First
0
60%
$1,500,000
5.00%
60
Second
24
50%
$500,000
4.17%
36
Calculation
Third
0.00%
60
($165,699,143)
C
D
E
F
G
D/12
A-C
B*C
Required FV for Investor at IPO

Individual Investor's Share
Individual Investor's ROI
Individual Investor's IRR
First
$15,728,640
-9.5%
1049%
60%
Second
$1,687,500
-1.0%
338%
50%
Third
$0
0.0%
#DIV/0!
#DIV/0!
I
J
K
L
E*(1+F)^G
I/H
I/E
(I/E)^(12/G)-1
Cumulative Investors' Share

Cumulative Founders' Share
-9.5%
109.5%
-10.5%
110.5%
-10.5%
110.5%
M
N
sum(J)
1-M
First
15.0%
($24,854,871)
-1657%
-275%
Second
5.0%
($8,284,957)
-1657%
-355%
Third
3.0%
($4,970,974)
#DIV/0!
#DIV/0!
Negotiations Round
Individual Investor's Share
FV for Investor at IPO
Individual Investor's ROI
Individual Investor's IRR

Financial Projections Model v6.8.4

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Financial Projections Model v6.8.4

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Financial Projections Model

For Business Plans

Copyright 2003 by the Regents of the University of Colorado

Created by Frank Moyes and Stephen Lawrence

Copyright 2001 by the Regents of the University of Colorado

Peer Company Comparisons

Revenues by Months & Quarters

All other costs % of Revenue

Cost of Revenues by Months & Quarters

Research & Development

General & Administration

All other expenses % of Revenue

Sales & Marketing by Months & Quarters

Research & Development by Months & Quarters

General & Administrative by Months & Quarters

Total COR's Compensation

Total Salary & Wages

Extraordinary Income and Expense by Months & Quarters

Net Property and Equipment

Capital Expenditures by Months & Quarters

res by Months & Quarters

Other Current Assets

Accounts Payable & Accrued Expenses

Other Current Liabilites

Revenues by Months & Quarters

Accounts Receivable by Months & Quarters

Inventory by Months & Quarters

Other Current Assets by Months & Quarters

Accounts Payble & Accrued Expenses by Months & Quarters

Other Current Liabilities by Months & Quarters

INTEREST INCOME / (EXPENSE)

NET EARNINGS BEFORE TAXES

Total Costs & Expenses

Variable Costs/Revenue Ratio

EARNINGS FROM OPERATIONS

EXTRAORDINARY INCOME / (EXPENSE)

EARNINGS BEFORE INTEREST & TAXES

INTEREST INCOME / (EXPENSE)

NET EARNINGS BEFORE TAXES

EARNINGS FROM OPERATIONS

EXTRAORDINARY INCOME / (EXPENSE)

EARNINGS BEFORE INTEREST & TAXES

INTEREST INCOME / (EXPENSE)

NET EARNINGS BEFORE TAXES

EARNINGS FROM OPERATIONS

INTEREST INCOME / (EXPENSE)

NET EARNINGS BEFORE TAXES

EXTRAORDINARY INCOME / (EXPENSE)

CASH AT BEGINNING OF PERIOD

CASH AT BEGINNING OF PERIOD

CASH AT BEGINNING OF PERIOD

Summary Financials ($)

IRR Calculation Workspace

Required FV for Investor at IPO

Cumulative Investors' Share

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