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20X9 ASSETS CURRENT Cash 564,911 Trade and other receivables 8,158,139 Unbilled revenue 2,679,949 11,402,998 EQUIPMENT ( Note 3 ) 541,404 $ 11,944,402 LIABILITIES CURRENT Bank
20X9 | |
ASSETS | |
CURRENT | |
Cash | 564,911 |
Trade and other receivables | 8,158,139 |
Unbilled revenue | 2,679,949 |
11,402,998 | |
EQUIPMENT (Note 3) | 541,404 |
$ 11,944,402 | |
LIABILITIES | |
CURRENT | |
Bank indebtedness | - |
Trade and other payables | 4,048,068 |
Government remittances | 270,883 |
4,318,952 | |
PROMISSORY NOTE | 3,500,000 |
3,500,000 | |
SHAREHOLDERS EQUITY | |
Share capital (Note 4) | 200 |
Retained earnings | 4,125,250 |
4,125,450 | |
$ 11,944,402 |
Credit Facilities | Details |
New debt: | 1,000,000.00 |
Amortization (months): | 72 |
Number of periods (years): | |
Rate: | 5.1% |
Annual Payment | |
Credit Line: | 3,000,000.00 |
Spread: | |
Prime: | 3.0% |
All-in: | |
Projected utilization: |
20X9 | |
REVENUES | $ 29,777,206 |
COST OF SALES | 24,625,749 |
GROSS MARGIN | 5,151,457 |
17.3% | |
EXPENSES | |
Executive compensation | 446,658 |
Rent and occupancy | 599,293 |
Depreciation | 148,886 |
Selling, general, and administrative | 2,977,721 |
4,172,558 | |
NET INCOME BEFORE INCOME TAXES | 978,899 |
INCOME TAXES | 146,835 |
NET INCOME | $ 832,064 |
What is Richardson Repair Services' 20X9 Funded Debt to EBITDA ratio, tested under the following assumptions: 1. The $1MM loan advances on a 6-year amortization 2. The operating line is being tested at 75% average utilization"
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