A. Desired Financing: Review the cash flow projections and your estimate of how much money is required over the next few years to carry out the development and/or expansion of your business as described. Determine the amount and timing of cash infusions required to prevent cash balances from going negative. Add a cash safety cushion (\"25% as a good \"guesstimate\") to the anticipated cash needs to protect against unexpected expenses or delayed income. Determine the type of funding that will suit your business: debt/eq uity or non-traditional financing. Indicate how this capital requirement will be obtained - from whom and how much will be obtained via term loans or lines of credit. B. Offering (this is the deal structure your pitch for money}: If you have decided to seek equity capital, then you need to describe the type of security being offered (e.g., common stock, convertible debentures, debt with warrants, debt plus stock), the unit price, and the total amount of securities to be sold in this offering. If securities are notjust common stock, indicate by type, interest, maturity, and conversion conditions. Show what share (Le. the percentage} of the company that the investor will hold for that amount of money or after exercise of any stock conversion/ purchase rights {for convertible debentures or warrants}.. Securities sold through a private placement (and therefore exempt from SEC registration} should include the following statement in this section: \"The shares being sold pursuant to this offering are restricted securities and may not be resold readily. The prospective investor should recognize that such securities might be restricted as to resale for indefinite period of time. Each purchaser will be required to execute a NonDistribution Agreement satisfactory in form to corporate counsel\". If you are seeking a loan, then you need to indicate to the potential lender how the loan will be repaid and what the interest rate is. What is the collateral for the loan? C. Capitalization: Present the current and proposed (postoffering) number of outstanding shares of common stock. Indicate any shares offered by key management people and show the number of shares that they will hold after completion of the proposed financing. Indicate how many shares of common stock will remain unissued after the offering and how many of these will be reserved for stock options for future key employees. Identify any other terms that you are willing to negotiate as part of the deal e.g. right of first refusal, seat on board, voting rights, and other rights and preferences. Company Name Balance Sheet Year 3 Year 4 Year 5 September October November December Quarter 1 Quarter 2 Quarter 3 Quarter 4 Quarter 1 Quarter 2 Quarter 3 Quarter 4 Total Assets: Current Assets Cash S 862,491 S 966,739 S 1,073,094 S 1,181,573 5 1,383,788 5 1,632,790 $ 1,900,505 5 2,187,257 S 2,359,212 5 2,578,875 5 2,817,457 5 3,075,303 S 3,380,716 Accounts Receivable 119,832 120,532 121,232 121,940 123,357 125,515 127,711 129,944 132,218 134,534 136,887 139,284 145,232 Inventory 23,699 23.837 23.975 24,116 28,453 28,950 29,457 29,972 34,766 35,375 35.993 36,624 17,951 Other Current Assets Total Current Assets $ 1,006,022 $ 1,111,108 $ 1,218,301 $ 1,327,629 $ 1,535,598 $ 1,787,255 $ 2,057,673 $ 2,347,173 $ 2,526,196 $ 2,748,784 $ 2,990,337 $ 3,251,211 $ 3,573,899 Non-Current Assets Property, Plant, & Equipment S 140,382 S 140,382 S 140,382 $ 140,382 5 169,482 5 169,482 $ 169,482 5 169,482 S 198,582 5 198,582 5 198,582 5 198,582 227,682 Accumulated Depreciation 32.295 34,635 36.975 39.315 47,789 56.263 64.737 73,211 83.140 93.069 102.998 112,927 158,463 Net PP&E S 108.087 S 105.747 5 103,407 S 101,067 121,693 5 113.219 $ 104,745 5 96,271 S 115,442 5 105.513 5 95.584 5 85.655 69,219 Intangible Assets S 271,880 S 271,880 5 271,880 5 271.880 5 271,880 S 271,880 5 271,880 S 271,880 S 271,880 S 271,880 S 271,880 S 271,880 271,880 Accumulated Amortization 36.256 38,52 40.788 43.054 49,851 56.648 63,445 70.242 77.039 83,836 90.63 97,430 124.618 Net Intangible Assets S 235.624 5 233.358 5 231.092 $ 228.826 5 222.029 $ 215,232 5 208.435 5 201,638 | $ 194.841 5 188.044 $ 181.247 5 174,450 5 147.262 Total Non-Current Assets $ 343,711 $ 339,105 $ 334,499 $ 329,893 $ 343,722 $ 328,451 $ 313,180 $ 297,909 $ 310,283 $ 293,557 $ 276,831 s 260,105 $ 216,481 Total Assets $ 1,349,733 $ 1,450,213 $ 1,552,800 $ 1,657,522 $ 1,879,320 $ 2.115,706 $ 2,370,853 $ 2,645,082 $ 2,836,479 $ 3.042,341 $ 3,267,168 $ 3,511,316 $ 3,790,380 Liabilities: Current Liabilities Accounts Payable S 23,699 5 23,837 5 23,975 $ 24,116 $ 28,453 $ 28,950 5 29,457 5 29,972 5 34,766 5 35,375 $ 35,993 5 36,624 5 47,951 Other Current Liabilities Total Current Liabilities $ 23,699 $ 23,837 $ 23,975 $ 24,116 $ 28,453 $ 28,950 $ 29,457 $ 29,972 $ 34,766 $ 35,375 $ 35,993 $ 36,624 $ 47,951 Non-Current Liabilities Other Long Term Liabilities S S S S S S Total Liabilties 23,699 $ 23,837 $ 23,975 $ 24,116 $ 28,453 $ 28,950 $ 29,457 $ $ 29,972 $ 34,766 $ 35,375 $ 35,993 $ 36.624 $ 47,95 Owners' Equity Founders' Investment S 300.000 S 300.000 S 300,000 S 300,000 S 300,000 S 300,000 S 300,000 S 300.000 $ 300,000 S 300,000 S 300,000 S 300.000 S 300,000 Angel Investor's Investment 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 Retained Earnings (973,966) (873,623) (771,175) 666,593) (449,133) (213,244) 41.396 315,110 501,713 706,966 931,175 1,174,692 1,442,429 Total Owners' Equity $ 1,326.034 $ 1,426,377 $ 1,528,825 $ 1,633,407 $ 1,850.867 $ 2,086.756 $ 2,341,396 $ 2.615.110 $ 2,801,713 $ 3,006,966 $ 3.231.175 $ 3,474,692 $ 3,742,429 Total Liabilties & Owners' Equity $ 1,349,733 $ 1,450,213 $ 1,552,800 $ 1,657,522 $ 1,879,320 $ 2,115,706 $ 2,370,853 $ 2,645,082 $ 2,836,479 $ 3,042,341 $ 3,267,168 $ 3,511,316 $ 3,790,38030 D. Use of Funds: . Investors like to know how their money is going to be spent. Provide a brief description of how the capital raised will be used. Summarize. as specifically as possible what amount will be used for such things as product design and development, capital equipment, marketing, and general working capital needs. E. lnvestors' Return (Exit Strategy): - What is the value of your company? How did you calculate this value? - Indicate how your valuation and proposed ownership shares will result in the desired rate of return for the investors you have targeted. What will be the likely harvest or exit mechanism {IPCL outright sale, merger, MBO, operate and grow, etc)? - What is the exit strategy for the investors and founders? Company Name Cash Flow Statement Ca Year 1 Operations January February March April May June July August September October November December Total January February March April May June Net Income $ (2,003,333) $ (3,333) $ (3,333) $ (46,667) $ (46,667) $ (158,658) $ (162,658) $ 116,962 $ 111,962 $ 116,962 $ 116,962 178,062 $(1,783,739) $ 81,824 $ 83,826 $ 85,854 $ 87,882 $ 39 937 $ 91,991 Depreciation Expense 1.605 1,605 1.605 1.605 1.605 1,605 1,605 11,235 2.340 2.340 2.340 2,340 2.340 2.340 Amortization Expense 2,266 2.266 2.266 2.26 2,266 2,266 2,266 15,862 2.266 2.266 2.266 2.266 2.26 2,26 (Inc/Dec) in A/R (91,849) (21,869) (113,718) (664 (665 (674) (673 (683) (682) (Inc/Dec) in Inventory (17,955) (4,275) (22,230) (391) (131) (134) (133) (135) (135) (Inc/Dec) in A/P 17,955 4,275 22,230 391 131 133 133 135 135 Net Cash Flow from Operations $ (2,003,333) $ (3,333) $ (3,333) $ (46,667) $ (46,667) $ (154,787) $ (158,787) $ 28,984 $ 115,833 $ 120,833 $ 120,833 $ 160,064 $(1,870,360) $ 85,766 $ 87,768 $ 89,785 $ 91,815 $ 93,860 $ 95,915 Investing Activities Cash Paid for Fixed Assets - $ (96,282) $ $ $ (96,282) $ (44,100) $ $ Cash Paid for Intangible Assets (271,880) (271,880) Net Cash Flow from Investing $ $ (368,162) $ - $ (368,162) $ (44,100) $ $ Financing Activities Cash from Founders $ 300,000 $ $ $ $ $ $ 300,000 $ S $ $ Cash from Angel Investor 2,000,000 2,000,000 $ Dividends to Shareholders Net Cash Flow from Financing $ 2,300,000 $ $ 2,300,000 $ $ $ $ Net Change in Cash S 296,667 $ (3,333) $ (3,333) $ (46,667) $ (46,667) $ (522,949) $ ( (158,787) $ 28,984 $ 115,833 $ 120,833 $ 120,833 $ 160,064 $ 61,478 $ 41,666 $ 87,768 $ 89,785 $ 91,815 $ 93,860 $ 95,915 Beginning Cash Balance 296,667 293,334 290,001 243,334 196,667 (326,282) (485,069) (456,085) (340,252) (219,419) (98,586) 61,478 103,144 190,912 280,697 372,512 466,372 Ending Cash Balance $ 296,667 $ 293,334 $ 290,001 $ 243,334 $ 196,667 $ (326,282) $ (485,069) $ (456,085) $ (340,252) $ (219,419) $ 98,586) $ 61,478 $ 61,478 $ 103,144 $ 190,912 $ 280,697 $ 372,512 $ 466,372 $5 562,288 Minimum Cash Reserve $ 200,000 $ 200,000 $ 200,000 $ 200,000 $ 200,000 $ 200,000 $ 200,000 $ 200,000 $ 200,000 $ 200,000 $ 200,000 $ 200,000 $ 200,000 $ 200,000 $ 200,000 $ 200,000 $ 200,000 $ 200,000 $ 200,000 Do we fall below the minimum? NO NO NO NO YES YES YES YES YES YES YES YES YES YES YES NO NO NO NOCompany Name Company Name Cash Flow Statement Cash Flow Statement Year 2 Year 3 Year 4 Year 5 Operations July August September October November December Total Quarter 1 Quarter 2 Quarter 3 Quarter 4 Total Quarter 1 Quarter 2 Quarter 3 Quarter 4 Total Total Net Income $ 94,072 $ 96,153 $ 98,234 $ 100,342 $ 102,448 $ 104,582 $ 1,117,146 $ 217,461 $ 235,889 $ 254,640 $ 273,714 $ 981,704 $ 186,603 205,253 $ 224,210 $ 243,517 $ 859,582 $ 267,737 Depreciation Expense 2,340 2,340 2,340 2,340 2,340 2,340 28,080 8.474 8,474 8,474 8,474 33,896 9.929 9.929 9.929 9 929 39,716 45,536 Amortization Expense 2,266 2.266 2,266 2,266 2,266 2.266 27,192 6,797 6,797 6,797 6,797 27,188 6,797 5,797 6,797 6,797 27,188 27,188 (Inc/Dec) in A/R (691) (691) (691) (700) (700) (708 (8,222 (1,417) (2,158) (2,196) (2,233 (8,004) (2,274 (2,316) (2,353) (2,397) (9,340) (5,948 (Inc/Dec) in Inventory (136) (137) (137) (138 (138) (141) (1,886) (4,337) (497) (507) (515) (5,856 (4,794) (609) (618) (631) (6,652) (11,327 (Inc/Dec) in A/P 137 137 137 138 139 140 1,886 4,337 497 507 515 5,856 4,794 509 618 631 6.652 11,327 Net Cash Flow from Operations 97,987 $ 100,067 $ 102,149 $ 104,248 $ 106,355 $ 108,479 $ 1,164,195 $ 231,315 $ 249,002 $ 267,715 $ 286,752 $ 1,034,784 $ 2 201,055 $ 219,663 $ 238,583 $ 257,846 $ 917,146 $ 334,513 Investing Activities Cash Paid for Fixed Assets $ (44,100) $ (29,100) $ $ $ (29,100) $ (29,100) $ $ (29,100) $ (29,100 Cash Paid for Intangible Assets Net Cash Flow from Investing $ (44,100) $ (29,100) $ S (29,100) $ (29,100) $ (29,100) $ (29,100) Financing Activities Cash from Founders $ $ $ $ Cash from Angel Investor $ Dividends to Shareholders Net Cash Flow from Financing S S S S S $ S S S $ Net Change in Cash 97,987 $ 100,067 $ 102,149 $ 104,248 $ 106,355 $ 108,479 $ 1,120,095 $ 202,215 $ 249,002 $ 267,715 $ 286,752 $ 1,005,684 $ 171,955 $ 219,663 $ 238,583 $ 2 257,846 $ 888,046 $ 305,413 Beginning Cash Balance 562,288 660,275 760,342 862,491 966,739 1,073,094 61,478 1,181,573 1,383,788 1,632,790 1,900,505 1,181,573 2,187,257 2,359,212 2,578,875 2,817,457 2,187,257 3,075,303 Ending Cash Balance 660.275 $ 760,342 $ 862,491 $ 966,739 $ 1,073,094 $ 1,181,573 $ 1,181,573 $ 1,383,788 $ 1,632,790 $ 1,900,505 $ 2,187,257 $ 2,187,257 $ 2,359.212 $ 2,578,875 $ 2,817,457 $ 3,075,303 $ 3,075,303 $ 3,380,716 Minimum Cash Reserve $ 200,000 $ 200,000 $ 200,000 $ 200,000 $ 200,000 $ 200,000 $ 200,000 $ 200,000 $ 200,000 $ 200,000 $ 2 200,000 $ 200,000 $ 200,000 $ 200,000 $ 200,000 $ 200,000 $ 200,000 $ 200,000 Do we fall below the minimum? NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NO NOCommon Operating Expenses Year 2 Year 3 Year 4 Year 5 Administrative: Annual Costs Annual Increase Periodic Rate Periodic Rate Periodic Rate Periodic Rate Start up Expenses $ 2,000,000.00 Lease/property taxes/insurance S 23,760.00 5.00% 0.42% 1.25% 1.25% 5.00% Office Supplies S 6.000.00 5.00% 0.42% 1.25% 1.25% 5.00% Other Administrative Salaries S 40,000.00 5.00% 0.42% 1.25% 1.25% 5.00% Executive Salaries S 900,000.00 5.00% 0.42% 1.25% 1.25% 5.00% Website/App Design and Mainte S 74,400.00 5.00% 0.42% 1.25% 1.25% 5.00% Outsourcing Expense S 5.00% 0.42% 1.25% 1.25% 5.00% Depreciation Expense Amortization Expense Payroll Tax Expense Office Equipment S 3,900.00 5.00% 0.42% 1.25% 1.25% 5.00% hardware/software Maintenance 5,000.00 5.00% 0.42% 1.25% 1.25% 5.00% Legal S 24,000.00 5.00% 0.42% 1.25% 1.25% 5.00% Accounting S 60,000.00 5.00% 0.42% 1.25% 1.25% 5.00% Selling: Public relations S 96,000.00 5.00% 0.42% 1.25% 1.25% 5.00% Tradeshows S 150,000.00 5.00% 0.42% 1.25% 1.25% 5.00% Air Time $ 140,000.00 5.00% 0.42% 1.25% 1.25% 5.00% Social Ads S 120,000.00 5.00% 0.42% 1.25% 1.23% 5.00% Salespersons Salaries $ 100,000.00 5.00% 0.42% 1.25% 1.250% 5.00% Launch Events S 150,000.00 5.00% 0.42% 1.25% 1.23% 5.00% Consultant-Sales $ 170,000.00 5.00% 0.42% 1.25% 5.00% Pop-Up Shops $ 200,000.00 5.00% 0.42% 1.25% 1.25% 5.00% Google Ads $ 240,000.00 5.00% 0.42% 1.25% 1.25% 5.00% Paid media $ 300,000.00 5.00% 0.42% 1.25% 1.25% 5.00% Other Assumptions Payroll Tax Rate 27% Income Tax Rate 10%Assets: Sxumum Cash On Hand 5 200:000 Accounts Receivable as a percentage of sales {000/ h) I? l e 9 Inventory as a percentage of COGS 0.009" Fired Assets - See Fired Asset Tab Liabilities: Accounts Payable as a percentage of COGS 20.009." Owners' Equity: Founders' Connibtuion 5 300:000 Angel Investor's Contribution 8 1000000 Dividends Paid 000% Tangible Asstes: Original Purchases Only Year 1 Year 2 Year 3 Year 4 Year 5 Office: Computers $ 20,000.00 $ 10,000.00 S 10,000.00 S 10,000.00 $ 10,000.00 Furniture and Fixtures $ 31,200.00 S 3,500.00 S ,500.00 S 1.500.00 S 3.500.00 Software S 5,082.00 600.00 600.00 S 600.00 500.00 Leasehold Improvements $ 30,000.00 $ 15,000.00 S S Production: Machinery $ 10.000.00 3 10,000.00 S 10.000.00 S 10,000.00 3 10,000.00 Transportation - Vehicles S S S S Other Production Equipment S Sales: Furniture and Fixtures 5,000.00 S 5.000.00 Other Sales Equipment Is Total Additions to Fixed Assets $ 96,282.00 $ 44,100.00 $ 29.100.00 $ 29.100.00 $ 29,100.00 Total Fixed Assets $ 96,282.00 $ 140,382.00 $ 169,482.00 $ 198,582.00 $ 227,682.00 Useful Life 5 5 5 5 5 Annual Depreciation Expense $ 19,256.40 3 28,076.40 $ 33,896.40 $ 39,716.40 $ 45,536.40 Periodic Depreciation Expense $ 1.605.00 $ 2.340.00 $ 8.474.00 $ 9.929.00 $ 45,536.00 Intangible Asstes: Original Purchases Only Year 1 Year 2 Year 3 Year 4 Year 5 Patents $ 12,630.00 S S S Trademarks S 1,850.00 is Is Developed software (App and Website) $ 257,400.00 Total Additions to Intangible Assets $ 271,880.00 S S $ Total Fixed Assets $ 271,880.00 $ 271,880.00 $ 271,880.00 $ 271,880.00 $ 271,880.00 Useful Life 10 10 10 10 10 Annual Depreciation Expense $ 27.188.00 $ 27,188.00 $ 27.188.00 $ 27,188.00 $ 27,188.00 Periodic Depreciation Expense $ 2,266.00 $ 2,266.00 $ 6,797.00 S 6,797.00 $ 27,188.00Company Name Valuation Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Horizon Value Year 5 Initial Cash Outlay $ (368,162) Operating Cash Flow S(1,870,360) $ 1,164,195 $ 1,034,784 S 917,146 S 334,513 Capital Expenditures $ (44.100) S (29.100) S (29,100) (29,100) Payments to Shareholders Free Cash Flow $ (368,162) $(1,870,360) $ 1,120.095 $ 1.005.684 S 888.046 S 305.413 S 916.238 Discounted Free Cash Flows $ (368,162) S(1,335,971) S 571,477 S 366.503 S 231,166 S 56,787 S 170.360 NPV $ (307,841) Dilution -649.6866% Discount Rate (CAPM, WACC) 40.0% Estimated Long Term Industry Growth Rate 5.0%Company Name Company Name Balance Sheet Balance Sheet Year 1 Year 2 January February March April May June July August September October November December January February March April May June July August Assets: Current Assets Cash S 296,667 $ 293,334 $ 290,001 $ 243,334 $ 196,667 5 (326,282) $ (485,069) $ (456,085) s (340,252) S (219,419) $ (98,586) S 61,478 S 103,144 $ 190,912 S 280,697 S 372,512 $ 466,372 S 562.288 5 660,275 S 760,342 Accounts Receivable 91,849 91,849 91,849 91,849 113,718 114,382 115,047 115,721 116,394 117,077 117,759 118,450 119,141 Inventory 17,955 17,955 17,955 17,955 22,230 22,621 22,752 22,886 23,019 23,154 23.289 23,425 23,562 Other Current Assets Total Current Assets $ 296,667 $ 293,334 $ 290,001 $ 243,334 $ 196,667 $ (326,282) $ (485,069) $ (346,281) $ (230,448) $ (109,615) $ 11,218 $ 197,426 $ 240,147 $ 328,711 $ 419,304 $ 511,925 $ 606,603 $ 703,336 $ 802,150 $ 903,045 Non-Current Assets Property, Plant, & Equipment S 96,282 S 96,282 S 96,282 S 96,282 S 96,282 S 96,282 S 96,282 5 140,382 $ 140,382 5 140,382 S 140,382 S 140,382 S 140,382 S 140,382 S 140,382 Accumulated Depreciation 1,605 3.210 4.815 6.420 8.02: 9.630 11,235 13.575 15,915 18,25 20.595 22.935 25.275 27.615 29.955 Net PP&E 94,677 S 93,072 S 91,467 S 89,862 $ 88,257 $ 86,652 $ 85,047 S 126,807 $ 124,467 $ 122,127 $ 119,787 $ 117,447 $ 115,107 $ 112,767 $ 110,427 Intangible Assets S 'S 271,880 S 271,880 S 271,880 S 271,880 S 271,880 S 271,880 S 271,880 s 271,880 $ 271,880 S 271,880 S 271,880 S 271,880 S 271,880 S 271,880 S 271,880 Accumulated Amortization 2.266 4,532 5,798 9.064 11,330 13,596 15,862 18,128 20,394 22.660 24.926 27,192 29,458 31,724 33,990 Net Intangible Assets S 269,614 S 267,348 $ 265,082 S 262,816 $ 260,550 $ 258,284 $ 256,018 $ 253,752 $ 251,486 $ 249,220 $ 246,954 $ 244,688 S 242,422 $ 240,156 S 237,890 Total Non-Current Assets $ 364,291 $ 360,420 $ 356,549 $ 352,678 $ 348,807 $ 344,936 $ 341,065 $ 380,559 $ 375,953 $ 371,347 $ 366,741 $ 362,135 $ 357,529 $ 352,923 $ 348,317 Total Assets $ 296,667 $ 293,334 $ 290.001 $ 243,334 $ 196.667 $ 38,009 $ (124,649) $ 10.268 $ 122,230 $ 239.192 $ 356,154 $ 538,491 $ 620,706 $ 704.664 $ 790.651 $ 878,666 $ 968,738 $ 1,060,865 $ 1,155,073 $ 1,251,362 Liabilities: Current Liabilities Accounts Payable S IS S 17,955 $ 17,955 $ 17,955 $ 17,955 $ 22,230 $ 22,621 $ 22,752 $ 22,886 $ 23,019 $ 23,154 $ 23,289 $ 23,425 S 23,562 Other Current Liabilities Total Current Liabilities $ 17,955 $ 17,955 $ 17,955 $ 17,955 $ 22,230 $ 22,621 $ 22,752 $ 22,886 $ 23,019 $ 23,154 $ 23,289 $ 23,425 $ 23,562 Non-Current Liabilities Other Long Term Liabilities S S S S Total Liabilties $ $ $ 17,955 $ 17,955 $ 17,955 $ 17,955 $ 2 22,230 $ 22.621 $ 22.752 $ 22,886 $ 23,019 $ 23,154 $ 23,289 $ 23,425 $ 23.562 Owners' Equity Founders' Investment S 300,000 $ 300,000 $ 300,000 $ 300,000 $ 300,000 5 300,000 S 300,000 $ 300,000 $ 300,000 S 300,000 S 300,000 S 300,000 $ 300,000 $ 300,000 $ 300,000 $ 300,000 S 300,000 S 300,000 S 300,000 S 300,000 Angel Investor's Investment 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,00 2,000,000 Retained Earnings (2,003,333) (2,006,666) (2,009,999) (2,056,666) (2,103,333) (2,261,991) (2,424,649) (2,307,687) (2,195,725) (2,078,763) (1,961,801) (1,783,739) (1,701,915) (1,618,088) (1,532,235) (1,444,353) (1,354,415) (1,262,424) (1,168,353) (1,072,200 Total Owners' Equity $ 296,667 293,334 $ 290,001 243,334 $ 196,667 38,009 S (124,649) $ (7,687) $ 104,275 221,237 338,199 $ 516,261 $ 598,085 681,912 $ 767,765 $ 855,647 945,585 $ 1,037,576 $ 1,131,648 $ 1,227,800 Total Liabilties & Owners' Equity $ 296.667 $ 293,334 $ 290.001 $ 243,334 $ 196,667 $ 38,009 $ (124,649) $ 10,268 $ 122,230 $ 239.192 $ 356.154 $ 538,491 $ 620,706 $ 704.664 $ 790.651 $ 878,666 $ 968,738 $ 1,060,865 $ 1,155,073 $ 1,251,362