I need to create a Pro Forma Balance sheet with the Source and Use of Funds and the Pro Forma Income statement for The Sweet Password.
Expansion Plan - Source and Use of Funds Statement Company: The Sweet Password Source of Funds Source Management Team Investment Board/Senior Partner Investment Line of Credit (15 Year / 8% APR) Total Funds Committed Total Funds Required Total Funds Needed from an Equity Investor Amount $6,036,000 $1,709,000 $320,000 $8,065,000 $17,866,350 $9,801,350 Use of Funds Cost Item Office and Facilities Office and Computer Equipment Staffing and Personnel Sales and Marketing Attorney Fees Initial Inventory Other (R&D and General Expenses) Cash for Working Capital Shortfall on Break Even Profitability During Initial Operations Total Required Funds Amount $2,289,000 $2,342,000 $11,180,000 $123,675 $25,000 $25,000 $120,000 $1,250,000 $505,675 $17,866,350.00 2024 $7.666.225 200.000 $7.466,225 2025 $8,797.858 200.000 $8.597,858 $8,065,000 712.000 $8,777,000 5,457.000 $3,320,000 $8.065.000 690.000 $8,755,000 5.435.000 $3,320,000 $4,146,225 Pro-Forma Income Statement The Sweet Password REVENUE 2021 2022 2023 Gross sales $5,075,000 $5,822,500 $6,680,750 Less sales retums and allowances 200.000 200,000 200,000 Net Sales $4,875,000 $5,622,500 $6,480,750 COST OF SALES Beginning inventory $8,065,000 $8,065,000 $8,065,000 Plus goods purchased / manufactured 1,420.000 879,000 930,000 Total Goods Available $9.485.000 $8,944,000 $8.995,000 Less ending inventory 6,765,000 6,024,000 5,875,000 Total Cost of Goods Sold $2,720,000 $2,920,000 $3,120,000 Gross Profit (Loss) $2,155,000 $2,702,500 $3,360,750 OPERATING EXPENSES Selling Salaries and wages $370,000 $370,000 $370,000 Advertising 18.000 18,000 18,000 Depreciation 15,000 15,000 15,000 Miscellaneous 5% 5% 5% Total Selling Expenses $403,000 $403,000 $403,000 General Administrative 300.000 300,000 300,000 Utilities 12,000 21,000 30,000 Office supplies 40.000 20.000 20,000 Licenses 1.000 1,000 1,000 Total General/Administrative Expenses $353,000 $342.000 $351,000 Total Operating Expenses $756.000 $745.000 $754.000 $5.277.858 $370,000 18,000 15,000 5% $403,000 $370.000 18,000 15,000 5% $403.000 Rent 300,000 33.000 20.000 1.000 $354,000 300,000 33.000 20.000 1.000 $354,000 $757.000 $757,000 $1,399,000 5,000.00 $ $1,394,000 $1,957,500 5,000.00 $ $1,952,500 $2,606,750 5,000.00 $ $2,601,750 $3,389,225 5,000.00 $ $3,384,225 $4,520,857 5.000.00 $4,515,857 Net Income Before Taxes Taxes on income Net Income After Taxes Extraordinary gain or loss Income tax on extraordinary gain NET INCOME (LOSS) $291,813 10.000 $334,794 10,000 $384,144 10,000 $440.808 10,000 $505,877 10.000 $1,675,812 $2,277,294 $2.975,894 $3,815,033 $5.011.734 Pro-Forma Balance Sheet The Sweet Password 2021 2022 2023 2024 ASSETS Current Assets Cash Net accounts receivable Inventory Temporary investment Prepaid expenses Total Current Assets $1,250,000 $4,875,000 $8,065,000 $12 $2 $14,190,014 $1,250,000 $5,622,500 $8,065,000 $12 $2 $14,937,514 $59 $6,480,750 $8,065,000 $12 $2 $14,545,823 $64 $7,466,225 $8,065,000 $12 $2 $15,531,303 Fixed Assets Long-term investments Land Buildings (net of depreciation) Plant & equipment (net) Furniture & fixtures (net) Total Net Fixed Assets TOTAL ASSETS $42 $656 $903 $608 $61 $2,270 $14, 192,284 $43 $656 $928 $631 $65 $2,323 $14,939,837 $43 $684 $983 $642 $68 $2,420 $14,548,243 $46 $727 $1,021 $654 $72 $2,520 $15,533,823 LIABILITIES Current Liabilities Accounts payable Short-term notes Current portion of long-term notes Accruals & other payables Total Current Liabilities $246 $24 $14 $14 $298 $252 $25 $14 $14 $305 $258 $26 $14 $14 $312 $277 $28 $15 $14 $334 Long-term Liabilities Mortgage Other long-term liabilities Total Long-term Liabilities $897 $443 $1,340 $931 $485 $1,416 $978 $527 $1,505 $1,021 $576 $1,597 SHAREHOLDERS' EQUITY Capital stock Retained earnings Total Shareholders' Equity TOTAL LIABILITIES & EQUITY $300 $14, 190,346 $14, 190,646 $14,192,284 $300 $14,937,816 $14,938, 116 $14,939,837 $300 $14,546,126 $14,546,426 $14,548,243 $300 $15,531,592 $15,531,892 $15,533,823 Expansion Plan - Source and Use of Funds Statement Company: The Sweet Password Source of Funds Source Management Team Investment Board/Senior Partner Investment Line of Credit (15 Year / 8% APR) Total Funds Committed Total Funds Required Total Funds Needed from an Equity Investor Amount $6,036,000 $1,709,000 $320,000 $8,065,000 $17,866,350 $9,801,350 Use of Funds Cost Item Office and Facilities Office and Computer Equipment Staffing and Personnel Sales and Marketing Attorney Fees Initial Inventory Other (R&D and General Expenses) Cash for Working Capital Shortfall on Break Even Profitability During Initial Operations Total Required Funds Amount $2,289,000 $2,342,000 $11,180,000 $123,675 $25,000 $25,000 $120,000 $1,250,000 $505,675 $17,866,350.00 2024 $7.666.225 200.000 $7.466,225 2025 $8,797.858 200.000 $8.597,858 $8,065,000 712.000 $8,777,000 5,457.000 $3,320,000 $8.065.000 690.000 $8,755,000 5.435.000 $3,320,000 $4,146,225 Pro-Forma Income Statement The Sweet Password REVENUE 2021 2022 2023 Gross sales $5,075,000 $5,822,500 $6,680,750 Less sales retums and allowances 200.000 200,000 200,000 Net Sales $4,875,000 $5,622,500 $6,480,750 COST OF SALES Beginning inventory $8,065,000 $8,065,000 $8,065,000 Plus goods purchased / manufactured 1,420.000 879,000 930,000 Total Goods Available $9.485.000 $8,944,000 $8.995,000 Less ending inventory 6,765,000 6,024,000 5,875,000 Total Cost of Goods Sold $2,720,000 $2,920,000 $3,120,000 Gross Profit (Loss) $2,155,000 $2,702,500 $3,360,750 OPERATING EXPENSES Selling Salaries and wages $370,000 $370,000 $370,000 Advertising 18.000 18,000 18,000 Depreciation 15,000 15,000 15,000 Miscellaneous 5% 5% 5% Total Selling Expenses $403,000 $403,000 $403,000 General Administrative 300.000 300,000 300,000 Utilities 12,000 21,000 30,000 Office supplies 40.000 20.000 20,000 Licenses 1.000 1,000 1,000 Total General/Administrative Expenses $353,000 $342.000 $351,000 Total Operating Expenses $756.000 $745.000 $754.000 $5.277.858 $370,000 18,000 15,000 5% $403,000 $370.000 18,000 15,000 5% $403.000 Rent 300,000 33.000 20.000 1.000 $354,000 300,000 33.000 20.000 1.000 $354,000 $757.000 $757,000 $1,399,000 5,000.00 $ $1,394,000 $1,957,500 5,000.00 $ $1,952,500 $2,606,750 5,000.00 $ $2,601,750 $3,389,225 5,000.00 $ $3,384,225 $4,520,857 5.000.00 $4,515,857 Net Income Before Taxes Taxes on income Net Income After Taxes Extraordinary gain or loss Income tax on extraordinary gain NET INCOME (LOSS) $291,813 10.000 $334,794 10,000 $384,144 10,000 $440.808 10,000 $505,877 10.000 $1,675,812 $2,277,294 $2.975,894 $3,815,033 $5.011.734 Pro-Forma Balance Sheet The Sweet Password 2021 2022 2023 2024 ASSETS Current Assets Cash Net accounts receivable Inventory Temporary investment Prepaid expenses Total Current Assets $1,250,000 $4,875,000 $8,065,000 $12 $2 $14,190,014 $1,250,000 $5,622,500 $8,065,000 $12 $2 $14,937,514 $59 $6,480,750 $8,065,000 $12 $2 $14,545,823 $64 $7,466,225 $8,065,000 $12 $2 $15,531,303 Fixed Assets Long-term investments Land Buildings (net of depreciation) Plant & equipment (net) Furniture & fixtures (net) Total Net Fixed Assets TOTAL ASSETS $42 $656 $903 $608 $61 $2,270 $14, 192,284 $43 $656 $928 $631 $65 $2,323 $14,939,837 $43 $684 $983 $642 $68 $2,420 $14,548,243 $46 $727 $1,021 $654 $72 $2,520 $15,533,823 LIABILITIES Current Liabilities Accounts payable Short-term notes Current portion of long-term notes Accruals & other payables Total Current Liabilities $246 $24 $14 $14 $298 $252 $25 $14 $14 $305 $258 $26 $14 $14 $312 $277 $28 $15 $14 $334 Long-term Liabilities Mortgage Other long-term liabilities Total Long-term Liabilities $897 $443 $1,340 $931 $485 $1,416 $978 $527 $1,505 $1,021 $576 $1,597 SHAREHOLDERS' EQUITY Capital stock Retained earnings Total Shareholders' Equity TOTAL LIABILITIES & EQUITY $300 $14, 190,346 $14, 190,646 $14,192,284 $300 $14,937,816 $14,938, 116 $14,939,837 $300 $14,546,126 $14,546,426 $14,548,243 $300 $15,531,592 $15,531,892 $15,533,823
