You have just completed a $20,394 feasibility study for a new coffee shop in some retail space you own. You bought the space two years ago for $100,000 and if you sold it today, you would net $134,631 after taxes.

Outfitting the space for a coffee shop would require a capital expenditure of $30,000 plus an initial investment of $5,000 in inventory. What is the correct initial cash flow for your analysis of the coffee shop project?