Kiowa Smoke Shops

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Table of Contents
1.0 Executive Summary.............................................................................................................................1
1.1 Objectives ...................................................................................................................................2
1.2 Mission........................................................................................................................................2
1.3 Keys to Success ........................................................................................................................2
Chart: Highlights ......................................................................................................................3
2.0 Company Summary.............................................................................................................................3
2.1 Company History........................................................................................................................3
Table: Past Performance .......................................................................................................5
Chart: Past Performance .......................................................................................................6
2.2 Company Ownership .................................................................................................................6
3.0 Products ...............................................................................................................................................6
4.0 Market Analysis Summary..................................................................................................................7
4.1 Market Segmentation ................................................................................................................8
Table: Market Analysis ...........................................................................................................8
Chart: Market Analysis (Pie) ..................................................................................................9
4.2 Target Market Segment Strategy.............................................................................................9
4.3 Industry Analysis .........................................................................................................................9
4.3.1 Competition and Buying Patterns .............................................................................10
5.0 Strategy and Implementation Summary..........................................................................................10
5.1 Marketing Strategy ..................................................................................................................11
5.2 Sales Strategy..........................................................................................................................11
5.2.1 Sales Forecast ............................................................................................................11
Table: Sales Forecast.................................................................................................12
Chart: Sales Monthly ...................................................................................................12
Chart: Sales by Year ...................................................................................................13
5.3 Competitive Edge....................................................................................................................13
6.0 Web Plan Summary ..........................................................................................................................13
6.1 Website Marketing Strategy...................................................................................................14
6.2 Development Requirements ...................................................................................................14
7.0 Management Summary ....................................................................................................................14
7.1 Personnel Plan.........................................................................................................................14
Table: Personnel ...................................................................................................................15
8.0 Financial Plan ....................................................................................................................................15
8.1 Important Assumptions............................................................................................................15
Table: General Assumptions ...............................................................................................15
8.2 Break-even Analysis................................................................................................................15
Chart: Break-even Analysis .................................................................................................16
Table: Break-even Analysis .................................................................................................16
8.3 Projected Cash Flow...............................................................................................................16
Chart: Cash ...........................................................................................................................17
Table: Cash Flow..................................................................................................................18
8.4 Projected Profit and Loss .......................................................................................................19
Chart: Profit Monthly .............................................................................................................19
Chart: Profit Yearly................................................................................................................19
Chart: Gross Margin Monthly ...............................................................................................20
Chart: Gross Margin Yearly..................................................................................................20
Table: Profit and Loss ..........................................................................................................21
Page 1
Table of Contents
8.5 Projected Balance Sheet ........................................................................................................22
Table: Balance Sheet ...........................................................................................................22
8.6 Business Ratios .......................................................................................................................23
Table: Ratios .........................................................................................................................24
Table: Sales Forecast ...............................................................................................................................1
Table: Personnel ........................................................................................................................................2
Table: General Assumptions ....................................................................................................................3
Table: Profit and Loss ...............................................................................................................................4
Table: Cash Flow .......................................................................................................................................5
Table: Balance Sheet ................................................................................................................................6
Page 2
Kiowa Smoke Shops

1.0 Executive Summary
Introduction
Kiowa Smoke Shops LLC, (Kiowa) has been in operation as a family business since the early
1960's. Kiowa offers named brand tobaccos, cigars, cigarettes, and roll-your-own accessories.
Over the past ten years, due to increasingly hostile regulations, judicial dec isions, and tobacco
opposition groups, the tobacco industry has suffered serious dec lines. Kiowa has seen a dec lining
client base, increasing costs, and increasing difficulty with distribution channels. For the first
time management has been forced to reduce staffing levels and institute pay cuts. It is for this
reason that the company is seeking to create a revitalization plan for the future. This plan
includes reducing costs, improving efficiencies, new distribution and marketing channels and a
new venture into a combined cafe and tobacco store.
The Company
Kiowa Smoke Shops is a class C Limited Liability Company registered in the state of Kansas.
Kiowa is exclusively owned by Mr. Fernando Renaldo and his wife, Elizabeth. The company does
not anticipate bringing on new owners in the foreseeable future.
In 1960 Mr. Carlos Armando Renaldo and his family left their native Cuba for the U.S. Mr.
Renaldo's family had been tobacco growers in Cuba for generations, but the communist
revolution in his homeland had left no opportunities for growers outside of government
controlled communes. Once in America, Mr. Renaldo leveraged his family connections there to
create Santiago Cigar Store in Orlando, Florida. Santiago's catered to the growing Cuban
population in the region and over the next 18 years the shop flourished. In 1979 the elder
Renaldo sold the business to his son Fernando, who reloc ated the firm to Kansas City, Kansas.
The younger Renaldo, wishing to conform to the midwest's image, renamed the business Kiowa
Smoke Shop. Since then the company has prospered enough for Mr. Renaldo to buy out two
other tobacco shops.
Products
Kiowa Smoke Shops offers the widest variety of specialty and named brand tobacco products
in the Kansas- Missouri area. These include cigars from Mexico, Spain, India, the UK, and other
tobacco producing areas. We also have cigarettes, including national and foreign brands, rollyour-own products for those clients wishing to make their own c igarettes, pipe tobacco from
around the world, plus ac cessories such as ashtrays, pipes, cigarette and cigar cases,
fumidors etc.
The Market
The United States is the world's leading tobacco exporter and importer and the second largest
tobacco producer, behind only China. Most U.S. tobacco is used for cigarettes. However, both
cigarette consumption and cigarette exports have fallen 16 percent since 1991, and the
consumption of other tobacco products has suffered a similar loss. All of this makes for a current
market situation that is unfavorable to Kiowa Smoke Shops. Since the Master Settlement
Agreement (MSA) was signed in November 1998, cigarette companies have been forced to boost
prices as a result of payments required by the settlement. Higher prices have curtailed
consumption. The long-term dec line in c igarette consumption due to non-economic fac tors
continues as well, as private tobacco opposition and health c are organizations continue to
push for the elimination of all smoking throughout the nation.
Page 1
Kiowa Smoke Shops

Kiowa possesses a number of competitive advantages however. These includes established
supply channels and its various cost advantages that are difficult to replicate, multiple
loc ations in the Kansas City area, and our future combined cafe and tobacco store that will
create more volume and greater client loyalty. This fac ility will ac t as a pilot project to determine
the long-term profitability of this concept. If it proves popular, we plan to expand all of our
fac ilities to include this unique customer experience.
Kiowa is limited in the types of marketing it can do. However, we plan to advertise in spec ialty
publications such as Smokehouse, Cigar Connoisseur, and others. In addition, we are targeting
a number of loc al magazines such as Kansas Highways, Midwest Life, and others that cater to
upper-income people. We are also in the proc ess of creating partnerships with other internet
firms to create Internet links to our existing informational website. When we launch our online
ordering features we will intensify these efforts.
Financial Considerations
Kiowa is a limited debt company and intends to stay that way. We expec t to see increased
profits from our revitalization efforts by the end of Year 1. Over the next three years we
expec t that much of our profits will be invested into our new website and cafe ventures. We
do not anticipate any serious cash problems.
1.1 Objectives
The overall dec line of the tobacco industry has lead to lower profit margins and increased risks
and costs. Therefore, in order to remain a viable firm, we have created a revitalization plan that
includes the following goals.
Reduce costs by 15% over the next three years and ultimately by 20%, spec ifically
concentrating on inventory overhead.
Expand our customer base through the launching of our new website and our online
ordering distribution outlet. Increase market awareness of our products through
selected national advertising.
Differentiate our patron's purchasing experience through the creation of our tobacco
cafe.
1.2 Mission
The Kiowa Smoke Shops strives to offer quality products, brands, and responsive service for a
good price. Kiowa seeks to offer a unique experience to its patrons by stoc king the most
comprehensive tobacco products available for its disc erning consumers and creating an
intimate and comforting environment for the spec ialty and recreational tobacco customer.
Kiowa will continue to maintain the highest standards of service in the tobacco industry.
1.3 Keys to Success

With the industry being increasingly pinched by dec lining numbers of customers and more and
more hostile judicial and federal regulations, we must insure the following priorities:
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Kiowa Smoke Shops
Expand our customer base to retain a sufficient level of profitability.

Increase customer retention through high quality of service.
Decrease costs and improve ac counting prac tices to dec rease collection days (improve
short-term profits) and improve cost assessment.
2.0 Company Summary

Kiowa Smoke Shops began in 1961 when Fernando Renaldo's father fled Cuba and started a cigar
shop in Orlando, Florida. The elder Mr. Renaldo's store, Santiago Cigar Shop did well and
eventually he passed the business on to his son, the current owner. In 1979 the business was
reloc ated in Kansas City, KS. Since that time the company has enjoyed profitable returns and
has had good enough growth to expand into three different loc ations.
Over the past ten years, due to increasingly hostile regulations, judicial dec isions, and tobacco
opposition groups, the tobacco industry has suffered serious dec lines. Kiowa sees a dec lining
client base, increasing costs, and increasing difficulty with distribution channels. For the first
time since the company's reloc ation in Kansas, management has been forced to reduce staffing
levels and institute pay cuts, starting with retaining less earnings for the owners use. It is for
this reason that the company is seeking to create a revitalization plan for the future.
2.1 Company History

In 1960 Mr. Carlos Armando Renaldo and his family left their native Cuba for the U.S. Mr.
Renaldo's family had been tobacco growers in Cuba for generations, but the communist
revolution in his homeland left no opportunities for growers outside of government controlled
communes. Once in America, Mr. Renaldo leveraged his family connections there to create
Page 3
Kiowa Smoke Shops

Santiago Cigar Store in Orlando, Florida. Santiago's catered to the growing Cuban population in
the region and over the next 18 years the shop flourished, with an ever increasing clientele.
In 1979 the elder Renaldo sold the business to his son Fernando, who reloc ated the firm to
Kansas City, Kansas. The younger Renaldo, wishing to conform to the midwest's image,
renamed the business Kiowa Smoke Shop. Since then the company has prospered enough for Mr.
Renaldo to buy out two other tobacco shops. In 1985 Kiowa bought out Tobacco Heaven, on the
corner of 13th and Main street in Topeka Falls, a suburb of Kansas City, and in 1988 also
ac quired Great Plains Smoke Store on Parvin Avenue in Kansas City, MO. Both fac ilities were
subsequently made satellite stores.
However, over the past ten years, the tobacco industry has suffered from dec lining profits due
to adverse marketing from tobacco opposition groups and government regulations. This trend has
hit Kiowa very hard and Mr. Renaldo foresees that unless profits can be brought up to previous
levels, he will go out of business.
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Kiowa Smoke Shops

Table: Past Performance
Past Performance
FY 2001
$739,098
$229,416
31.04%
$157,724
8.00
FY 2002
$693,159
$207,670
29.96%
$160,141
8.00
FY 2003
$666,715
$195,414
29.31%
$160,349
8.00
FY 2001
FY 2002
FY 2003
$50,712
$84,166
$13,729
$148,607
$45,117
$80,687
$14,866
$140,670
$43,682
$76,362
$11,558
$131,602
Long-term Assets
Long-term Assets
$61,000
$56,500
$56,820
Accumulated Depreciation
Total Long-term Assets
$8,000
$53,000
$10,000
$46,500
$12,000
$44,820
$201,607
$187,170
$176,422
$45,838
$35,915
$5,000
$86,753
$47,679
$25,359
$7,000
$80,038
$44,042
$24,820
$5,600
$74,462
Sales
Gross Margin
Gross Margin %
Operating Expenses
Inventory Turnover
Balance Sheet
Current Assets
Cash
Inventory
Other Current Assets
Total Current Assets
Total Assets
Current Liabilities
Accounts Payable
Current Borrowing
Other Current Liabilities (interest free)
Total Current Liabilities
Long-term Liabilities
Total Liabilities
Paid-in Capital
Retained Earnings
Earnings
Total Capital
Total Capital and Liabilities
Other Inputs
Payment Days
$35,335
$32,877
$30,761
$122,088
$112,915
$105,223
$0
$0
$0
($5,481)
$85,000
$79,519
($10,745)
$85,000
$74,255
($8,801)
$80,000
$71,199
$201,607
$187,170
$176,422
45
45
45
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Kiowa Smoke Shops
2.2 Company Ownership

Kiowa Smoke Shops is a class C Limited Liability Company registered in the state of Kansas.
Kiowa is exclusively owned by Mr. Fernando Renaldo (50%) and his wife, Elizabeth (50%). The
company does not anticipate bringing on new owners in the foreseeable future.
3.0 Products
Kiowa Smoke Shops offers the widest variety of specialty and named brand tobaccos, cigars,
cigarettes, and roll-your-own accessories in the Kansas- Missouri area. A listing of all our
products would take up too much spac e, but a partial list is provided to give the reader an
idea of the quality and sc ope of our products.
Cigars Brands, Individual and Boxed
Kiowa carries many of the finest brands of cigars currently being produced throughout the world,
such as:
Braniff
Balmoral Royal
Primo Del Rey
Indian Tabac
La Gloria Cubana
Tony Borhani
Victor Sinclair
Accessories
Page 6
Kiowa Smoke Shops

Kiowa carries a wide range of unique smoke shop gifts. These include:
Ashtrays
Pipes
Cigarette and cigar cases
Fumidors
Tobacco jars
Lighters
Flasks
Cleaners
Roll-your-own Cigarettes
For clients who prefer to roll their own c igarettes, Kiowa carries a number of fine tobaccos and
other ac cessories for doing just that. Listed below are some of the cigarette tobaccos that we
currently have available.
Cigarette Tobacco Brands
Mc Clintoc k Virginian
Brookfield
Drum
Bugler
Sampson
Bali Shag
American Spirit
Pipe Tobacco (canned and in various sized pouches)

Kiowa currently offers over 58 blends, all mixed by hand. These excellent pipe tobaccos have
been perfected through over 40 years of retail exposure. Some of the more popular are:
American Ribbon
Kool Canvandish
Ambrosia
Britannica Blend
Captain English
Mc Clelland
Dunhill
Mac Baren
Flying Dutchman
Kentucky Club
Many of these brands have various mixtures and blends, all of which Kiowa stoc ks. In addition to
these, we stoc k the very popular American brand cigarettes such as Kool, Marlboro, Camel, etc.
4.0 Market Analysis Summary

We anticipate that 90% of all our patrons will be men. We have divided up our clients into the
following market segments based on their dedication. These segments are the spec ialty
smoker, the recreational smoker, average smokers, and oc casional smokers.
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Kiowa Smoke Shops

Since the specialty and recreational smokers will be the most frequent patrons of Kiowa and
have the highest average profit margin, we will be foc using on marketing and servicing these
patrons the most.
Currently we have six competitors within the city limits of Kansas City. Most of these
competitors are single store firms, and many of them have more limited stoc k. In addition, over
the past ten years the number of loc al participants in the tobacco industry has seriously
dec lined. As more participants leave the market, much of the client base, dec lining though it may
be, will be left for the survivors and this means a real chance to consolidate and gain market
share. At the moment, management is exploring the possibility of being a leader in market
consolidation. This would create a buffer to dec lining profits by increasing the aforementioned
market share and volume.
4.1 Market Segmentation

At the moment our potential list of patrons include all the smoking population in the Kansas
City area and its suburbs, with an adult population of 3.5 million people (over the age of 21)
we estimate this to be 450,000 people. However, only a small frac tion of these potential patrons
are specialty smokers and most of the rest are consumers ac customed to purchasing
nationwide brand cigarettes and smokes from non-spec ialty stores such as groc ery markets
and convenience stores. Therefore we have divided our clients into the following market
segments based on their dedication:
Specialty Smokers: These are your hard core smokers who ac tively patronize smoke
shops and are looking to find the most hard to find brands that give a unique smoking
experience.
Recreational Smokers: These are habitual smokers of everyday brands, but who
oc casionally are looking for something else.
Average Smokers: These clients are dedicated to everyday brands but shop at smoke
stores rather than markets or convenience stores.
Occasional Smokers: These are people who only oc casionally smoke a cigar or
cigarette, but will sometimes be drawn to shop at a smoke shop due to special
oc casions (bac helor parties, birthdays, etc.)
While we ac knowledge that there will be some female customers, we anticipate that 90% of all
our patrons will be men. When we launch our Internet site with online ordering in 2004, we will
be able to sell to all the potential clients in the U.S. Therefore we see the number of potential
patron sharply increase in that year. Once we bec ome established as an online retailer of
specialty and nationwide brand smokes we expec t to have an estimated potential customer base
of ~150 million patrons.
Table: Market Analysis

Market Analysis
Potential Customers
Specialty smokers
Recreational smokers
Average smokers
Occasional smokers
Total
Growth
-2%
-2%
-1%
-3%
318.18%
2003
2004
2005
2006
2007
20,000
50,000
180,000
200,000
450,000
12,800,000
20,154,000
36,864,000
77,612,000
147,430,000
12,544,000
19,750,920
36,495,360
75,283,640
144,073,920
12,293,120
19,355,902
36,130,406
73,025,131
140,804,559
12,047,258
18,968,784
35,769,102
70,834,377
137,619,521
CAGR
395.41%
341.33%
275.46%
333.81%
318.18%
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Kiowa Smoke Shops
4.2 Target Market Segment Strategy

Since the Specialty and Recreational Smokers will be the most frequent patrons of Kiowa and the
highest average profit margin, we will be foc using on marketing and servicing these patrons
the most. Usually these are clients who posess a upper level of income as well, which improves
volume. Other segments will be drawn into the Kiowa shops through trickle down advertising
and interest. We are seeking to create a larger dedicated client than what we possess through
the creation of our website, to be launched in the second month of 2004.
4.3 Industry Analysis

Tobacco is the nation's sixth largest cash c rop, valued at $2.4 billion. The United States is the
world's leading tobacco exporter and importer and the second largest tobacco producer,
behind only China. Most U.S. tobacco is used for cigarettes. However, both c igarette
consumption and cigarette exports have fallen 16 percent since 1991, and the consumption of
other tobacco products has suffered a similar loss. For example, domestic consumption is
expec ted to fall just over 1 percent to 420 billion cigarettes. During the first nine months of
2002, only 96.3 billion cigarettes were exported. If this trend continues during the fourth
quarter, cigarette exports could be the lowest since the mid-1980s.
All of this makes for a current market situation that is unfavorable to Kiowa Smoke Shops.
Since the Master Settlement Agreement was signed in November 1998, the cigarette industry
has been forced to raise prices to cover the costs assoc iated with the settlement. The
agreement between the attorneys general from 46 States and the major cigarette companies
was intended primarily to reimburse States for expenses related to the treatment of smokingrelated illnesses. Cigarette companies have boosted prices as a result of payments required by
the settlement. Higher prices have curtailed consumption, although not as much as originally
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Kiowa Smoke Shops

expec ted. The long-term dec line in c igarette consumption due to non-economic fac tors
continues as well, as private tobacco opposition and health c are organizations continue to
push for the elimination of all smoking throughout the nation.*
*Source: USDA Publications Website
4.3.1 Competition and Buying Patterns

Currently we have six competitors within the city limits of Kansas City. These include Tobacco
Row, Durango Smoke Shop, Crossroads Tobacco, Brett's Tobacco Emporium, Esquire Smokes,
and Smoke Rings. Of all these various establishments, Kiowa is the largest. Most of these
competitors are single store firms, and many of them have more limited stoc k. In addition, over
the past ten years the number of loc al participants in the tobacco industry has seriously
dec lined. Ac cording to the Kansas City Board of Trade, in 1992 the number of tobacco stores in
the greater metropolitan area was 11 firms. As more participants leave the market, much of
the client base, dec lining though it may be, will be left for the survivors and this means a real
chance to consolidate and gain market share. At the moment, management is exploring the
possibility of being a leader in market consolidation through aggressive ac quisition of loc al
competitors in the near future. This would create a buffer to dec lining profits by increasing the
aforementioned market share and volume.
At the same time, there is a serious risk from marginal competitors who sell tobacco products
as a small percentage of their total sales. These include groc ery and convenience stores. At
the present time these competitors only offer a limited number of nationwide brands and do
not appeal to our target market segments. However, they do seriously impinge on our business
due to the large volume of customers who shop in these establishments. We feel that despite
any attempts to alter shopping habits the smoke shops ac ross the country do not possess the
power to change the overall market share that these indirect competitors have.
Starting in 2004, Kiowa will be launching its nationwide website with online ordering. This will
open up new potentials for the firm and help to turn the company's dec lining profits around.
However, we will also be running into new competitors who are already established online. These
include ZEES.com, Cigsonline, and Cybersmoke. It is Kiowa's intention to create a defendable
position in this cyber market through an easy-to-use and attrac tive website, multiple shipping
options, low cost, and comprehensive marketing.
5.0 Strategy and Implementation Summary

Kiowa possesses a number of competitive advantages to its immediate rivals. These include
established supply channels and its various cost advantages that are difficult to replicate,
multiple loc ations in the Kansas City area, and our future combined cafe and tobacco store
that will create more volume and greater client loyalty. This fac ility will ac t as a pilot project
to determine the long-term profitability of this concept. If it proves popular, we plan to expand
all of our fac ilities to include this unique customer experience.
Kiowa is limited in the types of marketing it can do. However, we plan to advertise in spec ialty
publications such as Smokehouse, Cigar Connoisseur, and others. In addition, we are targeting a
number of loc al magazines such as Kansas Highways, Midwest Life, and others that cater to
upper-income people. We are also in the proc ess of creating partnerships with other Internet
firms to create Internet links to our existing informational website. When we launch our online
Page 10
Kiowa Smoke Shops

ordering features we will intensify these efforts.
As every patron is critical in a shrinking market, Kiowa seeks to create long-term salespersonto-customer relationships. This we see as the nec essary step in repeat sales that will sustain
our business. Promotions, specialty items and other such standard sales strategies will be used
when possible.
5.1 Marketing Strategy

One of the most critical legislations passed recently has been the various restrictions on
advertising for tobacco products. Because of this, Kiowa is limited in the types of marketing it
can do. We plan to advertise in spec ialty publications such as Smokehouse, Cigar Connoisseur,
and others. In addition, we are targeting a number of loc al magazines such as Kansas
Highways, Midwest Life, and others that cater to upper-income people. We are also in the
proc ess of creating partnerships with other Internet firms to create Internet links to our
existing informational website. When we launch our online ordering features we will intensify
these efforts. Finally, we will be seeking to introduce our new combination cafe and tobacco
shop to the community through newspaper articles and banner advertisements.
5.2 Sales Strategy

As every patron is critical in a shrinking market, Kiowa seeks to create long-term salesperson
to customer relationships. This we see as the nec essary step in repeat sales that will sustain our
business. Promotions, spec ialty items and other such standard sales strategies will be used when
possible.
5.2.1 Sales Forecast

Sales forecasts are based on conservative estimates. The tobacco products industry is
fortunate in that sales are not seasonal and remain steady throughout the year. We estimate
that sales will go up in 2005 due to our Internet distribution outlet and this will continue to
moderately grow for the foreseeable future. We do not anticipate any sales growth from our
combination cafe and tobacco shop until the last quarter of 2006 and management has
dec ided not to include those revenues in this plan.
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Kiowa Smoke Shops

Table: Sales Forecast
Sales Forecast
FY 2004
FY 2005
FY 2006
Sales
Cigars
Cigarettes
Pipes and pipe tobacco
Roll-your-own products
Accessories
Total Sales
$189,996
$229,992
$130,080
$64,992
$34,992
$650,052
$201,188
$243,217
$137,800
$68,900
$38,450
$689,555
$210,532
$254,513
$144,200
$72,100
$40,050
$721,395
Direct Cost of Sales

Cigars
Cigarettes
Accessories
Subtotal Direct Cost of Sales
FY 2004
$131,952
$159,729
$90,341
$45,137
$24,302
$451,461
FY 2005
$134,836
$163,004
$92,354
$46,177
$25,769
$462,140
FY 2006
$141,099
$170,575
$96,643
$48,321
$26,842
$483,479
Page 12
Kiowa Smoke Shops
5.3 Competitive Edge

Kiowa possesses a number of competitive advantages to its immediate rivals. First of all, it has
been dealing with its distributors for a very long time and has established close relations with
these companies. Our established supply channels and its various cost advantages are difficult
to replicate. Secondly, we are the only tobacco products firm that possesses multiple loc ations
in the Kansas City area. This means more volume and lower marginal costs. Finally, as part of our
revitalization plan, Kiowa will be expanding its Parvin Avenue fac ilities to create a combined
cafe and tobacco store to create greater client loyalty. This fac ility will ac t as a pilot project
to determine the long-term profitability of this concept. If it proves popular, we plan to expand
all of our fac ilities to include this unique customer service.
6.0 Web Plan Summary

The Kiowa Quality Smokes website will be our newest distribution channel that will carry us
forward and increase our client base in a shrinking market. Many people search the Internet for
hard-to-find items and Kiowa plans to capitalize on this trend.
The Kiowa website needs to be a simple yet classy and well designed website that, at the
same time, is in keeping with the latest trends and products in the tobacco industry. A site
that is too flashy, or tries to use too much of the latest Shoc kwave or Flash technology can
be over done, and cause potential clients to look elsewhere for online distributors.
The key to the website strategy will be combining a very well designed front end, with a bac k
end capable of responding quickly and efficiently to our online customer's orders.
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Kiowa Smoke Shops

6.1 Website Marketing Strategy
Marketing in an Internet retail business depends on recognition for expertise. Once customers
have arrived at our website, we will have a classy website that will leverage the company's
long career as a spec ialty smoke shop to inspire confidence in our products and services.
Initial marketing starts with our existing store front customer base, informing them of our
Internet presence and encouraging their word-of-mouth recommendations to others. In
addition we will create a database of website customers so that we can regularly contac t
them concerning promotions and other sales events.
Once we have informed our client about our online presence, we will use an aggressive search
engine positioning program. We use the database to make regular contac t with email newsletters
and notices about new products we carry, special offers, or ac tivities we're sponsoring.
6.2 Development Requirements

The Kiowa Quality Smokes website will be initially developed with few technical resources. A
simple hosting provider, Alta Vista Web services, will host the site and provide the technical bac k
end.
Kiowa will work with a contrac ted user interfac e designer to develop the simple, classy, yet
Internet foc used site. The user interfac e designer will work with a graphic artist to come up with
the website logo, and the website graphics.
The maintenance of the site will be done by the our contrac ted designer, as Kiowa does not
possess the capability to do so in-house. Our online ordering system will use industry standard
software for trac king and shipping. We anticipate that any new distribution channel will
increase overall inventory and handling costs. To reduce this impac t on Kiowa's business we
have secured contrac ts with our major suppliers to provide us with just-in-time delivery services.
7.0 Management Summary

Management of Kiowa is ac complished by Fernando and Elizabeth Renaldo and our two full-time
store managers. During an average day of operation, eac h store requires only one individual per
store. In the past, ac counting, billing, inventory, and all other bookkeeping was done by the
Renaldos. However, management realizes that this has been one of the company's biggest
weaknesses and has lead to inefficiencies, prolonged collection periods, and overall loss of
profits. In order to solve this problem, Kiowa has begun to outsource much of these tasks to a
professional bookkeeping firm.
7.1 Personnel Plan

The personnel plan is included in the following table. It shows the owners' c ombined salary
followed by the two additional store managers' salaries for our other fac ilities. In addition we
have two part-time employees who shift their sc hedules between various stores. It should be
Page 14
Kiowa Smoke Shops

further noted that there is a profit sharing program between all the full-time employees so that
effort is rewarded.
Once our website bec omes fully operational, we expec t to have one of our part-time
employees shift to full-time.
Table: Personnel
Personnel Plan
Mr. and Mrs Renaldo
Store manager
Store manager
Part-time store employee
Total People
Total Payroll
FY 2004
$60,000
$28,000
$28,000
$7,200
$7,200
5
FY 2005
$60,000
$28,000
$28,000
$14,400
$7,200
5
FY 2006
$60,000
$28,000
$28,000
$14,400
$7,200
5
$130,400
$137,600
$137,600
8.0 Financial Plan

The following sections are the financial projections for Kiowa Smoke Shops for the next three
years. These tables represent a conservative estimate of revenues, expenses, and growth. We
have plac ed much of the residual earnings into dividends for company employees, as in the past.
However, we plan on basing dividend payouts on overall performance and health of the
company and may dec ide to retain such earnings for future growth.
8.1 Important Assumptions

The following is our financial assumptions based on experience. Tax rates are average for a
company of our size.
Table: General Assumptions

General Assumptions
Plan Month
Current Interest Rate
Long-term Interest Rate
Tax Rate
Other
FY 2004
1
10.00%
FY 2005
2
10.00%
FY 2006
3
10.00%
10.00%
30.00%
0
10.00%
30.00%
0
10.00%
30.00%
0
8.2 Break-even Analysis

Our break-even analysis is based on average monthly fixed costs, which is based on historical
figures, plus our average price per product. This estimate is also based on experience, however
bec ause of our wide range of products, its ac curac y is somewhat less. The average variable
costs are based on industry standards.
Page 15
Kiowa Smoke Shops
Table: Break-even Analysis

Break-even Analysis
Monthly Revenue Break-even
$48,140
Assumptions:
Average Percent Variable Cost
Estimated Monthly Fixed Cost
69%
$14,707
8.3 Projected Cash Flow

We do not expec t to have any serious cash flow problems in the future. Most of our residual
cash is being invested in our new cafe venture for the next two years. Our current liabilities
are debt secured to finance our new website. Our long-term debt will be used to start our cafe
venture.
Page 16
Kiowa Smoke Shops
Page 17
Kiowa Smoke Shops

Table: Cash Flow
Pro Forma Cash Flow
FY 2004
FY 2005
FY 2006
$650,052
$650,052
$689,555
$689,555
$721,395
$721,395
$0
$0
$0
$0
$0
$0
$0
$0
$0
$650,052
$0
$0
$0
$0
$0
$0
$689,555
$0
$0
$0
$0
$0
$0
$721,395
FY 2004
FY 2005
FY 2006
$130,400
$476,163
$606,563
$137,600
$533,475
$671,075
$137,600
$563,368
$700,968
Additional Cash Spent

Sales Tax, VAT, HST/GST Paid Out
Principal Repayment of Current Borrowing
$0
$0
$0
$1,000
$0
$1,000
Other Liabilities Principal Repayment

Long-term Liabilities Principal Repayment
Purchase Other Current Assets
$0
$1,200
$30,000
$0
$1,000
$2,000
$0
$1,000
$5,000
$15,000
$0
$652,763
$7,000
$0
$682,075
$9,000
$0
$716,968
($2,711)
$40,971
$7,480
$48,451
$4,427
$52,879
Cash Received
Cash from Operations
Cash Sales
Subtotal Cash from Operations
Additional Cash Received
Sales Tax, VAT, HST/GST Received
New Current Borrowing
New Other Liabilities (interest-free)
New Long-term Liabilities
Sales of Other Current Assets
Sales of Long-term Assets
New Investment Received
Subtotal Cash Received
Expenditures
Expenditures from Operations
Cash Spending
Bill Payments
Subtotal Spent on Operations
Purchase Long-term Assets

Dividends
Subtotal Cash Spent
Net Cash Flow
Cash Balance
Page 18
Kiowa Smoke Shops

8.4 Projected Profit and Loss
The following is our best estimates of future revenues and costs, based on current market
trends, past performance, and perceived revenue of our new cafe and website ventures.
Page 19
Kiowa Smoke Shops
Page 20
Kiowa Smoke Shops

Table: Profit and Loss
Pro Forma Profit and Loss
Sales
Other Costs of Goods
Total Cost of Sales
FY 2004
$650,052
$451,461
$0
$451,461
FY 2005
$689,555
$462,140
$2,000
$464,140
FY 2006
$721,395
$483,479
$2,000
$485,479
Gross Margin
Gross Margin %
$198,591
30.55%
$225,415
32.69%
$235,916
32.70%
Expenses
Payroll
Sales and Marketing and Other Expenses
Depreciation
Rent
Utilities
Insurance
Payroll Taxes
$130,400
$6,000
$0
$9,600
$1,320
$3,600
$19,560
$137,600
$12,000
$2,000
$9,900
$1,320
$3,800
$20,640
$137,600
$14,000
$4,000
$10,400
$1,600
$4,200
$20,640
$6,000
$11,000
$14,000
$176,480
$198,260
$206,440
$22,111
$22,111
$27,155
$29,155
$29,476
$33,476
$5,493
$4,985
$5,338
$6,545
$5,138
$7,301
$11,633
1.79%
$15,272
2.21%
$17,037
2.36%
Other
Total Operating Expenses
Profit Before Interest and Taxes
EBITDA
Interest Expense
Taxes Incurred
Net Profit
Net Profit/Sales
Page 21
Kiowa Smoke Shops

8.5 Projected Balance Sheet
The following is a presentation of assets and liabilities. As we are a limited debt company, we
tend to have a higher net worth than other comparable companies.
Table: Balance Sheet

Pro Forma Balance Sheet
FY 2004
FY 2005
FY 2006
Current Assets
Cash
Inventory
$40,971
$41,384
$41,558
$123,913
$48,451
$43,365
$43,558
$135,374
$52,879
$46,365
$48,558
$147,802
Long-term Assets
Long-term Assets
Total Assets
$71,820
$12,000
$59,820
$183,733
$78,820
$14,000
$64,820
$200,194
$87,820
$18,000
$69,820
$217,622
Liabilities and Capital
FY 2004
FY 2005
FY 2006
Current Liabilities
Accounts Payable
Current Borrowing
Other Current Liabilities
$40,921
$24,820
$5,600
$44,109
$23,820
$5,600
$46,501
$22,820
$5,600
Subtotal Current Liabilities
$71,341
$73,529
$74,921
$29,561
$100,902
$28,561
$102,090
$27,561
$102,482
Assets
Total Liabilities
Paid-in Capital
Retained Earnings
Earnings
Total Capital
Total Liabilities and Capital
Net Worth
$0
$0
$0
$71,199
$11,633
$82,832
$82,832
$15,272
$98,104
$98,104
$17,037
$115,140
$183,733
$200,194
$217,622
$82,832
$98,104
$115,140
Page 22
Kiowa Smoke Shops

8.6 Business Ratios
The following is a presentation of industry standard ratios versus our own projections. For the
most part, we follow the industry averages. We expec t to see higher growths than average over
the next two years due to our new ventures. Also our company has limited debt, meaning we
have higher than average net worth.
Page 23
Kiowa Smoke Shops

Table: Ratios
Ratio Analysis
Sales Growth
FY 2004
-2.50%
FY 2005
6.08%
FY 2006
4.62%
Industry Profile
6.22%
Percent of Total Assets

Inventory
Long-term Assets
Total Assets
22.52%
22.62%
67.44%
32.56%
100.00%
21.66%
21.76%
67.62%
32.38%
100.00%
21.31%
22.31%
67.92%
32.08%
100.00%
30.17%
25.04%
84.57%
15.43%
100.00%
38.83%
16.09%
54.92%
45.08%
36.73%
14.27%
51.00%
49.00%
34.43%
12.66%
47.09%
52.91%
38.68%
12.41%
51.09%
48.91%
100.00%
30.55%
100.00%
32.69%
100.00%
32.70%
100.00%
21.60%
28.76%
0.00%
3.40%
30.48%
0.00%
3.94%
30.34%
0.00%
4.09%
9.18%
0.96%
1.57%
1.74
1.84
1.97
1.91
1.16
54.92%
20.06%
9.04%
1.25
51.00%
22.24%
10.90%
1.35
47.09%
21.14%
11.18%
1.04
53.60%
4.72%
10.18%
Additional Ratios
FY 2004
FY 2005
FY 2006
Net Profit Margin

Return on Equity
1.79%
14.04%
2.21%
15.57%
2.36%
14.80%
n.a
n.a
10.91
11.56
30
3.54
10.91
12.17
29
3.44
10.78
12.17
29
3.31
n.a
n.a
n.a
n.a
1.22
0.71
1.04
0.72
0.89
0.73
n.a
n.a
$52,573
4.03
$61,845
5.09
$72,881
5.74
n.a
n.a
0.28
39%
1.16
7.85
0.00
0.29
37%
1.25
7.03
0.00
0.30
34%
1.35
6.27
0.00
n.a
n.a
n.a
n.a
n.a
Current Liabilities
Total Liabilities
Net Worth
Percent of Sales
Sales
Gross Margin
Selling, General & Administrative Expenses
Advertising Expenses
Main Ratios
Current
Quick
Total Debt to Total Assets
Pre-tax Return on Net Worth
Pre-tax Return on Assets
Activity Ratios
Inventory Turnover
Accounts Payable Turnover
Payment Days
Total Asset Turnover
Debt Ratios
Debt to Net Worth
Current Liab. to Liab.
Liquidity Ratios
Net Working Capital
Interest Coverage
Additional Ratios
Assets to Sales
Current Debt/Total Assets
Acid Test
Sales/Net Worth
Dividend Payout
Page 24
Appendix
Table: Sales Forecast
Sales Forecast
Sales
Cigars
Cigarettes
Accessories
Total Sales
Cigars
Cigarettes
Accessories
Subtotal Direct Cost of Sales
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
0%
$15,833
$15,833
$15,833
$15,833
$15,833
$15,833
$15,833
$15,833
$15,833
$15,833
$15,833
$15,833
0%
0%
0%
$19,166
$10,840
$5,416
$19,166
$10,840
$5,416
$19,166
$10,840
$5,416
$19,166
$10,840
$5,416
$19,166
$10,840
$5,416
$19,166
$10,840
$5,416
$19,166
$10,840
$5,416
$19,166
$10,840
$5,416
$19,166
$10,840
$5,416
$19,166
$10,840
$5,416
$19,166
$10,840
$5,416
$19,166
$10,840
$5,416
0%
$2,916
$54,171
$2,916
$54,171
$2,916
$54,171
$2,916
$54,171
$2,916
$54,171
$2,916
$54,171
$2,916
$54,171
$2,916
$54,171
$2,916
$54,171
$2,916
$54,171
$2,916
$54,171
$2,916
$54,171
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
$10,996
$13,311
$10,996
$13,311
$10,996
$13,311
$10,996
$13,311
$10,996
$13,311
$10,996
$13,311
$10,996
$13,311
$10,996
$13,311
$10,996
$13,311
$10,996
$13,311
$10,996
$13,311
$10,996
$13,311
$7,528
$3,761
$7,528
$3,761
$7,528
$3,761
$7,528
$3,761
$7,528
$3,761
$7,528
$3,761
$7,528
$3,761
$7,528
$3,761
$7,528
$3,761
$7,528
$3,761
$7,528
$3,761
$7,528
$3,761
$2,025
$37,622
$2,025
$37,622
$2,025
$37,622
$2,025
$37,622
$2,025
$37,622
$2,025
$37,622
$2,025
$37,622
$2,025
$37,622
$2,025
$37,622
$2,025
$37,622
$2,025
$37,622
$2,025
$37,622
Page 1
Appendix
Table: Personnel
Personnel Plan
Mr. and Mrs Renaldo
Store manager
0%
0%
Apr
$5,000
$2,333
May
$5,000
$2,333
Jun
$5,000
$2,333
Jul
$5,000
$2,333
Aug
$5,000
$2,333
Sep
$5,000
$2,333
Oct
$5,000
$2,333
Nov
$5,000
$2,333
Dec
$5,000
$2,333
Jan
$5,000
$2,333
Feb
$5,000
$2,333
Mar
$5,000
$2,333
Store manager
0%
$2,333
$2,333
$2,333
$2,333
$2,333
$2,333
$2,333
$2,333
$2,333
$2,333
$2,333
$2,333

0%
0%
$600
$600
$600
$600
$600
$600
$600
$600
$600
$600
$600
$600
$600
$600
$600
$600
$600
$600
$600
$600
$600
$600
$600
$600
Total People
Total Payroll
$10,867
$10,867
$10,867
$10,867
$10,867
$10,867
$10,867
$10,867
$10,867
$10,867
$10,867
$10,867
Page 2
Appendix
Table: General Assumptions
General Assumptions
Plan Month
Current Interest Rate
Apr
1
10.00%
May
2
10.00%
Jun
3
10.00%
Jul
4
10.00%
Aug
5
10.00%
Sep
6
10.00%
Oct
7
10.00%
Nov
8
10.00%
Dec
9
10.00%
Jan
10
10.00%
Feb
11
10.00%
Mar
12
10.00%
Long-term Interest Rate
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
10.00%
Tax Rate
Other
30.00%
0
30.00%
0
30.00%
0
30.00%
0
30.00%
0
30.00%
0
30.00%
0
30.00%
0
30.00%
0
30.00%
0
30.00%
0
30.00%
0
Page 3
Appendix
Table: Profit and Loss
Pro Forma Profit and Loss
Sales
Apr
$54,171
$37,622
May
$54,171
$37,622
Jun
$54,171
$37,622
Jul
$54,171
$37,622
Aug
$54,171
$37,622
Sep
$54,171
$37,622
Oct
$54,171
$37,622
Nov
$54,171
$37,622
Dec
$54,171
$37,622
Jan
$54,171
$37,622
Feb
$54,171
$37,622
Mar
$54,171
$37,622
Other Costs of Goods

Total Cost of Sales
$0
$37,622
$0
$37,622
$0
$37,622
$0
$37,622
$0
$37,622
$0
$37,622
$0
$37,622
$0
$37,622
$0
$37,622
$0
$37,622
$0
$37,622
$0
$37,622
Gross Margin
Gross Margin %
$16,549
30.55%
$16,549
30.55%
$16,549
30.55%
$16,549
30.55%
$16,549
30.55%
$16,549
30.55%
$16,549
30.55%
$16,549
30.55%
$16,549
30.55%
$16,549
30.55%
$16,549
30.55%
$16,549
30.55%
Expenses
Payroll
$10,867
$10,867
$10,867
$10,867
$10,867
$10,867
$10,867
$10,867
$10,867
$10,867
$10,867
$10,867
Sales and Marketing and Other

Expenses
Depreciation
$500
$500
$500
$500
$500
$500
$500
$500
$500
$500
$500
$500
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
Rent
$800
$800
$800
$800
$800
$800
$800
$800
$800
$800
$800
$800
$110
$300
$1,630
$110
$300
$1,630
$110
$300
$1,630
$110
$300
$1,630
$110
$300
$1,630
$110
$300
$1,630
$110
$300
$1,630
$110
$300
$1,630
$110
$300
$1,630
$110
$300
$1,630
$110
$300
$1,630
$110
$300
$1,630
$500
$500
$500
$500
$500
$500
$500
$500
$500
$500
$500
$500
$14,707
$14,707
$14,707
$14,707
$14,707
$14,707
$14,707
$14,707
$14,707
$14,707
$14,707
$14,707
$1,843
$1,843
$1,843
$1,843
$1,843
$1,843
$1,843
$1,843
$1,843
$1,843
$1,843
$1,843
$1,843
$1,843
$1,843
$1,843
$1,843
$1,843
$1,843
$1,843
$1,843
$1,843
$1,843
$1,843
Interest Expense
$462
$462
$461
$460
$459
$458
$457
$457
$456
$455
$454
$453
Taxes Incurred
$414
$414
$415
$415
$415
$415
$416
$416
$416
$416
$417
$417
Utilities
Insurance
Payroll Taxes
Other
Total Operating Expenses
EBITDA
Net Profit
Net Profit/Sales
15%
$966
$967
$967
$968
$969
$969
$970
$970
$971
$971
$972
$973
1.78%
1.78%
1.79%
1.79%
1.79%
1.79%
1.79%
1.79%
1.79%
1.79%
1.79%
1.80%
Page 4
Appendix
Table: Cash Flow
Pro Forma Cash Flow
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
$54,171
$54,171
$54,171
$54,171
$54,171
$54,171
$54,171
$54,171
$54,171
$54,171
$54,171
$54,171
$54,171
$54,171
$54,171
$54,171
$54,171
$54,171
$54,171
$54,171
$54,171
$54,171
$54,171
$54,171
Cash Received
Cash from Operations
Cash Sales
Subtotal Cash from Operations
Additional Cash Received
Sales Tax, VAT, HST/GST Received
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
New Current Borrowing

New Other Liabilities (interest-free)
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
New Long-term Liabilities
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
Sales of Other Current Assets

Sales of Long-term Assets
New Investment Received
$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
$0
$0
$0
$0
$0
$0
$54,171
$54,171
$54,171
$54,171
$54,171
$54,171
$54,171
$54,171
$54,171
$54,171
$54,171
$54,171
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Expenditures from Operations

Cash Spending
$10,867
$10,867
$10,867
$10,867
$10,867
$10,867
$10,867
$10,867
$10,867
$10,867
$10,867
$10,867
Bill Payments
Subtotal Spent on Operations
$44,287
$55,154
$8,526
$19,393
$42,338
$53,204
$42,337
$53,204
$42,336
$53,203
$42,336
$53,202
$42,335
$53,202
$42,335
$53,201
$42,334
$53,201
$42,333
$53,200
$42,333
$53,200
$42,332
$53,199
Additional Cash Spent

Sales Tax, VAT, HST/GST Paid Out
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
Principal Repayment of Current Borrowing
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
Other Liabilities Principal Repayment
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$100
$0
$100
$0
$100
$0
$100
$0
$100
$0
$100
$0
$100
$0
$100
$0
$100
$0
$100
$0
$100
$15,000
$100
$15,000
Purchase Long-term Assets
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$15,000
$0
Dividends
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
Subtotal Cash Spent
$55,254
$19,493
$53,304
$53,304
$53,303
$53,302
$53,302
$53,301
$53,301
$53,300
$83,300
$68,299
Net Cash Flow
($1,083)
$34,678
$867
$867
$868
$869
$869
$870
$870
$871
($29,129)
($14,128)
Cash Balance
$42,599
$77,277
$78,144
$79,011
$79,879
$80,748
$81,617
$82,487
$83,357
$84,228
$55,099
$40,971
Subtotal Cash Received

Expenditures
Long-term Liabilities Principal Repayment

Purchase Other Current Assets
0.00%
Page 5
Appendix
Table: Balance Sheet
Pro Forma Balance Sheet
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
$43,682
$76,362
$42,599
$41,384
$77,277
$41,384
$78,144
$41,384
$79,011
$41,384
$79,879
$41,384
$80,748
$41,384
$81,617
$41,384
$82,487
$41,384
$83,357
$41,384
$84,228
$41,384
$55,099
$41,384
$40,971
$41,384
$11,558
$131,602
$11,558
$95,541
$11,558
$130,219
$11,558
$131,086
$11,558
$131,953
$11,558
$132,821
$11,558
$133,690
$11,558
$134,559
$11,558
$135,429
$11,558
$136,299
$11,558
$137,170
$26,558
$123,041
$41,558
$123,913
Long-term Assets
Long-term Assets
$56,820
$56,820
$56,820
$56,820
$56,820
$56,820
$56,820
$56,820
$56,820
$56,820
$56,820
$71,820
$71,820
$12,000
$12,000
$12,000
$12,000
$12,000
$12,000
$12,000
$12,000
$12,000
$12,000
$12,000
$12,000
$12,000
$44,820
$176,422
$44,820
$140,361
$44,820
$175,039
$44,820
$175,906
$44,820
$176,773
$44,820
$177,641
$44,820
$178,510
$44,820
$179,379
$44,820
$180,249
$44,820
$181,119
$44,820
$181,990
$59,820
$182,861
$59,820
$183,733
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Assets
Starting Balances
Current Assets
Cash
Inventory

Total Assets
Liabilities and Capital
Current Liabilities
Accounts Payable
$44,042
$7,115
$40,926
$40,926
$40,925
$40,925
$40,924
$40,924
$40,923
$40,922
$40,922
$40,921
$40,921
Current Borrowing
Other Current Liabilities
$24,820
$5,600
$24,820
$5,600
$24,820
$5,600
$24,820
$5,600
$24,820
$5,600
$24,820
$5,600
$24,820
$5,600
$24,820
$5,600
$24,820
$5,600
$24,820
$5,600
$24,820
$5,600
$24,820
$5,600
$24,820
$5,600
Subtotal Current Liabilities
$74,462
$37,535
$71,346
$71,346
$71,345
$71,345
$71,344
$71,344
$71,343
$71,342
$71,342
$71,341
$71,341
$30,761
$30,661
$30,561
$30,461
$30,361
$30,261
$30,161
$30,061
$29,961
$29,861
$29,761
$29,661
$29,561
$105,223
$68,196
$101,907
$101,807
$101,706
$101,606
$101,505
$101,404
$101,304
$101,203
$101,103
$101,002
$100,902
Total Liabilities
Paid-in Capital
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
Retained Earnings
($8,801)
$71,199
$71,199
$71,199
$71,199
$71,199
$71,199
$71,199
$71,199
$71,199
$71,199
$71,199
$71,199
Earnings
Total Capital
$80,000
$71,199
$966
$72,165
$1,933
$73,132
$2,900
$74,099
$3,868
$75,067
$4,837
$76,036
$5,806
$77,005
$6,775
$77,975
$7,746
$78,945
$8,717
$79,916
$9,688
$80,887
$10,660
$81,859
$11,633
$82,832
$176,422
$140,361
$175,039
$175,906
$176,773
$177,641
$178,510
$179,379
$180,249
$181,119
$181,990
$182,861
$183,733
$71,199
$72,165
$73,132
$74,099
$75,067
$76,036
$77,005
$77,975
$78,945
$79,916
$80,887
$81,859
$82,832
Total Liabilities and Capital

Net Worth
Page 6

Kiowa Smoke Shops

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