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Table of Contents

1.0 Executive Summary...............................................................................................................................1

1.1 Mission...............................................................................................................................................2
2.0 Company Summary...............................................................................................................................2
2.1 Start-up Summary..............................................................................................................................2
Table: Start-up.....................................................................................................................................3
Chart: Start-up......................................................................................................................................3
2.2 Company Locations and Facilities.....................................................................................................4
3.0 Products..................................................................................................................................................4
3.1 Product Description...........................................................................................................................5
3.2 Technology........................................................................................................................................5
3.3 Future Products..................................................................................................................................5
4.0 Market Analysis Summary....................................................................................................................6
4.1 Market Segmentation.........................................................................................................................7
4.2 Industry Analysis...............................................................................................................................7
4.3 Target Market Segment Strategy.......................................................................................................7
Table: Market Analysis........................................................................................................................8
Chart: Market Analysis (Pie)...............................................................................................................8
5.0 Strategy and Implementation Summary.................................................................................................9
5.1 Competitive Edge...............................................................................................................................9
5.2 Marketing Strategy.............................................................................................................................9
5.2.1 Pricing Strategy...........................................................................................................................9
5.3 Sales Strategy...................................................................................................................................10
5.4 Strategic Alliances...........................................................................................................................10
6.0 Sales Forecast.......................................................................................................................................10
Table: Sales Forecast.........................................................................................................................10
Chart: Sales Monthly.........................................................................................................................11
Chart: Sales by Year..........................................................................................................................11
7.0 Management Summary........................................................................................................................12
7.1 Personnel Plan..................................................................................................................................12
Table: Personnel.................................................................................................................................12
8.0 Financial Plan Summary......................................................................................................................13
8.1 Start-up Funding..............................................................................................................................13
................................................................................................................................................................14
8.2 Important Assumptions....................................................................................................................15
Table: General Assumptions..............................................................................................................15
................................................................................................................................................................15
8.3 Break-even Analysis........................................................................................................................16
Chart: Break-even Analysis...............................................................................................................16
Table: Break-even Analysis...............................................................................................................16
................................................................................................................................................................16
8.4 Projected Profit and Loss.................................................................................................................17
Table: Profit and Loss........................................................................................................................17
Chart: Profit Monthly.........................................................................................................................18
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Table of Contents

Chart: Profit Yearly............................................................................................................................18

Chart: Gross Margin Monthly............................................................................................................19
Chart: Gross Margin Yearly...............................................................................................................19
8.5 Projected Cash Flow........................................................................................................................20
Chart: Cash.........................................................................................................................................20
Table: Cash Flow...............................................................................................................................21
................................................................................................................................................................21
8.6 Projected Balance Sheet...................................................................................................................22
Table: Balance Sheet..........................................................................................................................22
................................................................................................................................................................22
8.7 Business Ratios................................................................................................................................23
Table: Ratios......................................................................................................................................23
Table: Sales Forecast...................................................................................................................................1
......................................................................................................................................................................1
Table: General Assumptions........................................................................................................................2
......................................................................................................................................................................2
Table: Cash Flow.........................................................................................................................................3
......................................................................................................................................................................4
Table: Balance Sheet....................................................................................................................................5
......................................................................................................................................................................5
Table: Profit and Loss..................................................................................................................................6
......................................................................................................................................................................6
Table: Personnel...........................................................................................................................................7

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Farmers Group

1.0 Executive Summary

Introduction
Farmers Group is being formed from the acquisition of two successful vegetable farms, Green
Acres Vegetable Farm and Mobile Farmers Vegetable Farm. The latter has long-researched
horticultural and agronomic techniques, as well as compost and soil blending technology now
being promoted by the DEO, the USDA, the EPA, and other government agencies.
The company is a combination of cutting edge, highest quality, and efficient food technology
and production. It is committed to the improvement of food taste and nutritional quality. It is
being founded to build upon an extensive array of biological and horticultural education,
experience, and the research of its founders. This is further coupled with the experience of
James Jackson, the current manager of Mobile Farmers Vegetable Farm, and consultation with
the present owner of Green Acres Vegetable Farm, Errol Grynthum.
The Company
Farmers Group is an Alabama-based company, located in Calhoun county, whose mission is to
provide high quality, nutritional, and flavorful vegetables and strawberries for consumption in
both near and remote regions of the United States. Additionally the company will provide high
quality planting materials for use nationwide.
Farmers Group is the buyout and merger of two successful vegetable farms. The idea behind
the business is to provide healthy and delicious vegetables and fruit to the public. In addition to
vegetables and fruits, the company plans to produce and market manure compost garden
amendment products.
Farmers Group's management team is led by Mr. James Jackson as Business Manager, who has
extensive knowledge of the industry. The company expects to employ five temporary
employees during the equipment re-location phase, four employees on a permanent basis,
and three part-time employees.
Products
Farmers Group's plans to concentrate on vegetables as its primary product. This includes
growing carrots, romaine lettuce, leeks, red onions, summer squash, spinach, pumpkins, winter
squash, globe beets, and winter greens. The company's farm, will have a capacity sufficient to
produce in excess of 200,000 lbs. of vegetables per year.
The company plans to utilize traditional and more advanced plant technologies to produce new
cultivars of strawberries and lima beans with locally-adapted superior characteristics for the
Gulf-South growing area.
This strategy will allow Farmers Group to produce crops during most of the year and will allow
double cultivation of the greenhouses with almost no additional heating necessary in the winter
months.
The Market

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Farmers Group

Over the past decade the market for organic food has grown by 15% to 20% and every year
40% of U.S. consumers occasionally reach for something labeled organic. Sales for organic
foods are expected to top $11 billion this year. Sales by farmers' markets have increased by
79% since 1994, to 3,137 markets in all 50 states, and the number of farmers who sell at them
has more than tripled to 67,000. About three million Americans a week now get their fresh food
directly from the farmers who grew it. This makes for an excellent environment for a industry
participant such as Farmers Group that is willing to compete in a niche market and be first to
the market with new products.
Financial Considerations
The company is seeking $830,000 in both short-term and long-term loans to finance the
purchase of Farmers Group's new farm, upgrade the facilities, and cover start-up expenses and
first year losses. It is estimated that the company will begin to make a profit in Year 2 of
operations. The company does not expect to have any cash flow problems during the first four
years of operations.
1.1 Mission
Farmers Group is an Alabama-based company, whose mission is to provide high quality,
nutritional, and flavorful vegetables and strawberries for consumption in both near and remote
regions of the United States. Additionally the company will provide high quality planting
materials for use nationwide.
2.0 Company Summary
Farmers Group is the buyout and merger of two successful vegetable farms. The idea behind
the business is to provide healthy and delicious vegetables and fruit to the public. In addition to
vegetables and fruits, the company plans to produce and market manure compost garden
amendment products.
2.1 Start-up Summary
Projected revenues for Year 1 to Year 5 are $-40,000, $8,500, $50,000, $70,800 and $82,500
respectively. Additionally the company estimates that once fully operational, income per
product, per annum would be as follows; vegetable ($50,000) manure ($20,000) and
horticulture ($10,000).

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Farmers Group

Table: Start-up

Start-up
Requirements
Start-up Expenses
Legal
Facilities modification
Seed
Organic Herbicides/Pesticides
Consultants
Insurance
Research and development
Expensed equipment
Other
Total Start-up Expenses

$19,000
$300,000
$600
$5,000
$25,000
$10,000
$25,000
$250,000
$50,000
$684,600

Start-up Assets
Cash Required
Start-up Inventory
Other Current Assets
Long-term Assets
Total Assets

$245,400
$150,000
$250,000
$500,000
$1,145,400

Total Requirements

$1,830,000

Chart: Start-up

Page 3

Farmers Group

2.2 Company Locations and Facilities

The farm is located in Calhoun county approximately 4.5 miles outside of Jasper.
The operation will utilize:

One large greenhouse, enclosing the vegetable area.

Horticultural greenhouse.
Filters, water treatment devices.
Backwash facilities.
Outdoor vegetable facilities.
Business office building.

An additional portion of the operation will be the manure composting facility. Local and regional
dairy operations have trouble with manure accumulations, and the company hopes to enter into
contracts in removing the manure. Farmers Group will then turn this into a saleable product.
The company plans to supply the region's nursery outlets with a top-quality, premium garden
and soil amendment product for area horticulture.
3.0 Products
While at Mobile Farmers Vegetable Farm James Jackson, steadily used and experimented with
compost and fertilized with manure of different kinds. The most important things with manure
usage is to eliminate the viable weed seed drawback by thoroughly composting the manure, to
add enough cellulose on product to bring it to the proper ratio and to bring its water content to
proper levels. A properly composted manure product has no seeds that will germinate and
proliferate in it. Additionally, a properly composted manure product has something a chemically
formulated synthetic fertilizer does not have: enzymes. Enzymes are critical for producing a
truly nutritious and superior flavored product. Research has shown that the superior flavor of a
fruit or vegetable is closely related to vitamin content and folic acid content in green
vegetables.
The state-of-the-art vegetable equipment starting up in the new location utilizes revolutionary
harvest designs that:

Allow faster, longer growth

Cut the harvest labor by over 80%
Cut the harvest time and by so doing:
o Decrease loss in weight gain, and
o Eliminate weight loss from shock.

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Farmers Group

3.1 Product Description

Vegetables
Farmers Group's first line of production will be the green vegetable and red vegetable. During
the summer months Farmers Group will be growing carrots, romaine lettuce, leeks, red onions,
summer squash, and spinach. In the fall, production will center on pumpkins, winter squash,
globe beets and winter greens. With the growth of the popular organic food niche, and the
federal government's new organic labeling policy, Farmers Group will focus its produce on the
intermediate organic label. This means that approximately 70% of the food production process
will be organic and all foods produced by Farmers Group will be eligible for the "contains
organic ingredients" label. The company's farm will have a capacity sufficient to produce in
excess of 200,000 lbs. of vegetables per year.
Strawberries
The company's more technical horticultural aspects include efforts to utilize traditional and
more advanced plant technologies to produce new cultivars of crops such as strawberries and
lima beans with locally-adapted superior characteristics for the Gulf-South growing area. Flavor,
disease resistance, adaptability to green-house culture, fall and winter season production are
factors being combined in greens cultivation to tap into the $2.99 pint berry market of the fall
and winter.
Farmers Group's strategy is a combination of the two technologies during the cool winter
months which will allow the utilization of normally wasted space in the greenhouses for the high
price winter greens production. This will allow double cultivation of the greenhouses with almost
no additional heating necessary in this climate.
3.2 Technology
The company is currently seeking contact with Alabama universities in order to learn about and
acquire new hybrids of strawberries and vegetables that are hardier and grow faster in our local
microclimates. These and other available species and systems will be constantly tracked.
In addition to the above, the company is seeking contacts at Universities in Italy and Germany
that are involved in greens, and will continue the quest for the best flavored, large, and firm fall
and winter strawberries.
Currently, Farmers Group is conducting research to test certain clay-sand-manure mixture
levels to obtain better, cheaper bedding and agronomic soil mixtures that are more effective
than the standard used in the industry in Alabama (Pine bark mulch-composted).
3.3 Future Products
In the meantime, the company would like to explore the possibilities of crayfish production.
Farmers Group believes this to be a high revenue venture with retail prices running in excess of
$15.00 per pound in most places. The company also believes that if crayfish production is
successful then it could become the number one endeavor of Farmers Group.
Currently there is a defunct fish farming production facility with all the necessary capital
equipment approximately two miles from the current farm. Purchase of this facility would allow

Page 5

Farmers Group

Farmers Group to begin production and to capitalize on this higher margin product. What
makes this most attractive is the two ventures have significant joint cost potential, allowing for
a reduction in marginal costs for all products and creation of real economies of scale that would
provide Farmers Group with a competitive advantage.
4.0 Market Analysis Summary
At a time when eating has become a political statement, the government is paying up to $19
billion a year to subsidize commodity crops in a glutted global market. Federal officials say that
nearly 40% of all farm income now comes directly from government subsidies, and the farm bill
signed by President Bush this year will pay $190 billion over 10 years, which includes $83
billion in new spending. However, there are two market niches that are growing at an amazing
rate, the organic market and the simple farmers' market.
The organic market provides less than 2% of the nation's food supply and takes up less than
1% of its cropland. But organic farms are flourishing as never before. Over the past decade the
market for organic food has grown by 15 to 20% and every year 40% of U.S.
consumers occasionally reach for something labeled organic. Sales for organic foods are
expected to top $11 billion this year. Conglomerates as big as Heinz and General Mills are now
launching or buying organic lines and selling them in mainstream supermarkets.*
With no subsidies and no middle men, farmers' markets have increased by 79% since 1994, to
3,137 markets in all 50 states, and the number of farmers who sell at them has more than
tripled to 67,000, the Agriculture Department has reported. About three million Americans a
week now get their fresh food directly from the farmers who grew it. "Right now, green markets
are growing faster than anything in agriculture," said Dr. Steven Blank, a farm economist at the
University of California at Davis and the author of three books on the subject.
These numbers, of course, represent a very thin slice of the big pie of national food. Farmers'
markets reported about $1 billion in sales last year, compared with more than $200 billion in
overall farm revenue. Barely 3% of the nation's two million farmers sell some of what they
grow directly to consumers.
But in an era of big-box food stores, when 10 major grocery chains control the purchase of
50% of fresh food, the proliferation of open-air markets has come out of nowhere, giving more
consumers an option and allowing many small farmers to stay in business.**
With these trends in mind, Farmers Groups will concentrate on:

Wholesale live vegetable markets nationwide that sell organic produce.

Fresh farmers' markets.
Fall and winter greens market.
Nursery outlets selling composted manure.

*Source: Certified Organic Geoffrey Cowley NEWSWEEK September 30, 2000.

**Source: Farmers Markets Booming Across US Timothy Egan New York Times, September 29,
2000.

Page 6

Farmers Group

4.1 Market Segmentation

The target customers include oriental vegetable markets demanding organic and semi-organic
green vegetables, vegetable processors, and private individual buyers through direct selling and
farmers markets. The company will continue to service the existing customers of the purchased
vegetable farms. In its greens production the company will target virtually all main food outlets.
The company plans to use the Internet as one of its marketing channels in the future.
The company's target customers will be as follows:
Vegetables:

Oriental vegetable markets demanding organic and semi-organic vegetables.

Vegetable processors.
Alabama National Guard.
People approaching the farm.
Roadside stands and farmers' markets.

Product-Bagged Manure:

Nursery and Garden Centers.

Private customers approaching facility.
Bulk customers.

The company will also take over customers from the previous owner of the vegetable facility.
Farmers Group has an established list of present customers of Errol Grynthum's vegetable farm,
which is a major asset to the sales of the company.
4.2 Industry Analysis
Alabama is one of the premier farming areas of the eastern United States. This creates an
intensely competitive environment with a large number of industry participants. Since almost all
of the produce is considered to be commodities, and large scale buyers are more consolidated
than the farmers themselves, overall margins are small and rivalries for wholesaler contracts
are strong. Competitive threats come from three main segments:

Imported vegetables of lower quality.>

Mississippi pound raised vegetables.
Alabama vegetable producers.

Direct competition in the individual buyers market segment comes from three farms in the
immediate area including the Anniston farm, Organics-To-You farm, and the Terrance
Livingston vegetable farm. Each of these competitors has produce stands as well as selling to
local farmers' markets. However, with the exception of Organics-To-You Farm, none of the
others focus on a niche market and depend heavily on federal subsidies.
4.3 Target Market Segment Strategy
The Market Analysis Pie shown below reflects the total number of potential customers for
Farmers Group. The number of Oriental markets and vegetable processors represent national

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Farmers Group

estimates of industry participants, whereas the number of individual buyers represents the
estimated annual number of individuals that will be driving by the farm.
Table: Market Analysis

Market Analysis
Potential Customers

Growth

Vegetable processors
Oriental vegetable markets
Individual buyers
Total

3%
1%
5%
4.68%

Year 1

Year 2

Year 3

Year 4

Year 5

5,000
25,000
300,000
330,000

5,150
25,250
315,000
345,400

5,305
25,503
330,750
361,558

5,464
25,758
347,288
378,510

5,628
26,016
364,652
396,296

CAGR
3.00%
1.00%
5.00%
4.68%

Chart: Market Analysis (Pie)

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Farmers Group

5.0 Strategy and Implementation Summary

The Farmers Group strategy is to profitably and efficiently utilize present and future agricultural
technology in the production of vegetables. The company, by acquiring an existing profitable
vegetable farm with all the necessary custom-innovated equipment, will gain a significant
industry advantage. Additional application and utilization of horticultural technology in the
production of strawberries will allow double utilization of the climate controled portion of the
overhead. Farmers Group hopes to consolidate considerable goodwill already created by
exercising the option of not adding another high-production facility to the present supplydemand scenario.
The company's goals in the first year are to:

Prepare the future site.

Relocate and expand Green Acres vegetable system and get it operational.
Integrate greens culture into the system.
Have the composting system in full production by early spring of the second year.

The company's long-term plan is to phase out whichever products are least lucrative and
replace them with products that are practical and cost efficient.
5.1 Competitive Edge
Farmers Group's main competitive advantages are:

Efficient production utilizing greenhouses.

Reduced overhead by fully realizing crop output potential and economies of scale through
joint costs.
Knowledge due to research since 1988.

5.2 Marketing Strategy

Farmers Group will initially market and supply its products to target customers. The company is
further exploring marketing opportunities on the Internet. To this extent, the company would
like to set up a website to market its products.
The company will utilize aggressive advertising strategies to further market its products. These
strategies include the promotion of products through the sponsoring of spots on cooking shows
and exhibitions, and also engaging prominent chefs to help promote this fledgling industry.
5.2.1 Pricing Strategy
The company sets its pricing based on market rates as far as vegetable products are concerned.
Farmers Group's pricing for strawberries will exceed the average market price for the following
reasons:

Taste sampling at outlets will be encouraged.

Unparalleled flavor superiority will addict greens tasters.

Page 9

Farmers Group

Promotion of pesticide-free, fumigant-free cultural techniques of soil, environment, ozone,

and health-friendly production techniques.

5.3 Sales Strategy

At Farmers Group, the sales process is primarily the same for vegetables as it is for composting
products, in that both products will be mainly sold through wholesale marketing. As in the past,
live shipments will be delivered by contract carriers in special oxygenated tanks carrying 8,000
vegetables or more, and will be continued as demanded. Farmers Group's bagged manure
products will be delivered and unloaded in sizable wholesale quantities by the pallet.
Smaller, more local orders will significantly increase the overall sales when the 300-450 live
vegetables carrying tank system is put into service late in 2000 or early in 2001.
The company's average sales cycle from first contact to closing of the sale is approximately 3 to
12 days for vegetable products. Farmers Group plans to shorten this cycle. Furthermore, the
company estimates that from first contact to sale conclusion, the cycle for fresh strawberries
will run 3 days or less. Composted products sale cycle should run from 3 to 12 days.
Direct sales contacts of vegetable markets by delivery personnel, as well as cold calling by
telephone of potential market outlets, will also be employed.
5.4 Strategic Alliances
The company has strategic alliances with:

Alabama State University Horticulture Department

Southeastern Alabama State University Biology Department
Dr. Michael Smith - Vegetable Specialist
James Edwards - Horticultural Inspection
Charles Newton - Wildlife
Alabama Wildlife
Mobile Nursery Center

6.0 Sales Forecast

The following table and charts show our projected sales.
Table: Sales Forecast

Sales Forecast
Year 1

Year 2

Year 3

Year 4

Year 5

Sales
Other
Total Sales

$575,000
$0
$575,000

$700,000
$0
$700,000

$850,000
$0
$850,000

$889,100
$0
$889,100

$927,331
$0
$927,331

Direct Cost of Sales

Sales
Other
Subtotal Direct Cost of Sales

Year 1
$391,000
$0
$391,000

Year 2
$478,100
$0
$478,100

Year 3
$578,850
$0
$578,850

Year 4
$601,032
$0
$601,032

Year 5
$627,803
$0
$627,803

Sales

Page 10

Farmers Group

Chart: Sales Monthly

Chart: Sales by Year

Page 11

Farmers Group

7.0 Management Summary

Farmers Group's management team is led by Mr. James Jackson, Business Manager, and the
current manager of Mobile Farmers Vegetable Farm, who has extensive knowledge of the
industry and has been tracking vegetable trends for 30 years.
The company's management philosophy is based on responsibility and mutual respect. Farmers
Group has an environment and structure that encourages productivity and respect for
customers and fellow employees.
7.1 Personnel Plan
Overall, Farmers Group will have 12 personnel. The company expects to employ 5 temporary
employees during the equipment re-location phase, 4 employees on a permanent basis, and 3
part-time employee. The Farmers Group team is organized into three groups:
Management
Management will be responsible for supervising and participating in the daily operations of the
facility. Management consists of:

James Jackson, Business Manager, Full Time

Terry Howard, Executive Director, Full Time
Kevin Perry, Management Trainee, 3/4 Time
Victor Green, Management Trainee, 1/4 Time

Daily Maintenance
This group will consist of the following:

Henry Jones, Logistical Engineer, Full Time

Colin Henry, Heavy Equipment, Full Time
Michael Owen, Welder, 1/2 Time

Contract Personnel
They will be utilized initially for the moving and setting up of the vegetable farm, greenhouses,
and the building of the manure composting facility.
Table: Personnel
Personnel Plan
Business Manager
Executive Director
Manager Trainee
Manager Trainee
Logistic engineer
Heavy equipment
Welder
Contract workers
Total People

Year 1

Year 2

Year 3

Year 4

Year 5

$25,000
$25,000
$9,000
$4,000
$18,000
$18,000
$3,500
$15,000
7

$30,000
$30,000
$6,000
$6,000
$18,000
$18,000
$3,000
$0
7

$30,000
$30,000
$6,000
$6,000
$18,000
$18,000
$3,000
$0
7

$30,000
$30,000
$6,000
$6,000
$18,000
$18,000
$3,000
$0
7

$30,000
$30,000
$6,000
$6,000
$18,000
$18,000
$3,000
$0
7

Page 12

Farmers Group

Total Payroll

$117,500

$111,000

$111,000

$111,000

$111,000

8.0 Financial Plan Summary

The following topics and tables outline our financial plan.
8.1 Start-up Funding
Funding Requirements and Uses
The company is seeking to raise of $830,000 for the purpose of financing the acquisition of the
Green Acres Vegetable Farm and Mobile Farmers Vegetable Farm, facilities modifications,
equipment, and funding operating expenses. Another $1,000,000 will be invested in the
company by its four co-owners. The following is a breakdown of how the funds will be used:
Breakdown of Use of Funds
Acquisition:
Property
Equipment System
Sub-total

$1,300,000
$400,000
$1,700,000

Operating Expenses:
Salaries

$80,000

Marketing and promotion

$10,000

Other operating expenses

$10,000

Sub-total
Total

$100,000
$1,800,000

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Farmers Group

Table: Start-up Funding

Start-up Funding
Start-up Expenses to Fund
Start-up Assets to Fund
Total Funding Required

$684,600
$1,145,400
$1,830,000

Assets
Non-cash Assets from Start-up
Cash Requirements from Start-up
Additional Cash Raised
Cash Balance on Starting Date
Total Assets

$900,000
$245,400
$0
$245,400
$1,145,400

Liabilities and Capital

Liabilities
Current Borrowing
Long-term Liabilities
Accounts Payable (Outstanding Bills)
Other Current Liabilities (interest-free)
Total Liabilities

$400,000
$400,000
$30,000
$0
$830,000

Capital

Planned Investment
Investor 1
Investor 2
Investor 3
Investor 4
Other
Additional Investment Requirement
Total Planned Investment
Loss at Start-up (Start-up Expenses)
Total Capital

$250,000
$250,000
$250,000
$250,000
$0
$0
$1,000,000
($684,600)
$315,400

Total Capital and Liabilities

$1,145,400

Total Funding

$1,830,000

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Farmers Group

8.2 Important Assumptions

Nature and Limitation of Projections
This financial projection is based on sales volume at the levels described in the sales
forecast section and presents, to the best of management's knowledge, the company's
expected assets, liabilities, capital, and revenues and expenses. The projections reflect
management's judgement of the expected conditions and its expected course of action given
the hypothetical assumptions.
Nature of Operations
The company is in the business of vegetable farming, greens cultivation, and composting. The
company expects to be operating in 2000.
Revenues
The company's revenue is derived primarily from the sale of vegetables, strawberries, and
bagged composted manure products.
Expenses
The company's expenses are primarily those of salaries, utilities, and insurance costs. Other
expenses are based on management's estimates and industry averages.
Table: General Assumptions

General Assumptions
Plan Month
Current Interest Rate
Long-term Interest Rate
Tax Rate
Other

Year 1

Year 2

Year 3

Year 4

Year 5

1
7.00%
7.00%
20.83%
0

2
7.00%
7.00%
20.00%
0

3
7.00%
7.00%
20.83%
0

4
7.00%
7.00%
20.00%
0

5
7.00%
7.00%
20.83%
0

Page 15

Farmers Group

8.3 Break-even Analysis

The company's break-even analysis is given below.

Chart: Break-even Analysis

Table: Break-even Analysis

Break-even Analysis
Monthly Revenue Break-even

$36,974

Assumptions:
Average Percent Variable Cost
Estimated Monthly Fixed Cost

68%
$11,832

Page 16

Farmers Group

8.4 Projected Profit and Loss

As the profit and loss table shows, Farmers Group expects a steady growth in profitability over
the next few years.
Table: Profit and Loss

Pro Forma Profit and Loss

Year 1

Year 2

Year 3

Year 4

Year 5

Sales
Direct Cost of Sales
Other
Total Cost of Sales

$575,000
$391,000
$10,000
$401,000

$700,000
$478,100
$10,000
$488,100

$850,000
$578,850
$10,000
$588,850

$889,100
$601,032
$10,000
$611,032

$927,331
$627,803
$10,000
$637,803

Gross Margin
Gross Margin %

$174,000
30.26%

$211,900
30.27%

$261,150
30.72%

$278,068
31.28%

$289,528
31.22%

Payroll
Sales and Marketing and Other Expenses
Depreciation
Gas and Oil
Utilities
Insurance
Payroll Taxes
Other

$117,500
$11,400
$0
$2,040
$6,000
$5,040
$0
$0

$111,000
$11,100
$0
$3,000
$6,000
$5,500
$0
$0

$111,000
$16,550
$0
$3,000
$6,000
$5,500
$0
$0

$111,000
$15,300
$0
$3,000
$6,000
$5,500
$0
$0

$111,000
$17,550
$0
$3,000
$6,000
$5,500
$0
$0

Total Operating Expenses

$141,980

$136,600

$142,050

$140,800

$143,050

$32,020
$32,020
$54,664
$0

$75,300
$75,300
$47,845
$5,491

$119,100
$119,100
$39,095
$16,668

$137,268
$137,268
$32,095
$21,035

$146,478
$146,478
$26,495
$24,996

($22,644)
-3.94%

$21,964
3.14%

$63,337
7.45%

$84,139
9.46%

$94,987
10.24%

Expenses

Profit Before Interest and Taxes

EBITDA
Interest Expense
Taxes Incurred
Net Profit
Net Profit/Sales

Page 17

Farmers Group

Chart: Profit Monthly

Chart: Profit Yearly

Page 18

Farmers Group

Chart: Gross Margin Monthly

Chart: Gross Margin Yearly

Page 19

Farmers Group

8.5 Projected Cash Flow

The chart and table below contain the cash flow assumptions and projections for Farmers Group
during the first five years of plan implementation. Year 1 monthlies are presented in the
appendix.

Chart: Cash

Page 20

Farmers Group

Table: Cash Flow

Pro Forma Cash Flow

Year 1

Year 2

Year 3

Year 4

Year 5

$143,750
$431,250
$575,000

$175,000
$525,000
$700,000

$212,500
$637,500
$850,000

$222,275
$666,825
$889,100

$231,833
$695,498
$927,331

$0
$0
$0
$0
$0
$0
$0
$575,000

$0
$0
$0
$0
$0
$0
$0
$700,000

$0
$0
$0
$0
$0
$0
$97,000
$947,000

$0
$0
$0
$0
$0
$0
$0
$889,100

$0
$0
$0
$0
$0
$0
$0
$927,331

Year 1

Year 2

Year 3

Year 4

Year 5

$117,500
$408,920
$526,420

$111,000
$525,422
$636,422

$111,000
$676,335
$787,335

$111,000
$686,874
$797,874

$111,000
$721,183
$832,183

Sales Tax, VAT, HST/GST Paid Out

Principal Repayment of Current Borrowing
Other Liabilities Principal Repayment
Long-term Liabilities Principal Repayment
Purchase Other Current Assets
Purchase Long-term Assets
Dividends
Subtotal Cash Spent

$0
$54,000
$0
$0
$0
$0
$0
$580,420

$0
$100,000
$0
$25,000
$0
$0
$25,000
$786,422

$0
$100,000
$0
$25,000
$0
$0
$20,000
$932,335

$0
$25,000
$0
$50,000
$0
$0
$10,000
$882,874

$0
$35,000
$0
$50,000
$20,000
$0
$10,000
$947,183

Net Cash Flow

Cash Balance

($5,420)
$239,980

($86,422)
$153,559

$14,665
$168,224

$6,226
$174,450

($19,852)
$154,598

Cash Received

Cash from Operations

Cash Sales
Cash from Receivables
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
Additional Cash Spent

Page 21

Farmers Group

8.6 Projected Balance Sheet

We project solid cash balance and net worth over the years of the plan.
Table: Balance Sheet

Pro Forma Balance Sheet

Year 1

Year 2

Year 3

Year 4

Year 5

$239,980
$0
$55,760
$250,000
$545,740

$153,559
$0
$53,589
$250,000
$457,147

$168,224
$0
$64,243
$250,000
$482,467

$174,450
$0
$57,206
$250,000
$481,655

$154,598
$0
$60,112
$270,000
$484,710

$500,000
$0
$500,000
$1,045,740

$500,000
$0
$500,000
$957,147

$500,000
$0
$500,000
$982,467

$500,000
$0
$500,000
$981,655

$500,000
$0
$500,000
$984,710

Year 1

Year 2

Year 3

Year 4

Year 5

Accounts Payable
Current Borrowing
Other Current Liabilities
Subtotal Current Liabilities

$6,984
$346,000
$0
$352,984

$46,427
$246,000
$0
$292,427

$56,410
$146,000
$0
$202,410

$56,460
$121,000
$0
$177,460

$59,527
$86,000
$0
$145,527

Long-term Liabilities
Total Liabilities

$400,000
$752,984

$375,000
$667,427

$350,000
$552,410

$300,000
$477,460

$250,000
$395,527

$1,000,000
($684,600)
($22,644)
$292,756
$1,045,740

$1,000,000
($732,244)
$21,964
$289,720
$957,147

$1,097,000
($730,280)
$63,337
$430,057
$982,467

$1,097,000
($676,943)
$84,139
$504,196
$981,655

$1,097,000
($602,804)
$94,987
$589,182
$984,710

$292,756

$289,720

$430,057

$504,196

$589,182

Assets

Current Assets
Cash
Accounts Receivable
Inventory
Other Current Assets
Total Current Assets
Long-term Assets
Long-term Assets
Accumulated Depreciation
Total Long-term Assets
Total Assets
Liabilities and Capital
Current Liabilities

Paid-in Capital
Retained Earnings
Earnings
Total Capital
Total Liabilities and Capital
Net Worth

Page 22

Farmers Group

8.7 Business Ratios

The business ratios given below are contrasted to industry standards for SIC code 0161 which
covers vegetable and melon growers. Within this category, research has shown that there can
be significant deviations from industry standards due to farm size, product life cycle, and capital
resources.
Farmers Group is a start-up venture, and therefore has a more heavy debt to equity ratio than
most existing farms. Furthermore, due to its move into a niche market, the company is
expected to spend more on advertising than its competitors. The first two years of operations
are expected also to have a higher growth rate than average as it gains market share.
Table: Ratios

Ratio Analysis
Year 1

Year 2

Year 3

Year 4

Year 5

Industry Profile

n.a.

21.74%

21.43%

4.60%

4.30%

-4.60%

Accounts Receivable
Inventory
Other Current Assets
Total Current Assets
Long-term Assets
Total Assets

0.00%
5.33%
23.91%
52.19%
47.81%
100.00%

0.00%
5.60%
26.12%
47.76%
52.24%
100.00%

0.00%
6.54%
25.45%
49.11%
50.89%
100.00%

0.00%
5.83%
25.47%
49.07%
50.93%
100.00%

0.00%
6.10%
27.42%
49.22%
50.78%
100.00%

12.90%
14.40%
28.90%
56.20%
43.80%
100.00%

Current Liabilities
Long-term Liabilities
Total Liabilities
Net Worth

33.75%
38.25%
72.00%
28.00%

30.55%
39.18%
69.73%
30.27%

20.60%
35.62%
56.23%
43.77%

18.08%
30.56%
48.64%
51.36%

14.78%
25.39%
40.17%
59.83%

31.10%
20.50%
51.60%
48.40%

100.00%
30.26%
37.26%
0.83%
5.57%

100.00%
30.27%
29.04%
0.71%
10.76%

100.00%
30.72%
24.76%
1.23%
14.01%

100.00%
31.28%
23.31%
1.20%
15.44%

100.00%
31.22%
22.31%
1.23%
15.80%

100.00%
32.00%
20.70%
0.20%
1.70%

1.55
1.39
72.00%
-7.73%
-2.17%

1.56
1.38
69.73%
9.48%
2.87%

2.38
2.07
56.23%
18.60%
8.14%

2.71
2.39
48.64%
20.86%
10.71%

3.33
2.92
40.17%
20.36%
12.18%

1.65
0.88
51.60%
2.20%
4.50%

Sales Growth
Percent of Total Assets

Percent of Sales
Sales
Gross Margin
Selling, General & Administrative Expenses
Advertising Expenses
Profit Before Interest and Taxes
Main Ratios
Current
Quick
Total Debt to Total Assets
Pre-tax Return on Net Worth
Pre-tax Return on Assets
Additional Ratios

Year 1

Year 2

Year 3

Year 4

Year 5

Net Profit Margin

Return on Equity

-3.94%
-7.73%

3.14%
7.58%

7.45%
14.73%

9.46%
16.69%

10.24%
16.12%

n.a
n.a

0.00
60
3.93
55.25

0.00
0
8.74
12.17

0.00
0
9.83
12.17

0.00
0
9.90
12.17

0.00
0
10.70
12.17

n.a
n.a
n.a
n.a

Activity Ratios
Accounts Receivable Turnover
Collection Days
Inventory Turnover
Accounts Payable Turnover

Page 23

Farmers Group

Payment Days
Total Asset Turnover

29
0.55

17
0.73

27
0.87

30
0.91

29
0.94

n.a
n.a

2.57
0.47

2.30
0.44

1.28
0.37

0.95
0.37

0.67
0.37

n.a
n.a

$192,756
0.59

$164,720
1.57

$280,057
3.05

$304,196
4.28

$339,182
5.53

n.a
n.a

1.82
34%
1.39
1.96
0.00

1.37
31%
1.38
2.42
1.14

1.16
21%
2.07
1.98
0.32

1.10
18%
2.39
1.76
0.12

1.06
15%
2.92
1.57
0.11

n.a
n.a
n.a
n.a
n.a

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
Month 1

Month 2

Month 3

Month 4

Month 5

Month 6

Month 7

Month 8

Month 9

Month 10

Month 11

Month 12

$0
$0

$0
$0

$10,000
$0

$25,000
$0

$40,000
$0

$55,000
$0

$100,000
$0

$175,000
$0

$120,000
$0

$50,000
$0

$0
$0

$0
$0

$0

$0

$10,000

$25,000

$40,000

$55,000

$100,000

$175,000

$120,000

$50,000

$0

$0

Sales
Sales
Other
Total Sales

Direct Cost of Sales

0%
0%

Month 1

Month 2

Month 3

Month 4

Month 5

Month 6

Month 7

Month 8

Month 9

Month 10

Month 11

Month 12

Sales

$0

$0

$6,800

$17,000

$27,200

$37,400

$68,000

$119,000

$81,600

$34,000

$0

$0

Other

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

Subtotal Direct Cost of Sales

$0

$0

$6,800

$17,000

$27,200

$37,400

$68,000

$119,000

$81,600

$34,000

$0

$0

Page 1

Appendix
Table: General Assumptions

General Assumptions
Month 1
Plan Month
Current Interest Rate
Long-term Interest Rate
Tax Rate
Other

Month 2

Month 3

Month 4

Month 5

Month 6

Month 7

Month 8

Month 9

Month 10

Month 11

Month 12

10

11

12

7.00%

7.00%

7.00%

7.00%

7.00%

7.00%

7.00%

7.00%

7.00%

7.00%

7.00%

7.00%

7.00%

7.00%

7.00%

7.00%

7.00%

7.00%

7.00%

7.00%

7.00%

7.00%

7.00%

7.00%

30.00%

20.00%

20.00%

20.00%

20.00%

20.00%

20.00%

20.00%

20.00%

20.00%

20.00%

20.00%

Page 2

Appendix
Table: Cash Flow

Pro Forma Cash Flow

Month 1

Month 2

Month 3

Month 4

Month 5

Month 6

Month 7

Month 8

Month 9

Month 10

Month 11

Month 12

Cash Sales

$0

$0

$2,500

$6,250

$10,000

$13,750

$25,000

$43,750

$30,000

$12,500

$0

$0

Cash from Receivables

$0

$0

$0

$250

$7,875

$19,125

$30,375

$42,375

$76,875

$129,875

$88,250

$36,250

Subtotal Cash from Operations

$0

$0

$2,500

$6,500

$17,875

$32,875

$55,375

$86,125

$106,875

$142,375

$88,250

$36,250

Cash Received

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

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

New Other Liabilities (interest-free)

$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

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

Sales of Long-term Assets

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

New Investment Received

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

Subtotal Cash Received

$0

$0

$2,500

$6,500

$17,875

$32,875

$55,375

$86,125

$106,875

$142,375

$88,250

$36,250

Month 1

Month 2

Month 3

Month 4

Month 5

Month 6

Month 7

Month 8

Month 9

Month 10

Month 11

Month 12

Cash Spending

$11,500

$11,500

$11,000

$7,500

$7,000

$9,500

$9,000

$9,500

$10,000

$10,500

$10,000

$10,500

Bill Payments

$30,250

$7,507

$7,509

$7,573

$7,571

$7,508

$10,129

$91,730

$178,012

$46,511

$7,394

$7,225

Subtotal Spent on Operations

$41,750

$19,007

$18,509

$15,073

$14,571

$17,008

$19,129

$101,230

$188,012

$57,011

$17,394

$17,725

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

$5,000

$15,000

$4,000

$0

$0

$0

$30,000

$0

Other Liabilities Principal Repayment

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

Long-term Liabilities Principal Repayment

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

Purchase Other Current Assets

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

Purchase Long-term Assets

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

Expenditures

0.00%

Expenditures from Operations

Additional Cash Spent

Page 3

Appendix
Dividends

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$41,750

$19,007

$18,509

$15,073

$19,571

$32,008

$23,129

$101,230

$188,012

$57,011

$47,394

$17,725

Net Cash Flow

($41,750)

($19,007)

($16,009)

($8,573)

($1,696)

$867

$32,246

($15,105)

($81,137)

$85,364

$40,856

$18,525

Cash Balance

$203,650

$184,643

$168,634

$160,061

$158,365

$159,232

$191,478

$176,373

$95,236

$180,599

$221,455

$239,980

Subtotal Cash Spent

Page 4

Appendix
Table: Balance Sheet

Pro Forma Balance Sheet

Assets

Month 1

Month 2

Month 3

Month 4

Month 5

Month 6

Month 7

Month 8

Month 9

Month 10

Month 11

Month 12

$245,400
$0
$150,000
$250,000
$645,400

$203,650
$0
$150,000
$250,000
$603,650

$184,643
$0
$150,000
$250,000
$584,643

$168,634
$7,500
$143,200
$250,000
$569,334

$160,061
$26,000
$126,200
$250,000
$562,261

$158,365
$48,125
$99,000
$250,000
$555,490

$159,232
$70,250
$61,600
$250,000
$541,082

$191,478
$114,875
$74,800
$250,000
$631,153

$176,373
$203,750
$130,900
$250,000
$761,023

$95,236
$216,875
$89,760
$250,000
$651,871

$180,599
$124,500
$55,760
$250,000
$610,859

$221,455
$36,250
$55,760
$250,000
$563,465

$239,980
$0
$55,760
$250,000
$545,740

$500,000
$0
$500,000
$1,145,400

$500,000
$0
$500,000
$1,103,650

$500,000
$0
$500,000
$1,084,643

$500,000
$0
$500,000
$1,069,334

$500,000
$0
$500,000
$1,062,261

$500,000
$0
$500,000
$1,055,490

$500,000
$0
$500,000
$1,041,082

$500,000
$0
$500,000
$1,131,153

$500,000
$0
$500,000
$1,261,023

$500,000
$0
$500,000
$1,151,871

$500,000
$0
$500,000
$1,110,859

$500,000
$0
$500,000
$1,063,465

$500,000
$0
$500,000
$1,045,740

Month 1

Month 2

Month 3

Month 4

Month 5

Month 6

Month 7

Month 8

Month 9

Month 10

Month 11

Month 12

Starting Balances

Current Assets
Cash
Accounts Receivable
Inventory
Other Current Assets
Total Current Assets
Long-term Assets
Long-term Assets
Accumulated Depreciation
Total Long-term Assets
Total Assets
Liabilities and Capital

Current Liabilities
Accounts Payable
Current Borrowing
Other Current Liabilities
Subtotal Current Liabilities

$30,000
$400,000
$0
$430,000

$7,256
$400,000
$0
$407,256

$7,256
$400,000
$0
$407,256

$7,321
$400,000
$0
$407,321

$7,321
$400,000
$0
$407,321

$7,260
$395,000
$0
$402,260

$7,176
$380,000
$0
$387,176

$85,647
$376,000
$0
$461,647

$176,417
$376,000
$0
$552,417

$46,265
$376,000
$0
$422,265

$7,153
$376,000
$0
$383,153

$6,984
$346,000
$0
$352,984

$6,984
$346,000
$0
$352,984

Long-term Liabilities
Total Liabilities

$400,000
$830,000

$400,000
$807,256

$400,000
$807,256

$400,000
$807,321

$400,000
$807,321

$400,000
$802,260

$400,000
$787,176

$400,000
$861,647

$400,000
$952,417

$400,000
$822,265

$400,000
$783,153

$400,000
$752,984

$400,000
$752,984

$1,000,000
($684,600)
$0
$315,400
$1,145,400

$1,000,000
($684,600)
($19,007)
$296,393
$1,103,650

$1,000,000
($684,600)
($38,013)
$277,387
$1,084,643

$1,000,000
($684,600)
($53,387)
$262,013
$1,069,334

$1,000,000
($684,600)
($60,460)
$254,940
$1,062,261

$1,000,000
($684,600)
($62,171)
$253,229
$1,055,490

$1,000,000
($684,600)
($61,494)
$253,906
$1,041,082

$1,000,000
($684,600)
($45,894)
$269,506
$1,131,153

$1,000,000
($684,600)
($6,794)
$308,606
$1,261,023

$1,000,000
($684,600)
$14,206
$329,606
$1,151,871

$1,000,000
($684,600)
$12,306
$327,706
$1,110,859

$1,000,000
($684,600)
($4,919)
$310,481
$1,063,465

$1,000,000
($684,600)
($22,644)
$292,756
$1,045,740

$315,400

$296,393

$277,387

$262,013

$254,940

$253,229

$253,906

$269,506

$308,606

$329,606

$327,706

$310,481

$292,756

Paid-in Capital
Retained Earnings
Earnings
Total Capital
Total Liabilities and Capital
Net Worth

Page 5

Appendix
Table: Profit and Loss

Pro Forma Profit and Loss

Month 1

Month 2

Month 3

Month 4

Month 5

Month 6

Month 7

Month 8

Month 9

Month 10

Month 11

Month 12

Sales

$0

$0

$10,000

$25,000

$40,000

$55,000

$100,000

$175,000

$120,000

$50,000

$0

$0

Direct Cost of Sales

$0

$0

$6,800

$17,000

$27,200

$37,400

$68,000

$119,000

$81,600

$34,000

$0

$0

Other

$800

$800

$867

$867

$833

$833

$833

$833

$833

$833

$833

$833

Total Cost of Sales

$800

$800

$7,667

$17,867

$28,033

$38,233

$68,833

$119,833

$82,433

$34,833

$833

$833

Gross Margin

($800)

($800)

$2,333

$7,133

$11,967

$16,767

$31,167

$55,167

$37,567

$15,167

($833)

($833)

Gross Margin %

0.00%

0.00%

23.33%

28.53%

29.92%

30.48%

31.17%

31.52%

31.31%

30.33%

0.00%

0.00%

$11,500

$11,500

$11,000

$7,500

$7,000

$9,500

$9,000

$9,500

$10,000

$10,500

$10,000

$10,500

$950

$950

$950

$950

$950

$950

$950

$950

$950

$950

$950

$950

Expenses
Payroll
Sales and Marketing and Other
Expenses
Depreciation

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

Gas and Oil

$170

$170

$170

$170

$170

$170

$170

$170

$170

$170

$170

$170

Utilities

$500

$500

$500

$500

$500

$500

$500

$500

$500

$500

$500

$500

$420

$420

$420

$420

$420

$420

$420

$420

$420

$420

$420

$420

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$13,540

$13,540

$13,040

$9,540

$9,040

$11,540

$11,040

$11,540

$12,040

$12,540

$12,040

$12,540

Profit Before Interest and Taxes

($14,340)

($14,340)

($10,707)

($2,407)

$2,927

$5,227

$20,127

$43,627

$25,527

$2,627

($12,873)

($13,373)

EBITDA

($14,340)

($14,340)

($10,707)

($2,407)

$2,927

$5,227

$20,127

$43,627

$25,527

$2,627

($12,873)

($13,373)

$4,667

$4,667

$4,667

$4,667

$4,638

$4,550

$4,527

$4,527

$4,527

$4,527

$4,352

$4,352

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

$0

($19,007)

($19,007)

($15,373)

($7,073)

($1,711)

$677

$15,600

$39,100

$21,000

($1,900)

($17,225)

($17,725)

0.00%

0.00%

-153.73%

-28.29%

-4.28%

1.23%

15.60%

22.34%

17.50%

-3.80%

0.00%

0.00%

Insurance
Payroll Taxes
Other

Total Operating Expenses

Interest Expense
Taxes Incurred

Net Profit
Net Profit/Sales

15%

Page 6

Appendix
Table: Personnel

Personnel Plan

Business Manager
Executive Director
Manager Trainee
Manager Trainee
Logistic engineer
Heavy equipment
Welder
Contract workers
Total People

Total Payroll

0%
0%
0%
0%
0%
0%
0%
0%

Month 1

Month 2

Month 3

Month 4

Month 5

Month 6

Month 7

Month 8

Month 9

Month 10

Month 11

Month 12

$1,500
$1,500
$0
$0
$1,500
$1,500
$500
$5,000

$1,500
$1,500
$0
$0
$1,500
$1,500
$500
$5,000

$1,500
$1,500
$0
$0
$1,500
$1,500
$0
$5,000

$1,500
$1,500
$1,000
$0
$1,500
$1,500
$500
$0

$1,500
$1,500
$1,000
$0
$1,500
$1,500
$0
$0

$2,500
$2,500
$1,000
$0
$1,500
$1,500
$500
$0

$2,500
$2,500
$1,000
$0
$1,500
$1,500
$0
$0

$2,500
$2,500
$1,000
$0
$1,500
$1,500
$500
$0

$2,500
$2,500
$1,000
$1,000
$1,500
$1,500
$0
$0

$2,500
$2,500
$1,000
$1,000
$1,500
$1,500
$500
$0

$2,500
$2,500
$1,000
$1,000
$1,500
$1,500
$0
$0

$2,500
$2,500
$1,000
$1,000
$1,500
$1,500
$500
$0

12

12

12

$11,500

$11,500

$11,000

$7,500

$7,000

$9,500

$9,000

$9,500

$10,000

$10,500

$10,000

$10,500

Page 7