Aztec Food Imports

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Table of Contents

1.0 Executive Summary.............................................................................................................................1Chart: Highlights......................................................................................................................1

1.1 Objectives...................................................................................................................................11.2 Mission........................................................................................................................................11.3 Keys to Success........................................................................................................................2

2.0 Company Summary.............................................................................................................................22.1 Company Ownership.................................................................................................................22.2 Start-up Summary......................................................................................................................3

Table: Start-up Funding..........................................................................................................3Chart: Start-up.........................................................................................................................4Table: Start-up.........................................................................................................................4

2.3 Company Locations and Facilities..........................................................................................43.0 Products...............................................................................................................................................54.0 Market Analysis Summary..................................................................................................................5

4.1 Market Segmentation................................................................................................................5Chart: MarketAnalysis (Pie)..................................................................................................6

Table: Market Analysis...........................................................................................................64.2 Target Market Segment Strategy.............................................................................................64.3 Main Competitors......................................................................................................................6

5.0 Strategy and Implementation Summary............................................................................................75.1 Competitive Edge......................................................................................................................75.2 Sales Strategy............................................................................................................................7

5.2.1 Sales Forecast..............................................................................................................7Table: Sales Forecast...................................................................................................8

Chart: Sales Monthly......................................................................................................8Chart: Sales by Year......................................................................................................9

6.0 Management Summary.......................................................................................................................96 1 Personnel Plan 9


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Table of ContentsTable: Personnel........................................................................................................................................2

Table: General Assumptions....................................................................................................................3Table: Profit and Loss...............................................................................................................................4Table: Cash Flow.......................................................................................................................................5Table: Balance Sheet................................................................................................................................6


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Aztec Food Imports

1.0 Executive Summary

Aztec Food Imports (Aztec) will offer food product imports from Mexico to meet increaseddemand for these product by the city's growing Hispanic/Latino community in the greaterRichmond area. Over the last five years, this community has grown by 70%, and represents halfof the Richmond Metro population (250,000). Aztec has been successful over the competition insupplying imported mexican food products to the area's two PriceRight supermarkets. Fromthis base, Aztec will build a successful business serving the area's large and small markets.


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Aztec Food Imports

1.3 Keys to Success

The keys to success in Aztec's business are:

1. Offering items of a high quality-value relationship which are not available everywhere.This is essential for maintaining the niche market sectors mentioned in the missionstatement.

2. Reliable and timely deliveries. Aztec must make good on its delivery promises. Because

of the nature of doing business in Mexico, this requires long-range planning inscheduling orders, taking into account Mexican business practices.

3. A reliable administration that is ready to serve customers, prepare accurate billing,follow-up on orders and other documentation, and maintain a close watch on expensesand collection of accounts receivable.

2.0 Company Summary

Aztec Food Imports will import Mexican food products to the local markets of the RichmondMetro area.

2.1 Company Ownership

Aztec's ownership is shared equally between Raymond Garcia and Jose Arroyo. Raymond

has eight years of importing experience. Jose Arroya has 10 years experience in managingimports from Mexico and shipping to the U.S. market. Raymond Garcia is responsible for thedaily management, sales, and store deliveries. Jose Arroya is responsible for the quality controland shipping of the goods from Mexico to the U.S.


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Aztec Food Imports

2.2 Start-up Summary

The start-up cost of Aztec Food Imports will consist primarily of inventory. Raymond Garcia andJose Arroya will each invest $50,000. They will also secure a $100,000 SBA loan.

Table: Start-up Funding

Start-up Funding

Start-up Expenses to Fund $15,300

Start-up Assets to Fund $184,700

Total Funding Required $200,000

Assets

Non-cash Assets from Start-up $80,000

Cash Requirements from Start-up $104,700

Addit ional Cash Raised $0

Cash Balance on Starting Date $104,700

Total Assets $184,700

Liabilities and Capital

Liabilities

Current Borrowing $0

Long-term Liabili ties $100,000

Accounts Payab le (Outstanding Bi ll s) $0

Other Current Liabili ties (interest-free) $0

Total Liabili ties $100,000

Capital

Pl d I t t


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Aztec Food Imports

Table: Start-up

Start-up

Requirements

Start-up Expenses

Legal $5,000

Stationery etc. $800


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Aztec Food Imports

3.0 Products

Aztec's product line is rather extensive amounting to over 200 items:

Beverages. Canned foods. Chile peppers. Desserts.

Packaged foods. Salsas. Snacks. Spices and herbs.

Aztec also carries the popular brands:

Ducal. Herdez.

Juanita's. La Costea. La Joya. La Lechonera. La Sierra. Pico Pica.

4.0 Market Analysis SummaryThe Hispanic/Latino population in the Richmond Metro area has grown by 10% over the pastfive years. The current population stands at over 100,000. It is projected that the populationwill continue its growth pattern for the next five years and will eventually reach over 160 000 A


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Aztec Food Imports

Table: Market Analysis

Market Analysis

Year 1 Year 2 Year 3 Year 4 Year 5

Potential Customers Growth CAGRSupermarkets 20% 4 5 6 7 8 18.92%

Neighborhood Markets 20% 50 60 72 86 103 19.80%

Other 0% 0 0 0 0 0 0.00%

Total 19.74% 54 65 78 93 111 19.74%


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Aztec Food Importsto satisfy demand. Besides the distance, Acme is plagued with weak import connections in

Mexico. These factors contribute to the high wholesale price of Acme's imported products.

5.0 Strategy and Implementation Summary

Aztec Food Imports will focus on becoming the leading provider of wholesale imported mexicanfood product in the Richmond Metro area.

5.1 Competitive Edge

Raymond Garcia and Jose Arroyo are the competitive edge of Aztec Food Imports. Raymondhas worked for both Acme Food Imports and Wilson Food Imports over the past eight years.In his last position with Wilson, Raymond imported mexican food products to numerous markets inthe southwest. He generated sales in excess of $2 million annually. His strength is his customerrelations and he has been successful in expanding the range of imported mexican food purchased

by the markets in his sales region.

Jose has been a shipping agent for M. Zegarra Exporting located in Mexico City for the pastten years. The company exported $20 million of products to the U.S last year. Jose'sresponsibility was to eliminate the shipping obstacles and oversee the timely delivery ofproduct to the U.S.

5.2 Sales Strategy

Aztec Food Imports will have two distinct sales approaches:


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Aztec Food Imports

Table: Sales Forecast

Sales Forecast

Year 1 Year 2 Year 3

Sales

Supermarkets $209,500 $260,000 $310,000

Neighborhood Markets $124,000 $160,000 $200,000

Total Sales $333,500 $420,000 $510,000

Direct Cost of Sales Year 1 Year 2 Year 3

Supermarkets $85,900 $110,000 $130,000

Neighborhood Markets $18,300 $23,000 $24,000

Subtotal Direct Cost of Sales $104,200 $133,000 $154,000


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Aztec Food Imports

6.0 Management Summary

The two owners will co-manage the business. Raymond Garcia is responsible for the daily

management, sales, and store deliveries. Jose Arroyo is responsible for the quality control andshipping of the goods from Mexico to the U.S.


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Aztec Food ImportsThe following sections outline conservative estimates of the financial performance of Aztec Food

Imports.

7.1 Break-even Analysis

The monthly break-even point is $26,514.

Table: Break-even Analysis

Break-even Analysis

Monthly Revenue Break-even $26,514

Assumpti ons:

Average Percent Variabl e Cost 31%

Estimated Monthly Fixed Cost $18,230


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Aztec Food Imports

7.2 Projected Profit and Loss

The following table and charts will highlight the next three years.


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Aztec Food Imports


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Aztec Food Imports

Table: Profit and Loss

Pro Forma Profit and Loss

Year 1 Year 2 Year 3

Sales $333,500 $420,000 $510,000

Direct Cost of Sales $104,200 $133,000 $154,000

Other Production Expenses $0 $0 $0

Total Cost of Sales $104,200 $133,000 $154,000

Gross Margin $229,300 $287,000 $356,000

Gross Margin % 68.76% 68.33% 69.80%

Expenses

Payroll $151,200 $178,000 $198,000

Sales and Marketing and Other Expenses $0 $0 $0

Depreciation $2,880 $2,880 $2,880

Leased Equipment $0 $0 $0

Util ities $6,000 $6,000 $6,000

Insurance $0 $0 $0

Rent $36,000 $36,000 $36,000

Payroll Taxes $22,680 $26,700 $29,700

Other $0 $0 $0

Total Operating Expenses $218,760 $249,580 $272,580

Profit Before Interest and Taxes $10,540 $37,420 $83,420

EBITDA $13,420 $40,300 $86,300

Interest Expense $9,233 $7,876 $6,460

Taxes Incurred $392 $8,863 $23,088

Net Profit $915 $20,681 $53,872

Net Profit/Sales 0.27% 4.92% 10.56%


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Aztec Food Imports

7.3 Projected Cash Flow

The following table and chart highlight the projected cash flow for three years.

Table: Cash Flow

Pro Forma Cash Flow

Year 1 Year 2 Year 3Cash Received

Cash from Operations

Cash Sales $83,375 $105,000 $127,500

Cash from Receivables $194,775 $300,644 $367,563

Subtotal Cash from Operations $278,150 $405,644 $495,063

Addit ional Cash Received

Sales Tax, VAT, HST/GST Received $0 $0 $0

New Current Borrowing $0 $0 $0New Other Liabil ities (interest-free) $0 $0 $0

New Long-term Liabil ities $0 $0 $0

Sales of Other Current Assets $0 $0 $0

Sales of Long-term Assets $0 $0 $0

New Investment Received $0 $0 $0

Subtotal Cash Received $278,150 $405,644 $495,063

Expenditures Year 1 Year 2 Year 3

Expenditures from OperationsCash Spending $151,200 $178,000 $198,000

Bill Payments $110,267 $250,753 $256,610

Subtotal Spent on Operations $261,467 $428,753 $454,610


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Aztec Food Imports


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Aztec Food Imports

7.4 Projected Balance Sheet

The following table highlights the projected balance sheet for three years.

Table: Balance Sheet

Pro Forma Bal ance Sheet

Year 1 Year 2 Year 3Assets

Current Assets

Cash $107,223 $69,953 $96,246

Accounts Receivabl e $55 ,350 $69 ,706 $84,643

Inventory $15,950 $44,366 $46,602

Other Current Assets $0 $0 $0

Total Current Assets $178,523 $184,025 $227,491

Long-term AssetsLong-term Assets $20,000 $20,000 $20,000

Accumulated Deprecia tion $2,880 $5,760 $8,640

Total Long-term Assets $17,120 $14,240 $11,360

Total Assets $195,643 $198,265 $238,851

Liabil ities and Capital Year 1 Year 2 Year 3

Current Liabilities

Accounts Payab le $24 ,188 $20 ,289 $21,163

Current Borrowing $0 $0 $0Other Current Liabili ties $0 $0 $0

Subtotal Current Liabil ities $24,188 $20,289 $21,163

L t Li bi li ti $85 840 $71 680 $57 520


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Aztec Food Imports

Table: Ratios

Ratio Anal ysis

Year 1 Year 2 Year 3 Industry Profile

Sales Growth n.a. 25.94% 21.43% 4.60%

Percent of Total Assets

Accounts Receivabl e 28.29% 35.16% 35.4 4% 33.30%

Inventory 8.15% 22.38% 19.51% 26.00%

Other Current Assets 0.00% 0.00% 0.00% 20.90%

Total Current Assets 91.25% 92.82% 95.24% 80.20%

Long-term Assets 8.75% 7.18% 4.76% 19.80%

Total Assets 100.00% 100.00% 100.00% 100.00%

Current Liabil i ties 12.36% 10.23% 8.86% 45.20%

Long-term Liabili ties 43.88% 36.15% 24.08% 10.00%

Total Liabili ties 56.24% 46.39% 32.94% 55.20%

Net Worth 43.76% 53.61% 67.06% 44.80%

Percent of Sal es

Sales 100.00% 100.00% 100.00% 100.00%

Gross Margin 68.76% 68.33% 69.80% 44.10%

Selling, General & Administrative Expenses 68.48% 63.41% 59.24% 26.70%

Advertising Expenses 0.00% 0.00% 0.00% 0.70%

Profit Before Interest and Taxes 3.16% 8.91% 16.36% 0.80%

Main Ratios

Current 7.38 9.07 10.75 1.69

Quick 6.72 6.88 8.55 1.01

Total Debt to Total Assets 56.24% 46.39% 32.94% 55.20%

Pre-tax Return on Net Worth 1.53% 27.79% 48.05% 3.60%

Pre-tax Return on Assets 0.67% 14.90% 32.22% 8.00%

Addit ional Ratios Year 1 Year 2 Year 3


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Aztec Food ImportsDividend Payout 0.00 0.00 0.00 n.a


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Appendix

Page 1

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

Sales

Supermarkets 0% $14,000 $14,000 $14,000 $16,000 $16,000 $17,500 $18,000 $18,000 $20,000 $20,000 $20,000 $22,000Neighborhood Markets 0% $5,000 $5,000 $6,000 $6,000 $8,000 $10,000 $12,000 $12,000 $13,000 $14,000 $16,000 $17,000

Total Sales $19,000 $19,000 $20,000 $22,000 $24,000 $27,500 $30,000 $30,000 $33,000 $34,000 $36,000 $39,000

Direct Cost of Sales Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12

Supermarkets $4,000 $4,000 $4,000 $4,400 $6,000 $6,300 $8,000 $8,200 $9,000 $10,000 $ 10,000 $12,000

Neighborhood Markets $1,000 $1,000 $1,000 $1,080 $1,200 $1,280 $1,700 $1,740 $1,800 $2,000 $2,000 $2,500

Subtotal Direct Cost of Sales $5,000 $5,000 $5,000 $5,480 $7,200 $7,580 $9,700 $9,940 $10,800 $12,000 $12,000 $14,500


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Appendix

Page 2

Table: Personnel

Personnel Plan

Mon th 1 Mo nth 2 Mo nth 3 Month 4 Month 5 Mon th 6 Mon th 7 Mon th 8 Mon th 9 Month 10 Month 11 Month 12

Raymond Garcia 0% $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000

Jose Arroyo 0% $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000

Delivery Persons 0% $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000 $4,000

Office Manager 0% $2,600 $2,600 $2,600 $2,600 $2,600 $2,600 $2,600 $2,600 $2,600 $2,600 $2,600 $2,600

Other 0% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Total People 5 5 5 5 5 5 5 5 5 5 5 5

Total Payroll $12,600 $12,600 $12,600 $12,600 $12,600 $12,600 $12,600 $12,600 $12,600 $12,600 $12,600 $12,600


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Appendix

Page 3

Table: General Assumptions

General Assumptions


Plan Month 1 2 3 4 5 6 7 8 9 10 11 12

Current 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%

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 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00%

Other 0 0 0 0 0 0 0 0 0 0 0 0


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Appendix

Page 4

Table: Profit and Loss

Pro Forma Profit and Loss


Sales $19,000 $19,000 $20,000 $22,000 $24,000 $27,500 $30,000 $30,000 $33,000 $34,000 $36,000 $39,000

Direct Cost of Sales $5,000 $5,000 $5,000 $5,480 $7,200 $7,580 $9,700 $9,940 $10,800 $12,000 $12,000 $14,500

Other Production Expenses $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Total Cost of Sales $5,000 $5,000 $5,000 $5,480 $7,200 $7,580 $9,700 $9,940 $10,800 $12,000 $12,000 $14,500

Gross Margin $14,000 $14,000 $15,000 $16,520 $16,800 $19,920 $20,300 $20,060 $22,200 $22,000 $24,000 $24,500

Gross Margin % 73.68% 73.68% 75.00% 75.09% 70.00% 72.44% 67.67% 66.87% 67.27% 64.71% 66.67% 62.82%

Expenses

Payroll $12,600 $12,600 $12,600 $12,600 $12,600 $12,600 $12,600 $12,600 $12,600 $12,600 $12,600 $12,600

Sales and Marketing and Other

Expenses

$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Depreciation $240 $240 $240 $240 $240 $240 $240 $240 $240 $240 $240 $240

Leased Equipment $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Utilities $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500

Insurance $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Rent $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000

Payroll Taxes 15% $1,890 $1,890 $1,890 $1,890 $1,890 $1,890 $1,890 $1,890 $1,890 $1,890 $1,890 $1,890

Other $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Total Operating Expenses $18,230 $18,230 $18,230 $18,230 $18,230 $18,230 $18,230 $18,230 $18,230 $18,230 $18,230 $18,230

Profit Before Interest and Taxes ($4,230) ($4,230) ($3,230) ($1,710) ($1,430) $1,690 $2,070 $1,830 $3,970 $3,770 $5,770 $6,270

EBITDA ($3,990) ($3,990) ($2,990) ($1,470) ($1,190) $1,930 $2,310 $2,070 $4,210 $4,010 $6,010 $6,510

Interest Expense $824 $814 $804 $794 $784 $774 $765 $755 $745 $735 $725 $715

Taxes Incurred ($1,516) ($1,513) ($1,210) ($751) ($664) $275 $392 $323 $968 $911 $1,513 $1,666

Net Profit ($3,537) ($3,531) ($2,824) ($1,753) ($1,550) $641 $914 $753 $2,258 $2,125 $3,531 $3,888

Net Profit/Sales -18.62% -18.58% -14.12% -7.97% -6.46% 2.33% 3.05% 2.51% 6.84% 6.25% 9.81% 9.97%


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Appendix

Page 5

Table: Cash Flow

Pro Forma Cash Flow


Cash Received

Cash from Operations

Cash Sales $4,750 $4,750 $5,000 $5,500 $6,000 $6,875 $7,500 $7,500 $8,250 $8,500 $9,000 $9,750

Cash from Receivables $0 $475 $14,250 $14,275 $15,050 $16,550 $18,088 $20,688 $22,500 $22,575 $24,775 $25,550

Subtotal Cash from Operations $4,750 $5,225 $19,250 $19,775 $21,050 $23,425 $25,588 $28,188 $30,750 $31,075 $33,775 $35,300

Additional Cash Received

Sales Tax , VAT, HST/GST Received 0.00% $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 $4,750 $5,225 $19,250 $19,775 $21,050 $23,425 $25,588 $28,188 $30,750 $31,075 $33,775 $35,300

Expenditures Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12

Expenditures from Operations

Cash Spending $12,600 $12,600 $12,600 $12,600 $12,600 $12,600 $12,600 $12,600 $12,600 $12,600 $12,600 $12,600

Bill Payments $157 $4,697 $4,700 $4,999 $5,435 $5,541 $6,443 $6,738 $12,520 $18,899 $20,331 $19,808

Subtotal Spent on Operations $12,757 $17,297 $17,300 $17,599 $18,035 $18,141 $19,043 $19,338 $25,120 $31,499 $32,931 $32,408

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

Long-term Liabilities Principal Repayment $1,180 $1,180 $1,180 $1,180 $1,180 $1,180 $1,180 $1,180 $1,180 $1,180 $1,180 $1,180

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

Dividends $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Subtotal Cash Spent $13,937 $18,477 $18,480 $18,779 $19,215 $19,321 $20,223 $20,518 $26,300 $32,679 $34,111 $33,588

Net Cash Flow ($9,187) ($13,252) $770 $996 $1,835 $4,104 $5,365 $7,670 $4,450 ($1,604) ($336) $1,712

Cash Balance $95,513 $82,261 $83,031 $84,027 $85,862 $89,966 $95,331 $103,000 $107,451 $105,847 $105,511 $107,223


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Appendix

Page 6

Table: Balance Sheet

Pro Forma Balance Sheet

Mon th 1 Mo nth 2 Mo nth 3 Month 4 Month 5 Mon th 6 Mon th 7 Mon th 8 Mon th 9 Month 10 Month 11 Month 12

Assets Starting Balances

Curren t Assets

Cash $104,700 $95,513 $82,261 $83,031 $84,027 $85,862 $89,966 $95,331 $ 103,000 $107,451 $105,847 $105,511 $107,223

Accounts Receivable $0 $14,250 $28,02 5 $28,775 $31,00 0 $33,95 0 $38,025 $42,438 $44,250 $46,500 $49,425 $51,650 $55,350

Inventory $60,000 $55,000 $50,000 $45,000 $39,520 $32,320 $24,740 $15,040 $10,934 $11,880 $13,200 $13,200 $15,950

Other Current Assets $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Total Current Assets $ 164 ,7 00 $16 4,763 $1 60,28 6 $1 56,80 6 $1 54 ,54 7 $1 52,13 2 $ 152 ,7 31 $ 152 ,8 08 $15 8,184 $16 5,831 $16 8,4 72 $ 17 0,3 61 $ 17 8,5 23

Long -term Assets

Long-term Assets $20,000 $20,000 $20,000 $20,000 $20,000 $20,000 $20,000 $20,000 $20,000 $20,000 $20,000 $20,000 $20,000

Accumulated Depr eciation $0 $240 $480 $720 $960 $1,200 $1,440 $1,680 $1,920 $2,160 $2,400 $2,640 $2,880

Total Long-term Assets $20,000 $19,760 $19,520 $19,280 $19,040 $18,800 $18,560 $18,320 $18,080 $17,840 $17,600 $17,360 $17,120

Total Assets $184,700 $184,523 $179,806 $176,086 $173,587 $170,932 $171,291 $171,128 $176,264 $183,671 $186,072 $187,721 $195,643

Liabilities and Capital Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12

Current Liabilities

Accounts Payable $0 $4,541 $4,534 $4,818 $5,252 $5,326 $6,224 $6,328 $11,891 $18,220 $19,677 $18,974 $24,188

Current Borrowing $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Other Current Liabilities $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Subtotal Current Liabilities $0 $4,541 $4,534 $4,818 $5,252 $5,326 $6,224 $6,328 $11,891 $18,220 $19,677 $18,974 $24,188

Long-term Liabilities $100,000 $98,820 $97,640 $96,460 $95,280 $94,100 $92,920 $91,740 $90,560 $89,380 $88,200 $87,020 $85,840

Total Liabilities $100,000 $103,361 $102,174 $101,278 $100,532 $99,426 $99,144 $98,068 $102,451 $107,600 $107,877 $105,994 $110,028

Paid-in Capital $100,000 $100,000 $100,000 $100,000 $100,000 $100,000 $100,000 $100,000 $100,000 $100,000 $100,000 $100,000 $100,000

Retain ed Earnin gs ($1 5,300 ) ($ 15,300 ) ($ 15,30 0) ($ 15,30 0) ($15 ,3 00) ($15 ,3 00) ($1 5,300 ) ($1 5,3 00) ($1 5,300 ) ($1 5,300 ) ($1 5,300 ) ($1 5,300 ) ($1 5,300 )

Earnings $0 ($3,537) ($7,068) ($9,892) ($11,645) ($13,194) ($12,553) ($11,640) ($10,887) ($8,629) ($6,505) ($2,973) $915

Total Capital $84,700 $81,163 $77,632 $74,808 $73,056 $71,506 $72,147 $73,060 $73,813 $76,071 $78,195 $81,727 $85,615

Total Lia bil itie s a nd Ca pital $ 184 ,7 00 $18 4,523 $1 79,80 6 $1 76,08 6 $1 73 ,58 7 $1 70,93 2 $ 171 ,2 91 $ 171 ,1 28 $17 6,264 $18 3,671 $18 6,0 72 $ 18 7,7 21 $ 19 5,6 43

Net Worth $84,700 $81,163 $77,632 $74,808 $73,056 $71,506 $72,147 $73,060 $73,813 $76,071 $78,195 $81,727 $85,615

Aztec Food Imports

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