INCOME STATEMENTSHistorical
2009 2010TOTAL SALES $32,886,109 $33,497,044
OTHER REVENUES: INTEREST INCOME $34,202 $57,467 MISCELLANEOUS $171,553 $280,239 TOTAL OTHER REVENUES $205,755 $337,706
TOTAL REVENUES $33,091,864 $33,834,750 LESS: COST OF GOODS SOLD $16,447,863 $18,024,814 GROSS PROFIT $16,644,001 $15,809,936 GROSS PROFIT MARGIN (%) 50.3% 46.7%
GEN. & ADM. EXPENSE BAD DEBT $181,597 $95,577 SALARIES $3,476,930 $3,675,427 ADVERTISING & PROMOTION $21,884 $50,465 COMMISSIONS & ROYALTIES/FEES $57,591 $48,377 OFFICE SUPPLIES $120,040 $128,194 RESEARCH & DEVELOPMENT $314,028 $267,134 RENTALS $277,346 $731,583 UTILITIES $337,996 $288,720 INSURANCE $201,873 $356,195 PROFESSIONAL FEES $355,078 $715,343 TAXES $153,814 $106,208 TRAVEL & VEHICLE $365,000 $342,989 PENSION & PROFIT SHARING $198,183 $127,601 DEPRECIATION $1,083,409 $933,128 AMORTIZATION $3,573 $164,356 MANUFACTURING EXPENSE $6,487,781 $7,059,185 MISCELLANEOUS $1,309,202 $728,991 TOTAL GEN. & ADM. EXPENSE $14,945,325 $15,819,474
OPERATING INCOME $1,698,676 ($9,538) OPERATING MARGIN (%) 5.1% 0.0%
EXTRAORDINARY INCOME (EXPENSE) $0 ($457,975)
INCOME AFTER EXTRAORDINARY ITEMS $1,698,676 ($467,513)
INTEREST EXPENSE $992,783 $886,447 PRE-TAX INCOME $705,893 ($1,353,960) PRE-TAX MARGIN (%) 2.1% -4.0%
TAXES $193,889 $477,938
NET INCOME AFTER TAXES $512,004 ($1,831,898)AFTER-TAX MARGIN (%) 1.5% -5.4%
DEPRECIATION & AMORTIZATION $1,086,982 $1,097,483
EBITDA $2,785,658 $1,087,945 MARGIN (%) 8.4% 3.2%
BALANCE SHEETS
DESCRIPTION 2008 2009 2010CURRENT ASSETS:CASH $737,747 $274,996 $0 ACCOUNTS RECEIVABLE $5,289,701 $3,370,451 $4,567,295 INVENTORY $5,083,700 $5,293,306 $2,215,248 PREPAID EXPENSES $186,037 $117,506 $253,161 DEFERRED TAXES $346,735 $375,000 $0 OTHER CURRENT ASSETS $828,208 $781,647 $262,876 TOTAL CURRENT ASSETS $12,472,128 $10,212,906 $7,298,580
DEPOSITS $245,405 $336,894 $444,384
NOTES RECEIVABLE $0 $16,294 $888,007
GROSS FIXED ASSETS $7,233,474 $11,088,479 $9,680,382 (ACCUM. DEPRECIATION) ($3,541,017) ($5,549,385) ($5,175,286) NET FIXED ASSETS $3,692,457 $5,539,094 $4,505,096
GOODWILL & ORGANIZAT'L $164,889 $240,353 $10,756,790 (ACCUM. AMORTIZATION) $0 ($3,573) ($141,643)
NET GOODWILL & ORGAN'L $164,889 $236,780 $10,615,147
TOTAL ASSETS $16,574,879 $16,341,968 $23,751,214
CURRENT LIABILITIES:ACCOUNTS PAYABLE $2,650,422 $2,108,658 $2,339,772 ACCRUED INCOME/OTHER TAX $89,411 $119,818 $310,099 ACCRUED EXPENSES $1,216,823 $416,915 $612,396 REVOLVING DEBT $0 $0 $1,538,628 ACCRUED EMPLOYEE EXPENSE $300,000 $41,783 $322,407 OTHER CURRENT LIABILITIES $246,732 $17,894 $67,894 CURRENT PORTION L-T DEBT $1,736,294 $3,714,344 $937,134 TOTAL CURRENT LIABILITIES $6,239,682 $6,419,412 $6,128,330
LONG TERM LIABILITIES:LONG TERM DEBT $4,723,702 $4,426,519 $3,485,019 DEFERRED TAXES $66,405 ($656,368) ($120,289) TOTAL L-T LIABILITIES $4,790,107 $3,770,151 $3,364,730
PREFERRED STOCK $0 $0 $14,250,000 DIVIDENDS IN ARREARS $0 $0 $0
STOCKHOLDERS' EQUITY $81,164 $176,475 $41,000 RETAINED EARNINGS $5,463,926 $5,975,930 ($32,845) TOTAL EQUITY $5,545,090 $6,152,405 $8,155
TOTAL LIABILITIES & EQUITY $16,574,879 $16,341,968 $23,751,214
ASSETS - LIAB. & EQ. $0 $0 ($0)
STATEMENTS OF CASH FLOW2009 2010
FROM OPERATIONS:NET INCOME $512,004 ($1,831,898)DEPRECIATION & AMORTIZATION $1,086,982 $1,097,483 NON-CASH CURRENT ASSETS $1,796,471 $2,639,330
CURRENT LIABILITIES ($1,311,265) $616,876 TOTAL FROM OPERATIONS $2,084,192 $2,521,791
FROM INVESTING ACTIVITIES:DEPOSITS ($91,489) ($107,490)NOTES RECEIVABLE ($16,294) ($871,713)GOODWILL & ORGANIZAT'L ($2,930,046) $100,870 GROSS FIXED ASSETS ($75,464) ($10,516,437) TOTAL FROM INVESTING ACTIVITIES ($3,113,293) ($11,394,769)
FROM FINANCING ACTIVITIES:REVOLVING DEBT $0 $1,538,628 ACCRUED EMPLOYEE EXPENSE ($258,217) $280,624 OTHER CURRENT LIABILITIES ($228,838) $50,000 CURRENT PORTION L-T DEBT $1,978,050 ($2,777,210)LONG TERM DEBT ($297,183) ($941,500)DEFERRED TAXES ($722,773) $536,079 OPTIONAL CATEGORY 10 $0 $0 PREFERRED STOCK $0 $14,250,000 DIVIDENDS IN ARREARS $0 $0 STOCKHOLDERS' EQUITY $95,311 ($135,475)DIVIDENDS ($0) ($4,203,163) TOTAL FROM FINANCING ACTIVITIES $566,350 $8,597,983
TOTAL CHANGE IN CASH ($462,751) ($274,996)
PLUS: BEGINNING CASH $737,747 $274,996 ENDING CASH BALANCE $274,996 $0
CASH FROM BALANCE SHEET $274,996 $0
FINANCING PAYMENT SCHEDULES
LOAN NO.: #1Description: Seller Note
Interest Rate 8.00%Original Principal Amount $3,850,000 Current Principal Balance $3,144,033 Date of Current Balance 12/31/2012Final Payment Due Date 11/30/2017
2013 2014Beg. Balance $3,144,033 $2,433,094 Payment $936,769 $936,769 Interest $225,830 $166,823 Principal Pymt. $710,939 $769,947 Ending Balance $2,433,094 $1,663,147
LOAN NO.: #2Description: Capital ExpenditureInterest Rate 10.16%Original Principal Amount $1,738,000 Current Principal Balance $1,334,391 Date of Current Balance 12/31/2012Final Payment Due Date 11/30/2016
2013 2014Beg. Balance $1,334,391 $920,470 Payment $530,524 $530,524 Interest $116,603 $72,553 Principal Pymt. $413,921 $457,971 Ending Balance $920,470 $462,499
PREFERRED STOCK #1Description: Series/TypeInterest Rate 0.00%Original Principal Amount (Input) $14,250,000 Current Principal Balance $11,400,000 Date of Current Balance 12/31/2012Final Payment Due Date 11/30/2016
2013 2014Beg. Balance $11,400,000 $8,550,000 Payment $2,850,000 $2,850,000 Dividend $0 $0
Principal $2,850,000 $2,850,000 End. Balance $8,550,000 $5,700,000
Historical Projected2011 2012 2013 2014 2015
$49,732,345 $54,705,579 $60,176,137 $66,193,751 $72,813,126
$76,780 $0 $0 $0 $0 $200,000 $237,724 $261,496.86 $287,646.55 $316,411.20 $276,780 $237,724
$50,009,125 $54,943,304 $60,437,634 $66,481,397 $73,129,537 $24,335,337 $26,768,871 $29,445,757.87 $32,390,333.65 $35,629,367.02 $25,673,788 $28,174,433 $30,991,876 $34,091,064 $37,500,170
51.3% 51.3% 51.3% 51.3% 51.3%
$189,668 $0 $0 $0 $0 $4,136,820 $4,136,820 $4,550,502 $5,005,552 $5,506,107
$194,467 $197,752 $217,527 $239,280 $263,208 $24,600 $0 $0 $0 $0
$148,729 $148,729 $163,602 $179,962 $197,958 $90,821 $90,821 $99,903 $109,894 $120,883
$896,638 $896,638 $986,302 $1,084,932 $1,193,425 $322,194 $322,194 $354,413 $389,855 $428,840 $695,952 $695,952 $765,547 $842,102 $926,312 $283,704 $306,480 $337,128 $370,841 $407,925 $117,288 $117,288 $129,017 $141,918 $156,110 $489,585 $489,585 $538,543 $592,397 $651,637 $45,960 $45,960 $50,556.00 $55,611.60 $61,172.76
$1,505,209 $1,693,055 $1,138,714 $1,252,585 $1,377,844 $38,676 $717,119 $668,496 $735,346 $808,881
$9,166,897 $9,166,897 $10,083,587 $11,091,946 $12,201,141 $942,941 $1,071,698 $1,178,868 $1,296,754 $1,426,430
$19,290,149 $20,096,988 $21,262,706 $23,388,976 $25,727,874
$6,383,638 $8,077,445 $9,729,171 $10,702,088 $11,772,296 12.8% 14.7% 14.7% 14.7% 14.7%
$200,000 $0 $0 $0 $0
$6,583,638 $8,077,445 $9,729,171 $10,702,088 $11,772,296
$684,345 $436,731 $375,814 $410,010 $447,735 $5,899,294 $7,640,713 $9,353,357 $10,292,078 $11,324,561
11.8% 13.9% 13.9%
$2,309,703 $2,433,085 $2,978,453.31 $3,277,376.81 $3,606,157.51
$3,589,590 $5,207,629 $6,374,903 $7,014,701 $7,718,404 7.2% 9.5% 9.5% 9.5% 9.5%
$1,543,885 $2,410,174 $1,807,210 $1,987,931 $2,186,724
$7,927,523 $10,487,619 $11,536,381 $12,690,019 $13,959,020 15.9% 19.2% 19.1% 19.1% 19.1%
2011 2012 2013 2014 2015
$1,424,527 $2,721,329 $2,993,462 $3,292,808 $3,622,088 $5,750,259 $6,421,451 $7,063,597 $7,769,956 $8,546,952 $2,614,444 $3,986,147 $4,384,762 $4,823,238 $5,305,562
$253,161 $253,161 $278,477 $306,325 $336,957 $0 $0 $0 $0 $0
$273,111 $273,111 $300,423 $330,465 $363,511 $10,315,502 $13,655,199 $15,020,719 $16,522,791 $18,175,070
$444,384 $444,384 $444,384 $444,384 $444,384
$658,651 $658,651 $658,651 $658,651 $658,651
$11,851,382 $11,851,382 ($6,680,495) ($8,373,550)$5,170,887 $3,477,832 $3,825,615 $4,208,177 $4,628,995
$10,756,790 $10,756,790 ($180,318) ($897,438)
$10,576,472 $9,859,352 $10,845,288 $11,929,816 $13,122,798
$27,165,895 $28,095,419 $30,794,658 $33,763,820 $37,029,898
$2,553,598 $1,839,991 $2,023,990 $2,226,389 $2,449,028 $1,066,125 $1,077,556 $1,185,312 $1,303,843 $1,434,227
$612,396 $612,396 $673,636 $740,999 $815,099 $0 $0 $0 $0 $0
$322,407 $322,407 $322,407 $322,407 $322,407 $67,894 $67,894 $67,894 $67,894 $67,894
$1,321,976 $1,124,860 $1,196,999 $1,277,667 $1,367,558 $5,944,397 $5,045,104 $5,470,237 $5,939,199 $6,456,214
$3,882,377 $3,353,564 $3,688,920.11 $4,057,812.12 $4,463,593.33 ($120,289) ($120,289) ($120,289) ($120,289) ($120,289)
$3,762,088 $3,233,275 $3,568,631 $3,937,523 $4,343,304
$14,250,000 $11,400,000 $11,400,000 $11,400,000 $11,400,000 $157,884 $157,884 $157,884 $157,884 $157,884
$41,000 $41,000 $41,000 $41,000 $41,000 $3,010,528 $8,218,157 $10,156,905 $12,288,214 $14,631,496 $3,051,528 $8,259,157 $21,755,789 $23,887,098 $26,230,380
$27,165,896 $28,095,420 $30,794,658 $33,763,820 $37,029,898
($1) ($1) $0 $0 $0
2011 2012 2013 2014 2015
$3,589,590 $5,207,629 $1,543,885 $2,410,174
($1,592,395) ($2,042,896)
$969,853 ($702,177)$4,510,934 $4,872,730
$0 $0 $229,356 $0
($2,171,000) $0 $0 $0
($1,941,644) $0
($1,538,628) $0 $0 $0 $0 $0
$384,842 ($197,116)$397,358 ($528,813)
$0 $0 $0 $0 $0 ($2,850,000)
$157,884 $0 $0 $0
($546,217) $0 ($1,144,762) ($3,575,928)
$1,424,527 $1,296,801
$0 $1,424,527 $1,424,527 $2,721,329
$1,424,527 $2,721,329
2015 2016$1,663,147 $829,295
$936,769 $862,974 $102,917 $33,680 $833,852 $829,295 $829,295 ($0)
2015 2016$462,499 ($0)$486,314 $0 $23,815 $0
$462,499 $0 ($0) ($0)
2015 2016$5,700,000 $2,850,000 $2,850,000 $2,850,000
$0 $0
$2,850,000 $2,850,000 $2,850,000 $0
Projected2016
$77,181,913
$0 $335,395.88
$77,517,309 $37,767,129.04
$39,750,180 51.3%
$0 $5,836,473
$279,001 $0
$209,836 $128,136
$1,265,030 $454,571 $981,891 $432,401 $165,477 $690,735
$64,843.13 $1,515,628
$889,769 $12,933,209
$1,512,016 $27,359,015
$12,391,165 14.7%
$0
$12,391,165
$489,330 $11,901,835
$3,789,982.71
$8,111,852 9.5%
$2,405,397
$14,796,562 19.1%
2016
$3,839,414 $9,059,769 $5,623,895
$357,175 $0
$385,322 $19,265,575
$444,384
$658,651
$4,906,734
$13,910,166
$39,185,510
$2,595,970 $1,520,281
$864,005 $0
$322,407 $67,894
$1,412,758 $6,783,314
$4,731,408.93 ($120,289)
$4,611,120
$11,400,000 $157,884
$41,000 $16,192,192 $27,791,076
$39,185,510
$0
2016
INCOME STATEMENTSHistorical
2009 2010TOTAL SALES $11,011,549 $14,108,695
OTHER REVENUES: INTEREST INCOME $0 $0 MISCELLANEOUS $3,489 $0 TOTAL OTHER REVENUES $3,489 $0
TOTAL REVENUES $11,015,038 $14,108,695 LESS: COST OF GOODS SOLD $9,108,667 $10,219,260 GROSS PROFIT $1,906,371 $3,889,434 GROSS PROFIT MARGIN (%) 17.3% 27.6%
GEN. & ADM. EXPENSE BAD DEBT $6,000 $5,500 SALARIES $892,883 $1,029,698 ADVERTISING & PROMOTION $1,713 $48 COMMISSIONS & ROYALTIES/FEES $519,213 $730,161 OFFICE SUPPLIES $26,157 $48,965 RENTALS $140,082 $186,465 UTILITIES $113,503 $123,553 INSURANCE $75,205 $50,041 PROFESSIONAL FEES $0 $351,891 TAXES $70,910 $31,420 TRAVEL & VEHICLE $0 $139,959 DEPRECIATION $557,124 $557,575 AMORTIZATION $14,373 $30,815 MANUFACTURING EXPENSE $29,181 $163,287 MISCELLANEOUS $548,382 $42,081 TOTAL GEN. & ADM. EXPENSE $2,994,726 $3,491,459
OPERATING INCOME ($1,088,355) $397,975 OPERATING MARGIN (%) -9.9% 2.8%
EXTRAORDINARY INCOME (EXPENSE) ($368,750) $2,216,955
INCOME AFTER EXTRAORDINARY ITEMS ($1,457,105) $2,614,930
INTEREST EXPENSE $587,417 $290,735
PRE-TAX INCOME ($2,044,522) $2,324,195 PRE-TAX MARGIN (%) -18.6% 16.5%
TAXES ($900) $0
NET INCOME AFTER TAXES ($2,043,622) $2,324,195 AFTER-TAX MARGIN (%) -18.6% 16.5%
DEPRECIATION & AMORTIZATION $571,496 $588,390
EBITDA ($516,859) $986,366 MARGIN (%) -4.7% 7.0%
BALANCE SHEETS
DESCRIPTION 2008 2009 2010CURRENT ASSETS:CASH $0 $208,000 $356,000 ACCOUNTS RECEIVABLE $1,785,000 $1,502,000 $2,446,000 INVENTORY $5,686,000 $5,655,000 $3,723,000 PREPAID EXPENSES $42,000 $86,000 $101,000 TOTAL CURRENT ASSETS $7,513,000 $7,451,000 $6,626,000
DEFERRED FINANCE CHARGE $33,000 $11,000 $0
OTHER ASSETS $364,000 $0 $75,500
GROSS FIXED ASSETS $5,254,000 $5,319,000 $5,497,000 (ACCUM. DEPRECIATION) ($3,513,000) ($4,069,000) ($4,626,000) NET FIXED ASSETS $1,741,000 $1,250,000 $871,000
GOODWILL & ORGANIZAT'L $0 $0 $0 (ACCUM. AMORTIZATION) $0 $0 $0 NET GOODWILL & ORGAN'L $0 $0 $0
TOTAL ASSETS $9,651,000 $8,712,000 $7,572,500
CURRENT LIABILITIES:ACCOUNTS PAYABLE $1,657,000 $1,510,000 $1,545,000 ACCRUED INCOME/OTHER TAX $0 $0 $0 ACCRUED EXPENSES $389,000 $634,418 $833,000 REVOLVING DEBT $3,881,000 $4,119,000 $1,688,000 CURRENT PORTION L-T DEBT $340,000 $397,000 $150,000 TOTAL CURRENT LIABILITIE $6,267,000 $6,660,418 $4,216,000
LONG TERM LIABILITIES:LONG TERM DEBT $1,427,000 $1,497,582 $837,500 TOTAL L-T LIABILITIES $1,427,000 $1,497,582 $837,500
PREFERRED STOCK $1,109,000 $1,309,000 $1,988,000
STOCKHOLDERS' EQUITY $830,000 $830,000 $707,000 RETAINED EARNINGS $18,000 ($1,585,000) ($176,000) TOTAL EQUITY $848,000 ($755,000) $531,000
TOTAL LIABILITIES & EQUITY $9,651,000 $8,712,000 $7,572,500
ASSETS - LIAB. & EQ. $0 $0 $0
STATEMENTS OF CASH FLOW2009 2010
FROM OPERATIONS:NET INCOME ($1,693,820) $2,324,195 DEPRECIATION & AMORTIZATION $571,496 $588,390 NON-CASH CURRENT ASSETS $270,000 $973,000 CURRENT LIABILITIES $98,418 $233,582 TOTAL FROM OPERATIONS ($753,905) $4,119,167
FROM INVESTING ACTIVITIES:DEFERRED FINANCE CHARGE $22,000 $11,000 OTHER ASSETS $364,000 ($75,500)GOODWILL & ORGANIZAT'L ($66,124) ($178,575)
GROSS FIXED ASSETS $0 $0 TOTAL FROM INVESTING ACTIVITIES $319,876 ($243,075)
FROM FINANCING ACTIVITIES:REVOLVING DEBT $238,000 ($2,431,000)CURRENT PORTION L-T DEBT $57,000 ($247,000)LONG TERM DEBT $70,582 ($660,082)PREFERRED STOCK $200,000 $679,000 STOCKHOLDERS' EQUITY $0 ($123,000)DIVIDENDS/AMORTIZATION EXP. ADJUSTMENT $76,448 ($946,011) TOTAL FROM FINANCING ACTIVITIES $642,030 ($3,728,093)
TOTAL CHANGE IN CASH $208,001 $147,999
PLUS: BEGINNING CASH $0 $208,000 ENDING CASH BALANCE $208,001 $355,999
CASH FROM BALANCE SHEET $208,000 $356,000
FINANCING PAYMENT SCHEDULES
LOAN NO.: #1Description: RestructuringInterest Rate 13.00%Original Principal Amount $600,000 Current Principal Balance $462,624 Date of Current Balance 12/31/2012Final Payment Due Date 3/31/2016
2013 2014Beg. Balance $462,624 $352,537 Payment $163,822 $163,822 Interest $53,735 $38,539 Principal Pymt. $110,087 $125,283 Ending Balance $352,537 $227,254
PREFERRED STOCK #1Description: Series/Type
Interest Rate 0.00%Original Principal Amount $1,988,000 Current Principal Balance $1,590,400 Date of Current Balance 12/31/2012Final Payment Due Date 12/31/2016
2013 2014Beg. Balance $1,590,400 $1,192,800 Payment $397,600 $397,600 Dividend $0 $0 Principal $397,600 $397,600 End. Balance $1,192,800 $795,200
Historical Projected2011 2012 2013 2014 2015
$14,517,014 $15,968,716 $17,884,962 $20,031,157 $22,034,273
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$14,517,014 $15,968,716 $17,884,962 $20,031,157 $22,034,273 $10,835,186 $11,918,704 $13,348,949 $14,950,823 $16,445,905
$3,681,828 $4,050,011 $4,536,013 $5,080,334 $5,588,368 25.4% 25.4% 25.4% 25.4% 25.4%
$653 $0 $0 $0 $0 $1,379,313 $1,420,692 $1,591,176 $1,782,117 $1,960,328
$15,563 $16,033 $17,957.45 $20,112.35 $22,123.58 $833,652 $0 $0 $0 $0 $42,204 $43,471 $48,687 $54,530 $59,982
$160,419 $165,231 $185,059 $207,266 $227,993 $135,331 $139,391 $156,118 $174,852 $192,337 $46,537 $47,934 $53,686 $60,128 $66,141
$379,628 $391,017 $437,939 $490,492 $539,541 $37,424 $38,547 $43,173 $48,354 $53,189
$156,987 $161,696 $181,100 $202,832 $223,115 $557,388 $618,222 $696,177 $779,718 $727,737 $37,133 $0 $0 $0 $0
$200,490 $222,120 $248,775 $278,628 $306,491 $37,230 $38,347 $42,949 $48,103 $52,913
$4,019,953 $3,302,702 $3,702,795 $4,147,130 $4,431,890
($338,124) $747,309 $833,218 $933,204 $1,156,478 -2.3% 4.7% 4.7% 4.7% 5.2%
$0 $0 $0 $0 $0
($338,124) $747,309 $833,218 $933,204 $1,156,478
$168,110 $334,673 $374,833 $419,813 $461,795
($506,234) $412,637 $458,385 $513,391 $694,683 -3.5% 2.6% 2.6% 2.6% 3.2%
$0 $233,927 $259,861.65 $291,045.05 $393,820.85
($506,234) $178,710 $198,523 $222,346 $300,862 -3.5% 1.1% 1.1% 1.1% 1.4%
$594,521 $618,222 $696,177 $779,718 $727,737
$256,397 $1,365,531 $1,529,395 $1,712,923 $1,884,215 1.8% 8.6% 8.6% 8.6% 8.6%
2011 2012 2013 2014 2015
$306,004 $708,919 $793,989.62 $889,268.38 $978,195.21 $2,258,017 $2,680,112 $3,001,725.16 $3,361,932.18 $3,698,125.40 $4,086,600 $4,086,600 $4,576,992 $5,126,231 $5,638,854
$83,000 $83,000 $92,960 $104,115 $114,527 $6,733,621 $7,558,631 $8,465,667 $9,481,547 $10,429,701
$0 $0 $0 $0 $0
$96,500 $96,500 $96,500 $96,500 $96,500
$5,564,000 $5,564,000 $6,231,680 $6,979,482 $7,677,430 ($5,183,252) ($5,801,474) ($6,497,651) ($7,277,370) ($8,005,107)
$380,748 ($237,474) ($265,971) ($297,888) ($327,677)
$0 $0 $0 $0 $0 ($21,700) ($21,700) ($21,700) ($21,700) ($21,700)($21,700) ($21,700) ($21,700) ($21,700) ($21,700)
$7,189,168 $7,395,957 $8,274,495 $9,258,459 $10,176,825
$1,003,428 $1,702,226 $1,906,493 $2,135,272 $2,348,799 $0 $42,759 $47,890 $53,637 $59,000
$668,000 $668,000 $748,160 $837,939 $921,733 $2,665,212 $2,665,212 $2,985,037 $3,343,242 $3,677,566
$219,144 $110,087 $123,298 $138,094 $151,903 $4,555,784 $5,188,284 $5,810,878 $6,508,183 $7,159,002
$559,358 $352,536 $394,841 $442,221 $486,444 $559,358 $352,536 $394,841 $442,221 $486,444
$1,988,000 $1,590,400 $1,590,400 $1,590,400 $1,590,400
$707,000 $707,000 $707,000 $707,000 $707,000 ($620,974) ($442,264) ($228,623) $10,654 $233,979
$86,026 $264,736 $478,377 $717,654 $940,979
$7,189,168 $7,395,957 $8,274,495 $9,258,459 $10,176,825
$0 $0 $0 $0 $0
($209,979) ($6,277) $311,516 $707,474
2011 2012 2013 2014 2015
($506,234) $178,710 $198,523 $222,346 $300,862 $594,521 $618,222 $696,177 $779,718 $727,737
($157,617) ($422,095) ($821,965) ($920,601) ($859,228)($706,572) $741,557 $289,558 $324,305 $302,685 ($775,902) $1,116,394 $362,293 $405,768 $472,056
$0 $0 $0 $0 $0 ($21,000) $0 $0 $0 $0 ($67,136) $0 $0 $0 $0
$0 $0 ($667,680) ($747,802) ($697,948)($88,136) $0 ($667,680) ($747,802) ($697,948)
$977,212 $0 $319,825 $358,204 $334,324 $69,144 ($109,056) $13,210 $14,796 $13,809
($278,142) ($206,822) $42,304 $47,381 $44,222 $0 ($397,600) $0 $0 $0 $0 $0 $0 $0 $0
$45,846 $0 $0 $0 $0 $814,060 ($713,479) $375,340 $420,381 $392,356
($49,978) $402,916 $69,953 $78,348 $166,464
$356,000 $306,004 $708,919 $778,872 $857,220 $306,022 $708,919 $778,872 $857,220 $1,023,684
$306,004 $708,919 $793,990 $889,268 $978,195 $32,048 ($45,489)
2015 2016$227,254 $0 $234,274 $0
$7,021 $0 $227,253 $0
$0 $0
2015 2016$795,200 $397,600 $397,600 $397,600
$0 $0 $397,600 $397,600 $397,600 ($0)
Projected2016
$23,135,986
$0 $0 $0
$23,135,986 $17,268,200
$5,867,786 25.4%
$0 $2,058,345 $23,229.76
$0 $62,982
$239,392 $201,954 $69,448
$566,518 $55,848
$234,271 $400,255
$0 $321,815 $55,558
$4,289,616
$1,578,170 6.8%
$0
$1,578,170
$484,884
$1,093,286 4.7%
$619,791.53
$473,494 2.0%
$400,255
$1,978,425 8.6%
2016
$1,027,104.97 $3,883,031.67
$5,920,797 $120,253
$10,951,187
$0
$96,500
$8,061,301 ($8,405,362)
($344,061)
$0 ($21,700)($21,700)
$10,681,926
$2,466,239 $61,950
$967,820 $3,861,444
$159,498 $7,516,952
$510,766 $510,766
$1,590,400
$707,000 $356,808
$1,063,808
$10,681,926
$0
2016
$473,494 $400,255
($472,575)$166,477 $567,651
$0 $0 $0
($383,871)($383,871)
$183,878 $7,595
$24,322 $0 $0 $0
$215,796
$399,575
$1,023,684 $1,423,259
$1,027,105 ($396,154)