Olushola Talabi

Cover Page Legal Page Confidentiality Agreement The undersigned reader acknowledges that the information provided by _______________ in this business plan is confidential; therefore, reader agrees not to disclose it without the express written permission of _______________. It is acknowledged by reader that information to be furnished in this business plan is in all respects confidential in nature, other than information which is in the public domain through other means and that any disclosure or use of same by reader, may cause serious harm or damage to _______________. Upon request, this document is to be immediately returned to _______________. ___________________ Signature ___________________ Name (typed or printed) ___________________ Date This is a business plan. It does not imply an offering of securities. Table of Contents 1.0 Executive Summary Chart: Highlights 1.1 Objectives 1.2 Mission 1.3 Keys to Success 2.0 Company Summary 2.1 Company Ownership 2.2 Startup Summary Table: Startup Chart: Startup 3.0 Products and Services 4.0 Market Analysis Summary 4.1 Market Segmentation Table: Market Analysis Chart: Market Analysis (Pie) 4.2 Target Market Segment Strategy 4.3 Service Business Analysis 4.3.1 Competition and Buying Patterns 5.0 Strategy and Implementation Summary 5.1 SWOT Analysis 5.1.1 Strengths 5.1.2 Weaknesses 5.1.3 Opportunities 5.1.4 Threats 5.2 Competitive Edge 5.3 Marketing Strategy 5.4 Sales Strategy 5.4.1 Sales Forecast Table: Sales Forecast Chart: Sales Monthly Chart: Sales by Year 5.5 Milestones Table: Milestones Chart: Milestones 6.0 Management Summary 6.1 Personnel Plan Table: Personnel 7.0 Financial Plan 7.1 Startup Funding Table: Startup Funding 7.2 Important Assumptions 7.3 Break-even Analysis Table: Break-even Analysis Chart: Break-even Analysis 7.4 Projected Profit and Loss Table: Profit and Loss Chart: Profit Monthly - Page 3 Table of Contents Chart: Profit Yearly Chart: Gross Margin Monthly Chart: Gross Margin Yearly 7.5 Projected Cash Flow Table: Cash Flow Chart: Cash 7.6 Projected Balance Sheet Table: Balance Sheet 7.7 Business Ratios Table: Ratios 7.8 Long-term Plan Table: Sales Forecast Table: Personnel Table: Profit and Loss Table: Cash Flow Table: Balance Sheet - Page 4 Table of Contents Page 5 NCGA CASSAVA STARCH PROCESSING PLANT 1.0 Executive Summary Chart: Highlights Highlights $60,000,000 $50,000,000 $40,000,000 Sales Gross Margin $30,000,000 Net Profit $20,000,000 $10,000,000 $0 2019 2020 2021 2022 2023 1.1 Objectives The main objectives of NCGA includes Promotion of a multi-sectoral development plan for Cassava to provide increased food security, contribute to poverty eradication and economic growth in Nigeria; Exploiting the great potentials of Cassava as a raw material for the production of a range of high value food, feed and industrial products; Developing a strategic framework for mobilizing resources and formulating policies that will sustain the drive towards the development of various industries that will use Cassava as raw material and stimulate export of high quality Cassava products. The vision behind the Nigerian Cassava Growers Association consists of building an efficient and competitive domestic, regional, international market for industrial Cassava products. This strategy will be driven by domestic demand on a short term, regional market on a medium term and international market on the long term. 1.2 Mission Page 6 NCGA CASSAVA STARCH PROCESSING PLANT The vision of NCGA is To promote and develop mechanized Cassava production aimed at achieving a higher yield of Cassava and Starch content with the help of new improved varieties and technologies. 1.3 Keys to Success NCGA AGRO has acquired 9500 hectares of arable land. 10 hectares each will be allocated to 900 members of the Association, which will make up 9000 hectares. The remaining 500 hectares will be utilized for farm demarcation, factory layout and access roads within the farm settlement. NCGA will empower the farmers through inputs supply, fertilizers, Cassava stems, herbicides etc and other necessary tools such as land preparation, weed control and extension services, needed to achieve about 40 tons yield per hectare. 2.0 Company Summary Nigeria Cassava Growers Association was formed in 1982 by visionary leaders to bring prospect into Cassava farming in Nigeria. These Visionary leaders laid a solid foundation on which the Association is spreading its tentacles. Nigeria Cassava Growers Association is duly registered with the Nigeria Corporate Affairs Commission. 2.1 Company Ownership The Nigeria Cassava Growers Associations Board of Trustees is a board made up of several members. They are namely; Chief Moses Ayinmodu Chairman Pastor Segun Adewumi Secretary Charles Dare Babalola (MBA, BBA) Dr. Sarah Nnadwa Jubril Dr. Adegbenga Sun-Basorun Mr Daniel Richards Pastor Sola Samuel (Bsc.Ed) Professor Tahir Mamman (SAN, OON) 2.2 Startup Summary The project will require a huge capital fund as start up fund requirement. These start up will be in Capital, direct and indirect expenditures in form of Raw Materials and additives, Assets and Resources. Page 7 NCGA CASSAVA STARCH PROCESSING PLANT The Resources required for the project as highlighted above will be solely financed by a long term loan facility with a five year tenure at 9% per annum. Emphasis shall be on full utilization of the fund to finance the project rather than keeping same in an investment account which might contradict the objective of running this project aside not getting a satisfactory yield on such investments. Table: Startup Startup Requirements Startup Expenses Legal and statutory regulatory charges Power and Electricity Diesel Generator repair and Meintenace Training & Development Security Expenses Motor Vehicle Meintenance Motor Vehivle Fuelling Other Overheads Packaging Espenses Advertisment and sales promotion Haulage Port clearing Local Transport & other logistics Software Maintenace Raw material Additive Total Startup Expenses $16,393 $8,219 $21,472 $4,500 $2,000 $4,000 $2,932 $2,932 $650,480 $280,560 $324,100 $164,384 $595,312 $122,680 $223,950 $1,967,190 $220,490 $4,611,594 Startup Assets Cash Required Other Current Assets Long-term Assets Total Assets $50,000 $20,000 $5,907,050 $5,977,050 Total Requirements $10,588,644 Chart: Startup Page 8 NCGA CASSAVA STARCH PROCESSING PLANT Startup $10,000,000 $8,000,000 $6,000,000 $4,000,000 $2,000,000 $0 Expenses Assets Investment Loans 3.0 Products and Services Starch: The world starch production is about 60 million tonnes and its consumption trend is expected to be 100 million tonnes by 2015 (Vilpoux, 2013). The largest producer is United States with 25.2 million tonnes, the Asian countries at 19.8 million tonnes, Europe with 12.2 million tonnes, Latin America with 1.8 million and Brazil with 1.0 million tonnes respectively. The major raw materials used in starch production are corn, 75%, sweet potato, 13% and lastly, cassava at 12%. On the international market, Cassava starch is able to compete against corn, wheat and potatoes starches. Cassava starch is especially competitive outside the two main markets, US and EU. The overall world demand for all starch products grows at an annual rate of 4%. It is expected that this significant growth in demand will continue in the next decade. A high level of protection characterizes the starch market, as many users protect their local starch industries. Tariffs on Cassava starch in the main importer countries range from )% in Canada, Malaysia, Indonesia and the United States to 480% in the Republic of Korea. In the main markets, starch is imported under preferential access conditions. Japan for instance, has established an overall 200,000 tonnes tariff quota on native starch from maize, potato and Cassava, beginning with a 25% duty and reducing it to 15%. 4.0 Market Analysis Summary There are various industries in Nigeria and Abroad which consume Starch and other cassava based products. Due to multiple use of Starch, its demand is rapidly growing. The largest consuming industry of Starch are food and beverage company and Pharmaceutical, 80% of the starch is being use by them and some other user occupy the remaining 20% like local consumption, distillery company and etc. Page 9 NCGA CASSAVA STARCH PROCESSING PLANT Starch is a basic raw material to most pharmaceutical and beauty products manufacturing. 4.1 Market Segmentation The available market segments for the products and services being offered in the project are in Four major categories. The segments are (i) Pharmaceutica (ii) Food and Beverages (iii) Distilleries (iv) Other additives and by-products of Cassava. Table: Market Analysis Market Analysis Potential Customers Pharmaceutica Food and Beverages Distilleries Others Total Growth 45% 25% 20% 10% 30.61% 2019 2020 2021 2022 2023 - - - - - CAGR 45.30% 25.49% 20.22% 10.40% 30.61% Chart: Market Analysis (Pie) Market Analysis (Pie) Pharmaceutica Food and Beverages Distilleries Others 4.2 Target Market Segment Strategy Pharmaceutical Industries The health sector has a constant need and demand for Starch. Pharmaceutical industries use it in their laboratories for manufacturing of drugs and tablets. In order to reduce the Page 10 NCGA CASSAVA STARCH PROCESSING PLANT cost of production the pharmaceutical industries now prefer to use our local starch that will come readily and meet their quality. In doing that we have already market that will always off take the finish product at the aggred price without compromising the standard quality. 4.3 Service Business Analysis Starch is manufactured by use of cassava as raw material. The Starch-based is estimated to witness growth at a CAGR of 4.66% by 2022. These products have a high starch content and are capable of reducing greenhouse gas (GHG) emissions to a considerable extent. The industry is expected to rise at a robust growth rate especially in developing countries Regulatory policies and mandates imposed in India, China, and Mexico over the use of fuel ethanol in the automotive & transportation sector is expected to improve the long-term energy availability. North America accounted for the largest share of 59.4% of the total market volume in 2016. This region is likely to be one of the fastest growing consumers of the product, owing to the presence of a well-established automotive industry and strict regulations over particulate emissions. This scenario is likely to reflect in the U.S. Other countries in North America including Canada and Mexico have been implementing various environmental policies and programs for improving the industry growth. For instance, Canada signed The Paris Agreement in 2016 and announced its futuristic targets of minimizing emissions by nearly 30%, by the end of- Competition and Buying Patterns The market depicts high fragmentation. Product consumption and its penetration in local and international application industries, security of raw material feedstock, and high degree of forward integration are the major factors governing the competitiveness of the industry. Local: Enterprise Asset Leasing Limited (Ramat Crescent, Ogudu G.R.A, Kosofe, Lagos), Nosak Distilleries Limited (Plot C34, Nosak Road, Amuwo Odofin Industrial Estate, Amuwo Odofin, Lagos), Global Biofuels Limited (314B, Akin Ogunlewe Road, Victoria Island, Lagos Island, Lagos) and Vitol (Catholic Mission Street, 10th Floor, Building: St Nicholas House, Lagos Island, Lagos, Nigeria) International: Archer Daniels Midland Company, Pacific Ethanol, Inc., Flint Hills Resources LP, E.I. du Pont de Nemours and Company, Cargill, Inc., Valero Energy Corporation, BP plc, and RaÃ-zen S.A are some of the major players in the industry. 5.0 Strategy and Implementation Summary Page 11 NCGA CASSAVA STARCH PROCESSING PLANT 5.1 SWOT Analysis 5.1.1 Strengths One of the strengths of Ethanol Project lies in its use of market intelligence to provide market-led solutions and services to its customers. NCGA has a clear focus of who its target market is and has studied the target group to determine ethanol needs. The factory is also located where the accessibility to raw material is very easy to go by with more than enough land to plant cassava as a cash cow to support the supply of raw material from other farmers. The promoters have projected sufficient fund to make sure that the factory was up and running without stopping till it stabilize. 5.1.2 Weaknesses The major weakness of the factory is that the promoters of the factory are new to the business of ethanol production and it may serve as a point of risk to them but the promoter also has put in place a continuous research and training that will minimize the risk in the business and as well as getting qualified staff to handle what so ever that they are doing in the factory with a commensurate reward. They will serve as shareholders with no interference and expect excellent management of the project from experienced professionals to be appointed to run the project. The board will generally oversee the progress of the project while management will provide necessary drive to achieve expected results. 5.1.3 Opportunities One of the major opportunities that is available for Starch Project is that it will be located around the clusters where we have raw material and where people have been looking for market for their farm product, so their initial starting and take of will be very easy. Also the labor cost in the area is also minimal and it will reduce the overhead cost of production in the long run. Another opportunity for Starch Project is that the production of Starch is an emerging market and everywhere in the world they tend to be looking towards the use of Starch for one thing or the other which brings the Starch Project to an advantage level and fore front in the industry. 5.1.4 Threats A major constraint that the factory will face will be power outage. This may drive up the operating costs of proposed Starch Project, but NCGA has it in plan to put in place about 500kva generator for constant supply of light/ energy for constant production. 5.2 Competitive Edge Page 12 NCGA CASSAVA STARCH PROCESSING PLANT A major constraint to successful operation of Ethanol production is the availability of raw materials - Cassava. This is not expected to be a hindrance to this project given that the Cassava Growers Association is the promoter. All year round availability is therefore guaranteed especially with the involvement of top rated research institutes such as International Institute of Tropical Agriculture (IITA). Improved seedlings from research institutes will ensure production of cassava that are disease- and pest-resistant, low in cyanide content, drought-resistant, early maturing, and high yielding. To the farmers, it guarantees market outlet and reduce the high incidence of post harvest losses that is prevalent among farmers in the country. All the financial projections showed acceptable Return on Asset and Investment and a reasonable Pay Back Period. To the lenders / Investors, repayment of the principal sum is assured aside from returns on their investment in terms of interest payment. 5.3 Marketing Strategy Generally, the advantages of import substitution for Starch, Employment provision for farmers and other workers, up-liftment of social status and standard of living of the community, capacity building, possibility of export to neighboring countries, industrialization as a result of value addition to the agric products and generation of income to promoters (and tax to the government) are some of the attendant benefits of the 5.4 Sales Strategy As part of this strategy, NCGA will use the following marketing channels: Radio Jingles, Handbills and TV Commercials. The age long mode of mouth-to-mouth and door-to-door advertising, will run alongside with the modern technologies. NCGA plans to sensitize consumers of Starch on the quality and availability of the product as a raw material 5.4.1 Sales Forecast Sale of Starch is expected to grow 5.56% in 2020, 3.68% in 2021, 0.51% in 2022 and 1.01% in 2023 respectively. Growth in starch and other by-products are to be constantly steady throughout the forecast periods. Table: Sales Forecast Sales Forecast 2019 2020 2021 2022 2023 Unit Sales Cassava Starch Cassava Pill Others Total Unit Sales 36,168 11,952 2,400 50,519 48,228 17,244 2,640 68,113 50,840 23,576 2,700 77,116 52,820 26,636 2,760 82,216 54,920 28,696 2,820 86,436 Unit Prices Cassava Starch 2019 $918.00 2020 $918.00 2021 $918.00 2022 $918.00 2023 $918.00 Page 13 NCGA CASSAVA STARCH PROCESSING PLANT Cassava Pill Others Sales Cassava Starch Cassava Pill Others Total Sales $262.00 $65.50 $262.00 $65.50 $262.00 $65.50 $262.00 $65.50 $262.00 $65.50 $33,202,018 $3,131,344 $157,187 $36,490,548 $44,273,692 $4,517,880 $172,946 $48,964,518 $46,671,120 $6,176,912 $176,850 $53,024,882 $48,488,760 $6,978,632 $180,780 $55,648,172 $50,416,560 $7,518,352 $184,710 $58,119,622 Direct Unit Costs Cassava Starch Cassava Pill Others 2019 $550.80 $104.80 $26.20 Direct Cost of Sales Cassava Starch Cassava Pill Others Subtotal Direct Cost of Sales $19,921,211 $1,252,538 $62,875 $21,236,623 2020 $550.80 $104.80 $26.20 $26,564,215 $1,807,152 $69,178 $28,440,546 2021 $550.80 $104.80 $26.20 $28,002,672 $2,470,765 $70,740 $30,544,177 2022 $550.80 $104.80 $26.20 $29,093,256 $2,791,453 $72,312 $31,957,021 2023 $550.80 $104.80 $26.20 $30,249,936 $3,007,341 $73,884 $33,331,161 Chart: Sales Monthly Sales Monthly $3,000,000 $2,700,000 $2,400,000 $2,100,000 Cassava Starch $1,800,000 Cassava Pill $1,500,000 Others $1,200,000 $900,000 $600,000 $300,000 Dec Nov Oct Sep Aug Jul Jun May Apr Mar Feb Jan $0 Chart: Sales by Year Page 14 NCGA CASSAVA STARCH PROCESSING PLANT Sales by Year $60,000,000 $50,000,000 $40,000,000 Cassava Starch Cassava Pill $30,000,000 Others $20,000,000 $10,000,000 $0 2019 2020 2021 2022 2023 5.5 Milestones Table: Milestones Milestones Milestone Name me Name me Name me Name me Name me Name me Name me Name me Name me Name me Totals Start Date 11/1/2018 11/1/2018 11/1/2018 11/1/2018 11/1/2018 11/1/2018 11/1/2018 11/1/2018 11/1/2018 11/1/2018 End Date 12/1/2018 12/1/2018 12/1/2018 12/1/2018 12/1/2018 12/1/2018 12/1/2018 12/1/2018 12/1/2018 12/1/2018 Budget $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Manager ABC ABC ABC ABC ABC ABC ABC ABC ABC ABC Department Department Department Department Department Department Department Department Department Department Department Chart: Milestones Page 15 NCGA CASSAVA STARCH PROCESSING PLANT Milestones Name me Name me Name me Name me Name me Name me Name me Name me Name me Name me Nov `18 6.0 Management Summary Human Capital Resources being the key success factor of any successful business will be given a serious attention from the start to the consummation of the project. Expertise and professionalism will be accorded worthwhile relevance in the business. A total of two hundred (200) work force will be required for the project. 6.1 Personnel Plan Table: Personnel Personnel Plan 2019 Production Personnel Managing Director Shift Manager Admin/ Account,Lab,Store Keeper Marketer Supervisor Factory workers Suport Staff Subtotal Sales and Marketing Personnel Name or Title or Group Name or Title or Group Name or Title or Group Subtotal 2020 2021 2022 2023 $25,560 $13,740 $11,040 $25,560 $13,788 $11,028 $25,560 $13,788 $11,028 $26,560 $14,788 $12,028 $27,060 $15,288 $12,528 $5,928 $2,688 $2,016 $60,973 $5,916 $2,628 $1,968 $60,888 $5,916 $2,628 $1,968 $60,888 $6,916 $3,628 $2,968 $66,888 $6,416 $4,128 $3,468 $68,888 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Page 16 NCGA CASSAVA STARCH PROCESSING PLANT General and Administrative Personnel Name or Title or Group Name or Title or Group Name or Title or Group Subtotal $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Other Personnel Name or Title or Group Name or Title or Group Name or Title or Group Subtotal $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 0 0 0 $60,888 $66,888 $68,888 Total People Total Payroll 0 $60,973 0 $60,888 7.0 Financial Plan 7.1 Startup Funding Our financial plan is based on raising $10.6 million (USD) from financial institution to process cassava into both edible ethanol and industrial starch. We will achieve profitability in two years and due to the progression in the percentage of production capacity we will be able to realize a very good profitability in the third year of production. Table: Startup Funding Startup Funding Startup Expenses to Fund Startup Assets to Fund Total Funding Required Assets Non-cash Assets from Startup Cash Requirements from Startup Additional Cash Raised Cash Balance on Starting Date Total Assets $4,611,594 $5,977,050 $10,588,644 $5,927,050 $50,000 $11,356 $61,356 $5,988,406 Liabilities and Capital Liabilities Current Borrowing Long-term Liabilities $0 $10,600,000 Page 17 NCGA CASSAVA STARCH PROCESSING PLANT Accounts Payable (Outstanding Bills) Other Current Liabilities (interest-free) Total Liabilities $0 $0 $10,600,000 Capital Planned Investment Owner Investor Additional Investment Requirement Total Planned Investment Loss at Startup (Startup Expenses) Total Capital Total Capital and Liabilities Total Funding $0 $0 $0 $0 ($4,611,594) ($4,611,594) $5,988,406 $10,600,000 7.2 Important Assumptions 7.3 Break-even Analysis Table: Break-even Analysis Break-even Analysis Monthly Units Break-even Monthly Revenue Break-even Assumptions: Average Per-Unit Revenue Average Per-Unit Variable Cost Estimated Monthly Fixed Cost 3 $1,823 $722.31 $420.37 $762 Chart: Break-even Analysis Page 18 NCGA CASSAVA STARCH PROCESSING PLANT Break-even Analysis $2,400 $2,100 $1,800 $1,500 $1,200 $900 $600 $300 $0 ($300) ($600) 0 1 2 3 4 5 6 7 8 9 10 11 7.4 Projected Profit and Loss Table: Profit and Loss Pro Forma Profit and Loss Sales Direct Cost of Sales Production Payroll Other Costs of Sales Total Cost of Sales 2019 $36,490,548 $21,236,623 $60,973 $0 $21,297,596 2020 $48,964,518 $28,440,546 $60,888 $0 $28,501,433 2021 $53,024,882 $30,544,177 $60,888 $0 $30,605,065 2022 $55,648,172 $31,957,021 $66,888 $0 $32,023,909 2023 $58,119,622 $33,331,161 $68,888 $0 $33,400,049 Gross Margin Gross Margin % $15,192,-% $20,463,-% $22,419,-% $23,624,-% $24,719,-% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Operating Expenses Sales and Marketing Expenses Sales and Marketing Payroll Advertising/Promotion Other Sales and Marketing Expenses Total Sales and Marketing Expenses Sales and Marketing % $0 $0 $0 $0 $0 0.00% 0.00% 0.00% 0.00% 0.00% General and Administrative Expenses General and Administrative $0 $0 $0 $0 $0 Page 19 NCGA CASSAVA STARCH PROCESSING PLANT Payroll Marketing/Promotion Depreciation Rent Utilities Insurance Payroll Taxes Other General and Administrative Expenses Total General and Administrative Expenses General and Administrative % $0 $0 $0 $0 $0 $9,146 $0 $0 $0 $0 $0 $0 $9,133 $0 $0 $0 $0 $0 $0 $9,133 $0 $0 $0 $0 $0 $0 $10,033 $0 $0 $0 $0 $0 $0 $10,333 $0 $9,146 $9,133 $9,133 $10,033 $10,333 0.03% 0.02% 0.02% 0.02% 0.02% $0 $0 $0 $0 0.00% $0 $0 $0 $0 0.00% $0 $0 $0 $0 0.00% $0 $0 $0 $0 0.00% $0 $0 $0 $0 0.00% Total Operating Expenses $9,146 $9,133 $9,133 $10,033 $10,333 Profit Before Interest and Taxes EBITDA Interest Expense Taxes Incurred $15,183,806 $20,453,951 $22,410,684 $23,614,230 $24,709,240 $15,183,806 $1,060,000 $4,237,142 $20,453,951 $1,060,000 $5,818,185 $22,410,684 $1,060,000 $6,405,205 $23,614,230 $1,060,000 $6,766,269 $24,709,240 $1,060,000 $7,094,772 $9,886,-% $13,575,-% $14,945,-% $15,787,-% $16,554,-% Other Expenses: Other Payroll Consultants Other Expenses Total Other Expenses Other % Net Profit Net Profit/Sales Chart: Profit Monthly Page 20 NCGA CASSAVA STARCH PROCESSING PLANT Profit Monthly $900,000 $800,000 $700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Chart: Profit Yearly Profit Yearly $16,000,000 $14,000,000 $12,000,000 $10,000,000 $8,000,000 $6,000,000 $4,000,000 $2,000,000 $0 2019 2020 2021 2022 2023 Chart: Gross Margin Monthly Page 21 NCGA CASSAVA STARCH PROCESSING PLANT Gross Margin Monthly $1,200,000 $1,000,000 $800,000 $600,000 $400,000 $200,000 $0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Chart: Gross Margin Yearly Gross Margin Yearly $24,000,000 $21,000,000 $18,000,000 $15,000,000 $12,000,000 $9,000,000 $6,000,000 $3,000,000 $0 2019 2020 2021 2022 2023 7.5 Projected Cash Flow Table: Cash Flow Pro Forma Cash Flow Page 22 NCGA CASSAVA STARCH PROCESSING PLANT 2019 2020 2021 2022 2023 Cash Received Cash from Operations Cash Sales Subtotal Cash from Operations Additional Cash Received Sales Tax, VAT, HST/GST Received New Current Borrowing New Other Liabilities (interest-free) New Long-term Liabilities Sales of Other Current Assets Sales of Long-term Assets New Investment Received Subtotal Cash Received Expenditures Expenditures from Operations Cash Spending Bill Payments Subtotal Spent on Operations $36,490,548 $36,490,548 $48,964,518 $48,964,518 $53,024,882 $53,024,882 $55,648,172 $55,648,172 $58,119,622 $58,119,622 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $36,490,548 $0 $0 $48,964,518 $0 $0 $53,024,882 $0 $0 $55,648,172 $0 $0 $58,119,622 2019 2020 2021 2022 2023 $60,973 $24,404,716 $24,465,689 $60,888 $34,620,225 $34,681,113 $60,888 $37,739,540 $37,800,428 $66,888 $39,647,448 $39,714,336 $68,888 $41,356,298 $41,425,186 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Additional Cash Spent 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 $0 $0 $0 $0 $0 $0 $24,465,689 $0 $0 $34,681,113 $0 $0 $37,800,428 $0 $0 $39,714,336 $0 $0 $41,425,186 Net Cash Flow Cash Balance $12,024,860 $12,086,216 $14,283,405 $26,369,621 $15,224,454 $41,594,075 $15,933,836 $57,527,910 $16,694,436 $74,222,346 Chart: Cash Page 23 NCGA CASSAVA STARCH PROCESSING PLANT Cash $12,000,000 $10,000,000 $8,000,000 Net Cash Flow $6,000,000 Cash Balance $4,000,000 $2,000,000 Dec Nov Oct Sep Aug Jul Jun May Apr Mar Feb Jan $0 7.6 Projected Balance Sheet Table: Balance Sheet Pro Forma Balance Sheet 2019 2020 2021 2022 2023 Assets Current Assets Cash Other Current Assets Total Current Assets $12,086,216 $20,000 $12,106,216 $26,369,621 $20,000 $26,389,621 $41,594,075 $20,000 $41,614,075 $57,527,910 $20,000 $57,547,910 $74,222,346 $20,000 $74,242,346 Long-term Assets Long-term Assets Accumulated Depreciation Total Long-term Assets Total Assets $5,907,050 $0 $5,907,050 $18,013,266 $5,907,050 $0 $5,907,050 $32,296,671 $5,907,050 $0 $5,907,050 $47,521,125 $5,907,050 $0 $5,907,050 $63,454,960 $5,907,050 $0 $5,907,050 $80,149,396 Liabilities and Capital Current Liabilities Accounts Payable Current Borrowing Other Current Liabilities Subtotal Current Liabilities Long-term Liabilities Total Liabilities 2019 2020 2021 2022 2023 $2,138,195 $0 $0 $2,138,195 $2,845,834 $0 $0 $2,845,834 $3,124,809 $0 $0 $3,124,809 $3,270,684 $0 $0 $3,270,684 $3,410,652 $0 $0 $3,410,652 $10,600,000 $12,738,195 $10,600,000 $13,445,834 $10,600,000 $13,724,809 $10,600,000 $13,870,684 $10,600,000 $14,010,652 Page 24 NCGA CASSAVA STARCH PROCESSING PLANT Paid-in Capital Retained Earnings Earnings Total Capital Total Liabilities and Capital Net Worth $0 ($4,611,594) $9,886,664 $5,275,070 $18,013,266 $0 $5,275,070 $13,575,766 $18,850,836 $32,296,671 $0 $18,850,836 $14,945,479 $33,796,315 $47,521,125 $0 $33,796,315 $15,787,961 $49,584,276 $63,454,960 $0 $49,584,276 $16,554,468 $66,138,744 $80,149,396 $5,275,070 $18,850,836 $33,796,315 $49,584,276 $66,138,744 2019 2020 7.7 Business Ratios Table: Ratios Ratio Analysis Sales Growth Percent of Total Assets Other Current Assets Total Current Assets Long-term Assets Total Assets Current Liabilities Long-term Liabilities Total Liabilities Net Worth 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 n.a. 2021 2022 2023 Industry Profile 0.00% 34.18% 8.29% 4.95% 4.44% 0.11% 67.21% 32.79% 100.00% 0.06% 81.71% 18.29% 100.00% 0.04% 87.57% 12.43% 100.00% 0.03% 90.69% 9.31% 100.00% 0.02% 92.63% 7.37% 100.00% 100.00% 100.00% 0.00% 100.00% 11.87% 58.85% 70.72% 29.28% 8.81% 32.82% 41.63% 58.37% 6.58% 22.31% 28.88% 71.12% 5.15% 16.70% 21.86% 78.14% 4.26% 13.23% 17.48% 82.52% 0.00% 0.00% 0.00% 100.00% 100.00% 41.64% 14.54% 100.00% 41.79% 14.07% 100.00% 42.28% 14.10% 100.00% 42.45% 14.08% 100.00% 42.53% 14.05% 100.00% 0.00% 0.00% 0.00% 41.61% 0.00% 41.77% 0.00% 42.26% 0.00% 42.43% 0.00% 42.51% 0.00% 0.00% -% -% -% -% -% -% 267.75% 102.88% 63.17% 45.49% 35.76% 0.00% 78.41% 60.05% 44.93% 35.54% 29.51% 0.00% Page 25 NCGA CASSAVA STARCH PROCESSING PLANT Additional Ratios Net Profit Margin Return on Equity Activity Ratios Accounts Payable Turnover Payment Days Total Asset Turnover Debt Ratios Debt to Net Worth Current Liab. to Liab. Liquidity Ratios Net Working Capital Interest Coverage Additional Ratios Assets to Sales Current Debt/Total Assets Acid Test Sales/Net Worth Dividend Payout -% 187.42% -% 72.02% -% 44.22% -% 31.84% -% 25.03% n.a n.a 12.41 12.41 12.17 12.17 12.17 n.a 27 2.03 26 1.52 29 1.12 29 0.88 29 0.73 n.a n.a 2.41 0.17 0.71 0.21 0.41 0.23 0.28 0.24 0.21 0.24 n.a n.a $9,968,- $23,543,- $38,489,- $54,277,- $70,831,- n.a n.a 0.49 12% 0.66 9% 0.90 7% 1.14 5% 1.38 4% n.a n.a - - - - - n.a n.a n.a 7.8 Long-term Plan Page 26 Appendix Table: Sales Forecast Sales Forecast Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Unit Sales Cassava Starch 3,014 3,014 3,014 3,014 3,014 3,014 3,014 3,014 3,014 3,014 3,014 3,014 Cassava Pill 996 996 996 996 996 996 996 996 996 996 996 996 Others 200 200 200 200 200 200 200 200 200 200 200 200 4,209 4,210 4,210 4,210 4,210 4,210 4,210 4,210 4,210 4,210 4,210 4,210 Total Unit Sales Unit Prices Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Cassava Starch $918.00 $918.00 $918.00 $918.00 $918.00 $918.00 $918.00 $918.00 $918.00 $918.00 $918.00 $918.00 Cassava Pill $262.00 $262.00 $262.00 $262.00 $262.00 $262.00 $262.00 $262.00 $262.00 $262.00 $262.00 $262.00 $65.50 $65.50 $65.50 $65.50 $65.50 $65.50 $65.50 $65.50 $65.50 $65.50 $65.50 $65.50 $2,766,646 $2,766,852 $2,766,852 $2,766,852 $2,766,852 $2,766,852 $2,766,852 $2,766,852 $2,766,852 $2,766,852 $2,766,852 $2,766,852 $260,872 $260,952 $260,952 $260,952 $260,952 $260,952 $260,952 $260,952 $260,952 $260,952 $260,952 $260,952 Others Sales Cassava Starch Cassava Pill Others Total Sales Direct Unit Costs Cassava Starch Cassava Pill Others $13,087 $13,100 $13,100 $13,100 $13,100 $13,100 $13,100 $13,100 $13,100 $13,100 $13,100 $13,100 $3,040,604 $3,040,904 $3,040,904 $3,040,904 $3,040,904 $3,040,904 $3,040,904 $3,040,904 $3,040,904 $3,040,904 $3,040,904 $3,040,904 Jan 60.00% 40.00% 40.00% Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec $550.80 $104.80 $26.20 $550.80 $104.80 $26.20 $550.80 $104.80 $26.20 $550.80 $104.80 $26.20 $550.80 $104.80 $26.20 $550.80 $104.80 $26.20 $550.80 $104.80 $26.20 $550.80 $104.80 $26.20 $550.80 $104.80 $26.20 $550.80 $104.80 $26.20 $550.80 $104.80 $26.20 $550.80 $104.80 $26.20 $1,659,988 $1,660,111 $1,660,111 $1,660,111 $1,660,111 $1,660,111 $1,660,111 $1,660,111 $1,660,111 $1,660,111 $1,660,111 $1,660,111 $104,349 $104,381 $104,381 $104,381 $104,381 $104,381 $104,381 $104,381 $104,381 $104,381 $104,381 $104,381 $5,235 $5,240 $5,240 $5,240 $5,240 $5,240 $5,240 $5,240 $5,240 $5,240 $5,240 $5,240 $1,769,571 $1,769,732 $1,769,732 $1,769,732 $1,769,732 $1,769,732 $1,769,732 $1,769,732 $1,769,732 $1,769,732 $1,769,732 $1,769,732 Direct Cost of Sales Cassava Starch Cassava Pill Others Subtotal Direct Cost of Sales Page 27 Appendix Table: Personnel Personnel Plan Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Production Personnel Managing Director $2,130 $2,130 $2,130 $2,130 $2,130 $2,130 $2,130 $2,130 $2,130 $2,130 $2,130 $2,130 Shift Manager $1,145 $1,145 $1,145 $1,145 $1,145 $1,145 $1,145 $1,145 $1,145 $1,145 $1,145 $1,145 Admin/ Account,Lab,Store Keeper Marketer Supervisor $920 $920 $920 $920 $920 $920 $920 $920 $920 $920 $920 $920 $494 $494 $494 $494 $494 $494 $494 $494 $494 $494 $494 $494 Factory workers $224 $224 $224 $224 $224 $224 $224 $224 $224 $224 $224 $224 Suport Staff $168 $168 $168 $168 $168 $168 $168 $168 $168 $168 $168 $168 $5,082 $5,081 $5,081 $5,081 $5,081 $5,081 $5,081 $5,081 $5,081 $5,081 $5,081 $5,081 Name or Title or Group $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Name or Title or Group $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Name or Title or Group $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Subtotal $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 General and Administrative Personnel Name or Title or Group $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Name or Title or Group $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Name or Title or Group $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Subtotal $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Name or Title or Group $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Name or Title or Group $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Name or Title or Group $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Subtotal $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Total People 0 0 0 0 0 0 0 0 0 0 0 0 Total Payroll $5,082 $5,081 $5,081 $5,081 $5,081 $5,081 $5,081 $5,081 $5,081 $5,081 $5,081 $5,081 Subtotal Sales and Marketing Personnel Other Personnel Page 28 Appendix Page 29 Appendix Table: Profit and Loss Pro Forma Profit and Loss Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Sales $3,040,604 $3,040,904 $3,040,904 $3,040,904 $3,040,904 $3,040,904 $3,040,904 $3,040,904 $3,040,904 $3,040,904 $3,040,904 $3,040,904 Direct Cost of Sales $1,769,571 $1,769,732 $1,769,732 $1,769,732 $1,769,732 $1,769,732 $1,769,732 $1,769,732 $1,769,732 $1,769,732 $1,769,732 $1,769,732 $5,082 $5,081 $5,081 $5,081 $5,081 $5,081 $5,081 $5,081 $5,081 $5,081 $5,081 $5,081 Production Payroll Other Costs of Sales $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Total Cost of Sales $1,774,653 $1,774,813 $1,774,813 $1,774,813 $1,774,813 $1,774,813 $1,774,813 $1,774,813 $1,774,813 $1,774,813 $1,774,813 $1,774,813 Gross Margin $1,265,951 $1,266,091 $1,266,091 $1,266,091 $1,266,091 $1,266,091 $1,266,091 $1,266,091 $1,266,091 $1,266,091 $1,266,091 $1,266,091 41.63% 41.64% 41.64% 41.64% 41.64% 41.64% 41.64% 41.64% 41.64% 41.64% 41.64% 41.64% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Gross Margin % Operating Expenses Sales and Marketing Expenses Sales and Marketing Payroll Advertising/Promotion Other Sales and Marketing Expenses Total Sales and Marketing Expenses Sales and Marketing % General and Administrative Expenses General and Administrative Payroll Marketing/Promotion $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Depreciation $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Rent $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Utilities $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Insurance Payroll Taxes Other General and Administrative Expenses 15% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $762 $0 $762 $0 $762 $0 $762 $0 $762 $0 $762 $0 $762 $0 $762 $0 $762 $0 $762 $0 $762 $0 $762 $0 Page 30 Appendix Total General and Administrative Expenses General and Administrative % $762 $762 $762 $762 $762 $762 $762 $762 $762 $762 $762 $762 0.03% 0.03% 0.03% 0.03% 0.03% 0.03% 0.03% 0.03% 0.03% 0.03% 0.03% 0.03% Other Payroll $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Consultants $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Other Expenses $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Total Other Expenses $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% $762 $762 $762 $762 $762 $762 $762 $762 $762 $762 $762 $762 $1,265,189 $1,265,329 $1,265,329 $1,265,329 $1,265,329 $1,265,329 $1,265,329 $1,265,329 $1,265,329 $1,265,329 $1,265,329 $1,265,329 $1,265,189 $1,265,329 $1,265,329 $1,265,329 $1,265,329 $1,265,329 $1,265,329 $1,265,329 $1,265,329 $1,265,329 $1,265,329 $1,265,329 Other Expenses: Other % Total Operating Expenses Profit Before Interest and Taxes EBITDA Interest Expense Taxes Incurred Net Profit Net Profit/Sales $88,333 $88,333 $88,333 $88,333 $88,333 $88,333 $88,333 $88,333 $88,333 $88,333 $88,333 $88,333 $353,057 $353,099 $353,099 $353,099 $353,099 $353,099 $353,099 $353,099 $353,099 $353,099 $353,099 $353,099 $823,799 $823,897 $823,897 $823,897 $823,897 $823,897 $823,897 $823,897 $823,897 $823,897 $823,897 $823,897 27.09% 27.09% 27.09% 27.09% 27.09% 27.09% 27.09% 27.09% 27.09% 27.09% 27.09% 27.09% Page 31 Appendix Table: Cash Flow Pro Forma Cash Flow Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Cash Received Cash from Operations Cash Sales Subtotal Cash from Operations Additional Cash Received Sales Tax, VAT, HST/GST Received New Current Borrowing New Other Liabilities (interest-free) New Long-term Liabilities Sales of Other Current Assets Sales of Long-term Assets New Investment Received Subtotal Cash Received Expenditures Expenditures from Operations Cash Spending 0.00% $3,040,604 $3,040,904 $3,040,904 $3,040,904 $3,040,904 $3,040,904 $3,040,904 $3,040,904 $3,040,904 $3,040,904 $3,040,904 $3,040,904 $3,040,604 $3,040,904 $3,040,904 $3,040,904 $3,040,904 $3,040,904 $3,040,904 $3,040,904 $3,040,904 $3,040,904 $3,040,904 $3,040,904 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $3,040,604 $3,040,904 $3,040,904 $3,040,904 $3,040,904 $3,040,904 $3,040,904 $3,040,904 $3,040,904 $3,040,904 $3,040,904 $3,040,904 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec $5,082 $5,081 $5,081 $5,081 $5,081 $5,081 $5,081 $5,081 $5,081 $5,081 $5,081 $5,081 Bill Payments $73,724 $2,211,730 $2,211,926 $2,211,926 $2,211,926 $2,211,926 $2,211,926 $2,211,926 $2,211,926 $2,211,926 $2,211,926 $2,211,926 Subtotal Spent on Operations $78,806 $2,216,811 $2,217,007 $2,217,007 $2,217,007 $2,217,007 $2,217,007 $2,217,007 $2,217,007 $2,217,007 $2,217,007 $2,217,007 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Additional Cash Spent Sales Tax, VAT, Page 32 Appendix HST/GST Paid Out Principal Repayment of Current Borrowing Other Liabilities Principal Repayment Long-term Liabilities Principal Repayment Purchase Other Current Assets Purchase Longterm Assets Dividends $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Subtotal Cash Spent $78,806 $2,216,811 $2,217,007 $2,217,007 $2,217,007 $2,217,007 $2,217,007 $2,217,007 $2,217,007 $2,217,007 $2,217,007 $2,217,007 Net Cash Flow $2,961,798 $824,093 $823,897 $823,897 $823,897 $823,897 $823,897 $823,897 $823,897 $823,897 $823,897 $823,897 Cash Balance $3,023,154 $3,847,247 $4,671,144 $5,495,041 $6,318,938 $7,142,835 $7,966,731 $8,790,628 $9,614,525 $10,438,422 $11,262,319 $12,086,216 Page 33 Appendix Table: Balance Sheet Pro Forma Balance Sheet Jan Assets Current Assets Cash Other Current Assets Total Current Assets Long-term Assets Long-term Assets Accumulate d Depreciatio n Total Longterm Assets Total Assets Mar Apr May Jun Jul Aug Sep Oct Nov Dec $10,438,42 2 $20,000 $11,262,31 9 $20,000 $12,086,21 6 $20,000 $10,458,42 2 $11,282,31 9 $12,106,21 6 Starting Balances $61,356 $3,023,154 $3,847,247 $4,671,144 $5,495,041 $6,318,938 $7,142,835 $7,966,731 $8,790,628 $9,614,525 $20,000 $20,000 $20,000 $20,000 $20,000 $20,000 $20,000 $20,000 $20,000 $20,000 $81,356 $3,043,154 $3,867,247 $4,691,144 $5,515,041 $6,338,938 $7,162,835 $7,986,731 $8,810,628 $9,634,525 $5,907,050 $5,907,050 $5,907,050 $5,907,050 $5,907,050 $5,907,050 $5,907,050 $5,907,050 $5,907,050 $5,907,050 $5,907,050 $5,907,050 $5,907,050 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $5,907,050 $5,907,050 $5,907,050 $5,907,050 $5,907,050 $5,907,050 $5,907,050 $5,907,050 $5,907,050 $5,907,050 $5,907,050 $5,907,050 $5,907,050 $5,988,406 $8,950,204 $9,774,297 Liabilities and Capital Current Liabilities Accounts Payable Current Borrowing Other Current Liabilities Subtotal Current Liabilities Feb Jan Feb $10,598,19 4 $11,422,09 1 $12,245,98 8 $13,069,88 5 $13,893,78 1 $14,717,67 8 $15,541,57 5 $16,365,47 2 $17,189,36 9 $18,013,26 6 Mar Apr May Jun Jul Aug Sep Oct Nov Dec $0 $2,137,999 $2,138,195 $2,138,195 $2,138,195 $2,138,195 $2,138,195 $2,138,195 $2,138,195 $2,138,195 $2,138,195 $2,138,195 $2,138,195 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $2,137,999 $2,138,195 $2,138,195 $2,138,195 $2,138,195 $2,138,195 $2,138,195 $2,138,195 $2,138,195 $2,138,195 $2,138,195 $2,138,195 Page 34 Appendix Long-term Liabilities Total Liabilities Paid-in Capital Retained Earnings Earnings Total Capital Total Liabilities and Capital Net Worth $10,600,00 0 $10,600,00 0 $0 $10,600,00 0 $12,737,99 9 $0 $10,600,00 0 $12,738,19 5 $0 $10,600,00 0 $12,738,19 5 $0 $10,600,00 0 $12,738,19 5 $0 $10,600,00 0 $12,738,19 5 $0 $10,600,00 0 $12,738,19 5 $0 $10,600,00 0 $12,738,19 5 $0 $10,600,00 0 $12,738,19 5 $0 $10,600,00 0 $12,738,19 5 $0 $10,600,00 0 $12,738,19 5 $0 $10,600,00 0 $12,738,19 5 $10,600,00 0 $12,738,19 5 $0 $0 ($4,611,594 ) $0 ($4,611,594 ) $5,988,406 ($4,611,594 ) $823,799 ($3,787,795 ) $8,950,204 ($4,611,594 ) $1,647,696 ($2,963,898 ) $9,774,297 ($4,611,594 ) $2,471,593 ($2,140,001 ) $10,598,19 4 ($4,611,594 ) $3,295,490 ($1,316,104 ) $11,422,09 1 ($4,611,594 ) $4,119,386 ($492,208) ($4,611,594 ) $4,943,283 $331,689 ($4,611,594 ) $5,767,180 $1,155,586 ($4,611,594 ) $6,591,077 $1,979,483 ($4,611,594 ) $7,414,974 $2,803,380 ($4,611,594 ) $8,238,871 $3,627,277 ($4,611,594 ) $9,062,768 $4,451,174 ($4,611,594 ) $9,886,664 $5,275,070 $12,245,98 8 $13,069,88 5 $13,893,78 1 $14,717,67 8 $15,541,57 5 $16,365,47 2 $17,189,36 9 $18,013,26 6 ($4,611,594 ) ($3,787,795 ) ($2,963,898 ) ($2,140,001 ) ($1,316,104 ) ($492,208) $331,689 $1,155,586 $1,979,483 $2,803,380 $3,627,277 $4,451,174 $5,275,070 Page 35