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<br />BLUM SAN LEANDRO
<br />Pro Forma Operating Budget
<br />
<br />
<br /> Fiscal
<br />
<br /> Fiscal
<br />
<br /> Fiscal
<br /> Year 1 Year 2 Year 3
<br /> Revenue $ 2,600,000
<br />
<br /> $ 5,400,000
<br />
<br /> $ 7,300,000
<br /> Cost of Goods Sold
<br />
<br /> 1,482,000
<br />
<br /> 3,074,000
<br />
<br /> 4,163,000
<br /> Gross Margin 1,118,000 2,326,000 3,137,000
<br /> Operating Expenses
<br /> Advertising and Promotion 25,000 25,000 25,000
<br />Bank Service Charges
<br />
<br /> 7,800 16,200 21,900
<br />Charitable Contributions
<br /> 78,000
<br />
<br /> 162,000
<br />
<br /> 219,000
<br />Self Imposed Fee / Tax
<br /> 130,000
<br />
<br /> 270,000
<br />
<br /> 365,000
<br />Computer and Internet Expenses
<br /> 13,000
<br />
<br /> 27,000
<br />
<br /> 36,500
<br />Conferences and Training 25,000 32,500 40,000
<br />Depreciation Expense
<br />
<br /> 150,000 160,000 170,000
<br />Insurance Expense
<br /> 36,000
<br />
<br /> 39,000
<br />
<br /> 42,000
<br />Miscellaneous expenses
<br /> 18,000
<br />
<br /> 24,000
<br />
<br /> 36,000
<br />Office Supplies
<br /> 50,000
<br />
<br /> 55,000
<br />
<br /> 60,000
<br />Payroll Expenses 659,000 843,000 1,078,000
<br />Professional Fees: Accounting
<br />
<br /> 36,000 40,000 44,000
<br />Professional Fees: Legal
<br /> 12,000
<br />
<br /> 15,000
<br />
<br /> 18,000
<br />Rent
<br /> 240,000
<br />
<br /> 244,800
<br />
<br /> 249,696
<br />Repairs and Maintenance
<br /> 48,000
<br />
<br /> 48,000
<br />
<br /> 48,000
<br />Security Expense 260,000 270,000 280,000
<br />Telephone
<br />
<br /> 1,200 1,500 1,800
<br />Utilities
<br /> 36,000
<br />
<br /> 40,000
<br />
<br /> 44,000
<br /> Total Operating Expenses 1,825,000
<br />
<br /> 2,313,000
<br />
<br /> 2,778,896
<br /> Operatine Income (Loss) (707,000) 13,000 358,104
<br /> Interest Expense
<br />
<br /> 90,000
<br />
<br /> 120,000
<br />
<br /> 100,000
<br /> Income before taxes
<br />
<br /> (797,000)
<br />
<br /> (107,000)
<br />
<br /> 258,104
<br /> Income Tax Expense (Benefit)
<br />
<br /> (126,800)
<br />
<br /> (10,560)
<br />
<br /> 160,000
<br /> Net Income (Loss) $ (670,200)
<br />
<br /> $ (96,440)
<br />
<br /> $ 98,104
<br />
<br />
<br />414
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