Business Plan for Recycling and Waste Management

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									Business Plan for Recycling
and Waste Management
This Business Plan for a Recycling and Waste Management company allows
entrepreneurs or business owners to create a comprehensive and professional business
plan. This template form allows a business to outline the company's objectives and
detail both current company information as well as any past performance. Companies
should include a complete market analysis in their plan to help showcase why their
business strategy will be effective in the market. Future company plans, including
production targets, management strategy, and financial forecasting, should be used to
demonstrate and confirm that the company's short-term and long-term objective can
and will be met. This model plan can be customized to best fit the unique needs of any
entrepreneur or owner that is seeking to create a strong business plan.
                                       Confidentiality Agreement

The undersigned reader acknowledges that the information provided by [Company Name]. in this
business plan is confidential; therefore, reader agrees not to disclose it without the express written
permission of [Company Name].

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
[Company Name].

Upon request, this document is to be immediately returned to [Company Name].




___________________
Signature




___________________
Name (typed or printed)




___________________
Date




                   This is a business plan. It does not imply an offering of securities.




© Copyright 2012 Docstoc Inc.                                                          1
                                                               Table of Contents



1.0 Executive Summary .....................................................................................................................1
    Chart: Highlights ...........................................................................................................................2
  1.1 Objectives ....................................................................................................................................2
  1.2 Mission...........................................................................................................................................2
  1.3 Keys to Success .........................................................................................................................2
2.0 Company Summary......................................................................................................................3
  2.1 Company Ownership................................................................................................................3
  2.2 Company History.......................................................................................................................3
    Table: Past Performance ............................................................................................................4
3.0 Services.............................................................................................................................................5
4.0 Market Analysis Summary.........................................................................................................5
  4.1 Market Segmentation ..............................................................................................................5
  4.2 Target Market Segment Strategy .......................................................................................6
  4.3 Service Business Analysis ......................................................................................................6
    4.3.1 Competition and Buying Patterns ...............................................................................7
5.0 Strategy and Implementation Summary .............................................................................7
  5.1 Competitive Edge ......................................................................................................................7
  5.2 Marketing Strategy...................................................................................................................8
  5.3 Sales Strategy ............................................................................................................................8
    5.3.1 Sales Forecast ....................................................................................................................8
      Table: Sales Forecast ..............................................................................................................8
      Chart: Sales Monthly ...............................................................................................................9
      Chart: Sales by Year................................................................................................................9
  5.4 Milestones ..................................................................................................................................10
    Table: Milestones ........................................................................................................................10
6.0 Management Summary ............................................................................................................10
  6.1 Personnel Plan ..........................................................................................................................10
    Table: Personnel..........................................................................................................................11
7.0 Financial Plan ................................................................................................................................11
  7.1 Important Assumptions ........................................................................................................11
  7.2 Break-even Analysis ..............................................................................................................12
    Table: Break-even Analysis ....................................................................................................13
    Chart: Break-even Analysis ....................................................................................................13
  7.3 Projected Profit and Loss .....................................................................................................14
    Table: Profit and Loss................................................................................................................14
    Chart: Profit Monthly .................................................................................................................15
    Chart: Profit Yearly.....................................................................................................................15
    Chart: Gross Margin Monthly .................................................................................................16
    Chart: Gross Margin Yearly.....................................................................................................16
  7.4 Projected Cash Flow...............................................................................................................17
    Table: Cash Flow .........................................................................................................................17
    Chart: Cash ...................................................................................................................................18
  7.5 Projected Balance Sheet ......................................................................................................19
    Table: Balance Sheet.................................................................................................................19

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                                                             Table of Contents



   7.6 Business Ratios ........................................................................................................................20
     Table: Ratios .................................................................................................................................20

APPENDIX
Table: Sales Forecast ..........................................................................................................................1
Table: Personnel....................................................................................................................................2
Table: Profit and Loss..........................................................................................................................3
Table: Cash Flow ...................................................................................................................................4
Table: Balance Sheet...........................................................................................................................6




                                                                                                                                            Page 2
                                         [Company Name]



1.0 Executive Summary

   Company: [Company Name].
   Contact: [Name]& [Name]
   Address: [Address]
   Phone: XXX-XXX-XXXX
   Email: [Email Address]

   Purpose
   The purpose of this Business Plan is to:

   1. Set a course for the Company's management to successfully manage, operate, and
      administer the business.
   2. To manage and increase the volume of existing contracts and customer base.
   3. Inform financing sources of the capital requirements being requested by the Company, in
      addition to its history, its projected future, and how the requested funding would give
      the Company the ability to add value to the local economy, generate tax revenues for local
      and federal government, and help put people back to work.

   The Company
   [Company Name]. encompasses three major components in its’ business model.

      1. [Company Name]is one of the largest waste clearing facilities in the southeast United
         States.
      2. The company manages two waste transfer stations that take in all waste products,
         separates recyclable material from waste product and delivers true debris to the
         landfills.
      3. [Company Name]is one of the largest producers of Biomass fuel in Georgia.

      Additionally, [Company Name]. is expanding its exposure through effective marketing as
      well as introducing the area to market segments that have not yet discovered the Company.

   Services
   [Company Name]. is a recycling, waste management and Biomass fuel facility.

   The Market
   [Company Name]'s target market strategies are tri-fold and involve becoming the destination of
   choice for companies in the South Atlanta as well as the South Georgia area in need of
   environmental     recycling   and     waste  management services. These        customers   prefer
   certain services and quality and it's the Company's duty to deliver on their expectations.

         To increase/takeover management services of existing and new waste transfer stations.
         To expand its existing Biomass fuel contracts throughout the Southeast United States.

   THE NEED FOR GARBAGE REMOVAL AND ENERGY FUEL SOURCES REQUIRED BY THE
   GENERAL PUBLIC WILL ALLWAYS BE INCREASING.




                                                                                             Page 1
                                         [Company Name]



   Financial Consideration
   In addition to diligently following this Business Plan to maintain the safeguards for successful
   business operations and achieve the financial projections herein, the current financial plan of
   [Company Name]. includes: restructuring of existing debt, purchasing a variety of new
   equipment and operating capital. The requested funding amount is $8,000,000. The Company
   hopes to secure the requested funds sometime in the third quarter of 2011. The Company's
   gross revenues will increase by 47.4% over the next twelve months due to activation of the
   company’s existing 20 year Biomass fuel contract as well as the opening of the second waste
   transfer station. Once the above income streams are realized by Enviro Recyclers, the
   Company’s revenue is projected to increase during the next three years, from $6,588,400
   to $6,989,634.




   Chart: Highlights

                                  Highlights
    $7,000,000

    $6,000,000

    $5,000,000
                                                                                 Sales
    $4,000,000
                                                                                 Gross Margin
    $3,000,000
                                                                                 Net Profit
    $2,000,000

    $1,000,000

           $0
                       2011              2012                2013



1.1 Objectives

   [Company Name]'s main objectives are:

   1. To provide the South Georgia area with environmental waste management services.
   2. Produce quality jobs.
   3. To put needed income back into the economy.

1.2 Mission

   [Company Name]'s mission is to impact the environmental recycling industry by offering
   outstanding client service, safety, and reliability. It is to become the recognized leader in its
   targeted market for waste management and recycling services.

1.3 Keys to Success

   [Company Name]'s keys to success involve satisfying its customers and delivering excellent
   service.


                                                                                                Page 2
                                       [Company Name]



2.0 Company Summary

   Company: [Company Name].
   Contact: [Name]& [Name]
   Address: [Address]
   Phone: XXX-XXX-XXXX
   Email: [Email Address]

   [Company Name]. is a clearing waste facility located in Fairburn, GA. The Company was formed
   to be a waste clearing yard when the burning or burying of debris was no longer allowed; thus,
   [Company Name]. was created to process debris into useable matter that can make fuel.
   Additionally, the Company manages a waste transfer station and takes debris to the
   landfill. The Company has contracts with Pratt, Piedmont Green, and [Vendor].


2.1 Company Ownership

   [Company Name]. is a C-Corporation established in 1999. It is owned by [Name]who has 100%
   ownership of the Company.

2.2 Company History

   The following table and chart shows the past financials for [Company Name].

   Sales for 2010 were $4,937,506, respectively. The earnings for this period were ($869,792),
   respectively.




                                                                                          Page 3
                                               [Company Name]



Table: Past Performance

   Past Performance
                                                             2010
   Sales                                               $4,937,506
   Gross Margin                                        $4,937,506
   Gross Margin %                                        100.00%
   Operating Expenses                                  $5,940,608

   Balance Sheet
                                                             2010

   Current Assets
   Cash                                                  $557,463
   Other Current Assets                                   $71,994
   Total Current Assets                                  $629,457

   Long-term Assets
   Long-term Assets                                    $1,925,391
   Accumulated Depreciation                                    $0
   Total Long-term Assets                              $1,925,391

   Total Assets                                        $2,554,848

   Current Liabilities
   Accounts Payable                                            $0
   Current Borrowing                                   $3,411,179
   Other Current Liabilities (interest free)                   $0
   Total Current Liabilities                           $3,411,179

   Long-term Liabilities                                $603,152
   Total Liabilities                                   $4,014,331

   Paid-in Capital                                      $5,312,905
   Retained Earnings                                  ($5,902,596)
   Earnings                                             ($869,792)
   Total Capital                                      ($1,459,483)

   Total Capital and Liabilities                       $2,554,848

   Other Inputs
   Payment Days                                                 0




                                                                     Page 4
                                        [Company Name]



3.0 Services

   [Company Name]. is a clearing waste facility. The Company has three different contracts and
   provides services such as:

   Contract with [Vendor], Recycling Division:
    Producing and hauling a minimum of 200 tons of mulch per day to their facility, based on a
      current contract for 7 years.

   Contract with [Vendor], LLC:
    Producing and hauling a minimum of 500 tons of mulch per day to their facility, based on a
      current contract for 20 years.

   Contract with [Vendor], USA Inc:
    Hauling MSW and C&D for [Vendor] from two locations to their landfill.
    Managing and operating both locations. This contract is for a total of 5 years

4.0 Market Analysis Summary

   [Company Name]. competes in the market for environmental recycling and waste management
   services. Additionally, the Company manages a waste transfer station and takes debris to the
   landfill, as well as supply fuel wood. The Company's market area consists of the South Atlanta
   as well as the South Georgia area (Barnesville, LaGrange, and Thomaston).

   The Company's industry does not have any seasonality that affects it; therefore, [Company
   Name]. has the services and professionalism necessary to flourish within its market. By
   delivering superior customer service, [Company Name]'s potential is excellent.

4.1 Market Segmentation

   [Company Name]'s target market strategy is based on becoming a destination for companies in
   the South Atlanta as well as the South Georgia area in need of environmental recycling
   services. These companies are heavily dependent on [Company Name]'s services for their
   business to function effectively. [Company Name]'s ultimate goal is to satisfy the needs of its
   clientele. Furthermore, the Company's marketing strategy is based on superior performance in
   the following areas:

      Quality recycling and waste management services
      Having a knowledgeable staff
      Demonstrating excellent workmanship

   Customers within the environmental recycling industry want exceptional customer service as
   well as quality workmanship. [Company Name]'s customers appreciate the valuable
   product that the industry offers. The Company is beneficial to its customers because it delivers
   the dedication and dependability that they desire.




                                                                                            Page 5
                                        [Company Name]



4.2 Target Market Segment Strategy

   [Company Name]'s target market segments consist of businesses in the South Georgia area
   that rely on environmental recycling services. The Company knows that satisfied customers
   aid in referring its business to other clients who need its services.

   Currently, [Company Name]'s choice of target markets is based on an in-depth understanding
   of the customer's needs. [Company Name]'s exceptional service, quality equipment
   and reliability will allow the Company to effectively compete and establish a reputation
   within its area. However strengthening its marketing strategy will improve the Company's
   profitability levels as well as provide more business opportunities for the Company.

4.3 Service Business Analysis

   Recycling is one of the largest and most rapidly developing sustainable industries. Major
   recycling programs are run by government funded companies which collect recyclables from
   consumers, then sort the collected items, next cleans them, and then refine them before
   making them into new products.

   Environmental- Recycling reuses many of the world's limited natural resources. Without
   recycling, the products are thrown away to sit in a landfill where some slowly decompose and
   others sit for eternity. Recycling reduces the amount of extraction of natural resources.
   Machines have been developed to be further equipped to handle more recyclables and process
   them at a greater rate while limiting the carbon footprint the recycling industry has on the
   earth. All of this has been developed due to the increase in recyclers across America as well as
   across the world. Companies have also worked on becoming more earth friendly by using more
   earth friendly products which can be more commonly recycled when compared to their
   previously used products. Recycling has become a reason for businesses and industries to
   create more recyclable and sustainable products which all help the earth.

   There have been many government policies and agencies that have influenced the recycling
   industry. The government has improved regulations in the construction industry in order to
   decrease the amount of waste which enters the environment through their projects. Some of
   these new regulations include double liners and leachate collection systems. Along with
   government policies come government agencies. One major government agency is the EPA, or
   the Environmental Protection Agency. The EPA works with industries and all levels of the
   government through pollution prevention programs and energy conservation efforts.

   As simple as it may be, [Company Name]'s method of executing exceptional service will have
   an important effect on the bottom line: People want to give their business to those who
   appreciate it. Quality work as well as a practice of strong communication will bring the support
   the Company desires.




                                                                                            Page 6
                                        [Company Name]



4.3.1 Competition and Buying Patterns

   [Company Name]'s major league competitors include Waste Management and Viola Recycling.
   The Company competes directly with them to control transfer stations which control shipping to
   garbage; therefore, the company excels by keeping its equipment updated and current to
   ensure a quality service to its client. However, there is no real competition in the fuel wood
   division because there are only two companies in the South Georgia area that supply service to
   the power company.

   Ultimately, it is [Company Name]'s focus to fulfill client's demands because it aids the Company
   in generating future business. If clients are happy, they will recommend the Company to others
   who need and rely on the service. Furthermore, [Company Name] knows that the proper image
   and visibility aids the Company in getting its name out.

5.0 Strategy and Implementation Summary

   The strategy of [Company Name]. is to consolidate its good customer and client service by
   offering quality service, hiring the best staff and having a competitive pricing structure. The
   Company has clearly defined the target market and has differentiated itself by offering a solid
   solution to fulfilling its customer’s needs. Reasonable sales targets have been established with
   an implementation plan designed to ensure the goals set forth below are achieved.

5.1 Competitive Edge

   [Company Name]. offers the following advantages to customers.


   • Quality Service. The Company will provide its clients with courteous, prompt, and
   dependable service. It intends to build upon its safety morals.

   • Competitive rates. The Company will provide competitive rates for its clients because it
   has low cost inputs.

   [Company Name]'s hardworking and dedicated staff definitely aids in the Company's overall
   success. By building a business based on long-standing relationships with satisfied clients,
   [Company Name]. simultaneously builds defenses against future competition. The longer the
   relationship stands, the more the Company helps its customers understand what they offer
   them and why they need it.




                                                                                            Page 7
                                         [Company Name]



5.2 Marketing Strategy

   [Company Name]'s marketing strategy involves:

      Working with sales representatives that represent the Company in the waste management
       industry, as well as residential and commercial accounts to increase its revenue. (5 year
       contract)
      Fuel side: maintain contracts and stay on top of power plants (20 year contract).
       Additionally, the Company's fuel wood business has its hands full for 2 years.

   [Company Name]. serves its market by providing quality workmanship and an exceptional
   service to its customers. It knows what each customer needs and aims to satisfy them.
   Additionally, the Company has an advantage because the owner, [Name]is a superior
   business man with excellent work ethics and sufficient industry experience; thus he offers
   an in-depth knowledge of the recycling and waste management industry and knows the ins and
   outs of the business. Furthermore, the owner and the Company's level of integrity helps in
   building and maintaining a strong reputation within its community.

5.3 Sales Strategy

   [Company Name]'s utilizes sales representatives which sells and pitches its services to waste
   companies, residential and commercial accounts. Additionally, the Company has an
   excellent image and work ethics. It makes an effort to stay in line with the recycling and waste
   management industry in its area that are offering similar services; therefore paying attention to
   industry standards, rates, as well as having the latest equipment is important. Ultimately,
   keeping customers happy is an implicit part of building a relationship that will encourage repeat
   business.

5.3.1 Sales Forecast

   The chart and table below shows [Company Name]'s projected Sales Forecast. Annual
   projections for three years are shown here, with first year monthly figures in the appendix.

   [Company Name]'s sales forecast includes recycling and waste management services to
   [Vendor], Piedmont Green, [Vendor]. [Company Name]'s projections for 2011 are $6,588,400.
   Sales projections for 2012 and 2013 are based on a 3% increase. The Company expects its
   contracts to grow to $41 million in 20 years.

Table: Sales Forecast

   Sales Forecast
                                                            2011             2012              2013
   Sales
   [Vendor]                                            $884,000          $910,520          $937,836
   Piedmont Green                                     $2,210,000        $2,276,300        $2,344,589
   [Vendor]                                           $3,494,400        $3,599,232        $3,707,209
   Total Sales                                        $6,588,400        $6,786,052        $6,989,634

   Direct Cost of Sales                                     2011              2012              2013
   Recycling/Waste Management Services                $1,712,984        $1,764,374        $1,817,305

   Subtotal Direct Cost of Sales                      $1,712,984        $1,764,374        $1,817,305

                                                                                             Page 8
                                                           [Company Name]




Chart: Sales Monthly

                                  Sales Monthly
 $600,000


 $500,000


 $400,000
                                                                                          Pratt Industries

 $300,000                                                                                 Piedmont Green

                                                                                          Waste Industries
 $200,000


 $100,000


       $0
                                                     Jul
              Jan




                                  Apr




                                              Jun
                    Feb

                            Mar




                                                                        Oct
                                        May




                                                           Aug

                                                                 Sep




                                                                              Nov

                                                                                    Dec




Chart: Sales by Year

                                  Sales by Year

 $7,000,000


 $6,000,000

 $5,000,000
                                                                                          Pratt Industries
 $4,000,000                                                                               Piedmont Green

 $3,000,000                                                                               Waste Industries

 $2,000,000

 $1,000,000


        $0
                          2011                2012                     2013




                                                                                                             Page 9
                                           [Company Name]



5.4 Milestones

   In order to achieve the growth and marketing goals that has been outlined in this business
   plan, [Company Name]. has deadlines to meet and ideas to implement. These deadlines and
   ideas are called "milestones". Milestones are the most important events and/or projects that
   must be completed in order to ensure the success of [Company Name].

   Because of the critical importance of milestones to the Company's growth, success, and
   operational efficiency, management will periodically review and update the progress that has
   been made in completing each milestone. The review and update process will include adding
   new milestones, deleting completed milestones, and revising estimated end dates and budgets.

Table: Milestones

   Milestones

   Milestone                             Start Date     End Date        Budget   Manager
   Obtain Loan                           10/1/2011    12/31/2011            $0    [Name]
   Refinance loan used for real-estate                              $3,178,160    [Name]
   purchase/construction
   Refinance loans/lease used to buy                                $1,370,004    [Name]
   equipment
   Purchase real-estate to be used by                               $1,250,000    [Name]
   the business
   Purchase equipment                                               $4,655,735    [Name]
   Pay Down Payables                                                  $275,000    [Name]
   Cover Operating Capital                                          $1,271,101    [Name]
   Totals                                                          $12,000,000



6.0 Management Summary

   [Name]is the owner of [Company Name]. He established [Company Name]. in 1999 in Fairburn,
   GA. In addition to Mr. Walker's extensive knowledge of the recycling and waste management
   industry, he also has many years of managerial experience. Mr. Walker has assistance from his
   wife Andrea Walker, who handles the administrative and financial duties of the Company, as
   well as the assistance of [Name], who serves as the Chief Financial Officer of the Company. The
   team's strong managerial skills and leadership qualities aids them in running the business
   effectively.

6.1 Personnel Plan

   The table below contains the details of [Company Name]'s personnel plan. The detailed monthly
   personnel plan for the first year is included in the appendix.

   [Company Name]'s key staff consists of the owner, [Name], his wife Andrea Walker, and
   [Name]. Additional personnel will be hired as needed.




                                                                                           Page 10
                                        [Company Name]



Table: Personnel

   Personnel Plan
                                                              2011            2012             2013
   [Company Name]Staff                                  $1,098,588      $1,131,546       $1,165,492

   Total People

   Total Payroll                                        $1,098,588      $1,131,546       $1,165,492


7.0 Financial Plan

   The current financial plan is based on the assumption of achieving desired levels of funding, in
   which [Company Name]. plans to obtain funding sources in the amount of $8,000,000 for the
   purpose of purchasing equipment, expansion, and covering operating capital in the first year of
   plan implementation. Additionally, this Business Plan is used by the management of [Company
   Name]. as a road map to its success. It is an indispensable tool for the ongoing performance
   and improvement of the Company, and it will be referred to often as management plots its
   business course.

   Management commits to reviewing this Business Plan on a regular basis to make certain
   financial projections remain accurate and strategies remain pertinent as the economy,
   technology, communication methods, and customer demographics change. The three year
   financial projections within this Business Plan indicate that the Company will have generated
   sufficient growth, profits, and cash to permit the Company to continue to exists and prosper.
   Evaluation of the Company's success will be an ongoing process involving the owner's monthly
   review of financial statements and other pertinent financial data.

7.1 Important Assumptions

   The table below presents the assumptions used in the financial calculations of this plan.
   [Company Name]. is a C-Corp business and is taxed accordingly. The Company's expenses
   assume a 3% increase due to inflation & other cost variables.




                                                                                           Page 11
                                         [Company Name]



7.2 Break-even Analysis

   The monthly break-even point is shown in the Break-Even Analysis Table below. The break-
   even analysis has been calculated on the "burn rate" of The Company. [Company Name]. feels
   that this gives the investor a more accurate picture of the actual risk of the venture. The Break-
   Even Analysis Table is based on the Company's forecasted monthly expenses, cost of sales, and
   gross margins. It forecasts the average revenue (sales) level that must be achieved each
   month for the Company to break-even (show neither a profit nor a loss).

   Even though Management's desire is to reach the break-even level every month and as early in
   the month as possible, it is unrealistic to believe that the break-even point will be achieved in
   every month of the Company's existence. Management realizes that there are several factors
   that may cause monthly losses. The most common factors include:

   • Periods of seasonally slow sales/business.
   • Months in which annual or unusual expenses occur.
   • During months following strategically planned personnel expansion where increases in payroll,
   employee benefits, and payroll taxes are not immediately offset by increased production, sales
   or profits.
   • During months following strategically planned asset acquisition where increases in
   depreciation, operating expenses, and long-term loan finance charges are not immediately
   offset by increased production, sales and profits.

   Management will closely follow the Financial Statement Review section of the Financial Plan
   contained within this Business Plan by reviewing the Company's financial statements on a
   monthly basis. This is done to make certain that months without profit are the result of one of
   the factors listed above as opposed to a growing negative trend. Management will take
   immediate action to reverse the trend by reducing expenses, increasing profit margins, or
   increasing sales should it determine that sustained months without profit are the result of
   factors other than those listed above.




                                                                                             Page 12
                                                 [Company Name]



Table: Break-even Analysis

   Break-even Analysis

   Monthly Revenue Break-even                                   $268,566

   Assumptions:
   Average Percent Variable Cost                                    26%
   Estimated Monthly Fixed Cost                                 $198,739




   Chart: Break-even Analysis

                                       Break-even Analysis

     $120,000

      $80,000

      $40,000

           $0

     ($40,000)

     ($80,000)

    ($120,000)

    ($160,000)


                 $0          $60,000      $120,000      $180,000      $240,000      $300,000
                      $30,000       $90,000      $150,000      $210,000      $270,000      $330,000




                                                                                                      Page 13
                                         [Company Name]



7.3 Projected Profit and Loss

   The following Projected Profit and Loss Table and charts illustrate [Company Name]'s sales,
   operating expenses, and profitability over the next three years. It illustrates the effects on
   profitability of increased expenses such as asset acquisition, personnel, and marketing as the
   Company expands. It also illustrates the delayed revenue (sales) growth that occurs months
   after the capital expenditures of expansion. A monthly projection for the first twelve months of
   sales, direct cost of sales, operating expenses, gross profits, tax consequences, and net profits
   after taxes is found in the appendix.

   The sales for 2011, 2012, and 2013 are $6,588,400, $6,786,052, and $6,989,634, respectively.
   The net profit for the same period is $1,361,030, $732,199 and $823,368, respectively. The
   percentages of the net profit sales for this period are 20.66%, 10.79%, and 11.78%,
   respectively.

   Important notes regarding Depreciation, Payroll & Miscellaneous Expenses

      The Company's miscellaneous expenses are 10% of the operating cost.
      Once the Company receives funding to add the new assets, the depreciation of the
       equipment will be over a 10 year period, while the depreciation of the property will be over
       a 39 year period.

Table: Profit and Loss

   Pro Forma Profit and Loss
                                                        2011              2012              2013
   Sales                                          $6,588,400        $6,786,052        $6,989,634
   Direct Cost of Sales                           $1,712,984        $1,764,374        $1,817,305
   Other Costs of Sales                                   $0
   Total Cost of Sales                            $1,712,984        $1,764,374        $1,817,305

   Gross Margin                                   $4,875,416        $5,021,678        $5,172,329
   Gross Margin %                                    74.00%            74.00%            74.00%


   Expenses
   Payroll                                        $1,098,588        $1,131,546        $1,165,492
   Marketing/Promotion                                $9,240            $9,517            $9,803
   Depreciation                                      $13,102           $78,608           $78,608
   Rent                                             $186,000          $191,580          $197,327
   Utilities                                         $33,768           $34,781           $35,824
   Insurance                                        $220,536          $227,152          $233,967
   Payroll Taxes                                    $164,788          $169,732          $174,824
   Other                                            $658,840          $678,605          $698,963

   Total Operating Expenses                       $2,384,862        $2,521,521        $2,594,808

   Profit Before Interest and Taxes               $2,490,554        $2,500,157        $2,577,520
   EBITDA                                         $2,503,656        $2,578,765        $2,656,128
    Interest Expense                                $546,225        $1,454,158        $1,401,281
    Taxes Incurred                                  $583,299          $313,800          $352,872

   Net Profit                                     $1,361,030          $732,199         $823,368
   Net Profit/Sales                                  20.66%            10.79%           11.78%




                                                                                            Page 14
                                                [Company Name]




Chart: Profit Monthly


                                          Profit Monthly
 $140,000

 $120,000

 $100,000

  $80,000

  $60,000

  $40,000

  $20,000

       $0
              Jan   Feb      Mar   Apr   May      Jun     Jul   Aug   Sep   Oct    Nov   Dec




Chart: Profit Yearly


                                               Profit Yearly


 $1,400,000

 $1,200,000

 $1,000,000

  $800,000

  $600,000

  $400,000

  $200,000

        $0
                          2011                     2012                     2013




                                                                                               Page 15
                                                [Company Name]



Chart: Gross Margin Monthly


                                        Gross Margin Monthly

$400,000

$350,000

$300,000

$250,000

$200,000

$150,000

$100,000

  $50,000

      $0
              Jan   Feb     Mar   Apr     May    Jun      Jul   Aug   Sep   Oct     Nov   Dec




Chart: Gross Margin Yearly


                                         Gross Margin Yearly



 $5,000,000

 $4,000,000

 $3,000,000

 $2,000,000

 $1,000,000

        $0
                          2011                     2012                      2013




                                                                                                Page 16
                                               [Company Name]



7.4 Projected Cash Flow

   [Company Name]. has applied for $8,000,000 in loan funding. The Company forecast that it
   will receive the funding in the third quarter of 2011. During this period, [Company Name].
   will use the money to purchase equipment, purchase real-estate to be used by the business,
   and to restructure existing debt as well as cover working capital. The equipment and real-
   estate purchases         are reflected       in       the      purchase      of      long-term
   assets. Additionally, restructuring the loan will save the Company around $30,000 per month in
   payments. The amortization schedule of the loan is 15 years.

   The following table displays [Company Name]'s cash flow and the chart illustrates monthly cash
   flow in the first year. Monthly cash flow projections are also included in the appendix.

Table: Cash Flow

   Pro Forma Cash Flow
                                                                2011         2012            2013
   Cash Received

   Cash from Operations
   Cash Sales                                              $6,588,400   $6,786,052      $6,989,634
   Subtotal Cash from Operations                           $6,588,400   $6,786,052      $6,989,634

   Additional Cash Received
   Sales Tax, VAT, HST/GST Received                                $0           $0              $0
   New Current Borrowing                                           $0           $0              $0
   New Other Liabilities (interest-free)                           $0           $0              $0
   New Long-term Liabilities                              $12,000,000           $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                                 $18,588,400   $6,786,052      $6,989,634

   Expenditures                                                 2011         2012            2013

   Expenditures from Operations
   Cash Spending                                           $1,098,588   $1,131,546      $1,165,492
   Bill Payments                                           $3,716,839   $4,844,427      $4,915,716
   Subtotal Spent on Operations                            $4,815,427   $5,975,973      $6,081,208

   Additional Cash Spent
   Sales Tax, VAT, HST/GST Paid Out                                $0           $0              $0
   Principal Repayment of Current Borrowing                  $170,559    $322,236        $322,236
   Other Liabilities Principal Repayment                           $0           $0              $0
   Long-term Liabilities Principal Repayment                  $65,614    $303,211        $303,211
   Purchase Other Current Assets                                   $0           $0              $0
   Purchase Long-term Assets                               $5,905,735           $0              $0
   Dividends                                                       $0           $0              $0
   Subtotal Cash Spent                                    $10,957,335   $6,601,420      $6,706,655

   Net Cash Flow                                           $7,631,065    $184,632        $282,978
   Cash Balance                                            $8,188,528   $8,373,160      $8,656,138




                                                                                         Page 17
                                                   [Company Name]



Chart: Cash

                                     Cash
$9,000,000

$8,000,000

$7,000,000

$6,000,000

$5,000,000                                                                           Net Cash Flow

$4,000,000                                                                           Cash Balance

$3,000,000

$2,000,000

$1,000,000

       $0
                                                 Jul
             Jan

                   Feb

                         Mar

                               Apr




                                           Jun




                                                                   Oct
                                     May




                                                       Aug

                                                             Sep




                                                                         Nov

                                                                               Dec




                                                                                                     Page 18
                                     [Company Name]



7.5 Projected Balance Sheet

   The Balance Sheet Table (below) shows the Pro-Forma Balance Sheet projections. In the
   appendix, the first twelve months are shown individually.

   [Company Name]'s net worth is ($98,453), $633,747, and $1,457,114 for 2011, 2012, and
   2013 respectively. The Company's total assets for this same period will be $16,078,546,
   $16,184,570, and $16,388,940, respectively.

Table: Balance Sheet

   Pro Forma Balance Sheet
                                                      2011            2012           2013
   Assets

   Current Assets
   Cash                                         $8,188,528      $8,373,160     $8,656,138
   Other Current Assets                            $71,994         $71,994        $71,994
   Total Current Assets                         $8,260,522      $8,445,154     $8,728,132

   Long-term Assets
   Long-term Assets                             $7,831,126      $7,831,126     $7,831,126
   Accumulated Depreciation                        $13,102         $91,710       $170,318
   Total Long-term Assets                       $7,818,024      $7,739,416     $7,660,808
   Total Assets                                $16,078,546     $16,184,570    $16,388,940

   Liabilities and Capital                            2011            2012           2013

   Current Liabilities
   Accounts Payable                               $398,841        $398,112       $404,562
   Current Borrowing                            $3,240,620      $2,918,384     $2,596,148
   Other Current Liabilities                            $0              $0             $0
   Subtotal Current Liabilities                 $3,639,461      $3,316,496     $3,000,710

   Long-term Liabilities                       $12,537,538     $12,234,327    $11,931,116
   Total Liabilities                           $16,176,999     $15,550,823    $14,931,826

   Paid-in Capital                               $5,312,905      $5,312,905     $5,312,905
   Retained Earnings                           ($6,772,388)    ($5,411,358)   ($4,679,158)
   Earnings                                      $1,361,030        $732,199       $823,368
   Total Capital                                  ($98,453)        $633,747     $1,457,114
   Total Liabilities and Capital               $16,078,546     $16,184,570    $16,388,940

   Net Worth                                     ($98,453)        $633,747     $1,457,114




                                                                                   Page 19
                                       [Company Name]



7.6 Business Ratios

   The table below presents the projected business ratios from the waste collection and recycling
   industry as a reference with sales from $1,000,000 -$4,999,999.

Table: Ratios

   Ratio Analysis
                                               2011           2012           2013   Industry Profile
   Sales Growth                              33.44%          3.00%          3.00%            0.07%

   Percent of Total Assets
   Other Current Assets                       0.42%          0.37%         0.33%           28.54%
   Total Current Assets                      27.82%         35.97%        42.92%           58.36%
   Long-term Assets                          72.18%         64.03%        57.08%           41.64%
   Total Assets                             100.00%        100.00%       100.00%          100.00%

   Current Liabilities                       20.02%         14.38%         9.78%           34.65%
   Long-term Liabilities                      3.39%          2.72%         2.17%           34.50%
   Total Liabilities                         23.41%         17.10%        11.95%           69.15%
   Net Worth                                 76.59%         82.90%        88.05%           30.85%

   Percent of Sales
   Sales                                    100.00%        100.00%       100.00%          100.00%
   Gross Margin                             100.00%        100.00%       100.00%           59.90%
   Selling, General & Administrative         58.54%         58.94%        58.29%           15.68%
   Expenses
   Advertising Expenses                       0.14%          0.14%         0.14%             0.24%
   Profit Before Interest and Taxes          63.74%         62.47%        62.51%             4.09%

   Main Ratios
   Current                                      1.39           2.50          4.39             1.36
   Quick                                        1.39           2.50          4.39             1.34
   Total Debt to Total Assets                23.41%         17.10%        11.95%           69.15%
   Pre-tax Return on Net Worth               29.40%         24.79%        21.95%           42.38%
   Pre-tax Return on Assets                  22.52%         20.55%        19.33%           13.08%




                                                                                          Page 20
                               [Company Name]




Table: Ratios (Continued)

   Additional Ratios                  2011           2012         2013
   Net Profit Margin                41.46%         41.06%       41.71%        n.a
   Return on Equity                 20.58%         17.35%       15.36%        n.a

   Activity Ratios
   Accounts Payable Turnover          11.96          12.17        12.17       n.a
   Payment Days                          27             30           30       n.a
   Total Asset Turnover                0.38           0.35         0.32       n.a

   Debt Ratios
   Debt to Net Worth                   0.31           0.21         0.14       n.a
   Current Liab. to Liab.              0.86           0.84         0.82       n.a

   Liquidity Ratios
   Net Working Capital           $1,352,248     $4,182,201   $7,141,011       n.a
   Interest Coverage                  14.15          16.38        21.32       n.a

   Additional Ratios
   Assets to Sales                     2.63           2.85         3.08       n.a
   Current Debt/Total Assets           20%            14%          10%        n.a
   Acid Test                           1.39           2.50         4.39       n.a
   Sales/Net Worth                     0.50           0.42         0.37       n.a
   Dividend Payout                     0.00           0.00         0.00       n.a




                                                                          Page 21
                                                                       Appendix

Table: Sales Forecast

Sales Forecast
                                    Jan        Feb        Mar         Apr       May        Jun          Jul       Aug        Sep         Oct       Nov        Dec
Sales
[Vendor]                         $69,545    $70,930    $71,936    $72,102    $72,355    $72,956    $73,804     $74,539    $74,971    $75,931    $76,878    $78,053
Piedmont Green                  $174,135   $175,856   $177,635   $179,411   $181,205   $183,017   $184,737    $186,490   $189,462   $190,444   $193,352   $194,256
[Vendor]                        $274,762   $277,520   $280,305   $284,118   $286,959   $289,829   $292,827    $295,640   $298,611   $301,577   $304,613   $307,639
Total Sales                     $518,442   $524,306   $529,876   $535,631   $540,519   $545,802   $551,368    $556,669   $563,044   $567,952   $574,843   $579,948

Direct Cost of Sales                 Jan        Feb        Mar        Apr       May         Jun         Jul        Aug        Sep        Oct        Nov        Dec
Recycling/Waste Management      $135,754   $136,202   $137,463   $138,838   $140,526   $142,658   $143,549    $144,474   $145,949   $147,378   $149,852   $150,341
Services

Subtotal Direct Cost of Sales   $135,754   $136,202   $137,463   $138,838   $140,526   $142,658   $143,549    $144,474   $145,949   $147,378   $149,852   $150,341




                                                                                                                                                          Page 1
                                                       Appendix

Table: Personnel

Personnel Plan
                          Jan       Feb       Mar       Apr      May        Jun        Jul       Aug       Sep       Oct       Nov       Dec
[Company Name]Staff   $91,549   $91,549   $91,549   $91,549   $91,549   $91,549   $91,549    $91,549   $91,549   $91,549   $91,549   $91,549

Total People

Total Payroll         $91,549   $91,549   $91,549   $91,549   $91,549   $91,549   $91,549    $91,549   $91,549   $91,549   $91,549   $91,549




                                                                                                                                     Page 2
                                                                              Appendix

Table: Profit and Loss

Pro Forma Profit and Loss
                                       Jan        Feb        Mar        Apr        May         Jun         Jul        Aug        Sep        Oct        Nov        Dec
Sales                             $518,442   $524,306   $529,876   $535,631    $540,519   $545,802   $551,368    $556,669   $563,044   $567,952   $574,843   $579,948
Direct Cost of Sales              $135,754   $136,202   $137,463   $138,838    $140,526   $142,658   $143,549    $144,474   $145,949   $147,378   $149,852   $150,341
Other Costs of Sales
Total Cost of Sales               $135,754   $136,202   $137,463   $138,838    $140,526   $142,658   $143,549    $144,474   $145,949   $147,378   $149,852   $150,341

Gross Margin                      $382,688   $388,104   $392,413   $396,793    $399,993   $403,144   $407,819    $412,195   $417,095   $420,574   $424,991   $429,607
Gross Margin %                     73.82%     74.02%     74.06%     74.08%      74.00%     73.86%     73.96%      74.05%     74.08%     74.05%     73.93%     74.08%


Expenses
Payroll                            $91,549    $91,549    $91,549    $91,549     $91,549    $91,549    $91,549     $91,549    $91,549    $91,549    $91,549    $91,549
Marketing/Promotion                   $770       $770       $770       $770        $770       $770       $770        $770       $770       $770       $770       $770
Depreciation                            $0         $0         $0         $0          $0         $0         $0          $0         $0         $0     $6,551     $6,551
Rent                               $15,500    $15,500    $15,500    $15,500     $15,500    $15,500    $15,500     $15,500    $15,500    $15,500    $15,500    $15,500
Utilities                           $2,814     $2,814     $2,814     $2,814      $2,814     $2,814     $2,814      $2,814     $2,814     $2,814     $2,814     $2,814
Insurance                          $18,378    $18,378    $18,378    $18,378     $18,378    $18,378    $18,378     $18,378    $18,378    $18,378    $18,378    $18,378
Payroll Taxes               15%    $13,732    $13,732    $13,732    $13,732     $13,732    $13,732    $13,732     $13,732    $13,732    $13,732    $13,732    $13,732
Other                       10%    $51,844    $52,431    $52,988    $53,563     $54,052    $54,580    $55,137     $55,667    $56,304    $56,795    $57,484    $57,995

Total Operating                   $194,588   $195,174   $195,731   $196,306    $196,795   $197,324   $197,880    $198,410   $199,048   $199,539   $206,779   $207,289
Expenses

Profit Before Interest            $188,100   $192,930   $196,682   $200,487    $203,198   $205,820   $209,939    $213,785   $218,047   $221,035   $218,212   $222,318
and Taxes
EBITDA                            $188,100   $192,930   $196,682   $200,487    $203,198   $205,820   $209,939    $213,785   $218,047   $221,035   $224,763   $228,869
 Interest Expense                  $24,925    $24,925    $24,925    $24,925     $24,925    $24,925    $24,925     $24,925    $24,925    $74,551   $123,967   $123,383
 Taxes Incurred                    $48,953    $50,402    $51,527    $52,669     $53,482    $54,269    $55,504     $56,658    $57,937    $43,945    $28,274    $29,680

Net Profit                        $114,223   $117,604   $120,230   $122,893    $124,791   $126,627   $129,510    $132,202   $135,186   $102,539    $65,972    $69,254
Net Profit/Sales                   22.03%     22.43%     22.69%     22.94%      23.09%     23.20%     23.49%      23.75%     24.01%     18.05%     11.48%     11.94%




                                                                                                                                                             Page 3
                                                                             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                    $518,442   $524,306   $529,876   $535,631   $540,519   $545,802   $551,368   $556,669   $563,044    $567,952     $574,843    $579,948
Subtotal Cash                 $518,442   $524,306   $529,876   $535,631   $540,519   $545,802   $551,368   $556,669   $563,044    $567,952     $574,843    $579,948
from Operations

Additional Cash
Received
Sales Tax, VAT,       0.00%        $0         $0         $0         $0         $0         $0         $0         $0         $0           $0           $0         $0
HST/GST
Received
New Current                        $0         $0         $0         $0         $0         $0         $0         $0         $0           $0           $0         $0
Borrowing
New Other                          $0         $0         $0         $0         $0         $0         $0         $0         $0           $0           $0         $0
Liabilities
(interest-free)
New Long-term                      $0         $0         $0         $0         $0         $0         $0         $0         $0    $6,000,000   $6,000,000        $0
Liabilities
Sales of Other                     $0         $0         $0         $0         $0         $0         $0         $0         $0           $0           $0         $0
Current Assets
Sales of Long-                     $0         $0         $0         $0         $0         $0         $0         $0         $0           $0           $0         $0
term Assets
New Investment                     $0         $0         $0         $0         $0         $0         $0         $0         $0           $0           $0         $0
Received
Subtotal Cash                 $518,442   $524,306   $529,876   $535,631   $540,519   $545,802   $551,368   $556,669   $563,044   $6,567,952   $6,574,843   $579,948
Received




                                                                                                                                                           Page 4
                                                                           Appendix

Table: Cash Flow (Continued)

Expenditures             Jan          Feb          Mar          Apr          May          Jun           Jul         Aug          Sep          Oct          Nov           Dec

Expenditures from
Operations
Cash Spending         $91,549     $91,549      $91,549      $91,549      $91,549      $91,549      $91,549      $91,549      $91,549      $91,549      $91,549      $91,549
Bill Payments         $10,422    $312,753     $315,251     $318,200     $321,288     $324,294     $327,715     $330,396     $333,031     $337,561     $375,094     $410,832
Subtotal Spent on    $101,971    $404,302     $406,800     $409,749     $412,837     $415,843     $419,264     $421,945     $424,580     $429,110     $466,643     $502,381
Operations

Additional Cash
Spent
Sales Tax, VAT,           $0           $0           $0           $0           $0           $0           $0           $0           $0           $0           $0            $0
HST/GST Paid
Out
Principal                 $0           $0           $0           $0           $0           $0           $0           $0           $0      $56,853      $56,853       $56,853
Repayment of
Current Borrowing
Other Liabilities         $0           $0           $0           $0           $0           $0           $0           $0           $0           $0           $0            $0
Principal
Repayment
Long-term                 $0           $0           $0           $0           $0           $0           $0           $0           $0       $5,026      $30,294       $30,294
Liabilities
Principal
Repayment
Purchase Other            $0           $0           $0           $0           $0           $0           $0           $0           $0           $0           $0            $0
Current Assets
Purchase Long-            $0           $0           $0           $0           $0           $0           $0           $0           $0           $0    $5,905,735           $0
term Assets
Dividends                  $0          $0           $0           $0           $0           $0           $0           $0           $0           $0            $0          $0
Subtotal Cash        $101,971    $404,302     $406,800     $409,749     $412,837     $415,843     $419,264     $421,945     $424,580     $490,989    $6,459,525    $589,528
Spent

Net Cash Flow        $416,471     $120,004     $123,076     $125,882     $127,682     $129,959     $132,104     $134,724     $138,464   $6,076,963     $115,318      ($9,580)
Cash Balance         $973,934   $1,093,938   $1,217,013   $1,342,895   $1,470,577   $1,600,536   $1,732,640   $1,867,363   $2,005,827   $8,082,790   $8,198,108   $8,188,528




                                                                                                                                                                    Page 5
                                                                                        Appendix

Table: Balance Sheet

Pro Forma Balance Sheet
                                       Jan          Feb          Mar          Apr          May          Jun           Jul         Aug          Sep           Oct           Nov           Dec
Assets         Starting Balances

Current
Assets
Cash              $557,463         $973,934   $1,093,938   $1,217,013   $1,342,895   $1,470,577   $1,600,536   $1,732,640   $1,867,363   $2,005,827    $8,082,790    $8,198,108    $8,188,528
Other              $71,994          $71,994      $71,994      $71,994      $71,994      $71,994      $71,994      $71,994      $71,994      $71,994       $71,994       $71,994       $71,994
Current
Assets
Total             $629,457     $1,045,928     $1,165,932   $1,289,007   $1,414,889   $1,542,571   $1,672,530   $1,804,634   $1,939,357   $2,077,821    $8,154,784    $8,270,102    $8,260,522
Current
Assets

Long-term
Assets
Long-term       $1,925,391     $1,925,391     $1,925,391   $1,925,391   $1,925,391   $1,925,391   $1,925,391   $1,925,391   $1,925,391   $1,925,391    $1,925,391    $7,831,126    $7,831,126
Assets
Accumulated               $0            $0           $0           $0           $0           $0           $0           $0           $0           $0            $0        $6,551       $13,102
Depreciation
Total Long-     $1,925,391     $1,925,391     $1,925,391   $1,925,391   $1,925,391   $1,925,391   $1,925,391   $1,925,391   $1,925,391   $1,925,391    $1,925,391    $7,824,575    $7,818,024
term Assets
Total Assets    $2,554,848     $2,971,319     $3,091,323   $3,214,398   $3,340,280   $3,467,962   $3,597,921   $3,730,025   $3,864,748   $4,003,212   $10,080,175   $16,094,677   $16,078,546




                                                                                                                                                                                  Page 6
                                                                                                 Appendix

Table: Balance Sheet (Continued)

Liabilities and Capital                 Jan            Feb            Mar            Apr            May            Jun             Jul           Aug            Sep            Oct            Nov            Dec

Current
Liabilities
Accounts                  $0       $302,248       $304,648       $307,494       $310,482       $313,373       $316,705       $319,299       $321,821       $325,099       $361,402       $397,079       $398,841
Payable
Current            $3,411,179    $3,411,179     $3,411,179     $3,411,179     $3,411,179     $3,411,179     $3,411,179     $3,411,179     $3,411,179     $3,411,179     $3,354,326     $3,297,473     $3,240,620
Borrowing
Other                     $0             $0             $0             $0             $0             $0             $0             $0             $0             $0             $0             $0             $0
Current
Liabilities
Subtotal           $3,411,179    $3,713,427     $3,715,827     $3,718,673     $3,721,661     $3,724,552     $3,727,884     $3,730,478     $3,733,000     $3,736,278     $3,715,728     $3,694,552     $3,639,461
Current
Liabilities

Long-term            $603,152      $603,152       $603,152       $603,152       $603,152       $603,152       $603,152       $603,152       $603,152       $603,152     $6,598,126    $12,567,832    $12,537,538
Liabilities
Total              $4,014,331    $4,316,579     $4,318,979     $4,321,825     $4,324,813     $4,327,704     $4,331,036     $4,333,630     $4,336,152     $4,339,430    $10,313,854    $16,262,384    $16,176,999
Liabilities

Paid-in            $5,312,905    $5,312,905     $5,312,905     $5,312,905     $5,312,905     $5,312,905     $5,312,905     $5,312,905     $5,312,905     $5,312,905     $5,312,905     $5,312,905     $5,312,905
Capital
Retained         ($5,902,596)   ($6,772,388)   ($6,772,388)   ($6,772,388)   ($6,772,388)   ($6,772,388)   ($6,772,388)   ($6,772,388)   ($6,772,388)   ($6,772,388)   ($6,772,388)   ($6,772,388)   ($6,772,388)
Earnings
Earnings           ($869,792)       $114,223       $231,827       $352,057      $474,950       $599,741       $726,368       $855,878       $988,080     $1,123,265     $1,225,804     $1,291,776     $1,361,030
Total Capital    ($1,459,483)   ($1,345,260)   ($1,227,656)   ($1,107,426)    ($984,533)     ($859,742)     ($733,115)     ($603,605)     ($471,403)     ($336,218)     ($233,679)     ($167,707)      ($98,453)
Total              $2,554,848     $2,971,319     $3,091,323     $3,214,398    $3,340,280     $3,467,962     $3,597,921     $3,730,025     $3,864,748     $4,003,212    $10,080,175    $16,094,677    $16,078,546
Liabilities
and Capital

Net Worth        ($1,459,483)   ($1,345,260)   ($1,227,656)   ($1,107,426)    ($984,533)     ($859,742)     ($733,115)     ($603,605)     ($471,403)     ($336,218)     ($233,679)     ($167,707)      ($98,453)




                                                                                                                                                                                                     Page 7
                                                               Appendix

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