Service provider's business plan financials

Computing Development Strategies Pro Forma Balance Sheet -12/31/00 Assets Current Assets: Cash $91,647 Accounts Receivable $0 Less: Reserve for Bad Debts 0 0 Merchandise Inventory 1,000 Prepaid Expenses -Insurance 600 Notes Receivable 0 Total Current Assets $93,247 Fixed Assets: Vehicles 0 Less: Accumulated Depreciation 0 0 Furniture and Fixtures 6,000 Less: Accumulated Depreciation 1,000 5,000 Equipment -Computer Fax Machine 3,000 Less: Accumulated Depreciation 300 2,700 Buildings 0 Less: Accumulated Depreciation 0 0 Land 0 Total Fixed Assets 7,700 Other Assets: Goodwill 0 Total Other Assets 0 Total Assets $100,947 Liabilities and Capital Current Liabilities: Accounts Payable $4,504 Sales Taxes Payable 0 Payroll Taxes Payable -third quarter 2,880 Accrued Wages Payable 4,078 Unearned Revenues -January Deposits 5,000 Short-Term Notes Payable 0 Short-Term Bank Loan Payable 0 Total Current Liabilities $16,462 Long-Term Liabilities: Long-Term Notes Payable Mortgage Payable 0 Total Long-Term Liabilities 0 Total Liabilities 16,462 Capital: Owner's Investment 10,000 Net Profit (Loss) 74,485 Less drawings or dividends 0 Total Capital 84,485 Total Liabilities and Capital $100,947 0Computing Development Strategies Pro Forma Balance Sheet -12/31/01 Assets Current Assets: Cash $283,076 Accounts Receivable $0 Less: Reserve for Bad Debts 0 0 Merchandise Inventory 1,000 Prepaid Expenses -Insurance 600 Notes Receivable 0 Total Current Assets $284,676 Fixed Assets: Vehicles 0 Less: Accumulated Depreciation 0 0 Furniture and Fixtures 6,000 Less: Accumulated Depreciation 2,000 4,000 Equipment -Computer Fax Machine 3,000 Less: Accumulated Depreciation 600 2,400 Buildings 0 Less: Accumulated Depreciation 0 0 Land 0 Total Fixed Assets 6,400 Other Assets: Goodwill 0 Total Other Assets 0 Total Assets $291,076 Liabilities and Capital Current Liabilities: Accounts Payable $4,504 Sales Taxes Payable 0 Payroll Taxes Payable -third quarter 2,880 Accrued Wages Payable 4,078 Unearned Revenues -January Deposits 7,000 Short-Term Notes Payable 0 Short-Term Bank Loan Payable 0 Total Current Liabilities $18,462 Long-Term Liabilities: Long-Term Notes Payable Mortgage Payable 0 Total Long-Term Liabilities 0 Total Liabilities 18,462 Capital: Owner's Investment 10,000 Net Profit (Loss) 282,614 Less drawings or dividends 20,000 Total Capital 272,614 Total Liabilities and Capital $291,076 0Computing Development Strategies Projected Profit and Loss Statement -2000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Revenue: Gross Sales $21,000 $30,960 $34,200 $34,200 $32,760 $28,080 $21,240 $19,440 $25,560 $30,600 $38,880 $34,920 Less: Sales Returns and Allowances 0 0 0 0 0 0 0 0 0 0 0 0 Net Sales 21,000 30,960 34,200 34,200 32,760 28,080 21,240 19,440 25,560 30,600 38,880 34,920 Cost of Goods Sold: Beginning Inventory $0 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 Add: Purchases 2,520 2,160 2,380 2,380 2,280 1,960 1,480 1,360 1,780 2,080 2,700 2,420 Freight-in 50 50 50 50 50 50 50 50 50 50 50 50 Direct Labor 0 0 0 0 0 0 0 0 0 0 0 0 Indirect Expenses 0 0 0 0 0 0 0 0 0 20 20 20 2,570 3,210 3,430 3,430 3,330 3,010 2,530 2,410 2,830 3,150 3,770 3,490 Less: Ending Inventory 0 0 0 0 0 0 0 0 0 0 0 0 Cost of Goods Sold 2,570 3,210 3,430 3,430 3,330 3,010 2,530 2,410 2,830 3,150 3,770 3,490 Gross Profit (Loss) 18,430 27,750 30,770 30,770 29,430 25,070 18,710 17,030 22,730 27,450 35,110 31,430 Expenses: Advertising 300 300 300 300 300 300 300 300 600 600 600 300 Amortization 0 0 0 0 0 0 0 0 0 0 0 0 Bad Debts 810 929 1,026 1,026 983 842 637 583 767 918 1,166 1,048 Bank Charges 40 40 0 0 0 0 0 0 45 40 40 40 Charitable Contributions 0 0 0 0 0 0 0 0 0 0 0 0 Commissions 0 0 0 0 0 0 0 0 0 0 0 0 Computer Leases 3,154 3,154 3,154 3,154 3,154 3,154 3,154 3,154 3,154 3,154 3,154 3,154 Contract Labor 1,520 1,520 1,520 1,520 0 0 0 0 1,520 1,520 1,520 0 Credit Card Fees 50 58 64 64 61 52 39 35 46 55 69 62 Delivery Expenses 30 30 0 0 36 31 24 22 29 35 44 40 Depreciation 100 100 100 100 100 100 100 100 100 100 100 100 Dues and Subscriptions 10 10 10 10 10 10 10 10 10 10 10 10 Insurance 600 600 600 600 600 600 600 600 600 600 600 600 Interest 48 48 48 48 48 48 48 48 48 48 48 48 Maintenance 20 20 20 20 20 20 20 20 20 20 20 20 Miscellaneous 0 0 0 0 0 0 0 0 0 0 0 0 Office Expenses 200 200 200 200 200 200 200 200 200 200 200 200 Operating Supplies 400 460 506 506 400 409 307 276 359 431 539 485 Payroll Taxes 960 960 960 960 734 734 734 734 960 960 960 734 Permits and Licenses 20 20 20 20 20 20 20 20 20 20 20 20 Postage 200 200 200 200 200 200 200 200 200 200 200 200 Professional Fees 200 200 200 200 200 200 200 200 200 200 200 200 Property Taxes 0 0 0 0 0 0 0 0 0 0 0 0 Rent 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 Repairs 0 0 0 0 0 0 0 0 0 0 0 0 Telephone 400 400 400 400 400 400 400 400 400 400 400 400 Travel 0 0 0 0 0 0 0 0 0 0 0 0 Utilities 300 300 300 300 300 300 300 300 300 300 300 300 Vehicle Expenses 0 0 0 0 0 0 0 0 0 0 0 0 Wages 8,155 8,155 8,155 8,155 8,155 8,155 8,155 8,155 8,155 8,155 8,155 8,155 Total Expenses 19,017 19,204 19,283 19,283 17,421 17,275 16,948 16,857 19,233 19,466 19,845 17,616 Net Operating Income (587) 8,546 11,487 11,487 12,009 7,795 1,762 173 3,497 7,984 15,265 13,814 Other Income: Gain (Loss) on Sale of Assets 0 0 0 0 0 0 0 0 0 0 0 0 Interest Income 0 0 0 0 0 0 0 0 0 0 0 0 Total Other Income 0 0 0 0 0 0 0 0 0 0 0 0 Net Income (Loss) ($587) $8,546 $11,487 $11,487 $12,009 $7,795 $1,762 $173 $3,497 $7,984 $15,265 $13,814 Cumulative Net Income (Loss) ($587) $7,959 $19,446 $30,933 $42,942 $38,728 $44,704 $44,877 $48,374 $56,358 $71,623 $85,437Note 1. Advertising: CDS has signed a two year contract with Technical Marketing Support, Inc. TMS will assist CDS in developing and implementing a marketing and advertising strategy. The contract calls for payments of $300 a month for the first six months, and $600 a month thereafter. Note 2. Bad Debt Expense: Based on the survey of 100 computer training firms in the Midwest, the average amount of uncollectible accounts is projected to be 5% of all sales on credit. About 5% of all course fees will be paid on credit. Accordingly, bad debt should be small. Note 3. Contract Labor: During the first four months of the year and September, October and November, CDS will hire Ms. Howe as a training instructor for $1,520 per month. Note 4. Depreciation: The office furniture will be depreciated over six years on a straight-line basis. The office equipment. such as the computer, fax machine and copier will be depreciated over five years. Note 5. Insurance: CDS has contracted with Pinnacle Insurance Company to provide an insurance policy on all the office and training equipment, as well as health insurance for the two employees. Note 6. Office Expenses: This includes a monthly fee assessed for a maintenance agreement for all the office and training equipment in the facility. Note 7. Professional Fees: CDS has hired an accountant to file quarterly employment tax forms and prepare financial reports for $200 per month. Note 8. Rent: CDS has signed a three-year lease for the training facility. The monthly rent is $1,500 for the first year; $1,600 for the second year, and $1,700 for the third. Computing Development Strategies Projected Profit and Loss Statement -2001 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Revenue: Gross Sales $34,020 $39,009 $43,092 $41,277 $41,277 $35,380 $26,762 $24,494 $32,205 $38,556 $48,988 $43,999 Less: Sales Returns and Allowances 0 0 0 0 0 0 0 0 0 0 0 0 Net Sales 34,020 39,009 43,092 41,277 41,277 35,380 26,762 24,494 32,205 38,556 48,988 43,999 Cost of Goods Sold: Beginning Inventory $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 Add: Purchases 3,040 2,420 2,740 2,860 3,220 2,660 1,960 1,800 2,400 2,940 3,880 2,991 Freight-in 50 50 50 50 100 100 100 100 100 100 100 100 Direct Labor 0 0 0 0 0 0 0 0 0 0 0 0 Indirect Expenses 0 0 0 0 0 0 0 0 0 20 20 20 4,090 3,470 3,790 3,910 4,320 3,760 3,060 2,900 3,500 4,060 5,000 4,111 Less: Ending Inventory 0 0 0 0 0 0 0 0 0 0 0 0 Cost of Goods Sold 4,090 3,470 3,790 3,910 4,320 3,760 3,060 2,900 3,500 4,060 5,000 4,111 Gross Profit (Loss) 29,930 35,539 39,302 37,367 36,957 31,620 23,702 21,594 28,705 34,496 43,988 39,888 Expenses: Advertising 600 600 600 600 600 600 600 600 600 600 600 600 Amortization 0 0 0 0 0 0 0 0 0 0 0 0 Bad Debts 810 929 1,026 1,231 983 842 637 583 767 918 1,166 1,048 Bank Charges 40 40 0 0 0 0 0 0 0 40 40 40 Charitable Contributions 0 0 0 0 0 0 0 0 0 0 0 0 Commissions 0 0 0 0 0 0 0 0 0 0 0 0 Computer Leases 3,154 3,154 3,154 3,154 3,154 3,154 3,154 3,154 3,154 3,154 3,154 3,154 Contract Labor 1,672 1,672 1,672 1,672 0 0 0 0 1,672 1,672 1,672 0 Credit Card Fees 50 58 64 81 61 52 39 35 46 55 69 62 Delivery Expenses 30 30 0 0 36 31 24 22 29 35 44 40 Depreciation 100 100 100 100 100 100 100 100 100 100 100 100 Dues and Subscriptions 10 10 10 10 10 10 10 10 10 10 10 10 Insurance 600 600 600 600 600 600 600 600 600 600 600 600 Interest 48 48 48 48 48 48 48 48 48 48 48 48 Maintenance 50 50 50 50 50 50 50 50 50 50 50 50 Miscellaneous 0 0 0 0 0 0 0 0 0 0 0 0 Office Expenses 200 200 200 200 200 200 200 200 200 200 200 200 Operating Supplies 400 460 506 506 400 409 307 276 359 431 539 485 Payroll Taxes 1,056 1,056 1,056 1,056 807 807 807 807 1,056 1,056 1,056 807 Permits and Licenses 20 20 20 20 20 20 20 20 20 20 20 20 Postage 200 200 200 200 200 200 200 200 200 200 200 200 Professional Fees 200 200 200 200 200 200 200 200 200 200 200 200 Property Taxes 0 0 0 0 0 0 0 0 0 0 0 0 Rent 1,600 1,600 1,600 1,600 1,600 1,600 1,600 1,600 1,600 1,600 1,600 1,600 Repairs 0 0 0 0 0 0 0 0 0 0 0 0 Telephone 400 400 400 400 400 400 400 400 400 400 400 400 Travel 0 0 0 0 0 0 0 0 0 0 0 0 Utilities 300 300 300 300 300 300 300 300 300 300 300 300 Vehicle Expenses 0 0 0 0 0 0 0 0 0 0 0 0 Wages 8,971 8,971 8,971 8,971 8,971 8,971 8,971 8,971 8,971 8,971 8,971 8,971 Total Expenses 20,511 20,698 20,777 20,999 18,740 18,594 18,267 18,176 20,382 20,660 21,039 18,935 Net Operating Income 9,419 14,841 18,525 16,368 18,217 13,026 5,435 3,418 8,323 13,836 22,949 20,953 Other Income: Gain (Loss) on Sale of Assets 0 0 0 0 0 0 0 0 0 0 0 0 Interest Income 0 0 0 0 0 0 0 0 0 0 0 0 Total Other Income 0 0 0 0 0 0 0 0 0 0 0 0 Net Income (Loss) $9,419 $14,841 $18,525 $16,368 $18,217 $13,026 $5,435 $3,418 $8,323 $13,836 $22,949 $20,953 Cumulative Net Income (Loss) $9,419 $14,841 $33,366 $49,734 $34,585 $47,611 $53,046 $56,464 $11,741 $25,577 $48,526 $69,479Note 1. Revenue: During 1997, gross revenues are expected to increase by 20%. Based on discussions with software vendors and on prior experience, new computer training firms can expect student revenues to increase by 10% to 20% every month. Based on this estimate, revenue increases will fluctuate by month to coincide with normal monthly fluctuations. Note 2. Contract Labor and Wages: Contract labor and wages will increase by 10% in 1997 to account for inflation and performance incentives. Note 3. Revenue: On May 1, 1997, CDS will begin offering training on the basics of building and maintaining a web site on the Internet. This is expected to increase revenues by 20%.$0 $5,000 $10,000 $15,000 $20,000 $25,000 $30,000 $35,000 $40,000 Monthly Revenue Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Projected Revenues -2000Jun Jul Aug Sep Oct Nov Dec Projected Revenues -2000$0 $5,000 $10,000 $15,000 $20,000 $25,000 $30,000 $35,000 $40,000 $45,000 $50,000 Monthly Revenue Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Projected Revenues -2001Jun Jul Aug Sep Oct Nov Dec Projected Revenues -2001Computing Development Strategies Enrollment Revenue Projections 2000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total NUMBER OF: new students 75 86 95 95 91 78 59 54 71 85 108 97 994 previous students 22 24 24 23 20 15 14 18 21 27 24 230 INCOME FROM: new students taking 1 class $6,750 $7,740 $8,550 $8,550 $8,190 $7,020 $5,310 $4,860 $6,390 $7,650 $9,720 $8,730 previous students taking package $14,250 $16,340 $18,050 $18,050 $17,290 $14,820 $11,210 $10,260 $13,490 $16,150 $20,520 $18,430 previous students taking 1 class $5,719 $6,318 $6,318 $6,052 $5,187 $3,924 $3,591 $4,722 $5,653 $7,182 $6,451 previous students taking package $1,161 $1,283 $1,283 $1,229 $1,053 $797 $729 $959 $1,148 $1,458 $1,310 $21,000 $30,960 $34,200 $34,200 $32,760 $28,080 $21,240 $19,440 $25,560 $30,600 $38,880 $34,920 $351,840 2001 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total NUMBER OF: new students 95 108 120 120 115 98 74 68 89 107 136 122 1252 previous students 24 27 30 30 29 25 19 17 22 27 34 31 313 INCOME FROM: new students taking 1 class $8,505 $9,752 $10,773 $10,773 $10,319 $8,845 $6,691 $6,124 $8,051 $9,639 $12,247 $11,000 previous students taking package $17,955 $20,588 $22,743 $22,743 $21,785 $18,673 $14,125 $12,928 $16,997 $20,349 $25,855 $23,222 previous students taking 1 class $6,284 $7,206 $7,960 $7,960 $7,625 $6,536 $4,944 $4,525 $5,949 $7,122 $9,049 $8,128 previous students taking package $1,276 $1,463 $1,616 $1,616 $1,548 $1,327 $1,004 $919 $1,208 $1,446 $1,837 $1,650 $34,020 $39,010 $43,092 $43,092 $41,278 $35,381 $26,762 $24,494 $32,206 $38,556 $48,989 $43,999 $450,878Computing Development Strategies Cash Flow Budget Worksheet -2000 January February March April May June July August September October November December Total Beginning Cash Balance ($585) $8,970 $21,809 $34,802 $48,380 $57,755 $60,692 $61,745 $66,276 $75,514 $92,130 Cash Inflows (Income): Accts. Rec. Collections 0 998 1,470 1,624 1,624 1,556 1,334 1,009 923 1,214 1,454 1,847 15,053 Loan Proceeds 6,000 6,000 Sales & Receipts 19,950 29,412 32,490 32,490 31,122 26,676 20,178 18,468 24,282 29,070 36,936 33,174 334,248 Other: 000 Total Cash Inflows $25,950 $30,410 $33,960 $34,114 $32,746 $28,232 $21,512 $19,477 $25,205 $30,284 $38,390 $35,021 $355,301 Available Cash Balance $25,950 $29,825 $42,930 $55,923 $67,548 $76,612 $79,267 $80,169 $86,950 $96,560 $113,904 $127,151 Cash Outflows (Expenses): Advertising 300 300 300 300 300 300 600 600 600 600 600 600 5,400 Bank Service Charges 40 40 40 40 40 40 40 40 40 40 40 40 480 Credit Card Fees 50 50 50 50 50 50 50 50 50 50 50 50 600 Delivery 30 30 30 30 30 30 30 30 30 30 30 30 360 Health Insurance 400 400 400 400 400 400 400 400 400 400 400 400 4,800 Insurance 200 200 200 200 200 200 200 200 200 200 200 200 2,400 Interest 48 48 48 48 48 48 48 48 48 48 48 48 576 Office 200 200 200 200 200 200 200 200 200 200 200 200 2,400 Payroll 9,675 9,675 9,675 9,675 8,154 8,154 8,154 8,154 9,675 9,675 9,675 8,154 108,495 Payroll Taxes 960 960 960 960 734 734 734 734 960 960 960 734 10,390 Professional Fees 200 200 200 200 200 200 200 200 200 200 200 200 2,400 Rent or Lease 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 18,000 Subscriptions & Dues 10 10 10 10 10 10 10 10 10 10 10 10 120 Supplies 600 660 706 706 600 609 507 476 559 631 739 685 7,478 Taxes & Licenses 20 20 20 20 20 20 20 20 20 20 20 20 240 Utilities & Telephone 700 700 700 700 700 700 700 700 700 700 700 700 8,400 Workbook Amortization 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200 14,400 Workbook Production 1,750 1,010 1,230 1,230 1,130 810 330 210 630 930 1,550 1,270 12,080 Other: 0 Computer Leases 3,154 3,154 3,154 3,154 3,154 3,154 3,154 3,154 3,154 3,154 3,154 3,154 37,848 Maintenance 20 20 20 20 20 20 20 20 20 20 20 20 2400 Subtotal $21,057 $20,377 $20,643 $20,643 $18,690 $18,379 $18,097 $17,946 $20,196 $20,568 $21,296 $19,215 $237,107 Other Cash Out Flows: Capital Purchases 5,000 5,000 Loan Principal 478 478 478 478 478 478 478 478 478 478 478 478 5,736 Owner's Draw 0 Other: 00 Subtotal $5,478 $478 $478 $478 $478 $478 $478 $478 $478 $478 $478 $478 $10,736 Total Cash Outflows $26,535 $20,855 $21,121 $21,121 $19,168 $18,857 $18,575 $18,424 $20,674 $21,046 $21,774 $19,693 $247,843 Ending Cash Balance ($585) $8,970 $21,809 $34,802 $48,380 $57,755 $60,692 $61,745 $66,276 $75,514 $92,130 $107,458 Note 1. Accounts Receivable Collection: This assumes that only 5% of all sales are made on account. Also, only 5% of these credit sales are uncollectible. All sales to non-corporate clients with less than 20 employees will be required to be paid in cash prior to taking the class. Note 2. Loan Proceeds: On January 12, 1996, CDS obtained a $6,000 loan from State Loan and Trust. This loan is to be repaid over 12 months at a 9.5% interest rate.Computing Development Strategies Cash Flow Budget Worksheet -200X January February March April May June July August September October November December Total Beginning Cash Balance $12,809 $30,875 $52,690 $74,579 $95,961 $112,205 $120,784 $127,132 $138,352 $155,359 $181,531 Cash Inflows (Income): Accts. Rec. Collections 1,659 1,616 1,853 2,047 2,047 1,960 1,680 1,413 1,163 1,529 1,831 1,847 18,986 Loan Proceeds 0 Sales & Receipts 32,319 37,059 40,937 40,937 39,213 33,611 25,424 23,269 30,595 36,628 46,539 41,799 428,330 Other: 000 Total Cash Inflows $33,978 $38,675 $42,790 $42,984 $41,260 $35,571 $27,104 $24,682 $31,758 $38,157 $48,370 $43,646 $447,316 Available Cash Balance $33,978 $51,484 $73,665 $95,674 $115,839 $131,532 $139,309 $145,466 $158,890 $176,509 $203,729 $225,177 Cash Outflows (Expenses): Advertising 600 600 600 600 600 600 600 600 600 600 600 600 7,200 Bank Service Charges 40 40 40 40 40 40 40 40 40 40 40 40 480 Credit Card Fees 50 50 50 50 50 50 50 50 50 50 50 50 600 Delivery 80 80 80 80 130 130 130 130 130 130 130 130 1,360 Health Insurance 400 400 400 400 400 400 400 400 400 400 400 400 4,800 Insurance 200 200 200 200 200 200 200 200 200 200 200 200 2,400 Interest 0 0 0 0 0 0 0 0 0 0 0 0 0 Miscellaneous 0 Office 200 200 200 200 200 200 200 200 200 200 200 200 2,400 Payroll 10,475 10,475 10,475 10,475 8,954 8,954 8,954 8,954 10,475 10,475 10,475 8,954 118,095 Payroll Taxes 450 450 450 450 450 450 450 450 450 450 450 450 5,400 Professional Fees 200 200 200 200 200 200 200 200 200 200 200 200 2,400 Rent or Lease 1,600 1,600 1,600 1,600 1,600 1,600 1,600 1,600 1,600 1,600 1,600 1,600 19,200 Subscriptions & Dues 10 10 10 10 10 10 10 10 10 10 10 10 120 Supplies 600 660 706 706 600 609 507 476 559 631 739 685 7,478 Taxes & Licenses 20 20 20 20 20 20 20 20 20 20 20 20 240 Utilities & Telephone 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200 14,400 Workbook Production 1,840 1,220 1,540 1,660 2,020 1,460 760 600 1,200 1,740 2,680 1,791 18,511 Other: 0 Computer Leases 3,154 3,154 3,154 3,154 3,154 3,154 3,154 3,154 3,154 3,154 3,154 3,154 37,848 Maintenance 50 50 50 50 50 50 50 50 50 50 50 50 6000 Subtotal $21,169 $20,609 $20,975 $21,095 $19,878 $19,327 $18,525 $18,334 $20,538 $21,150 $22,198 $19,734 $243,532 Other Cash Out Flows: Capital Purchases 0 Loan Principal 0 0 0 0 0 0 0 0 0 0 0 0 0 Owner's Draw 0 Other: 00 Subtotal $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Total Cash Outflows $21,169 $20,609 $20,975 $21,095 $19,878 $19,327 $18,525 $18,334 $20,538 $21,150 $22,198 $19,734 $243,532 Ending Cash Balance $12,809 $30,875 $52,690 $74,579 $95,961 $112,205 $120,784 $127,132 $138,352 $155,359 $181,531 $205,443