Shad Valley Business Planning Model Version 2007 Blank Template

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Shad Valley Business Planning Model Version 2007 Blank Template Powered By Docstoc
					Shad Valley Business Planning Pro Forma Financial Model

Prepared by:
Barry G. Bisson
President
Shad International
8 Young Street East
Waterloo, Ontario
Canada N2J 2L3
Tel: 1 519 884-8844 Ext 227
Email: bisson@shad.ca
URL: http://www.shad.ca

Note: This financial model was developed for educational purposes.
      Permission for use of this model must be obtained from Shad Intern
      Shad International does not accept responsibilty for any
        use of this model for other than educational purposes.

Click the Assumptions tab to begin.
ial Model




purposes.
rom Shad International.
Shad Valley Inc.
Critical Assumptions           Year 1                       Year 2
Price
Cost of Goods Sold Input 1
Cost of Goods Sold Input 2
Cost of Goods Sold Input 3
Total Cost of Goods Sold                            $0.00                        $0.00
Collections/Payments           Collections                  Payments
 - % same month
 - % second month
 - % third month
Wages % of Sales
Fringe Benefit % of Salaries
Dividend Payout %
Annual Depreciation Rates
 - buildings
 - equipment
 - vehicles


Interest Rates
 - long term debt
 - mortgage
Income Tax Calculation
 - corporate tax rate

Share Capital
Sales Forecast
Target Market Segments         Market Size (units) Year 1   Market Size (units) Year 2
 Segment 1
 Segment 2
 Segment 3
 Segment 4
 Segment 5

Target Market Segments         Market Share (%) Year 1      Market Share (%) Year 2
 Segment 1
 Segment 2
 Segment 3
 Segment 4
 Segment 5
                                   Dupont Ratio Analy


               Sales/Assets       Profit/Sales
                  1.20
                  1.00
                  0.80
Ratio




                  0.60
                  0.40
                  0.20     0.00   0%   0.00   0%
                  0.00
                                  Year 1
        Sales/Assets               0.00
        Profit/Sales              0.00%
        Assets/Equity              0.00
        Return on Equity          0.00%
Year 3                     Key Results            Year 1             Year 2
                           Sales                                $0        $120,000
                           Operating Profit                     $0        $120,000
                           Net Income                           $0        $120,000
                           Gross Margin %             #DIV/0!           #DIV/0!
                     $0.00 Breakeven Volume           #DIV/0!           #DIV/0!
                           Units Sold                            0                0
                           Sales/Assets               #DIV/0!                  1.00
                           Profit/Sales               #DIV/0!             100.00%
                           Assets/Equity              #DIV/0!                  1.00
                           Return on Equity           #DIV/0!             100.00%
                           Return on Assets           #DIV/0!             100.00%
                           ROI                        #DIV/0!             100.00%
                           Current Ratio              #DIV/0!           #DIV/0!
                           Debt:Equity Ratio          #DIV/0!                  0.00
                           Net Cash Flow                        $0        $120,000
                           Current Assets                       $0        $120,000
                           Total Assets                         $0        $120,000
                           Current Liabilities                  $0               $0
                           Net Working Capital                  $0        $120,000
                           Long Term Debt                       $0               $0
                           Share Capital                        $0               $0
                           Retained Earnings                    $0        $120,000
                           Total Owner's Equity                 $0        $120,000
                           Dividends Paid                       $0               $0

                                                                                      Net Cash Flow
Market Size (units) Year 3   $350,000


                             $300,000


                             $250,000

Market Share (%) Year 3
                             $200,000


                             $150,000


                             $100,000


                              $50,000
                          $0
                               1   2   3   4   5   6   7    8     9    10   11   12   13   14




Dupont Ratio Analysis


ofit/Sales     Assets/Equity                   Return on Equity
                1.00 100% 1.00 100%                                   100% 1.00


                                                           0.60                            60%




      0%

                    Year 2                                            Year 3
                     1.00                                         0.60
                   100.00%                                      100.00%
                     1.00                                         1.00
                   100.00%                                      60.00%
Year 3
      $180,000                                                                  Net Income
      $180,000
      $180,000                                                            Net Income
    #DIV/0!
    #DIV/0!        $16,000
               0   $14,000
            0.60   $12,000
      100.00%      $10,000
                   $,s




            1.00    $8,000
        60.00%      $6,000
        60.00%      $4,000
        60.00%      $2,000
    #DIV/0!             $0
            0.00              1   2   3   4   5   6   7   8   9 10 11 12 13 14 15 16 17 18
      $180,000
                                                                                        Month
      $300,000
      $300,000
              $0
      $300,000
              $0
              $0
      $300,000
      $300,000
              $0

Net Cash Flow            Closing Cash
        14   15   16   17   18   19   20   21   22   23   24   25   26   27   28   29   30   31   32   33   34   35   36




quity


        60%




.00%

00%
Net Income




    17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36
       Month
Shad Valley Inc.                 Target Market Segment

Market Size and Sales Forecast   Geographic
                                 Town/City
                                 Region
                                 Country
                                 Continent

Target Market Segments
 Segment 1
 Segment 2
 Segment 3
 Segment 4
 Segment 5

Target Market Segments           Market Size (units) Year 1
 Segment 1                                                     0
 Segment 2                                                     0
 Segment 3                                                     0
 Segment 4                                                     0
 Segment 5                                                     0

Target Market Segments           Market Share (%) Year 1
 Segment 1                                                    0%
 Segment 2                                                    0%
 Segment 3                                                    0%
 Segment 4                                                    0%
 Segment 5                                                    0%

Target Market Segments           Forecast Unit Sales Year 1
 Segment 1                                                     0
 Segment 2                                                     0
 Segment 3                                                     0
 Segment 4                                                     0
 Segment 5                                                     0
Total                                                          0

Price                                                      $0.00

Target Market Segments           Forecast $ Sales Year 1
 Segment 1                                                    $0
 Segment 2                                                    $0
 Segment 3                                                    $0
 Segment 4                                                    $0
 Segment 5                                                    $0
Total                                                         $0




Seasonality                      Month 1

Year 1                                                        0%

Year 2                                                        8%
Year 3                               8%

Sales Forecast (Units)     Month 1

Year 1                                0

Year 2                                0

Year 3                                0

Sales Forecast (Dollars)   Month 1

Year 1                               $0

Year 2                               $0

Year 3                               $0
Demographic                       Psychographic                      Product Usage
Age                               Lifestyle                          Purpose of Use
Gender                            Attitudes                          Light/Heavy
Income                            Values                             Non-user
Education




Market Size (units) Year 2        Market Size (units) Year 3
                              0                                  0
                              0                                  0
                              0                                  0
                              0                                  0
                              0                                  0

Market Share (%) Year 2           Market Share (%) Year 3
                             0%                                0%
                             0%                                0%
                             0%                                0%
                             0%                                0%
                             0%                                0%

Forecast Unit Sales Year 2        Forecast Unit Sales Year 3
                              0                                  0
                              0                                  0
                              0                                  0
                              0                                  0
                              0                                  0
                              0                                  0

                          $0.00                             $0.00

Forecast $ Sales Year 2           Forecast $ Sales Year 3
                             $0                                 $0
                             $0                                 $0
                             $0                                 $0
                             $0                                 $0
                             $0                                 $0
                             $0                                 $0




Month 2                           Month 3                            Month 4

                             0%                                0%                     10%

                             8%                                10%                    10%
          8%             10%             10%

Month 2        Month 3         Month 4

           0               0               0

           0               0               0

           0               0               0

Month 2        Month 3         Month 4

          $0              $0              $0

          $0              $0              $0

          $0              $0              $0
Month 5         Month 6         Month 7         Month 8         Month 9         Month 10

          10%             10%             10%             10%             15%              15%

          10%             10%             9%              7%              7%               7%
          10%             10%             9%             7%             7%              7%

Month 5         Month 6         Month 7        Month 8        Month 9        Month 10

            0               0              0              0              0               0

            0               0              0              0              0               0

            0               0              0              0              0               0

Month 5         Month 6         Month 7        Month 8        Month 9        Month 10

           $0              $0             $0             $0             $0              $0

           $0              $0             $0             $0             $0              $0

           $0              $0             $0             $0             $0              $0
Month 11         Month 12         Total (100%)

           10%              10%          100%

           7%               7%           100%
           7%              7%   100%

Month 11        Month 12

            0               0

            0               0

            0               0

Month 11        Month 12

           $0              $0

           $0              $0

           $0              $0
Shad Valley Inc.
Sales Collections
                                    Year 1            Year 1            Year 1
                                    Month 1           Month 2           Month 3
Cost of Goods Sold (COGS)
 - units sold                                     0                 0                 0
 - COGS/unit                                  $0.00             $0.00             $0.00
Total Cost of Goods Sold                         $0                $0                $0


Sales
 - units sold                                  0.00              0.00              0.00
 - price/unit                                    $0                $0                $0
Total Sales                                      $0                $0                $0

Collections
 - % same month             0.00%               $0                $0                $0
 - % second month           0.00%                                 $0                $0
 - % third month            0.00%                                                   $0
Total collections                               $0                $0                $0

Accounts Receivable
  - opening                                     $0                $0                $0
  - plus sales                                  $0                $0                $0
  - less collections                            $0                $0                $0
  - closing                                     $0                $0                $0
(Increase)/Decrease                             $0                $0                $0
Year 1            Year 1            Year 1            Year 1            Year 1
Month 4           Month 5           Month 6           Month 7           Month 8

              0                 0                 0                 0                 0
          $0.00             $0.00             $0.00             $0.00             $0.00
             $0                $0                $0                $0                $0



           0.00              0.00              0.00              0.00              0.00
             $0                $0                $0                $0                $0
             $0                $0                $0                $0                $0


            $0                $0                $0                $0                $0
            $0                $0                $0                $0                $0
            $0                $0                $0                $0                $0
            $0                $0                $0                $0                $0


            $0                $0                $0                $0                $0
            $0                $0                $0                $0                $0
            $0                $0                $0                $0                $0
            $0                $0                $0                $0                $0
            $0                $0                $0                $0                $0
Year 1            Year 1             Year 1             Year 1             Year 2
Month 9           Month 10           Month 11           Month 12           Month 1

              0                  0                  0                  0                 0
          $0.00              $0.00              $0.00              $0.00             $0.00
             $0                 $0                 $0                 $0                $0



           0.00               0.00               0.00               0.00              0.00
             $0                 $0                 $0                 $0                $0
             $0                 $0                 $0                 $0                $0


            $0                 $0                 $0                 $0                $0
            $0                 $0                 $0                 $0                $0
            $0                 $0                 $0                 $0                $0
            $0                 $0                 $0                 $0                $0


            $0                 $0                 $0                 $0                $0
            $0                 $0                 $0                 $0                $0
            $0                 $0                 $0                 $0                $0
            $0                 $0                 $0                 $0                $0
            $0                 $0                 $0                 $0                $0
Year 2            Year 2            Year 2            Year 2            Year 2
Month 2           Month 3           Month 4           Month 5           Month 6

              0                 0                 0                 0                 0
          $0.00             $0.00             $0.00             $0.00             $0.00
             $0                $0                $0                $0                $0



           0.00              0.00              0.00              0.00              0.00
             $0                $0                $0                $0                $0
             $0                $0                $0                $0                $0


            $0                $0                $0                $0                $0
            $0                $0                $0                $0                $0
            $0                $0                $0                $0                $0
            $0                $0                $0                $0                $0


            $0                $0                $0                $0                $0
            $0                $0                $0                $0                $0
            $0                $0                $0                $0                $0
            $0                $0                $0                $0                $0
            $0                $0                $0                $0                $0
Year 2            Year 2            Year 2            Year 2             Year 2
Month 7           Month 8           Month 9           Month 10           Month 11

              0                 0                 0                  0                  0
          $0.00             $0.00             $0.00              $0.00              $0.00
             $0                $0                $0                 $0                 $0



           0.00              0.00              0.00               0.00               0.00
             $0                $0                $0                 $0                 $0
             $0                $0                $0                 $0                 $0


            $0                $0                $0                 $0                 $0
            $0                $0                $0                 $0                 $0
            $0                $0                $0                 $0                 $0
            $0                $0                $0                 $0                 $0


            $0                $0                $0                 $0                 $0
            $0                $0                $0                 $0                 $0
            $0                $0                $0                 $0                 $0
            $0                $0                $0                 $0                 $0
            $0                $0                $0                 $0                 $0
Year 2             Year 3            Year 3            Year 3            Year 3
Month 12           Month 1           Month 2           Month 3           Month 4

               0                 0                 0                 0                 0
           $0.00             $0.00             $0.00             $0.00             $0.00
              $0                $0                $0                $0                $0



            0.00              0.00              0.00              0.00              0.00
              $0                $0                $0                $0                $0
              $0                $0                $0                $0                $0


             $0                $0                $0                $0                $0
             $0                $0                $0                $0                $0
             $0                $0                $0                $0                $0
             $0                $0                $0                $0                $0


             $0                $0                $0                $0                $0
             $0                $0                $0                $0                $0
             $0                $0                $0                $0                $0
             $0                $0                $0                $0                $0
             $0                $0                $0                $0                $0
Year 3            Year 3            Year 3            Year 3            Year 3
Month 5           Month 6           Month 7           Month 8           Month 9

              0                 0                 0                 0                 0
          $0.00             $0.00             $0.00             $0.00             $0.00
             $0                $0                $0                $0                $0



           0.00              0.00              0.00              0.00              0.00
             $0                $0                $0                $0                $0
             $0                $0                $0                $0                $0


            $0                $0                $0                $0                $0
            $0                $0                $0                $0                $0
            $0                $0                $0                $0                $0
            $0                $0                $0                $0                $0


            $0                $0                $0                $0                $0
            $0                $0                $0                $0                $0
            $0                $0                $0                $0                $0
            $0                $0                $0                $0                $0
            $0                $0                $0                $0                $0
Year 3             Year 3             Year 3
Month 10           Month 11           Month 12

               0                  0                  0
           $0.00              $0.00              $0.00
              $0                 $0                 $0



            0.00               0.00               0.00
              $0                 $0                 $0
              $0                 $0                 $0


             $0                 $0                 $0
             $0                 $0                 $0
             $0                 $0                 $0
             $0                 $0                 $0


             $0                 $0                 $0
             $0                 $0                 $0
             $0                 $0                 $0
             $0                 $0                 $0
             $0                 $0                 $0
Shad Valley Inc.
Promotion
                                 Year 1            Year 1            Year 1            Year 1
                                 Month 1           Month 2           Month 3           Month 4

Sales                                      $0.00             $0.00             $0.00             $0.00

                       Percent
Commissions                                $0.00             $0.00             $0.00             $0.00
Ad Allowances                              $0.00             $0.00             $0.00             $0.00
Radio
Television
Newspaper
Magazine
Direct Mail
Trade Shows
Internet
Other
Total Promotion                            $0.00             $0.00             $0.00             $0.00

Promotion % of Sales                #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!
Year 1            Year 1            Year 1            Year 1            Year 1            Year 1          Year 1
Month 5           Month 6           Month 7           Month 8           Month 9           Month 10        Month 11

          $0.00             $0.00             $0.00             $0.00             $0.00           $0.00           $0.00


          $0.00             $0.00             $0.00             $0.00             $0.00           $0.00           $0.00
          $0.00             $0.00             $0.00             $0.00             $0.00           $0.00           $0.00




          $0.00             $0.00             $0.00             $0.00             $0.00           $0.00           $0.00

   #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!         #DIV/0!
Year 1          Year 2            Year 2            Year 2            Year 2            Year 2            Year 2
Month 12        Month 1           Month 2           Month 3           Month 4           Month 5           Month 6

        $0.00             $0.00             $0.00             $0.00             $0.00             $0.00             $0.00


        $0.00             $0.00             $0.00             $0.00             $0.00             $0.00             $0.00
        $0.00             $0.00             $0.00             $0.00             $0.00             $0.00             $0.00




        $0.00             $0.00             $0.00             $0.00             $0.00             $0.00             $0.00

   #DIV/0!         #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!
Year 2            Year 2            Year 2            Year 2          Year 2          Year 2          Year 3
Month 7           Month 8           Month 9           Month 10        Month 11        Month 12        Month 1

          $0.00             $0.00             $0.00           $0.00           $0.00           $0.00             $0.00


          $0.00             $0.00             $0.00           $0.00           $0.00           $0.00             $0.00
          $0.00             $0.00             $0.00           $0.00           $0.00           $0.00             $0.00




          $0.00             $0.00             $0.00           $0.00           $0.00           $0.00             $0.00

   #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!         #DIV/0!         #DIV/0!         #DIV/0!
Year 3            Year 3            Year 3            Year 3            Year 3            Year 3            Year 3
Month 2           Month 3           Month 4           Month 5           Month 6           Month 7           Month 8

          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00             $0.00


          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00             $0.00
          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00             $0.00




          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00             $0.00

   #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!           #DIV/0!
Year 3            Year 3          Year 3          Year 3
Month 9           Month 10        Month 11        Month 12

          $0.00           $0.00           $0.00           $0.00


          $0.00           $0.00           $0.00           $0.00
          $0.00           $0.00           $0.00           $0.00




          $0.00           $0.00           $0.00           $0.00

   #DIV/0!           #DIV/0!         #DIV/0!         #DIV/0!
Shad Valley Inc.
Wages and Salaries
                                                              Year 1
                                                              Month 1

Sales                                                                   $0.00
                             % Sales
Wages                                  0%                               $0.00


Salaries                     Year 1         Year 2   Year 3
                                                                        $0.00
                                                                        $0.00
                                                                        $0.00
                                                                        $0.00
                                                                        $0.00
                                                                        $0.00
                                                                        $0.00
                                                                        $0.00
                                                                        $0.00
Total Salaries                                                          $0.00
                             % Salaries
Fringe Benefits                       0%                                $0.00

Salaries + Fringe Benefits                                              $0.00
Year 1            Year 1            Year 1            Year 1            Year 1            Year 1            Year 1
Month 2           Month 3           Month 4           Month 5           Month 6           Month 7           Month 8

          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00             $0.00

          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00             $0.00



          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00             $0.00
          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00             $0.00
          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00             $0.00
          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00             $0.00
          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00             $0.00
          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00             $0.00
          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00             $0.00
          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00             $0.00
          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00             $0.00
          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00             $0.00

          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00             $0.00

          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00             $0.00
Year 1        Year 1         Year 1         Year 1         Year 2            Year 2            Year 2
            4 Month 10       Month 11       Month 12       Month 1           Month 2           Month 3

         $0.00       $0.00          $0.00          $0.00             $0.00             $0.00             $0.00

         $0.00       $0.00          $0.00          $0.00             $0.00             $0.00             $0.00



         $0.00       $0.00          $0.00          $0.00             $0.00             $0.00             $0.00
         $0.00       $0.00          $0.00          $0.00             $0.00             $0.00             $0.00
         $0.00       $0.00          $0.00          $0.00             $0.00             $0.00             $0.00
         $0.00       $0.00          $0.00          $0.00             $0.00             $0.00             $0.00
         $0.00       $0.00          $0.00          $0.00             $0.00             $0.00             $0.00
         $0.00       $0.00          $0.00          $0.00             $0.00             $0.00             $0.00
         $0.00       $0.00          $0.00          $0.00             $0.00             $0.00             $0.00
         $0.00       $0.00          $0.00          $0.00             $0.00             $0.00             $0.00
         $0.00       $0.00          $0.00          $0.00             $0.00             $0.00             $0.00
         $0.00       $0.00          $0.00          $0.00             $0.00             $0.00             $0.00

         $0.00       $0.00          $0.00          $0.00             $0.00             $0.00             $0.00

         $0.00       $0.00          $0.00          $0.00             $0.00             $0.00             $0.00
Year 2            Year 2            Year 2            Year 2            Year 2            Year 2            Year 2
Month 4           Month 5           Month 6           Month 7           Month 8           Month 9           Month 10

          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00          $0.00

          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00          $0.00



          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00          $0.00
          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00          $0.00
          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00          $0.00
          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00          $0.00
          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00          $0.00
          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00          $0.00
          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00          $0.00
          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00          $0.00
          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00          $0.00
          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00          $0.00

          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00          $0.00

          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00          $0.00
Year 2         Year 2         Year 3            Year 3            Year 3            Year 3            Year 3
Month 11       Month 12       Month 1           Month 2           Month 3           Month 4           Month 5

       $0.00          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00

       $0.00          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00



       $0.00          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00
       $0.00          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00
       $0.00          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00
       $0.00          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00
       $0.00          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00
       $0.00          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00
       $0.00          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00
       $0.00          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00
       $0.00          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00
       $0.00          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00

       $0.00          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00

       $0.00          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00
Year 3            Year 3            Year 3            Year 3            Year 3         Year 3         Year 3
Month 6           Month 7           Month 8           Month 9           Month 10       Month 11       Month 12

          $0.00             $0.00             $0.00             $0.00          $0.00          $0.00          $0.00

          $0.00             $0.00             $0.00             $0.00          $0.00          $0.00          $0.00



          $0.00             $0.00             $0.00             $0.00          $0.00          $0.00          $0.00
          $0.00             $0.00             $0.00             $0.00          $0.00          $0.00          $0.00
          $0.00             $0.00             $0.00             $0.00          $0.00          $0.00          $0.00
          $0.00             $0.00             $0.00             $0.00          $0.00          $0.00          $0.00
          $0.00             $0.00             $0.00             $0.00          $0.00          $0.00          $0.00
          $0.00             $0.00             $0.00             $0.00          $0.00          $0.00          $0.00
          $0.00             $0.00             $0.00             $0.00          $0.00          $0.00          $0.00
          $0.00             $0.00             $0.00             $0.00          $0.00          $0.00          $0.00
          $0.00             $0.00             $0.00             $0.00          $0.00          $0.00          $0.00
          $0.00             $0.00             $0.00             $0.00          $0.00          $0.00          $0.00

          $0.00             $0.00             $0.00             $0.00          $0.00          $0.00          $0.00

          $0.00             $0.00             $0.00             $0.00          $0.00          $0.00          $0.00
Shad Valley Inc.
Inventory and Accounts Payable
                                                  Year 1         Year 1
                                                  Month 1        Month 2


Inventory Purchases

Invertory
Opening Inventory                                           $0             $0
Plus Purchases                                              $0             $0
Less Cost of Goods Sold                                     $0             $0
Closing (must be >$0, adjust purchases)                     $0             $0
(Increase)/Decrease                                         $0             $0

Payments on Purchases
 - % same month                           0.00%             $0             $0
 - % second month                         0.00%                            $0
 - % third month                          0.00%
Total Payments                                              $0             $0


Accounts Payable
Opening                                                     $0             $0
Plus Purchases                                              $0             $0
Less Payments                                               $0             $0
Closing                                                     $0             $0
Increase/(Decrease)                                         $0             $0
Year 1         Year 1         Year 1         Year 1         Year 1
Month 3        Month 4        Month 5        Month 6        Month 7




          $0             $0             $0             $0             $0
          $0             $0             $0             $0             $0
          $0             $0             $0             $0             $0
          $0             $0             $0             $0             $0
          $0             $0             $0             $0             $0


          $0             $0             $0             $0             $0
          $0             $0             $0             $0             $0
          $0             $0             $0             $0             $0
          $0             $0             $0             $0             $0



          $0             $0             $0             $0             $0
          $0             $0             $0             $0             $0
          $0             $0             $0             $0             $0
          $0             $0             $0             $0             $0
          $0             $0             $0             $0             $0
Year 1         Year 1         Year 1          Year 1          Year 1
Month 8        Month 9        Month 10        Month 11        Month 12




          $0             $0              $0              $0              $0
          $0             $0              $0              $0              $0
          $0             $0              $0              $0              $0
          $0             $0              $0              $0              $0
          $0             $0              $0              $0              $0


          $0             $0              $0              $0              $0
          $0             $0              $0              $0              $0
          $0             $0              $0              $0              $0
          $0             $0              $0              $0              $0



          $0             $0              $0              $0              $0
          $0             $0              $0              $0              $0
          $0             $0              $0              $0              $0
          $0             $0              $0              $0              $0
          $0             $0              $0              $0              $0
Year 2         Year 2         Year 2         Year 2         Year 2
Month 1        Month 2        Month 3        Month 4        Month 5




          $0             $0             $0             $0             $0
          $0             $0             $0             $0             $0
          $0             $0             $0             $0             $0
          $0             $0             $0             $0             $0
          $0             $0             $0             $0             $0


          $0             $0             $0             $0             $0
          $0             $0             $0             $0             $0
          $0             $0             $0             $0             $0
          $0             $0             $0             $0             $0



          $0             $0             $0             $0             $0
          $0             $0             $0             $0             $0
          $0             $0             $0             $0             $0
          $0             $0             $0             $0             $0
          $0             $0             $0             $0             $0
Year 2         Year 2         Year 2         Year 2         Year 2
Month 6        Month 7        Month 8        Month 9        Month 10




          $0             $0             $0             $0              $0
          $0             $0             $0             $0              $0
          $0             $0             $0             $0              $0
          $0             $0             $0             $0              $0
          $0             $0             $0             $0              $0


          $0             $0             $0             $0              $0
          $0             $0             $0             $0              $0
          $0             $0             $0             $0              $0
          $0             $0             $0             $0              $0



          $0             $0             $0             $0              $0
          $0             $0             $0             $0              $0
          $0             $0             $0             $0              $0
          $0             $0             $0             $0              $0
          $0             $0             $0             $0              $0
Year 2          Year 2          Year 3         Year 3         Year 3
Month 11        Month 12        Month 1        Month 2        Month 3




           $0              $0             $0             $0             $0
           $0              $0             $0             $0             $0
           $0              $0             $0             $0             $0
           $0              $0             $0             $0             $0
           $0              $0             $0             $0             $0


           $0              $0             $0             $0             $0
           $0              $0             $0             $0             $0
           $0              $0             $0             $0             $0
           $0              $0             $0             $0             $0



           $0              $0             $0             $0             $0
           $0              $0             $0             $0             $0
           $0              $0             $0             $0             $0
           $0              $0             $0             $0             $0
           $0              $0             $0             $0             $0
Year 3         Year 3         Year 3         Year 3         Year 3
Month 4        Month 5        Month 6        Month 7        Month 8




          $0             $0             $0             $0             $0
          $0             $0             $0             $0             $0
          $0             $0             $0             $0             $0
          $0             $0             $0             $0             $0
          $0             $0             $0             $0             $0


          $0             $0             $0             $0             $0
          $0             $0             $0             $0             $0
          $0             $0             $0             $0             $0
          $0             $0             $0             $0             $0



          $0             $0             $0             $0             $0
          $0             $0             $0             $0             $0
          $0             $0             $0             $0             $0
          $0             $0             $0             $0             $0
          $0             $0             $0             $0             $0
Year 3         Year 3          Year 3          Year 3
Month 9        Month 10        Month 11        Month 12




          $0              $0              $0              $0
          $0              $0              $0              $0
          $0              $0              $0              $0
          $0              $0              $0              $0
          $0              $0              $0              $0


          $0              $0              $0              $0
          $0              $0              $0              $0
          $0              $0              $0              $0
          $0              $0              $0              $0



          $0              $0              $0              $0
          $0              $0              $0              $0
          $0              $0              $0              $0
          $0              $0              $0              $0
          $0              $0              $0              $0
Shad Valley Inc.
Capital Investments

Investment Category                      Year 1         Year 2         Year 3
Land
Buildings
Equipment
Vehicles



Depreciation Schedule Summary            Year 1         Year 1         Year 1
                                         Month 1        Month 2        Month 3

Land                                               $0             $0             $0

Buildings
 opening book value                                $0             $0             $0
 depreciation                                      $0             $0             $0
 accumulated depreciation                          $0             $0             $0
 net book value                                    $0             $0             $0

Equipment
 opening book value                                $0             $0             $0
 depreciation                                      $0             $0             $0
 accumulated depreciation                          $0             $0             $0
 net book value                                    $0             $0             $0

Vehicles
 opening book value                                $0             $0             $0
 depreciation                                      $0             $0             $0
 accumulated depreciation                          $0             $0             $0
 net book value                                    $0             $0             $0

Total Depreciation                                 $0             $0             $0

Depreciation                             Year 1         Year 1         Year 1
Schedules                                Month 1        Month 2        Month 3
Year 1 Capital Investments
Buildings
 opening book value                                $0             $0             $0
 depreciation                   0.00%              $0             $0             $0
 accumulated depreciation           $0             $0             $0             $0
 net book value                                    $0             $0             $0

Equipment
 opening book value                                $0             $0             $0
 depreciation                   0.00%              $0             $0             $0
 accumulated depreciation           $0             $0             $0             $0
 net book value                                    $0             $0             $0

Vehicles
 opening book value                             $0             $0             $0
 depreciation                0.00%              $0             $0             $0
 accumulated depreciation        $0             $0             $0             $0
 net book value                                 $0             $0             $0

Total Depreciation                              $0             $0             $0

Depreciation                          Year 1         Year 1         Year 1
Schedules                             Month 1        Month 2        Month 3
Year 2 Capital Investments
Buildings
 opening book value                             $0             $0             $0
 depreciation rate           0.00%              $0             $0             $0
 accumulated depreciation        $0             $0             $0             $0
 net book value                                 $0             $0             $0

Equipment
 opening book value                             $0             $0             $0
 depreciation                0.00%              $0             $0             $0
 accumulated depreciation        $0             $0             $0             $0
 net book value                                 $0             $0             $0

Vehicles
 opening book value                             $0             $0             $0
 depreciation                0.00%              $0             $0             $0
 accumulated depreciation        $0             $0             $0             $0
 net book value                                 $0             $0             $0

Total Depreciation                              $0             $0             $0

Depreciation                          Year 1         Year 1         Year 1
Schedules                             Month 1        Month 2        Month 3
Year 3 Capital Investments
Buildings
 opening book value                             $0             $0             $0
 depreciation rate           0.00%              $0             $0             $0
 accumulated depreciation        $0             $0             $0             $0
 net book value                                 $0             $0             $0

Equipment
 opening book value                             $0             $0             $0
 depreciation                0.00%              $0             $0             $0
 accumulated depreciation        $0             $0             $0             $0
 net book value                                 $0             $0             $0

Vehicles
 opening book value                             $0             $0             $0
 depreciation                0.00%              $0             $0             $0
 accumulated depreciation        $0             $0             $0             $0
 net book value                                 $0             $0             $0

Total Depreciation                              $0             $0             $0
Year 1         Year 1         Year 1         Year 1         Year 1         Year 1         Year 1
Month 4        Month 5        Month 6        Month 7        Month 8        Month 9        Month 10

          $0             $0             $0             $0             $0             $0              $0


          $0             $0             $0             $0             $0             $0              $0
          $0             $0             $0             $0             $0             $0              $0
          $0             $0             $0             $0             $0             $0              $0
          $0             $0             $0             $0             $0             $0              $0


          $0             $0             $0             $0             $0             $0              $0
          $0             $0             $0             $0             $0             $0              $0
          $0             $0             $0             $0             $0             $0              $0
          $0             $0             $0             $0             $0             $0              $0


          $0             $0             $0             $0             $0             $0              $0
          $0             $0             $0             $0             $0             $0              $0
          $0             $0             $0             $0             $0             $0              $0
          $0             $0             $0             $0             $0             $0              $0

          $0             $0             $0             $0             $0             $0              $0

Year 1         Year 1         Year 1         Year 1         Year 1         Year 1         Year 1
Month 4        Month 5        Month 6        Month 7        Month 8        Month 9        Month 10


          $0             $0             $0             $0             $0             $0              $0
          $0             $0             $0             $0             $0             $0              $0
          $0             $0             $0             $0             $0             $0              $0
          $0             $0             $0             $0             $0             $0              $0


          $0             $0             $0             $0             $0             $0              $0
          $0             $0             $0             $0             $0             $0              $0
          $0             $0             $0             $0             $0             $0              $0
          $0             $0             $0             $0             $0             $0              $0
          $0             $0             $0             $0             $0             $0              $0
          $0             $0             $0             $0             $0             $0              $0
          $0             $0             $0             $0             $0             $0              $0
          $0             $0             $0             $0             $0             $0              $0

          $0             $0             $0             $0             $0             $0              $0

Year 1         Year 1         Year 1         Year 1         Year 1         Year 1         Year 1
Month 4        Month 5        Month 6        Month 7        Month 8        Month 9        Month 10


          $0             $0             $0             $0             $0             $0              $0
          $0             $0             $0             $0             $0             $0              $0
          $0             $0             $0             $0             $0             $0              $0
          $0             $0             $0             $0             $0             $0              $0


          $0             $0             $0             $0             $0             $0              $0
          $0             $0             $0             $0             $0             $0              $0
          $0             $0             $0             $0             $0             $0              $0
          $0             $0             $0             $0             $0             $0              $0


          $0             $0             $0             $0             $0             $0              $0
          $0             $0             $0             $0             $0             $0              $0
          $0             $0             $0             $0             $0             $0              $0
          $0             $0             $0             $0             $0             $0              $0

          $0             $0             $0             $0             $0             $0              $0

Year 1         Year 1         Year 1         Year 1         Year 1         Year 1         Year 1
Month 4        Month 5        Month 6        Month 7        Month 8        Month 9        Month 10


          $0             $0             $0             $0             $0             $0              $0
          $0             $0             $0             $0             $0             $0              $0
          $0             $0             $0             $0             $0             $0              $0
          $0             $0             $0             $0             $0             $0              $0


          $0             $0             $0             $0             $0             $0              $0
          $0             $0             $0             $0             $0             $0              $0
          $0             $0             $0             $0             $0             $0              $0
          $0             $0             $0             $0             $0             $0              $0


          $0             $0             $0             $0             $0             $0              $0
          $0             $0             $0             $0             $0             $0              $0
          $0             $0             $0             $0             $0             $0              $0
          $0             $0             $0             $0             $0             $0              $0

          $0             $0             $0             $0             $0             $0              $0
Year 1          Year 1          Year 2         Year 2         Year 2         Year 2         Year 2
Month 11        Month 12        Month 1        Month 2        Month 3        Month 4        Month 5

           $0              $0             $0             $0             $0             $0             $0


           $0              $0             $0             $0             $0             $0             $0
           $0              $0             $0             $0             $0             $0             $0
           $0              $0             $0             $0             $0             $0             $0
           $0              $0             $0             $0             $0             $0             $0


           $0              $0             $0             $0             $0             $0             $0
           $0              $0             $0             $0             $0             $0             $0
           $0              $0             $0             $0             $0             $0             $0
           $0              $0             $0             $0             $0             $0             $0


           $0              $0             $0             $0             $0             $0             $0
           $0              $0             $0             $0             $0             $0             $0
           $0              $0             $0             $0             $0             $0             $0
           $0              $0             $0             $0             $0             $0             $0

           $0              $0             $0             $0             $0             $0             $0

Year 1          Year 1          Year 2         Year 2         Year 2         Year 2         Year 2
Month 11        Month 12        Month 1        Month 2        Month 3        Month 4        Month 5


           $0              $0             $0             $0             $0             $0             $0
           $0              $0             $0             $0             $0             $0             $0
           $0              $0             $0             $0             $0             $0             $0
           $0              $0             $0             $0             $0             $0             $0


           $0              $0             $0             $0             $0             $0             $0
           $0              $0             $0             $0             $0             $0             $0
           $0              $0             $0             $0             $0             $0             $0
           $0              $0             $0             $0             $0             $0             $0
           $0              $0             $0             $0             $0             $0             $0
           $0              $0             $0             $0             $0             $0             $0
           $0              $0             $0             $0             $0             $0             $0
           $0              $0             $0             $0             $0             $0             $0

           $0              $0             $0             $0             $0             $0             $0

Year 1          Year 1          Year 2         Year 2         Year 2         Year 2         Year 2
Month 11        Month 12        Month 1        Month 2        Month 3        Month 4        Month 5


           $0              $0             $0             $0             $0             $0             $0
           $0              $0             $0             $0             $0             $0             $0
           $0              $0             $0             $0             $0             $0             $0
           $0              $0             $0             $0             $0             $0             $0


           $0              $0             $0             $0             $0             $0             $0
           $0              $0             $0             $0             $0             $0             $0
           $0              $0             $0             $0             $0             $0             $0
           $0              $0             $0             $0             $0             $0             $0


           $0              $0             $0             $0             $0             $0             $0
           $0              $0             $0             $0             $0             $0             $0
           $0              $0             $0             $0             $0             $0             $0
           $0              $0             $0             $0             $0             $0             $0

           $0              $0             $0             $0             $0             $0             $0

Year 1          Year 1          Year 2         Year 2         Year 2         Year 2         Year 2
Month 11        Month 12        Month 1        Month 2        Month 3        Month 4        Month 5


           $0              $0             $0             $0             $0             $0             $0
           $0              $0             $0             $0             $0             $0             $0
           $0              $0             $0             $0             $0             $0             $0
           $0              $0             $0             $0             $0             $0             $0


           $0              $0             $0             $0             $0             $0             $0
           $0              $0             $0             $0             $0             $0             $0
           $0              $0             $0             $0             $0             $0             $0
           $0              $0             $0             $0             $0             $0             $0


           $0              $0             $0             $0             $0             $0             $0
           $0              $0             $0             $0             $0             $0             $0
           $0              $0             $0             $0             $0             $0             $0
           $0              $0             $0             $0             $0             $0             $0

           $0              $0             $0             $0             $0             $0             $0
Year 2         Year 2         Year 2         Year 2         Year 2          Year 2          Year 2
Month 6        Month 7        Month 8        Month 9        Month 10        Month 11        Month 12

          $0             $0             $0             $0              $0              $0              $0


          $0             $0             $0             $0              $0              $0              $0
          $0             $0             $0             $0              $0              $0              $0
          $0             $0             $0             $0              $0              $0              $0
          $0             $0             $0             $0              $0              $0              $0


          $0             $0             $0             $0              $0              $0              $0
          $0             $0             $0             $0              $0              $0              $0
          $0             $0             $0             $0              $0              $0              $0
          $0             $0             $0             $0              $0              $0              $0


          $0             $0             $0             $0              $0              $0              $0
          $0             $0             $0             $0              $0              $0              $0
          $0             $0             $0             $0              $0              $0              $0
          $0             $0             $0             $0              $0              $0              $0

          $0             $0             $0             $0              $0              $0              $0

Year 2         Year 2         Year 2         Year 2         Year 2          Year 2          Year 2
Month 6        Month 7        Month 8        Month 9        Month 10        Month 11        Month 12


          $0             $0             $0             $0              $0              $0              $0
          $0             $0             $0             $0              $0              $0              $0
          $0             $0             $0             $0              $0              $0              $0
          $0             $0             $0             $0              $0              $0              $0


          $0             $0             $0             $0              $0              $0              $0
          $0             $0             $0             $0              $0              $0              $0
          $0             $0             $0             $0              $0              $0              $0
          $0             $0             $0             $0              $0              $0              $0
          $0             $0             $0             $0              $0              $0              $0
          $0             $0             $0             $0              $0              $0              $0
          $0             $0             $0             $0              $0              $0              $0
          $0             $0             $0             $0              $0              $0              $0

          $0             $0             $0             $0              $0              $0              $0

Year 2         Year 2         Year 2         Year 2         Year 2          Year 2          Year 2
Month 6        Month 7        Month 8        Month 9        Month 10        Month 11        Month 12


          $0             $0             $0             $0              $0              $0              $0
          $0             $0             $0             $0              $0              $0              $0
          $0             $0             $0             $0              $0              $0              $0
          $0             $0             $0             $0              $0              $0              $0


          $0             $0             $0             $0              $0              $0              $0
          $0             $0             $0             $0              $0              $0              $0
          $0             $0             $0             $0              $0              $0              $0
          $0             $0             $0             $0              $0              $0              $0


          $0             $0             $0             $0              $0              $0              $0
          $0             $0             $0             $0              $0              $0              $0
          $0             $0             $0             $0              $0              $0              $0
          $0             $0             $0             $0              $0              $0              $0

          $0             $0             $0             $0              $0              $0              $0

Year 2         Year 2         Year 2         Year 2         Year 2          Year 2          Year 2
Month 6        Month 7        Month 8        Month 9        Month 10        Month 11        Month 12


          $0             $0             $0             $0              $0              $0              $0
          $0             $0             $0             $0              $0              $0              $0
          $0             $0             $0             $0              $0              $0              $0
          $0             $0             $0             $0              $0              $0              $0


          $0             $0             $0             $0              $0              $0              $0
          $0             $0             $0             $0              $0              $0              $0
          $0             $0             $0             $0              $0              $0              $0
          $0             $0             $0             $0              $0              $0              $0


          $0             $0             $0             $0              $0              $0              $0
          $0             $0             $0             $0              $0              $0              $0
          $0             $0             $0             $0              $0              $0              $0
          $0             $0             $0             $0              $0              $0              $0

          $0             $0             $0             $0              $0              $0              $0
Year 3         Year 3         Year 3         Year 3         Year 3         Year 3         Year 3
Month 1        Month 2        Month 3        Month 4        Month 5        Month 6        Month 7

          $0             $0             $0             $0             $0             $0             $0


          $0             $0             $0             $0             $0             $0             $0
          $0             $0             $0             $0             $0             $0             $0
          $0             $0             $0             $0             $0             $0             $0
          $0             $0             $0             $0             $0             $0             $0


          $0             $0             $0             $0             $0             $0             $0
          $0             $0             $0             $0             $0             $0             $0
          $0             $0             $0             $0             $0             $0             $0
          $0             $0             $0             $0             $0             $0             $0


          $0             $0             $0             $0             $0             $0             $0
          $0             $0             $0             $0             $0             $0             $0
          $0             $0             $0             $0             $0             $0             $0
          $0             $0             $0             $0             $0             $0             $0

          $0             $0             $0             $0             $0             $0             $0

Year 3         Year 3         Year 3         Year 3         Year 3         Year 3         Year 3
Month 1        Month 2        Month 3        Month 4        Month 5        Month 6        Month 7


          $0             $0             $0             $0             $0             $0             $0
          $0             $0             $0             $0             $0             $0             $0
          $0             $0             $0             $0             $0             $0             $0
          $0             $0             $0             $0             $0             $0             $0


          $0             $0             $0             $0             $0             $0             $0
          $0             $0             $0             $0             $0             $0             $0
          $0             $0             $0             $0             $0             $0             $0
          $0             $0             $0             $0             $0             $0             $0
          $0             $0             $0             $0             $0             $0             $0
          $0             $0             $0             $0             $0             $0             $0
          $0             $0             $0             $0             $0             $0             $0
          $0             $0             $0             $0             $0             $0             $0

          $0             $0             $0             $0             $0             $0             $0

Year 3         Year 3         Year 3         Year 3         Year 3         Year 3         Year 3
Month 1        Month 2        Month 3        Month 4        Month 5        Month 6        Month 7


          $0             $0             $0             $0             $0             $0             $0
          $0             $0             $0             $0             $0             $0             $0
          $0             $0             $0             $0             $0             $0             $0
          $0             $0             $0             $0             $0             $0             $0


          $0             $0             $0             $0             $0             $0             $0
          $0             $0             $0             $0             $0             $0             $0
          $0             $0             $0             $0             $0             $0             $0
          $0             $0             $0             $0             $0             $0             $0


          $0             $0             $0             $0             $0             $0             $0
          $0             $0             $0             $0             $0             $0             $0
          $0             $0             $0             $0             $0             $0             $0
          $0             $0             $0             $0             $0             $0             $0

          $0             $0             $0             $0             $0             $0             $0

Year 3         Year 3         Year 3         Year 3         Year 3         Year 3         Year 3
Month 1        Month 2        Month 3        Month 4        Month 5        Month 6        Month 7


          $0             $0             $0             $0             $0             $0             $0
          $0             $0             $0             $0             $0             $0             $0
          $0             $0             $0             $0             $0             $0             $0
          $0             $0             $0             $0             $0             $0             $0


          $0             $0             $0             $0             $0             $0             $0
          $0             $0             $0             $0             $0             $0             $0
          $0             $0             $0             $0             $0             $0             $0
          $0             $0             $0             $0             $0             $0             $0


          $0             $0             $0             $0             $0             $0             $0
          $0             $0             $0             $0             $0             $0             $0
          $0             $0             $0             $0             $0             $0             $0
          $0             $0             $0             $0             $0             $0             $0

          $0             $0             $0             $0             $0             $0             $0
Year 3         Year 3         Year 3          Year 3          Year 3
Month 8        Month 9        Month 10        Month 11        Month 12

          $0             $0              $0              $0              $0


          $0             $0              $0              $0              $0
          $0             $0              $0              $0              $0
          $0             $0              $0              $0              $0
          $0             $0              $0              $0              $0


          $0             $0              $0              $0              $0
          $0             $0              $0              $0              $0
          $0             $0              $0              $0              $0
          $0             $0              $0              $0              $0


          $0             $0              $0              $0              $0
          $0             $0              $0              $0              $0
          $0             $0              $0              $0              $0
          $0             $0              $0              $0              $0

          $0             $0              $0              $0              $0

Year 3         Year 3         Year 3          Year 3          Year 3
Month 8        Month 9        Month 10        Month 11        Month 12


          $0             $0              $0              $0              $0
          $0             $0              $0              $0              $0
          $0             $0              $0              $0              $0
          $0             $0              $0              $0              $0


          $0             $0              $0              $0              $0
          $0             $0              $0              $0              $0
          $0             $0              $0              $0              $0
          $0             $0              $0              $0              $0
          $0             $0              $0              $0              $0
          $0             $0              $0              $0              $0
          $0             $0              $0              $0              $0
          $0             $0              $0              $0              $0

          $0             $0              $0              $0              $0

Year 3         Year 3         Year 3          Year 3          Year 3
Month 8        Month 9        Month 10        Month 11        Month 12


          $0             $0              $0              $0              $0
          $0             $0              $0              $0              $0
          $0             $0              $0              $0              $0
          $0             $0              $0              $0              $0


          $0             $0              $0              $0              $0
          $0             $0              $0              $0              $0
          $0             $0              $0              $0              $0
          $0             $0              $0              $0              $0


          $0             $0              $0              $0              $0
          $0             $0              $0              $0              $0
          $0             $0              $0              $0              $0
          $0             $0              $0              $0              $0

          $0             $0              $0              $0              $0

Year 3         Year 3         Year 3          Year 3          Year 3
Month 8        Month 9        Month 10        Month 11        Month 12


          $0             $0              $0              $0              $0
          $0             $0              $0              $0              $0
          $0             $0              $0              $0              $0
          $0             $0              $0              $0              $0


          $0             $0              $0              $0              $0
          $0             $0              $0              $0              $0
          $0             $0              $0              $0              $0
          $0             $0              $0              $0              $0


          $0             $0              $0              $0              $0
          $0             $0              $0              $0              $0
          $0             $0              $0              $0              $0
          $0             $0              $0              $0              $0

          $0             $0              $0              $0              $0
Shad Valley Inc.
Financing                                    Year 1            Year 1            Year 1
                                             Month 1           Month 2           Month 3
Three Year Financing Summary
Total Borrowed                                           $0                $0                $0
Total Interest Expense                                   $0                $0                $0
Total Principal Paid                                     $0                $0                $0
Current Portion Long Term Debt                           $0                $0                $0
Closing Principal Long Term Loans                        $0                $0                $0
Closing Principal Mortgages                              $0                $0                $0

Capital Investments
Investment Category                          Year 1            Year 2            Year 3
Land                                                   $0.00             $0.00             $0.00
Buildings                                              $0.00             $0.00             $0.00
Equipment                                              $0.00             $0.00             $0.00
Vehicles                                               $0.00             $0.00             $0.00

Year 1                                       Year 1            Year 1            Year 1
Financing                                    Month 1           Month 2           Month 3

Long Term Loan
 - opening principal                                     $0                $0                $0
 - no. of monthly payments               1
 - annual interest rate             0.00%
 - payment                           $0.00             $0.00             $0.00             $0.00
 - interest portion                                    $0.00             $0.00             $0.00
 - principal portion                                   $0.00             $0.00             $0.00
 - closing principal                                   $0.00             $0.00             $0.00
 - current portion                                     $0.00             $0.00             $0.00
 - long term portion                                   $0.00             $0.00             $0.00

Mortgage
 - opening principal                                     $0                $0                $0
 - no. of monthly payments               1
 - annual interest rate             0.00%
 - payment                           $0.00             $0.00             $0.00             $0.00
 - interest portion                                    $0.00             $0.00             $0.00
 - principal portion                                   $0.00             $0.00             $0.00
 - closing principal                                   $0.00             $0.00             $0.00
 - current portion                                     $0.00             $0.00             $0.00
 - long term portion                                   $0.00             $0.00             $0.00

Total Borrowed                                           $0
Total Interest Expense                                   $0                $0                $0
Total Principal Paid                                     $0                $0                $0
Current Portion Long Term Debt                           $0                $0                $0

Capital Investments
Investment Category                          Year 1            Year 2            Year 3
Land                                                   $0.00             $0.00             $0.00
Buildings                                              $0.00             $0.00             $0.00
Equipment                                           $0.00             $0.00             $0.00
Vehicles                                            $0.00             $0.00             $0.00

Year 2                                    Year 1            Year 1            Year 1
Financing                                 Month 1           Month 2           Month 3

Long Term Loan
 - opening principal                                  $0                $0                $0
 - no. of monthly payments            1
 - annual interest rate          0.00%
 - payment                        $0.00             $0.00             $0.00             $0.00
 - interest portion                                 $0.00             $0.00             $0.00
 - principal portion                                $0.00             $0.00             $0.00
 - closing principal                                $0.00             $0.00             $0.00
 - current portion                                  $0.00             $0.00             $0.00
 - long term portion                                $0.00             $0.00             $0.00

Mortgage
 - opening principal                                  $0                $0                $0
 - no. of monthly payments            1
 - annual interest rate          0.00%
 - payment                        $0.00             $0.00             $0.00             $0.00
 - interest portion                                 $0.00             $0.00             $0.00
 - principal portion                                $0.00             $0.00             $0.00
 - closing principal                                $0.00             $0.00             $0.00
 - current portion                                  $0.00             $0.00             $0.00
 - long term portion                                $0.00             $0.00             $0.00

Total Borrowed
Total Interest Expense                                $0                $0                $0
Total Principal Paid                                  $0                $0                $0
Current Portion Long Term Debt                        $0                $0                $0

Capital Investments
Investment Category                       Year 1            Year 2            Year 3
Land                                                $0.00             $0.00             $0.00
Buildings                                           $0.00             $0.00             $0.00
Equipment                                           $0.00             $0.00             $0.00
Vehicles                                            $0.00             $0.00             $0.00

Year 3                                    Year 1            Year 1            Year 1
Financing                                 Month 1           Month 2           Month 3

Long Term Loan
 - opening principal                                  $0                $0                $0
 - no. of monthly payments            1
 - annual interest rate          0.00%
 - payment                        $0.00             $0.00             $0.00             $0.00
 - interest portion                                 $0.00             $0.00             $0.00
 - principal portion                                $0.00             $0.00             $0.00
 - closing principal                                $0.00             $0.00             $0.00
 - current portion                                  $0.00             $0.00             $0.00
 - long term portion                      $0.00   $0.00   $0.00

Mortgage
 - opening principal                        $0      $0      $0
 - no. of monthly payments            1
 - annual interest rate          0.00%
 - payment                        $0.00   $0.00   $0.00   $0.00
 - interest portion                       $0.00   $0.00   $0.00
 - principal portion                      $0.00   $0.00   $0.00
 - closing principal                      $0.00   $0.00   $0.00
 - current portion                        $0.00   $0.00   $0.00
 - long term portion                      $0.00   $0.00   $0.00

Total Borrowed
Total Interest Expense                      $0      $0      $0
Total Principal Paid                        $0      $0      $0
Current Portion Long Term Debt              $0      $0      $0
Year 1            Year 1            Year 1            Year 1            Year 1            Year 1            Year 1
Month 4           Month 5           Month 6           Month 7           Month 8           Month 9           Month 10

            $0                $0                $0                $0                $0                $0               $0
            $0                $0                $0                $0                $0                $0               $0
            $0                $0                $0                $0                $0                $0               $0
            $0                $0                $0                $0                $0                $0               $0
            $0                $0                $0                $0                $0                $0               $0
            $0                $0                $0                $0                $0                $0               $0




Year 1            Year 1            Year 1            Year 1            Year 1            Year 1            Year 1
Month 4           Month 5           Month 6           Month 7           Month 8           Month 9           Month 10


            $0                $0                $0                $0                $0                $0               $0


          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00          $0.00
          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00          $0.00
          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00          $0.00
          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00          $0.00
          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00          $0.00
          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00          $0.00


            $0                $0                $0                $0                $0                $0               $0


          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00          $0.00
          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00          $0.00
          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00          $0.00
          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00          $0.00
          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00          $0.00
          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00          $0.00


            $0                $0                $0                $0                $0                $0               $0
            $0                $0                $0                $0                $0                $0               $0
            $0                $0                $0                $0                $0                $0               $0
Year 1            Year 1            Year 1            Year 1            Year 1            Year 1            Year 1
Month 4           Month 5           Month 6           Month 7           Month 8           Month 9           Month 10


            $0                $0                $0                $0                $0                $0               $0


          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00          $0.00
          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00          $0.00
          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00          $0.00
          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00          $0.00
          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00          $0.00
          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00          $0.00


            $0                $0                $0                $0                $0                $0               $0


          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00          $0.00
          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00          $0.00
          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00          $0.00
          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00          $0.00
          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00          $0.00
          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00          $0.00


            $0                $0                $0                $0                $0                $0               $0
            $0                $0                $0                $0                $0                $0               $0
            $0                $0                $0                $0                $0                $0               $0




Year 1            Year 1            Year 1            Year 1            Year 1            Year 1            Year 1
Month 4           Month 5           Month 6           Month 7           Month 8           Month 9           Month 10


            $0                $0                $0                $0                $0                $0               $0


          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00          $0.00
          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00          $0.00
          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00          $0.00
          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00          $0.00
          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00          $0.00
$0.00   $0.00   $0.00   $0.00   $0.00   $0.00   $0.00


  $0      $0      $0      $0      $0      $0      $0


$0.00   $0.00   $0.00   $0.00   $0.00   $0.00   $0.00
$0.00   $0.00   $0.00   $0.00   $0.00   $0.00   $0.00
$0.00   $0.00   $0.00   $0.00   $0.00   $0.00   $0.00
$0.00   $0.00   $0.00   $0.00   $0.00   $0.00   $0.00
$0.00   $0.00   $0.00   $0.00   $0.00   $0.00   $0.00
$0.00   $0.00   $0.00   $0.00   $0.00   $0.00   $0.00


  $0      $0      $0      $0      $0      $0      $0
  $0      $0      $0      $0      $0      $0      $0
  $0      $0      $0      $0      $0      $0      $0
Year 1          Year 1          Year 2            Year 2            Year 2            Year 2            Year 2
Month 11        Month 12        Month 1           Month 2           Month 3           Month 4           Month 5

           $0              $0               $0                $0                $0                $0                $0
           $0              $0               $0                $0                $0                $0                $0
           $0              $0               $0                $0                $0                $0                $0
           $0              $0               $0                $0                $0                $0                $0
           $0              $0               $0                $0                $0                $0                $0
           $0              $0               $0                $0                $0                $0                $0




Year 1          Year 1          Year 2            Year 2            Year 2            Year 2            Year 2
Month 11        Month 12        Month 1           Month 2           Month 3           Month 4           Month 5


           $0              $0               $0                $0                $0                $0                $0


       $0.00           $0.00              $0.00             $0.00             $0.00             $0.00             $0.00
       $0.00           $0.00              $0.00             $0.00             $0.00             $0.00             $0.00
       $0.00           $0.00              $0.00             $0.00             $0.00             $0.00             $0.00
       $0.00           $0.00              $0.00             $0.00             $0.00             $0.00             $0.00
       $0.00           $0.00              $0.00             $0.00             $0.00             $0.00             $0.00
       $0.00           $0.00              $0.00             $0.00             $0.00             $0.00             $0.00


           $0              $0               $0                $0                $0                $0                $0


       $0.00           $0.00              $0.00             $0.00             $0.00             $0.00             $0.00
       $0.00           $0.00              $0.00             $0.00             $0.00             $0.00             $0.00
       $0.00           $0.00              $0.00             $0.00             $0.00             $0.00             $0.00
       $0.00           $0.00              $0.00             $0.00             $0.00             $0.00             $0.00
       $0.00           $0.00              $0.00             $0.00             $0.00             $0.00             $0.00
       $0.00           $0.00              $0.00             $0.00             $0.00             $0.00             $0.00


           $0              $0               $0                $0                $0                $0                $0
           $0              $0               $0                $0                $0                $0                $0
           $0              $0               $0                $0                $0                $0                $0
Year 1          Year 1          Year 2            Year 2            Year 2            Year 2            Year 2
Month 11        Month 12        Month 1           Month 2           Month 3           Month 4           Month 5


           $0              $0               $0                $0                $0                $0                $0


       $0.00           $0.00              $0.00             $0.00             $0.00             $0.00             $0.00
       $0.00           $0.00              $0.00             $0.00             $0.00             $0.00             $0.00
       $0.00           $0.00              $0.00             $0.00             $0.00             $0.00             $0.00
       $0.00           $0.00              $0.00             $0.00             $0.00             $0.00             $0.00
       $0.00           $0.00              $0.00             $0.00             $0.00             $0.00             $0.00
       $0.00           $0.00              $0.00             $0.00             $0.00             $0.00             $0.00


           $0              $0               $0                $0                $0                $0                $0


       $0.00           $0.00              $0.00             $0.00             $0.00             $0.00             $0.00
       $0.00           $0.00              $0.00             $0.00             $0.00             $0.00             $0.00
       $0.00           $0.00              $0.00             $0.00             $0.00             $0.00             $0.00
       $0.00           $0.00              $0.00             $0.00             $0.00             $0.00             $0.00
       $0.00           $0.00              $0.00             $0.00             $0.00             $0.00             $0.00
       $0.00           $0.00              $0.00             $0.00             $0.00             $0.00             $0.00

                                            $0
           $0              $0               $0                $0                $0                $0                $0
           $0              $0               $0                $0                $0                $0                $0
           $0              $0               $0                $0                $0                $0                $0




Year 1          Year 1          Year 2            Year 2            Year 2            Year 2            Year 2
Month 11        Month 12        Month 1           Month 2           Month 3           Month 4           Month 5


           $0              $0               $0                $0                $0                $0                $0


       $0.00           $0.00              $0.00             $0.00             $0.00             $0.00             $0.00
       $0.00           $0.00              $0.00             $0.00             $0.00             $0.00             $0.00
       $0.00           $0.00              $0.00             $0.00             $0.00             $0.00             $0.00
       $0.00           $0.00              $0.00             $0.00             $0.00             $0.00             $0.00
       $0.00           $0.00              $0.00             $0.00             $0.00             $0.00             $0.00
$0.00   $0.00   $0.00   $0.00   $0.00   $0.00   $0.00


  $0      $0      $0      $0      $0      $0      $0


$0.00   $0.00   $0.00   $0.00   $0.00   $0.00   $0.00
$0.00   $0.00   $0.00   $0.00   $0.00   $0.00   $0.00
$0.00   $0.00   $0.00   $0.00   $0.00   $0.00   $0.00
$0.00   $0.00   $0.00   $0.00   $0.00   $0.00   $0.00
$0.00   $0.00   $0.00   $0.00   $0.00   $0.00   $0.00
$0.00   $0.00   $0.00   $0.00   $0.00   $0.00   $0.00


  $0      $0      $0      $0      $0      $0      $0
  $0      $0      $0      $0      $0      $0      $0
  $0      $0      $0      $0      $0      $0      $0
Year 2            Year 2            Year 2            Year 2            Year 2          Year 2          Year 2
Month 6           Month 7           Month 8           Month 9           Month 10        Month 11        Month 12

            $0                $0                $0                $0               $0              $0              $0
            $0                $0                $0                $0               $0              $0              $0
            $0                $0                $0                $0               $0              $0              $0
            $0                $0                $0                $0               $0              $0              $0
            $0                $0                $0                $0               $0              $0              $0
            $0                $0                $0                $0               $0              $0              $0




Year 2            Year 2            Year 2            Year 2            Year 2          Year 2          Year 2
Month 6           Month 7           Month 8           Month 9           Month 10        Month 11        Month 12


            $0                $0                $0                $0               $0              $0              $0


          $0.00             $0.00             $0.00             $0.00          $0.00           $0.00           $0.00
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          $0.00             $0.00             $0.00             $0.00          $0.00           $0.00           $0.00
          $0.00             $0.00             $0.00             $0.00          $0.00           $0.00           $0.00
          $0.00             $0.00             $0.00             $0.00          $0.00           $0.00           $0.00


            $0                $0                $0                $0               $0              $0              $0


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          $0.00             $0.00             $0.00             $0.00          $0.00           $0.00           $0.00
          $0.00             $0.00             $0.00             $0.00          $0.00           $0.00           $0.00


            $0                $0                $0                $0               $0              $0              $0
            $0                $0                $0                $0               $0              $0              $0
            $0                $0                $0                $0               $0              $0              $0
Year 2            Year 2            Year 2            Year 2            Year 2          Year 2          Year 2
Month 6           Month 7           Month 8           Month 9           Month 10        Month 11        Month 12


            $0                $0                $0                $0               $0              $0              $0


          $0.00             $0.00             $0.00             $0.00          $0.00           $0.00           $0.00
          $0.00             $0.00             $0.00             $0.00          $0.00           $0.00           $0.00
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          $0.00             $0.00             $0.00             $0.00          $0.00           $0.00           $0.00
          $0.00             $0.00             $0.00             $0.00          $0.00           $0.00           $0.00
          $0.00             $0.00             $0.00             $0.00          $0.00           $0.00           $0.00


            $0                $0                $0                $0               $0              $0              $0


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          $0.00             $0.00             $0.00             $0.00          $0.00           $0.00           $0.00
          $0.00             $0.00             $0.00             $0.00          $0.00           $0.00           $0.00
          $0.00             $0.00             $0.00             $0.00          $0.00           $0.00           $0.00
          $0.00             $0.00             $0.00             $0.00          $0.00           $0.00           $0.00
          $0.00             $0.00             $0.00             $0.00          $0.00           $0.00           $0.00


            $0                $0                $0                $0               $0              $0              $0
            $0                $0                $0                $0               $0              $0              $0
            $0                $0                $0                $0               $0              $0              $0




Year 2            Year 2            Year 2            Year 2            Year 2          Year 2          Year 2
Month 6           Month 7           Month 8           Month 9           Month 10        Month 11        Month 12


            $0                $0                $0                $0               $0              $0              $0


          $0.00             $0.00             $0.00             $0.00          $0.00           $0.00           $0.00
          $0.00             $0.00             $0.00             $0.00          $0.00           $0.00           $0.00
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          $0.00             $0.00             $0.00             $0.00          $0.00           $0.00           $0.00
          $0.00             $0.00             $0.00             $0.00          $0.00           $0.00           $0.00
$0.00   $0.00   $0.00   $0.00   $0.00   $0.00   $0.00


  $0      $0      $0      $0      $0      $0      $0


$0.00   $0.00   $0.00   $0.00   $0.00   $0.00   $0.00
$0.00   $0.00   $0.00   $0.00   $0.00   $0.00   $0.00
$0.00   $0.00   $0.00   $0.00   $0.00   $0.00   $0.00
$0.00   $0.00   $0.00   $0.00   $0.00   $0.00   $0.00
$0.00   $0.00   $0.00   $0.00   $0.00   $0.00   $0.00
$0.00   $0.00   $0.00   $0.00   $0.00   $0.00   $0.00


  $0      $0      $0      $0      $0      $0      $0
  $0      $0      $0      $0      $0      $0      $0
  $0      $0      $0      $0      $0      $0      $0
Year 3            Year 3            Year 3            Year 3            Year 3            Year 3            Year 3
Month 1           Month 2           Month 3           Month 4           Month 5           Month 6           Month 7

            $0                $0                $0                $0                $0                $0                $0
            $0                $0                $0                $0                $0                $0                $0
            $0                $0                $0                $0                $0                $0                $0
            $0                $0                $0                $0                $0                $0                $0
            $0                $0                $0                $0                $0                $0                $0
            $0                $0                $0                $0                $0                $0                $0




Year 3            Year 3            Year 3            Year 3            Year 3            Year 3            Year 3
Month 1           Month 2           Month 3           Month 4           Month 5           Month 6           Month 7


            $0                $0                $0                $0                $0                $0                $0


          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00             $0.00
          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00             $0.00
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          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00             $0.00
          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00             $0.00
          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00             $0.00


            $0                $0                $0                $0                $0                $0                $0


          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00             $0.00
          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00             $0.00
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          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00             $0.00
          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00             $0.00
          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00             $0.00


            $0                $0                $0                $0                $0                $0                $0
            $0                $0                $0                $0                $0                $0                $0
            $0                $0                $0                $0                $0                $0                $0
Year 3            Year 3            Year 3            Year 3            Year 3            Year 3            Year 3
Month 1           Month 2           Month 3           Month 4           Month 5           Month 6           Month 7


            $0                $0                $0                $0                $0                $0                $0


          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00             $0.00
          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00             $0.00
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          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00             $0.00
          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00             $0.00


            $0                $0                $0                $0                $0                $0                $0


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          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00             $0.00


            $0                $0                $0                $0                $0                $0                $0
            $0                $0                $0                $0                $0                $0                $0
            $0                $0                $0                $0                $0                $0                $0




Year 3            Year 3            Year 3            Year 3            Year 3            Year 3            Year 3
Month 1           Month 2           Month 3           Month 4           Month 5           Month 6           Month 7


            $0                $0                $0                $0                $0                $0                $0


          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00             $0.00
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          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00             $0.00
          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00             $0.00
$0.00   $0.00   $0.00   $0.00   $0.00   $0.00   $0.00


  $0      $0      $0      $0      $0      $0      $0


$0.00   $0.00   $0.00   $0.00   $0.00   $0.00   $0.00
$0.00   $0.00   $0.00   $0.00   $0.00   $0.00   $0.00
$0.00   $0.00   $0.00   $0.00   $0.00   $0.00   $0.00
$0.00   $0.00   $0.00   $0.00   $0.00   $0.00   $0.00
$0.00   $0.00   $0.00   $0.00   $0.00   $0.00   $0.00
$0.00   $0.00   $0.00   $0.00   $0.00   $0.00   $0.00

  $0
  $0      $0      $0      $0      $0      $0      $0
  $0      $0      $0      $0      $0      $0      $0
  $0      $0      $0      $0      $0      $0      $0
Year 3            Year 3            Year 3          Year 3          Year 3
Month 8           Month 9           Month 10        Month 11        Month 12

            $0                $0               $0              $0              $0
            $0                $0               $0              $0              $0
            $0                $0               $0              $0              $0
            $0                $0               $0              $0              $0
            $0                $0               $0              $0              $0
            $0                $0               $0              $0              $0




Year 3            Year 3            Year 3          Year 3          Year 3
Month 8           Month 9           Month 10        Month 11        Month 12


            $0                $0               $0              $0              $0     $0      $0


          $0.00             $0.00          $0.00           $0.00           $0.00    $0.00   $0.00
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          $0.00             $0.00          $0.00           $0.00           $0.00    $0.00   $0.00


            $0                $0               $0              $0              $0     $0      $0


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          $0.00             $0.00          $0.00           $0.00           $0.00    $0.00   $0.00


            $0                $0               $0              $0              $0     $0      $0
            $0                $0               $0              $0              $0     $0      $0
            $0                $0               $0              $0              $0     $0      $0
Year 3            Year 3            Year 3          Year 3          Year 3
Month 8           Month 9           Month 10        Month 11        Month 12


            $0                $0               $0              $0              $0     $0      $0


          $0.00             $0.00          $0.00           $0.00           $0.00    $0.00   $0.00
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          $0.00             $0.00          $0.00           $0.00           $0.00    $0.00   $0.00
          $0.00             $0.00          $0.00           $0.00           $0.00    $0.00   $0.00


            $0                $0               $0              $0              $0     $0      $0


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          $0.00             $0.00          $0.00           $0.00           $0.00    $0.00   $0.00


            $0                $0               $0              $0              $0     $0      $0
            $0                $0               $0              $0              $0     $0      $0
            $0                $0               $0              $0              $0     $0      $0




Year 3            Year 3            Year 3          Year 3          Year 3
Month 8           Month 9           Month 10        Month 11        Month 12


            $0                $0               $0              $0              $0     $0      $0


          $0.00             $0.00          $0.00           $0.00           $0.00    $0.00   $0.00
          $0.00             $0.00          $0.00           $0.00           $0.00    $0.00   $0.00
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          $0.00             $0.00          $0.00           $0.00           $0.00    $0.00   $0.00
          $0.00             $0.00          $0.00           $0.00           $0.00    $0.00   $0.00
$0.00   $0.00   $0.00   $0.00   $0.00   $0.00   $0.00


  $0      $0      $0      $0      $0      $0      $0


$0.00   $0.00   $0.00   $0.00   $0.00   $0.00   $0.00
$0.00   $0.00   $0.00   $0.00   $0.00   $0.00   $0.00
$0.00   $0.00   $0.00   $0.00   $0.00   $0.00   $0.00
$0.00   $0.00   $0.00   $0.00   $0.00   $0.00   $0.00
$0.00   $0.00   $0.00   $0.00   $0.00   $0.00   $0.00
$0.00   $0.00   $0.00   $0.00   $0.00   $0.00   $0.00


  $0      $0      $0      $0      $0      $0      $0
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  $0      $0      $0      $0      $0      $0      $0
  $0      $0      $0      $0      $0      $0      $0


$0.00   $0.00   $0.00   $0.00   $0.00   $0.00   $0.00
$0.00   $0.00   $0.00   $0.00   $0.00   $0.00   $0.00
$0.00   $0.00   $0.00   $0.00   $0.00   $0.00   $0.00
$0.00   $0.00   $0.00   $0.00   $0.00   $0.00   $0.00
$0.00   $0.00   $0.00   $0.00   $0.00   $0.00   $0.00
$0.00   $0.00   $0.00   $0.00   $0.00   $0.00   $0.00


  $0      $0      $0      $0      $0      $0      $0


$0.00   $0.00   $0.00   $0.00   $0.00   $0.00   $0.00
$0.00   $0.00   $0.00   $0.00   $0.00   $0.00   $0.00
$0.00   $0.00   $0.00   $0.00   $0.00   $0.00   $0.00
$0.00   $0.00   $0.00   $0.00   $0.00   $0.00   $0.00
$0.00   $0.00   $0.00   $0.00   $0.00   $0.00   $0.00
$0.00   $0.00   $0.00   $0.00   $0.00   $0.00   $0.00


  $0      $0      $0      $0      $0      $0      $0
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  $0      $0      $0      $0      $0      $0      $0
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$0.00   $0.00   $0.00   $0.00   $0.00   $0.00   $0.00
$0.00   $0.00   $0.00   $0.00   $0.00   $0.00   $0.00
$0.00   $0.00   $0.00   $0.00   $0.00   $0.00   $0.00
$0.00   $0.00   $0.00   $0.00   $0.00   $0.00   $0.00
$0.00   $0.00   $0.00   $0.00   $0.00   $0.00   $0.00
$0.00   $0.00   $0.00   $0.00   $0.00   $0.00   $0.00


  $0      $0      $0      $0      $0      $0      $0


$0.00   $0.00   $0.00   $0.00   $0.00   $0.00   $0.00
$0.00   $0.00   $0.00   $0.00   $0.00   $0.00   $0.00
$0.00   $0.00   $0.00   $0.00   $0.00   $0.00   $0.00
$0.00   $0.00   $0.00   $0.00   $0.00   $0.00   $0.00
$0.00   $0.00   $0.00   $0.00   $0.00   $0.00   $0.00
$0.00   $0.00   $0.00   $0.00   $0.00   $0.00   $0.00


  $0      $0      $0      $0      $0      $0      $0
  $0      $0      $0      $0      $0      $0      $0
  $0      $0      $0      $0      $0      $0      $0




  $0      $0      $0      $0      $0      $0      $0


$0.00   $0.00   $0.00   $0.00   $0.00   $0.00   $0.00
$0.00   $0.00   $0.00   $0.00   $0.00   $0.00   $0.00
$0.00   $0.00   $0.00   $0.00   $0.00   $0.00   $0.00
$0.00   $0.00   $0.00   $0.00   $0.00   $0.00   $0.00
$0.00   $0.00   $0.00   $0.00   $0.00   $0.00   $0.00
$0.00   $0.00   $0.00   $0.00   $0.00   $0.00   $0.00


  $0      $0      $0      $0      $0      $0      $0


$0.00   $0.00   $0.00   $0.00   $0.00   $0.00   $0.00
$0.00   $0.00   $0.00   $0.00   $0.00   $0.00   $0.00
$0.00   $0.00   $0.00   $0.00   $0.00   $0.00   $0.00
$0.00   $0.00   $0.00   $0.00   $0.00   $0.00   $0.00
$0.00   $0.00   $0.00   $0.00   $0.00   $0.00   $0.00
$0.00   $0.00   $0.00   $0.00   $0.00   $0.00   $0.00


  $0      $0      $0      $0      $0      $0      $0
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$0.00   $0.00   $0.00   $0.00   $0.00   $0.00   $0.00
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  $0      $0      $0      $0      $0      $0
  $0      $0      $0      $0      $0      $0


$0.00   $0.00   $0.00   $0.00   $0.00   $0.00
$0.00   $0.00   $0.00   $0.00   $0.00   $0.00
$0.00   $0.00   $0.00   $0.00   $0.00   $0.00
$0.00   $0.00   $0.00   $0.00   $0.00   $0.00
$0.00   $0.00   $0.00   $0.00   $0.00   $0.00
$0.00   $0.00   $0.00   $0.00   $0.00   $0.00


  $0      $0      $0      $0      $0      $0
  $0      $0      $0      $0      $0      $0
  $0      $0      $0      $0      $0      $0




  $0      $0      $0      $0      $0      $0


$0.00   $0.00   $0.00   $0.00   $0.00   $0.00
$0.00   $0.00   $0.00   $0.00   $0.00   $0.00
$0.00   $0.00   $0.00   $0.00   $0.00   $0.00
$0.00   $0.00   $0.00   $0.00   $0.00   $0.00
$0.00   $0.00   $0.00   $0.00   $0.00   $0.00
$0.00   $0.00   $0.00   $0.00   $0.00   $0.00


  $0      $0      $0      $0      $0      $0


$0.00   $0.00   $0.00   $0.00   $0.00   $0.00
$0.00   $0.00   $0.00   $0.00   $0.00   $0.00
$0.00   $0.00   $0.00   $0.00   $0.00   $0.00
$0.00   $0.00   $0.00   $0.00   $0.00   $0.00
$0.00   $0.00   $0.00   $0.00   $0.00   $0.00
$0.00   $0.00   $0.00   $0.00   $0.00   $0.00


  $0      $0      $0      $0      $0      $0
  $0      $0      $0      $0      $0      $0
  $0      $0      $0      $0      $0      $0
Shad Valley Inc.
Income Statement                           Year 1         Year 1         Year 1         Year 1
                                Assumption Month 1        Month 2        Month 3        Month 4
Sales                                                $0             $0             $0             $0
Other Revenue (Net)
Total Revenue                                        $0             $0             $0             $0
Cost of Goods Sold                                   $0             $0             $0             $0
Gross Margin                                         $0             $0             $0             $0
Operating Expenses
 - Advertising & Promotion                           $0             $0             $0             $0
 - Salaries & Fringe Benefits                        $0             $0             $0             $0
 - Wages                                             $0             $0             $0             $0
 - Depreciation                                      $0             $0             $0             $0




 - ??????
 - ??????
 - ??????
 - ??????
 - ??????
Total Operating Expenses                             $0             $0             $0             $0

Operating Profit                                     $0             $0             $0             $0

Non Operating Income/Expenses
 - Interest Expense                                  $0             $0             $0             $0
Profit Before Taxes                                  $0             $0             $0             $0
Income Taxes                                         $0             $0             $0             $0
Net Income                                           $0             $0             $0             $0




Income Tax Calculation
 - corporate tax rate                0.00%           $0             $0             $0             $0
Income Taxes                                         $0             $0             $0             $0
Cumulative Income Taxes                              $0             $0             $0             $0
Tax Payments
Closing Tax Liability                   $0           $0             $0             $0             $0
Increase/(Decrease)                                  $0             $0             $0             $0

Change in Retained Earnings
Opening Retained Earnings                                       $0               $0    $0   $0
Net Income                                                      $0               $0    $0   $0
Less Dividends
Change in Retained Earnings                                     $0               $0    $0   $0
Closing Retained Earnings                                       $0               $0    $0   $0


Shad Valley Inc.
Income Statement                    Year 1           Year 2           Year 3

Sales                                          $0      $120,000          $180,000
Cost of Goods Sold                             $0            $0                $0
Gross Margin                                   $0      $120,000          $180,000

Operating Expenses
 - Advertising & Promotion                     $0               $0               $0
 - Salaries & Fringe Benefits                  $0               $0               $0
 - Wages                                       $0               $0               $0
 - Depreciation                                $0               $0               $0
                                0              $0               $0               $0
                                0              $0               $0               $0
                                0              $0               $0               $0
                                0              $0               $0               $0
                                0              $0               $0               $0
                                0              $0               $0               $0
                                0              $0               $0               $0
 - ??????                                      $0               $0               $0
 - ??????                                      $0               $0               $0
 - ??????                                      $0               $0               $0
 - ??????                                      $0               $0               $0
Total Operating Expenses                       $0               $0               $0

Operating Profit                               $0      $120,000          $180,000

Non Operating Income/Expenses
 - Interest Expense                            $0            $0                $0
Profit Before Taxes                            $0      $120,000          $180,000
Income Taxes                                   $0            $0                $0
Net Income                                     $0      $120,000          $180,000



Dividends Paid                                 $0               $0               $0

Breakeven Analysis

Selling Price                                $0.00            $0.00            $0.00
Variable Cost                                $0.00            $0.00            $0.00
Contribution                                 $0.00            $0.00            $0.00


Fixed Expenses                                 $0               $0               $0
Breakeven Volume (units)   #DIV/0!      #DIV/0!     #DIV/0!
Units Sold                       0.00        0.00        0.00
Year 1         Year 1         Year 1         Year 1         Year 1         Year 1          Year 1          Year 1
Month 5        Month 6        Month 7        Month 8        Month 9        Month 10        Month 11        Month 12
          $0             $0             $0             $0             $0              $0              $0              $0

          $0             $0             $0             $0             $0              $0              $0              $0
          $0             $0             $0             $0             $0              $0              $0              $0
          $0             $0             $0             $0             $0              $0              $0              $0

          $0             $0             $0             $0             $0              $0              $0              $0
          $0             $0             $0             $0             $0              $0              $0              $0
          $0             $0             $0             $0             $0              $0              $0              $0
          $0             $0             $0             $0             $0              $0              $0              $0




          $0             $0             $0             $0             $0              $0              $0              $0

          $0             $0             $0             $0             $0              $0              $0              $0


          $0             $0             $0             $0             $0              $0              $0              $0
          $0             $0             $0             $0             $0              $0              $0              $0
          $0             $0             $0             $0             $0              $0              $0              $0
          $0             $0             $0             $0             $0              $0              $0              $0




          $0             $0             $0             $0             $0              $0              $0              $0
          $0             $0             $0             $0             $0              $0              $0              $0
          $0             $0             $0             $0             $0              $0              $0              $0

          $0             $0             $0             $0             $0              $0              $0              $0
          $0             $0             $0             $0             $0              $0              $0              $0
$0   $0   $0   $0   $0   $0   $0   $0
$0   $0   $0   $0   $0   $0   $0   $0
                                   $0
$0   $0   $0   $0   $0   $0   $0   $0
$0   $0   $0   $0   $0   $0   $0   $0
Year 2         Year 2         Year 2         Year 2         Year 2         Year 2         Year 2         Year 2
Month 1        Month 2        Month 3        Month 4        Month 5        Month 6        Month 7        Month 8
        $0              $0            $0             $0             $0             $0             $0             $0
   $10,000         $10,000       $10,000        $10,000        $10,000        $10,000        $10,000        $10,000
   $10,000         $10,000       $10,000        $10,000        $10,000        $10,000        $10,000        $10,000
        $0              $0            $0             $0             $0             $0             $0             $0
   $10,000         $10,000       $10,000        $10,000        $10,000        $10,000        $10,000        $10,000

          $0             $0             $0             $0             $0             $0             $0             $0
          $0             $0             $0             $0             $0             $0             $0             $0
          $0             $0             $0             $0             $0             $0             $0             $0
          $0             $0             $0             $0             $0             $0             $0             $0




          $0             $0             $0             $0             $0             $0             $0             $0

   $10,000         $10,000       $10,000        $10,000        $10,000        $10,000        $10,000        $10,000


        $0              $0            $0             $0             $0             $0             $0             $0
   $10,000         $10,000       $10,000        $10,000        $10,000        $10,000        $10,000        $10,000
        $0              $0            $0             $0             $0             $0             $0             $0
   $10,000         $10,000       $10,000        $10,000        $10,000        $10,000        $10,000        $10,000




          $0             $0             $0             $0             $0             $0             $0             $0
          $0             $0             $0             $0             $0             $0             $0             $0
          $0             $0             $0             $0             $0             $0             $0             $0
                                                                                     $0
          $0             $0             $0             $0             $0             $0             $0             $0
          $0             $0             $0             $0             $0             $0             $0             $0
     $0   $10,000   $20,000   $30,000   $40,000   $50,000   $60,000   $70,000
$10,000   $10,000   $10,000   $10,000   $10,000   $10,000   $10,000   $10,000

$10,000   $10,000   $10,000   $10,000   $10,000   $10,000   $10,000   $10,000
$10,000   $20,000   $30,000   $40,000   $50,000   $60,000   $70,000   $80,000
Year 2         Year 2          Year 2          Year 2          Year 3         Year 3         Year 3         Year 3
Month 9        Month 10        Month 11        Month 12        Month 1        Month 2        Month 3        Month 4
        $0             $0              $0              $0              $0              $0            $0             $0
   $10,000        $10,000         $10,000         $10,000         $15,000         $15,000       $15,000        $15,000
   $10,000        $10,000         $10,000         $10,000         $15,000         $15,000       $15,000        $15,000
        $0             $0              $0              $0              $0              $0            $0             $0
   $10,000        $10,000         $10,000         $10,000         $15,000         $15,000       $15,000        $15,000

          $0              $0              $0              $0             $0             $0             $0             $0
          $0              $0              $0              $0             $0             $0             $0             $0
          $0              $0              $0              $0             $0             $0             $0             $0
          $0              $0              $0              $0             $0             $0             $0             $0




          $0              $0              $0              $0             $0             $0             $0             $0

   $10,000        $10,000         $10,000         $10,000         $15,000         $15,000       $15,000        $15,000


        $0             $0              $0              $0              $0              $0            $0             $0
   $10,000        $10,000         $10,000         $10,000         $15,000         $15,000       $15,000        $15,000
        $0             $0              $0              $0              $0              $0            $0             $0
   $10,000        $10,000         $10,000         $10,000         $15,000         $15,000       $15,000        $15,000




          $0              $0              $0              $0             $0             $0             $0             $0
          $0              $0              $0              $0             $0             $0             $0             $0
          $0              $0              $0              $0             $0             $0             $0             $0

          $0              $0              $0              $0             $0             $0             $0             $0
          $0              $0              $0              $0             $0             $0             $0             $0
$80,000    $90,000   $100,000   $110,000   $120,000   $135,000   $150,000   $165,000
$10,000    $10,000    $10,000    $10,000    $15,000    $15,000    $15,000    $15,000
                                      $0
$10,000    $10,000    $10,000    $10,000    $15,000    $15,000    $15,000    $15,000
$90,000   $100,000   $110,000   $120,000   $135,000   $150,000   $165,000   $180,000
Year 3         Year 3         Year 3         Year 3         Year 3         Year 3          Year 3          Year 3
Month 5        Month 6        Month 7        Month 8        Month 9        Month 10        Month 11        Month 12
        $0             $0             $0             $0             $0             $0              $0              $0
   $15,000        $15,000        $15,000        $15,000        $15,000        $15,000         $15,000         $15,000
   $15,000        $15,000        $15,000        $15,000        $15,000        $15,000         $15,000         $15,000
        $0             $0             $0             $0             $0             $0              $0              $0
   $15,000        $15,000        $15,000        $15,000        $15,000        $15,000         $15,000         $15,000

          $0             $0             $0             $0             $0              $0              $0              $0
          $0             $0             $0             $0             $0              $0              $0              $0
          $0             $0             $0             $0             $0              $0              $0              $0
          $0             $0             $0             $0             $0              $0              $0              $0




          $0             $0             $0             $0             $0              $0              $0              $0

   $15,000        $15,000        $15,000        $15,000        $15,000        $15,000         $15,000         $15,000


        $0             $0             $0             $0             $0             $0              $0              $0
   $15,000        $15,000        $15,000        $15,000        $15,000        $15,000         $15,000         $15,000
        $0             $0             $0             $0             $0             $0              $0              $0
   $15,000        $15,000        $15,000        $15,000        $15,000        $15,000         $15,000         $15,000




          $0             $0             $0             $0             $0              $0              $0              $0
          $0             $0             $0             $0             $0              $0              $0              $0
          $0             $0             $0             $0             $0              $0              $0              $0
                         $0
          $0             $0             $0             $0             $0              $0              $0              $0
          $0             $0             $0             $0             $0              $0              $0              $0
$180,000   $195,000   $210,000   $225,000   $240,000   $255,000   $270,000   $285,000
 $15,000    $15,000    $15,000    $15,000    $15,000    $15,000    $15,000    $15,000
                                                                                   $0
 $15,000    $15,000    $15,000    $15,000    $15,000    $15,000    $15,000    $15,000
$195,000   $210,000   $225,000   $240,000   $255,000   $270,000   $285,000   $300,000
Shad Valley Inc.
Balance Sheet                       Year 1         Year 1         Year 1         Year 1
                                    Month 1        Month 2        Month 3        Month 4
Assets
Current Assets
 - Cash                                       $0             $0             $0             $0
 - Accounts Receivable                        $0             $0             $0             $0
 - Inventory                                  $0             $0             $0             $0
Total Current Assets                          $0             $0             $0             $0

Fixed Assets
 - Land                                       $0             $0             $0             $0
 - Buildings                                  $0             $0             $0             $0
   less Accumulated Depreciation              $0             $0             $0             $0
   net Buildings                              $0             $0             $0             $0
 - Equipment                                  $0             $0             $0             $0
   less Accumulated Depreciation              $0             $0             $0             $0
   net Equipment                              $0             $0             $0             $0
 - Vehicles                                   $0             $0             $0             $0
   less Accumulated Depreciation              $0             $0             $0             $0
   net Vehicles                               $0             $0             $0             $0
Total Fixed Assets                            $0             $0             $0             $0
Total Assets                                  $0             $0             $0             $0

                                    Year 1         Year 1         Year 1         Year 1
Liabilities and Equities            Month 1        Month 2        Month 3        Month 4
Current Liabilities
 - Accounts Payable                           $0             $0             $0             $0
 - Income Taxes                               $0             $0             $0             $0
 - Current Portion Long Term Debt             $0             $0             $0             $0
Total Current Liabilities                     $0             $0             $0             $0

Long-Term Liabilities
 - Long-Term Loans                            $0             $0             $0             $0
 - Mortgage                                   $0             $0             $0             $0
Total Long Term Loans                         $0             $0             $0             $0
Owners' Equity
 - Share Capital                              $0             $0             $0             $0
 - Retained Earnings                          $0             $0             $0             $0
Total Owners' Equity                          $0             $0             $0             $0

Total Liabilities and Equities                $0             $0             $0             $0

Difference                                    $0             $0             $0             $0
Year 1         Year 1         Year 1         Year 1         Year 1         Year 1          Year 1
Month 5        Month 6        Month 7        Month 8        Month 9        Month 10        Month 11


          $0             $0             $0             $0             $0              $0              $0
          $0             $0             $0             $0             $0              $0              $0
          $0             $0             $0             $0             $0              $0              $0
          $0             $0             $0             $0             $0              $0              $0


          $0             $0             $0             $0             $0              $0              $0
          $0             $0             $0             $0             $0              $0              $0
          $0             $0             $0             $0             $0              $0              $0
          $0             $0             $0             $0             $0              $0              $0
          $0             $0             $0             $0             $0              $0              $0
          $0             $0             $0             $0             $0              $0              $0
          $0             $0             $0             $0             $0              $0              $0
          $0             $0             $0             $0             $0              $0              $0
          $0             $0             $0             $0             $0              $0              $0
          $0             $0             $0             $0             $0              $0              $0
          $0             $0             $0             $0             $0              $0              $0
          $0             $0             $0             $0             $0              $0              $0

Year 1         Year 1         Year 1         Year 1         Year 1         Year 1          Year 1
Month 5        Month 6        Month 7        Month 8        Month 9        Month 10        Month 11

          $0             $0             $0             $0             $0              $0              $0
          $0             $0             $0             $0             $0              $0              $0
          $0             $0             $0             $0             $0              $0              $0
          $0             $0             $0             $0             $0              $0              $0


          $0             $0             $0             $0             $0              $0              $0
          $0             $0             $0             $0             $0              $0              $0
          $0             $0             $0             $0             $0              $0              $0

          $0             $0             $0             $0             $0              $0              $0
          $0             $0             $0             $0             $0              $0              $0
          $0             $0             $0             $0             $0              $0              $0

          $0             $0             $0             $0             $0              $0              $0

          $0             $0             $0             $0             $0              $0              $0
Year 1          Year 2         Year 2         Year 2         Year 2         Year 2         Year 2
Month 12        Month 1        Month 2        Month 3        Month 4        Month 5        Month 6


           $0       $10,000        $20,000        $30,000        $40,000        $50,000        $60,000
           $0            $0             $0             $0             $0             $0             $0
           $0            $0             $0             $0             $0             $0             $0
           $0       $10,000        $20,000        $30,000        $40,000        $50,000        $60,000


           $0            $0             $0             $0             $0             $0             $0
           $0            $0             $0             $0             $0             $0             $0
           $0            $0             $0             $0             $0             $0             $0
           $0            $0             $0             $0             $0             $0             $0
           $0            $0             $0             $0             $0             $0             $0
           $0            $0             $0             $0             $0             $0             $0
           $0            $0             $0             $0             $0             $0             $0
           $0            $0             $0             $0             $0             $0             $0
           $0            $0             $0             $0             $0             $0             $0
           $0            $0             $0             $0             $0             $0             $0
           $0            $0             $0             $0             $0             $0             $0
           $0       $10,000        $20,000        $30,000        $40,000        $50,000        $60,000

Year 1          Year 2         Year 2         Year 2         Year 2         Year 2         Year 2
Month 12        Month 1        Month 2        Month 3        Month 4        Month 5        Month 6

           $0             $0             $0             $0             $0             $0             $0
           $0             $0             $0             $0             $0             $0             $0
           $0             $0             $0             $0             $0             $0             $0
           $0             $0             $0             $0             $0             $0             $0


           $0             $0             $0             $0             $0             $0             $0
           $0             $0             $0             $0             $0             $0             $0
           $0             $0             $0             $0             $0             $0             $0

           $0            $0             $0             $0             $0             $0             $0
           $0       $10,000        $20,000        $30,000        $40,000        $50,000        $60,000
           $0       $10,000        $20,000        $30,000        $40,000        $50,000        $60,000

           $0       $10,000        $20,000        $30,000        $40,000        $50,000        $60,000

           $0             $0             $0             $0             $0             $0             $0
Year 2         Year 2         Year 2         Year 2          Year 2          Year 2          Year 3
Month 7        Month 8        Month 9        Month 10        Month 11        Month 12        Month 1


    $70,000        $80,000        $90,000       $100,000        $110,000        $120,000        $135,000
         $0             $0             $0             $0              $0              $0              $0
         $0             $0             $0             $0              $0              $0              $0
    $70,000        $80,000        $90,000       $100,000        $110,000        $120,000        $135,000


         $0             $0             $0             $0              $0              $0              $0
         $0             $0             $0             $0              $0              $0              $0
         $0             $0             $0             $0              $0              $0              $0
         $0             $0             $0             $0              $0              $0              $0
         $0             $0             $0             $0              $0              $0              $0
         $0             $0             $0             $0              $0              $0              $0
         $0             $0             $0             $0              $0              $0              $0
         $0             $0             $0             $0              $0              $0              $0
         $0             $0             $0             $0              $0              $0              $0
         $0             $0             $0             $0              $0              $0              $0
         $0             $0             $0             $0              $0              $0              $0
    $70,000        $80,000        $90,000       $100,000        $110,000        $120,000        $135,000

Year 2         Year 2         Year 2         Year 2          Year 2          Year 2          Year 3
Month 7        Month 8        Month 9        Month 10        Month 11        Month 12        Month 1

          $0             $0             $0              $0              $0              $0             $0
          $0             $0             $0              $0              $0              $0             $0
          $0             $0             $0              $0              $0              $0             $0
          $0             $0             $0              $0              $0              $0             $0


          $0             $0             $0              $0              $0              $0             $0
          $0             $0             $0              $0              $0              $0             $0
          $0             $0             $0              $0              $0              $0             $0

         $0             $0             $0             $0              $0              $0              $0
    $70,000        $80,000        $90,000       $100,000        $110,000        $120,000        $135,000
    $70,000        $80,000        $90,000       $100,000        $110,000        $120,000        $135,000

    $70,000        $80,000        $90,000       $100,000        $110,000        $120,000        $135,000

          $0             $0             $0              $0              $0              $0             $0
Year 3         Year 3         Year 3         Year 3         Year 3         Year 3         Year 3
Month 2        Month 3        Month 4        Month 5        Month 6        Month 7        Month 8


   $150,000       $165,000       $180,000       $195,000       $210,000       $225,000       $240,000
         $0             $0             $0             $0             $0             $0             $0
         $0             $0             $0             $0             $0             $0             $0
   $150,000       $165,000       $180,000       $195,000       $210,000       $225,000       $240,000


         $0             $0             $0             $0             $0             $0             $0
         $0             $0             $0             $0             $0             $0             $0
         $0             $0             $0             $0             $0             $0             $0
         $0             $0             $0             $0             $0             $0             $0
         $0             $0             $0             $0             $0             $0             $0
         $0             $0             $0             $0             $0             $0             $0
         $0             $0             $0             $0             $0             $0             $0
         $0             $0             $0             $0             $0             $0             $0
         $0             $0             $0             $0             $0             $0             $0
         $0             $0             $0             $0             $0             $0             $0
         $0             $0             $0             $0             $0             $0             $0
   $150,000       $165,000       $180,000       $195,000       $210,000       $225,000       $240,000

Year 3         Year 3         Year 3         Year 3         Year 3         Year 3         Year 3
Month 2        Month 3        Month 4        Month 5        Month 6        Month 7        Month 8

          $0             $0             $0             $0             $0             $0             $0
          $0             $0             $0             $0             $0             $0             $0
          $0             $0             $0             $0             $0             $0             $0
          $0             $0             $0             $0             $0             $0             $0


          $0             $0             $0             $0             $0             $0             $0
          $0             $0             $0             $0             $0             $0             $0
          $0             $0             $0             $0             $0             $0             $0

         $0             $0             $0             $0             $0             $0             $0
   $150,000       $165,000       $180,000       $195,000       $210,000       $225,000       $240,000
   $150,000       $165,000       $180,000       $195,000       $210,000       $225,000       $240,000

   $150,000       $165,000       $180,000       $195,000       $210,000       $225,000       $240,000

          $0             $0             $0             $0             $0             $0             $0
Year 3         Year 3          Year 3          Year 3
Month 9        Month 10        Month 11        Month 12


   $255,000       $270,000        $285,000        $300,000
         $0             $0              $0              $0
         $0             $0              $0              $0
   $255,000       $270,000        $285,000        $300,000


         $0             $0              $0              $0
         $0             $0              $0              $0
         $0             $0              $0              $0
         $0             $0              $0              $0
         $0             $0              $0              $0
         $0             $0              $0              $0
         $0             $0              $0              $0
         $0             $0              $0              $0
         $0             $0              $0              $0
         $0             $0              $0              $0
         $0             $0              $0              $0
   $255,000       $270,000        $285,000        $300,000

Year 3         Year 3          Year 3          Year 3
Month 9        Month 10        Month 11        Month 12

          $0              $0              $0              $0
          $0              $0              $0              $0
          $0              $0              $0              $0
          $0              $0              $0              $0


          $0              $0              $0              $0
          $0              $0              $0              $0
          $0              $0              $0              $0

         $0             $0              $0              $0
   $255,000       $270,000        $285,000        $300,000
   $255,000       $270,000        $285,000        $300,000

   $255,000       $270,000        $285,000        $300,000

          $0              $0              $0              $0
Shad Valley Inc.
Cash Flow
Shad Valley Inc.                               Year 1        Year 2        Year 3

Share Capital                                           $0            $0            $0


Opening Cash

Cash Flow from Operations
 Net Income
 Plus Depreciation
 (Increase)/Decrease in Accounts Receivable
 (Increase)/Decrease in Inventory
 Increase/(Decrease) in Accounts Payable
 Increase/(Decrease) in Income Taxes Payable
 Total Cash Flow from Operations

Cash Flow from Investing Activities
 (Increase)/Decrease in Land
 (Increase)/Decrease in Buildings
 (Increase)/Decrease in Equipment
 (Increase)/Decrease in Vehicles
 Total Cash Flow from Investing Activities

Cash Flow from Financing Activities
 Increase in Borrowed Funds
 (Loan Principal Payments)
 Increase/(Decrease) in Share Capital
 (Dividend Payments)
 Total Cash Flow from Financing Activities

Net Cash Flow

Closing Cash




               $16,000
               $14,000
               $12,000
   Cash Flow




               $10,000
                $8,000
                $6,000
Cash Flow      $6,000
               $4,000
               $2,000
                   $0
                          1       3       5       7       9       11        13        15




               $350,000
               $300,000
Closing Cash




               $250,000
               $200,000
               $150,000
               $100,000
                $50,000
                    $0
                              1       3       5       7       9        11        13
Year 1         Year 1         Year 1         Year 1         Year 1
Month 1        Month 2        Month 3        Month 4        Month 5
          $0             $0             $0             $0             $0


          $0             $0             $0             $0             $0
          $0             $0             $0             $0             $0
          $0             $0             $0             $0             $0
          $0             $0             $0             $0             $0
          $0             $0             $0             $0             $0
          $0             $0             $0             $0             $0
          $0             $0             $0             $0             $0


          $0
          $0
          $0
          $0
          $0             $0             $0             $0             $0


          $0             $0             $0             $0             $0
          $0             $0             $0             $0             $0
          $0
          $0             $0             $0             $0             $0
          $0             $0             $0             $0             $0

          $0             $0             $0             $0             $0

          $0             $0             $0             $0             $0



    Cash Flow
     15        17  19    21    23    25    27    29    31
                 Month




          Cash Balance




13        15     17 19        21    23    25    27    29    31
                   Month
Year 1         Year 1          Year 1         Year 1         Year 1
Month 6        Month 7         Month 8        Month 9        Month 10
          $0              $0             $0             $0              $0


          $0              $0             $0             $0              $0
          $0              $0             $0             $0              $0
          $0              $0             $0             $0              $0
          $0              $0             $0             $0              $0
          $0              $0             $0             $0              $0
          $0              $0             $0             $0              $0
          $0              $0             $0             $0              $0




          $0              $0             $0             $0              $0


          $0              $0             $0             $0              $0
          $0              $0             $0             $0              $0

          $0              $0             $0             $0              $0
          $0              $0             $0             $0              $0

          $0              $0             $0             $0              $0

          $0              $0             $0             $0              $0




                         Series1
 33    35




                 Series1




31    33    35
Year 1          Year 1          Year 2              Year 2              Year 2
Month 11        Month 12        Month 1             Month 2             Month 3
           $0              $0                 $0              $10,000             $20,000


           $0              $0             $10,000             $10,000             $10,000
           $0              $0                  $0                  $0                  $0
           $0              $0                  $0                  $0                  $0
           $0              $0                  $0                  $0                  $0
           $0              $0                  $0                  $0                  $0
           $0              $0                  $0                  $0                  $0
           $0              $0             $10,000             $10,000             $10,000


                                              $0
                                              $0
                                              $0
                                              $0
           $0              $0                 $0                  $0                  $0


           $0              $0                 $0                  $0                  $0
           $0              $0                 $0                  $0                  $0
                                              $0
           $0              $0                 $0                  $0                  $0
           $0              $0                 $0                  $0                  $0

           $0              $0             $10,000             $10,000             $10,000

           $0              $0             $10,000             $20,000             $30,000
Year 2              Year 2              Year 2              Year 2              Year 2
Month 4             Month 5             Month 6             Month 7             Month 8
          $30,000             $40,000             $50,000             $60,000             $70,000


          $10,000             $10,000             $10,000             $10,000             $10,000
                0                   0                   0                   0                   0
               $0                  $0                  $0                  $0                  $0
               $0                  $0                  $0                  $0                  $0
               $0                  $0                  $0                  $0                  $0
               $0                  $0                  $0                  $0                  $0
          $10,000             $10,000             $10,000             $10,000             $10,000




              $0                  $0                  $0                  $0                  $0


              $0                  $0                  $0                  $0                  $0
              $0                  $0                  $0                  $0                  $0

              $0                  $0                  $0                  $0                  $0
              $0                  $0                  $0                  $0                  $0

          $10,000             $10,000             $10,000             $10,000             $10,000

          $40,000             $50,000             $60,000             $70,000             $80,000
Year 2              Year 2             Year 2           Year 2           Year 3
Month 9             Month 10           Month 11         Month 12         Month 1
          $80,000              $90,000         $100,000         $110,000         $120,000


          $10,000              $10,000         $10,000          $10,000          $15,000
                0                    0               0                0                0
               $0                   $0              $0               $0               $0
               $0                   $0              $0               $0               $0
               $0                   $0              $0               $0               $0
               $0                   $0              $0               $0               $0
          $10,000              $10,000         $10,000          $10,000          $15,000


                                                                                      $0
                                                                                      $0
                                                                                      $0
                                                                                      $0
              $0                   $0               $0               $0               $0


              $0                   $0               $0               $0               $0
              $0                   $0               $0               $0               $0
                                                                                      $0
              $0                   $0               $0               $0               $0
              $0                   $0               $0               $0               $0

          $10,000              $10,000         $10,000          $10,000          $15,000

          $90,000          $100,000           $110,000         $120,000         $135,000
Year 3               Year 3               Year 3               Year 3               Year 3
Month 2              Month 3              Month 4              Month 5              Month 6
          $135,000             $150,000             $165,000             $180,000             $195,000


           $15,000              $15,000              $15,000              $15,000              $15,000
                 0                    0                    0                    0                    0
                $0                   $0                   $0                   $0                   $0
                $0                   $0                   $0                   $0                   $0
                $0                   $0                   $0                   $0                   $0
                $0                   $0                   $0                   $0                   $0
           $15,000              $15,000              $15,000              $15,000              $15,000




               $0                   $0                   $0                   $0                   $0


               $0                   $0                   $0                   $0                   $0
               $0                   $0                   $0                   $0                   $0

               $0                   $0                   $0                   $0                   $0
               $0                   $0                   $0                   $0                   $0

           $15,000              $15,000              $15,000              $15,000              $15,000

          $150,000             $165,000             $180,000             $195,000             $210,000
Year 3               Year 3               Year 3             Year 3           Year 3
Month 7              Month 8              Month 9            Month 10         Month 11
          $210,000             $225,000             $240,000         $255,000         $270,000


           $15,000              $15,000              $15,000          $15,000         $15,000
                 0                    0                    0                0               0
                $0                   $0                   $0               $0              $0
                $0                   $0                   $0               $0              $0
                $0                   $0                   $0               $0              $0
                $0                   $0                   $0               $0              $0
           $15,000              $15,000              $15,000          $15,000         $15,000




               $0                   $0                   $0               $0               $0


               $0                   $0                   $0               $0               $0
               $0                   $0                   $0               $0               $0

               $0                   $0                   $0               $0               $0
               $0                   $0                   $0               $0               $0

           $15,000              $15,000              $15,000          $15,000         $15,000

          $225,000             $240,000             $255,000        $270,000         $285,000
Year 3
Month 12
        $285,000


         $15,000
               0
              $0
              $0
              $0
              $0
         $15,000




             $0


             $0
             $0

             $0
             $0

         $15,000

        $300,000
Shad Valley Inc.

Breakeven Analysis

Selling Price                    $0.00            $0.00            $0.00
Variable Cost                    $0.00            $0.00            $0.00
Contribution                     $0.00            $0.00            $0.00


Fixed Expenses                        $0               $0               $0


Breakeven Volume (units)   #DIV/0!          #DIV/0!          #DIV/0!
Units Sold                           0.00             0.00             0.00
Shad Valley Inc.
Income Statement                    Year 1           Year 2                 Year 3

Sales                                        $0.00            $120,000.00            $180,000.00
Cost of Goods Sold                           $0.00                  $0.00                  $0.00
Gross Margin                                 $0.00            $120,000.00            $180,000.00

Operating Expenses
 - Advertising & Promotion                   $0.00                  $0.00                  $0.00
 - Salaries & Fringe Benefits                $0.00                  $0.00                  $0.00
 - Wages                                     $0.00                  $0.00                  $0.00
 - Depreciation                              $0.00                  $0.00                  $0.00
                                0            $0.00                  $0.00                  $0.00
                                0            $0.00                  $0.00                  $0.00
                                0            $0.00                  $0.00                  $0.00
                                0            $0.00                  $0.00                  $0.00
                                0            $0.00                  $0.00                  $0.00
                                0            $0.00                  $0.00                  $0.00
                                0            $0.00                  $0.00                  $0.00
 - ??????                                    $0.00                  $0.00                  $0.00
 - ??????                                    $0.00                  $0.00                  $0.00
 - ??????                                    $0.00                  $0.00                  $0.00
 - ??????                                    $0.00                  $0.00                  $0.00
Total Operating Expenses                     $0.00                  $0.00                  $0.00

Operating Profit                             $0.00            $120,000.00            $180,000.00

Non Operating Income/Expenses                $0.00                  $0.00                  $0.00
 - Interest Expense                          $0.00                  $0.00                  $0.00
Profit Before Taxes                          $0.00            $120,000.00            $180,000.00
Income Taxes                                 $0.00                  $0.00                  $0.00
Net Income                                   $0.00            $120,000.00            $180,000.00
Shad Valley Inc.
Balance Sheet                       Year 1             Year 2
                                    Month 12           Month 12
Assets
Current Assets
 - Cash                                        $0.00              $120,000.00
 - Accounts Receivable                         $0.00                    $0.00
 - Inventory                                   $0.00                    $0.00
Total Current Assets                           $0.00              $120,000.00

Fixed Assets
 - Land                                        $0.00                    $0.00
 - Buildings                                   $0.00                    $0.00
   less Accumulated Depreciation               $0.00                    $0.00
   net Buildings                               $0.00                    $0.00
 - Equipment                                   $0.00                    $0.00
   less Accumulated Depreciation               $0.00                    $0.00
   net Equipment                               $0.00                    $0.00
 - Vehicles                                    $0.00                    $0.00
   less Accumulated Depreciation               $0.00                    $0.00
   net Vehicles                                $0.00                    $0.00
Total Fixed Assets                             $0.00                    $0.00
Total Assets                                   $0.00              $120,000.00

                                    Year 1             Year 2
Liabilities and Equities            Month 12           Month 12
Current Liabilities
 - Accounts Payable                            $0.00                    $0.00
 - Income Taxes                                $0.00                    $0.00
 - Current Portion Long Term Debt              $0.00                    $0.00
Total Current Liabilities                      $0.00                    $0.00

Long-Term Liabilities
 - Long-Term Loans                             $0.00                    $0.00
 - Mortgage                                    $0.00                    $0.00
Total Long Term Loans                          $0.00                    $0.00
Owners' Equity                                 $0.00                    $0.00
 - Share Capital                               $0.00                    $0.00
 - Retained Earnings                           $0.00              $120,000.00
Total Owners' Equity                           $0.00              $120,000.00

Total Liabilities and Equities                 $0.00              $120,000.00
Year 3
Month 12


           $300,000.00
                 $0.00
                 $0.00
           $300,000.00


                 $0.00
                 $0.00
                 $0.00
                 $0.00
                 $0.00
                 $0.00
                 $0.00
                 $0.00
                 $0.00
                 $0.00
                 $0.00
           $300,000.00

Year 3
Month 12

                 $0.00
                 $0.00
                 $0.00
                 $0.00


                 $0.00
                 $0.00
                 $0.00
                 $0.00
                 $0.00
           $300,000.00
           $300,000.00

           $300,000.00
Shad Valley Inc.
Cash Flow



                                               Year 1            Year 1            Year 1
                                               Month 1           Month 2           Month 3
Opening Cash                                             $0.00             $0.00             $0.00

Cash Flow from Operations
 Net Income                                              $0.00             $0.00             $0.00
 Plus Depreciation                                       $0.00             $0.00             $0.00
 (Increase)/Decrease in Accounts Receivable              $0.00             $0.00             $0.00
 (Increase)/Decrease in Inventory                        $0.00             $0.00             $0.00
 Increase/(Decrease) in Accounts Payable                 $0.00             $0.00             $0.00
 Increase/(Decrease) in Income Taxes Payable             $0.00             $0.00             $0.00
 Total Cash Flow from Operations                         $0.00             $0.00             $0.00

Cash Flow from Investing Activities
 (Increase)/Decrease in Land                             $0.00             $0.00             $0.00
 (Increase)/Decrease in Buildings                        $0.00             $0.00             $0.00
 (Increase)/Decrease in Equipment                        $0.00             $0.00             $0.00
 (Increase)/Decrease in Vehicles                         $0.00             $0.00             $0.00
 Total Cash Flow from Investing Activities               $0.00             $0.00             $0.00

Cash Flow from Financing Activities
 Increase in Borrowed Funds                              $0.00             $0.00             $0.00
 (Loan Principal Payments)                               $0.00             $0.00             $0.00
 Increase/(Decrease) in Share Capital                    $0.00             $0.00             $0.00
 (Dividend Payments)                                     $0.00             $0.00             $0.00
 Total Cash Flow from Financing Activities               $0.00             $0.00             $0.00

Net Cash Flow                                            $0.00             $0.00             $0.00

Closing Cash                                             $0.00             $0.00             $0.00
Year 1            Year 1            Year 1            Year 1            Year 1            Year 1          Year 1
Month 4           Month 5           Month 6           Month 7           Month 8           Month 9         Month 10
          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00         $0.00


          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00         $0.00
          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00         $0.00
          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00         $0.00
          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00         $0.00
          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00         $0.00
          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00         $0.00
          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00         $0.00


          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00         $0.00
          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00         $0.00
          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00         $0.00
          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00         $0.00
          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00         $0.00


          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00         $0.00
          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00         $0.00
          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00         $0.00
          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00         $0.00
          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00         $0.00

          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00         $0.00

          $0.00             $0.00             $0.00             $0.00             $0.00             $0.00         $0.00
Year 1        Year 1
Month 11      Month 12
        $0.00         $0.00


        $0.00         $0.00
        $0.00         $0.00
        $0.00         $0.00
        $0.00         $0.00
        $0.00         $0.00
        $0.00         $0.00
        $0.00         $0.00


        $0.00         $0.00
        $0.00         $0.00
        $0.00         $0.00
        $0.00         $0.00
        $0.00         $0.00


        $0.00         $0.00
        $0.00         $0.00
        $0.00         $0.00
        $0.00         $0.00
        $0.00         $0.00

        $0.00         $0.00

        $0.00         $0.00
Shad Valley Inc.
Cash Flow



                                               Year 2          Year 2
                                               Month 1         Month 2
Opening Cash                                             $0.00    $10,000.00

Cash Flow from Operations
 Net Income                                       $10,000.00      $10,000.00
 Plus Depreciation                                     $0.00           $0.00
 (Increase)/Decrease in Accounts Receivable            $0.00           $0.00
 (Increase)/Decrease in Inventory                      $0.00           $0.00
 Increase/(Decrease) in Accounts Payable               $0.00           $0.00
 Increase/(Decrease) in Income Taxes Payable           $0.00           $0.00
 Total Cash Flow from Operations                  $10,000.00      $10,000.00

Cash Flow from Investing Activities
 (Increase)/Decrease in Land                             $0.00         $0.00
 (Increase)/Decrease in Buildings                        $0.00         $0.00
 (Increase)/Decrease in Equipment                        $0.00         $0.00
 (Increase)/Decrease in Vehicles                         $0.00         $0.00
 Total Cash Flow from Investing Activities               $0.00         $0.00

Cash Flow from Financing Activities
 Increase in Borrowed Funds                              $0.00         $0.00
 (Loan Principal Payments)                               $0.00         $0.00
 Increase/(Decrease) in Share Capital                    $0.00         $0.00
 (Dividend Payments)                                     $0.00         $0.00
 Total Cash Flow from Financing Activities               $0.00         $0.00

Net Cash Flow                                     $10,000.00      $10,000.00

Closing Cash                                      $10,000.00      $20,000.00
Year 2        Year 2        Year 2        Year 2        Year 2        Year 2        Year 2
Month 3       Month 4       Month 5       Month 6       Month 7       Month 8       Month 9
   $20,000.00    $30,000.00    $40,000.00    $50,000.00    $60,000.00    $70,000.00    $80,000.00


   $10,000.00    $10,000.00    $10,000.00    $10,000.00    $10,000.00    $10,000.00    $10,000.00
        $0.00         $0.00         $0.00         $0.00         $0.00         $0.00         $0.00
        $0.00         $0.00         $0.00         $0.00         $0.00         $0.00         $0.00
        $0.00         $0.00         $0.00         $0.00         $0.00         $0.00         $0.00
        $0.00         $0.00         $0.00         $0.00         $0.00         $0.00         $0.00
        $0.00         $0.00         $0.00         $0.00         $0.00         $0.00         $0.00
   $10,000.00    $10,000.00    $10,000.00    $10,000.00    $10,000.00    $10,000.00    $10,000.00


        $0.00         $0.00         $0.00         $0.00         $0.00         $0.00         $0.00
        $0.00         $0.00         $0.00         $0.00         $0.00         $0.00         $0.00
        $0.00         $0.00         $0.00         $0.00         $0.00         $0.00         $0.00
        $0.00         $0.00         $0.00         $0.00         $0.00         $0.00         $0.00
        $0.00         $0.00         $0.00         $0.00         $0.00         $0.00         $0.00


        $0.00         $0.00         $0.00         $0.00         $0.00         $0.00         $0.00
        $0.00         $0.00         $0.00         $0.00         $0.00         $0.00         $0.00
        $0.00         $0.00         $0.00         $0.00         $0.00         $0.00         $0.00
        $0.00         $0.00         $0.00         $0.00         $0.00         $0.00         $0.00
        $0.00         $0.00         $0.00         $0.00         $0.00         $0.00         $0.00

   $10,000.00    $10,000.00    $10,000.00    $10,000.00    $10,000.00    $10,000.00    $10,000.00

   $30,000.00    $40,000.00    $50,000.00    $60,000.00    $70,000.00    $80,000.00    $90,000.00
Year 2        Year 2        Year 2
Month 10      Month 11      Month 12
   $90,000.00   $100,000.00   $110,000.00


   $10,000.00    $10,000.00    $10,000.00
        $0.00         $0.00         $0.00
        $0.00         $0.00         $0.00
        $0.00         $0.00         $0.00
        $0.00         $0.00         $0.00
        $0.00         $0.00         $0.00
   $10,000.00    $10,000.00    $10,000.00


        $0.00         $0.00         $0.00
        $0.00         $0.00         $0.00
        $0.00         $0.00         $0.00
        $0.00         $0.00         $0.00
        $0.00         $0.00         $0.00


        $0.00         $0.00         $0.00
        $0.00         $0.00         $0.00
        $0.00         $0.00         $0.00
        $0.00         $0.00         $0.00
        $0.00         $0.00         $0.00

   $10,000.00    $10,000.00    $10,000.00

  $100,000.00   $110,000.00   $120,000.00
Shad Valley Inc.
Cash Flow



                                               Year 3        Year 3        Year 3
                                               Month 1       Month 2       Month 3
Opening Cash                                     $120,000.00   $135,000.00   $150,000.00

Cash Flow from Operations
 Net Income                                       $15,000.00    $15,000.00    $15,000.00
 Plus Depreciation                                     $0.00         $0.00         $0.00
 (Increase)/Decrease in Accounts Receivable            $0.00         $0.00         $0.00
 (Increase)/Decrease in Inventory                      $0.00         $0.00         $0.00
 Increase/(Decrease) in Accounts Payable
 Increase/(Decrease) in Income Taxes Payable           $0.00         $0.00         $0.00
 Total Cash Flow from Operations                  $15,000.00    $15,000.00    $15,000.00

Cash Flow from Investing Activities
 (Increase)/Decrease in Land                           $0.00         $0.00         $0.00
 (Increase)/Decrease in Buildings                      $0.00         $0.00         $0.00
 (Increase)/Decrease in Equipment                      $0.00         $0.00         $0.00
 (Increase)/Decrease in Vehicles                       $0.00         $0.00         $0.00
 Total Cash Flow from Investing Activities             $0.00         $0.00         $0.00

Cash Flow from Financing Activities
 Increase in Borrowed Funds                            $0.00         $0.00         $0.00
 (Loan Principal Payments)                             $0.00         $0.00         $0.00
 Increase/(Decrease) in Share Capital                  $0.00         $0.00         $0.00
 (Dividend Payments)                                   $0.00         $0.00         $0.00
 Total Cash Flow from Financing Activities             $0.00         $0.00         $0.00

Net Cash Flow                                     $15,000.00    $15,000.00    $15,000.00

Closing Cash                                     $135,000.00   $150,000.00   $165,000.00
Year 3        Year 3        Year 3        Year 3        Year 3        Year 3        Year 3
Month 4       Month 5       Month 6       Month 7       Month 8       Month 9       Month 10
  $165,000.00   $180,000.00   $195,000.00   $210,000.00   $225,000.00   $240,000.00   $255,000.00


   $15,000.00    $15,000.00    $15,000.00    $15,000.00    $15,000.00    $15,000.00    $15,000.00
        $0.00         $0.00         $0.00         $0.00         $0.00         $0.00         $0.00
        $0.00         $0.00         $0.00         $0.00         $0.00         $0.00         $0.00
        $0.00         $0.00         $0.00         $0.00         $0.00         $0.00         $0.00

        $0.00         $0.00         $0.00         $0.00         $0.00         $0.00         $0.00
   $15,000.00    $15,000.00    $15,000.00    $15,000.00    $15,000.00    $15,000.00    $15,000.00


        $0.00         $0.00         $0.00         $0.00         $0.00         $0.00         $0.00
        $0.00         $0.00         $0.00         $0.00         $0.00         $0.00         $0.00
        $0.00         $0.00         $0.00         $0.00         $0.00         $0.00         $0.00
        $0.00         $0.00         $0.00         $0.00         $0.00         $0.00         $0.00
        $0.00         $0.00         $0.00         $0.00         $0.00         $0.00         $0.00


        $0.00         $0.00         $0.00         $0.00         $0.00         $0.00         $0.00
        $0.00         $0.00         $0.00         $0.00         $0.00         $0.00         $0.00
        $0.00         $0.00         $0.00         $0.00         $0.00         $0.00         $0.00
        $0.00         $0.00         $0.00         $0.00         $0.00         $0.00         $0.00
        $0.00         $0.00         $0.00         $0.00         $0.00         $0.00         $0.00

   $15,000.00    $15,000.00    $15,000.00    $15,000.00    $15,000.00    $15,000.00    $15,000.00

  $180,000.00   $195,000.00   $210,000.00   $225,000.00   $240,000.00   $255,000.00   $270,000.00
Year 3        Year 3
Month 11      Month 12
  $270,000.00   $285,000.00


   $15,000.00    $15,000.00
        $0.00         $0.00
        $0.00         $0.00
        $0.00         $0.00

        $0.00         $0.00
   $15,000.00    $15,000.00


        $0.00         $0.00
        $0.00         $0.00
        $0.00         $0.00
        $0.00         $0.00
        $0.00         $0.00


        $0.00         $0.00
        $0.00         $0.00
        $0.00         $0.00
        $0.00         $0.00
        $0.00         $0.00

   $15,000.00    $15,000.00

  $285,000.00   $300,000.00

				
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