ACTUAL FINANCIAL DATA - PLEASE INPUT DATA IN YELLOW CELLS

Name of Corporation
Date for Fiscal Year end (e.g. 31-Dec-00)

BLUE WORLD SEAFOOD

31-Aug-14

Operating Income / Expenses

Revenue
Fish Sales

500,000

60% (Product yield)

Less: COGS
Fish Purchase

200,000

40% of sales

Other Costs
Transportation

30,000

Less: Operating Expenses

Overhead Costs
Rent
Equipment Rental
Equipment Maintenance
Insurance

54,000
19,200
10,000
5,000

Other Operating Costs

General Operating supplies

65,000

Utilities
Amortization
Professional fees

18,000

CPP&EI&WCB Expenses
Bank Charges
Advertising and Promotion
Auto expenses
Miscellenious

Refrigerated Van ($1,600/mth X 12 mths)

5,000

Renovation

Wages & Employment Benefits

6% of sales

4,000
313,600

23,150
5,000
5,000
3,000

Electrical $20,000
Plumbing $15,000
Painting/Drywall $10,000
Office Furniture/Supply $20,000

7 FT- President($5000)/ Accounting

Clerk($2500)/ Sales and Marketing
Manager($3000)/Supervisor($2500)/ High
Skilled sushi chef($4000)/ Delivery
Worker($13/hr) & 12K for benefits
4 PT - Low Skilled Helper(Cutting,
Wrapping) $13/hr * 4 hrs/day
2014 CRA Rate applied (CPP:4.95%,
EI:1.88%) + WCB (2%)

Other Income / Expenses

Non-operating Income
Non-operating Expenses
Interest Expense
Tax Rate (%)
Current Assets
Cash
Cash
Bank
Accounts Receivable
Inventory
Inventory
Property, Plant & Equipment
Fish Tank
(Accumulated Depreciation)
Wrapping machine for vacuum-pack
(Accumulated Depreciation)
Conveyor
(Accumulated Depreciation)
Working Board(3ft*4ft) $7000*3
(Accumulated Depreciation)
Fish Bine Remover
(Accumulated Depreciation)
Slice Machine
(Accumulated Depreciation)
Packing Printing, Web ads, advertise
(Accumulated Amortization)
Refrigerated Van
(Accumulated Amortization)

Current Liabilities
Accounts Payable
Accounts Payable/Accrued Liabilities
Accounts Payable- VISA/MC
Other Current Liabilities
Corporate Tax Payable
Income Tax Payable
CPP & EI Payable
GST&PST Collected
GST Input Credits
Accrued Vacation Payable

500
14.5%

Long Term Liabilities

Loan Payable
Due to (from) Shareholder
Shareholders Equity
Retained Earnings
Current Earnings
Dividends

net Income

500,000

200,000

Auto expense

9,000 New div portion

19,200
5,000
5,000

30,000 6% of sales
-

No reno

5,000 New div portion

See schedule
4,000

Add Staff +
189,000 mkt mgr vac

pay incl
19,000
5,000
5,000
8,400 Gas. Ins
3,000

14.5%

BLUE WORLD SEAFOOD - Financial Statements

PRO FORMA PROFIT & LOSS STATEMENT - 3 YEAR PROJECTED
Proforma

Proforma

1st Year

2nd Year

Operating Income
Sales
Fish Sales

500,000

1,000,000

Less: COGS
Fish Purchase

(200,000)

(400,000)

(30,000)
(30,000)

(60,000)
(60,000)

270,000

540,000

54,000
19,200
10,000
5,000

54,000
19,200
13,000
5,000

5,000
18,000
67,950
5,000

8,000
10,000
20,000
99,315
5,000

313,600

313,600

23,150
5,000
4,000
3,000
532,900

23,150
7,180
2,000
3,000
582,445

Operating Income before Taxes & Interests

(262,900)

(42,445)

Interests
Taxes Incurred
Net Income

1,000
(38,121)
(225,780)

###
(6,155)
(37,291)

Other Costs
Transportation

Gross Profit
Less: Operating Expenses
Overhead Costs
Rent
Equipment Rental
Equipment Maintenance
Insurance
Other Operating Costs
General Operating supplies
Renovation
Utilities
Amortization
Professional fees
Wages & Employment Benefits
CPP&EI&WCB Expenses
Bank Charges
Advertising and Promotion
Miscellenious
Total Operating Expenses

Retained Earnings(Deficit) at Beginning of Year

Dividends paid out
Retained Earnings at End of Year

(72,000)
(297,780)

(297,780)
(84,000)
(419,070)

PRO FORMA BALANCE SHEET - 3 YEAR PROJECTED

Proforma

Proforma

1st Year

2nd Year

Current Assets
Cash
Accounts Receivable
Inventory
Total Current Assets

213,610
200,000
413,610

(317,480)
150,000
375,000
207,520

Property, Plant & Equipment

Fish Tank
(Accumulated Depreciation)
Wrapping machine for vacuum-pack
(Accumulated Depreciation)
Conveyor
(Accumulated Depreciation)
Working Board(3ft*4ft) $7000*3
(Accumulated Depreciation)
Fish Bine Remover
(Accumulated Depreciation)
Slice Machine
(Accumulated Depreciation)
Packing Printing, Web ads, advertise
(Accumulated Amortization)
Refrigerated Van
(Accumulated Amortization)
Total P.P.& E. Assets

20,000
(3,000)
20,000
(3,000)
10,000
(1,500)
21,000
(3,150)
40,000
(6,000)
150,000
(22,500)
100,000
(20,000)
32,000
(8,800)
325,050

20,000
(8,100)
20,000
(8,100)
10,000
(4,050)
21,000
(8,505)
40,000
(16,200)
150,000
(60,750)
###
(40,000)
32,000
(21,560)
225,735

Intangible Assets
Goodwill
Total Assets
Current Liabilities
Accounts Payable/Accrued Liabilities
Other Current Liabilities
Corporate Tax Payable
Accrued Vacation Payable

738,660

433,255

593,000
593,000

375,000
375,000

(38,121)
10,560

(6,155)
12,480

(27,561)
Long Term Liabilities
Loan Payable
Due to (from) Shareholder

Total Liabilities

Shareholders' Equity
Owner, Capital
Retained Earnings
Total Shareholders Equity
Total Liabilities & Owners' Equity

6,325
###
###
-

565,439

381,325

400,000
(297,780)
102,220

400,000
(419,070)
(19,070)

667,660

362,255

Do Not Balance!

Do Not Balance!

PRO FORMA CASH FLOW - 3 YEAR PROJECTED

Operating Activities
Net income(loss) for the year
Depreciation & Amortization
Change in AR
Change in Inventory
Change in AP
Change in Taxes payable
Change in Accrued payable

Investing Activities
Purchase of fixed assets

Financing Activities
Dividend
Investment by Owner

Increase(decrease) in cash
Cash at beginning of year
CASH AT END OF YEAR

Proforma

Proforma

1st Year

2nd Year

(225,780)
67,950
(200,000)
593,000
(38,121)
10,560
207,610

(322,000)
(322,000)

(37,291)
99,315
(150,000)
(175,000)
(218,000)
31,966
1,920
(447,090)

(72,000)
400,000
328,000

(84,000)
(84,000)

213,610
213,610

(531,090)
213,610
(317,480)

Proforma

% Assumption

3rd Year

1,500,000

GST Free

(600,000)

40% of sales

(90,000)
(90,000)

6% of sales

810,000

54,000
19,200
16,000
5,000

10,000
10,000
22,000
72,331
5,000
313,600
23,150
10,170
2,000
3,000
565,451

Refrigerated Van

1st year:Capitalize 'Leasehold improvement '

Sales and Marketing Director/Factory

Manager/Warehouse Management and
Receiving/High Skilled sushi chef/2 Skilled
sushi cooks
2014 CRA Rate applied (CPP:4.95%, EI:1.88%)
2.99% admin fee on credit card sales (appx. 20% of sales)

244,549
1,000
35,460 14.50% Small Business Tax rate (effective 2013)
208,090

(419,070)
(96,000)
(306,980)

Proforma

% Assumption/Comment

3rd Year
(237,605)
300,000
510,000
572,395

20,000
(11,670)
20,000
(11,670)
10,000
(5,835)
21,000
(12,254)
40,000
(23,340)
150,000
(87,525)
100,000
(60,000)
32,000
(27,302)
153,405

30% declining balance/ half year rule

30% declining balance/ half year rule
30% declining balance/ half year rule
30% declining balance/ half year rule
30% declining balance/ half year rule
30% declining balance/ half year rule
5 year straight line
55% declining balance/ half year rule

No impairment of goodwill occurred

725,799

510,000
510,000
35,460
16,320

4%

51,780
561,780

400,000
(306,980)
93,020
654,799

Do Not Balance!

Proforma
3rd Year
208,090
72,331
(150,000)
(135,000)
135,000
41,614
3,840
175,874

(96,000)
(96,000)
79,874
(317,480)
(237,605)

% Assumption

BLUE WORLD SEAFOOD

Sales Forecast
Year 1

Year 2

Year 3

SALES
Fish Sales

Total

500,000.00 $

1,000,000.00 $

1,500,000.00

500,000.00 $

1,000,000.00 $

1,500,000.00

BLUE WORLD SEAFOOD - Financial Statements (Food Preparation Business Only)

PRO FORMA PROFIT & LOSS STATEMENT - 3 YEAR PROJECTED
Proforma
1st Year

Proforma
2nd Year

Proforma
3rd Year

Operating Income
Sales
Fish Sales

500,000

1,000,000

1,500,000

Less: COGS
Fish Purchase

(200,000)

(400,000)

(600,000)

300,000

600,000

900,000

9,000
19,200
10,000
5,000

9,000
19,200
10,000
5,000

9,000
19,200
10,000
5,000

30,000
5,000
26,650
4,000

60,000
10,000
43,305
4,000

90,000
15,000
30,314
4,000

189,000

189,000

189,000

CPP&EI&WCB Expenses
Bank Charges
Advertising and Promotion
Auto expenses
Auto expenses (amortization of down payment)
Miscellenious
Total Operating Expenses

19,000
5,000
5,000
8,400
2,000
3,000
340,250

19,000
8,000
5,000
16,800
2,000
3,000
403,305

19,000
11,000
5,000
25,200
2,000
3,000
436,714

Operating Income before Taxes & Interests

(40,250)

196,695

463,287

Interests
Income taxes
Net Income
Net profit margin

(40,250)
-8%

28,521
168,174
17%

67,177
396,110
26%

(40,250)

127,924

Gross Profit
Less: Operating Expenses
Overhead Costs
Rent
Equipment Rental
Equipment Maintenance
Insurance
Other Operating Costs
General Operating supplies
Utilities
Amortization
Professional fees
Wages & Employment Benefits

Retained Earnings(Deficit) at Beginning of Year

Dividends paid out

BLUE WORLD SEAFOOD - Financial Statements (Food Preparation Business Only)

Retained Earnings at End of Year

(40,250)

127,924

524,035

PRO FORMA BALANCE SHEET - 3 YEAR PROJECTED

Proforma
1st Year

Proforma
2nd Year

Proforma
3rd Year

Current Assets
Cash
Accounts Receivable
Inventory
Prepaid expenses
Total Current Assets

141,400
42,000
50,000
8,000
241,400

308,400
84,000
100,000
6,000
498,400

700,479
125,000
150,000
4,000
979,479

Property, Plant & Equipment

Fish Tank
(Accumulated Depreciation)
Wrapping machine for vacuum-pack
(Accumulated Depreciation)
Conveyor
(Accumulated Depreciation)
Working Board(3ft*4ft) $7000*3
(Accumulated Depreciation)
Fish Bine Remover
(Accumulated Depreciation)
Slice Machine
(Accumulated Depreciation)
Packing Printing, Web ads, advertise
(Accumulated Amortization)
Total P.P.& E. Assets

20,000
(3,000)
20,000
(3,000)
10,000
(1,500)
21,000
(3,150)
40,000
(6,000)
40,000
(6,000)
20,000
(4,000)
144,350

20,000
(8,100)
20,000
(8,100)
10,000
(4,050)
21,000
(8,505)
40,000
(16,200)
40,000
(16,200)
20,000
(8,800)
101,045

20,000
(11,670)
20,000
(11,670)
10,000
(5,835)
21,000
(12,254)
40,000
(23,340)
40,000
(23,340)
20,000
(12,160)
70,732

Total Assets

385,750

599,445

1,050,211

17,000
9,000
26,000

34,000
9,000
43,000

50,000
9,000
59,000

28,521
28,521

67,177
67,177

180,000
180,000

180,000
180,000

180,000
180,000

206,000

251,521

306,177

Current Liabilities
Accounts Payable
Wage payables
Other Current Liabilities
Corporate Tax Payable
Long Term Liabilities
Due to (from) Shareholder

Total Liabilities

BLUE WORLD SEAFOOD - Financial Statements (Food Preparation Business Only)

Shareholders' Equity
Owner, Capital
Retained Earnings
Total Shareholders Equity

220,000
(40,250)
179,750

220,000
127,924
347,924

220,000
524,035
744,035

Total Liabilities & Owners' Equity

385,750

599,445

1,050,211

PRO FORMA CASH FLOW - 3 YEAR PROJECTED

Proforma
1st Year
Operating Activities
Net income(loss) for the year
Depreciation & Amortization
Change in AR
Change in Inventory
Change in Prepaid Expenses
Change in AP & wages payables
Change in Taxes payable

Investing Activities
Purchase of fixed assets

Financing Activities
Investment by Owner (Due to S/H)
Investment by Owner (Share purchase)

Increase(decrease) in cash
Cash at beginning of year
CASH AT END OF YEAR

(40,250)
26,650
(42,000)
(50,000)
(8,000)
26,000
(87,600)

Proforma
2nd Year
168,174
43,305
(42,000)
(50,000)
2,000
17,000
28,521
167,000

Proforma
3rd Year
396,110
30,314
(41,000)
(50,000)
2,000
16,000
38,656
392,079

(171,000)
(171,000)

###
-

180,000
220,000
400,000

###
-

141,400
141,400

167,000
141,400
308,400

392,079
308,400
700,479