Elm City Market aggressive forecast, 2014-08-20

Aggressive
Elm City Market
Income Statement
Sales
Grocery
Bulk
Frozen
Dairy
Beer
Prepared foods
Bakery
Cheese
Body care
Supplements
Mercantile
Meat & Seafood
Produce & Floral

Actual
Year End
Year End
6/30/2013 6/30/2014
2,398,137
461,149
511,040
1,176,613
246,204
1,099,857
453,536
361,229
232,061
221,516
120,722
910,524
2,151,824

Dept sales
Growth
Weekly average

2,443,389
507,972
477,758
1,186,805
324,124
1,334,573
402,196
355,508
229,446
173,776
98,676
860,833
2,230,935

Year End
6/30/2015

Year End
6/30/2016

Year End
6/30/2017

Year End
6/30/2018

Year End
6/30/2019

Forecast
Year End
6/30/2020

Year End
6/30/2021

Year End
6/30/2022

Year End
6/30/2023

Year End
6/30/2024

Year End
6/30/2025

2,605,241
566,357
509,721
1,302,620
311,496
1,359,256
453,085
396,450
226,543
226,543
113,271
962,806
2,293,745

2,865,765
622,992
560,693
1,432,882
342,646
1,495,182
498,394
436,095
249,197
249,197
124,598
1,059,087
2,523,119

3,152,341
685,292
616,762
1,576,171
376,910
1,644,700
548,233
479,704
274,117
274,117
137,058
1,164,996
2,775,431

3,383,966
735,645
662,080
1,691,983
404,605
1,765,548
588,516
514,951
294,258
294,258
147,129
1,250,596
2,979,362

3,553,165
772,427
695,184
1,776,582
424,835
1,853,825
617,942
540,699
308,971
308,971
154,485
1,313,126
3,128,330

3,730,823
811,048
729,944
1,865,411
446,077
1,946,516
648,839
567,734
324,419
324,419
162,210
1,378,782
3,284,746

3,917,364
851,601
766,441
1,958,682
468,380
2,043,842
681,281
596,121
340,640
340,640
170,320
1,447,721
3,448,984

4,113,232
894,181
804,763
2,056,616
491,800
2,146,034
715,345
625,927
357,672
357,672
178,836
1,520,108
3,621,433

4,318,894
938,890
845,001
2,159,447
516,389
2,253,336
751,112
657,223
375,556
375,556
187,778
1,596,113
3,802,504

4,534,839
985,834
887,251
2,267,419
542,209
2,366,003
788,668
690,084
394,334
394,334
197,167
1,675,919
3,992,630

4,761,580
1,035,126
931,614
2,380,790
569,319
2,484,303
828,101
724,588
414,050
414,050
207,025
1,759,715
4,192,261

10,344,412 10,625,991 11,327,134 12,459,847 13,705,832 14,712,897 15,448,542 16,220,969 17,032,018 17,883,618 18,777,799 19,716,689 20,702,524
2.72%
6.60%
10.00%
10.00%
7.35%
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
5.00%
198,931
204,346
217,829
239,612
263,574
282,940
297,087
311,942
327,539
343,916
361,112
379,167
398,125

Gross profit
Grocery
Bulk
Frozen
Dairy
Beer
Prepared foods
Bakery
Cheese
Body care
Supplements
Mercantile
Meat & Seafood
Produce & Floral

837,906
190,769
170,698
390,116
67,021
491,938
89,192
134,989
114,020
144,552
62,326
264,798
776,507

872,801
185,560
167,032
373,143
96,987
671,216
105,050
125,661
94,028
101,028
39,011
217,150
756,705

911,834
213,246
178,402
390,786
77,874
751,731
125,288
158,580
90,617
101,944
45,309
266,238
827,145

1,003,018
249,197
196,243
429,865
85,661
897,109
149,518
174,438
99,679
112,139
49,839
317,726
933,554

1,103,319
274,117
215,867
472,851
94,228
986,820
164,470
191,882
109,647
123,352
54,823
349,499
1,026,909

1,184,388
294,258
231,728
507,595
101,151
1,059,329
176,555
205,981
117,703
132,416
58,852
375,179
1,102,364

1,243,608
308,971
243,315
532,975
106,209
1,112,295
185,383
216,280
123,588
139,037
61,794
393,938
1,157,482

1,305,788
324,419
255,480
559,623
111,519
1,167,910
194,652
227,094
129,768
145,989
64,884
413,635
1,215,356

1,371,077
340,640
268,254
587,605
117,095
1,226,305
204,384
238,448
136,256
153,288
68,128
434,316
1,276,124

1,439,631
357,672
281,667
616,985
122,950
1,287,621
214,603
250,371
143,069
160,953
71,534
456,032
1,339,930

1,511,613
375,556
295,750
647,834
129,097
1,352,002
225,334
262,889
150,222
169,000
75,111
478,834
1,406,927

1,587,193
394,334
310,538
680,226
135,552
1,419,602
236,600
276,034
157,734
177,450
78,867
502,776
1,477,273

1,666,553
414,050
326,065
714,237
142,330
1,490,582
248,430
289,835
165,620
186,323
82,810
527,914
1,551,137

Dept gross profit

3,734,832

3,805,372

4,138,995

4,697,985

5,167,784

5,547,498

5,824,873

6,116,116

6,421,922

6,743,018

7,080,169

7,434,178

7,805,887

88,630

-28,125

3,646,202

3,833,497

4,138,995

4,697,985

5,167,784

5,547,498

5,824,873

6,116,116

6,421,922

6,743,018

7,080,169

7,434,178

7,805,887

35.25%

36.08%

36.54%

37.71%

37.71%

37.71%

37.71%

37.71%

37.71%

37.71%

37.71%

37.71%

37.71%

Discounts, adjustments
Net gross profit
% of sales

Aggressive
Elm City Market
Income Statement
Wages
Groc, bulk, froz, dairy, beer
Prepared, bakery, cheese
Wellness, merc
Meat & seafood
Produce & floral
Front end
Store support

Actual
Year End
Year End
6/30/2013 6/30/2014

Year End
6/30/2015

Year End
6/30/2016

Year End
6/30/2017

Year End
6/30/2018

Year End
6/30/2019

Forecast
Year End
6/30/2020

Year End
6/30/2021

Year End
6/30/2022

Year End
6/30/2023

Year End
6/30/2024

Year End
6/30/2025

275,829
503,523
97,368
172,471
186,387
275,872
571,488

223,379
491,983
42,254
145,820
200,419
267,046
625,253

264,772
552,198
39,990
157,983
194,270
283,178
461,207

291,249
607,418
49,839
158,863
201,850
311,496
404,945

320,374
668,159
54,823
174,749
222,034
342,646
445,440

343,914
717,254
58,852
187,589
238,349
367,822
478,169

361,110
753,116
61,794
196,969
250,266
386,214
502,078

379,165
790,772
64,884
206,817
262,780
405,524
527,181

398,123
830,311
68,128
217,158
275,919
425,800
553,541

418,030
871,826
71,534
228,016
289,715
447,090
581,218

438,931
915,418
75,111
239,417
304,200
469,445
610,278

460,878
961,189
78,867
251,388
319,410
492,917
640,792

483,921
1,009,248
82,810
263,957
335,381
517,563
672,832

2,082,938

1,996,154

1,953,598

2,025,660

2,228,226

2,391,949

2,511,547

2,637,124

2,768,980

2,907,429

3,052,801

3,205,441

3,365,713

40,057

38,388

37,569

38,955

42,850

45,999

48,299

50,714

53,250

55,912

58,708

61,643

64,725

Payroll taxes, benefits

PTO
Healthcare
Workers compensation
Payroll taxes
Recruitment, training
Travel
Employee relations

102,020
172,034
54,142
219,572
1,790
5,631
15,480

87,040
191,294
45,177
199,483
1,093
5,391
29,647

97,680
195,360
43,956
205,128
4,884
4,884
9,768

101,283
202,566
45,577
212,694
5,064
5,064
10,128

111,411
222,823
50,135
233,964
5,571
5,571
11,141

119,597
239,195
53,819
251,155
5,980
5,980
11,960

125,577
251,155
56,510
263,712
6,279
6,279
12,558

131,856
263,712
59,335
276,898
6,593
6,593
13,186

138,449
276,898
62,302
290,743
6,922
6,922
13,845

145,371
290,743
65,417
305,280
7,269
7,269
14,537

152,640
305,280
68,688
320,544
7,632
7,632
15,264

160,272
320,544
72,122
336,571
8,014
8,014
16,027

168,286
336,571
75,729
353,400
8,414
8,414
16,829

Total taxes, benefits

570,669

559,125

561,659

582,377

640,615

687,685

722,070

758,173

796,082

835,886

877,680

921,564

967,642

2,653,607
25.65%

2,555,279
24.05%

2,515,257
22.21%

2,608,037
20.93%

2,868,841
20.93%

3,079,635
20.93%

3,233,616
20.93%

3,395,297
20.93%

3,565,062
20.93%

3,743,315
20.93%

3,930,481
20.93%

4,127,005
20.93%

4,333,355
20.93%

56,339
3,586
347
8,944
1,181
26,648
1,768
990
22,590
5,407
503
0

27,600
1,150
0
3,096
729
14,226
1,424
3,589
1,185
14,669
1,179
493

19,536
0
0
6,000
1,200
20,000
2,000
2,000
14,000
10,400
1,000
400

20,257
0
0
6,180
1,236
20,600
2,060
2,060
14,420
10,712
1,030
412

22,282
0
0
6,365
1,273
21,218
2,122
2,122
14,853
11,033
1,061
424

23,919
0
0
6,556
1,311
21,855
2,185
2,185
15,298
11,364
1,093
437

25,115
0
0
6,753
1,351
22,510
2,251
2,251
15,757
11,705
1,126
450

26,371
0
0
6,956
1,391
23,185
2,319
2,319
16,230
12,056
1,159
464

27,690
0
0
7,164
1,433
23,881
2,388
2,388
16,717
12,418
1,194
478

29,074
0
0
7,379
1,476
24,597
2,460
2,460
17,218
12,791
1,230
492

30,528
0
0
7,601
1,520
25,335
2,534
2,534
17,735
13,174
1,267
507

32,054
0
0
7,829
1,566
26,095
2,610
2,610
18,267
13,570
1,305
522

33,657
0
0
8,063
1,613
26,878
2,688
2,688
18,815
13,977
1,344
538

128,303

69,340

76,536

78,967

82,754

86,205

89,269

92,450

95,751

99,177

102,734

106,426

110,260

Total wages
Weekly average

Total personnel expense

% of sales
Administrative
Payroll processing
Trade shows
Finance costs
Dues, subsriptions
Meals, entertainment
Office supplies
Postage
Office equipment
Professional services
Office copier
Accounting system
Taxes paid
Total administrative

Aggressive
Elm City Market
Income Statement

Actual
Year End
Year End
6/30/2013 6/30/2014

Year End
6/30/2015

Year End
6/30/2016

Year End
6/30/2017

Year End
6/30/2018

Year End
6/30/2019

Forecast
Year End
6/30/2020

Year End
6/30/2021

Year End
6/30/2022

Year End
6/30/2023

Year End
6/30/2024

Year End
6/30/2025

Governance
Board
Member services
Newsletter
Legal & professional

10,353
100
0
21,018

48,421
22,448
0
-42,410

12,000
6,000
0
50,000

12,360
6,180
0
20,600

12,731
6,365
0
21,218

13,113
6,556
0
21,855

13,506
6,753
0
22,510

13,911
6,956
0
23,185

14,329
7,164
0
23,881

14,758
7,379
0
24,597

15,201
7,601
0
25,335

15,657
7,829
0
26,095

16,127
8,063
0
26,878

Total governance

31,471

28,459

68,000

39,140

40,314

41,524

42,769

44,052

45,374

46,735

48,137

49,581

51,069

250,000
0
57,845
1,047
17,246
129,947
30,000
5,280
79,069
10,000

250,000
0
61,381
2,475
22,011
128,098
29,329
22,633
66,047
15,000

250,000
0
60,000
1,600
24,000
128,000
30,000
12,000
72,000
14,000

250,000
7,188
61,800
1,648
24,720
131,840
30,900
12,360
74,160
14,420

262,500
5,081
63,654
1,697
25,462
135,795
31,827
12,731
76,385
14,853

275,000
15,178
65,564
1,748
26,225
139,869
32,782
13,113
78,676
15,298

275,000
33,971
67,531
1,801
27,012
144,065
33,765
13,506
81,037
15,757

275,000
49,419
69,556
1,855
27,823
148,387
34,778
13,911
83,468
16,230

275,000
65,640
71,643
1,910
28,657
152,839
35,822
14,329
85,972
16,717

288,750
68,922
73,792
1,968
29,517
157,424
36,896
14,758
88,551
17,218

302,500
106,073
76,006
2,027
30,402
162,147
38,003
15,201
91,207
17,735

302,500
164,722
78,286
2,088
31,315
167,011
39,143
15,657
93,944
18,267

302,500
212,612
80,635
2,150
32,254
172,021
40,317
16,127
96,762
18,815

580,434
5.61%

596,974
5.62%

591,600
5.22%

609,036
4.89%

629,984
4.60%

663,453
4.51%

693,445
4.49%

720,427
4.44%

748,529
4.39%

777,797
4.35%

841,301
4.48%

912,933
4.63%

974,194
4.71%

Operating
Travel
Security
Armored car service
Professional fees
Bank charges
Credit, debit fees
Bad check expense
Cashier (over)/short
Miscellaneous
Repair, maintenance
Postage
Small equipment
Store supplies
Uniforms
Telephone
Trash
Freight
Sales, use tax
Events

3,793
1,176
3,734
24,296
7,999
148,313
888
-7,931
3,638
41,282
300
5,906
146,839
39,018
22,563
40,099
16,077
728
909

3,450
2,295
3,993
12,310
5,350
154,800
0
-4,142
7,772
24,695
485
201
178,720
42,463
30,400
36,723
28,442
1,819
10,553

3,600
2,000
4,000
12,000
8,000
158,235
600
600
6,000
24,000
1,200
6,000
169,907
12,000
18,000
36,000
12,000
1,200
2,000

3,708
2,060
4,120
12,360
8,240
168,208
618
618
6,180
24,720
1,236
6,180
186,898
12,360
18,540
37,080
0
1,236
2,060

3,819
2,122
4,244
12,731
8,487
185,029
637
637
6,365
25,462
1,273
6,365
205,587
12,731
19,096
38,192
0
1,273
2,122

3,934
2,185
4,371
13,113
8,742
198,624
656
656
6,556
26,225
1,311
6,556
220,693
13,113
19,669
39,338
0
1,311
2,185

4,052
2,251
4,502
13,506
9,004
208,555
675
675
6,753
27,012
1,351
6,753
231,728
13,506
20,259
40,518
0
1,351
2,251

4,173
2,319
4,637
13,911
9,274
218,983
696
696
6,956
27,823
1,391
6,956
243,315
13,911
20,867
41,734
0
1,391
2,319

4,299
2,388
4,776
14,329
9,552
229,932
716
716
7,164
28,657
1,433
7,164
255,480
14,329
21,493
42,986
0
1,433
2,388

4,428
2,460
4,919
14,758
9,839
241,429
738
738
7,379
29,517
1,476
7,379
268,254
14,758
22,138
44,275
0
1,476
2,460

4,560
2,534
5,067
15,201
10,134
253,500
760
760
7,601
30,402
1,520
7,601
281,667
15,201
22,802
45,604
0
1,520
2,534

4,697
2,610
5,219
15,657
10,438
266,175
783
783
7,829
31,315
1,566
7,829
295,750
15,657
23,486
46,972
0
1,566
2,610

4,838
2,688
5,376
16,127
10,751
279,484
806
806
8,063
32,254
1,613
8,063
310,538
16,127
24,190
48,381
0
1,613
2,688

Total operating

499,627

540,329

477,342

496,422

536,172

569,240

594,703

621,350

649,236

678,422

708,968

740,941

774,407

Occupancy
Base rent
% rent
Insurance
Licenses, fees
Repairs, maintenance
Utilities
CAM charges
Real estate taxes
Personal property taxes
Parking
Total occupancy
% of sales

Aggressive
Elm City Market
Income Statement

Actual
Year End
Year End
6/30/2013 6/30/2014

Year End
6/30/2015

Year End
6/30/2016

Year End
6/30/2017

Year End
6/30/2018

Year End
6/30/2019

Forecast
Year End
6/30/2020

Year End
6/30/2021

Year End
6/30/2022

Year End
6/30/2023

Year End
6/30/2024

Year End
6/30/2025

Marketing
Advertising
Website
Discounts
Sale flyer
Donations
Merchandisinig
Outreach

70,678
10,453
102,817
2,098
11,617
2,860
2,206

94,325
6,420
183,866
1,200
5,299
1,822
1,703

56,636
11,327
139,864
2,265
2,265
2,265
11,327

62,299
12,460
124,598
2,492
2,492
2,492
12,460

68,529
13,706
137,058
2,741
2,741
2,741
13,706

73,564
14,713
147,129
2,943
2,943
2,943
14,713

77,243
15,449
154,485
3,090
3,090
3,090
15,449

81,105
16,221
162,210
3,244
3,244
3,244
16,221

85,160
17,032
170,320
3,406
3,406
3,406
17,032

89,418
17,884
178,836
3,577
3,577
3,577
17,884

93,889
18,778
187,778
3,756
3,756
3,756
18,778

98,583
19,717
197,167
3,943
3,943
3,943
19,717

103,513
20,703
207,025
4,141
4,141
4,141
20,703

Total marketing

202,729

294,635

225,950

219,293

241,223

258,947

271,894

285,489

299,764

314,752

330,489

347,014

364,364

4,096,171

4,085,016

3,954,685

4,050,895

4,399,287

4,699,003

4,925,697

5,159,066

5,403,715

5,660,198

5,962,111

6,283,900

6,607,650

-449,969

-251,519

184,310

647,091

768,497

848,495

899,175

957,050

1,018,207

1,082,820

1,118,058

1,150,278

1,198,236

Other income
Membership processing
Donations
Interest income
Miscellaneous

2,331
0
0
1,146

2,065
100,350
0
317

1,064
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

0
0
0
0

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 other income

3,477

102,732

1,064

Other expenses
Depreciation
Interest, preferred bond
Interest, NCGA note 1
Interest, Webster note
Interest, CFNE note
Interest, DEDC note
Interest, RISC note
Interest, NCGA note 2
Management fee, NCGA-DC
Annual fee, USDA
Reconciliation
Income tax expense

448,729
101,063
3,000
195,060
4,718
0
0
0
0
7,078
4
0

448,730
101,844
2,937
188,197
4,718
0
0
0
0
7,150
185,650
7,657

464,257
-267,683
2,247
184,097
2,360
10,000
0
21,000
86,629
7,000
0
0

355,668
0
2,247
176,010
2,360
10,000
0
28,000
124,598
7,000
0
0

364,668
0
2,247
166,090
2,360
10,000
0
28,000
137,058
7,000
0
0

373,668
0
2,059
155,636
2,162
10,000
0
28,000
147,129
7,000
0
0

261,585
0
1,637
144,619
1,719
9,179
0
28,000
154,485
7,000
0
0

228,257
0
1,196
133,011
1,257
7,333
0
26,722
162,210
7,000
0
0

234,867
0
741
120,777
777
5,390
0
21,728
170,320
7,000
0
0

229,936
0
266
107,888
279
3,349
0
16,311
178,836
7,000
0
0

222,669
0
0
94,303
0
1,203
0
10,672
187,778
7,000
0
0

220,411
0
0
79,987
0
0
0
4,804
197,167
7,000
0
0

220,668
0
0
64,903
0
0
0
256
207,025
7,000
0
0

Total other expenses

759,652

946,883

509,906

705,883

717,423

725,654

608,224

566,986

561,600

543,865

523,625

509,369

499,852

-1,206,144 -1,095,670

-324,533

-58,793

51,074

122,841

290,951

390,065

456,607

538,955

594,433

640,909

698,384

Total expenses
Operating income

Net income
EBITDA
Debt service
DSCR, annual
DSCR, annual, senior debt

-453,574

-349,244

60,745

477,492

586,439

656,366

700,511

753,786

813,769

877,324

911,405

941,307

983,955

322,372

420,073

420,074

440,922

626,211

634,583

679,035

679,837

654,382

609,088

415,717

0.19
0.22

1.14
1.32

1.40
1.63

1.49
1.82

1.12
1.94

1.19
2.09

1.20
2.26

1.29
2.43

1.39
2.53

1.55
2.61

2.37
2.73

Aggressive
Elm City Market
Balance Sheet

Year End
6/30/2012

Actual
Year End
6/30/2013

Year End
6/30/2014

Year End
6/30/2015

Year End
6/30/2016

Year End
6/30/2017

Year End
6/30/2018

Year End
6/30/2019

Forecast
Year End
6/30/2020

Year End
6/30/2021

Year End
6/30/2022

Year End
6/30/2023

Year End
6/30/2024

Current assets
Cash
Accounts receivable
Member subscription receivable
Staff loans
Coupons
Deposits and escrows
Inventory
Inventory, supplies
Prepaid expenses

34,430
0
106,770
146
3,560
6,302
386,635
0
1,248

40,155
46,881
83,145
21
4,975
92,519
440,543
22,205
1,687

44,213
132,557
94,887
1,585
6,441
90,804
386,178
26,994
11,926

636,506
50,000
90,000
600
6,000
125,000
400,000
0
1,000

694,279
51,500
92,700
200
6,180
128,750
412,000
0
1,030

899,483
53,045
95,481
0
6,365
132,613
424,360
0
1,061

1,135,003
54,636
98,345
0
6,556
136,591
437,091
0
1,093

1,229,120
56,275
101,296
0
6,753
140,689
450,204
0
1,126

1,364,653
57,964
104,335
0
6,956
144,909
463,710
0
1,159

1,505,544
59,703
107,465
0
7,164
149,257
477,621
0
1,194

1,699,916
61,494
110,689
0
7,379
153,734
491,950
0
1,230

1,843,341
63,339
114,009
0
7,601
158,346
506,708
0
1,267

2,052,098
65,239
117,430
0
7,829
163,097
521,909
0
1,305

2,160,622
67,196
120,952
0
8,063
167,990
537,567
0
1,344

Total current assets

539,091

732,131

795,585

1,309,106

1,386,639

1,612,408

1,869,315

1,985,462

2,143,685

2,307,947

2,526,391

2,694,610

2,928,905

3,063,734

Fixed assets
Equipment
Depreciation, equipment
Leasehold improvements
Depreciation, leasehold
Financing expense
Depreciation, financing
Depreciation, other

1,130,113
-121,592
2,224,845
-111,243
130,346
-9,777
-56,542

1,151,260
-285,003
2,239,900
-259,927
143,188
-24,097
-178,859

1,174,807
-450,804
2,239,900
-409,255
166,831
-39,419
-297,140

1,274,000
-624,018
2,305,000
-560,923
200,000
-58,794
-417,140

1,323,000
-806,018
2,335,000
-714,591
200,000
-78,794
-417,140

1,372,000 1,421,000 1,470,000 1,519,000 1,568,000 1,617,000 1,666,000 1,715,000

-995,018 -1,191,018 -1,272,935 -1,319,524 -1,370,723 -1,421,509 -1,470,509 -1,519,509
2,365,000 2,395,000 2,425,000 2,455,000 2,485,000 2,515,000 2,545,000 2,575,000
-870,259 -1,027,927 -1,187,595 -1,349,263 -1,512,931 -1,678,599 -1,846,267 -2,015,935
200,000
200,000
200,000
200,000
200,000
200,000
200,000
200,000
-98,794
-118,794
-138,794
-158,794
-178,794
-192,276
-198,277
-200,020
-417,140
-417,140
-417,140
-417,140
-417,140
-417,140
-417,140
-417,140

1,764,000
-1,568,509
2,605,000
-2,187,603
200,000
-200,020
-417,140

Total fixed assets

3,186,150

2,786,462

2,384,920

2,118,125

1,841,457

1,555,789

1,261,121

1,078,536

929,279

773,412

622,476

478,807

337,396

195,728

Total assets

3,725,241

3,518,593

3,180,505

3,427,231

3,228,096

3,168,197

3,130,436

3,063,998

3,072,964

3,081,359

3,148,867

3,173,417

3,266,301

3,259,462

Current liabilities
Accounts payable
MEPT payable
Accrued expenses
Payroll clearing
Payroll liabilities
Sales tax payable
Gift cards
Current portion, long term debt

641,789
0
3,788
30,808
74,011
17,898
1,397
0

582,572
392,357
0
35,047
47,131
31,574
1,954
0

653,264
98,157
30,500
21,648
44,018
11,104
11,908
0

400,000
0
20,000
25,000
40,000
10,000
12,265
184,456

400,896
0
20,600
25,750
41,200
10,300
12,633
194,377

440,986
0
21,218
26,523
42,436
10,609
13,012
226,065

463,035
0
21,855
27,318
43,709
10,927
13,403
424,057

486,187
0
22,510
28,138
45,020
11,255
13,805
449,030

510,496
0
23,185
28,982
46,371
11,593
14,219
517,467

536,021
0
23,881
29,851
47,762
11,941
14,645
542,090

562,822
0
24,597
30,747
49,195
12,299
15,085
541,982

590,963
0
25,335
31,669
50,671
12,668
15,537
521,650

620,511
0
26,095
32,619
52,191
13,048
16,003
350,448

651,537
0
26,878
33,598
53,757
13,439
16,483
311,460

Total current liabilities

769,691

1,090,635

870,599

691,721

705,756

780,849

1,004,304

1,055,945

1,152,313

1,206,191

1,236,727

1,248,494

1,110,916

1,107,153

Year End
6/30/2025

Aggressive
Elm City Market
Balance Sheet

Year End
6/30/2012

Actual
Year End
6/30/2013

Year End
6/30/2014

Year End
6/30/2015

Year End
6/30/2016

Year End
6/30/2017

Year End
6/30/2018

Year End
6/30/2019

Forecast
Year End
6/30/2020

Year End
6/30/2021

Year End
6/30/2022

Year End
6/30/2023

Year End
6/30/2024

Long term liabilities

Deferred rent, MEPT
DEDC
CFNE note
RISC note
NCGA-DC note 1
Webster note
Webster note 2
NCGA-DC new note 2
New 3rd party note
Accrued interest payable

0
0
0
0
0
3,539,140
0
0
0
64,776

0
0
59,000
150,000
73,557
3,524,987
0
0
0
165,840

524,057
200,000
59,000
150,000
56,173
3,524,987
0
0
0
267,683

650,000
200,000
59,000
150,000
56,173
3,251,863
125,000
700,000
300,000
0

650,000
200,000
59,000
150,000
56,173
3,057,486
125,000
700,000
300,000
0

650,000
200,000
48,122
150,000
45,817
2,852,655
125,000
700,000
300,000
0

650,000
163,889
36,802
0
35,039
2,636,807
125,000
700,000
300,000
0

650,000
125,930
25,021
0
23,823
2,409,350
101,955
603,700
258,728
0

650,000
86,029
12,760
0
12,149
2,169,660
77,972
470,729
201,741
0

650,000
44,088
0
0
0
1,917,080
53,011
332,340
142,431
0

650,000
0
0
0
0
1,650,915
27,035
188,313
80,705
0

550,000
0
0
0
0
1,370,435
0
38,418
16,465
0

450,000
0
0
0
0
1,074,870
0
0
0
0

350,000
0
0
0
0
763,410
0
0
0
0

Total long term liabilities

3,603,916

3,973,384

4,781,900

5,492,036

5,297,659

5,071,594

4,647,537

4,198,507

3,681,040

3,138,950

2,596,968

1,975,318

1,524,870

1,113,410

Total liabilities

4,373,607

5,064,019

5,652,499

6,183,757

6,003,415

5,852,443

5,651,841

5,254,452

4,833,353

4,345,141

3,833,695

3,223,812

2,635,786

2,220,563

Equity
Capital stock
Preferred stock
Preferred dividend accrued
Preferred dividend recognized
Retained earnings
Net income

298,140
377,575
442,535
482,535
522,535
562,535
602,535
642,535
682,535
722,535
762,535
802,535
842,535
1,555,000 1,629,500 1,629,500 1,629,500 1,629,500 1,629,500 1,629,500 1,629,500 1,629,500 1,629,500 1,629,500 1,629,500 1,629,500
0
0
0
369,528
471,372
573,215
675,059
791,161
921,521 1,051,881 1,182,241 1,312,601 1,442,961
0
0
0
-369,528
-471,372
-573,215
-675,059
-791,161
-921,521 -1,051,881 -1,182,241 -1,312,601 -1,442,961
-501,821 -2,501,506 -3,549,092 -4,544,029 -4,868,562 -4,927,354 -4,876,281 -4,753,440 -4,462,489 -4,072,424 -3,615,818 -3,076,863 -2,482,429
-1,999,685 -1,050,995
-994,937
-324,533
-58,793
51,074
122,841
290,951
390,065
456,607
538,955
594,433
640,909

882,535
1,479,500
1,390,321
-1,570,321
-1,841,520
698,384

Total equity

-648,366 -1,545,426 -2,471,994 -2,756,527 -2,775,319 -2,684,246 -2,521,405 -2,190,454 -1,760,389 -1,263,783

Total liabilities and equity

check
Current ratio
Quick ratio
Debt to equity ratio

Year End
6/30/2025

-684,828

-50,394

630,515

1,038,899

3,725,241

3,518,593

3,180,505

3,427,231

3,228,096

3,168,197

3,130,436

3,063,998

3,072,964

3,081,359

3,148,867

3,173,417

3,266,301

3,259,462

0.70
0.20
-6.75

0.67
0.25
-3.28

0.91
0.44
-2.29

1.89
1.31
-2.24

1.96
1.38
-2.16

2.06
1.52
-2.18

1.86
1.43
-2.24

1.88
1.45
-2.40

1.86
1.46
-2.75

1.91
1.52
-3.44

2.04
1.65
-5.60

2.16
1.75
-63.97

2.64
2.17
4.18

2.77
2.28
2.14

Aggressive
Elm City Market
Cash flow

Actual
Year End
Year End
6/30/2013 6/30/2014

Year End
6/30/2015

Year End
6/30/2016

Year End
6/30/2017

Year End
6/30/2018

Year End
6/30/2019

Forecast
Year End
6/30/2020

Year End
6/30/2021

Year End
6/30/2022

Year End
6/30/2023

Year End
6/30/2024

Net income

-1,050,995

-994,937

-324,533

-58,793

51,074

122,841

290,951

390,065

456,607

538,955

594,433

640,909

698,384

Year End
6/30/2025

Adjustments to net income:

Depreciation

448,732

448,732

464,257

355,668

364,668

373,668

261,585

228,257

234,867

229,936

222,669

220,411

220,668

(Increase) decrease in assets:

Receivables
Member subscription receivable
Deposits
Prepaid expenses
Inventory
Inventory, supplies
Other assets

-48,171
23,625
-86,217
-439
-53,908
-22,205

-88,706
-11,742
1,715
-10,239
54,365
-4,789

83,983
4,887
-34,196
10,926
-13,822
26,994

-1,280
-2,700
-3,750
-30
-12,000
0

-1,530
-2,781
-3,863
-31
-12,360
0

-1,782
-2,864
-3,978
-32
-12,731
0

-1,836
-2,950
-4,098
-33
-13,113
0

-1,891
-3,039
-4,221
-34
-13,506
0

-1,948
-3,130
-4,347
-35
-13,911
0

-2,006
-3,224
-4,478
-36
-14,329
0

-2,066
-3,321
-4,612
-37
-14,758
0

-2,128
-3,420
-4,750
-38
-15,201
0

-2,192
-3,523
-4,893
-39
-15,657
0

Increase (decrease) in liabilities:

Accounts payable
MEPT payable
Accrued expenses
Payroll liabilities
Sales tax payable
Gift cards
Accrued interest
Defered rent, MEPT

-59,217
392,357
-3,788
-22,641
13,676
557
101,064
0

70,692
-294,200
30,500
-16,512
-20,470
9,954
101,843
524,057

-253,264
-98,157
-10,500
-666
-1,104
357
-267,683
125,943

896
0
600
1,950
300
368
0
0

40,090
0
618
2,009
309
379
0
0

22,049
0
637
2,069
318
390
0
0

23,152
0
656
2,131
328
402
0
0

24,309
0
675
2,195
338
414
0
0

25,525
0
696
2,261
348
427
0
0

26,801
0
716
2,328
358
439
0
0

28,141
0
738
2,398
369
453
0
-100,000

29,548
0
760
2,470
380
466
0
-100,000

31,026
0
783
2,544
391
480
0
-100,000

Total adjustments

683,425

795,200

37,955

340,022

387,507

377,743

266,224

233,498

240,751

236,507

129,974

128,497

129,588

Net Cash Provided - Operations

-367,570

-199,737

-286,577

281,229

438,581

500,584

557,175

623,563

697,358

775,462

724,407

769,407

827,972

Purchase of equipment
Purchase of improvements
Capitlaized financing expense

-21,147
-15,055
-12,842

-23,547
0
-23,643

-99,193
-65,100
-33,169

-49,000
-30,000
0

-49,000
-30,000
0

-49,000
-30,000
0

-49,000
-30,000
0

-49,000
-30,000
0

-49,000
-30,000
0

-49,000
-30,000
0

-49,000
-30,000
0

-49,000
-30,000
0

-49,000
-30,000
0

Net Cash Used - Investing Activities

-49,044

-47,190

-197,462

-79,000

-79,000

-79,000

-79,000

-79,000

-79,000

-79,000

-79,000

-79,000

-79,000

Cash flows from equity activities:

New member equity

Investor shares
Retained patronage
Investor dividends paid
Retained earnings adjustment?

79,435
74,500
0
0
0

64,960
0
0
0
3,409

40,000
0
0
0
0

40,000
0
0
0
0

40,000
0
0
0
0

40,000
0
0
0
0

40,000
0
0
0
0

40,000
0
0
0
0

40,000
0
0
0
0

40,000
0
0
0
0

40,000
0
0
0
0

40,000
0
0
0
0

40,000
-150,000
0
-180,000
0

Cash flows from financing activities:

Loan Proceeds
Principal Payment Long Term Debt

284,000
-15,596

275,000
-92,384

1,125,000
-88,668

0
-184,456

0
-194,377

0
-226,065

0
-424,057

0
-449,030

0
-517,467

0
-542,090

0
-541,982

0
-521,650

0
-350,448

Net Cash Provided - Financing:

268,404

182,616

1,036,332

-184,456

-194,377

-226,065

-424,057

-449,030

-517,467

-542,090

-541,982

-521,650

-350,448

5,725

4,058

592,293

57,773

205,204

235,519

94,118

135,533

140,891

194,372

143,425

208,757

108,524

Cash and Equivalents at

Beginning of the period:

34,430

40,155

44,213

636,506

694,279

899,483

1,135,003

1,229,120

1,364,653

1,505,544

1,699,916

1,843,341

2,052,098

Cash and Equivalents at

End of the period:

40,155

44,213

636,506

694,279

899,483

1,135,003

1,229,120

1,364,653

1,505,544

1,699,916

1,843,341

2,052,098

2,160,622

From Balance Sheet

40,155

44,213

636,506

694,279

899,483

1,135,003

1,229,120

1,364,653

1,505,544

1,699,916

1,843,341

2,052,098

2,160,622

Cash flows from investing activities:

Net Increase (Decrease) In Cash

Check