MS.

EXCEL INTERNATIONAL BREWS

Income Statement
For the Years Ending Dec. 31, 2016 -2020
Column1 Column2 Column3 Column4 Column5
Income Statement Year 1 Year 2 Year 3 Year 4

Revenue
Gross Revenue $ 3,000,000 $ 4,800,000 $ 10,000,000 $ 18,000,000
Refunds (150,000) (240,000) (500,000) (900,000)
Discounts (240,000) (384,000) (800,000) (1,440,000)
Net Revenue $ 2,610,000 $ 4,176,000 $ 8,700,000 $ 15,660,000

Cost of Goods Sold

Product $ 913,500 $ 1,461,600 $ 3,045,000 $ 5,481,000
Fulfillment 130,500 208,800 435,000 783,000
Merchant Services 78,300 125,280 261,000 469,800
Total COGS $ 1,122,300 $ 1,795,680 $ 3,741,000 $ 6,733,800

Gross Margin $ 1,487,700 $ 2,380,320 $ 4,959,000 $ 8,926,200

GM % 57% 57% 57% 57%

Operating Expenses
Personnel $ 522,000 $ 835,200 $ 1,740,000 $ 3,132,000
Marketing 261,000
Operation 417,600 870,000 1,566,000
Other Expenses
130,500 208,800 435,000 783,000
Depreciation 31,667 65,000 103,333 86,667
Total OPEX $ 945,167 $ 1,526,600 $ 3,148,333 $ 5,567,667

Operating Income $ 542,533 $ 853,720 $ 1,810,667 $ 3,358,533

Net Income
Interest $ 192,000 $ 240,000 $ 168,000 $ 96,000

NI Before Taxes $ 350,533 $ 613,720 $ 1,642,667 $ 3,262,533

Taxes $ 73,612 $ 128,881 $ 344,960 $ 685,132

Earnings before
Net Income $ interest,
276,921
taxes, $ 484,839 $ 1,297,707 $ 2,577,401
NI % depreciation
11%and 12% 15% 16%
amortization

EBITDA $ 574,200 $ 918,720 $ 1,914,000 $ 3,445,200

ASSUMPTIONS

Revenue
New Customer 75,000 120,000 250,000 450,000
AOV $ 40.00 $ 40.00 $ 40.00 $ 40.00
Refunds (as % of rev 5% 5% 5% 5%
Discounts 8% 8% 8% 8%

COGS
Product 35% 35% 35% 35%
Fulfillment 5% 5% 5% 5%
Merchant Services 3% 3% 3% 3%

Operating Expenses
Personnel 20% 20% 20% 20%
Marketing 10% 10% 10% 10%
Other 5% 5% 5% 5%
Depreciation other model other model other model other model

Interest other model other model other model other model

Tax Rate 21% 21% 21% 21%

 Capital
Column1 Column2
Expenditure Column3 Column4 Column5
Capex & Depreciation Useful Life(Years) Year 1 Year 2 Year 3

Capex
Servers 5 $ 75,000
Custom Software 3 $ 50,000 $ 100,000 $ 100,000
Forklift 6 $ 30,000
Total Capex $ 125,000 $ 100,000 $ 130,000

Depreciation Depreciation and

Servers Amortization $ 15,000 $ 15,000 $ 15,000
Custom Software $ 16,667 $ 50,000 $ 83,333
Forklift $ 5,000
Total D&A $ 31,667 $ 65,000 $ 103,333
 Column6
Year 4

$ -

$ 15,000
$ 66,667
$ 5,000
$ 86,667
 MS. EXCEL INTERNATIONAL BREWS
Balance Sheet
As of Dec. 31, 2016 -2020
Column1 Column2 Column3 Column4
Balance Sheet Dec 31, Year 0 Year 1 Year 2
Historicals

ASSETS

Cash $ 4,250,000 $ 3,957,988 $ 5,153,987

Accounts Receivable $ 120,000 130,500 208,800
Total Current Assets $ 4,370,000 4,088,488 5,362,787

Fixed Assets $ 40,000 165,000 265,000

Accumulated Depreciation $ (10,000) (41,667) (106,667)
Net Fixed Assets $ 30,000 123,333 158,333

Total Assets $ 4,400,000 $ 4,211,821 $ 5,521,120

LIABILITIES

Accounts Payable $ 75,000 156,600 250,560

Deferred Revenue $ 25,000 78,300 208,800
Total Current Liabilities $ 100,000 234,900 459,360

Long Term Debt $ 3,000,000 $ 2,400,000 $ 3,000,000

Total Liabilities $ 3,100,000 $ 2,634,900 $ 3,459,360

EQUITY

Common Stock $ 50,000 $ 50,000 $ 50,000

Retained Earnings $ 1,250,000 $ 1,526,921 $ 2,011,760
Total Shareholder's Equity $ 1,300,000 $ 1,576,921 $ 2,061,760

Liabilities & Shareholder's Equity $ 4,400,000 $ 4,211,821 $ 5,521,120

Balance Check $ - $ - $ -

ASSUMPTIONS

Net Revenue $ 2,610,000 $ 4,176,000

AR (% of revenue) 5% 5%
AP 6% 6%
Deferred Revenue 3% 5%

Net Borrowing $ 1,500,000

Debt Payments $ 600,000 $ 900,000
Interest Rate 8% 8%
Interest Payments $ 192,000 $ 240,000
NAL BREWS

Column5 Column6
Year 3 Year 4

$ 6,057,467 $ 8,761,135
435,000 783,000
6,492,467 9,544,135

395,000 395,000
(210,000) (296,667)
185,000 98,333

$ 6,677,467 $ 9,642,468

522,000 939,600
696,000 1,566,000
1,218,000 2,505,600

$ 2,100,000 $ 1,200,000

$ 3,318,000 $ 3,705,600

$ 50,000 $ 50,000
$ 3,309,467 $ 5,886,868
$ 3,359,467 $ 5,936,868

$ 6,677,467 $ 9,642,468

$ - $ -

$ 8,700,000 $ 15,660,000
5% 5%
 6% 6%
8% 10%

$ 900,000 $ 900,000
8% 8%
$ 168,000 $ 96,000
 MS. EXCEL INTERNATIONAL BREWS
Statement of Cash Flow
For the Years Ending Dec. 31, 2016 -2020
Column1 Column2 Column3 Column4 Column5
Cash Flow Statement Year 1 Year 2 Year 3 Year 4

Net Income $ 276,921 $ 484,839 $ 1,297,707 $ 2,577,401

Operating Activities
Depreciations 31,667 65,000 103,333 86,667
Change in Account Receivable (10,500) (78,300) (226,200) (348,000)
Change in Account Payable 81,600 93,960 271,440 417,600
Change in Deffered Revenue 53,300 130,500 487,200 870,000
Operating Cash Flow $ 432,988 $ 695,999 $ 1,933,480 $ 3,603,668

Investing Activities
Capex 125,000.00 100,000.00 130,000.00 -

Free Cash Flow 307,988 595,999 1,803,480 3,603,668

Financing Activities
Debt Repayment (600,000) (900,000) (900,000) (900,000)
Net Barrowings - 1,500,000 - -
NCF from Financing (600,000) 600,000 (900,000) (900,000)

Net Cash Flow (292,012) 1,195,999 903,480 2,703,668