Contents
Decorative Pottery Business Plan
Fat Cat Creations, owned by Mary Baker, specializes in raku pottery. Mary has over 20 years of experience in this field. She individually creates and signs each hanging raku cat ornament. Fat Cat Creations will sell these ceramic cats in galleries, at arts and craft festivals along the West Coast, and also on its national website.
Ceramic art is a popular attraction at galleries and festivals. The West Coast alone has around 2,000 galleries that carry ceramic art. Each year, there are over 250 major arts and craft festivals, drawing over 30 million shoppers. These events generate millions of dollars in sales for ceramic artists.
Fat Cat Creations will also launch a website for customers to purchase the hanging raku cat ornaments.
1.1 Mission
Fat Cat Creations offers consumers unique and fun ceramic art. Whether hanging in the living room, kitchen, bathroom, or bedroom, the ceramic cats add color and humor to any space.
1.2 Keys to Success
- An entertaining and accessible website where customers can have fun choosing from a variety of Fat Cats and their colors.
- Establishing a strong network of shops and galleries to sell Fat Cats.
- Maintaining a strong presence in regional arts and craft festivals on the West Coast.
Company Summary
Fat Cat Creations offers customers a series of happy hanging Fat Cat ceramics in assorted colors. Each piece is unique and signed by the owner, Mary Baker. These ceramics are sold in galleries, at festivals throughout the West, and on the Fat Cat Creations website.
2.1 Company Ownership
Mary Baker is the sole owner of Fat Cat Creations.
2.2 Start-up Summary
Fat Cat Creations’ start-up costs include raku firing equipment, transport containers, and website development. Mary Baker will invest $20,000 and her brother will invest $10,000 as a silent partner. Additionally, she will secure a $60,000 SBA loan.
Start-up Requirements:
– Legal: $1,000
– Stationery etc.: $300
– Brochures: $1,000
– Website: $10,000
– Insurance: $500
– Transport Containers: $5,000
– Ceramic Equipment: $15,000
– Total Start-up Expenses: $32,800
Start-up Assets:
– Cash Required: $30,200
– Start-up Inventory: $0
– Other Current Assets: $12,000
– Long-term Assets: $15,000
– Total Assets: $57,200
Total Requirements: $90,000
Start-up Funding:
– Start-up Expenses to Fund: $32,800
– Start-up Assets to Fund: $57,200
– Total Funding Required: $90,000
Assets:
– Non-cash Assets from Start-up: $27,000
– Cash Requirements from Start-up: $30,200
– Additional Cash Raised: $0
– Cash Balance on Starting Date: $30,200
– Total Assets: $57,200
Liabilities and Capital:
– Liabilities:
– Current Borrowing: $0
– Long-term Liabilities: $60,000
– Accounts Payable (Outstanding Bills): $0
– Other Current Liabilities (interest-free): $0
– Total Liabilities: $60,000
– Capital:
– Planned Investment:
– Mary Baker: $20,000
– Joshua Baker: $10,000
– Additional Investment Requirement: $0
– Total Planned Investment: $30,000
– Loss at Start-up (Start-up Expenses): ($32,800)
– Total Capital: ($2,800)
Total Capital and Liabilities: $57,200
Total Funding: $90,000
Company Locations and Facilities:
Fat Cat Creations will be located in Mary Baker’s home.
Products:
Fat Cat Creations creates hanging raku cat ornaments. Each cat ornament is made individually and personally signed. The cat ornaments can be bought individually or in groups of three or five.
Fat Cat Creations offers five cat faces: Grinning Cat, Kissing Cat, Laughing Cat, Smiling Cat, and Sleeping Cat.
The cats also come in a variety of glaze colors.
Market Analysis Summary:
Ceramic art is a popular attraction in art and craft galleries and festivals. There are approximately 2,000 galleries on the West Coast that carry ceramic art. Each year, over 250 major arts and craft festivals take place on the West Coast. It is estimated that over 30 million shoppers visit these festivals annually. These galleries and festivals represent millions of dollars in sales for ceramic artists.
Most importantly, festivals and galleries serve as platforms to introduce customers to the artist’s website, where pieces can be purchased directly. A recent survey reported that 30% of festival shoppers have purchased art online. This represents a potential customer base of nine million West Coast shoppers.
The key to sales in popular ceramic art is to offer customers something distinctive and affordable. Hanging raku cat ornaments satisfy both of these critical selling points.
Market Segmentation:
Fat Cat Creations will focus on three sales strategies: galleries, arts and craft festivals, and the internet.
Market Analysis:
| Potential Customers | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | CAGR |
|—————————-|———|———|———|———|———|——–|
| Galleries | 2,000 | 2,120 | 2,247 | 2,382 | 2,525 | 6.00% |
| Arts and Craft Festivals | 250 | 263 | 276 | 290 | 305 | 5.10% |
| Internet | 9,000,000 | 9,630,000 | 10,304,100 | 11,025,387 | 11,797,164 | 7.00% |
| Total | 9,002,250 | 9,632,383 | 10,306,623 | 11,028,059 | 11,799,994 | 7.00% |
Strategy and Implementation Summary:
Fat Cat Creations has a three-step strategy for developing its customer base.
1. Participating in popular arts and craft festivals on the West Coast to introduce the hanging raku cat ornaments and demonstrate the product’s sales potential.
2. Marketing the hanging raku cat ornaments to West Coast galleries.
3. Marketing the website to potential customers.
Competitive Edge:
– Colorful, distinctive, and unique ceramic art pieces.
– Inexpensive hanging raku cat ornaments.
– No comparable ceramic art pieces on the market.
Sales Strategy:
The focus will be on arts and craft festivals for the first three months of business. During that time, Fat Cat Creations will also establish its website and market to galleries near the festival sites. Gallery orders are expected to begin in the fourth month, along with internet orders.
The following is the sales forecast for three years.
Sales Forecast
Sales Forecast | |||
Year 1 | Year 2 | Year 3 | |
Arts and Craft Festivals | $177,000 | $200,000 | $220,000 |
Galleries | $110,000 | $170,000 | $200,000 |
Internet | $52,000 | $90,000 | $120,000 |
Total Sales | $339,000 | $460,000 | $540,000 |
Direct Cost of Sales | Year 1 | Year 2 | Year 3 |
Arts and Craft Festivals | $52,000 | $70,000 | $82,000 |
Galleries | $22,900 | $38,000 | $47,000 |
Internet | $11,540 | $20,000 | $26,000 |
Subtotal Direct Cost of Sales | $86,440 | $128,000 | $155,000 |
Management Summary
Mary Baker will manage the staff of Fat Cat Creations. Mary has over twenty years of experience in ceramic art. She has also been a popular arts teacher at the local community college. Her ability to manage people and maintain a disciplined but creative environment is one of her strongest assets as an artist and teacher. These skills will be invaluable as she assembles Fat Cat Creations’ team of artists.
6.1 Personnel Plan
Fat Cat Creations will have a staff of five:
- Manager.
- Bookkeeper/website administrator.
- Ceramic artists (3).
Personnel Plan | |||
Year 1 | Year 2 | Year 3 | |
Manager | $36,000 | $40,000 | $44,000 |
Bookkeeper/Website Administrator | $36,000 | $40,000 | $44,000 |
Ceramic Artists (3) | $108,000 | $124,000 | $138,000 |
Total People | 5 | 5 | 5 |
Total Payroll | $180,000 | $204,000 | $226,000 |
Here is the financial plan for Fat Cat Creations.
7.1 Break-even Analysis
The table and chart below display our break-even analysis.
Break-even Analysis:
Monthly Revenue Break-even: $25,675.
Assumptions:
Average Percent Variable Cost: 25%.
Estimated Monthly Fixed Cost: $19,128.
Projected Profit and Loss:
The table and charts below depict the projected profit and loss for three years.
Pro Forma Profit and Loss
Year 1 Year 2 Year 3
Sales $339,000 $460,000 $540,000
Direct Cost of Sales $86,440 $128,000 $155,000
Other Production Expenses $0 $0 $0
Total Cost of Sales $86,440 $128,000 $155,000
Gross Margin $252,560 $332,000 $385,000
Gross Margin % 74.50% 72.17% 71.30%
Expenses
Payroll $180,000 $204,000 $226,000
Sales and Marketing and Other Expenses $18,000 $30,000 $55,000
Depreciation $2,136 $2,136 $2,136
Leased Equipment $0 $0 $0
Utilities $2,400 $2,400 $2,400
Insurance $0 $0 $0
Rent $0 $0 $0
Payroll Taxes $27,000 $30,600 $33,900
Other $0 $0 $0
Total Operating Expenses $229,536 $269,136 $319,436
Profit Before Interest and Taxes $23,024 $62,864 $65,564
EBITDA $25,160 $65,000 $67,700
Interest Expense $5,784 $5,402 $5,004
Taxes Incurred $5,172 $17,238 $18,168
Net Profit $12,068 $40,223 $42,392
Net Profit/Sales 3.56% 8.74% 7.85%
7.3 Projected Cash Flow
The following table and chart show the projected cash flow for three years.
Pro Forma Cash Flow:
Year 1 Year 2 Year 3
Cash Received
Cash from Operations
Cash Sales $339,000 $460,000 $540,000
Subtotal Cash from Operations $339,000 $460,000 $540,000
Additional Cash Received
Sales Tax, VAT, HST/GST Received $0 $0 $0
New Current Borrowing $0 $0 $0
New Other Liabilities (interest-free) $0 $0 $0
New Long-term Liabilities $0 $0 $0
Sales of Other Current Assets $0 $0 $0
Sales of Long-term Assets $0 $0 $0
New Investment Received $0 $0 $0
Subtotal Cash Received $339,000 $460,000 $540,000
Expenditures
Expenditures from Operations
Cash Spending $180,000 $204,000 $226,000
Bill Payments $147,452 $203,702 $267,209
Subtotal Spent on Operations $327,452 $407,702 $493,209
Additional Cash Spent
Sales Tax, VAT, HST/GST Paid Out $0 $0 $0
Principal Repayment of Current Borrowing $0 $0 $0
Other Liabilities Principal Repayment $0 $0 $0
Long-term Liabilities Principal Repayment $3,984 $3,984 $3,984
Purchase Other Current Assets $0 $0 $0
Purchase Long-term Assets $0 $0 $0
Dividends $0 $0 $0
Subtotal Cash Spent $331,436 $411,686 $497,193
Net Cash Flow $7,564 $48,314 $42,807
Cash Balance $37,764 $86,078 $128,885
Projected Balance Sheet:
Year 1 Year 2 Year 3
Assets
Current Assets
Cash $37,764 $86,078 $128,885
Inventory $7,130 $10,558 $12,785
Other Current Assets $12,000 $12,000 $12,000
Total Current Assets $56,894 $108,636 $153,670
Long-term Assets
Long-term Assets $15,000 $15,000 $15,000
Accumulated Depreciation $2,136 $4,272 $6,408
Total Long-term Assets $12,864 $10,728 $8,592
Total Assets $69,758 $119,364 $162,262
Liabilities and Capital
Year 1 Year 2 Year 3
Current Liabilities
Accounts Payable $4,474 $17,841 $22,331
Current Borrowing $0 $0 $0
Other Current Liabilities $0 $0 $0
Subtotal Current Liabilities $4,474 $17,841 $22,331
Long-term Liabilities $56,016 $52,032 $48,048
Total Liabilities $60,490 $69,873 $70,379
Paid-in Capital $30,000 $30,000 $30,000
Retained Earnings ($32,800) ($20,732) $19,491
Earnings $12,068 $40,223 $42,392
Total Capital $9,268 $49,491 $91,883
Total Liabilities and Capital $69,758 $119,364 $162,262
Net Worth $9,268 $49,491 $91,883
Year 1 Year 2 Year 3 Industry Profile
Sales Growth 0.00% 35.69% 17.39% 8.50%
Percent of Total Assets
Inventory 10.22% 8.85% 7.88% 5.30%
Other Current Assets 17.20% 10.05% 7.40% 44.20%
Total Current Assets 81.56% 91.01% 94.70% 69.00%
Long-term Assets 18.44% 8.99% 5.30% 31.00%
Total Assets 100.00% 100.00% 100.00% 100.00%
Current Liabilities
Accounts Payable 6.41% 14.95% 13.76% 43.70%
Long-term Liabilities 80.30% 43.59% 29.61% 19.40%
Total Liabilities 86.71% 58.54% 43.37% 63.10%
Net Worth 13.29% 41.46% 56.63% 36.90%
Percent of Sales
Sales 100.00% 100.00% 100.00% 100.00%
Gross Margin 74.50% 72.17% 71.30% 0.00%
Selling, General & Administrative Expenses 70.94% 63.43% 63.45% 81.30%
Advertising Expenses 3.54% 4.35% 7.41% 1.00%
Profit Before Interest and Taxes 6.79% 13.67% 12.14% 1.70%
Main Ratios
Year 1 Year 2 Year 3 Industry Profile
Current 12.72 6.09 6.88 1.60
Quick 11.12 5.50 6.31 1.23
Total Debt to Total Assets 86.71% 58.54% 43.37% 63.10%
Pre-tax Return on Net Worth 186.02% 116.11% 65.91% 3.60%
Pre-tax Return on Assets 24.71% 48.14% 37.32% 9.80%
Additional Ratios
Year 1 Year 2 Year 3 Industry Profile
Net Profit Margin 3.56% 8.74% 7.85% n.a
Return on Equity 130.21% 81.27% 46.14% n.a
Activity Ratios
Inventory Turnover 8.78 14.47 13.28 n.a
Accounts Payable Turnover 33.96 12.17 12.17 n.a
Payment Days 27 19 27 n.a
Total Asset Turnover 4.86 3.85 3.33 n.a
Debt Ratios
Debt to Net Worth 6.53 1.41 0.77 n.a
Current Liab. to Liab. 0.07 0.26 0.32 n.a
Liquidity Ratios
Net Working Capital $52,420 $90,795 $131,339 n.a
Interest Coverage 3.98 11.64 13.10 n.a
Additional Ratios
Year 1 Year 2 Year 3 Industry Profile
Assets to Sales 0.21 0.26 0.30 n.a
Current Debt/Total Assets 6% 15% 14% n.a
Acid Test 11.12 5.50 6.31 n.a
Sales/Net Worth 36.58 9.29 5.88 n.a
Dividend Payout 0.00 0.00 0.00 n.a
Appendix
Sales Forecast:
Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12
Sales
Arts and Craft Festivals 0% $8,000 $8,000 $10,000 $21,000 $24,000 $26,000 $17,000 $25,000 $30,000 $0 $0 $8,000
Galleries 0% $0 $0 $0 $5,000 $8,000 $11,000 $14,000 $16,000 $24,000 $10,000 $10,000 $12,000
Internet 0% $0 $0 $0 $2,000 $4,000 $6,000 $5,000 $7,000 $13,000 $4,000 $5,000 $6,000
Total Sales $8,000 $8,000 $10,000 $28,000 $36,000 $43,000 $36,000 $48,000 $67,000 $14,000 $15,000 $26,000
Direct Cost of Sales
Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12
Arts and Craft Festivals $3,000 $3,000 $4,000 $5,000 $6,000 $7,000 $5,000 $7,000 $10,000 $0 $0 $2,000
Galleries $0 $0 $0 $1,000 $1,500 $2,000 $3,000 $4,000 $5,200 $2,000 $2,000 $2,200
Internet $0 $0 $0 $400 $1,000 $1,500 $1,250 $1,800 $2,000 $890 $1,200 $1,500
Subtotal Direct Cost of Sales $3,000 $3,000 $4,000 $6,400 $8,500 $10,500 $9,250 $12,800 $17,200 $2,890 $3,200 $5,700
Personnel Plan:
Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12
Manager 0% $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000
Bookkeeper/Website Administrator 0% $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000 $3,000
Ceramic Artists (3) 0% $9,000 $9,000 $9,000 $9,000 $9,000 $9,000 $9,000 $9,000 $9,000 $9,000 $9,000 $9,000
Total People 5 5 5 5 5 5 5 5 5 5 5 5 5
Total Payroll $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
General Assumptions
Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12
Plan Month 1 2 3 4 5 6 7 8 9 10 11 12
Current Interest Rate 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00%
Long-term Interest Rate 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00%
Tax Rate 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00%
Other 0 0 0 0 0 0 0 0 0 0 0 0 0
Pro Forma Profit and Loss
Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12
Sales $8,000 $8,000 $10,000 $28,000 $36,000 $43,000 $36,000 $48,000 $67,000 $14,000 $15,000 $26,000
Direct Cost of Sales $3,000 $3,000 $4,000 $6,400 $8,500 $10,500 $9,250 $12,800 $17,200 $2,890 $3,200 $5,700
Other Production Expenses $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total Cost of Sales $3,000 $3,000 $4,000 $6,400 $8,500 $10,500 $9,250 $12,800 $17,200 $2,890 $3,200 $5,700
Gross Margin $5,000 $5,000 $6,000 $21,600 $27,500 $32,500 $26,750 $35,200 $49,800 $11,110 $11,800 $20,300
Gross Margin % 62.50% 62.50% 60.00% 77.14% 76.39% 75.58% 74.31% 73.33% 74.33% 79.36% 78.67% 78.08%
Expenses
Payroll $15,000 $15,000 $15,000 $15,000 $15,000 $15,000 $15,000 $15,000 $15,000 $15,000 $15,000 $15,000
Sales and Marketing and Other Expenses $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500 $1,500
Depreciation $178 $178 $178 $178 $178 $178 $178 $178 $178 $178 $178 $178
Leased Equipment $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Utilities $200 $200 $200 $200 $200 $200 $200 $200 $200 $200 $200 $200
Insurance $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Rent $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Payroll Taxes 15% $2,250 $2,250 $2,250 $2,250 $2,250 $2,250 $2,250 $2,250 $2,250 $2,250 $2,250 $2,250
Other $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total Operating Expenses $19,128 $19,128 $19,128 $19,128 $19,128 $19,128 $19,128 $19,128 $19,128 $19,128 $19,128 $19,128
Profit Before Interest and Taxes ($14,128) ($14,128) ($13,128) $2,472 $8,372 $13,372 $7,622 $16,072 $30,672 ($8,018) ($7,328) $1,172
EBITDA ($13,950) ($13,950) ($12,950) $2,650 $8,550 $13,550 $7,800 $16,250 $30,850 ($7,840) ($7,150) $1,350
Interest Expense $497 $494 $492 $489 $486 $483 $481 $478 $475 $472 $470 $467
Taxes Incurred ($4,388) ($4,387) ($4,086) $595 $2,366 $3,867 $2,142 $4,678 $9,059 ($2,547) ($2,339) $212
Net Profit ($10,238) ($10,236) ($9,534) $1,388 $5,520 $9,022 $4,999 $10,916 $21,138 ($5,943) ($5,458) $494
Net Profit/Sales -127.97% -127.95% -95.34% 4.96% 15.33% 20.98% 13.89% 22.74% 31.55% -42.45% -36.39% 1.90%
Pro Forma Cash Flow
Pro Forma Cash Flow | |||||||||||||
Month 1 | Month 2 | Month 3 | Month 4 | Month 5 | Month 6 | Month 7 | Month 8 | Month 9 | Month 10 | Month 11 | Month 12 | ||
Cash Received | |||||||||||||
Cash from Operations | |||||||||||||
Cash Sales | $8,000 | $8,000 | $10,000 | $28,000 | $36,000 | $43,000 | $36,000 | $48,000 | $67,000 | $14,000 | $15,000 | $26,000 | |
Subtotal Cash from Operations | $8,000 | $8,000 | $10,000 | $28,000 | $36,000 | $43,000 | $36,000 | $48,000 | $67,000 | $14,000 | $15,000 | $26,000 | |
Additional Cash Received | |||||||||||||
Sales Tax, VAT, HST/GST Received | 0.00% | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
New Current Borrowing | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
New Other Liabilities (interest-free) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
New Long-term Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
Sales of Other Current Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
Sales of Long-term Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
New Investment Received | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
Subtotal Cash Received | $8,000 | $8,000 | $10,000 | $28,000 | $36,000 | $43,000 | $36,000 | $48,000 | $67,000 | $14,000 | $15,000 | $26,000 | |
Expenditures | Month 1 | Month 2 | Month 3 | Month 4 | Month 5 | Month 6 | Month 7 | Month 8 | Month 9 | Month 10 | Month 11 | Month 12 | |
Expenditures from Operations | |||||||||||||
Cash Spending | $15,000 | $15,000 | $15,000 | $15,000 | $15,000 | $15,000 | $15,000 | $15,000 | $15,000 | $15,000 | $15,000 | $15,000 | |
Bill Payments | $212 | $6,250 | $3,138 | $5,743 | $14,192 | $17,725 | $20,782 | $14,827 | $26,135 | $34,403 | $1,882 | $2,165 | |
Subtotal Spent on Operations | $15,212 | $21,250 | $18,138 | $20,743 | $29,192 | $32,725 | $35,782 | $29,827 | $41,135 | $49,403 | $16,882 | $17,165 | |
Additional Cash Spent | |||||||||||||
Sales Tax, VAT, HST/GST Paid Out | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Principal Repayment of Current Borrowing | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Other Liabilities Principal Repayment | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
Long-term Liabilities Principal Repayment | $332 | $332 | $332 | $332 | $332 | $332 | $332 | $332 | $332 | $332 | $332 | $332 | $332 |
Purchase Other Current Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
Purchase Long-term Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
Dividends | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
Subtotal Cash Spent | $15,544 | $21,582 | $18,470 | $21,075 | $29,524 | $33,057 | $36,114 | $30,159 | $41,467 | $49,735 | $17,214 | $17,497 | |
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