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Cash Burn = Inventory-related expenses + Admin expenses + Marketing expenses + R& D expense + Interest expenses + Change in prepaid expenses – (Change in accrued liabilities + Change in payables) + Capital investment + Taxes MPC for 2010: Cash burn = 425,000 + 65,000 + 39,000 + 27,000 + 20,000 + 0 – (1,000 + 27,000) +50,000 + 8,000 = 606,000 ...

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Survival Stage: Monitor Financial Performance Project Cash Needs Obtain First Round Financing Possible Actions: Liquidate v. Restructure Rapid Growth Stage: Create and Build Value Obtain Additional Financing Examine Exit Opportunities Possible Actions: Go Public v. Sell/Merge

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Inflation premium (IP): average expected inflation rate over the life of a risk-free loan Default Risk Premium (DRP): additional interest rate premium required to compensate the lender for the probability that a borrower will default on a loan Liquidity Premium (LP): charged when a debt instrument cannot be converted to cash quickly at its ...

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Required Cash: amount of cash needed to cover a venture’s day-to-day operations Surplus Cash: cash remaining after required cash, all operating expenses, and reinvestments are made Example: in Table 9.1, PDC has only required cash prior to July and then has 6,487 of surplus cash in July.

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Second Round (of 2 rounds): Shares issued = .15625 x 23,703,704 = 3,703,704 Share Price = $1,000,000/3,703,704 = $.27 per share Pre-money Valuation = $.27 x 20,000,000 = $5,400,000 Post-money Valuation = $.27 x 23,703,704 = $6,400,000 Founder % between 2nd round & exit = 2,000,000/23,703,704 = 8.4375% 1st round investor % between 2nd round & ...

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Frontmatter Declarations State Securities Disclosures Offering Summary Fund Overview Executive Summary Summary of Terms

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A momentous event in the history of world financial systems. z Currently more than 300 million Europeans in 22 countries are using the common currency on a daily basis. z In May 2004, 10 more countries joined the European Union and adopt the euro. z The “transaction domain” of the euro may become larger than the U.S. dollar’s in the near fu...

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Since 1982 the U.S. has experienced continuous deficits on the current account and continuous surpluses on the capital account. z During the same period, Japan has experienced the opposite.

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The taxable income of Harrold Schwarz, an Ontario resident, is $63,000. Calculate Schwarz’s (a) dollar tax liability, (b) average tax rate, and (c) marginal tax rate. (a) Dollar tax liability = [Federal] .17(32,000) + .24(31,000) + .29(0) [Ontario] + .0637(30,004) + .0962(29,996) +.1116(3,000)=18,012 (b) Average tax rate = 18,012/63,000 = 28...

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More on Standardized Statements 3. Did the firm’s NP&E go up or down? Obviously, it went up, but so did total assets. In fact, looking at the standardized statements, NP&E went from 61.2% of total assets to 59.6% of total assets. 4. If we standardized the 2000 common size numbers by dividing each by the 1999 common size number, we get a combined ...

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