Income Statement Year 1
Prepared By: Company Name:
Sam Miller Aviation Flight Academy
  Sept  Oct Nov Dec Jan Feb Mar Apr May June July Aug Annual Totals
Revenue                          
Student               676,080            1,352,160            2,028,240            2,704,320            3,380,400            4,056,480            4,394,520            4,394,520            4,394,520            4,394,520            4,394,520            4,394,520  $           40,564,800
Aircraft Rental            1,903,968            3,807,936            5,711,904            7,615,872            9,519,840          11,423,808          12,375,792          12,375,792          12,375,792          12,375,792          12,375,792          12,375,792  $         114,238,080
Training PIC               900,000               900,000               900,000               900,000               900,000               900,000               900,000               900,000               900,000               900,000               900,000               900,000  $           10,800,000
Training SIC            1,000,000            1,000,000            1,000,000            1,000,000            1,000,000            1,000,000            1,000,000            1,000,000            1,000,000            1,000,000            1,000,000            1,000,000  $           12,000,000
ATP            2,265,000            2,265,000            2,265,000            2,265,000            2,265,000            2,265,000            2,265,000            2,265,000            2,265,000            2,265,000            2,265,000            2,265,000  $           27,180,000
VA & Military Training            2,900,000            2,900,000            2,900,000            2,900,000            2,900,000            2,900,000            2,900,000            2,900,000            2,900,000            2,900,000            2,900,000            2,900,000  $           34,800,000
Total Revenue  $        9,645,048  $      12,225,096  $      14,805,144  $      17,385,192  $      19,965,240  $      22,545,288  $      23,835,312  $      23,835,312  $      23,835,312  $      23,835,312  $      23,835,312  $      23,835,312  $         239,582,880
Cost of Goods Sold                          
Student               615,600            1,231,200            1,846,800            2,462,400            3,078,000            3,693,600            4,001,400            4,001,400            4,001,400            4,001,400            4,001,400            4,001,400  $           36,936,000
Aircraft Rental            1,519,384            3,038,767            4,558,151            6,077,534            7,596,918            9,116,302            9,875,993            9,875,993            9,875,993            9,875,993            9,875,993            9,875,993  $           91,163,016
Training PIC                 96,000                 96,000                 96,000                 96,000                 96,000                 96,000                 96,000                 96,000                 96,000                 96,000                 96,000                 96,000  $             1,152,000
Training SIC               160,000               160,000               160,000               160,000               160,000               160,000               160,000               160,000               160,000               160,000               160,000               160,000  $             1,920,000
ATP            1,095,000            1,095,000            1,095,000            1,095,000            1,095,000            1,095,000            1,095,000            1,095,000            1,095,000            1,095,000            1,095,000            1,095,000  $           13,140,000
VA & Military Training            1,825,000            1,825,000            1,825,000            1,825,000            1,825,000            1,825,000            1,825,000            1,825,000            1,825,000            1,825,000            1,825,000            1,825,000  $           21,900,000
 Total Cost of Goods Sold   $        5,310,984  $        7,445,967  $        9,580,951  $      11,715,934  $      13,850,918  $      15,985,902  $      17,053,393  $      17,053,393  $      17,053,393  $      17,053,393  $      17,053,393  $      17,053,393  $         166,211,016
Gross Margin  $        4,334,064  $        4,779,129  $        5,224,193  $        5,669,258  $        6,114,322  $        6,559,386  $        6,781,919  $        6,781,919  $        6,781,919  $        6,781,919  $        6,781,919  $        6,781,919  $           73,371,864
Payroll  $           395,238  $           395,238  $           395,238  $           395,238  $           395,238  $           395,238  $           395,238  $           395,238  $           395,238  $           395,238  $           395,238  $           395,238  $             4,742,858
Operating Expenses                          
Advertising               500,000               500,000               500,000               500,000               500,000               500,000               500,000               500,000               500,000               500,000               500,000               500,000  $             6,000,000
Car and Truck Expenses               240,000                   2,500                   2,500                   2,500                   2,500                   2,500                   2,500                   2,500                   2,500                   2,500                   2,500                   2,500  $                267,500
Commissions and Fees                 15,000                 15,000                 15,000                 15,000                 15,000                 15,000                 15,000                 15,000                 15,000                 15,000                 15,000                 15,000  $                180,000
Contract Labor (Not included in payroll)                   2,500                   2,500                   2,500                   2,500                   2,500                   2,500                   2,500                   2,500                   2,500                   2,500                   2,500                   2,500  $                  30,000
Insurance (other than health)                   5,500                   5,500                   5,500                   5,500                   5,500                   5,500                   5,500                   5,500                   5,500                   5,500                   5,500                   5,500  $                  66,000
Legal and Professional Services                   8,000                   8,000                   8,000                   8,000                   8,000                   8,000                   8,000                   8,000                   8,000                   8,000                   8,000                   8,000  $                  96,000
Licenses                   1,500                   1,500                   1,500                   1,500                   1,500                   1,500                   1,500                   1,500                   1,500                   1,500                   1,500                   1,500  $                  18,000
Office Expense                   5,000                   5,000                   5,000                   5,000                   5,000                   5,000                   5,000                   5,000                   5,000                   5,000                   5,000                   5,000  $                  60,000
Rent or Lease -- Vehicles, Machinery, Equipment                   3,500                   3,500                   3,500                   3,500                   3,500                   3,500                   3,500                   3,500                   3,500                   3,500                   3,500                   3,500  $                  42,000
Rent or Lease -- Other Business Property                 20,000                 20,000                 20,000                 20,000                 20,000                 20,000                 20,000                 20,000                 20,000                 20,000                 20,000                 20,000  $                240,000
Repairs and Maintenance                   5,000                   5,000                   5,000                   5,000                   5,000                   5,000                   5,000                   5,000                   5,000                   5,000                   5,000                   5,000  $                  60,000
Supplies                   5,000                   5,000                   5,000                   5,000                   5,000                   5,000                   5,000                   5,000                   5,000                   5,000                   5,000                   5,000  $                  60,000
Travel, Meals and Entertainment                 12,000                 12,000                 12,000                 12,000                 12,000                 12,000                 12,000                 12,000                 12,000                 12,000                 12,000                 12,000  $                144,000
Utilities                 50,000                 50,000                 50,000                 50,000                 50,000                 50,000                 50,000                 50,000                 50,000                 50,000                 50,000                 50,000  $                600,000
Miscellaneous                           -                          -                          -                          -                          -                          -                          -                          -                          -                          -                          -                          -  $                           -
Other Expense 1                          
Other Expense 2                          
Total Operating Expenses  $           873,000  $           635,500  $           635,500  $           635,500  $           635,500  $           635,500  $           635,500  $           635,500  $           635,500  $           635,500  $           635,500  $           635,500  $             7,863,500
Income (Before Other Expenses)[1]  $        3,065,826  $        3,748,391  $        4,193,455  $        4,638,519  $        5,083,584  $        5,528,648  $        5,751,180  $        5,751,180  $        5,751,180  $        5,751,180  $        5,751,180  $        5,751,180  $           60,765,506
Other Expenses                          
Amortized Start-up Expenses                 25,869                 25,869                 25,869                 25,869                 25,869                 25,869                 25,869                 25,869                 25,869                 25,869                 25,869                 25,869  $                310,433
Depreciation                 64,169                 64,169                 64,169                 64,169                 64,169                 64,169                 64,169                 64,169                 64,169                 64,169                 64,169                 64,169  $                770,026
Interest                          
Commercial Loan                          -                          -                          -                          -                          -                          -                          -                          -                          -                          -                          -                          -  $                           -
Commercial Mortgage                          -                          -                          -                          -                          -                          -                          -                          -                          -                          -                          -                          -  $                           -
Credit Card Debt                          -                          -                          -                          -                          -                          -                          -                          -                          -                          -                          -                          -  $                           -
Vehicle Loans                          -                          -                          -                          -                          -                          -                          -                          -                          -                          -                          -                          -  $                           -
Other Bank Debt                          -                          -                          -                          -                          -                          -                          -                          -                          -                          -                          -                          -  $                           -
Line of Credit                          -                          -                 (1,664)                 (3,328)                 (4,992)                 (6,657)                 (8,321)                 (9,985)               (11,649)               (13,313)               (14,977)               (16,641)  $                (91,527)
Bad Debt Expense               192,901               244,502               296,103               347,704               399,305               450,906               476,706               476,706               476,706               476,706               476,706               476,706  $             4,791,658
Total Other Expenses               282,939               334,540               384,477               434,414               484,351               534,288               558,424               556,760               555,096               553,431               551,767               550,103  $             5,780,590
Net Income Before Income Tax  $        2,782,887  $        3,413,850  $        3,808,978  $        4,204,106  $        4,599,233  $        4,994,361  $        5,192,757  $        5,194,421  $        5,196,085  $        5,197,749  $        5,199,413  $        5,201,077  $           54,984,916
Income Tax  $           238,744  $           292,376  $           325,962  $           359,548  $           393,134  $           426,720  $           443,583  $           443,725  $           443,866  $           444,008  $           444,149  $           444,290  $             4,700,105
Net Profit/Loss  $        2,544,143  $        3,121,474  $        3,483,016  $        3,844,558  $        4,206,099  $        4,567,641  $        4,749,173  $        4,750,696  $        4,752,219  $        4,753,741  $        4,755,264  $        4,756,787  $           50,284,812
Income Tax Calculations
Monthly Taxable Income  $        2,808,756  $        3,439,720  $        3,834,847  $        4,229,975  $        4,625,103  $        5,020,230  $        5,218,626  $        5,220,290  $        5,221,954  $        5,223,618  $        5,225,283  $        5,226,947
Cumulative Taxable Income  $        2,808,756  $        6,248,476  $      10,083,324  $      14,313,299  $      18,938,401  $      23,958,632  $      29,177,258  $      34,397,548  $      39,619,502  $      44,843,120  $      50,068,403  $      55,295,350
[1]

Also known as EBITDA (Earnings Before Interest, Taxes,  Depreciation and Amortization). This metric allows for a comparison across different businesses, which might have different levels of taxes, depreciation, or interest. This number should be used in conjunction with other metrics, as it does not give a full picture of the health of the business.