Page 10 - Emporia Annual Report 2020
P. 10
FINANCE
Due to the PCOR status and the fairly strict limitations on community movement at
the time we launched our company in September of 2020, we chose to not
traditionally finance our company by means of selling shares to employees. To work
around this hurdle, we needed to consider other ways in which to raise capital and by
ways of broad thinking, we chose the path of many start-up companies, we decided on
a small business loan.
This loan was used to purchase our inventory and packaging for our PersTect Kits.
Because we chose to forgo the sale of stock shares, we as a company decided our
employees will receive compensation by means of a salary and commission. The
remaining profits will go toward our student activity fund to continue the
entrepreneurship activities during the remainder of the school year.
Statement of Activities Liquidation Summary
Total Income: $2,000.00 Sales Income $2000.00
Expenses:
Tax (4%): $80.00 Profit after Liabilities $1900.47
Loan Interest (5%): $19.53 Wages and Commissions $850.00
COGS: $390.64
Wages: $250.00 Company Sales $2000.00
Commission: $600.00 Goals
Online Store Fees: $36.00 Financial Goal Attained 100%
Total Expenses: $1,376.17
Net Profit: $623.83 Net Profit Percentage 31.19%
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