Lucky's Leafs · Five-Year Proforma
Interactive statements · ties to "Lucky's Leafs Cultivation Proforma (Aug 2026).xlsx" · Confidential
Scenario
The deck case: $900/lb blended — priced at the market's own structural floor (indoor marginal cost + $40 excise ⇒ ~$850–950/lb), ~38% of NJ's Sept-'25 print — industry-average yield, expansion self-funded from harvests.
Assumptions — drag to stress-test
$900
2,000
$200
$40
26%
Build greenhouse & indoor (self-funded)
1.85×
One outdoor cycle ($4.62M) vs $2.495M land
$2.85M
Year-1 net income
$35.13M
5-yr cumulative net income
$30.43M
Year-5 ending cash
None
Additional capital required — self-funding holds
| Line item | Yr 1 | Yr 2 | Yr 3 | Yr 4 | Yr 5 |
|---|---|---|---|---|---|
| Pounds sold | 7,000 | 13,000 | 20,000 | 26,000 | 30,000 |
| Outdoor price ($/lb) | $900 | $900 | $900 | $900 | $900 |
| Revenue | $6,300,000 | $11,700,000 | $20,000,000 | $26,900,000 | $31,500,000 |
| Cash COGS | ($1,400,000) | ($3,500,000) | ($7,150,000) | ($10,150,000) | ($12,150,000) |
| Gross profit | $4,900,000 | $8,200,000 | $12,850,000 | $16,750,000 | $19,350,000 |
| SG&A | ($628,000) | ($952,000) | ($1,450,000) | ($1,864,000) | ($2,140,000) |
| Harmony 2% transfer tax | ($126,000) | ($234,000) | ($400,000) | ($538,000) | ($630,000) |
| NJ SEEF excise ($40/lb) | ($280,000) | ($520,000) | ($800,000) | ($1,040,000) | ($1,200,000) |
| EBITDA | $3,866,000 | $6,494,000 | $10,200,000 | $13,308,000 | $15,380,000 |
| Depreciation | ($21,000) | ($126,000) | ($376,000) | ($561,000) | ($689,000) |
| EBIT | $3,845,000 | $6,368,000 | $9,824,000 | $12,747,000 | $14,691,000 |
| Income tax | ($999,700) | ($1,655,680) | ($2,554,240) | ($3,314,220) | ($3,819,660) |
| NET INCOME | $2,845,300 | $4,712,320 | $7,269,760 | $9,432,780 | $10,871,340 |
| Cumulative net income | $2,845,300 | $7,557,620 | $14,827,380 | $24,260,160 | $35,131,500 |
$ actual · Base ties cell-for-cell to the workbook and the deck's Exhibit 2/2b. SEEF charged on every pound sold; SG&A = $250k + 6% of revenue; Harmony 2% on receipts; depreciation straight-line over 10 years starting the year after placement.
| Line item | Yr 0 | Yr 1 | Yr 2 | Yr 3 | Yr 4 | Yr 5 |
|---|---|---|---|---|---|---|
| Equity raise | $3,100,000 | — | — | — | — | — |
| Land acquisition | ($2,495,000) | — | — | — | — | — |
| Site development (capitalized) | ($210,000) | — | — | — | — | — |
| Formation expense (licensing, acq. costs) | ($185,000) | — | — | — | — | — |
| Net income | — | $2,845,300 | $4,712,320 | $7,269,760 | $9,432,780 | $10,871,340 |
| Add back: depreciation | — | $21,000 | $126,000 | $376,000 | $561,000 | $689,000 |
| Expansion capex (self-funded) | — | ($1,050,000) | ($2,500,000) | ($1,850,000) | ($1,280,000) | — |
| ENDING CASH | $210,000 | $2,026,300 | $4,364,620 | $10,160,380 | $18,874,160 | $30,434,500 |
Self-funding holds. Every expansion phase is paid for by prior harvests; cash never goes below $210,000 at year-end. Intra-year seasonality is covered by the ~$500k harvest line (Year-1 Cash tab).
| Year-end | Yr 0 | Yr 1 | Yr 2 | Yr 3 | Yr 4 | Yr 5 |
|---|---|---|---|---|---|---|
| Cash | $210,000 | $2,026,300 | $4,364,620 | $10,160,380 | $18,874,160 | $30,434,500 |
| Land (at cost) | $2,495,000 | $2,495,000 | $2,495,000 | $2,495,000 | $2,495,000 | $2,495,000 |
| Net PP&E | $210,000 | $1,239,000 | $3,613,000 | $5,087,000 | $5,806,000 | $5,117,000 |
| TOTAL ASSETS | $2,915,000 | $5,760,300 | $10,472,620 | $17,742,380 | $27,175,160 | $38,046,500 |
| Paid-in capital | $3,100,000 | $3,100,000 | $3,100,000 | $3,100,000 | $3,100,000 | $3,100,000 |
| Retained earnings | ($185,000) | $2,660,300 | $7,372,620 | $14,642,380 | $24,075,160 | $34,946,500 |
| TOTAL EQUITY | $2,915,000 | $5,760,300 | $10,472,620 | $17,742,380 | $27,175,160 | $38,046,500 |
| Check (A − E) | — | — | — | — | — | — |
Land carried at cost. Retained earnings = cumulative net income less $185k Year-0 formation expense. Assets − (paid-in capital + retained earnings) must equal $0 in every year.
— from the raise's use of funds ($140k default). Edit to see the trough move.
| May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Jan | Feb | Mar | Apr | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Grow-cost spend | ($112,000) | ($98,000) | ($98,000) | ($112,000) | ($140,000) | ($350,000) | ($280,000) | ($70,000) | ($42,000) | ($28,000) | ($42,000) | ($28,000) |
| SEEF on sales | — | — | — | — | — | ($14,000) | ($70,000) | ($70,000) | ($56,000) | ($42,000) | ($19,600) | ($8,400) |
| Sales receipts | — | — | — | — | — | $315,000 | $1,575,000 | $1,575,000 | $1,260,000 | $945,000 | $441,000 | $189,000 |
| Cash balance | $28,000 | ($70,000) | ($168,000) | ($280,000) | ($420,000) | ($469,000) | $756,000 | $2,191,000 | $3,353,000 | $4,228,000 | $4,607,400 | $4,760,000 |
Crop-level trough of ($469,000) in Oct → recommended seasonal working-capital line ≈ $500,000 (secured by standing crop + land, repaid from first sales). Season-end crop cash: $4.76M. Before SG&A and income taxes.