Financial Projections

BY THE NUMBERS

Lodge Home Property Photos

.PROJECTED YEARLY BREAKDOWN.

YEAR OF

OPERATION

PROJECTED FISCAL

PROFIT / LOSS

Based on Year 1 Expenses

($184,300)

($77,100)

$70,400

$138,800

$185,800

$222,200

$242,500

$262,800

$283,000

$295,400

.INCOME PROJECTIONS (Years 1 - 10).

Annual projections (PROJ YR) are in $k.

While we realistically expect to book 25% - 50% of Lodging capacity from trade shows alone, we are purposely underestimating slightly for the first few years of these projections.

NOTE: These projections do not reflect possible rate increases that may be required.

ACTIVITY	DAYS / TERM	RATE PER	AVAIL	PROJ YR1	PROJ YR2	PROJ YR3	PROJ YR4	PROJ YR5	PROJ YR6	PROJ YR7	PROJ YR8	PROJ YR9	PROJ YR10
LODGE STAY Includes boat launch, and unguided hunting and fishing	Week Day	$200	2,080	20.8	62.4	124.8	137.3	149.8	162.2	174.7	187.2	199.7	208.0
	Weekend / Holiday	$250	832	41.6	62.4	104.0	135.2	156.0	166.4	166.4	166.4	166.4	166.4
	Annual	N/A	0	0	0	0	0	0	0	0	0	0	0
.	.	.	.	.	.	.	.	.	.	.	.	.	.
CAMPING Includes boat launch, and unguided hunting and fishing	Week Day	$30	1,040	.3	1.6	1.6	1.6	1.6	1.6	1.6	1.6	1.6	1.6
	Weekend / Holiday	$40	416	.8	1.7	1.7	1.7	1.7	1.7	1.7	1.7	1.7	1.7
	Annual	N/A	0	0	0	0	0	0	0	0	0	0	0
.	.	.	.	.	.	.	.	.	.	.	.	.	.
LAKE MICHIGAN CHARTER	Week Day	$420	300	12.6	25.2	37.8	44.1	47.98	51.7	55.4	59.2	63.0	63.0
	Weekend / Holiday	$450	120	18.9	21.6	27.0	29.7	32.4	35.1	35.1	35.1	35.1	35.1
	Annual	N/A	0	0	0	0	0	0	0	0	0	0	0
.	.	.	.	.	.	.	.	.	.	.	.	.	.
ST. JOE RIVER CHARTER	Week Day	$275	430	5.9	15.4	26.0	28.4	30.7	33.1	35.5	37.8	40.2	42.6
	Weekend / Holiday	$295	172	7.6	10.1	12.7	15.2	17.8	20.3	20.3	20.3	20.3	20.3
	Annual	N/A	0	0	0	0	0	0	0	0	0	0	0
.	.	.	.	.	.	.	.	.	.	.	.	.	.
GUIDED SHORE- LINE FISHING	Week Day	$75	645	.5	1.5	2.4	4.8	4.8	4.8	4.8	4.8	4.8	4.8
	Weekend / Holiday	$100	258	1.3	2.6	3.9	3.9	3.9	3.9	3.9	3.9	3.9	3.9
	Annual	N/A	0	0	0	0	0	0	0	0	0	0	0
.	.	.	.	.	.	.	.	.	.	.	.	.	.
UNGUIDED SHORE- LINE FISHING No Lodging	Week Day	$10	5,160	1.0	2.1	3.1	4.1	5.2	6.2	7.2	8.3	9.3	10.3
	Weekend / Holiday	$20	2,064	2.1	4.1	4.1	4.1	4.1	4.1	4.1	4.1	4.1	4.1
	Annual	$500	10	1.0	1.0	2.0	2.0	2.0	2.5	2.5	2.5	2.5	2.5
.	.	.	.	.	.	.	.	.	.	.	.	.	.
GUIDED LAKE MICHIGAN DUCK HUNTS	Week Day	$150	50	.8	1.1	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5
	Weekend / Holiday	$200	20	.8	1.6	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0
	Annual	N/A	0	0	0	0	0	0	0	0	0	0	0
.	.	.	.	.	.	.	.	.	.	.	.	.	.
GUIDED INLAND DUCK and/or GOOSE HUNTS	Week Day	$115	540	3.1	3.7	4.3	5.0	5.6	6.2	6.8	7.5	8.1	8.7
	Weekend / Holiday	$125	216	8.1	8.1	8.1	8.1	8.1	8.1	8.1	8.1	8.1	8.1
	Annual	N/A	0	0	0	0	0	0	0	0	0	0	0
.	.	.	.	.	.	.	.	.	.	.	.	.	.
UNGUIDED DUCK and/or GOOSE HUNTS No Lodging	Week Day	$50	560	1.4	4.2	8.4	14.0	14.0	14.0	14.0	14.0	14.0	14.0
	Weekend / Holiday	$60	224	4.0	4.7	5.4	6.0	6.7	6.7	6.7	6.7	6.7	6.7
	Annual	$500	4	1.5	3.0	3.0	3.0	3.0	3.0	3.0	3.0	3.0	3.0
.	.	.	.	.	.	.	.	.	.	.	.	.	.
GUIDED DEER HUNTS	Week Day	$150	130	.4	.8	.8	.8	.8	.8	.8	.8	.8	.8
	Weekend / Holiday	$175	52	.5	.5	.9	.9	.9	.9	.9	.9	.9	.9
	Annual	N/A	0	0	0	0	0	0	0	0	0	0	0
.	.	.	.	.	.	.	.	.	.	.	.	.	.
UNGUIDED DEER HUNTS (Archery Only) No Lodging	Week Day	$60	135	.8	1.0	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.2
	Weekend / Holiday	$75	54	1.6	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0
	Annual	$500	2	.5	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0
.	.	.	.	.	.	.	.	.	.	.	.	.	.
BOAT LAUNCH No Lodging	Week Day	$5	2,150	1.6	2.2	2.7	2.7	2.7	2.7	2.7	2.7	2.7	2.7
	Weekend / Holiday	$10	860	3.4	4.3	4.3	4.3	4.3	4.3	4.3	4.3	4.3	4.3
	Annual	$500	10	2.5	3.0	3.5	4.0	4.0	4.0	4.0	4.0	4.0	4.0
.	.	.	.	.	.	.	.	.	.	.	.	.	.
LEASE FARM LAND	Week Day	N/A	0	0	0	0	0	0	0	0	0	0	0
	Weekend / Holiday	N/A	0	0	0	0	0	0	0	0	0	0	0
	Annual	$3,500	1	3.5	3.5	3.5	3.5	3.5	3.5	3.5	3.5	3.5	3.5
.	.	.	.	.	.	.	.	.	.	.	.	.	.
.	.	.	.	YR 1	YR 2	YR 3	YR 4	YR 5	YR 6	YR 7	YR 8	YR 9	YR 10

PROJECTED ANNUAL INCOME ($k)

149.0

256.2

403.7

472.1

519.1

555.5