1. 3-Year Comparative Income Statements - Bioceutical Research, Inc.
2010-2011 2011-2012 2012-2013
Total Total Total
Sales
Gross Sales 3,151,000 8,415,000 15,300,000
Chargebacks
Returns (63,070) (165,000) (306,000)
Total Sales 3,087,930 8,250,000 14,994,000
100% 100% 100%
Cost of Goods Sold
Direct Material & Floor Costs (881,050) (2,019,601) (3,518,970)
Percent -28.53% -24.48% -23.00%
Total Cost of Goods Sold (881,050) (2,019,601) (3,518,970)
Gross Profit 2,206,880 6,227,099 11,475,030
Operating Expenses
Fixed Costs
Office Rent 0 (246,750) (308,438)
Office supplies (20,000) (25,000) (50,000)
Telephone (30,000) (40,000) (40,000)
Technology & Equipment (20,000) (25,000) (20,000)
Legal (27,690) (105,185) (132,129)
Fees (12,962) (15,000) (18,000)
Travel & Meals Expenses (88,500) (131,521) (216,000)
Insurance (product related) (25,500) (35,955) (44,944)
Wages and salaries (661,500) (900,000) (1,128,000)
Salary OH (165,300) (225,000) (282,000)
Freight 0 0 0
Product Development (84,325) (87,458) (106,048)
Other G&A (54,000) (76,140) (108,000)
OneTime CapEx (30,000) (30,000) (45,000)
Total Fixed Costs (1,219,777) (1,943,009) (2,498,558)
Variable Costs
Commissions (143,600) (420,750) (749,700)
Freight (205,656) (589,050) (1,049,580)
Warehouse Fees (123,498) (252,450) 449,820
Product Marketing (475,000) (1,262,250) (1,949,220)
In Store Programs 0 (168,300) (299,880)
Total Variable Costs (947,754) (2,692,800) (3,598,560)
Depreciation 0 0 0
Contingency 0 0 0
Total Operating Expenses (2,167,531) (4,635,809) (6,097,118)
Income From Operations (EBIT) 39,349 1,591,290 5,377,912
Interest Expense
Bridge Loan 0 120,000 120,000
Total Interest Expense 0 120,000 120,000
Earnings Before Taxes (EBT) 109,349 1,471,290 5,257,912
Provision for Income Taxes (37,179) (500,239) (1,787,690)
Net Income (Loss) & Profit Margin on Sales 72,170 2.34% 971,052 11.77% 3,470,222 23.14%