Gym Business Plan
Starting or expanding a gym business requires a detailed business plan to guide your success.
The following gym business plan template outlines the key elements to include in a comprehensive plan. This template can be used to create a business plan for any type of gym, including but not limited to: fitness centers, boutique gyms, yoga studios, personal training facilities, and health clubs.
Gym Business Plan Example
I. Executive Summary
Business Overview
[Company Name], located in [insert location here] is a new upscale, trend-setting physical fitness environment. [Company Name] provides local residents with a variety of workout classes, personal training programs, personal trainers, yoga and other experiences. Our gym prides itself not only in having the most state-of-the art work out facilities and Pilates, yoga studios, and other classes that follow the latest trends and proven research in exercise science, but also providing our patrons a well-designed, spacious and attractive gym facility.
Products and Services
[Company Name]will provide services for all ages and both genders. Services will include a variety of fitness equipment, workout classes, personal training programs, yoga and nutrition.
In addition to providing these services, [Company name] will also be a retailer of exclusive fitness products and select food items. Customers will find products at [Company name] that they won’t find in grocery stores or mass retailers.
Customer Focus
[Company Name] will primarily serve the residents within a 5-mile radius of our location. The demographics of these customers are as follows:
- 27,827 residents
- Average income of $74,700
- 58.9% married
- 49.6% in Management/Professional occupations
- Median age: 38 years
In addition to this prime adult demographic for a gym, there are two large high schools and four middle schools in the area. Students, particularly girls, from these schools will be sure to patronize [Company Name].
Management Team
[Company Name]is led by [Founder’s Name] who has been in the gym and fitness business for 20 years. While [Founder] has never run a gym himself, he has been a fitness instructor since age 15 and spent most of his adult life working in gyms. As such [Founder] has an in-depth knowledge of the gym business including the operations side (e.g., running day-to-day operations) and the business management side (e.g., staffing, marketing, etc.).
Success Factors
[Company Name] is uniquely qualified to succeed due to the following reasons:
- The Company will fill a specific market niche in the growing community we are entering. In addition, we have surveyed the local population and received extremely positive feedback saying that they explicitly want to frequent our business when launched.
- Our location is in a high-volume area with easy access from multiple residential and commercial district zones.
- The management team has a track record of success in the gym and fitness business.
- The gym business is a proven business and has succeeded in communities throughout the United States.
- Local competitors leave a large gap in the market—there are low-cost providers ($20-30/month), and an ultra-luxury options ($120+/month), but nothing in between.
Financial Highlights
[Company Name] is currently seeking $200,000 to launch. This will be used towards property acquisition, renovations and repairs, along with equipment. Moreover, there are several fees needed to be covered in regard to legal and professional services, website development, and business licenses. Lastly, the funds will be used to cover the first six months of operating costs.
Topline projections over the next five years are as follows:
| Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | |
|---|---|---|---|---|---|
| Total Revenues | $318,975 | $525,048 | $725,404 | $876,376 | $1,009,888 |
| Total Direct Cost | ($131,349) | ($219,043) | ($314,522) | ($388,455) | ($451,283) |
| Gross profit | $187,626 | $306,005 | $410,882 | $487,921 | $558,605 |
| Gross Profit Margin (%) | 59% | 58% | 57% | 56% | 55% |
| Total Other Expenses | ($132,202) | ($277,979) | ($314,990) | ($347,554) | ($379,458) |
| EBITDA | $55,424 | $28,026 | $95,892 | $140,367 | $179,146 |
| Depreciation | ($6,000) | ($6,000) | ($6,000) | ($6,000) | ($6,000) |
| EBIT | $49,424 | $22,026 | $89,892 | $134,367 | $173,146 |
| Interest Expense-Line of Credit | $0 | $0 | $0 | $0 | $0 |
| Interest Expense-Debt | ($11,820) | ($10,923) | ($9,973) | ($8,965) | ($7,897) |
| Pretax Income | $37,604 | $11,103 | $79,919 | $125,402 | $165,249 |
| Income Tax Expense | ($11,710) | ($3,480) | ($22,999) | ($37,621) | ($49,575) |
| Net Income | $25,894 | $7,623 | $56,920 | $87,781 | $115,675 |
| Net profit Margin (%) | 8% | 1% | 8% | 10% | 11% |
II. Company Overview
Who is [Company Name]?
[Company Name], located at [insert location here] is a new upscale, trend-setting physical fitness environment. [Company Name] provides local residents with a variety of workout classes, personal training programs, personal trainers, yoga and other experiences. Our gym prides itself not only in having the most state-of-the art work out facilities and Pilates, yoga studios, and other classes that follow the latest trends and proven research in exercise science, but also providing our patrons a well-designed, spacious and attractive gym facility.
[Company Name] was founded by [Founder’s Name]. While [Founder’s Name] has been in the fitness business for some time, it was in [month, year] that she decided to launch [Company Name]. Specifically, during this time, [Founder] took a trip to Fort Lauderdale, FL. During his trip, [Founder’s Name] frequented a gym that enjoyed tremendous success. After discussing the business at length with the owner, [Founder’s Name] clearly understood that a similar business would enjoy significant success in his hometown.
Specifically, the customer demographics and competitive situations in the location and in his hometown were so similar that he knew the business would work. After surveying the local population, [Founder’s name] went ahead and founded [company name].
[Company Name]’s History
After surveying the local customer base, and finding a potential retail location, [Founder’s Name] incorporated [Company Name] as an S-Corporation on [date of incorporation].
The business is currently being run out of [Founder’s Name] home office, but once the lease on [Company Name]’s retail location is finalized, all operations will be run from there.
Since incorporation, the Company has achieved the following milestones:
- Found gym space and signed Letter of Intent to lease it
- Developed the company’s name, logo and website located at [website]
- Hired an interior designer for the decor and layout
- Determined equipment and fixture requirements
- Began recruiting key employees with previous fitness experience
[Company Name]’s Products & Services
Below are [Company Name]’s initial service offerings and in-Gym products sold.
Group Classes & Individual Training – Group classes will be the main focus for the fitness studio. Prices will depend on commitment. If clients are interested in long-term results, [Company Name] provides month-long programs through package offerings. For those that are interested in taking one class at a time, the Company offers these same classes at a one-time visit rate. For those looking for a more individualized training environment, the Company also provides one-on-one training. Clients will be matched with [Company Name] trainers based on personality, schedules, and most importantly, fitness goals.
Events – [Company Name] Fitness aims to plan events targeting different demographics interested in becoming more physically fit. Specifically, the management team looks to provide events for the youth upon initial rollout. These group events will seek to engage the community through educational seminars.
Nutrition Plans – The Company’s Nutritionist will help [Company Name] clients with their health and diet goals. For those that are serious about their weight loss journey, workouts alone will not be enough.
Merchandising – [Company Name]-branded merchandise will also generate revenue for the Company. This will include shirts, towels, hoodies, water bottles, and any other items that are relevant for [Company Name] clients.
Digital Multi-Platform – As the Company grows, it will be important to reach a critical mass online. Through recorded online classes, the Company can generate recurring revenue through subscription online customers.
Gym Design
[Company Name] will develop a 2,500 square foot Gym whose key elements will include the following:
- Reception Desk
- Self-service water/drink area
- Locker Rooms
- A waiting/relaxation area with TV screens
- Treadmill stations
- Weight area
- Yoga/Pilates mat area
- Elliptical/bicycle area
[Company Name] plans to be open 7 days a week, from 6AM to 10PM. As demand dictates, we may extend or reduce our hours.
III. Industry Analysis
The following industry trends and statistics will bode well for [Company Name]:
Gym, health and fitness clubs have grown over the past five years, bolstered by public health initiatives that have shed light on fitness’ role in fighting diabetes, obesity and other health ailments. This trend is evidenced by the number of health club memberships growing over the period, as more individuals have valued fitness as an integral component in their health regimen. Furthermore, population growth, particularly among individuals aged 20 to 64, which comprises the largest gym-going demographic, has spurred demand for health club memberships. Over the past five years, annual revenue has risen from $2.4 billion to $2.6 billion on a national scale.
Demand for health club memberships typically exhibits the strongest growth in the first three months of the year. For example, an estimated 30.0% of all new members have signed up for their gym and fitness club during the first few months of the year, driven by New Year resolutions, which may incite consumers to implement healthier lifestyles. To boost the number of new memberships during other months, many gyms have offered discounts and monthly memberships; however, January still comprises the largest portion of membership sales. Knowing this, the Company will aim for a grand opening of operations to begin in Q1.
A growing preference for easily accessible, smaller gyms with fewer amenities has benefited boutique gyms that have catered to a market niche of local consumers. The market share of smaller-budget gyms is subsequently growing, as consumers have substituted gyms with fewer amenities for expensive, all-inclusive clubs (which include related facilities, such as tennis centers, racquetball courts, ice rinks and swimming pools). Newco Fitness will fit the mold within the rising trend of boutique gyms that have seen a rise in consumer interest. By providing an array of classes based on well-rounded fitness, the Company will thrive on the continuous fitness trends in America within a target niche market.
IV. Customer Analysis
Demographic Profile of Target Market
[Company Name] will serve the residents of [company location] and the immediately surrounding areas as well as those who work in [company location].
The area we serve is populated mostly by the upper-middle class; as a result, they have the means to pay for gym memberships, personal training and other fitness related services.
The precise demographics of the town in which our location resides is as follows:
| Wilmette | Winnetka | |
|---|---|---|
| Total Population | 26,097 | 10,725 |
| Square Miles | 6.89 | 3.96 |
| Population Density | 3,789.20 | 2,710.80 |
| Population Male | 48.04% | 48.84% |
| Population Female | 51.96% | 51.16% |
| Target Population by Age Group | ||
| Age 18-24 | 3.68% | 3.52% |
| Age 25-34 | 5.22% | 4.50% |
| Age 35-44 | 13.80% | 13.91% |
| Age 45-54 | 18.09% | 18.22% |
| Target Population by Income | ||
| Income $50,000 to $74,999 | 11.16% | 6.00% |
| Income $75,000 to $99,999 | 10.91% | 4.41% |
| Income $100,000 to $124,999 | 9.07% | 6.40% |
| Income $125,000 to $149,999 | 9.95% | 8.02% |
| Income $150,000 to $199,999 | 12.20% | 11.11% |
| Income $200,000 and Over | 32.48% | 54.99% |
Customer Segmentation
The Company will primarily target the following three customer segments:
- Soccer/stay-at-home moms: The town has a large population of stay-at-home moms who are active in the school and community. These moms seek fitness services on a regular basis. Winning the loyalty of a mother often includes winning the business of her children and husband as well. These women are well-connected to each other and as such are a prime source of referral business. [Company name] expects to regularly acquire new customers from referrals.
- Professionals: [Company name] is located along a well-traveled commute route. By offering convenient location and exceptional service to the customer, [Company name] will draw in working men and women who want to stay fit.
- Students: There are multiple high schools and middle schools located in the surrounding area. These students still live on their parents’ income and can therefore afford to pay for services.
V. Competitive Analysis
Direct & Indirect Competitors
The following retailers are located within a 5-mile radius of [Company Name], thus providing either direct or indirect competition for customers:
CrossFit
Founded in 1974, CrossFit is a fitness and health program comprised of constantly varied functional movements performed at relatively high intensity. It is the principal strength and conditioning program for many police academies and tactical operations teams, military special operations units, champion martial artists, and hundreds of other elite and professional athletes worldwide. In fact, there are more than 13,000 CrossFit affiliates across the globe.
The CrossFit program delivers a fitness that is, by design, broad, general, and inclusive. It is designed for universal scalability making it the perfect application for any committed individual regardless of experience. These routines have been used for elderly individuals with heart disease and cage fighters one month out from televised bouts. The program is the same for everyone, but with scaled load and intensity.
New York Sports Club
New York Sports Clubs, part of the Town Sports International, is the largest health club company in the Northeastern United States. Founded in 1974, the company has grown to 160 clubs, over 500,000 members, and is publicly traded. Like most subscription gyms, this competitor offers group classes, personal training, indoor pools, lockers, and the usual gym amenities. Newco Fitness will differentiate through its cultural and personal offering. Part of the allure of a boutique gym is that clients can easily relate with those unaffiliated under a franchise name
Orange Theory Fitness
Orange theory Fitness is a scientifically designed, one-of-a-kind, group personal training workout broken into intervals of cardiovascular and strength training. Backed by the science of excess post-exercise oxygen consumption (EPOC), Orange theory’s workouts are designed to get participants within the target-training zone of 84 percent to 91 percent of their heart rate, which stimulates metabolism and increases energy.
Since its first studio opened, Orange theory Fitness has become one of the world’s top fitness franchises, with more than 400 studios in 38 states and seven countries, and a recent deal to open 70 studios in Japan. The company’s fitness concept has helped tens of thousands of members lose weight, get toned and meet their overall fitness goals. The fitness franchise is on track to open 700 studios by 2017.
Competitive Pricing
| Crossfit | NYSC | Orange Theory | |
|---|---|---|---|
| Membership | $55/month | $125/month | $100/month |
| Classes | $40 each | $55 each | $35 each |
| Bootcamp | $425 | $575 | $925 |
Competitive Advantage
[Company Name] enjoys several advantages over its competitors. These advantages include:
- Location: [Company Name]’s location is near the center of town, giving us access to commuters going to and leaving the train station, local office workers, and city traffic. We also offer adequate parking making it easy for customers to patronize us.
- Great service at an affordable price: The services offered by [Company Name] are similar in quality to its most premium positioned competitor. [Company Name] will offer these services at a much more affordable price.
- Management: Our management team has years of business and marketing experience that allows us to market to and serve customers in a much more sophisticated manner than our competitors.
- Relationships: Having lived in the community for 25 years, [Founder’s Name] knows all the local leaders, newspapers and other influences. As such, it will be relatively easy for [Company Name] to build brand awareness and an initial customer base.
VI. Marketing Plan
[Company name] seeks to position itself as a respectable, upper-middle-market competitor in the gym market. Customers can expect to receive professional services and state-of-the-art equipment for a price somewhere between discount chains and luxury establishments.
The [Company Name] Brand
The [Company Name] brand will focus on the Company’s unique value proposition:
- Convenient location
- Familiar, regular specialists
- Significant personal attention
- Moderate price point
- Comfortable, customer-focused environment
Promotions Strategy
[Company Name] expects its target market to be individuals working and/or living within a 5-mile radius of its location. [The Company’s] promotions strategy to reach these individuals includes:
Local Publications
[Company name] will announce its opening several weeks in advance through publicity pieces in multiple local newspapers and publications. Regular advertisements will run to maintain exposure to relevant markets. Community newspapers, school publications, youth sports programs, and similar channels will be a major promotion effort.
Major Publications
We will make careful use of advertising in selected larger publications. [Publication or newspaper name] has a circulation of xyz, and we can expect to reach a wider geographic region of customers on a limited basis. Advertisements with major publications will be used selectively, based on cost-effectiveness. These ads will include discount coupons so that response to the ads can be tracked.
Community Events/Organizations
[Company name] will promote itself by distributing marketing materials and participating in local community events, such as school fairs, local festivals, homeowner associations, or sporting events.
Commute Advertising
We will drive attention toward [Company name] by hiring workers to hold signs alongside [route or highway]. Advertising on heavily traveled commute routes are an opportunity to alert large numbers of working individuals with disposable income of our opening.
Customer Loyalty Programs
[Company name] will create a winning customer loyalty program to keep its best clients coming back again and again. When not actively providing services to customers in the Gym, our professionals and other employees will make periodic, regular phone calls to customers. These phone calls will (a) ensure that customers are satisfied with their memberships/services, and (b) remind customers after a certain period of time has passed that they might want a new class or session. Long-term customers will have the opportunity to participate in the loyalty program, and referrals will be rewarded as well.
Direct Mail
[Company Name] will blanket neighborhoods surrounding its locations with direct mail pieces. These pieces will provide general information on [Company Name], offer discounts and/or provide other inducements for people to visit the gym.
Ongoing Customer Communications
[Company Name] will maintain a website and publish a monthly email newsletter to tell customers about new events, products and more.
Pre-Opening Events
Before opening the Gym, [Company Name] will organize pre-opening events designed for prospective customers, local merchants and press contacts. These events will create buzz and awareness for [Company Name] in the area.
Pricing Strategy
[Company Name]’s pricing will be moderate, so customers feel they receive great value when patronizing the gym. The anticipated price point for a membership will be comparable to the surrounding area gyms.
VII. Operations Plan
Functional Roles
[Company name] will carry out its day-to-day operations primarily on membership and appointment basis. All classes and personal training sessions will be scheduled in advance, but the gym itself will be open 7 days a week from 6am to 10pm.
In order to execute on [Company Name]’s business model, the Company needs to perform several functions. The majority of employees will assist in up servicing and selling customers in addition to the primary functions. [Company name] anticipates using the services of X employees, divided into the following roles.
Service Functions
- Personal Trainers
- Dietician
- Sales/membership manager
Administrative Functions
- General & administrative functions including legal, marketing, bookkeeping, etc.
- Sourcing and storing products
- Hiring and training staff
- Customer service/front desk functions
Miscellaneous
- Maintenance personnel
Milestones
The following are a series of steps that lead to our vision of long-term success. [Company Name] expects to achieve the following milestones in the following [xyz] months:
| Date | Milestone |
|---|---|
| [Date 1] | Finalize lease agreement |
| [Date 2] | Design and build out [Company Name]gym |
| [Date 3] | Hire and train initial staff |
| [Date 4] | Kickoff of promotional campaign |
| [Date 5] | Launch [Company Name] |
| [Date 6] | Reach break-even |
VIII. Management Team
Management Team Members
[Company Name]is led by [Founder’s Name] who has been in the gym business for 20 years.
[Founder] is a seasoned personal trainer with experience across fitness and entertainment verticals. He began his career in [19xx] when he received a certification from [School] and began work at [major chain], where he worked for X years.
[Founder] graduated from the University of ABC where he majored in Physical Education
Hiring Plan
[Founder] will serve as the general manager. In order to launch our gym, we need to hire the following personnel:
- Personal Trainers (3 to start)
- Assistants (1 to start)
- Receptionist/Front desk (2 to start)
- Dietician (1)
As dictated by demand and operational maturity, [Founder] will consider hiring the following personnel:
- Receptionists [Number]
- Assistant Manager
IX. Financial Plan
Revenue and Cost Drivers
[Company Name]’s revenues will primarily be driven through client growth. There will be other initiatives to increase sales as shown below:
- Clients (Packaged Offerings, Camps, and Single-Session)
- Online Course Subscriptions
- Nutritionist
- Events
- Merchandise
The Company’s largest direct cost will be paying its trainers. [Company Name] will focus on bringing experienced and enthusiastic personnel, and thus, will be paying them a large piece of each sale from each class. While trainers’ wage cut will be determined by experience, the Company expects to pay an average of 40 percent of the sales that come in for each class
Other major cost drivers for the company’s operation will consist of:
- Lease
- Marketing Expenditures
- Cost of Goods
Capital Requirements and Use of Funds
[Company Name] is currently seeking $200,000 to launch. This will be used towards property acquisition, renovations and repairs, along with equipment. Moreover, there are several fees needed to be covered in regard to legal and professional services, website development, and business licenses. Lastly, the funds will be used to cover the first six months of operating costs.
Key Assumptions & Forecasts
The following table reflects the key revenue and cost assumptions made in the financial model.
| Year | Online Training | Nutritionist | Events | Merchandise | Total Revenue |
|---|---|---|---|---|---|
| Year 1 | $0 | $1,200 | $1,600 | $2,400 | $5,200 |
| Year 2 | $773 | $1,200 | $1,600 | $2,400 | $5,973 |
| Year 3 | $2,630 | $1,200 | $1,600 | $2,400 | $7,830 |
| Year 4 | $4,235 | $1,200 | $1,600 | $2,400 | $9,435 |
| Year 5 | $5,373 | $1,200 | $1,600 | $2,400 | $10,573 |
5 Year Annual Income Statement
| Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | ||
|---|---|---|---|---|---|---|
| Revenues | ||||||
| Product/Service A | $151,200 | $333,396 | $367,569 | $405,245 | $446,783 | |
| Product/Service B | $100,800 | $222,264 | $245,046 | $270,163 | $297,855 | |
| Total Revenues | $252,000 | $555,660 | $612,615 | $675,408 | $744,638 | |
| Expenses & Costs | ||||||
| Cost of goods sold | $57,960 | $122,245 | $122,523 | $128,328 | $134,035 | |
| Lease | $60,000 | $61,500 | $63,038 | $64,613 | $66,229 | |
| Marketing | $20,000 | $25,000 | $25,000 | $25,000 | $25,000 | |
| Salaries | $133,890 | $204,030 | $224,943 | $236,190 | $248,000 | |
| Other Expenses | $3,500 | $4,000 | $4,500 | $5,000 | $5,500 | |
| Total Expenses & Costs | $271,850 | $412,775 | $435,504 | $454,131 | $473,263 | |
| EBITDA | ($19,850) | $142,885 | $177,112 | $221,277 | $271,374 | |
| Depreciation | $36,960 | $36,960 | $36,960 | $36,960 | $36,960 | |
| EBIT | ($56,810) | $105,925 | $140,152 | $184,317 | $234,414 | |
| Interest | $23,621 | $20,668 | $17,716 | $14,763 | $11,810 | |
| PRE-TAX INCOME | ($80,431) | $85,257 | $122,436 | $169,554 | $222,604 | |
| Net Operating Loss | ($80,431) | ($80,431) | $0 | $0 | $0 | |
| Income Tax Expense | $0 | $1,689 | $42,853 | $59,344 | $77,911 | |
| NET INCOME | ($80,431) | $83,568 | $79,583 | $110,210 | $144,693 | |
| Net Profit Margin (%) | - | 15.00% | 13.00% | 16.30% | 19.40% |
5 Year Annual Balance Sheet
| Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | ||
|---|---|---|---|---|---|---|
| ASSETS | ||||||
| Cash | $16,710 | $90,188 | $158,957 | $258,570 | $392,389 | |
| Accounts receivable | $0 | $0 | $0 | $0 | $0 | |
| Inventory | $21,000 | $23,153 | $25,526 | $28,142 | $31,027 | |
| Total Current Assets | $37,710 | $113,340 | $184,482 | $286,712 | $423,416 | |
| Fixed assets | $246,450 | $246,450 | $246,450 | $246,450 | $246,450 | |
| Depreciation | $36,960 | $73,920 | $110,880 | $147,840 | $184,800 | |
| Net fixed assets | $209,490 | $172,530 | $135,570 | $98,610 | $61,650 | |
| TOTAL ASSETS | $247,200 | $285,870 | $320,052 | $385,322 | $485,066 | |
| LIABILITIES & EQUITY | ||||||
| Debt | $317,971 | $272,546 | $227,122 | $181,698 | $136,273 | |
| Accounts payable | $9,660 | $10,187 | $10,210 | $10,694 | $11,170 | |
| Total Liabilities | $327,631 | $282,733 | $237,332 | $192,391 | $147,443 | |
| Share Capital | $0 | $0 | $0 | $0 | $0 | |
| Retained earnings | ($80,431) | $3,137 | $82,720 | $192,930 | $337,623 | |
| Total Equity | ($80,431) | $3,137 | $82,720 | $192,930 | $337,623 | |
| TOTAL LIABILITIES & EQUITY | $247,200 | $285,870 | $320,052 | $385,322 | $485,066 |
5 Year Annual Cash Flow Statement
| Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | |
|---|---|---|---|---|---|
| CASH FLOW FROM OPERATIONS | |||||
| Net Income (Loss) | ($80,431) | $83,568 | $79,583 | $110,210 | $144,693 |
| Change in working capital | ($11,340) | ($1,625) | ($2,350) | ($2,133) | ($2,409) |
| Depreciation | $36,960 | $36,960 | $36,960 | $36,960 | $36,960 |
| Net Cash Flow from Operations | ($54,811) | $118,902 | $114,193 | $145,037 | $179,244 |
| CASH FLOW FROM INVESTMENTS | |||||
| Investment | ($246,450) | $0 | $0 | $0 | $0 |
| Net Cash Flow from Investments | ($246,450) | $0 | $0 | $0 | $0 |
| CASH FLOW FROM FINANCING | |||||
| Cash from equity | $0 | $0 | $0 | $0 | $0 |
| Cash from debt | $317,971 | ($45,424) | ($45,424) | ($45,424) | ($45,424) |
| Net Cash Flow from Financing | $317,971 | ($45,424) | ($45,424) | ($45,424) | ($45,424) |
| SUMMARY | |||||
| Net Cash Flow | $16,710 | $73,478 | $68,769 | $99,613 | $133,819 |
| Cash at Beginning of Period | $0 | $16,710 | $90,188 | $158,957 | $258,570 |
| Cash at End of Period | $16,710 | $90,188 | $158,957 | $258,570 | $392,389 |
