ENGLISH LANGUAGE SCHOOL
Confidential Business Plan
Contact: Miles L. Hackley 210.900.0937 mhackley@esl180.com
85 NE Loop 410 Suite 203 San Antonio, Texas 78216 USA
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PROJECTIONS OR FORECASTS CONTAINED IN THIS BUSINESS PLAN, OR OTHER MATERIALS, MUST BE VIEWED ONLY AS ESTIMATES. ALTHOUGH ANY PROJECTIONS CONTAINED IN THIS MEMORANDUM ARE BASED UPON ASSUMPTIONS WHICH THE COMPANY BELIEVES TO BE REASONABLE, THE ACTUAL PERFORMANCE OF THE COMPANY MAY DEPEND UPON FACTORS BEYOND THE CONTROL OF THE COMPANY. NO ASSURANCE CAN BE GIVEN THAT THE COMPANY’S ACTUAL PERFORMANCE WILL MATCH ITS INTENDED RESULTS. THE ENGLISH LANGUAGE SCHOOL BUSINESS PLAN, WAS PREPARED BY THE COMPANY USING ASSUMPTIONS THAT INCLUDE SEVERAL FORWARD LOOKING STATEMENTS. EACH PROSPECTIVE INVESTOR SHOULD CAREFULLY REVIEW THE BUSINESS PLAN BEFORE PURCHASING CONVERTIBLE NOTES. MANAGEMENT MAKES NO REPRESENTATIONS AS TO THE ACCURACY OR ACHIEVABILITY OF THE UNDERLYING ASSUMPTIONS AND PROJECTED RESULTS CONTAINED HEREIN. THEY HAVE ATTEMPTED TO EXPRESS THE REPRESENTATION OF OUR PLANS AND STATUS OF THESE PLANS IN A HONEST STRAIGHT FORWARD WAY. THEY HAVE WORKED FULLTIME FOR OVER FOUR YEARS IN PREPARATION FOR THIS PHASE IN OUR COMPANY’S DEVELOPMENT.
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Contents INTRODUCTION .................................................................................................................................. 6 1.1.
Introducing a bright new Idea ................................................................................................. 6
1.2.
An outstanding difference ....................................................................................................... 6
2.
The Company ................................................................................................................................ 7
3.
Our Courses and Classes .............................................................................................................. 7
4.
5.
6.
7.
8.
9.
3.1.
English Language Proficiency Courses .................................................................................. 7
3.2.
English for Special Purposes (ESP) ....................................................................................... 8
3.3.
Corporate and Government Workplace Solutions ................................................................... 8
3.4.
Teaching methods .................................................................................................................. 8
Industry Analysis and Trends......................................................................................................... 8 4.1.
Industry Analysis .................................................................................................................... 9
4.2.
USA Market ............................................................................................................................ 9
Ancillary Products and Services .................................................................................................... 9 5.1.
High School Diploma Courses ................................................................................................ 9
5.2.
Textbooks and Study Guides .................................................................................................. 9
5.3.
Video Lessons ........................................................................................................................ 9
Target Market .............................................................................................................................. 10 6.1.
Local Market (San Antonio and Texas) ................................................................................. 10
6.2.
USA Markets ........................................................................................................................ 10
6.3.
International Markets ............................................................................................................ 10
The Competition .......................................................................................................................... 10 7.1.
Local Competition ................................................................................................................. 10
7.2.
National Competition ............................................................................................................ 11
7.3.
International Competition ...................................................................................................... 11
Marketing Plan............................................................................................................................. 11 8.1.
Marketing Overview .............................................................................................................. 11
8.2.
Branding and Positioning ...................................................................................................... 11
8.3.
Sales Team .......................................................................................................................... 11
8.4.
Scaling – National................................................................................................................. 12
8.5.
Scaling – International .......................................................................................................... 12
8.6.
Public Relations .................................................................................................................... 12
Operations ................................................................................................................................... 12 9.1.
Creative Production .............................................................................................................. 12
9.2.
Office Administration ............................................................................................................ 13
9.2.1.
Front office Reception, Registration and Records ............................................................. 13 Page 4
9.2.2.
Communications ............................................................................................................... 13
9.2.3.
Back office ........................................................................................................................ 13
10.
Key Management ..................................................................................................................... 13
10.1.
Key Management Team .................................................................................................... 13
10.2.
Advisory Board.................................................................................................................. 14
10.3.
Management Structure...................................................................................................... 14
11.
Financial Summary .................................................................................................................. 14
11.1.
Financial Overview ............................................................................................................ 14
11.2.
Funds Required and Their Use ......................................................................................... 15
11.3.
The Deal Structure ............................................................................................................ 15
11.4.
Risk Analysis .................................................................................................................... 15
11.5.
Exit Strategy ..................................................................................................................... 15
Financials ........................................................................................................................................... 17 Sales Projections 2013 - 2016....................................................................................................... 18 Income Statement 2013 .................................................................................................................. 19 Income Statement 2014 .................................................................................................................. 20 Income Statement 2015 .................................................................................................................. 21 Income Statement 2016 .................................................................................................................. 22 Appendix ............................................................................................................................................ 25 Live on line courses ........................................................................................................................ 28 Classes and Schedule .................................................................................................................... 29 Schedule of Courses and Classes 2013.......................................................................................... 29 Live On Line: ............................................................................................................................... 30 On Demand: ................................................................................................................................ 30 Proficiency Courses ..................................................................................................................... 31 Intensive 5 Level English Language Program .............................................................................. 31 Special Classes (ESP)................................................................................................................. 32 High School Diploma Market ........................................................................................................... 34 Outsourcing Support Market ........................................................................................................... 34 Key Leaders (M. Hackley ................................................................................................................ 35
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INTRODUCTION 1.1. Introducing a bright new Idea English Language School operates in San Antonio, Texas. We offer English Language Courses for nonEnglish speaking adults seeking to enter post secondary schools or enter the US workforce. After many years of teaching at the City of San Antonio learning centers, we discovered that if ESL students are to succeed in the academic mainstream, or in higher level workplaces they must be able to do more than identify vocabulary words, hold simple conversations, or find the main idea in a reading passage. Instead, they must be able to use the English language as a tool for acquiring knowledge while engaging in the active analysis and critique of the information presented in English by the instructors. Our solution – create a Content-Based ESL system
combined with a Live-On-Line classroom experience and tutoring to make learning twice as effective and affordable. A natural area of expansion for English Language School is the new High School Diploma division. This division helps us better serve students who want to enter the workplace immediately or enroll in state supported universities. It also benefits the vast number of English speaking high school dropouts in our country. We are much more than just an English language school—we provide learning systems for those who have specific post secondary or professional goals and plans. 1.2. An outstanding difference We make a BIG difference for our students. Most of our students are hard working family people who are looking for chance at the American dream. Many are well educated and have multiple skill sets. However, their low English language proficiency levels and lack of a high school diploma forces them take minimum wage jobs and cope with erratic and irregular work schedules. These factors force them to drop English classes before completing the course and thus remain in their frustrating dilemma. Our new Live On Line English classes eliminate these issues and allows them to watch videos of any missed classes whenever they like as often as necessary. All our classes can be accessed from the student’s home or anywhere else that has an internet connection. Instructors present an actual classroom which students can attend on line. Students are able to interact with the instructors and other students just like sitting in the classroom – the only difference is that they attend from their laptop at home or work. They see the whiteboard; ask questions from the voice over system or text chat. Students also enjoy access to our hands on lab environment 24 hours a day and tutoring that allows the instructor to assist in real time as if they were standing right next to the student. This system makes missing a class less likely because they are recorded for re-play when ever and as often as the student needs. The result—successful students.
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2. The Company 2.1. Company Summary English Language School operates in San Antonio, Texas. We offer Live on Line an On demand courses while engaging in the active analysis and critique of the information presented in English by the instructors. Our solution – create a Content-Based ESL system combined with a Live-On-Line classroom experience and tutoring to make learning twice as effective and affordable. We are much more than just a school—we provide learning systems for those who have specific post secondary or professional goals and plans. 2.2. The Company Mission Our mission is to provide the most effective and efficient English language learning system in the world and become the de facto provider for English Language learning just as Facebook has done in the social media arena. 2.3. Development to Date English Language School began as a business enterprise in 2010 when the owners began teaching a few students from home. At that time clients were former students from the city learning centers seeking to gain better jobs or enter colleges or referees from former students. In early 2012, we executed a ‘soft launch’ to test the viability of the classes and services and to fine tune the on line system before implementing the larger marketing effort. The soft launch included College tutoring and Citizenship classes. This soft launch was quite successful from the pedagogical, technical and financial perspectives. Therefore, for the next several months we continued to develop and refine the Live on Line system and searched for a quality internet classroom platform and system. In October 2012 we secured office space in the North Star Mall area in the Texas Community Bank building. During this period the company began to develop team members and operations in domestic and international portions of the business. We also began development of our On Demand courses for students who need to learn at their own pace and time. In August of 2013 we began international development in Haiti, Colombia and Saudi Arabia. We also have begun development of workplace ESL training modules for a variety of industry sectors. 2.4. Legal Status and Ownership The company is operating as a general partnership and is licensed to do business in the San Antonio, Texas area. M.L. Hackley and Sarah A. Hackley are sole owners. They are in the process of converting to an LLC in the state of Texas to reduce liability and accommodate the needs of investors.
3. Our Courses and Classes 3.1. English Language Proficiency Courses Our 5 level Intensive English Courses are structured systems that enable students to master each proficiency level in 16 weeks. Our students “grow” within the language environment and growth takes proper nurturing and …time. Our aim is to create motivated logical discourse learning vs. strings of unrelated words or sentences or temporary structured discourse. The course system is a blended learning model that incorporates online learning, traditional classroom, online labs, and real world field exercises. Emphasis is on developing a personal career plan and raising English proficiency levels so that students can secure a ‘sustaining wage’ job in the shortest time possible. Each course offers varying combinations of Social (Life Skills) and Academic lessons as well as grammar, speaking, writing and listening skills.
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3.2. English for Special Purposes (ESP) Our specialized English classes are designed to help students prepare for Higher Education, Test Taking, Professional and Business English and Workplace Preparation. We also offer custom Industry and Job specific English classes for a variety of businesses and industries. Specific classes include: Job Search and Workplace English, College Entrance Exam Tutoring, Accent Reduction, Citizenship Test Preparation 3.3. Corporate and Government Workplace Solutions English Language School provides training courses and workshops to help our partners and their employees improve communication between staff, management and clients. We focus on the specific needs of the workplace, including context-specific vocabulary. Classes and seminars for Hotel and Housekeeping, Business, Management & Professional teach client’s staff to confidently speak, ask questions, give information and report emergencies. These industry specific and job specific classes are custom designed for each client and can provide outsourcing Language Solutions to global multinational corporations. 3.4. Teaching methods We offer three methods of learning for all our courses and classes: Personal or Private Lessons.
Live On Line, On Demand and
3.4.1.Live-On-Line courses and classes Live-On-Line classes are regularly scheduled sessions that keep our students motivated and on track to reach their goals. Students are able to interact with the instructors and other students just like sitting in the classroom – the only difference is that they attend from their laptop, I-phone or I-pad. They see the whiteboard; ask questions from the voice over system or text chat. Courses and classes are structured, follow a syllabus and meet at a designated class hours. There are 5 components to the learning system. 3.4.2. On Demand Course Systems These interactive courses and classes are for students who prefer to be self taught or cannot attend regular or structured classes. Students learn from home and at their own pace. This system provides the same components and structure as the Live On Line courses, however, there are no regular classroom meeting with teachers. Students watch custom DVD’s on their computer or TV at home or work and the same personal tutoring benefits are available as the Live On Line courses. 3.4.3.Personal One on One Lessons Our one to one Private classes are tailored to students who need flexible schedules and specialized course pace.
4. Industry Analysis and Trends Throughout the country many immigrants are waiting months or even years to get into government-financed English classes, which are often overcrowded and lack textbooks. A survey by the National Association of Latino Elected and Appointed Officials found that in 12 states, 60 percent of English programs had waiting lists, ranging from a few months in Colorado and Nevada to as long as two years in New Mexico and Massachusetts, where the statewide list has about 16,000 names. Page 8
The United States Department of Education counted 1.2 million adults enrolled in public English programs in 2005 — about 1 in 10 of the 10.3 million foreign-born residents 16 and older who speak English “less than very well,” or not at all, according to census figures from the same year. 4.1. Industry Analysis Of the 7 billion people on the earth today, less than 10% of the world’s population speaks English as their native language. English-English is only the 3rd most commonly spoken language in the world today. But, when it comes to a second language, more people want to learn English than all other languages combined. Estimates indicate that is many as 2 billion people worldwide are either study in English or would like to learn English. That’s because English is recognize as the language of the internet, commerce, medical, and scientific research and many other fields. Learning English opens the door to a better life. The current system uses a ‘one size fits all’ approach built under the assumption that all foreign-born adult learners, regardless of degree of proficiency or prior education need English to meet the language demands of daily life. 4.2. USA Market In the US waiting lists for class space attests to the overwhelming demand for ESL instruction. Some immigrants who want to learn English may have to wait for months or years to get into ESL classes. In large cities across the country, ESL programs frequently have waiting lists for classroom space. Some rural areas have no available classes. Most foreign-born residents live in six states -- California, Florida, Illinois, New Jersey, New York, and Texas -- states that have experience establishing and maintaining programs for adult English language learners. Other states have experienced recent and rapid growth in their immigrant populations. The following states had an increase of more than 125% of foreign-born residents from 1990 to 2000. The market is poised and awaiting a leader to emerge that will provide English language learning that is both affordable and effective. Worldwide markets are opening up in every country; Students want to learn fast and are committed to work hard to meet the task.
5. Ancillary Products and Services 5.1. High School Diploma Courses To gain a competitive edge in the job market….many of my language students and thousands of others in San Antonio are looking for ways to get a High School Diploma as soon as possible. Texas Law, HB 123654, decrees that Home School program courses must be accepted by all Texas State University and colleges. These diplomas are also accepted by 95% of employers Our service is an at-your-own pace course. The GED is an exit strategy test that requires structured in class study and/or book purchases but no actual diploma. We plan to expand to 5 untapped growth markets using the following avenues to multiply the income by 4000 per month. 5.2. Textbooks and Study Guides English Language School is developing its own textbook series to be published with a corresponding audio and video lesson segments. These textbooks are being created for both US and emerging markets and will be sold as standalone learning tools for students who elect to learn individually and independently 5.3. Video Lessons
We are in the process of building an extensive library of video and interactive learning tools. These programs will be produced for use with all our English classroom work and as independent learning tools for our On Demand users.
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6. Target Market Our business model primarily seeks out highly motivated adult professionals and skilled workers who are seeking to re-enter their field here in the US. The target market includes professionals, skilled tradesmen entrepreneurs and college students who have clear and specific goals. 6.1. Local Market (San Antonio and Texas) San Antonio has the most significant foreign immigrant population in Texas (approximately one million). Prospective students come from Mexico, South and Central America and the Middle East. We have been working with students from the Defense Language Institute English Language Center (DLIELC) and University of Texas and Incarnate Word. 6.2. USA Markets There are millions throughout the US who are actively seeking to improve their English language proficiency. We will concentrate on the major markets in Texas (San Antonio, Houston, Austin and Dallas) which contain over 4 million. Our USA expansion plan will extend to Florida (4 Million); East Coast - Washington DC, New York City, and Boston (6 Million); and in the West – Southern California and Arizona (10 Million) 6.3. International Markets On the international scale we will concentrate our efforts on emerging countries. presence in Colombia, Haiti, and Saudi Arabia with plans for Romania and Russia.
We already have a
7. The Competition Worldwide the competition in the ESL world is wide and varied. Institutions, from Major Universities across the nation to government sponsored free learning centers. Additionally, there are a wide variety of computer interactive and audio courses available as well. 7.1. Local Competition San Antonio offers free classes conducted and sponsored by local school districts and offered through various learning centers throughout the city. These are 4 hour a week traditional “closed” classes and are usually limited to two levels of basic lessons. Many students begin at this level and once some proficiency is developed they move on to city colleges or private lessons.
Community colleges offer a 4 subject range (Reading, Listening, Writing, etc.) of English courses to students in traditional classroom format and are charging rates of $365 per course lesson per quarter for 10 hour per week classes. Sadly, even the school officials admit that students are still not prepared to succeed in mainline courses and typically drop out after a few months.
Universities such as University of Texas and Incarnate Word offer extensive English language courses that focus on effectively preparing students for mainline course success. These courses are intensive and cost upwards from $5,000 per year. Students who are having challenges at this level often come to us for tutoring help.
Private schools offer Conversational and social English classes in the traditional classroom setting. Some will come to the student’s home or workplace. The cost for private lessons is usually $60 per hour and group classes are $25 -35 per hour.
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7.2. National Competition Nearly every major community and all our target regions in America have the same programs described in the “Local Competition” section above. To date all offer traditional hourly classroom courses and lessons. A few government run programs offer ‘distance learning’ courses using interactive lessons and limited teacher interaction on line or by phone. 7.3. International Competition International competition includes all the same organizations and procedures offered in the U. S. and a few big players such as English Town and 30+ year old company that operates in manner very similar to ours. They do not however, offer regular Live on Line classroom sessions. English Town earns over $50 Million annually.
8. Marketing Plan English Language School has a three tiered marketing plan designed to reach a worldwide market and become the defacto English language school worldwide. 8.1. Marketing Overview Currently reaches qualifying individual student learners via email and social networking, and direct mail systems to students from their current database. We also draw students from local programs and other language schools by conducting free introductory seminars. Second level growth will come from alliances with post secondary and trade schools. The school also offers industry and job specific training to employers in the restaurant, hospital, construction and hotel industries. The strategic sales plan focuses on scaling the business by marketing to international government and private institutions worldwide. Our strategic plan includes a goal to reach 1000 English language students before year 2 and 4000 by the end of the fourth year. To accomplish these objectives we focus on four specific lucrative market segments. While each of these areas is unique in focus and structure we will be able to customize and modify courses and systems. 8.2. Branding and Positioning
Our strategic marketing plan calls for reaching the qualifying students in the San Antonio Texas area beginning with our current database of over 250 former students and expanding to the use of local print, radio and internet marketing systems.
The second phase of the plan being is worked now for developing relationships with private and trade schools as well as local businesses that currently employ large numbers of non-English speaking workers. For this commercial market we shall focus on industry specific and/or job specific English Language training.
Offering our servicers to foreign embassies and business men. Outsourcing companies with an urgent need to train middle management team members in other countries to communicate effectively with their US counterparts and upper management. 8.3. Sales Team All company personnel are considered to be members of the sales team, from the office staff to the on line teachers. All employees will receive financial bonuses if the company reaches overall sales goals. The specific sales force shall be comprised of three key members: Sales managers General sales representatives Advertising specialists for each venue
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Each commissioned salesman is assigned specific venues and is responsible for filling and maintaining 5 new Live on Line students and 10 new On Demand students per month for each assigned region. The sales teams will work from the field making direct or face-to-face approaches. Most of the follow-up will be done on line using our highly specialized web-video conferencing system. The Vice President and director of sales will oversee, manage and direct the entire process with the sales team and will also develop sales in other cities and regions. 8.4. Scaling – National The sales management team has designed a sales strategy model that can be modified to fit the unique requirements of each city or region. This model includes: A corporate prospect database developed by the home office. Making preliminary sales phone calls and email contacts to the corporate prospects from home office Sales manager setting up a temporary office to (a) make client sales calls and (b) hire a local sales manager to build a team and manage the sales division. 8.5. Scaling – International International locations will employ a similar system used as described in section 8.4, with the addition of creating an internet café/classroom base to benefit students who do not have computers or internet access. We currently have a presence in Colombia, Haiti and Saudi Arabia. Near future plans include Russia and Romania. 8.6. Public Relations A well planned public relations campaign can be far more effective than advertising. Therefore, English Language School will launch a concurrent PR campaign that will issue press releases and news stories to city and local newspapers, Business Journals and television and radio stations in all target cites and venues. Furthermore we have developed a strategic agreement with the Non Profit Organization, The Helping Hands International to provide a limited number of scholarships and grants to deserving students.
9. Operations At the core of the English Language School’s strategic concept are four central systems: Creative Production of Courses and Classes Office Administration - Registration and Records Strategic Sales from a national and international level Technical Support 9.1. Creative Production On Demand Courses, Video Lessons and Learning resources will be produced and developed exclusively for English Language School by GAT Productions in Austin Texas. All course programs, videos, textbooks and other learning materials will be produced in strict accordance to company requirements. The contract with them calls for the production of the following before January 2014.
Creation of text books and artwork for all levels US Audio recording of each lesson for all proficiency levels Produce teaching video lessons for our own copyrighted video library rd Production of 3 world text books with audio lessons
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9.2. Office Administration 9.2.1.Front office Reception, Registration and Records Front office staff will maintain all student registration and customer service both in office and on line. They will also maintain all records for both students and teachers including classroom attendance records and teacher evaluation. 9.2.2.Communications The front office staff will also receive incoming calls and message staff, teachers and students when necessary. They will also create and maintain all student, teacher and sales prospect databases. 9.2.3.Back office Teacher and student administration records for payments, refunds and all other bookkeeping procedures will be maintained by a two person team. This team will also prepare bookkeeping and accounting information to be transferred to the company accounting firm.
10. Key Management 10.1. Key Management Team Miles L. Hackley, CEO, Project Manager brings an array of experience and management skills to the English Language School team. He is experienced in both media and sales and is a capable project developer. Hackley founded English Language School in 2010, after four years of teaching ESL for the city of San Antonio, Texas at the Ferrari Learning Center. Hackley has produced and aired television commercials and built marketing divisions in a variety of enterprises for over four decades. In 1988 Hackley began as President and CEO of Joshua House Communications, an international non-profit radio broadcast systems. During his fifteen year tenure there he developed a studio and radio program production, projects in Moscow, Russia and Kiev, Ukraine. Hackley remains as Chairman of the board of directors for Joshua House Sarah Anne Hackley, President and CFO is a graduate of the Arcadia University International Business School in Philadelphia. Sarah has a keen interest in international business development and has traveled to and/or studied in Romania, Switzerland, France, Haiti and Panama where she has a number of business contacts. She has worked in a variety of business environments since high school and has acquired a special acumen for creating financial strategies and marketing planning. She also serves as Vice President and Coordinator of Development for The Helping Hands International where she is working to build a diverse and sustainable local student funding base for Jehovah Jireh School in Port Au Prince, Haiti. Charles M. Daniel, Technical Director, has over 30 years experience as chef technician in a wide variety of work settings including NASA, High performance vehicle specialist. Mr. Daniel has been a licensed pilot for over 30 years. LeRoy Nienow, Resource Creative Director, is an accomplished writer, producer and director. He has written a wide body of work for over 30 years. Mr. Nienow’s writing and recording experience will greatly benefit the English Language School as direct and produce new video and audio lessons and courses. Vernell Matthews Shiley - Colombia, Edna Juarez Jasso – Mexico, Saad Muthyib – Saudi Arabia and Denel Villere –Haiti are all serving as Development Coordinators in their respective countries. These men and women have set up a base of operations and learning stations to accommodate language school students. They also follow up on corporate prospects. Page 13
10.2. Advisory Board An informal Advisory Board will be formed to provide guidance to the officers and staff. The Advisory Board will meet quarterly and members of the committee are available as resources to the company on an ongoing basis. 10.3. Management Structure The CEO and CFO will be involved in the day-to-day operation of all aspects of the company. They shall direct the administrative and financial aspects of the company and work closely with the administrators and managers to help guide and support activities over which they have responsibility. However, each administrator and manager shall be given a wide degree of decision-making authority in his or her assigned areas.
11. Financial Summary 11.1. Financial Overview The English Language School three-year financials are displayed in Table 1 (Additional Information is found in Appendix A.4). Because of the investment requirements and the need to increase industry awareness during the first part of year 1, the Company may not achieve profitability for 3 to 9 months. However, by the end of the year revenues are expected to approach $224,612. Year 2 revenues are expected to reach $3.8 million with net income of $ 2 million. The Company is seeking $160,000 in financing with a ROI for investors of 50%. English Language School intends to be a long-term business with international prominence, and will achieve this by extending beyond our initial U.S. launch market. Since there are few firms that currently specialize in live on line courses and with tutoring, there is plenty of room for continuous growth
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The most desirable option for exit is a merger or buyout by a large corporation. We believe with strong cash flows and a substantial customer base it will be particularly attractive to potential corporate investors within five years. The possibility also exists for an expansion in two to three years to China. This option would provide additional capital to fund that rollout. 11.2. Funds Required and Their Use English Language School seeks a financial participant to provide $160,000 in financing to implement the company's strategy. Due to the extremely high margins involved in services, the company will realize cash inflow from existing clients. The primary need for capital is to produce the on demand courses, build a sales team, and establish a suitable base of operations 11.3. The Deal Structure The investor has a conversion option with the Convertible Note. The conversion option is designed to allow the investor to convert from a convertible note position to an equity position. The convertible note position pays an interest payment of nine (9%) and at maturity, the convertible note will pay the last interest payment and the entire invested principle will be returned back to each investor or the convertible note may be converted or exchanged into an ownership or equity position in English Language School, LLC. The Company has an option to prepay or call the convertible note anytime within the first 36 months, at the sole discretion of the Company, with a 20% prepayment principle bonus paid to the investor if the Company calls the bonds before maturity plus any accrued interest. The company projects a return on investment of 50% within three years.
11.4. Risk Analysis Although English Language School represents an excellent investment opportunity, there are inherent risks in the development of this online product, including: Student enrollments are lower than expected; Small business commerce is lower than anticipated; Multiple competitors appear overnight; Unmet teacher training and deployment schedules 11.5. Exit Strategy There are three primary means of an exit strategy for investors: Note Conversion: Participants in the Private Placement secured by a convertible note that elect not to exercise conversion provision will exit pursuant to the terms described in the Private Placement Memorandum (PPM) and Note agreements. Merger or Acquisition: For equity investors, including any PPM participants that have exercised their conversion option: Merger or acquisition is a likely scenario. English Language School views this as the most viable harvest strategy for both the founders and the investors if the right opportunity presents itself. English Language School is an attractive acquisition for current big players such as English Town or a potential player who would like access to our dedicated students and customers.
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Financials
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Year 1 Students Colombia Haiti Saudia Arabia Romania USA Book Sales Total Year 2 Students Colombia Haiti Saudia Arabia Romania Russia Egypt USA Book Sales
$675 $675 0 0 $10,283
$11,633
Sales Projections 2013 - 2016
$16,748
$1,519 $1,519 0 0 $13,710
$44,850
$2,194 $2,194 0 0 $37,463 $3,000 $58,898
$2,363 $2,363 0 0 $51,173 $3,000 $82,988
$2,531 $2,531 0 0 $74,925 $3,000 $113,918
$3,375 $3,375 3750 0 $98,918 $4,500 $143,438
$4,050 $4,050 4500 0 $126,338 $4,500
$180,135
$4,725 $4,725 5250 3750 $157,185 $4,500
$206,978
$5,400 $5,400 6000 4500 $181,178 $4,500
$233,820
$6,075 $6,075 6750 5250 $205,170 $4,500
$254,288
$6,750 $6,750 7500 6000 $222,788 $4,500
$1,355,220
39,994 39,994 33,750 19,500 1,185,983 36,000
Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12 Total 20 25 30 60 80 110 145 185 230 265 300 335 $338 $338 0 0 $6,855
$7,530
7,695 $7,695 $25,650 25,650 $5,700 $5,700 411,380 6,750
71,280 71,280 237,600 237,600 35,400 35,400 3,804,900 67,500
Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12 Total 585 560 595 590 635 620 675 670 725 720 775 800
7,493 $7,493 $24,975 24,975 $5,550 $5,550 394,233 6,750
$4,560,960
5,569 $5,569 $18,563 18,563
7,088 $7,088 $23,625 23,625 $5,250 $5,250 356,520 6,750
$496,220
5,063 $5,063 $16,875 16,875
6,480 $6,480 $21,600 21,600 $4,800 $4,800 359,938 6,750
$477,018
4,556 $4,556 $15,188 15,188
6,278 $6,278 $20,925 20,925 $4,650 $4,650 322,225 6,750
$435,195
4,253 $4,253 $14,175 14,175
6,480 $6,480 $21,600 21,600 $4,800 $4,800 325,643 6,750
$432,448
4,050 $4,050 $13,500 13,500
6,278 $6,278 $20,925 20,925 $4,650 $4,650 287,930 4,500
$392,680
298,208 4,500
$398,153
267,355 4,500
$356,135
270,773 4,500
$350,970
246,780 4,500
$315,730
263,918 4,500 $314,760
$303,518 $288,135
73,372 102,006 340,021 340,021 89,596 77,250 49,350 14,805 6,579,450 99,000
Total
$7,124 10,125 $33,750 $33,750 7,500 $7,500 $7,500 2,250 $694,125 $9,750
Month 1 Month 2 Month 3 Month 4 Month 5 Month 6 Month 7 Month 8 Month 9 Month 10 Month 11 Month 12 Total 1,040 980 1,030 1,040 1,120 1,100 1,180 1,160 1,240 1,220 1,300 1,330
$6,981 9,923 $33,075 $33,075 7,350 $7,350 $7,350 2,205 $670,185 $9,750
$7,764,872
$5,699 8,100 $27,000 $27,000 6,000 $6,000
$6,839 9,720 $32,400 $32,400 7,200 $7,200 $7,200 2,160 $610,920 $9,750
$813,374
$4,844 6,885 $22,950 $22,950 5,100 $5,100
$6,696 9,518 $31,725 $31,725 7,050 $7,050 $7,050 2,115 $622,305 $9,750
$787,244
$5,129 7,290 $24,300 $24,300 5,400 $5,400
$6,554 9,315 $31,050 $31,050 6,900 $6,900 $6,900 2,070 $563,040 $9,750
$725,789
$5,414 7,695 $25,650 $25,650 5,700 $5,700
$6,411 9,113 $30,375 $30,375 6,750 $6,750 $6,750 2,025 $574,425 $9,750
$734,984
$5,414 5,414 $18,046 $18,046 18,046 $5,700
$6,269 8,910 $29,700 $29,700 6,600 $6,600 $6,600 1,980 $515,160 $6,750
$673,529
$526,545 $6,750
$682,724
$467,280 $6,750
$618,269
$454,725 $6,750
$613,094
$419,400 $6,750
$541,859
$461,340 $6,750
$538,756 $501,959
$533,294
Year 3 Students Colombia Haiti Saudia Arabia Romania Russia Egypt Brazil Cuba USA Book Sales Total
Income Statement 2013 Income Statement Income Accounts Receivable Domestic Gross Sales International Gross Sales Other Revenue Owners Investment (SSA)
Year 1 (all numbers in $100) 2013 January February March April May June July August Amount Amount Amount Amount Amount Amount Amount Amount 2,190 1,833 3,507 3,964 2,610 0 0 7,855
September October Amount Amount 11,958 16,060
November Amount 41,500
December Amount 56,560
Year to Date Amount
$2,190 $1,548
$1,833 $1,548
$3,507 $1,548
$3,964 $1,548
$2,610 -
$13,710 $1,350 $1,000 $1,548
$37,463 $3,038 $1,000 $1,548
$51,173 $4,388 $1,000 $1,548
$133,586
$3,738
$3,381
$5,055
$5,512
$10,283 $675 $1,000 $1,548 $45,000 $58,506
$17,608
$43,048
$58,108
$224,612
November Amount
December Amount
Year to Date Amount
$3,800 $3,000 $1,200
$3,800 $3,000 $1,200
$9,600
$6,548
$1,548
$1,548
$9,158
$1,548
$1,548
Outside Investment Total Gross Income
Operating Expenses General/Administrative Salaries- Miles
-
-
-
Medicare Operating Expenses
-
-
General and Administrative Costs Teachers/Independent Contractors
$313
$474
Tech Manager Operations Manager Education Mangager Sitting President Front Desk Worker Sales Rep Cost Sales (Field Agents) Total Salaries and Wages SSA
-
-
-
-
-
-
-
-
-
$0
$0
$557
$144
-
Wages Taxed
Total Advertisig Cost Travel Toner Paper Ink Software/Hardware Incorperation Coffee Vonage Phone Time Warner/Internet Office Rent
$9 $18 $52 $769
$9 $18 $52 $769
$9 $18 $52 $769
$9 $18 $52 $769
$9 $18 $52 $769
$9 $18 $52
$9 $18 $52 $769
Hotel Outreach Internet Colombia Internet Haiti Web Pages Cell Phone
$1,000 $1,548 $8,000 $17,403
January February March April May June July August Amount Amount Amount Amount Amount Amount Amount Amount -
Sales Manager
$6,855
$25 $50
$25 $50
$25 $50
$25 $50
Computer Equipment
$25 $50 $905
$25 $50 $250
$25 $50
$600 $2,667 $320 $3,587 $203 $54 $52
$1,200 $3,333 $320 $7,353 $417 $110 $107
$1,200 $4,000 $320 $10,020 $568 $150 $145
$1,200 $8,000 $320 $17,520 $994 $263 $254
$3,896 $1,120 $137 $300 $200 $25 $35 $3,450 $450 $25 $28 $150 $768 $260 $54 $50 $38 $100
$7,987 $1,400 $137 $1,000
$10,884 $1,680 $137 $1,000
$19,031 $3,360 $137 $3,000
$27,684 $4,480 $137 $2,000
$25 $35 $350 $0 $25 $28 $150 $768 $260 $54 $50 $38 $100
$25 $35 $0 $0 $25 $28 $150 $768 $260 $54 $50 $38 $100
$25 $35 $250 $0 $25 $28 $150 $768 $260 $54 $50 $38 $100
$25 $35 $0 $0 $25 $28 $150 $768 $260 $54 $50 $38 $100
Food Bank Fees and Overdraft Fees Restaurants Video /DVD Service Reatail Dry Cleaning Withdrawls Auto Maintainance Other Payments Colombia Payment Total General/Administrative expenses Total operating expenses Total Expenses Net income before taxes
$84 $68 $84 $20 $119 $17 $154 $0 $120 $0 $120 -
$132 $0 $13 $159 $193 $17 $36 $5 $20 $0 $259 -
$46 $84 $39 $152 $90 $17 $111 $0 $173 $130 $380 -
$0 $0 $12 $204 $90 $17 $9 $0 $513 $0 $331 -
$383 $313 $56 $37 $227 $17 $533 $0 $2,655 $0 $251 -
$381 $0 $60 $58 $222 $17 $155 $10 $20 $131 $415 -
$45 $0 $0 $125
Net Income (Loss)
$69,483
$5,700 $28,667 $1,600 $63,967 $3,629 $960 $928
$12,040 $687 $8,788 $125 $175 $4,050 $450 $188 $266 $1,114 $8,455 $1,300 $270 $250 $365 $850
$2,021 $2,021 $1,717
$2,231 $2,231 $1,150
$2,145 $2,145 $2,910
$2,098 $2,098 $3,414
$6,859 $6,859 $2,299
$1,717 $1,717
$1,150 $1,150
$2,910 $2,910
$3,414 $3,414
$2,299 $2,299
$2,500
$2,500
$2,500
$10,000 $1,500
$0 $20
$400
$20
$20
$45 $3,000 $0
$45 $0
$350 $45 $0
$0 $80 $17 $40
$0 $80 $17 $40
$0 $80 $17 $40
$80 $20 $350
$45
$45
$0
$0
$0 $80 $17
$0 $80 $17
-
$40
$40
$150
$150
$150
$150
$150
$750
$2,018 $2,018 ($470)
$1,110 $1,110 $438
$3,896 $7,823 $11,719 $5,684
$438 $438
$5,684 $5,684
$10,884 $10,203 $8,385 $9,223 $3,228 $5,995 $5,995
$19,031 $11,133 $30,163 $12,885 $4,510 $8,375 $8,375
$27,684 $11,353 $39,037 $19,071 $6,675 $12,396 $12,396
$69,483
($470) ($470)
$7,987 $9,193 $17,180 $41,325 $14,464 $26,862 $26,862
$17
Page 19
$1,295 $3,000 $464 $263 $755 $1,343 $208 $998 $215 $3,500 $261 $1,756
Taxes on income Net income after taxes
$5,000
$200
$2,500 $1,500 $400 $20 $20
GAT Phone
Petrol
$3,400
$1,155
GAT Incorperation
Video Production Euipment
$10,000
$0
$5,000 $1,500 $10,667 $320 $25,487 $1,446 $382 $370
Web Page Updating
Other Office Supplies
$2,000 $2,000 $500
$0
GAT Productions
Computer Maintaince
$23,576
$300
Furniture/Printers
GAT Address
$5,000 $53,000
September October Amount Amount
$2,000 $500
$9,450
$68,186 $124,967 $99,645 $28,876 $70,769 $70,769
Income Statement 2014 Income Statement Income Accounts Receivable Domestic Gross Sales International Gross Sales Other Revenue Owners Investment (SSA)
Year 2 2014 January Amount 300,018
February Amount 284,635
March Amount 311,260
April Amount 312,230
May Amount 347,470
June Amount 352,635
July Amount 392,403
August Amount 386,930
September October Amount Amount 426,698 429,445
November December Amount Amount 471,268 490,470
Year to Date Amount
$263,918 $35,100 $1,000 $1,548
$246,780 $36,855 $1,000 $1,548
$270,773 $39,488 $1,000 $1,548
$267,355 $43,875 $1,000 $1,548
$298,208 $48,263 $1,000 $1,548
$287,930 $63,705 $1,000 $1,548
$325,643 $65,760 $1,000 $1,548
$322,225 $63,705 $1,000 $1,548
$359,938 $65,760 $1,000 $1,548
$356,520 $71,925 $1,000 $1,548
$394,233 $76,035 $1,000 $1,548
$411,380 $78,090 $1,000 $1,548
$3,804,900
$301,566
$286,183
$312,808
$313,778
$349,018
$354,183
$393,951
$388,478
$428,246
$430,993
$472,816
$492,018
January Amount
February Amount
March Amount
April Amount
May Amount
June Amount
July Amount
August Amount
September October Amount Amount
November December Amount Amount
$5,000 $4,000 $4,000 $5,000 $1,000 $14,667 $960 $34,627 $1,964 $519 $502
$5,000 $4,000 $4,000 $4,000
$5,000 $4,000 $4,000 $4,000
$5,000 $4,000 $4,000 $4,000
$5,000 $4,000 $4,000 $4,000
$5,000 $4,000 $4,000 $4,000
$5,000 $4,000 $4,000 $4,000
$5,000 $1,000 $24,667 $960 $48,627 $2,759 $729 $705
$5,000 $1,000 $30,667 $960 $54,627 $3,099 $819 $792
$5,000 $1,000 $35,333 $960 $59,293 $3,364 $889 $860
$5,000 $1,000 $40,000 $960 $63,960 $3,628 $959 $927
$5,000 $1,000 $44,667 $960 $68,627 $3,893 $1,029 $995
$7,000 $4,000 $4,000 $4,000 $4,000 $5,000 $1,000 $74,667 $1,920 $105,587 $5,990 $1,584 $1,531
$7,000 $4,000 $4,000 $4,000 $4,000 $5,000 $1,000 $79,333 $1,920 $110,253 $6,255 $1,654 $1,599
$7,000 $4,000 $4,000 $4,000 $4,000 $5,000 $1,000 $78,667 $1,920 $109,587 $6,217 $1,644 $1,589
$7,000 $4,000 $4,000 $4,000 $4,000 $5,000 $1,000 $84,667 $1,920 $115,587 $6,557 $1,734 $1,676
$70,000
$5,000 $1,000 $19,333 $960 $43,293 $2,456 $649 $628
$7,000 $4,000 $4,000 $4,000 $4,000 $5,000 $1,000 $78,000 $1,920 $108,920 $6,179 $1,634 $1,579
$37,613 $6,160 $450 $2,000
$47,027 $8,120 $450
$52,820 $10,360 $450
$59,337 $12,880 $450
$64,406 $14,840 $450
$69,475 $16,800 $450
$74,544 $18,760 $900
$114,691 $31,360 $900 $2,000
$119,760 $33,320 $900 $2,000
$119,036 $33,040 $900 $2,000
$125,554 $35,560 $900 $2,000
$1,002,576
$25 $35 $300 $0 $25 $18 $100 $768 $260 $35 $50 $38 $100
$25 $35 $0 $0 $25 $18 $100 $768 $0 $35 $50 $38 $100 $1,200
$118,312 $32,760 $900 $2,000 $200 $50 $70 $0 $0 $25 $18 $100 $768 $260 $35 $50 $38 $100
$50 $70 $0 $0 $25 $18 $100 $768 $260 $35 $0 $38 $100 $1,200
$50 $70 $0 $0 $25 $18 $100 $768 $260 $35
$50 $70 $0 $0 $25 $18 $100 $768 $260 $35
$50 $70 $0 $0 $25 $18 $100 $768 $260 $35
$38 $100
$38 $100
$38 $100
Outside Investment Total Gross Income
Operating Expenses General/Administrative Salaries- Miles Sales Manager Tech Manager Operations Manager Education Mangager Sitting President Front Desk Worker Sales Rep Cost Sales (Field Agents) Total Salaries and Wages SSA Wages Taxed Medicare Operating Expenses General and Administrative Costs Teachers/Independent Contractors Total Advertisig Cost Travel
Ink Software/Hardware Incorperation Coffee Vonage Phone Time Warner/Internet Office Rent Hotel Outreach Internet Colombia Internet Haiti Web Pages Cell Phone Computer Equipment
$25 $35 $0 $0 $25 $18 $100 $768 $0 $35 $50 $38 $100
$25 $35 $0 $0 $25 $18 $100 $768 $0 $35 $50 $38 $100
$25 $35 $0 $0 $25 $18 $100 $768 $0 $35 $50 $38 $100
$25 $35 $0 $0 $25 $18 $100 $768 $0 $35 $50 $38 $100
$25 $35 $0 $0 $25 $18 $100 $768 $0 $35 $50 $38 $100
$7,500
GAT Productions
Other Office Supplies Video Production Euipment
$7,500
Video /DVD Service
$20,000 $60,000 $12,000 $604,667 $16,320 $922,987 $52,361 $13,845 $13,383
$253,960 $8,100 $12,000 $425 $595 $300 $0 $300 $216 $1,200 $9,216 $1,560 $420 $456 $1,200
$3,000 $0
$20 $45 -
$20
$45 -
$25
$20
$20
$20
$20
$20
$45 -
$45 -
$350 $45 -
$45 -
$45 -
$25
$25
$25
$25
$25
$80 $17
$80 $17
$80 $17
$80 $17
$80 $17
$40
$40
$40
$40
$40
$20
$20
$20
$20
$20
$45 $0
$45 -
$350 $45 -
$45 -
$45 -
$25
$25
$25
$25
$25
$25
$80 $17
$80 $17
$80 $17
$80 $17
$80 $17
$80 $17
$80 $17
$40
$40
$40
$40
$40
$40
$40
$240 $0 $700 $540 $0 $0 $300 $0 $960 $208 $0
Reatail Dry Cleaning
$44,000
$15,000
$1,500
Bank Fees and Overdraft Fees Restaurants
$48,000
$2,400
Petrol Food
$48,000
$400
GAT Incorperation
Computer Maintaince
$4,524,036
$200
$1,500
Web Page Updating
GAT Address
$18,576
$400
Furniture/Printers
GAT Phone
$12,000 $0
Toner Paper
$688,560
$480
Withdrawls
$0
Auto Maintainance
$0 $0
Other Payments Colombia Payment
-
Total General/Administrative expenses
$37,613 $10,591 $48,204 $253,362 $88,677 $164,685 $164,685
Total operating expenses Total Expenses Net income before taxes Taxes on income Net income after taxes Net Income (Loss)
$0
$47,027 $18,691 $65,718 $220,465 $77,163 $143,302 $143,302
$52,820 $13,731 $66,551 $246,257 $86,190 $160,067 $160,067
$59,337 $14,751 $74,088 $239,690 $83,891 $155,798 $155,798
$64,406 $17,061 $81,467 $267,551 $93,643 $173,908 $173,908
$69,475 $18,671 $88,147 $266,036 $93,113 $172,924 $172,924
Page 20
$74,544 $21,481 $96,026 $297,925 $104,274 $193,651 $193,651
$118,312 $37,601 $155,913 $232,565 $81,398 $151,167 $151,167
$114,691 $44,651 $159,343 $268,903 $94,116 $174,787 $174,787
$119,760 $39,761 $159,522 $271,471 $95,015 $176,456 $176,456
$119,036 $37,631 $156,668 $316,148 $110,652 $205,496 $205,496
$125,554 $40,151 $165,705 $326,313 $114,210 $212,103 $212,103
$1,002,576 $314,776 $1,317,351 $3,206,685 $1,122,340 $2,084,345 $2,084,345
Income Statement 2015 Income Statement Income Accounts Receivable Domestic Gross Sales International Gross Sales Other Revenue Owners Investment (SSA)
Year 3 2015 January Amount 533,006
February Amount 496,209
March Amount 527,544
April Amount 536,109
May Amount 607,344
June Amount 612,519
July Amount 673,974
August Amount 664,779
September October Amount Amount 726,234 717,039
November December Amount Amount 778,494 804,624
Year to Date Amount
$461,340 $70,666 $1,000 $1,548
$419,400 $75,809 $1,000 $1,548
$454,725 $71,819 $1,000 $1,548
$467,280 $67,829 $1,000 $1,548
$526,545 $79,799 $1,000 $1,548
$515,160 $96,359 $1,000 $1,548
$574,425 $98,549 $1,000 $1,548
$563,040 $100,739 $1,000 $1,548
$622,305 $102,929 $1,000 $1,548
$610,920 $105,119 $1,000 $1,548
$670,185 $107,309 $1,000 $1,548
$694,125 $109,499 $1,000 $1,548
$6,579,450
$534,554
$497,757
$529,092
$537,657
$608,892
$614,067
$675,522
$666,327
$727,782
$718,587
$780,042
$806,172
January Amount
February Amount
March Amount
April Amount
May Amount
June Amount
July Amount
August Amount
September October Amount Amount
November December Amount Amount
$7,000 $4,000 $4,000 $4,000 $4,000 $5,000 $1,000 $82,667 $1,920 $113,587 $6,444 $1,704 $1,647
$7,000 $4,000 $4,000 $4,000 $4,000 $5,000 $1,000 $90,000 $1,920 $120,920 $6,860 $1,814 $1,753
$7,000 $4,000 $4,000 $4,000 $4,000 $5,000 $1,000 $89,333 $1,920 $120,253 $6,822 $1,804 $1,744
$7,000 $4,000 $4,000 $4,000 $4,000 $5,000 $1,000 $96,667 $1,920 $127,587 $7,238 $1,914 $1,850
$7,000 $4,000 $4,000 $4,000 $4,000 $5,000 $1,000 $96,000 $1,920 $126,920 $7,200 $1,904 $1,840
$7,000 $4,000 $4,000 $4,000 $4,000 $5,000 $1,000 $103,333 $1,920 $134,253 $7,616 $2,014 $1,947
$7,000 $4,000 $4,000 $4,000 $4,000 $5,000 $1,000 $106,667 $1,920 $137,587 $7,805 $2,064 $1,995
$7,000 $4,000 $4,000 $4,000 $4,000 $5,000 $1,000 $138,667 $1,920 $169,587 $9,621 $2,544 $2,459
$7,000 $4,000 $4,000 $4,000 $4,000 $5,000 $1,000 $130,667 $1,920 $161,587 $9,167 $2,424 $2,343
$7,000 $4,000 $4,000 $4,000 $4,000 $5,000 $1,000 $137,333 $1,920 $168,253 $9,545 $2,524 $2,440
$7,000 $4,000 $4,000 $4,000 $4,000 $5,000 $1,000 $138,667 $1,920 $169,587 $9,621 $2,544 $2,459
$7,000 $4,000 $4,000 $4,000 $4,000 $5,000 $1,000 $149,333 $1,920 $180,253 $10,226 $2,704 $2,614
$84,000
$123,381 $25 $1,000 $2,000
$131,347 $37,800 $1,000
$130,623 $37,520 $1,000
$138,588 $40,600 $1,000
$137,864 $40,320 $1,000
$145,830 $43,400 $1,000
$149,451 $44,800 $1,000
$184,210 $58,240 $1,000 $2,000
$175,520 $54,880 $1,000 $2,000
$182,762 $57,680 $1,000 $2,000
$184,210 $58,240 $1,000 $2,000
$195,797 $62,720 $1,000 $2,000
$1,879,583
$50 $70 $300 $0 $25 $18 $100 $768 $260 $35
$50 $70 $0 $0 $25 $18 $100 $768
$50 $70 $0 $0 $25 $18 $100 $768
$50 $70 $0 $0 $25 $18 $100 $768
$200 $50 $70 $0 $0 $25 $18 $100 $768
$50 $70 $0 $0 $25 $18 $100 $768
$50 $70 $0 $0 $25 $18 $100 $768
$35
$35
$35
$35
$35
$35
$100 $140 $0 $0 $25 $18 $100 $768 $260 $35
$100 $140 $0 $0 $25 $18 $100 $768 $260 $35
$100 $140 $0 $0 $25 $18 $100 $768 $260 $35
$100 $140 $0 $0 $25 $18 $100 $768 $260 $35
$100 $140 $0 $0 $25 $18 $100 $768 $260 $35
$38 $100
$38 $100
$38 $100
$38 $100 $1,200
$38 $100
$38 $100
$38 $100
$38 $100
$38 $100
$38 $100
$38 $100 $1,200
$38 $100
Outside Investment Total Gross Income
Operating Expenses General/Administrative Salaries- Miles Sales Manager Tech Manager Operations Manager Education Mangager Sitting President Front Desk Worker Sales Rep Cost Sales (Field Agents) Total Salaries and Wages SSA Wages Taxed Medicare Operating Expenses General and Administrative Costs Teachers/Independent Contractors Total Advertisig Cost Travel
Ink Software/Hardware Incorperation Coffee Vonage Phone Time Warner/Internet Office Rent Hotel Outreach Internet Colombia
Cell Phone
$0
Furniture/Printers
Video Production Euipment
Video /DVD Service
$20
$20
$20
$20
$45 -
$350 $45 -
$45 -
$45 -
$25
$25
$25
$25
$80 $17
$80 $17
$80 $17
$40
$40
$40
$20
$20
$20
$20
$20
$20
$20
$45 -
$45 -
$350 $45 -
$12,000 $1,359,333 $23,040 $1,730,373 $98,164 $25,956 $25,090
$536,225 $12,000 $12,000 $850 $1,190 $300 $0 $300 $216 $1,200 $9,216 $1,560 $420 $456 $1,200
$45 -
$45 -
$45 -
$45 -
$25
$25
$25
$25
$25
$25
$25
$25
$80 $17
$80 $17
$80 $17
$80 $17
$80 $17
$80 $17
$80 $17
$80 $17
$80 $17
$40
$40
$40
$40
$40
$40
$40
$40
$40
$240 $0 $700 $540 $0 $0 $300 $0 $960 $208 $0
Reatail Dry Cleaning
$60,000
$0
$20 $45 -
Bank Fees and Overdraft Fees Restaurants
$48,000
$3,000
Petrol Food
$48,000
$15,000
$1,500
GAT Incorperation
Other Office Supplies
$48,000
$2,400
$7,500 $1,500
Web Page Updating
Computer Maintaince
$48,000
$400
$7,500
GAT Productions
GAT Address
$7,696,448
$0
Computer Equipment
GAT Phone
$18,576
$200
Internet Haiti Web Pages
$12,000 $0
Toner Paper
$1,086,422
$480
Withdrawls
$0
Auto Maintainance
$0 $0
Other Payments Colombia Payment
-
Total General/Administrative expenses
$123,381 $5,016 $128,397 $406,157 $142,155 $264,002 $264,002
Total operating expenses Total Expenses Net income before taxes Taxes on income Net income after taxes Net Income (Loss)
$0
$131,347 $47,731 $179,078 $318,679 $111,538 $207,141 $207,141
$130,623 $40,301 $170,924 $358,168 $125,359 $232,809 $232,809
$138,588 $45,731 $184,320 $353,337 $123,668 $229,669 $229,669
$137,864 $42,951 $180,816 $428,076 $149,827 $278,250 $278,250
$145,830 $45,831 $191,661 $422,405 $147,842 $274,563 $274,563
Page 21
$149,451 $47,231 $196,682 $478,840 $167,594 $311,246 $311,246
$184,210 $63,401 $247,611 $418,715 $146,550 $272,165 $272,165
$175,520 $67,191 $242,712 $485,070 $169,775 $315,296 $315,296
$182,762 $62,891 $245,653 $472,933 $165,527 $307,407 $307,407
$184,210 $65,751 $249,961 $530,080 $185,528 $344,552 $344,552
$195,797 $67,531 $263,328 $542,844 $189,995 $352,848 $352,848
$1,879,583 $601,560 $2,481,144 $5,215,304 $1,825,356 $3,389,948 $3,389,948
Income Statement 2016 Income Statement Income Accounts Receivable Domestic Gross Sales International Gross Sales Other Revenue Owners Investment (SSA)
Year 4 2016 January Amount 857,165
February Amount 936,520
March Amount 1,015,915
April Amount 1,189,250
May Amount 1,292,665
June Amount 1,420,120
July Amount 1,525,115
August Amount 1,630,150
September Amount 1,735,225
October Amount 1,840,340
November Amount 1,945,495
December Amount 2,050,690
Year to Date Amount
$715,165 $141,000 $1,000 $1,548
$780,420 $155,100 $1,000 $1,548
$845,715 $169,200 $1,000 $1,548
$990,850 $197,400 $1,000 $1,548
$1,080,165 $211,500 $1,000 $1,548
$1,169,520 $249,600 $1,000 $1,548
$1,258,915 $265,200 $1,000 $1,548
$1,348,350 $280,800 $1,000 $1,548
$1,437,825 $296,400 $1,000 $1,548
$1,527,340 $312,000 $1,000 $1,548
$1,616,895 $327,600 $1,000 $1,548
$1,706,490 $343,200 $1,000 $1,548
$14,477,650
$858,713
$938,068
$1,017,463
$1,190,798
$1,294,213
$1,421,668
$1,526,663
$1,631,698
$1,736,773
$1,841,888
$1,947,043
$2,052,238
January Amount
February Amount
March Amount
April Amount
May Amount
June Amount
July Amount
August Amount
September Amount
October Amount
November Amount
December Amount
$7,000 $4,000 $4,000 $4,000 $4,000 $5,000 $1,000 $146,667 $1,920 $177,587 $10,074 $2,664 $2,575
$7,000 $4,000 $4,000 $4,000 $4,000 $5,000 $1,000 $157,333 $1,920 $188,253 $10,680 $2,824 $2,730
$7,000 $4,000 $4,000 $4,000 $4,000 $5,000 $1,000 $154,667 $1,920 $185,587 $10,528 $2,784 $2,691
$7,000 $4,000 $4,000 $4,000 $4,000 $5,000 $1,000 $165,333 $1,920 $196,253 $11,133 $2,944 $2,846
$7,000 $4,000 $4,000 $4,000 $4,000 $5,000 $1,000 $162,667 $1,920 $193,587 $10,982 $2,904 $2,807
$7,000 $4,000 $4,000 $4,000 $4,000 $5,000 $1,000 $173,333 $1,920 $204,253 $11,587 $3,064 $2,962
$7,000 $4,000 $4,000 $4,000 $4,000 $5,000 $1,000 $177,333 $1,920 $208,253 $11,814 $3,124 $3,020
$7,000 $4,000 $4,000 $4,000 $4,000 $5,000 $1,000 $198,667 $3,840 $231,507 $13,133 $3,473 $3,357
$7,000 $4,000 $4,000 $4,000 $4,000 $5,000 $1,000 $210,667 $3,840 $243,507 $13,814 $3,653 $3,531
$7,000 $4,000 $4,000 $4,000 $4,000 $5,000 $1,000 $222,667 $3,840 $255,507 $14,495 $3,833 $3,705
$7,000 $4,000 $4,000 $4,000 $4,000 $5,000 $1,000 $253,333 $3,840 $286,173 $16,235 $4,293 $4,150
$7,000 $4,000 $4,000 $4,000 $4,000 $5,000 $1,000 $270,667 $3,840 $303,507 $17,218 $4,553 $4,401
$84,000
$192,900 $61,600 $2,000
$204,486 $66,080
$201,590 $64,960
$213,176 $69,440
$210,280 $68,320
$221,866 $72,800
$226,211 $74,480
$251,469 $83,440 $2,000
$264,504 $88,480 $2,000
$277,539 $93,520 $2,000
$329,678 $113,680 $2,000
$2,711,650
$150 $160 $0 $0 $25 $18 $100 $768 $260 $35
$150 $160 $0 $0 $25 $18 $100 $768 $260 $35
$310,850 $106,400 $2,000 $200 $150 $160 $0 $0 $25 $18 $100 $768 $260 $35
$38 $100
$38 $100
$38 $100
$38 $100
Outside Investment Total Gross Income
Operating Expenses General/Administrative Salaries- Miles Sales Manager Tech Manager Operations Manager Education Mangager Sitting President Front Desk Worker Sales Rep Cost Sales (Field Agents) Total Salaries and Wages SSA Wages Taxed Medicare Operating Expenses General and Administrative Costs Teachers/Independent Contractors Total Advertisig Cost
Paper Ink Software/Hardware Incorperation Coffee Vonage Phone Time Warner/Internet Office Rent Hotel Outreach
$100 $140 $0 $300 $25 $18 $100 $768 $260 $35
$200 $100 $140 $0 $0 $25 $18 $100 $768
$100 $140 $0 $0 $25 $18 $100 $768
$100 $140 $0 $0 $25 $18 $100 $768
$100 $140 $0 $0 $25 $18 $100 $768
$100 $140 $0 $0 $25 $18 $100 $768
$100 $140 $0 $0 $25 $18 $100 $768
$35
$35
$35
$35
$35
$35
$150 $160 $0 $0 $25 $18 $100 $768 $260 $35
Web Pages
$18,576
$38 $100
$38 $100
$38 $100
$38 $100
$38 $100 $1,200
$38 $100
$38 $100
$17,457,226
$48,000 $48,000 $48,000 $48,000 $60,000 $12,000 $2,293,333 $32,640 $2,673,973 $151,695 $40,110 $38,773
$901,600 $10,000 $400
$150 $160 $0 $0 $25 $18 $100 $768 $260 $35
$1,350 $1,640 $0 $0 $275 $198 $1,100 $8,448 $1,300 $385 $0
Internet Colombia Internet Haiti
$12,000 $0
Travel Toner
$2,949,000
$38 $100
Cell Phone
$1,100 $1,200
$7,500
Computer Equipment
$418
$7,500
$15,000
Furniture/Printers
$1,500
GAT Productions
$1,500
GAT Incorperation
$20
$20
$20
$20
$20
$20
$20
$20
$45 -
$45 -
$20
$20
$20
$20
$45 -
$45 -
$350 $300 $45 -
Computer Maintaince Other Office Supplies
$45 -
Video Production Euipment
$350 $300 $45 -
$45 -
$45 -
$45 -
$45 -
$350 $300 $45 -
$50
$50
$50
$50
$50
$50
$50
$50
$50
$50
$50
$50
$80 $17
$80 $17
$80 $17
$80 $17
$80 $17
$80 $17
$80 $17
$80 $17
$80 $17
$80 $17
$80 $17
$80 $17
$40
$40
$40
$40
$40
$40
$40
$40
$40
$40
$40
$40
$700 $600
Video /DVD Service
$550 $880 $190 $0
Reatail Dry Cleaning
$0
$0
Bank Fees and Overdraft Fees Restaurants
$495 $0
Petrol Food
$220 $0
GAT Phone GAT Address
$3,000 $0
Web Page Updating
$440
Withdrawls
$0
Auto Maintainance
$0
Other Payments
$0
Colombia Payment
$0
Total General/Administrative expenses $192,900 Total operating expenses Total Expenses Net income before taxes Taxes on income Net income after taxes Net Income (Loss)
$66,386 $259,286 $599,427 $209,799 $389,627 $389,627
$204,486 $75,356 $279,843 $658,225 $230,379 $427,846 $427,846
$201,590 $66,536 $268,126 $749,337 $262,268 $487,069 $487,069
$213,176 $71,016 $284,193 $906,605 $317,312 $589,294 $589,294
$210,280 $71,396 $281,676 $1,012,537 $354,388 $658,149 $658,149
$221,866 $76,226 $298,092 $1,123,576 $393,251 $730,324 $730,324
Page 22
$226,211 $76,056 $302,267 $1,224,396 $428,538 $795,857 $795,857
$251,469 $87,346 $338,816 $1,292,882 $452,509 $840,373 $840,373
$264,504 $99,886 $364,391 $1,372,382 $480,334 $892,049 $892,049
$277,539 $97,426 $374,965 $1,466,923 $513,423 $953,500 $953,500
$310,850 $111,156 $422,006 $1,525,037 $533,763 $991,274 $991,274
$329,678 $119,086 $448,764 $1,603,474 $561,216 $1,042,258 $1,042,258
$2,711,650 $951,489 $3,663,139 $12,935,374 $4,527,381 $8,407,993 $8,407,993
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Page 24
Appendix
Page 25
Page 26
Page 27
Click the file below to see presentation describing all our courses and classes
Live on line courses
Page 28
Schedule of Courses and Classes 2013 DAYS
Room #
Accent Reduction
CLASS NAME
START 9:00 AM
10:00 AM M Hackley
END
TEACHER
Fri - Sat
1
OPEN OPEN
9:00 AM 9:00 AM
10:00 AM Staff 10:00 AM Staff
Fri - Sat Fri - Sat
2 2
OPEN
9:00 AM
10:00 AM Staff
Fri - Sat
3
OPEN
9:00 AM
10:00 AM Staff
Fri - Sat
3
Business
12:00 AM
10:00 AM M Hackley
Fri - Sat
1
0 English - Basic Skills 0 English - Basic Skills
12:00 AM 12:00 AM
1:00 AM Acosta 1:00 AM Staff
Mon-Thur Mon-Thur
SAR ALL
1 2
OPEN 1 English - Elementary
12:00 AM 1:30 AM
1:00 AM Staff 2:30 AM Staff
Mon-Thur Mon-Thur
SAR
3 1
2 English - Limited Working
1:30 AM
2:30 AM Staff
Mon-Thur
ALL
2
2 English - Limited Working
1:30 AM
2:30 AM M. Hackley
Mon-Thur
ALL
3
1 English - Elementary
3:00 AM
4:00 AM Staff
Mon-Thur
ROM
1
2 English - Limited Working OPEN
3:00 AM 3:00 AM
4:00 AM M. Hackley 4:00 AM Staff
Mon-Thur Mon-Thur
ALL ALL
2 3
3 English - Professional Working OPEN
4:30 AM 4:30 AM
5:30 AM Staff 5:30 AM Staff
Mon-Thur Mon-Thur
ALL ALL
1 2
OPEN
4:30 AM
5:30 AM Staff
Mon-Thur
ALL
3
1 English - Elementary
8:00 AM
9:00 AM M. Hackley
Mon-Thur
All
1
0 English - Basic Skills
8:00 AM
9:00 AM Jasso
Mon-Thur
All
2
OPEN
8:00 AM
9:00 AM Staff
Mon-Thur
All
3
2 English - Limited Working
9:30 AM
10:30 AM M. Hackley
Mon-Thur
All
1
2 English - Limited Working
9:30 AM
10:30 AM Acosta
Mon-Thur
All
2
All All
3 1
3 English - Professional Working 3 English - Professional Working 4 English - Full Professional
9:30 AM 11:00 AM
10:30 AM Staff 12:00 PM M. Hackley
Mon-Thur Mon-Thur
11:00 AM
12:00 PM Acosta
Mon-Thur
All
2
0 English - Basic Skills
11:00 AM
12:00 PM Franklin
Mon-Thur
COL
3
M A IN T E N A N C E 0 English - Basic Skills
12:00 PM 12:30 PM
1:30 PM Staff
Mon-Thur Mon-Thur
ALL
1
OPEN
12:30 PM
1:30 PM Staff
Mon-Thur
ALL
2
OPEN
12:30 PM
1:30 PM Staff
Mon-Thur
ALL
3
0 English - Basic Skills
2:00 PM
3::00 PM M. Hackley
Mon-Thur
All
1
0 English - Basic Skills OPEN
2:00 PM 2:00 PM
3::00 PM Franklin 3::00 PM Staff
Mon-Thur Mon-Thur
COL All
2 3
0 English - Basic Skills
3:30 PM
4:30 PM Jasso
Mon-Thur
All
1
2 English - Limited Working OPEN
3:30 PM 3:30 PM
4:30 PM Acosta 4:30 PM Staff
Mon-Thur Mon-Thur
All All
2 3
1 English - Elementary OPEN
5:00 PM 5:00 PM
6:00 PM S. Hackley 6:00 PM Staff
Mon-Thur Mon-Thur
HAI All
1 2
OPEN 4 English - Full Professional
5:00 PM 6:30 PM
6:00 PM Staff 7:30 PM M Hackley
Mon-Thur Mon-Thur
All All
3 1
1 English - Elementary
6:30 PM
7:30 PM Franklin
Mon-Thur
COL
2
1 English - Elementary 2 English - Limited Working
6:30 PM 8:00 PM
7:30 PM Wilson 9:00 PM Acosta
Mon-Thur Mon-Thur
All All
3 1
OPEN OPEN
8:00 PM 8:00 PM
9:00 PM Staff 9:00 PM Staff
Mon-Thur Mon-Thur
All All
2 3
2 English - Limited Working
9:30 PM
10:30 PM Wilson
Mon-Thur
All
1
OPEN OPEN
9:30 PM 9:30 PM
10:30 PM Staff 10:30 PM Staff
Mon-Thur Mon-Thur
All All
2 3
M A IN T E N A N C E
11:00 PM
Mon-Thur
Classes and Schedule
Page 29
Texas 12:00 AM 1:00 AM 2:00 AM 3:00 AM 4:00 AM 5:00 AM 6:00 AM 7:00 AM 8:00 AM 9:00 AM 10:00 AM 11:00 AM 12:00 PM 1:00 PM 2:00 PM 3:00 PM 4:00 PM 5:00 PM 6:00 PM 7:00 PM 8:00 PM 9:00 PM 10:00 PM 11:00 PM
Haiti 1:00 AM 2:00 AM 3:00 AM 4:00 AM 5:00 AM 6:00 AM 7:00 AM 8:00 AM 9:00 AM 10:00 AM 11:00 AM 12:00 PM 1:00 PM 2:00 PM 3:00 PM 4:00 PM 5:00 PM 6:00 PM 7:00 PM 8:00 PM 9:00 PM 10:00 PM 11:00 PM 12:00 AM
Riyadh 8:00 AM 9:00 AM 10:00 AM 11:00 AM 12:00 PM 1:00 PM 2:00 PM 3:00 PM 4:00 PM 5:00 PM 6:00 PM 7:00 PM 8:00 PM 9:00 PM 10:00 PM 11:00 PM 12:00 AM 1:00 AM 2:00 AM 3:00 AM 4:00 AM 5:00 AM 6:00 AM 7:00 AM
Romania 5:00 PM 6:00 PM 7:00 PM 8:00 PM 9:00 PM 10:00 PM 11:00 PM 12:00 AM 1:00 AM 2:00 AM 3:00 AM 4:00 AM 5:00 AM 6:00 AM 7:00 AM 8:00 AM 9:00 AM 10:00 AM 11:00 AM 12:00 PM 1:00 PM 2:00 PM 3:00 PM 4:00 PM
For the complete 24 hour list of classes click here.
[Type the document title] Live On Line: Regularly scheduled sessions that keep our students motivated and on track to reach their goals. Classes can be accessed from the student’s home or anywhere else that has an internet connection. Instructors present an actual classroom which students can attend on line. Students are able to interact with the instructors and other students just like sitting in the classroom – the only difference is that they attend from their laptop at home or work. They see the whiteboard; ask questions from the voice over system or text chat. Courses and classes are structured, follow a syllabus and meet at a designated class hours. There are 5 components to the learning system. 1. Downloadable Print and Recorded Lessons: each Sunday evening students receive weekly work assignments via email. It will include lesson plan with links to related video and audio lessons as well as grammar print lessons and tests. 2. Regular Class Sessions Mon – Thu: they log into the class at a designated hour. The teacher will review all the day’s lesson; respond to lesson related questions; and conduct reading and speaking lessons. 3. Class Sessions are recorded and available for review as often as needed. 4. Weekly Tutoring Sessions are available to address any special challenges
On Demand: On line interactive courses and classes for students who prefer to be self taught or cannot attend regular or structured classes we offer On Demand classes. Students learn from home and at their own pace. This system provides the same components and structure as the Live On Line courses, however there are no regular classroom meeting with teachers. Students watch custom DVD’s on their computer or TV at home or work and the same personal tutoring benefits are available as the Live On Line courses.
Page 30
Proficiency Courses Online classes are scheduled around the clock 24 hours a day students can log on from any country in the world. Intensive 5 Level English Language Program Our English Language classes contain 5 progressive proficiency levels and each course level contain 63 classroom hours of classroom study. Students can choose from our two main study options: 1) the Intensive 16 week course (4 months) which meets four days weekly or 2) the regular 32 week (8 months) which meets two days each week. Tutoring is also available to provide extra support and individual attention. If they miss a session, they’ll always be able to watch and listen to a replay of it at their convenience. Levels 1 & 2 are our most popular courses. They are designed for the students who want to learn basic social English communication: to go shopping, attend schools, communicate at work. These classes build confidence in using social and life skills while developing written and verbal communication skills. All classes include grammar and verb usage skills. Our level 3 and 4 courses are designed for the strong student who wants to go on to college, enroll in technical or professional schools, or go into business for themselves. This class focuses on more difficult content and academic work and they study with upper level peers. To enroll students must have completed levels 2 or scored above level 2 on our evaluation exam.
Basic English
The Basic English Course provides core or foundational understanding of the alphabet, phonological awareness, and early phonics. They have command of a significant number of high-frequency words.
Page 31
Special Classes (ESP) Customized and special courses and classes are designed to meet the unique specific needs of the student. They are personal achievement based, industry specific and job specific classes. TOEFL and IELTS Test Preparation TOEFL and IELTS test-preparation programs that helps to bridge the gap between general English language knowledge and recognized acceptance of your abilities by colleges, universities and employers. Many students learning English know that strong English skills alone are not enough to guarantee success on these required tests. To succeed on this test, students need specialized skills and strategies for improved performance on the test. US Citizenship This class will help students prepare to become United States citizens. Comprehension of study materials will be necessary to assure success in the program. The class will include U.S. history, government and geography and the study of American customs and culture. Computer Fundamentals Students learn basic computer and internet operations. They also learn the basic programs (MS Word, Excel and PowerPoint) Accent Reduction and pronunciation We focus on changing regional accents to increase personal and professional opportunities. Students learn to:
 Engaging in extensive conversations, presentations, and telephone calls and get greater understanding from listeners  Be more confident and effective, both socially and professionally  Improve professional image Greater understanding from listeners New Business Start Up Basics Immigrants are one of the fastest-growing segments of small business owners in the United States and will be a sizeable portion of owners by 2017, according to Intuit Inc.'s Future of Small Business Report, co-authored by the Institute for the Future.
Page 32
Click on the file below to read the entire article
Page 33
HIGH SCHOOL DIPLOMA MARKET
OUTSOURCING SUPPORT MARKET Serving major companies that are outsourcing to other countries promises to be the most lucrative and stable sales division. As the company becomes fully established we shall focus more heavily on this market. Outsourcing Statistics Total number of U.S. jobs outsourced in 2011 Percent of CFO’s surveyed who said their firm is currently outsourcing Percent of CFO’s who favored India Percent of CFO’s who favored China Outsourcing By Sector Manufacturing IT Services R&D Distribution Call or Help Centers
Page 34
2,273,392 35 % 24 % 18 % Percent of Companies 53 % 43 % 38 % 26 % 12 %
M . L . H a c k l e y III Four Decades of Dependable E x p e r i e n c e Business Start Ups and Plans
English Language School Lifeport Air Transport Fresh Water Bottling Joshua House Communications Cali Bike Tours The Helping Hands International Raised Bed Garden Designs Soothing Nature Massage AdVues Indoor Advertising Healthy Tap/ TX Health Products Global Currency Exchange San Antonio Good News Lighthouse Ministry Busy Bees Home Care Metropolitan Housing Exchange Los Angeles Recovery Service
Language School Air Charter Service Bottle Water Manufacturing International Radio Ministry Touring Agency Non Profit Organization Garden Company Medical Massage Therapy Digital Indoor Advertising Water Treatment Currency Trading Firm Alternative Newspaper Ministry to homeless Housecleaning Service Rooming house projects Collections and Investigation
San Antonio, TX Priest River, ID Moscow, Russia Austin, TX Long Beach, CA Port Au Prince, Haiti San Antonio, TX San Antonio, TX San Antonio, TX San Antonio, TX Austin, TX San Antonio, TX San Jose, CA San Jose, CA San Jose, CA Los Angeles, CA
Consulting & Development Projects
San Antonio, TX Austin, TX Oakland, CA Beverly Hills, CA Pasadena, CA Dayton, Ohio Dayton, Ohio
Chase Manhattan Bank KNLE Radio Family Radio Worldwide City National Bank Bank of America Unity State Bank Transamerica Finance
Specialty Skills and Services
Business Start up and Development Business, Marketing and Sales Plan Creation Fundraising and Sales Staff training – Operations, Production and Sales Producer of training videos Radio and Audio production
Ad Hoc Software System & process development Campaign development or product launch
Copywriting Press/news release Business film scripts (training and information) Radio commercials/PSAs Scripts for nontheatrical films for education, business, industry
Brochures, fliers, booklets for business Business letters Newsletters, desktop publishing/production Translation (commercial, for government agencies) Page 35
Key Leaders (M. Hackley
Page 36