Before Tax Cash Flow Projection

Pine Lake HomeSites


Time		 Investment
and Sale		 Effective
Income		 Operating
Expense		 Cash Flow
Before Debt		 Debt
Service		 Cash Flow
Before Tax
Buy 0 0 0 0 0 0
Jan 02 0 0 0 0 0 0
Feb 02 0 0 (1,153,215) (1,153,215) 103,215 (1,050,000)
Mar 02 0 0 (48,215) (48,215) 48,215 0
Apr 02 0 0 (101,162) (101,162) 101,162 0
May 02 0 0 (151,298) (151,298) 151,298 0
Jun 02 0 0 (87,696) (87,696) 87,696 0
Jul 02 0 98,700 (107,807) (9,107) 107,807 98,700
Aug 02 0 98,700 (171,474) (72,774) 87,579 14,805
Sep 02 0 98,700 (82,083) 16,617 (1,812) 14,805
Oct 02 0 164,500 (64,083) 100,417 (19,812) 80,605
Nov 02 0 199,280 (64,083) 135,197 (75,742) 59,455
Dec 02 0 164,500 (64,083) 100,417 (105,305) (4,888)
Jan 03 0 219,020 (10,083) 208,937 (129,742) 79,195
Feb 03 0 164,500 (4,083) 160,417 (182,084) (21,667)
Mar 03 0 199,280 (4,083) 195,197 (135,742) 59,455
Apr 03 0 164,500 (4,083) 160,417 (86,625) 73,791
May 03 0 199,280 (4,083) 195,197 0 195,197
Jun 03 0 164,500 (4,083) 160,417 0 160,417
Jul 03 0 199,280 (4,083) 195,197 0 195,197
Aug 03 0 184,240 (4,083) 180,157 0 180,157
Sep 03 0 199,280 (4,083) 195,197 0 195,197
Oct 03 0 65,800 0 65,800 0 65,800
Nov 03 0 100,580 0 100,580 0 100,580
Dec 03 0 65,800 0 65,800 0 65,800
Jan 04 0 100,580 0 100,580 0 100,580
Feb 04 0 65,800 0 65,800 0 65,800
Mar 04 0 34,780 0 34,780 0 34,780
Apr 04 0 0 0 0 0 0
May 04 0 0 0 0 0 0
Jun 04 0 0 0 0 0 0
Sell 0 0 0 0 0 0
Total 0 2,951,600 (2,137,949) 813,651 (49,891) 763,760


Rate of Return Before Debt (IRR) 40.9%
Rate of Return Before Tax (IRR) 51.2%

     


Source and Use of Proceeds --- Pine Lake HomeSites

Source and Use of Proceeds

Pine Lake HomeSites


Time		 Working
Capital		 Interest
Income		 Members'
Investment		 Cash Flow
Before Tax		 Distributed
To Members		 Distributed
To Manager
Buy 0 0 1,100,000 0 0 0
Jan 02 1,100,000 0 0 0 0 0
Feb 02 1,100,000 0 0 (1,050,000) 0 0
Mar 02 50,000 0 0 0 0 0
Apr 02 50,000 0 0 0 0 0
May 02 50,000 0 0 0 0 0
Jun 02 50,000 0 0 0 0 0
Jul 02 50,000 0 0 98,700 0 0
Aug 02 148,700 0 0 14,805 0 0
Sep 02 163,505 0 0 14,805 0 0
Oct 02 178,310 0 0 80,605 0 0
Nov 02 258,915 0 0 59,455 0 0
Dec 02 318,370 0 0 (4,888) 0 0
Jan 03 313,482 0 0 79,195 0 0
Feb 03 392,677 0 0 (21,667) 0 0
Mar 03 371,010 0 0 59,455 0 0
Apr 03 430,465 0 0 73,791 0 0
May 03 504,256 0 0 195,197 0 0
Jun 03 699,453 0 0 160,417 0 0
Jul 03 859,870 0 0 195,197 0 0
Aug 03 1,055,066 0 0 180,157 0 0
Sep 03 1,235,223 0 0 195,197 0 0
Oct 03 1,430,420 0 0 65,800 0 0
Nov 03 1,496,220 0 0 100,580 0 0
Dec 03 1,596,800 0 0 65,800 0 0
Jan 04 1,662,600 0 0 100,580 0 0
Feb 04 1,763,180 0 0 65,800 0 0
Mar 04 1,828,980 0 0 34,780 0 0
Apr 04 1,863,760 0 0 0 0 0
May 04 1,863,760 0 0 0 0 0
Jun 04 1,863,760 0 0 0 0 0
Sell 1,863,760 0 0 0 (1,741,570) (122,190)
Total 0 0 1,100,000 763,760 (1,741,570) (122,190)




     


Group Taxable Income Projection --- Pine Lake HomeSites

Group Taxable Income Projection

Pine Lake HomeSites


Time		 Taxable
Revenue		 Interest
Income		 Taxable
Expense		 Interest
Expense		 Depre-
ciation		 Ordinary
Income
Buy 0 0 0 0 0 0
Jan 02 0 0 0 0 0 0
Feb 02 0 0 0 0 0 0
Mar 02 0 0 0 0 0 0
Apr 02 0 0 0 0 0 0
May 02 0 0 0 0 0 0
Jun 02 0 0 0 0 0 0
Jul 02 98,700 0 (89,081) 0 0 9,619
Aug 02 98,700 0 (89,081) 0 0 9,619
Sep 02 98,700 0 (89,081) (1,812) 0 7,807
Oct 02 164,500 0 (124,714) (19,812) 0 19,975
Nov 02 199,280 0 (142,530) (12,832) 0 43,918
Dec 02 164,500 0 (124,714) (5,201) 0 34,586
Jan 03 219,020 0 (160,346) (4,366) 0 54,308
Feb 03 164,500 0 (124,714) (3,322) 0 36,465
Mar 03 199,280 0 (142,530) (1,832) 0 54,918
Apr 03 164,500 0 (124,714) (716) 0 39,070
May 03 199,280 0 (142,530) 0 0 56,750
Jun 03 164,500 0 (124,714) 0 0 39,786
Jul 03 199,280 0 (142,530) 0 0 56,750
Aug 03 184,240 0 (142,530) 0 0 41,710
Sep 03 199,280 0 (142,530) 0 0 56,750
Oct 03 65,800 0 (35,632) 0 0 30,168
Nov 03 100,580 0 (53,449) 0 0 47,131
Dec 03 65,800 0 (35,632) 0 0 30,168
Jan 04 100,580 0 (53,449) 0 0 47,131
Feb 04 65,800 0 (35,632) 0 0 30,168
Mar 04 34,780 0 (17,816) 0 0 16,964
Apr 04 0 0 0 0 0 0
May 04 0 0 0 0 0 0
Jun 04 0 0 0 0 0 0
Sell 0 0 0 0 0 0
Total 2,951,600 0 (2,137,949) (49,891) 0 763,760




     


Group Member Projection (per Unit) --- Pine Lake HomeSites

Group Member Projection (per Unit)

Pine Lake HomeSites


Time		 Distributed
Cash		 Ordinary
Income		 Capital
Gains		 Taxable
Income
Taxes		 Cash Flow
After Tax
Buy (10,000) 0 0 0 0 (10,000)
Jan 02 0 0 0 0 0 0
Feb 02 0 0 0 0 0 0
Mar 02 0 0 0 0 0 0
Apr 02 0 0 0 0 0 0
May 02 0 0 0 0 0 0
Jun 02 0 0 0 0 0 0
Jul 02 0 87 0 87 (35) (35)
Aug 02 0 87 0 87 (35) (35)
Sep 02 0 71 0 71 (28) (28)
Oct 02 0 182 0 182 (72) (72)
Nov 02 0 399 0 399 (158) (158)
Dec 02 0 314 0 314 (125) (125)
Jan 03 0 494 0 494 (196) (196)
Feb 03 0 331 0 331 (131) (131)
Mar 03 0 499 0 499 (198) (198)
Apr 03 0 355 0 355 (141) (141)
May 03 0 516 0 516 (204) (204)
Jun 03 0 362 0 362 (143) (143)
Jul 03 0 516 0 516 (204) (204)
Aug 03 0 379 0 379 (150) (150)
Sep 03 0 516 0 516 (204) (204)
Oct 03 0 274 0 274 (109) (109)
Nov 03 0 428 0 428 (170) (170)
Dec 03 0 274 0 274 (109) (109)
Jan 04 0 428 0 428 (170) (170)
Feb 04 0 274 0 274 (109) (109)
Mar 04 0 154 0 154 (61) (61)
Apr 04 0 0 0 0 0 0
May 04 0 0 0 0 0 0
Jun 04 0 0 0 0 0 0
Sell 15,832 (1,111) 0 (1,111) 440 16,272
Total 5,832 5,832 0 5,832 (2,310) 3,523


Member's Rate of Return Before Tax (IRR) 20.2%
Member's Rate of Return After Tax (IRR) 11.7%

     


Managing Member Cash Flow Projection --- Pine Lake HomeSites

Managing Member Cash Flow Projection

Pine Lake HomeSites


Time		 Manager
Fees		 Distributed
Cash		 Total
Cash Flow		 Taxable
Income
Taxes		 Cash Flow
After Tax
Buy 0 0 0 0 0 0
Jan 02 0 0 0 0 0 0
Feb 02 0 0 0 0 0 0
Mar 02 0 0 0 0 0 0
Apr 02 0 0 0 0 0 0
May 02 0 0 0 0 0 0
Jun 02 0 0 0 0 0 0
Jul 02 0 0 0 0 0 0
Aug 02 0 0 0 0 0 0
Sep 02 0 0 0 0 0 0
Oct 02 0 0 0 0 0 0
Nov 02 0 0 0 0 0 0
Dec 02 0 0 0 0 0 0
Jan 03 0 0 0 0 0 0
Feb 03 0 0 0 0 0 0
Mar 03 0 0 0 0 0 0
Apr 03 0 0 0 0 0 0
May 03 0 0 0 0 0 0
Jun 03 0 0 0 0 0 0
Jul 03 0 0 0 0 0 0
Aug 03 0 0 0 0 0 0
Sep 03 0 0 0 0 0 0
Oct 03