9-913-537
NOVEMBER 30, 2012
RICHARD G. HAMERMESH
ALISA ZALOSH
Sugar Bowl
Shelby Givens checked her watch as she jogged along Raleigh’s Greenway Trail; she was running late again. Since Sugar Bowl’s launch, there simply were not enough hours in the day to satisfy the overwhelming demands on her time. Givens couldn’t remember the last time she went to dinner and a movie with friends. And though three months had passed, she still deeply regretted missing her college roommate’s wedding because of an unanticipated staffing crisis.
Givens had thought that by now, April 2012, a full year after the bowling lounge’s opening, her fast-paced and sometimes sleepless entrepreneurial life would be slower, or at least more predictable.
But that simply
…show more content…
The lack of any direct competition in Raleigh, paired with Raleigh’s ongoing gentrification and influx of young professionals,1 led Givens to believe a market existed for such a venue. She even had a name to propose for the reconceived business: Sugar Bowl.
Before his death in 2008, Dane Sugar upgraded Westlake’s lane machinery and scoring technology. Givens wanted to update the outdated 16,000 square foot interior, reconfiguring the space to foster casual dining and socializing, as well as bowling, for 150 people, nearly doubling capacity.2 She believed that revenue levels from the new business would support significant jumps in costs, such as rent and insurance,
Givens projected she would need $600,000 to renovate the bowling alley, and forecasted an additional $100,000 for startup costs and incidentals. She raised $200,000 in the form of convertible notes from friends and family, and secured a $400,000 SBA loan from a local bank. Both loans were 5 years in length, commanded 8% interest, and required quarterly interest-only payments with the principal to be repaid in full at the end of the term. The bank, however, listed additional terms; failure to comply would result in rate renegotiation or a truncated loan term.
Loan Terms:
1.
2.
3.
Givens provided her home, a downtown Raleigh condominium, as loan collateral.
The venue must open no later than 15 months post-funding.
Actual revenue must reach 70% of
of waiting for me. It was a terrible mistake, but in her heart she never loved anyone
The Urban Bowling Lounge option is potentially quite lucrative; however, it is also arguably the
amount up front and she will be responsible for any additional higher cost incurred from a non-
It is the state championship game and your team has rose up from the bottom of the ranks. Even though you are the underdog, your team has pushed through any obstacles that were thrown in your way. You are much smaller than the number one team in the state, but you still find a way to keep the game tied. You are the senior quarterback and it would mean everything if you won. The fans are all in the stands screaming and you smile as you take in your last experience under the Friday night lights. There are two minutes left in the second half and the ball gets snapped on the third down at the 20 yard line. You catch the ball and look around frantically. All of your receivers are covered and you decide you have to run, but before you can move, a 300 pound linebacker slams you to the ground. A flag is thrown, but it is too late, everything goes black, after a few seconds, you regain sight, but you are still in a daze. You slowly stand up, but fall over immediately. You have a few seconds to rest while the ref is checking on you, your head is pounding as you feel the concussion, but you want to keep playing. Your coach leaves it up to you, and you step back out onto the field. You are now at the 15 yard line and the ball is snapped. You make eye contact with your wide receiver and pass the ball, it sails through the air. As you watch it leave your hand, you see the same linebacker out of the corner of your eye. Everything goes black again, but this time you don’t wake up. This
The death of a young African American male in 1955 haunted the south and the African American society. Images of Emmett Till hanging in a tree were plastered on television and in newspapers for Joseph McNeil, Ezell Blair Jr., Franklin McCain, and David Richmond to see while attending North Carolina A & T College in 1960. These four African American men would soon become known as the Greensboro Four after instigating a sit-in at a Woolworth’s store in Greensboro, North Carolina. Their courage and determination ignited a movement to end segregation not only in their state but across the nation. History was being made that day as the young men sat at the counter, customers inside watching as the events unfolded, and the impact of this incident permeating across American’s eyes.
3. Start a mortgage company to issue loans and then turn around and sell them (W1, O3)
One of the most damaging algae species known to Florida along the south-west coast is the Karenia brevis, also known as Florida red tide. These microscopic algae bloom all year around in the Gulf of Mexico producing brevetoxins, which contains a suite of neurotoxic polyether compound. These blooms can last as long as 18 months fluctuating between insignificant blooms to critical, impacting both the marine ecosystems and humans health (Pierce and Henry, 2008). The Florida red tide will continue to be the cause of unexplained fish and other animal deaths, along with human illnesses unless more research and observations is done to find a way of controlling these algae blooms.
p.m. We entered the stadium about 9:45 a.m. to setup for our tailgate party. We found a huge
p.m. We entered the stadium about 9:45 a.m. to setup for our tailgate party. We found a huge
upper floor having the same tables and chairs and three areas being sectioned off for parties
Residents will appreciate the convenience of a deluxe, state-of-the-art community fitness center, heated community swimming pool, and a luxurious 10,000 square foot clubhouse where residents will have access to a gourmet kitchen, community living room, multimedia room, and a game room. Residents can start community sports leagues to play at the clubhouse basketball courts or soccer and baseball fields. Nature lovers will enjoy the 10 acre neighborhood park, 12 miles of walking trails, and a private fishing lake.
Presence or absence of a fixed maturity date: Although fixed maturity dates existed, postponing maturity suggests a lack of intent to require repayment. This factor supports the treatment of the advances as equity because the directors did not intend to request repayment and continually extended the maturity dates, never enforcing them.
At the time of the sale, the company receives immediate payment for the stated principal amount of the installment contract and a portion of the finance participation resulting from the interest rate differential. The remainder of the interest rate differential is retained by the financial institution as a security against credit losses and is paid to the company in proportion to customer payments received by the financial institution.
If the same principles are applied in regards to venture capital and taxes we see that the venture capital people would get $44,088 leaving $132,264 before taxes. Taxes would come to $66,132 leaving an increase in cash of $66,132.
Received $800 from a customer in partial payment of his account receivable which arose as a result of sales during June.