We're going to continue our build by doing some more calculations.

The first is equity, which we're gonna build as we would any other base account.

We're going to take the historical, let it become the beginning, and our liability to our shareholders will increase as we generate net income.

And we're going to need dividends.

We've got dividends per share, and we're going to time start by the shares that are out there.

We're not gonna pay dividends to um, shares, which are part of dilution because they don't exist yet.

You can see that's generated at positive, which I'll need to flip 'cause dividends reduce the liability for how much we owe to our shareholders, and we now have ending equity, which will be handy for our balance sheet.

The current operating assets and liabilities, we could pinch from the column before.

'cause what they do is add up all of the operating assets, inventory, receivables, et cetera, and then the liabilities.

Okay, which are just a single figure.

They then net them out to say that the net cash need for operating working capital is, and you can see rolling that forward doesn't work.

And that's because the balance sheet is not there yet.

What we'll have to do is just come back and check that this is working okay.

Once we've done our balance sheet, so moving on to the balance sheet, we'll make a start on it and perhaps just do assets.

The cash we'll need to come back to because we need the cash flow statement for that.

The receivables, we will model using our assumptions around receivables days.

We're gonna divide that by 3, 6, 5 and just hard code that, and then multiply it by sales.

And that's because the receivables days represent a proportion of the years worth of sales.

Quick reasonableness check, yes, that's in line and you can see that it's also turned up in the operating assets.

We're going to do the same with inventories and we have inventory days, but the inventory days will be a proportion not of sales, but will be more accurately models using the operating expenses.

And you can see now why perhaps we're calculating those operating expenses.

We need them for various line items like this one, a quick reasonable. This check says that's okay.

We now have other current assets.

The change in other current assets, it's being modeled as a change, so we'll need to add that to last year.

And there's no predicted change, so it's gonna stay put.

We can then add together the total current assets.

They'll be misrepresented 'cause of the lack of cash, but let's get the whole thing working and then we'll tie things up after the cash flow statement.

We can then go and fetch our pp and e from our base.

We can do long-term investments as a change compared to last year and goodwill, we're simply gonna flatline because that is a non-amortizing asset, which will be subject to impairment, which we're not going to predict.

The amortizing intangibles we've modeled in the base up here, and that would include the development capitalized, r and d.

Other long-term assets we are modeling as a percentage of revenues, so they'll grow or shrink along with the business, and that then gives us the total assets.