X-Golf

Travel, lodging and meals for initial training $2,000– to $5,000 Check, debit, and/or credit As incurred Airlines, hotels, and restaurants

Professional Fees (lawyer, accountant, etc.) $4,000– to $14,000 Check, debit, and/or credit As incurred or when billed Professional service firms

Insurance (12 months) $15,000– to $20,000 Check Upon purchase Insurance company

Licenses and Permits (See Note 5) $4,500– to $40,000 Check Upon application Government

Additional funds (for first 3 months) (see Note 6) $60,000– to $90,000 Varies As incurred Employees, suppliers, utilities

Inventory - From Our Affiliate $0– to $2,000 Check, debit, and/or credit Upon ordering X GOLF America, Inc.

Rent (one month) (see Note 2) $15,000– to $22,000 Check Upon signing lease Landlord

Leasehold Improvements (see Note 3) $542,000– to $710,000 Check, debit, and/or credit As incurred or when billed Contractors

Total $1,153,500– to $1,803,850

Signage $10,000– to $30,000 Check, debit, and/or credit Upon ordering Approved suppliers and vendors

Market Introduction Program $5,000– to $10,000 Check, debit, and/or credit As incurred or when billed Vendors

Lease Security Deposit (see Note 2) $15,000– to $22,000 Check Upon signing lease Landlord

Inventory - Other $9,000– to $10,000 Check, debit, and/or credit Upon ordering Approved suppliers and vendors

Golf Simulators (see Note 4) $407,850– to $536,850 Wire transfer or bank check Upon ordering X GOLF America, Inc.

Furniture, Fixtures, and Other Equipment $75,000– to $300,000 Check, debit, and/or credit As incurred Vendors

Initial franchise fee (see Note 1) $40,000 Check or wire transfer Upon signing the franchise agreement Us

Computer Systems $1500– to $3000 Check, debit, and/or credit As incurred Vendors

Utilities $1,650– to $3,000 Check, debit, and/or credit Upon ordering service Utility providers