How to Write a Cigar Lounge Business Plan?

Cigar Lounge Business Plan is an outline of your overall business. The business plan should include a 5 year financial projection, marketing plan, industry analysis, organizational overview, operational overview and finally an executive summary. Remember to write your executive summary at the end as it is considered as a snapshot of the overall plan. You need to be careful while writing the plan as you need to consider various factors that can impact the business’s success. Read the sample business plan in order to have a clear understanding of the process.

Executive Summary

Havana Nights Cigar Lounge is a new business founded in 2023 by Alejandro Gonzalez in Miami, Florida. It is a cigar lounge and bar that offers a relaxing and sophisticated atmosphere for cigar enthusiasts and cocktail connoisseurs. The lounge features a wide selection of premium cigars and high-quality spirits, catering to those who appreciate the finer things in life. Havana Nights aims to provide a unique and memorable experience for its patrons, transporting them to the vibrant and captivating ambiance of Havana, Cuba.

Mission

To provide an exceptional cigar and cocktail experience in a sophisticated and relaxing atmosphere. To curate a selection of the finest cigars and craft cocktails, catering to the discerning tastes of our patrons. To foster a community where cigar enthusiasts can unwind, socialize, and indulge in the art of cigar appreciation. To offer a haven for those seeking an escape from the everyday, where the pleasures of fine cigars and expertly mixed drinks are celebrated.

Vision

To create an unparalleled experience where connoisseurs and enthusiasts can indulge in the art of cigar appreciation, surrounded by a sophisticated ambiance and a curated selection of premium spirits. To cultivate a welcoming community that celebrates the rich heritage and culture of the cigar industry, fostering meaningful connections and unforgettable moments. To redefine the concept of a cigar lounge, blending timeless traditions with modern comforts, and inspiring a deeper appreciation for the art of cigar smoking.

Industry Overview

The market size for cigar lounges in the US was estimated at $733.3 million in 2024, marking a slight increase of 0.4% from the previous year. This suggests a stable but not significantly expanding market (IBIS World). Revenue for cigar lounges is projected to climb at a Compound Annual Growth Rate (CAGR) of 3.5% to reach $1.0 billion by the end of 2024, despite a forecast dip of 0.7% in 2024 alone (Mordor Intelligence). Profit margins in high-performing cigar lounges can range from 15% to 30%, significantly influenced by customer volume, location, and the quality of offerings. Membership fees, sales of premium products, and hosting private events are key revenue streams (grandviewresearch).

As of 2024, there are 3,121 cigar lounge enterprises in the US. In 2021, high-income individuals dominated the cigar market, accounting for 47.2% of cigar users, followed by medium-income earners at 25.1%, and low-income at 27.7%. Cigar use among high school students was at 2.8% in 2022, with a gender split showing 3.5% among males and 2.1% among females. For middle school students, this figure was 0.6% (Swiss Cuban Cigars). The mass cigars segment captured a revenue share of 82.4% in 2023, while premium cigars, though smaller in market share, are expected to grow at a faster CAGR of 3.0% from 2024 to 2030 due to demand from premium clubs, hotels, and bars. The mass cigars segment captured a revenue share of 82.4% in 2023, while premium cigars, though smaller in market share, are expected to grow at a faster CAGR of 3.0% from 2024 to 2030 due to demand from premium clubs, hotels, and bars (CigarsUSA).

Financial Highlights

Earnings & Profitability

Break- Even Analysis 

Cost Breakdown

Cash Flow Summary

Ask

The Havana Nights Cigar Lounge is seeking $250,000 and is planning to spend the amount in the following way:

Investment & Capital Expenditure Breakdown

Business Valuation

The following valuation has been done using the DCF method. 

Investment & Capital Expenditure

Here is the CapEx plan for Havana Nights Cigar Lounge:

Business Description

Business Name: Havana Nights Cigar Lounge 

Founder: Alejandro Gonzalez

Management Team: 

Legal Structure: LLC

Location: Miami, Florida

Goals: 

• Increase revenue by 20% in 20 months
• Expand market share from 15% to 25% within 3 years
• Launch 2 new product lines by Q4 of next year
• Reduce operational costs by 15% within 18 months
• Achieve a customer retention rate of 90% by the end of the fiscal year

Products: 

• Premium Cigar Selection
• Craft Cocktails
• Cigar Accessories
• Cigar Humidors
• Cigar Smoking Lounge
• Cigar Education Classes

Business Model 

Key Partners:
– Local cigar suppliers
– Alcohol distributors
– Live music performers
– Event organizers

Key Activities:
– Curating a premium cigar selection
– Providing a comfortable lounge environment
– Offering a variety of cocktails and beverages
– Hosting live music and events

Value Proposition:
– Exclusive, high-end cigar and cocktail experience
– Relaxing and social atmosphere for cigar enthusiasts
– Unique events and entertainment

Customer Relationships:
– Personalized customer service
– Loyalty programs for frequent visitors
– Hosting private events and celebrations

Customer Segments:
– Affluent cigar enthusiasts
– Business professionals
– Tourists and visitors to Miami

Key Resources:
– Skilled bartenders and cigar experts
– Luxurious lounge space and furnishings
– Extensive cigar and alcohol inventory

Channels:
– Social media marketing
– Partnerships with local hotels and tourism organizations
– Word-of-mouth referrals from loyal customers

Costs:
– Rent and utilities for the lounge
– Inventory costs for cigars and alcohol
– Staffing and labor expenses
– Marketing and advertising

Revenue:
– Cigar and beverage sales
– Event hosting and private party bookings
– Membership fees for exclusive access

Business Model Canvas samples

SWOT 

Strengths:
– Unique ambiance and atmosphere that appeals to cigar enthusiasts
– Availability of premium cigar brands and a wide selection of high-quality liquor
– Knowledgeable staff who can provide guidance on cigar pairings and recommendations
– Convenient location in Miami, a popular tourist destination

Weaknesses:
– Potential health concerns associated with cigar smoking
– Strict regulations and restrictions on smoking in public places
– Intense competition from other cigar lounges and bars in the Miami area
– Dependence on a niche market of cigar enthusiasts

Opportunities:
– Growing demand for premium cigar experiences among affluent consumers
– Potential to expand services, such as offering cigar-themed events or private membership clubs
– Opportunity to cater to a diverse range of clientele, including tourists and local residents
– Potential to leverage Miami’s vibrant nightlife and entertainment scene

Threats:
– Changing public perception and attitudes towards cigar smoking
– Increased government regulations and taxation on cigar products
– Competition from alternative leisure and entertainment options, such as craft cocktail bars
– Potential economic downturns that could impact consumer spending on luxury goods and experiences.

SWOT Examples

Organizational Overview

Founder

Alejandro Gonzalez

Alejandro Gonzalez is the founder and CEO of Havana Nights Cigar Lounge.  Havana Nights Cigar Lounge was established in 2022 and headquartered in Miami, Florida. Alejandro Gonzalez brings valuable expertise to his role with over a decade of experience in the industry.

Alejandro Gonzalez established Havana Nights Cigar Lounge to address challenges in the rapidly evolving field. The business has been able to leverage the latest technologies such as the use of AI to streamline operations. 

Alejandro Gonzalez leadership style emphasizes collaboration and continuous learning. Alejandro Gonzalez actively fosters a company culture that encourages creativity and innovation amongst team members. Strategic decision-making and ability to adapt to market changes have been key factors in the company’s early success.

Organogram

Salaries

Industry Analysis

The cigar lounge industry in the United States is a niche yet growing segment within the broader tobacco market, with 2024 revenues reaching $733.3 million. This sector has seen a modest growth rate of 0.4% from the previous year, reflecting a stable demand for exclusive smoking experiences. The industry includes 3,078 enterprises, up by 2.06% from last year, catering primarily to high-income individuals who value the luxury and social aspects of cigar smoking. Cigar lounges have become cultural hubs, offering not just cigars but an ambiance, community, and premium service, which differentiates them from other tobacco retail outlets.

Despite facing regulatory challenges like indoor smoking bans, cigar lounges have managed to carve out exemptions, allowing them to thrive in states where such regulations are less stringent. The market is witnessing a shift towards premium cigars, with demand driven by lounges, hotels, and bars, although mass market cigars still hold the majority share. The industry’s future appears cautiously optimistic, with growth projected at a CAGR of 3.5% through 2024, fueled by younger demographics interested in flavored and premium cigars, alongside an increasing trend in online cigar purchases reflecting broader retail shifts (reportlinker).

Global Market Size

Industry Trends

The cigar lounge and bar industry in Miami, Florida, has seen several notable trends in recent years. One significant trend is the growing popularity of high-end, luxurious cigar lounges. These establishments offer a sophisticated ambiance, with plush seating, humidors stocked with premium cigars, and often, a selection of fine spirits and cocktails.

Another trend is the integration of technology into the cigar lounge experience. Many lounges now feature digital cigar menus, allowing customers to browse and learn about the different cigar options. Some lounges also offer mobile apps that allow customers to order drinks and cigars directly from their phones, enhancing the convenience factor.

The demand for craft cocktails and premium spirits has also been on the rise in Miami’s cigar lounge and bar scene. Customers are seeking out unique and innovative drink offerings, often featuring locally sourced or artisanal ingredients. This trend has led to the emergence of specialized cocktail lounges within cigar lounges, catering to the discerning tastes of their patrons.

Sustainability and environmental consciousness have also become important considerations in the industry. Some cigar lounges are now focusing on sourcing their cigars from eco-friendly and socially responsible producers, while also implementing sustainable practices in their operations, such as using energy-efficient lighting and reducing waste.

The COVID-19 pandemic has also had a significant impact on the industry. Many cigar lounges and bars had to adapt to new safety protocols and social distancing requirements, leading to the adoption of outdoor seating options, contactless ordering, and enhanced cleaning and sanitization measures. Despite these challenges, the industry has shown resilience, with many establishments finding innovative ways to provide a safe and enjoyable experience for their customers.

In terms of customer demographics, the cigar lounge and bar industry in Miami has seen a growing interest from a younger, more diverse clientele. This shift has led to the development of more inclusive and welcoming spaces, with a focus on creating a comfortable and accessible atmosphere for all.

Overall, the cigar lounge and bar industry in Miami, Florida, continues to evolve, with trends towards luxury, technology, craft cocktails, sustainability, and adaptability to changing market conditions. These developments have helped to maintain the appeal of these establishments as social and recreational hubs for cigar enthusiasts and cocktail connoisseurs alike.

Market Segmentation

• Geographic Segmentation: The cigar lounge and bar industry in Miami, Florida is geographically segmented based on several factors. The downtown area is home to high-end cigar lounges and bars that cater to a more upscale clientele. These establishments are often located in luxury hotels or near financial districts. In contrast, the South Beach area is known for its lively nightlife and casual cigar lounges that attract a younger, trendier crowd. The Coconut Grove neighborhood, on the other hand, offers a more relaxed and neighborhood-like atmosphere for cigar enthusiasts and bar patrons. Additionally, the Wynwood Arts District has become a hub for unique and artisanal cigar lounges and bars that appeal to a creative, bohemian crowd. The geographic segmentation of the industry reflects the diverse cultural and demographic makeup of Miami, with each area catering to the specific preferences and expectations of its target market.
• Demographic Segmentation: The cigar lounge and bar industry in Miami, Florida caters to a diverse demographic. The target audience is primarily affluent individuals, aged 30 and above, who appreciate the finer things in life. These individuals are often professionals, executives, or wealthy retirees who enjoy the luxurious ambiance and exclusive atmosphere of a premium cigar lounge.
  
  The selection of premium cigars is a key draw, with customers seeking out rare and high-quality tobacco products. Craft cocktails are also a popular offering, catering to those who appreciate the art of mixology and the perfect pairing of spirits and cigars.
  
  Cigar accessories, such as cutters, lighters, and humidors, are essential for the discerning cigar enthusiast. The availability of well-maintained cigar humidors ensures that the cigars are stored in optimal conditions, preserving their flavor and aroma.
  
  The cigar smoking lounge provides a comfortable and sophisticated setting for patrons to indulge in their passion, offering a respite from the bustling city. Additionally, cigar education classes cater to those who wish to deepen their knowledge and appreciation of the art of cigar smoking.
  
  Overall, the cigar lounge and bar industry in Miami, Florida caters to a niche market of affluent individuals who seek a luxurious and exclusive experience, complemented by the finest cigars, craft cocktails, and accessories.

• Psychographic Segmentation: The cigar lounge and bar industry in Miami, Florida caters to affluent, sophisticated individuals. These customers value exclusivity, luxury, and a refined social experience. They are often professionals, entrepreneurs, or high-net-worth individuals who appreciate the ambiance of a private, members-only establishment. These customers are drawn to the opportunity to network, entertain clients, and indulge in premium cigars and spirits. The industry targets psychographics such as high disposable income, brand loyalty, and a desire for status and prestige. Providers focus on creating a luxurious, curated atmosphere that appeals to this discerning clientele.

• Behavioral Segmentation: The cigar lounge and bar industry in Miami, Florida caters to various behavioral segments. Occasion-based segments include those who visit for special events, social gatherings, or to unwind after work. Loyalty-based segments encompass regular patrons and members who frequent the establishments. Benefit-seeking segments seek unique experiences, high-quality products, or exclusive services. Lifestyle-based segments include professionals, affluent individuals, and those who appreciate the cigar and cocktail culture. Demographic segments vary, with a mix of locals and tourists of different ages, incomes, and backgrounds. Understanding these behavioral patterns helps businesses tailor their offerings and marketing strategies to meet the diverse needs of their target audience.

Market Size

Industry Outlook

The cigar lounge and bar industry in Miami, Florida, has experienced a steady growth in recent years. The city’s vibrant nightlife and affluent population have contributed to the rise of high-end cigar lounges and bars that cater to a discerning clientele.

One of the notable trends in the industry is the increasing popularity of premium cigar brands. Cigar aficionados in Miami are willing to pay top dollar for rare and exclusive cigar varieties, driving the demand for specialized cigar lounges. These lounges often feature humidors stocked with a wide selection of premium cigars, providing a sophisticated and luxurious experience for patrons.

Alongside the cigar lounges, the bar industry in Miami has also witnessed a surge in the demand for craft cocktails and premium spirits. Upscale bars and lounges have emerged, offering unique and innovative cocktail menus that cater to the discerning tastes of the city’s residents and visitors. These establishments often incorporate locally sourced ingredients and incorporate cutting-edge mixology techniques to create one-of-a-kind drink experiences.

Another trend in the industry is the integration of technology and social media. Cigar lounges and bars in Miami are leveraging digital platforms to reach and engage with their target audience. From online reservations and mobile ordering to social media-driven marketing campaigns, these establishments are embracing the digital age to enhance the customer experience and stay ahead of the competition.

The cigar lounge and bar industry in Miami is also known for its vibrant and diverse nightlife scene. Many of these establishments feature live music, DJs, and other entertainment, creating a lively and social atmosphere that attracts a wide range of customers, from young professionals to seasoned cigar enthusiasts.

Overall, the cigar lounge and bar industry in Miami continues to evolve, catering to the discerning tastes and preferences of its sophisticated clientele. As the city’s reputation as a premier destination for luxury and nightlife continues to grow, the industry is poised to thrive and adapt to the changing demands of the market.

Marketing Plan

Overview

The marketing plan for a cigar lounge and bar in Miami, Florida, focuses on creating a unique and sophisticated experience for its target audience. The lounge will offer a wide selection of premium cigars, paired with a carefully curated menu of craft cocktails and fine spirits.

One unique aspect of the marketing plan is the emphasis on creating a social media presence that showcases the lounge’s luxurious ambiance and exclusive atmosphere. The brand will leverage platforms like Instagram and Facebook to share visually stunning imagery and engage with a discerning clientele.

Another distinctive element is the partnership with local cigar enthusiasts and lifestyle influencers. These collaborations will help to build brand awareness and position the lounge as a hub for Miami’s cigar-loving community.

The marketing strategy also includes targeted advertising in high-end publications and lifestyle magazines. This will help to attract the attention of the city’s affluent residents and visitors who appreciate the finer things in life.

Overall, the marketing plan aims to establish the cigar lounge as a premier destination for those seeking a sophisticated and memorable experience in the heart of Miami.

Annual Marketing Budget

Promotional Channel Budgets

Marketing Channels

Havana Nights Cigar Lounge: A Marketing Plan

Target Audience:
Havana Nights Cigar Lounge caters to cigar enthusiasts, whiskey connoisseurs, and those seeking a sophisticated social experience. The target audience includes professionals, business executives, and individuals who appreciate fine cigars and high-end spirits.

Digital Marketing Channels:
1. Social Media: Establish a strong presence on platforms like Instagram, Facebook, and Twitter. Share visually appealing content, such as photos of the lounge, featured cigar and spirit pairings, and behind-the-scenes glimpses.
2. Website: Develop a user-friendly website that showcases the lounge’s ambiance, menu, and upcoming events. Incorporate an online reservation system and a blog to engage with customers.
3. Email Marketing: Build an email list of loyal customers and send periodic updates on new cigar offerings, special promotions, and exclusive events.
4. Search Engine Optimization (SEO): Optimize the website and online content to improve visibility and ranking on search engine results pages.

Traditional Marketing Channels:
1. Print Advertising: Place ads in local lifestyle magazines and cigar-focused publications to reach a targeted audience.
2. Direct Mailers: Send personalized invitations and promotions to a curated mailing list of potential customers.
3. Networking and Partnerships: Collaborate with local businesses, such as high-end hotels and restaurants, to cross-promote and reach a wider audience.
4. Community Involvement: Sponsor or participate in local cigar-related events and charity initiatives to build brand awareness and community engagement.

Promotional Strategies:
1. Loyalty Program: Implement a rewards program that encourages repeat visits and customer loyalty.
2. Exclusive Events: Host exclusive cigar-tasting events, whiskey pairings, and live music performances to create a unique and memorable experience for customers.
3. Seasonal Promotions: Offer seasonal discounts, limited-time cigar and spirit pairings, or themed events to generate excitement and drive customer engagement.

By leveraging a combination of digital and traditional marketing channels, Havana Nights Cigar Lounge can effectively reach its target audience, build brand awareness, and foster a loyal customer base within the cigar lounge and bar industry.

Brand Management

Brand Positioning: Havana Nights Cigar Lounge positions itself as a premium, exclusive cigar lounge that offers a sophisticated and authentic Cuban-inspired experience. It caters to discerning cigar enthusiasts and cocktail connoisseurs who appreciate the art of cigar smoking and the ambiance of a classic cigar lounge.

Brand Identity: Havana Nights’ brand identity is centered around the rich heritage and culture of Cuba. The lounge’s design and decor evoke the vintage charm of old Havana, with warm lighting, plush leather seating, and wooden accents. The brand’s logo features a classic Cuban cigar and palm leaves, reinforcing the Cuban-inspired theme.

Brand Communication: Havana Nights’ brand communication strategy focuses on creating a sense of exclusivity and luxury. The lounge’s website and social media channels showcase the high-end cigar and cocktail offerings, as well as the sophisticated ambiance and VIP-level service. The brand also leverages word-of-mouth marketing by hosting exclusive events and partnerships with local cigar and spirit brands.

To further enhance its brand communication, Havana Nights collaborates with renowned cigar experts and brand ambassadors who can educate and engage the target audience. The lounge also offers a members-only program, providing exclusive access and benefits to its most loyal customers.

Overall, Havana Nights Cigar Lounge’s brand strategy is designed to position the lounge as a premium, Cuban-inspired destination that caters to the discerning tastes of cigar and cocktail enthusiasts.

GTM Strategy

Havana Nights Cigar Lounge’s target market is affluent, discerning cigar enthusiasts and cocktail connoisseurs. The lounge will position itself as a premium, exclusive destination that offers a sophisticated and authentic Cuban-inspired experience.

The distribution strategy will focus on building a strong local presence and community engagement. Havana Nights will partner with high-end hotels, luxury retailers, and professional associations to reach its target customers. The lounge will also leverage social media and targeted advertising to attract a loyal following among cigar aficionados and cocktail lovers.

The pricing strategy will reflect the premium nature of the Havana Nights experience. Membership fees and premium pricing on cigars, cocktails, and food will ensure that the lounge maintains an exclusive and upscale atmosphere. However, the lounge will also offer occasional promotions and events to engage a broader audience and drive repeat visits.

The product offering will be curated to provide an exceptional and immersive experience. The lounge will feature a carefully selected collection of premium cigars, a sophisticated cocktail menu, and a menu of gourmet small plates and tapas. The interior design will transport guests to a vintage Cuban-inspired setting, complete with live music and a relaxed, intimate ambiance.

Havana Nights will differentiate itself through exceptional customer service and a commitment to creating a unique and memorable experience for each guest. The lounge will invest in training and developing its staff to ensure that they provide exceptional hospitality and knowledge about the products and services offered.

By targeting a niche market of affluent cigar and cocktail enthusiasts, positioning itself as a premium and exclusive destination, and delivering a unique and exceptional experience, Havana Nights Cigar Lounge will establish itself as a premier destination in the cigar lounge and bar industry.

Implementation & Timeline

Havana Nights Cigar Lounge Implementation Timeline:

1. Branding and Promotion (Months 1-3):
  – Develop a strong brand identity and logo.
  – Create a website and social media presence.
  – Implement a targeted marketing campaign to attract potential customers.

2. Facility Preparation (Months 2-4):
  – Secure a suitable location for the cigar lounge and bar.
  – Renovate and design the interior to create a sophisticated, Havana-inspired atmosphere.
  – Acquire necessary licenses and permits.

3. Supplier Partnerships (Months 3-5):
  – Establish relationships with premium cigar suppliers.
  – Negotiate favorable pricing and delivery terms.
  – Curate a diverse selection of high-quality cigars.

4. Staff Recruitment and Training (Months 4-6):
  – Hire a experienced team of bartenders, servers, and cigar specialists.
  – Provide comprehensive training on product knowledge, customer service, and safety protocols.

5. Grand Opening and Promotional Events (Month 6):
  – Host a grand opening celebration to introduce Havana Nights to the community.
  – Organize ongoing promotional events, such as cigar tastings and live music performances.

6. Continuous Improvement (Ongoing):
  – Monitor customer feedback and adjust operations as needed.
  – Expand the menu and product offerings to meet evolving customer preferences.
  – Maintain a strong focus on providing an exceptional customer experience.

Contingency Plan

Diversify marketing channels to reach a broader audience. Leverage social media platforms to showcase the unique ambiance and product offerings. Collaborate with local influencers and cigar enthusiasts to generate word-of-mouth promotion. Offer exclusive experiences, such as cigar-pairing events or cigar-rolling demonstrations, to build customer loyalty. Continuously monitor and adapt marketing strategies based on customer feedback and industry trends. Emphasize the quality of products and services to maintain a positive brand reputation. Ensure compliance with local regulations and industry standards to mitigate legal and reputational risks. Invest in employee training to provide exceptional customer service and enhance the overall customer experience.

Financials

Income Statement

Cash Flow Statement

Balance Sheet

Revenue Summary

	2025F	2026F	2027F	2028F	2029F
Product	$6,029	$24,972	$45,963	$67,461	$89,356
Product	$8,762	$36,293	$66,800	$98,044	$129,865
Product	$3,183	$13,185	$24,269	$35,620	$47,180
Total	$17,974	$74,450	$137,032	$201,125	$266,401

Variable Costs

	2025F	2026F	2027F	2028F	2029F
Product	$1,628	$6,742	$12,410	$18,215	$24,126
Product	$2,366	$9,799	$18,036	$26,472	$35,063
Product	$859	$3,296	$6,067	$8,905	$11,795
Total	$4,853	$19,838	$36,513	$53,591	$70,985

Fixed Costs

	2025F	2026F	2027F	2028F	2029F
Salaries	$72,000	$98,640	$101,369	$104,190	$107,107
Promotional Expenses	$3,500	$2,500	$2,500	$2,500	$2,500
Licenses & permits	$600	$600	$600	$600	$600
Insurance	$1,800	$1,800	$1,800	$1,800	$1,800
Rent	$25,000	$25,000	$25,000	$25,000	$25,000
Software subscriptions	$300	$300	$300	$300	$300
Total	$103,200	$128,840	$131,569	$134,390	$137,307

Loan Amortization Schedule

	2025F	2026F	2027F	2028F	2029F
Interest expense	$1,817	$1,417	$1,017	$617	$217
Year end remaining loan	$40,000	$30,000	$20,000	$10,000	$0
Accumulated Principal Repaid	$10,000	$20,000	$30,000	$40,000	$50,000
Annual Principal Repaid	$10,000	$10,000	$10,000	$10,000	$10,000

Non- Current Asset Schedule

	2025F	2026F	2027F	2028F	2029F
Physical location
Book Value	$35,000	$45,250	$41,238	$35,163	$27,331
Depreciation	$1,750	$2,263	$2,062	$1,758	$1,367
Accumulated Depreciation	$1,750	$4,013	$6,074	$7,833	$9,199
Net book value	$33,250	$41,238	$35,163	$27,331	$18,132
Equipment & supplies
Book Value	$12,000	$10,800	$8,520	$5,388	$1,717
Depreciation	$1,200	$1,080	$852	$539	$172
Accumulated Depreciation	$1,200	$2,280	$3,132	$3,671	$3,843
Net book value	$10,800	$8,520	$5,388	$1,717	-$2,125
Licenses & permits
Book Value	$8,000	$7,200	$5,680	$3,592	$1,145
Depreciation	$800	$720	$568	$359	$114
Accumulated Depreciation	$800	$1,520	$2,088	$2,447	$2,562
Net book value	$7,200	$5,680	$3,592	$1,145	-$1,417
Legal structure & registration
Book Value	$4,000	$3,600	$2,840	$1,796	$572
Depreciation	$400	$360	$284	$180	$57
Accumulated Depreciation	$400	$760	$1,044	$1,224	$1,281
Net book value	$3,600	$2,840	$1,796	$572	-$708
Technology infrastructure
Book Value	$1,500	$1,350	$1,065	$674	$215
Depreciation	$150	$135	$107	$67	$21
Accumulated Depreciation	$150	$285	$392	$459	$480
Net book value	$1,350	$1,065	$674	$215	-$266
Insurance
Book Value	$1,000	$1,000	$1,000	$1,000	$1,000
Depreciation	$100	$100	$100	$100	$100
Accumulated Depreciation	$100	$200	$300	$400	$500
Net book value	$900	$800	$700	$600	$500
CapEx 1
Book Value	$0	$0	$0	$0	$0
Depreciation	$0	$0	$0	$0	$0
Accumulated Depreciation	$0	$0	$0	$0	$0
Net book value	$0	$0	$0	$0	$0
CapEx 2
Book Value	$0	$0	$0	$0	$0
Depreciation	$0	$0	$0	$0	$0
Accumulated Depreciation	$0	$0	$0	$0	$0
Net book value	$0	$0	$0	$0	$0
Total Net Book Value	$57,100	$60,143	$47,313	$31,580	$14,115
Total Depreciation	$4,400	$4,658	$3,972	$3,003	$1,831
Total Accumulated Depreciation	$4,400	$9,058	$13,030	$16,033	$17,864

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