03 · Workspace
Financials & Modeling
Ratio dashboard sits above the sub-nav — it's page-level context, the same across all 5 sub-sections below, not content belonging to whichever one is active. First basic pass at all 5 sub-sections together, deliberately rough everywhere — figuring out which one(s) need real depth once they're all visible side by side.
Provisional (dashed, italic) is a different thing from a flag (red/orange/purple) — a flag means "decide something now," provisional means "forward motion on an unconfirmed number," which is expected during active spreading, not a problem. Try the two "~" toggles in Spread → Officer Compensation and Accounts Receivable (FY25) to see it propagate up to EBITDA/Total Current Assets and then to this dashboard.
DSCR
1.31x
Covenant: 1.25x min · headroom +0.06x
Peer median: 1.35x
Leverage
3.8x
Covenant: 4.25x max · headroom 0.45x
Peer median: 3.2x
Liquidity
1.6x
Covenant: 1.10x min · headroom +0.50x
Peer median: 1.40x
EBITDA Margin
14.9%
flat vs. FY24
Verification cross-checks a spread value against a 3rd-party/borrower source; resolving here is the "which number wins" adjudication step, informed by whatever Documents already logged about why they disagree — plus how current each value is, how trustworthy the source is, an AI suggestion (with confidence) on which value to use, and a clickable trace-back on Documents' explanation to the actual message thread or call log entry it came from, via the Message Center in the topbar.
Tab
Item
Document
What's different
Multi-Year Spread editable grid, ~25 line items · click-to-source stubbed — every cell should eventually link to the exact page/line of the source PDF · Edit mode below turns year cells into inputs
| FY23 | FY24 | FY25 | Δ YoY | |
|---|---|---|---|---|
| Income Statement | ||||
| Revenue | $21.4M | $24.1M ! | $26.8M 1 | +11.2% |
| Structural steel fabrication | $13.1M | $14.9M | $16.8M | +12.8% |
| Custom machining & parts | $5.6M | $6.2M | $6.7M | +8.1% |
| Field installation & repair | $2.7M | $3.0M | $3.3M | +10.0% |
| Cost of Goods Sold | $14.8M ! | $16.6M | $18.1M | +9.0% |
| Direct materials | $7.9M | $9.2M | $10.4M | +13.0% |
| Direct labor | $4.4M | $4.6M | $4.9M | +6.5% |
| Shop overhead | $1.9M | $2.1M | $2.0M | –4.8% |
| Freight-in | $600K | $700K | $800K | +14.3% |
| Gross Profit | $6.6M ! | $7.5M | $8.7M | +16.0% |
| SG&A Expenses | $2.4M | $2.7M | $3.1M | +14.8% |
| Office & admin salaries | $980K | $1.1M | $1.2M | +13.8% |
| Rent — Harbor Properties LLC (related party) | $360K | $360K | $360K | +0.0% |
| Insurance | $310K | $350K | $410K | +17.1% |
| Professional & legal fees | $180K | $290K | $360K | +24.1% |
| Utilities | $220K | $240K | $270K | +12.5% |
| Other SG&A | $350K | $370K | $460K | +24.3% |
| Officer Compensation | $680K | $710K | $920K~ | +29.6% |
| Depreciation & Amortization | $410K | $460K | $520K | +13.0% |
| Depreciation | $380K | $425K | $480K | +12.9% |
| Amortization | $30K | $35K | $40K | +14.3% |
| EBITDA | $3.1M ! | $3.6M | $4.0M | +11.1% |
| Interest Expense | $390K | $440K | $510K | +15.9% |
| Equipment term loan | $210K | $240K | $290K | +20.8% |
| Real estate mortgage | $140K | $135K | $130K | –3.7% |
| Line of credit | $40K | $65K | $90K | +38.5% |
| Foreign exchange gain (loss) | $8K | –$38K | $46K | n/m |
| Realized FX gain (loss) | $6K | –$21K | $12K | n/m |
| Unrealized FX gain (loss) | $2K | –$17K | $34K | n/m |
| Pretax Income | $2.3M ! | $2.7M | $3.0M | +11.1% |
| Income Tax Provision | $490K ! | $570K | $630K | +10.5% |
| Net Income | $1.8M ! | $2.1M ! | $2.4M | +14.3% |
| Balance Sheet | ||||
| Assets | ||||
| Current Assets | ||||
| Cash & Equivalents | $740K | $910K | $1.1M | +20.9% |
| Operating account — First Harbor Bank | $690K | $850K | $1.0M | +21.2% |
| CAD operating account — RBC (Canada) | $50K | $60K | $70K | +16.7% |
| Accounts Receivable | $1.9M | $2.3M | $3.2M~ 2 | +39.1% |
| Trade receivables | $1.7M | $2.0M | $2.8M | +40.0% |
| Retainage receivable | $200K | $300K | $400K | +33.3% |
| Inventory | $1.0M | $1.1M | $1.2M | +9.1% |
| Raw materials (steel stock) | $520K | $560K | $610K | +8.9% |
| Work in process | $330K | $380K | $420K | +10.5% |
| Finished goods | $150K | $160K | $170K | +6.2% |
| Other Current Assets | $180K | $210K | $240K | +14.3% |
| Prepaid insurance | $90K | $100K | $115K | +15.0% |
| Deposits | $60K | $70K | $75K | +7.1% |
| Employee advances | $30K | $40K | $50K | +25.0% |
| Due from Harbor Properties LLC (related party) | — | $42K | — | — |
| Total Current Assets | $3.8M | $4.5M | $5.7M | +26.7% |
| Net PP&E | $8.4M | $9.0M | $9.2M ! | +2.2% |
| Machinery & equipment | $6.9M | $7.8M | $8.4M | +7.7% |
| Vehicles | $900K | $1.0M | $1.1M | +10.0% |
| Building improvements | $1.6M | $1.6M | $1.7M | +6.2% |
| Less: accumulated depreciation | –$1.0M | –$1.4M | –$2.0M | –42.9% |
| Total Assets | $12.2M | $13.5M | $14.9M | +10.4% |
| Liabilities | ||||
| Current Liabilities | ||||
| Accounts Payable | $1.1M | $1.3M | $1.5M | +15.4% |
| Accrued Liabilities | $390K | $420K | $460K | +9.5% |
| Accrued wages | $210K | $230K | $250K | +8.7% |
| Accrued taxes | $110K | $115K | $125K | +8.7% |
| Other accrued | $70K | $75K | $85K | +13.3% |
| Current Portion LTD | $610K | $650K | $690K | +6.2% |
| Total Current Liabilities | $2.1M | $2.4M | $2.7M | +11.8% |
| Long-Term Debt ! | $5.9M | $6.4M | $7.1M | +10.9% |
| Equipment term loan | $3.4M | $4.0M | $4.8M | +20.0% |
| Real estate mortgage | $2.5M | $2.4M | $2.3M | –4.2% |
| Total Liabilities | $8.0M | $8.8M | $9.8M | +11.4% |
| Members' Equity | $4.2M | $4.7M | $5.1M | +8.5% |
Findings
Manual Edits audit trail for direct edits made via Spread → Edit — one entry per reason group, not per cell
Multi-Year Spread — messy version same grid, same markers — five things that can go wrong with the data, for comparison against the clean version above
| FY23 | FY24 | FY25 | Δ YoY | |
|---|---|---|---|---|
| Income Statement | ||||
| Revenue | — | $24.1M | $26.8M | — |
| Cost of Goods Sold | $14.8M | $16.6M | $18.1M | +9.0% |
| Gross Profit | $6.6M | $7.5M | $8.7M | +16.0% |
| SG&A Expenses | $2.4M | $2.7M | $3.1M | +14.8% |
| Officer Compensation | $680K | $710K | $920K~ | +29.6% |
| Depreciation & Amortization | $410K | $460K | $520K | +13.0% |
| EBITDA | $3.1M | $3.6M | $4.0M | +11.1% |
| Interest Expense | $390K | $440K | $510K | +15.9% |
| Pretax Income | $2.3M | $2.7M | $3.0M | +11.1% |
| Income Tax Provision | $490K | $570K | $630K | +10.5% |
| Net Income | $1.8M | $2.1M ! | $2.4M | +14.3% |
| Balance Sheet | ||||
| Assets | ||||
| Current Assets | ||||
| Cash & Equivalents | $740K | $910K | $1.1M | +20.9% |
| Accounts Receivable | $1.9M | $2.3M | $3.2M | +39.1% |
| Inventory | $1.0M | $11.0M ! | $1.2M | +1,000.0% |
| Other Current Assets | — | — | — | — |
| Total Current Assets | $3.8M | $4.5M | $5.7M | +26.7% |
| Net PP&E | $8.4M | $9.0M | $9.2M | +2.2% |
| Total Assets | $12.2M | $13.5M | $14.9M | +10.4% |
| Liabilities | ||||
| Current Liabilities | ||||
| Accounts Payable | $1.1M | $1.3M | $1.5M | +15.4% |
| Accrued Liabilities | $390K | $420K | $460K | +9.5% |
| Current Portion LTD | $610K | $650K | $690K | +6.2% |
| Total Current Liabilities | $2.1M | $2.4M | $2.7M | +11.8% |
| Long-Term Debt | $5.9M | $6.4M | $7.1M | +10.9% |
| Total Liabilities | $8.0M | $8.8M | $9.8M | +11.4% |
| Members' Equity | $4.2M | $4.7M | $5.1M | +8.5% |