High Fashion Ltd. is a chain of high- end retailers of women s fashions. The chain currently has five locations in top malls in Toronto. High Fashion has been very popular because of its ability to get unique de signer fashions not available at any other Canadian store. The success of High Fashion is largely due to the entrepreneur who began the chain, Ellin Bessner, who is very skilled at identifying the tastes of her target market and getting exclusive deals with international and domestic designers. Since 2015, High Fashion has been growing, including adding one new store each year in 2015, 2016, and 2017. Ellin has invested more money in the business to finance the growth but she is almost out of her own money. Recently, Ellin approached the venture capital firm Dragon s Lair Inc. for a large loan. Ellin would like the money to expand her existing stores and expand into Mont real and Ottawa. Ellin has supplied financial statements for the last four years. Dragon s Lair is interested in investing in High Fashion. It s willing to lend the money but one of the terms of the loan agreement is that Dragon s Lair could convert the loan into a 20 percent stake in High Fashion within five years if it chooses to. You are an analyst with Dragon s Lair. One of the principals of the firm has asked you to do an analysis of High Fashion s financial statements, evaluating its performance and liquidity over the last four years and assessing its suitability for a loan. Ms. Bes