Level 2 — Core 

Session 1 —  Inventory

Model how inventory links production, COGS, and cash flow, using bottom-up, top-down, or hybrid approaches. 

Session 2 —  Flags

Build simple, multiple, and compounding flags to control the timing of revenue, cost, and schedule activation. 

Session 3 —  Construction

Structure a project timeline across construction, ramp-up, and operations, including capex and interest during construction. 

Session 4 —  Debts

Build a full debt schedule with drawdowns, repayments, interest, grace periods, and covenant trigger logic. 

Session 5 —  Leasing

Weigh leasing against buying, distinguish operating from financial leases, and build a complete lease structure. 

Session 6 —  Cash Waterfall

Model cash waterfall logic and a dynamic revolver, with safeguards against circularity.

Session 7 —  Tax Loss Carry Forward

Build a tax loss carryforward schedule that uses losses from unprofitable years to reduce future tax. 

Level 2 Material Recap

A summary of every session, in one document to keep and reference