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ROHL NETWORKS LIMITED PARTNERSHIP NOTES TO FINANCIAL STATEMENTS (SEE INDEPENDENT ACCOUNTANT'S REVIEW REPORT) OCTOBER 31,2013 AND 2012 6. ACCOUNTS PAYABLE AND ACCRUED EXPENSES Accounts payable and accrued expenses consisted of the following at October 31: 2013 2012 Materials and subcontractors $ 2.013,814 S 2,655,791 Retainages 758,737 545,924 Losses on contracts 250,000 Customer advance 197,120 - ( Accrued salaries and other 63,564 196,151 $ 3,283,235 $ 3,397,866 The Partnership expects to pay the retainage payable during the year ended October 31, 2014; however, as discussed in NOTE 8, certain retainage will be held until the Partnership reaches a settlement agreement with a customer. 7. NOTES PAYABLE Notes payable consist of the following at October 31: 2013 2012 Notes payable entered into on March 11, 2011 with a lender to purchase three trucks,payable in monthly installments ranging between$732 and $913, including interest at 6.99% until March 2016. There are no financial covenants, however, these notes are collateralized by each truck financed. $ 63,602 $ 86.948 Notes payable entered into during the year ended October 31,2012 with a lender to purchase four trucks, payable in monthly installments ranging between'$775 and 51,105, including interest at 6.99% and maturing at various dates through September 2017. There are no financial covenants, however, these notes are collateralized by each truck financed. 131,515 163,193 Notes payable entered into during the year ended October 31,2013 with a lender to purchase two trucks, payable in monthly installments ranging between $790 and 5806,including interest at rates between 6.99%and 8.29%and maturing at various dates through April 2018. There are no financial covenants, however, these notes are collateralized by each truck financed. 70,378 - Total notes payable 265,495 250,141 Less:current portion (72,500) (54,342) Notes payable,less current portion $ 192,995 $ 195,799 - 10-