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<br />BUDGET CONSTRUCTION CO., INC. AND BUDGET HOLDINGS, LLC
<br />NOTES TO THE COMBINED FINANCIAL STATEMENTS
<br />Years Ended December 31, 2007 and 2006
<br />
<br />NOTE 9 - Long-term debt:
<br />Long-term debt of The Company and The Affiliate consists of the following at December 31, 2007:
<br /> TOTAL CURRENT LONG- TERM
<br />Notes payable to financial institutions, payable
<br />in monthly installments of $1 ,496 including
<br />interest at 7.65%, through December 2008,
<br />collateralized by equipment. $ 14,271 $ 14,271 $
<br />Note payable to a financial institution payable
<br />in monthly installments of$1,695, non-interest
<br />bearing agreements, through January 2008,
<br />collateralized by equipment. (discount is
<br />based on imputed interest rate of 7.4%) 1,695 1,695
<br />Notes payable to financial institutions, payable
<br />in monthly installments of $1 ,441, including
<br />interest at 4.56%, through August 2008,
<br />collateralized by a vehicle. 9,010 9,010
<br />Note payable to a financial institution, payable
<br />in monthly installments of $1 ,417, including
<br />interest at 6.65%, through July 2008,
<br />collateralized by equipment. 9,922 9,922
<br />Note payable to a financial institution, payable
<br />in monthly installments of $388, including
<br />interest at 7.86%, through September 2010,
<br />collateralized by a vehicle. 12,805 4,656 8,149
<br />Notes payable to financial institutions, payable
<br />in monthly installments of $6,936, including
<br />interest at 6.44%, through April 2010,
<br />collateralized by equipment. 176,245 83,232 93,013
<br />Notes payable to financial institutions, payable
<br />in monthly installments of $2,355, non-interest
<br />bearing agreement, through January 2010,
<br />collateralized by equipment. (discount is
<br />based on imputed interest rate of 7.4 %) 49,214 28,260 20,954
<br />Sub-total $ 273,162 $ 151,046 $ 122,116
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<br />12
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<br />Benitez & Company. CPA',
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