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<br />. <br /> <br />CONQUEST ENGINEERING GROUP COMPANY <br />NOTES TO THE FINANCIAL STATEMENTS <br /> <br />NOTE 8 -LONG-TERM DEBT <br /> <br />The Company's long-term debt consists of the following: <br /> <br />Equipment and vehicle loans payable in <br />monthly installments ranging from $ 380 to <br />$ 3,727 including interest at rates of 6.29 % to <br />15.24 %, and maturity dates from August 2008 <br />to December 2012. <br /> <br />2007 <br /> <br />2006 <br /> <br />Less: current portion <br /> <br />$ 868,1 5 1 <br /> <br />(280,136) <br />$ 588,015 <br /> <br />$ 566,595 <br /> <br />(166,1 04) <br />$ 400,491 <br /> <br />.FuturepTill-cipal-paym-eTIts--o-ft-h-es-e-netes-are-as-f0i-l~ws-: . <br /> <br />., <br /> <br />Year <br />2008 <br />2009 <br />.2010 <br />2011 <br />2012 <br /> <br />Amount <br />$ 280,136 <br />275,779 <br />l82,272 <br />87,326 <br />42,638 <br />$ 868,151 <br /> <br />NOTE 9 - RELATED PARTY TRANSACTIONS <br /> <br />The Company leases administrative offices, storage space and a parking facility from an <br />entity owned by the Company's stockholders. The lease terms are on a month -to -month <br />basis. Total rental payments made during the year ending December 31, 2007 were <br />$ 168,975 of which $ 93,936 were to the rel3.ted entity. In the year ending December 31, <br />2006 the total rental payments were $ 128,364 of which $ 55,000 were to the related entity. <br /> <br />The Company and these related companies mentioned above are not considered variable <br />interest entities under F ASB Interpretation 46 - Consolidation of Variable Interest Entities. <br />Accordingly, the accompanying financial statements have not been consolidated with these <br />related companies. <br /> <br />The Company's stockholders have lent $ 403,385 to the company under an unsecured note <br />payable due on August 27,2009. <br /> <br />]0 <br /> <br />~ <br />