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<br />. <br /> <br />. <br /> <br />. <br /> <br />CUBELLIS BUSINESS TRUST <br /> <br />NOTES TO CONSOLIDATED FINANCIAL STATEMENTS <br /> <br />Note 3 - Accounts Receivable <br /> <br />At December 31. accounts receivable, net consisted of the following: <br /> <br />2006 <br /> <br />2005 <br /> <br />Bilbl accounts reccivable <br />Unhilbl accOllnts receivahle <br /> <br />S 14,285,710 <br />1,163,982 <br />15,449,692 <br />351,660 <br />$.J.S.098,032 <br /> <br />:5 &.368,292 <br />428.572 <br />8.796,864 <br />50,785 <br />U2-}0..079 <br /> <br />Less allO\vance for uoubtful accounts <br />Accounts rcceiv'abk. net <br /> <br />Note 4 - Equipment and Improvements <br /> <br />At Decem ber 3 I. equipmcnt and improvements. net consists of the following: <br /> <br />[.easehold improvements <br />Furniture anu equipment <br />~[otor vehides <br /> <br /> 2006 2005 <br />$ 992,282 S 287.463 <br /> 4,361,343 2,851.539 <br /> 262,667 293,790 <br /> 5,616,292 3.432,792 <br /> 2,385,659 1.746.986 <br />$ 3,230,633 $_L685~80~ <br /> <br />Less accumulateu depret.:iation and amortization <br />Equipment and improvements, net <br /> <br />Note 5 - Line of Credit <br /> <br />rhe bablKe at Ikt.:ember 31. 2006 of $3.915,214 n:presents advances against a 55,000.000 <br />operating line or creuit with a t.:ommercial bank. Auvances under the line of credit arc payable <br />on uemand. [nll:rest at the one month L1BOR rate plus 1.75% (7.10% at December 31.2000) is <br />payable monthly. The lines or credit arc secureJ by substantially all the assets of the Company <br />anu thL' personal guarantees or the Company's shareholders. <br /> <br />Note 6 - Capital Leases <br /> <br />Equipment. vv ilh an original cost of $2.518.<>:28 and $1.729,191 anu a net book value of <br />S 1.392.332 and SI.082.250 at December 31. 2lJOo and 2005. respectively. is being Ieaseu under <br />several capital leases that L'xpin: on various uatcs through September 20 II. Amortization <br />expense on assds acquired under capital leases is incluueu with depreciation. <br /> <br />9 <br />