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<br />. <br /> <br />. <br /> <br />. <br /> <br />CUBELLIS BUSINESS TRUST <br /> <br />NOTES TO CONSOLlDA TED FINAl~CIAL ST A TEMRNTS <br /> <br />Note 6 - Capital Leases (Continued) <br /> <br />Future minimum kasl: payments under the capital leases and thl: present valul: of thl: nl't <br />minimum lease payml:nts arc as follows: <br /> <br />2007 <br />2008 <br />2009 <br />2010 <br />2011 <br /> <br />s <br /> <br />83-UWI <br />~2n.30 I <br />211\.993 <br />178.062 <br />61.50n <br /> <br />Total minimum kase payments <br />[.ess amount repn:senting interest <br /> <br />1.719.663 <br />22~,937 <br /> <br />Prl'sent value of minimum kase payments <br />Less current portion <br /> <br />1,494.726 <br />61\2.Qi-1 <br /> <br />Long term portion of capital kase obligations <br /> <br />$_. _81 21() 7J <br /> <br />The present value of future minimum kase payments is bascd on discounts of individual kases <br />at interest rates ranging from ~A3% to 13.30%. <br /> <br />Note 7 - Long-term Debt <br /> <br />At Deccmber 31. long-term debt consists or the t()llowing: <br /> <br />Term loan from a bank. payable in monthly principal payments <br />uf $7,487 through June 2010. Interest is payable monthly at <br />the one month L1130R rate plus 1.75(lfcl 0.10% at December 31. <br />lOOn). The loan is secured by a lirst security interest in all <br />business assets of the Company. subject to certain tinancial <br />con:nants and is personally guaranteed by the Company's <br />stockholders. <br /> <br />2006 <br /> <br />2005 <br /> <br />s <br /> <br />314,448 <br /> <br />s <br /> <br />404.290 <br /> <br />krm loan from a bank. payabk in monthly principal payments <br />or S30.000 through June 2011. Interest is payable monthly at <br />the one munth Ll BOR rate plus 1.75(% (7.10% at December 31. <br />2()06). Thl: loan is secured by a security interest in all business <br />assets or the Company. subject to cl:rtain linancial cu\enants <br />and is persunally guarankeo by the Company's stockholders. <br /> <br />1,620,000 <br /> <br />1.325.000 <br /> <br />Various installment loans lor mutor \ehicks. Principal and <br />interest are payahle monthly in the aggregall: amount of <br />$2.859. Interest rates range from 1.9% to (>.i~%. I\laturit) <br />d:ltes range rrom April 2007 through April .2009. <br /> <br />24,174 <br /> <br />71.64 I <br /> <br />10 <br />