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<br />CUBELLIS BUSINESS TRUST <br /> <br />NOTES TO CONSOLLDA TED FINANCIAL STATEMENTS <br /> <br />. <br /> <br />Note 8 - Notes Payable, Shareholder <br /> <br />At December 31. long-term clebt consists of the following: <br /> <br />Unsecured loan payable to a shareholder. principal payments of <br />%.152 are due quarterly along with interest at R.25%. through <br />September 2011. S <br /> <br />2006 <br /> <br />2005 <br /> <br />123,169 $ <br /> <br />I 00. oon <br /> <br />Unsecureclloan payable to a shareholder. principal payments of <br />$9.940 arc due quarterly along with interest at 3.RO%. through <br />September 2010. <br /> <br />140,516 <br /> <br />I SO.n6 <br /> <br />Unsecured loan payable to a shareholder. principal payments of <br />S 11.690 arc due quarterly along with interest at 1\.25%. through <br />September 20 II. <br /> <br />190,000 <br /> <br />Unsecured loan payable to a shareholder. principal payments of <br />$.31.500 are clue monthl\' alan!! with interest at 8.25%. throu!!h <br />i'vlay 2007. thereafter prfncipar and interest payments of $5.522 <br />arc due monthly through September 2008. <br /> <br />Less current portion <br />rotal long-term portion $ <br /> <br />244,605 <br />698,290 <br />281,047 <br />417~ <br /> <br />280.276 <br />58.798 <br />$u__22L472 <br /> <br />. Minimum principal payments fiJr the rem~lInlllg term of the notes payable. shareholder at <br />December 31.2006 art: follows: <br /> <br />2007 S 281.047 <br />2008 159.367 <br />2009 111.132 <br />2010 98.159 <br />20 II 42.720 <br />Thereatier 5,865 <br /> $ 698,290 <br /> .' <br /> <br />Note 9 - Income Taxes <br /> <br />At December .31. the Company's deferred lI1\:ome tax assds and liabilities consist of the <br />tollowing components: <br /> <br />2006 <br /> <br />2(0) <br /> <br />Deferred income tax liabilities <br />Deferred income tax assets <br />Nd deferred income taxl:s <br /> <br />S (1,402,000) <br />569,000 <br />$ (833.000) <br /> <br />S (877.000) <br />331.000 <br />$_(~:i6J2QQ) <br /> <br />. <br /> <br />12 <br />