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<br />I CUBELLlS BUSINESS TRUST
<br /> CONSOLIDATED BALANCE SHEETS
<br />I 2005 2004
<br />f December 31,
<br />ASSETS
<br />I Current assets:
<br />Cash and cash equivalents $ 401,921 S 418,085
<br /> Accounts receivable, net 8,746,079 4,371,566
<br />I Prepaid expenses 202,194 41,605
<br />Total current assets 9,350,194 4,831,256
<br />I Equipment and improvements, net 1,685,806 1,144,468
<br />I Other assets:
<br />Computer software, net 337,298 175,354
<br /> Cash surrender val ue 0 f life insurance 33,056 30,056
<br />I Deposits 107,319 9,938
<br />Goodwill, nel 2,269,538 999,263
<br />I Total assets $ 13,783,211 S 7,190,335
<br />Ie LIABILITIES AND SHAREHOLDERS' EQUITY
<br />CU rren t liabilities:
<br />I Lines of credit S 3,241,434 S 1,175,000
<br />Currel1l portion of obligations under capital leases 538,825 200,562
<br /> Currel1l portion of long-teml debt 264,929 255,620
<br />I Current portion of notes payable, shareholder 58,798 125,000
<br />Accounts payable 2,340,502 778,368
<br /> Accrued expenses and other current liabililies 355,589 370,185
<br />I Deferred renl 48,21 7 46,184
<br />Income taxes payable 27,753
<br />I Deferred income laxes 546,000 312,000
<br />Tolal current liabilities 7,394,294 3,290,672
<br />I Deferred rent 30,138
<br />Obligations under capital leases, net of current portion 824,610 189,872
<br /> Long-term debt, net of current portion 665,727 427,920
<br />I Notes payable, shareholder, net of current portion 221,478
<br /> TOlalliabililies 9,106, 109 3,938,602
<br />I Shareholders' equity 4,677,102 3.251.733
<br />.e Totalliabililies and shareholders' equily S 13,783,211 S 7,190,335
<br />I See aCCOlll/lallts' review report alld notcs to the fillallcia! statements
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