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I I ~ I I I I I I ~ I I I I I I I .e I CUBELLlS BUSINESS TRUST :'lOTES TO CONSOLIDATED FI:'lANCf..\L STA TF.~lENTS Note 7 - Long-term Deht At December 31, long-term Jebt consists of the following: 2005 Tellll lQ(m from a bank, payable in monthly principal payments of 57.'+87 through June 20 I O. Interest is payable monthly at the one month UBOR rate plus 1.75% (6.1.+IXI at December 31, 2005). The loan is secured by a first security interest in all business assets of the Company, subject to certain linancial covenants and is personJlly guaranteed by the Company's stockholders. S ~04,.29() V:mous IIlstallment loans for motor vehicles. Principal anJ IIltcrest are payable monthly in the aggregate amount of '52,859. Interest rates range from 1.9%) to 6.8%. :VIaturity Jates range from April 2005 through April 2009. 71,641 l.nsecureu 110ll: payable in the amount of SJOO,OOO issued in connection \\ ith the merger \\ ith J\.lanl1, Gin, Dubin &. FraZlCf, Ltd. The note is payable in three anIlual installments of S I 00,000 plus accrued interest at a rate of the greater of either 5% or the prime rate (7.25% at December 31. 2005). The note is personally guarJnteed by the Company's Prcsident. 300,000 Dd~rrecl payments Jue in cOIUlection with the acquisition of Ecoplan. P.A. Payments of 537,500, 537.500, 550,000 anJ 550,000 are due July I, 2006, 2007, 2008 and 2009, respecti vely; howcvcr, such payments may be further ueferred under ccrtain circumstances as defined in the asset purchase agreement. Thc Company's obligation for such payments is recorded at their present valuc using a discount rate consistent with the Company's other unsecured borrowings. 15-t,725 unsecured promissory note in connection with the purchase of certain tangible and intangible assets. Interest was payable at 7.5%. Principal \vas payable monthly in the amount of 55,000 through June 30. 2002 and increased to S 1 0,000 anJ S 12,000 at designated intervals with the balance due on .Iuly J I, 2005. The note was personally guaranteed by the Company's President. Term loan from a tinancing company. payable in monthly principal payments of S 13,333 through September 2008. Interest is payable monthly at the one month UROR rate plus 2.65'~~. The loan was secured by a lirst security interest in all business assets of the Compan)/, suhject to certain tinancial covenants and was personally guaranteed by the Company's stockholders. The loan was paid in full \vith proceeds from the term loan from a bank described above. Less current portion Total long-teml portion 939,656 264.929 5 665.727 200-t s 127J3-t .+9,70() 506.500 683,5-l0 255,620 S__.+ 27 192 0 10