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I I ,. I I I I I I Q. I I I I I I I .. I CUBELLIS BUSINESS TRUST ~OTES TO CONSOLIDATED FINANCIAL STATE;\IENTS :\ote 7 - Long-term Debt (Continued) Approximate aggregate future maturities for the remaining term of indebtedness at December 31. 2()05 arc follows: 2006 2007 200S 2009 2010 s 265.000 2~ 1.000 2~ 1 ,000 139,000 45,000 At Dccemher 31. 2t)l).5. the Company was in violation of certain restrictive covenants under its bank term lo,m; ho\\ e\'er. the Company obtained a waiver from the lender \\ ith n:spect to the violation. Note S - :\'otes Payable. Shareholder \t Dt:ct:mber 31. 2005. nutes payable. shareholder consists of an unsecured promissory note in tht: original amount of '5100.000 requiring quarterly payments of 56.153 representing principal and interest at 8.25% and an unsecured promissory note in the original amount of S 180,276 requiring quarterly payments of59.940 representing principal and interest at 3.80%. :VlinllllUlll principal payments for the remaining tenn of the notes payable, shareholder at December 31, 2005 arc follows: 200() 2007 200S 2009 2010 S 58,7<)8 53.306 56.213 59,275 52,684 ~~ 230>276 During 2004 the Cumpany entcrcc..l into a demand note payable with a shareholder in the original amount of S250.000. The Company made periodic payments of principal and interest from available cash flow and paid the note in full in 2005. :\otc 9 - Income faxes As of December 31, 2005 and 2004 the Company's deferred income tax assets and liabilities consisted of the following components: Deferred income tax liahilities Defl:rn:d income tax assets :\et deferred income taxes 2005 ~004 _ S (877,000) S (-+32.000 ) 331,000 120.000 5 t546,OOO) S__J312,O()()) II