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<br />4. PHOPERT'\' AND EQUIl)j\IE;\T <br /> <br />Propeny and equiprncllt consists of the following: <br /> <br />Balance <br /> <br />Estimated Useful <br />Lives <br /> <br />Vehicles <br /> <br />Equipment <br />Furniture-Fix tllres <br />Land-Building <br /> <br />S 1,568.289 <br /> <br />5 Years <br /> <br />(J.iS7.?73 <br /> <br />5 . 7 \'cars <br />5 . 7 "y' e:lri; <br />39 Years <br /> <br />16.568 <br />171 <br />10.05fl.189 <br /> <br />Less: Accumulated Depreciation <br /> <br />(7.219.602) <br /> <br />S 2.826.587 <br /> <br />5. BENEFIT OBLIGATIONS <br /> <br />On January!, 2000. the Company adopted :: 40 I (I:) plan which allows employees to defer lJ percentage of <br />their compensation. Under the plan, employees may elcctlO defer up to 15% of their compensation. <br />subject [0 the Internal Revenue Service limits. The Company Illay match employee deferrals of up to 3% <br />of the employee compensation. Employer matching contribmions totaled 532.878 for the year ended <br />December 3 i, 2009. The Company elected to no! make employer mmching contributions as of .I11ly L <br />2009. <br /> <br />6. LONG-TEHM DEBT <br /> <br />Long-term debt consists of one note payable to Kelly Tractor Company dated January I. l008. It is <br />collaleralized by equipment and is payable in 36 monthly installmCllls of $3.945 without illlerest through <br />December 31. 2010. Balance:ll December 31. 2009 of $42.868 i~ less unamortized discount of $979 using <br />an effective rate of 2.5%. <br /> <br />i. LINE OF CREDIT <br /> <br />The Company has an unsecured lille of credit in the amollnt of $2,500,000 with Fifth Third Bank. which <br />expires May 31,20 I O. Interest is :ll ],5% pillS ont-lllonth L1BOR. As of December 3 j. 2009. the <br />Company does not have any outstanding amount against the line of credi!. <br /> <br />S. I;\COME TAXES <br /> <br />Tlte Company, with the consent of its stockholders. has elected tinder the Inkm:t1 Revenue Code to be a <br />Sub-Chapter S corporation. In lieu of corporate incnrne taxes. the stockholders are taxed on fheir <br />proportionate share of the Company's taxable income. Therefore, no provision or liabi lity for Federal <br />income t<lXCS has been included ill tlte financial SI;llcrnelHS. The Florid" corpc)l'iltion income w>. do(~s not <br />appJ). except where thE Company is liable fOI Federal inC(llllC' lax. <br /> <br />. s - <br />