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<br />NOTE 4. <br /> <br />PROPERTY AND EQUIPMENT <br /> <br />Property and equipment at December 31, 2009 and 2008 consisted of the following: <br /> <br /> 2009 2008 <br />Leasehold improvements $ 411,587 $ 411,587 <br />Transportation equipment 302,883 302,883 <br />Office equipment 151,577 144,177 <br />Machinery and equipment 90,806 90,806 <br />Furniture and fixtures 88,311 88,311 <br /> 1,045,164 1,037,764 <br />Less: accumulated depreciation and <br />amortization ( 658,848) ( 563,102) <br /> $ 386,316 $ 474,662 <br /> <br />Depreciation and amortization expense amounted to approximately $96,000 and <br />$112,000 for the years ended December 31, 2009 and 2008, respectively. <br /> <br />NOTE 5. <br /> <br />NOTE AND ADVANCE RECEIVABLES <br /> <br />In January 2009, the Company loaned $300,000 to a third party and entered into a note <br />receivable. The note accrues interest at 10% per annum and matures January 16, <br />2012. Interest only payments are due monthly through maturity, at which time the <br />outstanding principal balance and all accrued interest are due. During the year ended <br />December 31, 2009, interest income related to this note receivable amounted to <br />$30,000. <br /> <br />In October 2009, the Company advanced $281,218 to an owner of an entity partially <br />owned by the members of the Company. The advance is unsecured and non-interest <br />bearing. Due to the nature of the advance and its undefined repayment terms, it has <br />been classified as a noncurrent asset in the accompanying balance sheets. <br /> <br />9 <br />