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<br />SBLM ARCHITECTS, P.C. <br />(AN S CORPORATION) <br /> <br />NOTES TO FINANCIAL STATEMENT <br /> <br />DECEMBER 31, 2008 <br /> <br />NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING <br />POLICIES (Continued) <br /> <br />Concentration of Credit Risk <br /> <br />Financial instruments that potentially subject the Company to concentrations of credit risk <br />consist principally of accounts receivable. The Company believes that concentration with <br />regards to accounts receivable is limited due to its large customer base. The Company <br />maintains substantially all of its cash balances in three financial institutions. The balances are <br />each insured by the Federal Deposit Insurance Corporation up to $250,000. At December 31, <br />2008, the Company did not have any uninsured cash balances, although the Company may <br />exceed the limits at times throughout the year. <br /> <br />Allowance for Bad Debts <br /> <br />Based on the Company's operating history and customer base, bad debts to date have not <br />been material. <br /> <br />Advertisinq Costs <br /> <br />Advertising costs are expensed as incurred and aggregated approximately $92,649 for the year <br />ended December 31,2008. <br /> <br />Accrued Vacation Pay <br /> <br />Employees can accrue up to a maximum of twenty six days vacation time. Employees must <br />use their vacation time earned within the calendar year. All unused earned time will be paid <br />during the first payroll of the following calendar year. <br /> <br />NOTE 2 - FIXED ASSETS <br /> <br />Fixed assets consist of the following at December 31,2008: <br /> <br />Office equipment <br />Furniture and fixtures <br />Leasehold improvements <br /> <br />$917,881 <br />216,926 <br />573,256 <br /> <br />1,708,063 <br />1.094.286 <br /> <br />$ 613.777 <br /> <br />Less: accumulated depreciation <br />