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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 />NOTE 6- CAPITALIZED LEASE OBLIGATIONS <br /> <br />The Company is obligated under a capitalized lease for computer equipment as follows: <br /> <br />Lease payable to Dell Financial <br /> <br />The Company leases equipment under capital lease arrangement with Dell Financial. <br />Pursuant to the lease, the lessor retains actual title to the leased property until the <br />termination of the lease, at which time the equipment can be purchased for a dollar. The <br />term of the lease is 48 months with monthly payments of $894. The assumed interest rate <br />on the lease is 8% and the lease terminates in 2009. <br /> <br />Future minimum lease payments under these capitalized lease obligations as of <br />December 31,2008 are as follows: <br /> <br />Fiscal year ending December 31: <br />2009 4,469 <br /> <br />Less: imputed interest 84 <br />Present value of future minimum lease payments 4,385 <br /> <br />Less: current maturities 4.385 <br /> <br />$ <br /> <br />NOTE 7-INVESTMENT IN PARTNERSHIP <br /> <br />The Company owns 30% of Acertus Consulting LLC ("Acertus"). The Company's <br />investment in Acertus is recorded on the equity method. The following is summarized <br />financial for Acertus: <br /> <br />December 31, 2008 <br /> <br />Total Long-term Total Total <br />Assets Debts Liabilities Capital <br />$26,663 $ $265,059 $(238.396) <br /> (30%) <br /> Gross Net Allocation <br /> Revenues Loss of Loss <br /> $1,294,628 $(41,848) $ (12,555) <br /> <br />Year Ended December 31,2008 <br />