|
<br />.
<br />.
<br />I.
<br />I.
<br />'.
<br />.
<br />.
<br />I.
<br />.
<br />I.
<br />
<br />.
<br />.
<br />.
<br />.
<br />.
<br />.
<br />.
<br />.
<br />.
<br />.
<br />.
<br />.
<br />.
<br />.
<br />.
<br />.
<br />.
<br />.
<br />.
<br />.
<br />.
<br />.
<br />.
<br />.
<br />.
<br />.
<br />.
<br />.
<br />.
<br />.
<br />.
<br />.
<br />.
<br />.
<br />.
<br />.
<br />.
<br />.
<br />.
<br />.
<br />.
<br />.
<br />.
<br />.
<br />.
<br />
<br />BERMELLO, AJA...MIL & PARTNERS, me.
<br />
<br />NOTES TO FINANCIAL STATEMEJ--.TTS
<br />DECEMBER 31, 2005 AND 2004
<br />
<br />NOTE 4. RELATED PARTY TRANSACTIONS (CONTINUED)
<br />
<br />During 2001, a related party granted a loan to the Company, The balance owed by the
<br />COmpfu"1Y amounted to $255,741 as of December 31, 2005 and 2004. The loan is non-
<br />interest bearing and has no specific repayment terms.
<br />
<br />During 2005, the Company entered into a 10ai'1_ agreement with Bermel1o, Ajamil &
<br />Partners-Architects and Engineers, Inc. Such loan does not bear interest and has no specific
<br />maturity date. As of December 31, 2005, the balance due from the related entity was
<br />$115,984~
<br />
<br />lVOTE 5. PROPERTY AND EQUIPMENT, NET
<br />
<br />Property a.l1d equipment, net is summarized as follows:
<br />
<br /> 2005 2004
<br />Computer equipment $ 1,400,679 $ 1,143,545
<br />Transportation equipment 48,769 48,769
<br />Furniture and equipment 432,951 252,534
<br />Leasehold improvements 244,335 245,350
<br />Equipment held under capital leases 235,581 235,581
<br /> 2,362,315 1,925,779
<br />Less accumulated depreciation and amortization
<br />(including $125,464 and $S5,043 on equipment
<br />held under capital leases as of December 31,
<br />2005 and 2004, respectively) 1,50 1,913 1 ,262,617
<br /> ~ 860.402 $ 663,1 62
<br />
<br />Depreciation and amortiz.ation.expense was $304,494 and $337,836 for 2005 and 2004,
<br />respectively, During 2005 and 2004, management reviewed and either wrote off or donated
<br />various assets, which were fully depreciated. The write off of these assets did not have a
<br />significant impact on the financial stat~ments,
<br />
<br />12-
<br />
|