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I- '. . . ..... I. . . . . . i. . . . . . . . . . . . . . . . . . . . . . . . . I: . . . . . . . . . . . . . . . . . BERMELLO, AJAMIL & PARTNERS, me. NOTES TO FiNANCIAL STATEME1\'TS DECEMBER 31,2005 AND 2004 NOTE 6. ACCOUNTS PA YABLEAND ACCRUED EXPENSES Accounts payable and accrued expenses consist of the following: 2005 2004 Amounts payable to consultants $ 3,245,219 $ 2,723,057 Trade accounts payable 1,609,670 1,526,536 Accrued payroll and payroll taxes 853,045 670,332 Other accrued expenses 630,882 538,107 $ 6.338.816 $ 5,458.032 Included in trade accounts payable at December 31, 2005 and 2004 are amounts due to an entity controlled by the two principal stockholders totaling $931,232 and $855,044, respectively, NOTE 7. CAPITAL LEASES During September 2004, the Company leased certain equipment under a capital lease with a lease term of two years, The assets and liabilities under the capital lease was recorded at the present value of me future minimum lease payments, discounted at 12,27%. The following is a schedule of future minimum payments under the capital leases: 2006 $ 39,339 1,938 37,401 37 AO 1 :'; Less amount representing interest Less current maturities The assets are depreciated over the shorter of thejr related lease teons or their estimated productive lives, Depreciation of assets under capital leases totaled approximately $40,000 and $32,000 in 2005 and 2004, n:spective1y. -13-