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<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 />. <br />. <br />. <br />. <br />. <br />. <br />. <br /> <br />BERIVIELLO, AJAIvUL & PARTNERS, INC. <br /> <br />NOTES TO FINANCIAL STATEMENTS <br />DECE!'v1BER 31, 2005 A.ND 2004 <br /> <br />NOTE 8. . L01\.'G-TERM DEBT AND LI!\TE OF CREDIT <br /> <br />The Company maintains a line of credit (the "Line") with a bank, primarily to support <br />working capital needs, with maximum bOlTowings of $3,500,000. The note bears interest at <br />the Wall Street Journal prime rate, 7.25% and 5.50% at December 31, 2005 and 2004, <br />respectively, The line of credit is collateralized by substantially an assets of the Company <br />and is guaranteed by the principal stockholders, This credit line is renewed arIDually and <br />expires November 15, 2006. As of December 31, 2005 and 2004, the Company had <br />borr:owed $999,951 and $2,254,951, respectively, Management believes this credit line will <br />be renewed at maturity date, At December 31, 2005, the Company was in compliance with <br />all debt covenants stipulated in the Line, <br /> <br />Long-term debt is summarized as follows: <br /> <br />2005 <br /> <br />2004 <br /> <br />6% llilsecured note payable to a related party; monthly <br />payments of principal and interest of $1,600 through <br />December 2006, <br /> <br />$ <br /> <br />2,587 <br /> <br />$ <br /> <br />32,642 <br /> <br />Various notes payable to a ban.lc bearing interest at rates <br />ranging from 4.75% to 7,75% at December 31,2005 and <br />2004, collateralized by selected fixed. assets and due <'It <br />various dates through April 2008, <br /> <br />Less current portion of long-term debt <br /> <br /> ]2,204 109.617 <br /> 14,791 142,259 <br /> 7.661 127,210 <br />$ 7.130 $ J 5,049 <br /> <br />The maturities oflong-term debt for each of the years subsequent to December 31,2005 are <br />as follows: - <br /> <br />2006 :1; 7,661 <br />2007 5)07 <br />2008 1,823 <br /> $ 14.791 <br /> <br />-] 4- <br />