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<br />. <br />e <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />,e <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 />BERM:ELLO, AJAMIL & PARTN-:ERS, LN'C. <br /> <br />NOTES TO FINANCIAL STATEMEtrrS <br />DECEMBER 31, 2005 AND 2004 <br /> <br />NOTE 9. STOCKHOLDERS' EQUITY <br /> <br />At various times, tbe Company bas executed agreements to employees for tbe issuance of <br />shares of common stock upon full payment of an agreed-upon purchase price, The agreed- <br />upon purcbase price balance is due in three equal annual LTlstallments bearing interest at 6% <br />pef annum. Amounts not collected in full are shown as a stock subscription receivable and <br />a reduction of stockholders' equity. The Company issued no shares or common stock <br />during 2005 fu'1.d 15,000 shares of COIThl1on stock during 2004. The purchase price fOf these <br />shares amounted to $198,000. for and 2004. During 2004, the COmp311Y repurchased 5,000 <br />shares of common stock for $52,500, During 2005, there were no issuances of shares of <br />common stock. <br /> <br />1VOTE 10. COI'ffMITMENTS AND CONTINGENCIES <br /> <br />Operating Leases <br /> <br />Effective as of March 1, 1994, the Company leases two floors of office space under the <br />terms of a renegotiated non-cancelable lease agreement which expired February, 2001. The <br />Company renewed, their lease agreement through February 28, 2009 which included an <br />additional 6,000 square feet of office space. The Company is required to make monthly <br />rental payments of approximately $87,000, which are subject to increases based on the <br />Consumer Price Index, <br /> <br />In addition, the Company has operating lease agreements primarily involvi.ng automobiles <br />and equipment. These leases are non-cance.Jable and expire at various dates through 2011. <br /> <br />The minimum annual rent is subject to annual escalation based on changes in the Consumer <br />Price Index, Future minimum rental payments due under these lease agreements for each of <br />the years subsequent to December 31, 2005 are as follows: <br /> <br />2006 S; 1,428,441 <br />2007 1,486,868 <br />2008 1,452,932 <br />2009 459,419 <br />2010 270,771 <br />Thereafter 106 J 56 <br />To tal S 5,204.787 <br /> <br />-15 - <br />