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<br />I .. <br />Ie <br /> <br />I " <br /> <br />~ <br />i <br />i <br /> <br />E:c <br /> <br />accountants & advisors <br /> <br />DEVELOPMENT COUNSELLORS INTERNATIONAL, LTD. <br />(AN S CORPORATION) <br /> <br />NOTES TO FINANCIAL STATEMENTS <br /> <br /> <br />DECEMBER 31, 2008 AND 2007 <br /> <br />Note 2 - Property and Equipment: <br /> <br />I :, <br />~ <br />. <br /> <br />Property and equipment at cost as of December 31, consist of the following: <br /> <br />Estimated <br />Useful Life <br /> <br />2008 2007 <br /> <br />r"1 <br />I <br />,0 <br />I <br />I , <br />o <br /> <br />Furniture, Fixtures & Equipment <br />Leasehold Improvements <br />Total <br />Less: Accumulated Depreciation <br />Total <br /> <br />$ 834,208 <br />622.162 <br />1,456,370 <br />771.441 <br />$ 684.929 <br /> <br />$ 842,253 <br />659.288 <br />1,501,541 <br />662.190 <br />$ 839.351 <br /> <br />7 Years <br />27.5 SL <br /> <br />I <br />Note 3 - Commitments: <br /> <br /> <br />Rent expense for the years ended 12/31/08 and 12/31/07 approximated $584,487 and <br />$496,566. <br /> <br />The Company entered into a lease effective December 1, 2006 for office space for a <br />period of ten years and five months with per annum rent due as follows: <br /> <br />;t <br /> <br />o <br /> <br />.: <br />:; <br /> <br /> <br />~ <br />~ <br />I <br />1 <br />C <br /> <br />" <br />:j <br /> <br />i <br /> <br />:0 <br /> <br /> <br />I <br /> <br />12/31/09 <br />12/31/10 <br />12/31/11 <br />12/31/12 <br />Thereafter <br /> <br />Total <br /> <br />$ 660,114 <br />676,617 <br />696,283 <br />696,283 <br />3.546,361 <br /> <br />$6.275.658 <br /> <br />This lease provides for four months free rent during the first year. Rent is reflected on <br />the straight line basis, resulting in a deferred rent charge of $ 58,712 for the year ended <br />December 31, 2008. . <br /> <br />" .,- . <br />".- . ... . <br />... .-- ... <br /> <br />". ..". - '. -0 '.". ~",,".~.'7;-::<.;7::;:-.~.,:,'7~'~"".::-:;-:;:':..::: <br />