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<br />I I <br />II <br />I~ <br /> <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, 2009 AND 2008 <br /> <br />Note 2 - Property and Equipment: <br /> <br />Property and equipment at cost as of December 31, consist of the following: <br /> <br />Estimated <br />Useful life <br /> <br />2009 2008 <br /> <br />I <br />I . <br /> <br />I~ <br />~ <br />I <br /> <br />" <br /> <br /> <br />I <br /> <br /> <br />..! <br /> <br />C <br />'j <br />:, <br /> <br />G <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 />850,606 <br />$ 605.764 <br /> <br />$ 834,208 <br />622,162 <br />1,456,370 <br />771,441 <br />$ 684 929 <br /> <br />7 Years <br />15 SL <br /> <br />I <br />Note 3 - Commitments: <br /> <br />Rent expense for the years ended 12/31/09 and 12/31/08 approximated $580,412 and <br />$584,487. <br /> <br />The Company entered into a lease effective December 1, 2006 for office space for a <br />period of ten years and five months with per annum rent due as follows: <br /> <br />12/31/10 <br />12/31/11 <br />12/31/12 <br />12/31/13 <br />Thereafter <br /> <br />Total <br /> <br />$ 676,617 <br />696,283 <br />696,283 <br />696,283 <br />2.850,078 <br /> <br />$5615.544 <br /> <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 31,2009. <br /> <br />~ <br />I <br />I. <br /> <br />..-...........-..,....,.... <br />,.. . .", <br />- .. .... <br /> <br />n. : :: :-,'_._ _._ . '.'~ ._,'. _ ..... ..: . <br />