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Ceres Environmental Services, Inc. NOTES TO FINANCIAL STATEMENTS 3. COSTS AND ESTIMATED EARNINGS ON UNCOMPLETED CONTRACTS The following is a summary of uncompleted contractS: Costs incurred to date Estimated earnings/gross profit to date Earned billings to date Less billings to date Net excess costs 2006 $298,880,740 50.115.920 348,996,660 348.921.594 $ 75.066 Included. in the accompanying balance sheets under the following captions: Costs and estimated earnings in excess of billings on uncompleted contracts Billings in excess of costs and estimated earnings on uncompleted contracts Net excess costs $ 75,066 $ -0- 75.066 4. DUE TO RELATED PARTY 2006 Note Payable Stockholder Due on demand with interest at 5%. Unsecured. Accrued interest was $570,000 as of December 31, 2006. $30,345,588 Other Non-interest bearing amounts. Unsecured Due to related party -0-" $30.345.588 5. LONG-TERM DEBT Long-term debt consists of the following: 8 2005 $198,540,903 69.001.523 267,542,426 193.277.279 $ 74.265.147 $ 74,993,290 (728.143) $ 74.265.147 2005 o $ -0- 390.773 $ 390.773 2006 2005 Installment note dated October 2005 secured by equipment with interest at 6.5%. Original maturity October 2009. Paid off February 2006. $ -0- Installment note dated November 2005 secured by equipment with interest at 6.5%. Original maturity November 2008. Paid off February 2006. -0- Installment note dated November 2005 secured by equipment with interest at 6.6%. Original maturity November 2009. Paid off February 2006. $1,800,300 1,876,040 -0- 289.799 0 -0- 3,966,139 -0- 3.966.139 $ -0- $ -0- -7- Less current maturities Long-term debt