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<br />Ceres Environmental Services, Inc. <br /> <br />NOTES TO FINANCIAL STATEMENTS <br /> <br />o <br /> <br />7. RELATED PARTY TRANSACTIONS AND COMMITMENTS (Continued) <br />Due from Limited Liability Partnership <br />Amounts were due from the limited liability partnership previously discussed totaling $653,296 and <br />$797,296 as of December 31, 2006 and 200~~ respectively. <br /> <br />Due to Related Party <br />A note payable was due to the stockholder as of December 31, 2006 as discussed in Note 4. <br /> <br />Non-Interest bearing amounts were due to the stockholder totaling $390,773 as of December 31,2005. <br /> <br />8. LEGAL PROCEEDINGS <br />The Company is involved in various claims and litigation arising in the ordinary course of business. <br />Subject to the uncertainties inherent in estimating the outcome of these claims and litigation, management <br />believes that the results would not have a materially adverse effect on the Company's financial condition, <br />results of operations, liquidity, or cash flows. <br /> <br />o <br /> <br />o <br /> <br />-9- <br />