|
<br />[1,
<br />
<br />I
<br />I .
<br />
<br />E:c
<br />
<br />accountants &' advisors DEVELOPMENT COUNSELLORS INTERNATIONAL, LTD.
<br />(AN S CORPORATION)
<br />
<br />NOTES TO FINANCIAL STATEMENTS
<br />
<br />'j
<br />
<br />['
<br />I'
<br />,I"
<br />!I
<br />
<br />r'
<br />I i
<br />
<br />lr
<br />
<br />r .,
<br />
<br />DECEMBER 31, 2009 AND 2008
<br />
<br />Note 2 - Prooertv and Eauipment:
<br />
<br />Lr
<br />
<br />f'
<br />I
<br />
<br />Lr
<br />r 1
<br />I
<br />tJ
<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 />Furniture, Fixtures & Equip'ment
<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 />S 684 929
<br />
<br />7 Years
<br />15 SL
<br />
<br />r"~
<br />I
<br />"
<br />L. J
<br />I
<br />,
<br />f '
<br />
<br />'f
<br />r -1
<br />,
<br />1 .
<br />"(
<br />
<br />r'"
<br />
<br />I
<br />L "
<br />,i
<br />
<br />Note 3' - Commitments:
<br />
<br />Rent expense for the years ended 12/31/09 and 12/31/08 approximated $580,412 and
<br />$584,487,
<br />
<br />The Company entered into a lease effective December 1, 2006 for office space for a
<br />period of ten years and five months with per annum rent due as follows:
<br />
<br />! 1
<br />
<br />l.~
<br />
<br />12/31/10
<br />12/31/11
<br />12/31/12
<br />12/31/13
<br />Thereafter
<br />
<br />$ 676,617
<br />696,283
<br />696,283
<br />696,283
<br />2.850,078
<br />
<br />$5.615544
<br />
<br />'!
<br />;1
<br />[ ~
<br />;1
<br />C
<br />rl
<br />l ,
<br />It
<br />
<br />""I"
<br />.,
<br />r i.
<br />
<br />L~
<br />'j
<br />
<br />[~J
<br />
<br />
<br />
<br />
<br />
<br />l "...,.:.::',.,'::.;:.:.,::-:,,'.,;',.,:-.:'::":.., ',..;.;,' '.C: ;; ,":, ',;' "
<br />
<br />Total
<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 />," .". ..- .'-'_.,"7":.- -.:...- . ..~~..
<br />...-................... .... ...........
<br />
<br />. ,..:_::.~':"'.-'-: ." ..:..:.~.~?-:.-..:..r. .-:-_..... :.':.," . .
<br />
<br />1" ....;.......
<br />
<br />t"\ \ '~1
<br />." '~
<br />...., . ...
<br />"'-..I
<br />
<br />........ .
<br />
|