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<br />( <br /> <br />E:c <br /> <br />I' <br />i <br />i <br />I!" <br />["I, <br />I <br />i <br />), <br />! <br />\ <br /> <br />f' <br />" <br />i <br />L:.. <br /> <br />accountants lit advisors <br /> <br />DEVELOPMENT COUNSELLORS INTERNATIONAL, L TO, <br />(AN S CORPORATION) <br /> <br />NOTES TO FINANCIAL STATEMENTS <br /> <br />DECEMBER 31, 2008 AND 2007 <br /> <br />Note 2 - Propertv and Eauipment: <br /> <br />Property and equipment at cost as of December 31, consist of the following: <br /> <br />Ii, <br />I <br />, <br /> <br />lr <br />r 1 <br /> <br />L, <br /> <br />Estimated <br />Useful Life <br /> <br />2008 2007 <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,a~ <br /> <br />7 Years <br />27.5 SL <br /> <br />I' <br />l , <br /> <br />, <br />I <br />, <br />\' <br />I <br />l., <br />[i <br />r <br />l ~ <br />It <br /> <br /> <br />L" <br />;~ <br /> <br />(' <br /> <br />.:..1 <br />~ <br /> <br />(; <br /> <br />1 <br /> <br />[ ~: <br /> <br />jJ <br /> <br /> <br />[~ <br />.1 <br />C <br />j <br />L <br /> <br />.~ <br /> <br />L... <br /> <br />Note 3' - Commitments: <br /> <br />Rent expense for the years ended 12/31/08 and 12/31/07 approximated $584,487 and <br />$496,566, <br /> <br />The Company entered into a lease effective December 1, 2006 for office space for a <br />period of ten years and five months with per annum rent due as follows: <br /> <br />12/31/09 <br />12/31/10 <br />12/31/11 <br />12/31/12 <br />Thereafter <br /> <br />$ 660,114 <br />676,617 <br />696,283 <br />696,283 <br />3.546.361 <br /> <br />Total <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 />r~ , " <br />~~U <br /> <br />. .' .~ . " ..' .. . . . .. . <br />. . '. . .' ;...' .". ~":'. :. . ,"' , ...': . . . <br /> <br />.:' -'.:' "-: '. -. ',' . . :.......:~~.~.:::::~_:..:..~-::'-.:::::;;..;..:;; ...;:.:..... .. <br />