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<br />I. <br />. <br />I. <br />.. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />I. <br />,. <br />:. <br />.. <br />. <br />I. <br />. <br />. <br />I. <br />.. <br />'. <br />'. <br />i. <br />. <br />. <br />. <br />. <br />.. <br />'. <br />'. <br />I. <br />. <br />'. <br />. <br />'.. <br />'. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br />. <br /> <br />BERMELLO, AJAMIL & PARTNERS, INC. <br />AND SUBSIDIARY <br /> <br />NOTES TO CONSOLIDATED FINANCIAL STATEMENTS <br />DECEMBER 31, 2006 AND 2005 <br /> <br />NOTE 4. RELATED PARTY TRANSACTIONS (CONTINUED) <br /> <br />In addition, due from related parties includes expenses paid on behalf of a company owned <br />. by the two principal stockholders. Effective January I, -2004, the balance outstanding from <br />the affiliated entity was assumed and included in a promissory note, bearing interest at a <br />rate of 3.55% per annum, due from the two principal stockholders. At December 3], 2006 <br />and 2005, the balance due from these stockholders was $35] ,832 and $735,968, <br />respectively. <br /> <br />Accrued interest receivable on the outstanding receivable balances as of December 31, <br />2006 and 2005 was $165,2 to and $173,055, respectively, and have been included in the <br />caption due from related parties in the accompanying consolidated balance sheets. <br /> <br />During 2006, the Company granted a loan, in due from related parties, in the amount of <br />$2,500 to Bennello, Ajamil International for operational costs. The loan does not bear <br />interest and has no specific maturity date. <br /> <br />During 2001, a related party granted a loan to the Company. The balance owed by the <br />Company amounted to $255,741 as of December 31, 2006 and 2005, respectively. The loan <br />is non-interest bearing and has no specific repayment terms. <br /> <br />On January 2, 1992, the Company entered into a promissory note payable with a related <br />party. During 2003, the agreement was amended changing the maturity date from <br />December 2011 to December 2006. Consequently, monthly payments increased <br />approximately $1,600. As of December 31, 2006 and 2005, the balance owed on this note <br />amounted to $0 and $2,587. respectively. and is reflected as long-tenn debt in the <br />consolidated balance sheets of the accompanying financial statements (NOTE 7). <br /> <br />Included in trade accounts payable in the accompanying consolidated balance sheets, at <br />December 31, 2006 and 2005. are amounts due to an entity controlled by the two principal <br />stockholders totaling $968,642 and $931,232. respectively. (NOTE 6). <br /> <br />-14- <br />