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'. .. i. . . . . . . . . . . . '. . . '. ~. . . . . :. . . I. . . . . . . . . . . Ie . . I. .. I. '. , . . . . . . . . . . . BERMELLO, AJAMIL & PARTNERS, INC. AND SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2006 AND 2005 NOTE 5. PROPERTY AND EQUIPMENT, NET Property and equipment, net, is sununarized as follows as of December 31 : 2006 2005 Computer equipment $ 2,121,515 $ ] ,527,822 Transportation equipment 87,376 48,769 Furniture and equipment 708,835 480,758 Leasehold improvements 563,399 491,683 Equipment held under capital leases 235.581 235.581 3,716,706 2,784,613 Less accumulated depreciation (including $]83,102 and $]25,464 on equipment held under capital leases as of December 3], 2006 and 2005, respectively) ] .979.427 ] .539.530 $ 1.737.279 S 1.245.083 Depreciation and amortization expense was $439,897 and $342,]]] in 2006 and 2005, respectively. During 2006 and 2005, management reviewed and wrote off various assets, which were fully depreciated. The write off of these assets did not have a significant impact on the consolidated financial statements. NOTE 6. ACCOUNTS PAYABLE AND ACCRUED EXPENSES Accounts payable and accrued expenses consist of the following at December 31 : 2006 2005 Amounts payable to consul1ants $ 4,794,]79 $ 4,043,872 Net deferred tax liabilities 162,]88 Trade accounts payable (NOTE 4) 996,04 ] 1,611 ,295 Accrued payroll and payroll taxes ],20],9]6 880,563 Other accrued expenses 690.6] 7 630.882 $ 7.844.941 $ 7.166.612 -15-