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Schmidt Construction <br />Notes to Divisional Balance Sheet <br />December 31, 2004 <br />Note 3 -Related Party Transactions <br />Generally, amounts due from Edw. C. Levy and affiliates -net are the resuk of <br />transactions in the normal course of business, as weH as financing the working capital <br />needs of affiliates. These balances have been classified as long-term based on the <br />intention of the parties as to repayment. <br />All assets of the Division are pledged under outstanding debt agreemecrts of the Parent <br />and the Parent's guarantee of affiliate debt. In the event of defauk by the Parent or <br />affiliates, the assets of the Division could be used to satisfy the obligation. <br />Note 4 -Notes Payable -Former Stockholders <br />Notes payable consists of the Division's allocated portion of the following at <br />December 31, 2004: <br />Note payable to forxr stockholder for purchax of common stock, wkh <br />annual paymerns ranging from $124,022 to $492,478 plus Interest at LIBOR <br />plus 1.50 percent (an effecWe rate of 3.04 percent at December 31, 2004), <br />wkh final payment due June 30, 2010. The note is guaranteed by affiliated <br />companies and is wbordinated to all bank debt $ I ,882.872 <br />Note payable to former stockholder for purchaso of common stock, with <br />annual payments ranging from $141,921 to $510,212 plus interest at LIBOR <br />plus 1.50 percent (an affecdve rate of 3.04 percent at December 31, 2004), <br />with final payment due June 30, 2012. The note b guaranteed by af0ltated <br />companies and is subordinated to all bank debt 2,563,335 <br />Total <br />Less current portion <br />Long-term portion <br />The allocated prindpal payments due on notes payable areas follows: <br />2005 $ 400,047 <br />2006 470,644 <br />2007 564,773 <br />2008 682,434 <br />2009 823,627 <br />Thereafter I ,504,682 <br />Total $ 4,446,207 <br />4,446,207 <br />400,047 <br />S 4,046,160 <br />