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NOTES TO FINANCIAL STATEMENTS <br />Future maturities of long-term debt are as follows: <br />Years Ending December 31, <br />2005 <br />2006 <br />2007 <br />2008 <br />Total <br />NOTE 8 - LEASE OBLIGATIONS <br />As Lessee <br />Amount <br />$ 67,253 <br />64,309 <br />47,542 <br />713,931 <br />$ 893,035 <br />The Organization leases retail space (Penny Pinchers) under an operating lease. <br />The following is a schedule by year of future minimum lease payments required under the lease: <br />Years Ending December 31, <br />2005 <br />2006 <br />Total lease commitment <br />Operating <br />Leases <br />$ 24,000 <br />12,000 <br />� ] ����� 14J <br />Total rent expense under this lease was $32,229 t��e year ended December 31,2004. <br />As Lessor <br />The Organization leases office space in the building it occupies to tenants under non-cancelable operating leases <br />with terms of five to seven years. <br />Future minimum rentals, not including operating costs, under the lease agreements are as follows: <br />Years Ending December 3l, Amount <br />2005 <br />2006 <br />2007 <br />2008 <br />2009 <br />Thereafter <br />Total <br />5 ['� 8,��$ <br />I ��>�l� <br />I ��,d�� <br />I r5,�d1 <br />.47y��� <br />��,�7� <br />� 9i{,.:,9� <br />(continued on next page) � =� <br />