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MANCIL'S TRACTOR SERVICE, INC. <br /> Notes to Financial Statements <br /> December 31, 2013 <br /> NOTE 6: PREPAID EXPENSES <br /> At December 31, 2012, the $ 1,382 in prepaid expense consisted of prepaid insurance. These costs will <br /> all be recognized as expense within the next twelve months. <br /> NOTE 7: BACKLOG <br /> Balance at January 1 $ 10,485,471 <br /> New contracts dining the year 17,030,484 <br /> Less:contract revenue earned (17,567,332) <br /> Balance at December 31 $ 9,948,623 <br /> NOTE 8: TRADE ACCOUNTS PAYABLE <br /> Trade accounts payable at December 31 were as follows: <br /> Currently Payable $ 2,561,591 <br /> Retainages - - <br /> Total Trade Accounts Payable $ 2,561,591 <br /> Vendor retainages are payable upon completion of contracts. There were no vendor retainages payable <br /> for 2013. <br /> NOTE 9: LEASE AGREEMENTS <br /> Operating Leases <br /> The Company leased a new copier from Leaf Capital Funding, LLC on May 25, 2012. This is a-non- <br /> cancellable operating lease with a term of five years and a lease purchase option of fair market value, <br /> plus taxes. The monthly lease payment under this lease is $13-5 (including taxes and all related fees). <br /> Total payments made on this lease for the twelve months ended December 31,2013 were$1,615. <br /> The following is a schedule, by years, of future minimum lease payments under these leases at <br /> December 31,2013: <br /> 2014 $ 1,615 <br /> 2015 1,615 <br /> 2016 1,615 <br /> 2017 675 <br /> - 14- <br />