Page 124 - Annual Report 2016 - Cover & Divider Pages.indd

Current
Deferred

NOTE 6 - INCOME TAXES
NOTE 4-LINE OF CREDIT
NOTE 5 - LONG-TERM DEBT

See Independent Accountant's Review Report,

Long-term debt consists of the foliowing at September 30:

Year ending September 30 Amount
(Continued)
250,000
$ 2,351
$ 252,351
2019 22,254
2018 20,503
70,107
2017 $ 27,350
Maturities of long-term debt are as follows as of September 30,2016;
FGM ARCHITECTS INC.
$
A
call for quarterly principal payments of $3/414 and $1/712 plus interest at
Notes payable to various stockholders due through September 2019. Notes
NOTES TO THE FINANCIAL STATEMENTS
2016 2015
65,000
65/000

The components of the benefit from income taxes and deferred income taxes are as follows for September 30:

2016 2015
30, 2016 and 2015. There were no outstanding borrowings under this agreement as of September 30, 2016 and 2015.
$ 42,757 $ 27/311
the Prime Rate. $ 70,107 $ 40/967
Less; Current portion 27,350 13,656
The Company has a $1/250,000 line of credit with a bank which matures on May 2/2017 and bears interest at bank's prime rate
net worth. Management believes the Company was in compliance with ail covenants as of and for the years ended September
substantially all of the Compan/s assets. The line of credit agreement includes a financial covenant related to minimum tangible
(3.50% as of September 30, 2016, "Prime Rate") pius 0.25%. Borrowings on the line are collateralized by a priority lien on
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