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SEC Filings

S-1/A
JONES LANG LASALLE INC filed this Form S-1/A on 07/11/1997
Entire Document
 
<PAGE>
 
                     THE GALBREATH COMPANY AND AFFILIATES
 
              NOTES TO COMBINED FINANCIAL STATEMENTS--(CONTINUED)
 
2. FIXED ASSETS
 
  The Company's fixed assets at December 31, 1996 were comprised of the
following:
 

<TABLE>
      <S>                       <C>
      Furniture and fixtures    $ 1,244,592
      Leasehold improvements        747,108
      Office equipment            3,412,953
      Computer software             315,410
      Automobiles                    56,310
                                -----------
        Total fixed assets        5,776,373
      Accumulated depreciation   (3,655,914)
                                -----------
      Fixed assets--net         $ 2,120,459
                                ===========
</TABLE>

 
3. DEMAND AND OTHER NOTES PAYABLE
 
  Demand and other notes payable at December 31, 1996 consist primarily of
unsecured related party notes payable, bearing interest at a fixed rate of 8%.
 
4. LONG-TERM DEBT
 
  Long-term debt at December 31, 1996 consists of the following:
 

<TABLE>
      <S>                                                           <C>
      Related parties, unsecured, due in installments to May 1999,
       7%-10%                                                       $110,676
      9.42% Note, unsecured, due in installments to March 1999       245,408
      Other                                                            9,000
                                                                    --------
        Total long-term debt                                         365,084
      Less current portion                                            86,400
                                                                    --------
      Long-term debt--less current portion                          $278,684
                                                                    ========
</TABLE>

 
  At December 31, 1996 long-term debt matures as follows:
 

<TABLE>
      <S>                       <C>
      Year Ending December 31:
        1997                    $ 86,400
        1998                      62,659
        1999                     216,025
                                --------
      Total                     $365,084
                                ========
</TABLE>

 
5. CAPITAL LEASES
 
  The Company has entered into various capital lease agreements primarily
related to office equipment. Such equipment had capitalized cost and book
value of approximately $1,684,000 and $850,000, respectively, at December 31,
1996. Capital leases are due in principal installments of $517,100 in 1997 and
$302,939 in 1998, bearing interest at 7.44%-13.21%.
 
6. NOTES PAYABLE--LINE-OF-CREDIT
 
  At December 31, 1996, the Company has a financing agreement with a lender
that provides for the following: 1) revolving credit borrowings of up to
$3,500,000 with interest at prime plus .5% and expiring on April 30, 1998; 2)
demand note borrowings of up to $2,000,000 with interest at prime plus 1.0%;
and 3) term note borrowings of up to $500,000 available to October 31, 1997
with interest at prime plus .75%. Amounts
 
                                     F-26


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