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POPLAR TENT VOL~ FIRE DEPARIMENT, INC. <br />Notes to Financial Statements <br /> December 31, 2000 and 1999 <br /> <br />Note 4 - Long-term Debt <br /> <br /> The Organization signed a promissory note in 1994, payable in five <br />(5) annual payments in the amount of $11,067, including interest at <br />5.7%. This note was secured by a fire truck and was paid off during <br />1999. <br /> <br /> During 1999 the Organization signed a prc~issory note for $100,000, <br />payable in five (5) annual payments of $22,742, including interest at <br />4. 375%. The note is secured by a fire truck. <br /> <br />Note 5 - Going Concern and Support - Uncertainty <br /> <br /> The Organization has a contract with the City of Kannapolis for a <br />small district and Cabarrus County pays the regular fire district <br />disbursements. <br /> <br /> The five year contract with the City of Concord (the City) expired <br />on December 31, 2000. The City has indicated it will not extend or renew <br />the contract beyond April 30, 2001. The City has been a major source of <br />revenue, and without this support, creates an uncertainty about the <br />Organization's ability to continue as a going concern. The Board of <br />Directors of the Organization is in the process of evaluating this situation <br />and developing a plan of action. The ability of the Organization to continue <br />as a going concern is dependent upon the success of the final plan. The <br />financial statements do not include any adjustments that might be necessary <br />if the Organization is unable to continue as a going concern. <br /> <br /> <br />