Question-and-Answer Session
Operator
(Operator Instructions) Your first question comes from David Shore - Research Capital Corp.
David Shore - Research Capital Corp.
Could you just remind me on the promissory note, how much is left and when that's due.
Michael Cooperman
Do you mean on the loan?
David Shore - Research Capital Corp.
Yes.
Michael Cooperman
On the loan there is $4.2 million due at the end of June.
Elliot Noss
By the end of June of next year.
David Shore - Research Capital Corp.
June 2010.
Michael Cooperman
The loan is payable back at roughly $0.5 million a quarter and there is an obligation to do a cash sweep once a year based on our financials and we estimate that the cash sweep for 2009 will be in the $1.2 million range.
David Shore - Research Capital Corp.
The G&A expenses as a percent of revenue had dropped this quarter. Do you see that as the level going forward?
Michael Cooperman
Now, remember that G&A is the line item where we do deal with the impact of foreign exchange and it is impacted by that on a quarterly basis so there is no way that I can really predict which direction that will take. Absent that caveat, we think it will be pretty static.
David Shore - Research Capital Corp.
Taxes. Where do you stand as far as when you'll be paying taxes?
Michael Cooperman
We are in a taxable position now and have already started providing for current taxes. We have estimated that our effective tax rate for 2009 will be roughly 14% and have been accruing taxes at that rate. And we will obviously start paying taxes this year.
David Shore - Research Capital Corp.
And capex plans for the rest of this year, what would that look like?
Elliot Noss
We've talked about the year coming in in the kind of $1.5 million to $2.0 million and we're really comfortable with that.
There's a quick note on G&A. It's really kind of a level of G&A that's going to remain pretty consistent so as the business continues to grow, we've always talked there being leverage in the business. You know that percentage should tick down slightly as we go forward.
Operator
Your next question comes from Thanos Moschopoulos – BMO Capital Markets.
Thanos Moschopoulos – BMO Capital Markets
I missed a bit of the opening remarks, I apologize if this was covered, but Elliot, you mentioned last call that the economy might start to have an impact on some of your business, especially the domain name registration business. It didn't look like it from the numbers. Can you comment as to what effect you're seeing, if any, from the economy?
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