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dilutive effect of the convertible debenture. The treasury stock method is used to determine the dilutive
effect of stock options.
10
Establishment of the Liability and Equity Components of the Convertible Debentures
The Convertible Debentures contain a liability component, determined by discounting the interest
payments until August 27, 2010, as well as a return of capital, and an equity component, which represents
the holder’s conversion option as well as the payment settlement option held by the Company.
Income Taxes
The Company uses the liability method of accounting for income taxes. Under this method, future
income taxes are recognized for the future tax consequences attributable to differences between the
financial statements’ carrying values and their respective tax bases. Future tax assets and liabilities
are measured using enacted or substantively enacted tax rates in effect for the year in which those
temporary differences are expected to be recovered or settled.
+ SELECTED ANNUAL INFORMATION
The following table shows a financial summary of the last three years.
Fiscal Year 2009 2008 2007
$ $ $
Sales 5,120,918 5,654,101 5,344,821
Net loss ( 99,599 ) ( 227,218 ) ( 59,246 )
Per share ( 0.005 ) ( 0.012 ) ( 0.003 )
Diluted per share ( 0.005 ) ( 0.012 ) ( 0.003 )
Total assets 2,425,539 2,243,941 2,370,540
Long-term liabilities 205,653 57,013 78,197
Debentures 174,440 236,936 214,874
Declared cash dividend - - -
Per share - - -
The
Company
has set up
a micromachining
workshop
11
+ IMPORTANT EVENTS OF THE LAST THREE YEARS
The consolidated financial information presented above for the three years ended April 30th, 2009,
2008 and 2007 are from the financial statements and should be read in conjunction with them. Over
the past three years, the Company has continued its efforts to develop new products and targeted
deals in certain markets.
Fiscals 2007 and 2008
During these fiscal years, three new products have emerged: the Clemex Powder Disperser, the
Clemex PSFilter, and the Clemex PSA300. All three meet the needs of the manufacturing and
pharmaceutical markets.
An exclusive distribution agreement was signed during fiscal 2008 with Horiba Instrument Inc., a
major player in the industrial and pharmaceutical markets. Although results are still pending, the
outlook remains very positive.
Furthermore, since fiscal 2007, the Company incurred extraordinary expenses in professional fees
related to the valuation of the shareholdings and to the judicial proceedings brought by a shareholder
against the Company and its Board Members. This proceeding, which considered
by the board members to be completely unfounded has produced professional
fees for the Company for a total of $7,677 in 2007 and $148,585 in 2008.
Fiscal 2009
During this last fiscal year the Company has set up a micro-machining
workshop. This small workshop allows the Company to design and
manufacture critical precision parts that used to be outsourced to
specialized workshops, where long waiting periods between order
and production were constant. In this way, systems can be completed
quickly, with micro-machined parts of greater quality and
lower costs than in the past. This production autonomy will save the
Company time and money on all projects in the pipeline.
A private investment for a sum of $420,000 was concluded during this
last fiscal year to secure working capital for product development and
the Company’s continued commercial activities.
The most significant event of this last fiscal year has been the worldwide economic
crisis. This led to a major slowdown in all markets and, consequently, a drop
in sales during the last two quarters of fiscal 2009, despite efforts to close sales at the end
of the year.
A reduction plan of expenses was implanted at all levels of the Company in response to this crisis
and the ensuing economic slowdown. Unfortunately, some jobs were abolished and several marketing
expenses were cancelled or postponed.
12
Once again, in the 2009 fiscal year, professional fees linked to the lawsuit brought about by a shareholder
have brought administrative costs well beyond normal budgetary projections and undermine the
Company’s earnings ($113,745).
+ OPERATING RESULTS
Comparison of Fiscal Years Ended April 30, 2009 and 2008
Sales
Sales for the fiscal year ended April 30th, 2009 decreased by 9.4% when compared to last year, reaching
$5,120,918 in 2009 from $5,654,101 in 2008.
Sales come from three principal sources: complete Image Analysis Systems; software updates, training
and customer support, and hardware replacement to complement said Image analysis systems. They
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