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high compared with the Company’s standard expenditures, which would be at $820,000 per year, approximately.
Professional fees have risen once again, increasing administrative expenses in fiscal year
2009. Most of these expenses ($113,745) are linked with a lawsuit brought by a shareholder, while the
remainder ($9,450) is linked to non-recurring fees (excluding commissions) paid to renew the debenture
and for the issuing of a private investment. Furthermore, there is an income expense of $36,000
linked to the granting of options compared to $62,000 for fiscal year 2008. These expenditures account
for much of this fiscal year’s unusually high expenses.
15
Financial Expenses
Financial expenses totaled $129,668 in 2009 compared with $127,233 in 2008, an increase of 2%.
Financial expenses consist of interests on term loans, bank charges and foreign currency gains and
losses. Bank loan, demand-loan and long-term debt bearing interest at variable rate account for the
variation in financial expenses. Although interest rates have been declining, the Company has incurred
two new loans in November 2008 for use on its micro-machining workshop, resulting in a slight increase
in interest expenses and bank charges during this fiscal year.
Amortization Expenses
A total of $99,929 in 2009 compared to $106,009 in 2008, a decrease of 5%.
New acquisitions for the micro-machining workshop and equipment renewal to maintain cutting edge
technology are included in the amortization expenses of the fiscal year.
Research & Development Expenses
Research and Development expenses reached $400,283 in 2009 from $472,665 in 2008 which represent
a decrease of 15.3%.
Research and development expenses include personnel and consultant costs required to develop and
support the Company’s products.
During this fiscal year, the R&D department developed products that are still in their “beta” stage while
also completing products developed during the previous fiscal year. Moreover, as with all departments,
wage reduction and external compressions have helped reduce the total expenditure for this fiscal year.
In accordance with Canadian generally accepted accounting principals, research and development
expenses as reported in the consolidated financial statements are presented net of related tax credits.
In fiscal 2009, a refundable provincial tax credit totaling $258,020 (2008: $273,054) based on eligible
expenditures was applied against research and development expenditures. Moreover, a non-refundable
federal tax credit of $90,000 (2008: $95,000 $) was also applied against research and development
expenditures. Since the non-refundable federal tax credit noted in the financial statement is limited to
current taxes otherwise payable, it is expected to vary according to current federal taxes payable.
The process of filing patents issued during the previous fiscal year concerning “automatic systems and
methods of measurement and calibration of instruments” follows its normal course. The patent was filed
in Canada, the US, and in England.
The Company is looking to further develop its current products, while developing new versions of its
software, and new products specifically dedicated to sectors targeted to meet market demands. To this
end, during this last fiscal year, some team members were involved in analyzing various products aimed
at the biomedical sector, which is proving to be a whole new industry for the Company.
16
Foreign Exchange Profits (Losses)
A $34,578 profit in 2009 compared to a loss of $80,270 in 2008.
Currency fluctuations are responsible for profits or losses during the year. Despite having adjusted retail
prices to counter the exchange rate fluctuations on the markets, it remains difficult to protect oneself
against all currency exchange fluctuations in the short term as 70% of the Company’s sales are carried
out in US dollars, while 80% of the Company’s purchases and expenditures are in Canadian dollars.
Income Taxes
The provision for current income taxes is of $90,000 in 2009 compared to $95,000 $ in 2008. This provision
is given on the basis of assessed income established under the terms of the taxation rules in force.
In addition, since the Company does not enter the credits of future taxes ascribable to temporary debit
differences, the tax rate presented in the financial statements does not correspond to the applicable tax
rate. Note 5 of the financial statements reveals the reasons supporting the difference between the real
rates as stated in the financial statements and the applicable tax rate.
Net Loss
The Company incurred a loss of $99,599 in 2009 compared to a net loss of $227,218 in fiscal 2008.
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