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presentation.
In our opinion, these consolidated financial statements present fairly, in all material respects, the financial position
of the Company as at April 30, 2009 and 2008 and the results of its operations and its cash flows for the years then
ended in accordance with Canadian generally accepted accounting principles.
Longueuil, June 19, 2009
1 Chartered account auditor , permit no. 9737
+M MAANNAAGGEEMMEENNTT’’SS R REEPPOORRTT
28
CLEMEX TECHNOLOGIES INC.
CONSOLIDATED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME
YEARS ENDED APRIL 30, 2009 AND 2008
2009 2008
$ $
SALES 5,120,918 5,654,101
COST OF SALES 2,112,455 2,301,985
GROSS PROFIT 3,008,463 3,352,116
OPERATING EXPENSES
Commercial expenses 1,418,615 1,646,248
Administrative expenses 1,004,145 1,051,909
Financial expenses (note 17) 129,668 127,233
Amortization 99,929 106,009
Research and development (note 18) 400,283 472,665
Foreign exchange loss (gain) ( 34,578 ) 80,270
3,018,062 3,484,334
LOSS BEFORE INCOME TAXES ( 9,599 ) ( 132,218 )
INCOME TAXES ( note 5 ) 90,000 95,000
NET LOSS AND OTHER COMPREHENSIVE LOSS ( 99,599 ) ( 227,218 )
NET EARNINGS PER SHARE (note 23)
Basic loss per share ( 0.005 ) ( 0.012 )
Diluted loss per share ( 0.005 ) ( 0.012 )
The accompanying notes are an integral part of the consolidated financial statements.
29
CLEMEX TECHNOLOGIES INC.
CONSOLIDATED DEFICIT
YEARS ENDED APRIL 30, 2009 AND 2008
2009 2008
$ $
BALANCE, BEGINNING OF YEAR ( 3,630,693 ) ( 3,403,475 )
Class A share cancellation premium (note 14) ( 8,380 )
Fees related to Class A share issue (note 14) ( 28,550 )
NET LOSS ( 99,599 ) ( 227,218 )
BALANCE, END OF YEAR ( 3,767,222 ) ( 3,630,693 )
The accompanying notes are an integral part of the consolidated financial statements.
30
CLEMEX TECHNOLOGIES INC.
CONSOLIDATED CASH FLOW STATEMENT
YEARS ENDED APRIL 30, 2009 AND 2008
2009 2008
$ $
OPERATING ACTIVITIES
Net loss ( 99,599 ) ( 227,218 )
Non-cash items
Amortization of capital assets 99,929 106,009
Amortization of deferred financing costs - 3,717
Implicit interest 23,523 22,062
Loss on disposal of capital assets 2,096 1,792
Stock-based compensation (notes 15 and 16) 36,778 62,000
62,727 ( 31,638 )
Net change in non-cash working capital items (note 4) 1,999 ( 160,848 )
Cash flows from operating activities 64,726 ( 192,486 )
INVESTING ACTIVITIES
Term deposits 14,778 ( 14,778 )
Acquisition of capital assets ( 177,674 ) ( 30,516 )
Proceeds from disposal of capital assets 1,525 26,402
Cash flows from investing
activities ( 161,371 ) ( 18,892 )
FINANCING ACTIVITIES
Bank indebtedness ( 145,352 ) 45,352
Demand loan ( 16,590 ) 147,779
Collection of notes receivable - 200
Long-term debt 81,033 -
Repayment of long-term debt ( 54,341 ) ( 130,775 )
Repurchase of a portion of the debenture ( 50,000 ) -
Issuance of shares 422,185 14,920
Redemption of shares ( 200 ) -
Share issue costs ( 28,550 ) -
Cash flows from financing
activities 208,185 77,476
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 111,540 ( 133,902 )
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR ( 63,100 ) 70,802
CASH AND CASH EQUIVALENTS, END OF YEAR 48,440 ( 63,100 )
CASH AND CASH EQUIVALENTS
Cash 48,440 -
Bank overdraft - ( 63,100 )
48,440 ( 63,100 )
The accompanying notes are an integral part of the consolidated financial statements.
31
CLEMEX TECHNOLOGIES INC.
CONSOLIDATED BALANCE SHEETS
APRIL 30, 2009 AND 2008
2009 2008
$ $
ASSETS
CURRENT ASSETS
Cash 48,440 -
Term deposits ( 2.75% to 3.8%, in 2008) - 14,778
Accounts receivable (note 7) 938,457 920,656
Research and development tax credits 258,020 273,054
Inventories ( note 8) 604,688 675,397
Prepaid expenses 11,363 54,679
1,860,968 1,938,564
CAPITAL ASSETS (note 9) 564,571 295,740
LONG-TERM ASSETS HELD FOR DISPOSAL (note 6) - 9,637
2,425,539 2,243,941
LIABILITIES
CURRENT LIABILITIES
Bank overdraft - 63,100
Bank indebtedness (note 10) 125,000 270,352
Demand loan (note 10) 131,189 147,779
Accounts payable (note 11) 532,726 641,985
Liability component of convertible debenture (note 13) - 47,200
Current portion of long-term debt (note 12) 84,506 21,384
873,421 1,191,800
LONG-TERM DEBT (note 12) 205,653 57,013
LIABILITY COMPONENT OF CONVERTIBLE DEBENTURE (NOTE 13) 174,440 189,736
1,253,514 1,438,549
SHAREHOLDERS' EQUITY
Share capital (note 14) 4,653,310 4,223,070
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