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recognized over the applicable stock option vesting period. Any consideration received when options are exercised or stock purchased is recorded
to share capital and the related conpensation cost is recorded as contributed surplus.
The changes in working capital items are detailed as follows:
2009 2008
$ $
Accounts receivable ( 17,801 ) 77,222
Investment tax credits receivable 15,034 ( 23,766 )
Inventories 70,709 ( 73,850 )
Prepaid expenses 43,316 ( 16,435 )
Accounts payable ( 109,259 ) ( 104,616 )
Customer deposits & deferred revenue - ( 19,403 )
1,999 160,848
Cash flows from interest are as follows :
2009 2008
$ $
Interest paid 91,964 109,351
5. INCOME TAXES
2009 2008
$ $
Loss before income taxes ( 9,599 ) ( 132,218 )
Combined federal and provincial tax rate in Canada 30.90% 31.65%
Income tax according to the combined rate ( 2,966 ) ( 41,857 )
Non-deductible items 21,275 31,338
Unrecognized deductible temporary differences for the year 20,396 28,790
Unrecognized benefit arising from research and development
expenses 52,668 69,101
Other ( 1,373 ) 7,628
90,000 95,000
The Company's effective tax rate differs from the determined amount by applying Canada's combined federal and provincial income tax rate. The
reasons and the tax implications of this difference are as follows:
37
CLEMEX TECHNOLOGIES INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
APRIL 30, 2009 AND 2008
5. INCOME TAXES (Continued)
2009 2008
$ $
Future income tax assets:
Difference between carrying value and tax value
of Research & Development expenses 1,304,246 1,376,296
Deferred Research and Development tax credits 1,197,150 1,053,917
Unused operating losses 193,351 180,701
Unused capital losses 23,880 28,155
Difference between carrying value and tax value
of capital assets - 45,542
Others - 291
2,718,627 2,684,902
Unrecognized future income tax assets ( 2,654,638 ) ( 2,650,321 )
The tax consequences of timing differences and unrecognized tax losses giving rise to significant future income tax assets and liabilities are as
follows:
63,989 34,581
Future tax liabilities:
Research and Development tax credits 27,810 30,400
Difference between the carrying value and tax value of capital assets 29,305
Convertible debenture 6,874 4,181
63,989 34,581
- -
2009 2008
$ $
Federal 4,167,412 3,779,932
Provincial 5,704,365 5,487,100
$
2019 354,175
2020 150,520
2021 28,392
2022 3,872
2023 105,873
2024 177,632
2025 20,131
840,595
The Company has deferred operating losses relative to its wholly-owned subsidiary based in the United States available to reduce taxable income in
the future which expire as follows:
The Company has Research & Development expenditures in Canada available to reduce taxable income in the future. These expenditures are as
follows:
38
CLEMEX TECHNOLOGIES INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
APRIL 30, 2009 AND 2008
5. INCOME TAXES (Continued)
$
2010 96,536
2011 255,714
2012 141,962
2013 152,933
2014 128,917
2015 151,801
2016 169,437
2027 177,945
2028 181,790
2029 180,651
1,637,686
The Company also has federal income tax credits that can be used to reduce federal taxes payable in the future. These credits may be claimed as
follows:
6. LONG-TERM ASSETS HELD FOR RESALE
7. ACCOUNTS RECEIVABLE 2009 2008
$ $
Trade accounts (a) 924,962 881,758
Commodity taxes 12,909 18,038
Other 586 20,860
938,457 920,656
(a)
8. INVENTORIES
2009 2008
$ $
Finished products 537,161 626,791
Components 67,528 48,606
604,688 675,397
The cost of inventories recorded in expenses during the year is equal to the cost of sales in the consolidated statement of earnings
In 2005, the Company ceased to distribute ATM products and consumable products. During the year ended April 30, 2009, the assets related to
discontinued operations were reclassified in the Company's capital assets.
Three customers represented 15%, 15%, and 18% respectively of total trade accounts (no customer accounted for more than 10% in 2008).
39
CLEMEX TECHNOLOGIES INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
APRIL 30, 2009 AND 2008
9. CAPITAL ASSETS
2009
Cost Accumulated Net book
amortization value
$ $ $
Equipment 294,200 252,200 42,000
Machining equipment 57,613 1,740 55,873
Moving laboratory 214,184 132,923 81,261
Research and development
equipment 712,443 597,923 114,520
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