曝光台 注意防骗
网曝天猫店富美金盛家居专营店坑蒙拐骗欺诈消费者
Computer equipment 172,389 138,617 33,772
Furniture and fixtures 211,862 191,127 20,735
Leasehold improvements 38,092 1,165 36,927
Assets under capital lease (a)
Machining equipment 185,070 5,587 179,483
1,885,853 1,321,282 564,571
2008
Cost Accumulated Net book
amortization value
$ $ $
Equipment 285,063 240,890 44,173
Moving laboratory 214,184 g y , 111,511 102,673
Research and development
equipment 654,087 581,006 73,081
Computer equipment 183,010 137,804 45,206
Furniture and fixtures 211,862 181,255 30,607
1,548,206 1,252,466 295,740
(a) Over the last fiscal year, the Company has acquired machining equipment for a total of $185,070 using a capital lease agreement.
10. CREDIT FACILITIES
11. ACCOUNTS PAYABLE
2009 2008
$ $
Trade accounts payable 295,069 411,907
Accrued liabilities 193,671 194,413
Salaries and fringe benefits 43,986 35,665
532,726 641,985
One supplier represents 20% of total purchases for the year ( 2008: 29%).
The funding agreement is subject to several restrictive covenants, including maintaining financial ratios. As of April 30, 2009, the Company
respected all those restrictive covenants.
The Company has at its disposal an operating line of credit of $500,000. This credit bears interest at bank prime rate plus 1.25% renewable in
September 2009, and is secured by a first rank moveable hypothec of $1,275,000 on the universality of accounts receivable, R&D tax credits
receivable and inventories. As of April 30 2009, the Company uses $125,000 (2008: $270,352) of this operating line of credit and the applicable
interest rate is of 3.5% (2008: 6.5%).
The Company also has at its disposal a demand loan with an authorized upper limit of $169,000, bearing interest at bank prime rate plus 1.75%. This
loan is used to finance investment tax credits claimed as of April 30, 2009. A first ranking movable hypothec of $190,000 on the universality of the
Company’s accounts receivable is assigned to guarantee the loan. As of April 30, 2009, the Company uses $131,189 (2008: $147,779) of this
demand loan. The applicable interest rate is 4.0% and it is repayable no later than February 2010.
40
CLEMEX TECHNOLOGIES INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
APRIL 30, 2009 AND 2008
12. LONG-TERM DEBT
2009 2008
$ $
56,997 78,397
68,533
164,629
290,159 78,397
Instalments on long-term debt 84,506 21,384
Term loan secured by the mobile laboratory, bearing interest at 2.5%
(4.75%; 7,75% in 2008), payable by monthly installments of $1,782 plus
interest, due in October 2011
Term loan secured by a $90,000 movable hypothec on the universality of
movable property, prime rate plus 2.75% (5%), repayable in monthly
instalments of $2,500, principal and interest, maturing in October 2011
Obligations under capital leases secured by machining equipment with a net
carrying amount of $179,483, 6.75%, payable in monthly instalments of
$3,646, principal and interest, maturing in October 2013
205,653 57,013
The instalments on long-term debt for the next years are detailed as follows:
Obligations Other
under capital long-term
leases loans
$ $
2010 43,752 51,384
2011 43,752 51,384
2012 43,752 22,762
2013 43,752
2014 21,876
Total minimum leases payments 196,884
Amounts included in minimum leases payments
Interest expense ( 32,255 )
164,629
13. CONVERTIBLE DEBENTURE
The convertible debenture is classified according to its components. The financial liability representing the repayment of principal and interest is
classified as the "liability component of the convertible debenture." The equity representing the conversion option held by the debenture holder as
well as the settlement option held by the Company is classified as the "equity component of the convertible debenture" in equity. The value of the
liability component of the convertible debenture was determined by discounting future interest payments until August 27, 2010 as well as the
repayment of principal at that date, at the discount rate representing the borrowing rates available to the Company for a similar debenture with no
conversion rights. The residual value was attributed to the equity component of the convertible debenture.
On August 25, 2008, after reaching an agreement with the holder, the Company redeemed part of the debenture (20%) for a total amount of
$50,000 $. At the same time, the $200,000 balance from the old debenture was refinanced by the same debenture holder by way of a new debenture
for a total amount of $200,000 at 9% interest (effective interest rate of 20%). The debenture is convertible at any time at the holder's option for a
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