| |
2007 |
2006 |
| Operating activities |
|
|
| Net income for the year |
$1,280,172 |
$1,492,336 |
| Items not involving cash: |
|
|
| Amortization: |
|
|
| Property, plant and equipment |
1,922,644 |
1,821,279 |
| Deferred charges |
9,591 |
9,591 |
| Intangible assets |
822,767 |
754,173 |
| Future income taxes |
(542,000) |
(66,000) |
| Stock compensation |
12,632 |
29,480 |
| |
3,505,806 |
4,040,859 |
| Changes in non-cash components of working capital: |
|
|
| Accounts receivable |
(74,663) |
(30,269) |
| Inventory |
(764,901) |
(469,413) |
| Prepaid expenses and deposits |
16,135 |
(77) |
| Accounts payable and accrued liabilities |
134,797 |
586,331 |
| Unearned revenue |
91,143 |
135,440 |
| Income taxes |
(683,712) |
200,878 |
| Deferred Revenue |
512,433 |
481,485 |
| |
(768,768) |
904,373 |
| |
2,737,038 |
4,945,232 |
| Investing activities |
|
|
| Additions to property, plant and equipment |
(3,357,440) |
(4,633,796) |
| Additions to intangible assets |
(1,350,001) |
(150,000) |
| |
(4,707,441) |
(4,783,796) |
| Financing activities |
|
|
| Repayment of fixed rate term loan |
(50,000) |
(29,166) |
| Decrease in long-term debt |
553,308 |
(660,492) |
| Proceeds from issue of share capital |
37,800 |
350,455 |
| |
541,108 |
(339,203) |
| Change in cash and cash equivalents |
(1,429,295) |
(177,766) |
| Cash and cash equivalents, beginning of year |
3,909,309 |
4,087,074 |
| Cash and cash equivalents,end of year |
$2,480,014 |
$3,909,308 |
| |
|
|
| Supplemental cash flow information: |
|
|
| Interest paid |
$102,258 |
$82,072 |
| Income taxes paid |
$2,084,647 |
$885,700 |
| Non–cash transaction: |
– |
$1,000,000 |
| Fixed rate term loan obtained to finance property |
|
|
