- We protect over 150,000 people across North America
- Over 20 years experience in the industry
- One of the few alarm companies to manufacture our own technology
- You deal directly with AlarmForce at all times
- Lowest prices and best value in the business
Finacial Information
6. LONG –TERM DEBT
| 2006 $ |
2005 $ |
|
| Fixed rate term loan | 970,834 | |
| Revolving term loans | 285,228 | 945,720 |
| Less: Current portion | 330,015 | 660,480 |
| 926,047 | 285,240 |
The Company has credit facilities in the aggregate amount of approximately $5,800,000 (2005 -$5,800,000). Loans made
under the respective facilities are repayable over various terms, in monthly installments of principal plus interest at the
prime rate plus 0.75% per annum, pursuant to individual contract periods. In 2006, the Company also obtained a fixed
rate term loan in the amount of $1,000,000 to finance the acquisition of property consisting of land and building, and is
repayable (principal and interest) in monthly installments, with monthly principal repayments of $4,167 bearing an interest
rate of 5.58% per annum, which is due March 2016. A general assignment of book debts, a general security agreement, and
an assignment of the proceeds of a $300,000 life insurance policy have been pledged as collateral.
Future minimum payments are due as follows:
Future minimum payments are due as follows:
| Total $ |
|
| 2007 | 330,015 |
| 2008 | 55,217 |
| 2009 | 50,004 |
| 2010 | 50,004 |
| 2011 | 50,004 |
| 2012 onwards | 720,818 |
| 1,256,062 |
7. SHARE CAPITAL
The Company is authorized to issue an unlimited number of common shares.
The changes in the issued common shares of the company during 2006 and 2005 are as follows:
The changes in the issued common shares of the company during 2006 and 2005 are as follows:
| Number of Shares | Value $ |
|
| Balance, October 31, 2004 | 11,574,888 | 11,708,770 |
| Issued during 2005: | ||
| For cash pursuant to option plan | 101,600 | 86,360 |
| Balance, October 31, 2005 | 11,676,488 | 11,795,130 |
| Issued during the year: | ||
| For cash pursuant to option plan | 412,300 | 350,455 |
| Balance, October 31, 2006 | 12,088,788 | 12,145,585 |