Financial Information
9. INTEREST EXPENSE| 2005 | 2004 | |
| $ | $ | |
| Interest on long-term debt | 93,346 | 143,444 |
| Other | 96,850 | 146,740 |
10. INCOME TAXES
| 2005 | 2004 | |
| $ | $ | |
| Current income tax expense | 1,086,116 | 397,948 |
| Future income tax expense (recovery) | (605,767) | 102,687 |
| 480,349 | 500,635 |
a) Income tax expense varies from the amount that would be computed by applying the combined federal and provincial statutory income taxes rate as a result of the following:
| 2005 | 2004 (Note) |
|
| $ | $ | |
| Income taxes based on combined federal and provincial | ||
| statutory income tax rate of 36.12% in 2005 and 2004 | 466,151 | 290,489 |
| Increase (decrease) in income taxes resulting from: | ||
| Non-deductible expenses | 27,983 | 61,313 |
| Other temporary differences | (13,785) | 148,833 |
| Effective income tax provision | 480,349 | 500,635 |
A summary of significant components of future tax liabilities calculated in accordance with Canadian accounting principles at October 31, 2005 and 2004 are as follows:
The remaining contractual life and exercise price of options outstanding and options exercisable as at October 31, 2005 are as follows:
| 2005 | 2004 | |
| Non-current future tax liabilities: | ||
| Property, plant and equipment | (167,100) | (432,900) |
| Deferred charges | ||
| Intangible assets | (11,000) | (14,431) |
| (1,355,200) | (1,609,156) | |
| (1,533,300) | (2,056,487) | |
| Non-deductible expenses | ||
| Deferred revenue | 606,700 | 488,900 |
| Share issue costs | 105,600 | 140,820 |
| 712,300 | 629,720 | |
| Net Future tax liabiltiy | (821,000) | (1,426,767) |
11. CONTINGENT LIABILITY
The company is a defendant in a legal action with respect to a claim for fees subsequent to termination of an agreement. Based on the evidence available,it is management’s opinion that the claim is entirely without merit. No provision has been reflected in the financial statements relating to this action.
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Testimonials
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We have only set our alarm off once by accident. Rep was great. As far as we know we have not had any attempted break-ins and have not been broken into since AlarmForce was installed.
-Ivan & Mary F. -
Very happy with AlarmForce. Service and peace of mind is priced right.
-Ken, ON -
I needed help after install but help was great.
-Jerry, OH -
Neil was very helpful, friendly and professional.
-Ana, ON -
Hi my name is Maryanne, we have had AlarmForce in our home for around 5 years , a few years back my husband was out of town and it was my birthday and a few friends took me out on the town to celebrate and one girlfriend stayed the night with me in the house we turned the alarm on and went out after many glasses of wine we went back to my house my girlfriend and I walked in the house and never turned the alarm on ,Well, the alarm goes off and the operator says " AlarmForce identify yourself " I say ( very inebriated ) " It's Me!!" lol this went on till my friend intercepted and asked me "what's your password"!!! Thank God that gentleman operator was patient, kind and obviously had a sense of humor and shut the alarm off and enough compassion. Not to call the police and embarrass myself further was a blessing. Recently another alarm company wanted us to switch I said "No, they know me at AlarmForce"!!!
-Maryanne T - Okotoks, AB -
We set the alarm off a couple of times by mistake but haven't had to use it otherwise. I am alone now and it's a good feeling to have the alarm system.
-Helen, AB -
First time in my life I feel safer!
-Joe, NC -
Doing a great job! Can't beat it for the money.
-Lonnie, NC
