Financial Information
3) Equity : In January 2005, the CICA issued Handbook Section 3251, “Equity,” which replaces Section 3250, “Surplus.” It establishes standards for the presentation of equity and changes in equity during reporting periods beginning on or after October 1, 2006. Financial statements of prior periods are required to be restated for certain specified adjustments. For other adjustments, the adjusted amount must be presented in the opening balance of accumulated other comprehensive income. The Company plans to adopt this Section on November 1, 2006. The effect on the Company’s consolidated financial statements is not expected to be material.
4) Hedges : CICA Handbook Section 3865, “Hedges,” was issued in January 2005 to clarify requirements for determining hedging relationships and applying hedge accounting. The Company plans to adopt this Section on November 1, 2006 and does not expect the adoption to have a material effect on its consolidated financial statements.
3. DEFERRED CHARGES
| 2006 | 2005 | |
| $ | $ | |
| Deferred stock compensation | 12,632 | 42,112 |
| Deferred development costs (net of accumulated amortization of $75,136; 2005 - $65,545) | 20,779 | 30,370 |
| Retained earnings, end of year | 33,411 | 72,482 |
4. PROPERTY, PLANT AND EQUIPMENT
| 2006 | 2005 | |||
| Cost $ |
Accumulated Amortization $ |
Cost $ |
Accumulated Amortization $ |
|
| Land | 600,000 | – | – | – |
| Building | 2,191,007 | 54,775 | – | – |
| Rental equipment | 17,225,520 | 6,316,650 | 15,050,402 | 5,237,241 |
| Computer equipment | 600,204 | 465,909 | 548,457 | 419,443 |
| Computer software | 310,078 | 189,816 | 280,831 | 144,541 |
| Furniture and fixtures | 360,116 | 200,489 | 275,786 | 171,123 |
| Moulding equipment | 57,386 | 50,650 | 57,386 | 39,173 |
| 21,344,311 | 7,278,289 | 16,474,253 | 6,220,745 | |
| Net Book Value | 14,066,022 | 10,253,508 | ||
5. INTANGIBLE ASSETS
Intangible assets include the gross up of the future tax liability pertaining to these assets, and consist of the following:
| 2006 | 2005 | |
| $ | $ | |
| Franchise rights | 6,132,549 | 5,982,550 |
| Less: Accumulated amortization | 2,715,228 | 1,961,059 |
| 3,417,321 | 4,021,491 |
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Testimonials
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I am extremely pleased with your service. When I did not notify you that I would be on holiday, you called my son to inform him that I had not turned my alarm off after day 2 and that he should check on me. As a senior, I really appreciate what I refer to as service beyond the call of duty. Thank you.
-Lanadale, ON -
Thank you for your quick response when we were away. A person checking the house did not do the alarm correct - your checking on it so quickly is assuring of your service.
-Bruce, ON -
I wanted to let you know what a nice person James Gipson is. He is so friendly and took his time and went beyond the call of duty explaining everything to me. It was not a rush job and I didn’t feel it was just taking my money. He is exceptional and I would like to make sure he knows he is appreciated.
-Inyang, GA -
Our house alarm system was just installed yesterday and you have no idea how peaceful our mind is knowing that AlarmForce is watching us and our house at night and when we are away. I commend your professionalism and efficiency on answering my questions and concerns. I certainly commend Gary who is very thorough with the installation. Not only thorough but efficient as well. He arrived 30mins before the schedule appointment time; thus, maximizing my day more. Thank you very much and I will surely recommend you to my friends who are looking for a good home security system and at the same time being affordable too. Not only that, I talked to my wife last night about the system and your company and she agrees to have the next house that we will be buying be installed with AlarmForce. Your company sure knows how to build a lasting relationship.
-Arnel, BC -
Dan(the installer) was very communicative and helpful. He really explained everything well.
-Henrietta, OH -
I wouldn’t hesitate to recommend AlarmForce for your service and price
-Patricia, ON -
Not long ago our alarm went off for the first time in 2 years. We were very impressed by the way your team handled the call. Very prompt and professional. What a small amount to pay each month for peace of mind.
-Paul & Anita, BC -
This was one of the smoothest purchases I have ever made. Install was quick and simple. Very down to earth company. Not all that bs you get from other companys. I would definitely recommend this to my friends, family and even my enemys! Even our 2 cats feel more secure. Thanks for everything.
-Dale, MN
