Financial Information
7. SHARE CAPITAL (continued)
The remaining contractual life and exercise price of options outstanding and options exercisable as at October 31, 2007 are as follows:
| Remaining contractual life(Years) | Exercise Price $ |
Number of options exercisable |
|
| Number of options outstanding | |||
| 190,000 | 1.75 | 3.78 | 190,000 |
Vesting of options:
(i) Outstanding options are subject to vesting provisions under which 25% of the total options granted vest immediately at the date of the grant, and a further 25% after each of the first, second and third anniversaries.
(ii) All options have fully vested.
During the 2007 fiscal year, the Company recognized compensation expense of $12,632 (2006- $29,480) for the stock option awards granted in 2004 fiscal year. There were no stock options granted in 2007 and 2006.
8. INTEREST EXPENSE
| 2007 $ |
2006 $ |
|
| Interest on long-term debt | 100,165 | 71,173 |
| Other | 2,093 | 10,899 |
| 102,258 | 82,072 |
9. INCOME TAXES
| 2007 $ |
2006 $ |
|
| Current income tax | 1,366,919 | 1,083,361 |
| Future income tax recovery | (542,000) | (66,000) |
| 824,919 | 1,017,361 |
9. INCOME TAXES (continued)
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:
| 2007 $ |
2006 $ |
|
| Income tax based on combined federal and provincial statutory income tax rate of 36.12% in 2007 and in 2006 | 760,359 | 906,503 |
| Increase /(decrease) in income taxes resulting from: | ||
| Non-deductible expenses | 11,650 | 66,326 |
| Other differences | 52,910 | 44,532 |
| Effective income tax provision | 824,919 | 1,017,361 |
A summary of significant components of future tax liabilities calculated in accordance with Canadian accounting principles at October 31, 2007 and 2006 are as follows:
| Number of Shares | Value $ |
|
| Non-current future income tax liabilities: | ||
| Property, plant and equipment | (363,000) | (500,000) |
| Deferred charges | (4,000) | (7,000) |
| Intangible assets | (847,000) | (1,100,000) |
| (1,214,000) | (1,607,000) | |
| Non-current future income tax assets | ||
| Deferred revenue | 966,000 | 781,000 |
| Share issue costs | 35,000 | 71,000 |
| 1,001,000 | 852,000 | |
| Net future income tax liability | (213,000) | (755,000) |
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Testimonials
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We decided to go with AlarmForce after our condo which our daughter lives in was broken into. We liked the fact that there was no installation fee & that there was a 2-way voice response. One day I went to my daughters place when she was out, she'd set the alarm as usual but even though I knew the access code I wasn't quite sure how to disarm it, although I've since found out it's very easy. Anyway the alarm did go off & someone came over the voice recording & asked me to identify myself. I gave them the password & they just told me to remember to disarm the alarm right away. I was very happy that they responded so quickly & feel happy that my daughter has the alarm.
-Veronica - Vancouver, BC -
Being a customer of AlarmForce has given me a safe and secure comfort in my home. What I most like about them is if you have a false alarm, they still handle you with the same as if there is an emergency. You can always get a human to answer the phone instead of a recording when you call. When something happens to your system, they respond quickly and not only do they check the problem you're having when they come they also check the whole system to make sure everything is working properly. Their technicians when they come out, they show you their identification; they are pleasant and respectful coming and going.
-Lorraine - Joneboro, GA -
Customer called in to say how AlarmForce saved him. He was at church when the alarm was activated, AF dispatched the police and they were on the scene within minutes. They apprehended the culprit and the client's collection of musical instruments was safe.
-Kevin, GA -
A feeling of security that your home is armed by Alarmforce. We have set the alarm off a few times, and pleased with the immediate response from Alarmforce. We have referred a few people to Alarmforce.
-Valerie - Mississauga, ON -
We love the transparency of the alarm system. We were with another company in the past and were always making mistakes with the cumbersome system. We also like the fact that the audio alarm from the door can be heard anywhere in the house.
-Sharon - Toronto, ON -
We decided to install an alarm in our home shortly after our neighbour's home was broken into. We feel our neighbourhood is safe and I am always at ease in my home. However, we have young teens and a preteen that are home alone often and leaving things to chance is not an option for me. We decided to have an alarm installed and searched out alarm service companies and learned very quickly that there were plenty to choose from. We ultimately decided hands down without a doubt that Alarm Force is the best option. The greatest feature being the 2-way communication sealed the deal for us. Sales service and installation were perfectly professional. The cost is completely competitive and affordable. Now our kids feel completely safe in our home when they are alone. They know that help is a matter of steps away and they can count on Alarm Force to respond quickly when they are needed. Thank you Alarm Force, our home wouldn't be complete without you looking out for us.
-Joe - Pickering, ON -
Our town was being invaded. There were literally reports of robberies on every corner of our block. I know, because my husband is a deputy. Neither of us could sleep and during the day we worried about our teenage daughter arriving home after school to an empty house. Then we called alarm force. Our neighbors had alarm force and told us how happy they were with the service. AlarmForce was able to install a system to meet our needs. Now we sleep peacefully at night. Thanks to AlarmForce!
-Lisa - Baltimore,OH -
I have been with AlarmForce for 4 years. Right from the get go I have received nothing but excellent service. From the setup at one address, and a move to another residence, AlarmForce was both professional, prompt and friendly. I have felt extremely safe and comfortable, even when their have been a few false alarms, (whoops, forgot I had the system on) the staff were extremely courteous and professional. Thank you Alarm Force, for a job well done.
-Jennifer - Calgary, AB
