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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From day #1, the Alarmforce installer was first class. He explained very clearly how the set up worked and the best positions for the contacts. We have 2 new babies in our house and I have never felt safer while in my house or leaving empty for holiday's. I would (and have) recommend Alarmforce to my friends and family. 1st class company!
-Chris - London, ON -
I have found AlarmForce to be amazing the customer service was very friendly and accommodating. The price was far better than other alarm company that I have found. The installation person was very easy to talk to you and explained everything that I needed to know.
-Kim - Hamilton, ON -
One day I got my 2-year-old son ready and we went out the door to head to the gym. Something I did daily without a second thought. As I was strapping my son in his car seat I noticed a man watching me closely. He began walking slowly, and acting just all around strange. It was about 9am on a nice sunny day. No one would do anything like break in in broad daylight in a busy neighborhood. Right? As I pulled out of my driveway I noticed him standing in front of the house next door, doing a very poor acting job of pretending he was waiting for someone. As I passed he crossed the street behind my car. I just didn't trust it, so I took a drive around the block and came back. And there he was, on my front steps, attempting to break my door in. He noticed me and ran. I called the cops, and my father who is a retired police officer, but by the time they got there he was long gone, and we had no idea where to find him. Needless to say I did not go to the gym that day or any other day for weeks. I was terrified to leave my house, what if I came back and everything we owned was gone? My life and the life of my son came to a halt! My husband would try to convince me to go out for dinner, and I couldn't! He told his co-worker about the issue, and she had AlarmForce, and handed him a card. He brought it home and I called. Within a few days an alarm was being put in my home. 2 days after that I accidentally set it off for the first time! WOW! Even though the fact that I set it off should have upset me, the response from it put me at ease for the first time in almost a month! I began trusting that if I left the house, we were still safe. That if someone did break in, they would regret it quickly! Alarmforce gave me back my freedom! I trust them completely to safeguard my home, and the service I received from them has always been excellent. I recommend them to anyone I know looking for a system. I am very thankful I made the choice to have them protect my home!
-Katie - Moncton, NB -
I feel very comfortable with your alarm system. When testing and the alarm has gone off, they phone right away. My other alarm company waited 2-3 minutes before they phoned. I'm alone a lot and lot at night and feel very secure with AlarmForce. Thank you.
-Rod, AB -
Fortunately I have not had to use the services for any theft or break-in at this time. When i do call for service or for information the staff is always friendly and helpful. I am very happy that i chose Alarm Force.
-Dean - Musquash, NB -
It's very simple I got security with peace of mind, modern technology that's very affordable!! I didn't just jump into Alarm Force's sales script, but after an intense comparison with other providers for the same coverage Alarm Force won. I was also surprised by the number of my friends who had Alarm Force, the conversation didn't start out home security after leaving their home I notice how they armed their system. It was by phone the same way I arm mine. "ALARM FORCE" number# 1 in my book baby!!!
-Jerrit - Durham, NC -
They are the best because of their flawless service, fast response and have always provided personal contact every time there is an emergency. We can rely on Alarmforce and know that when we are at home or away... that they are keeping our home and us safe.
-Katelin - Toronto, ON -
I am very happy with the service Matthew Marshall provided. He was fast, efficient and explained what he had done clearly and demonstrated the system well. I love the bigger keypad.
-Hazel, ON
