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|
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.
|Interest on long-term debt||100,165||71,173|
|Current income tax||1,366,919||1,083,361|
|Future income tax recovery||(542,000)||(66,000)|
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:
|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|
|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)|
|Non-current future income tax assets|
|Share issue costs||35,000||71,000|
|Net future income tax liability||(213,000)||(755,000)|
*Initial online inquiry - received immediate phone call (your competitor never did call); installation no up-selling, in fact prudent advice on need for a single motion sensor rather the two I had planned; ease of use and hands-on training before the installation technician left,including on smartphone, is fantastic.
*I feel 100% better when I'm not home, knowing my alarm service is going to work. Thank you.
*They guy you sent was very good at his job and friendly. Thank you for having good people working for you and helping me.
*We have been very satisfied with all dealings with AlarmForce personnel. Especially with the technicians who have come to our home.
*We are so glad we have this system. We feel much safer and are pleased to rest in the knowledge our possessions are protected.
*It is the best I had at my home. Next to zero chance of a false alarm.
*I like the feeling of safety and confidence when I leave my house and garage unattended. The system is basic and uncomplicated. Thanks for the secure feeling.
*Your help whenever I make an error on entry is much appreciated. Thank you – living alone makes this service essential.
*Your company has given me peace of mind. I never think twice when I leave my home as long as the alarm is set. Thank you for your security.
*Very happy with the alarm and the smoke/fire option. Never had a problem and main battery changed by competent, courteous person.