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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

*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.

Louella, AB

*I feel 100% better when I'm not home, knowing my alarm service is going to work. Thank you.

Kathy, ON

*They guy you sent was very good at his job and friendly. Thank you for having good people working for you and helping me.

Shirley, BC

*We have been very satisfied with all dealings with AlarmForce personnel. Especially with the technicians who have come to our home.

David, OH

*We are so glad we have this system. We feel much safer and are pleased to rest in the knowledge our possessions are protected.

Patricia, NC

*It is the best I had at my home. Next to zero chance of a false alarm.

Frank, FL

*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.

Carol, BC

*Your help whenever I make an error on entry is much appreciated. Thank you – living alone makes this service essential.

Harold, AB

*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.

Ingrid, BC

*Very happy with the alarm and the smoke/fire option. Never had a problem and main battery changed by competent, courteous person.

Sven, BC


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