Financial Information
7. SHARE CAPITAL (continued)
The remaining contractual life and exercise price of options outstanding and options exercisable as at October 31, 2008 are as follows:
| Remaining contractual life(Years | Exercise Price $ | Number of options exercisable | |
| Number of options outstanding | |||
| 155,000 | .71 | 3.78 | 155,000 |
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 2008 fiscal year, the Company had no stock compensation expense since the options were fully vested in 2007 (2007 - $12,632). There were no stock options granted in 2008 and 2007.
8. INTEREST EXPENSE
| 2008 $ |
2007 $ |
|
| Interest on long-term debt | 89,745 | 100,165 |
| Other | 386 | 2,093 |
| 90,131 | 102,258 |
9. INCOME TAXES
| 2008 $ |
2007 $ |
|
| Current income tax | 1,952,155 | 1,366,919 |
| Future income tax recovery | (677,000) | (542,000) |
| 1,275,155 | 824,919 |
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:
| 2008 $ |
2007 $ |
|
| Income tax based on combined Federal and Provincial statutory income tax rate of 33.5% in 2008 and 36.12% in 2007 | 1,301,723 | 760,359 |
| Increase /(decrease) in income taxes resulting from: | ||
| Non-deductible expenses | 15,560 | 11,650 |
| Other differences | 11,650 | 52,910 |
| Effective income tax provision | 1,275,155 | 824,919 |
A summary of significant components of future tax assets and liabilities calculated in accordance with Canadian generally accepted accounting principles are as follows:
| 2008 $ |
2007 $ |
|
| Non-current future income tax liabilities: | ||
| Property, plant and equipment | (95,000) | (363,000) |
| Deferred charges | (1,000) | (4,000) |
| Intangible assets | (550,000) | (847,000) |
| (646,000) | (1,214,000) | |
| Non-current future income tax assets | ||
| Deferred revenue | 1,110,000 | 966,000 |
| Share issue costs | - | 35,000 |
| 1,110,000 | 1,001,000 | |
| Net future income tax liability | 464,000 | (213,000) |
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Testimonials
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We love the ease of the system and how helpful the staff is when you call in! We are never worried about our home when we head out and activate our AlarmForce system! What a great and easy to use system, take that first step and feel confident your home is protected when you are not there!
-Dan F - Edmonton, AB -
I am very happy with AlarmForce. It gives me a great sense of security. Thank you very much.
-Shirley S. -
AlarmForce has given my family a sense of security and peace. With having a brand new baby girl to protect, AlarmForce keeps us sleeping safe in our beds. The staff has always been very helpful/knowledgeable when we have needed questions answered. We have recommended AlarmForce to many of our friends that are starting of in their new homes. Thank you AlarmForce, keep up the great work!
-Reydean R. - Airdrie, AB -
On the occasions we have had to talk to Central Station, your representatives have always been very patient and courteous.
-Donna, AB -
Mark was very helpful, Neil the installer was knowledgeable, patient and efficient with our needs.
-Rosanne, ON -
As a child I remember being afraid of the dark. Even as an adult a scary movie or a bump in the night would set off that fear. I can avoid watching scary movies but i can not prevent a break in to my home...or can I? I have never felt so safe with an alarm system like AlarmForce. Not only do I arm my home during the day while at work, my home is armed while I am home alone and during the times where things go bump in the night. I sleep easy knowing that my home is armed. I would recommend Alarmforce to anyone the same way that got me on board with protecting my home. I have had alarm systems in past homes but nothing compares to having a live person monitoring your home when the alarm is triggered with a real threat or false alarm. I can honestly say I sleep better at night. Knowing that any intruder would see that my house is armed and know what they are up against is comfort in its own. I have no action packed glorified story...just a better nights sleep and a well secured protected home with AlarmForce. Thanks for everything.
-Laura T - Calgary, AB -
Very happy from first call to install. The people in the call department very helpful. New installer very good. Nothing but impressed.
-Bill, AB -
The Central Station reps are the best ever - 110%. They saved my house. The fireplace door somehow came loose and open and an ember was smouldering on some newspapers. Had I not had this system my house would have had some damage so it’s reassuring to know you are there watching my back
-Denise, AB
