曝光臺(tái) 注意防騙 網(wǎng)曝天貓店富美金盛家居專營店坑蒙拐騙欺詐消費(fèi)者

to $258,020 in 2009 from $273,054 in 2008. Measures to reduce expenditure have reduced tax credit
receivables for this fiscal year.
Inventories decreased by $70,709 to $604,688 as of April 30, 2009 from $675,397 in 2008. Management
aims to maintain a minimum level of critical parts and components in inventory of to ensure a rapid response
to customer demands (These components usually require up to 6 weeks’ delivery when ordered
from suppliers in Germany and Japan). The Company evaluates inventories to ensure they always
respond to market needs and that they remain useful for resale. By the end of fiscal 2009, with changing
market conditions, Management conducted a re-evaluation of inventories and reduced the volume of
its purchases accordingly.
Capital assets increased to $564,571 in 2009 compared to $295,740 in 2008. A $57,613 investment
to which we add a total amount of $185,070 for machining equipment on lease-to-own for the micromachining
workshop along with the purchase of various laboratory and computer equipment explains
this increase at April 30, 2009.
On the other hand, long-term debt increased to $205,653 in 2009 from $57,013 in 2008 due to the loan
term acquired to purchase micro-machining equipment and due to the term loan for leasehold improvements
that were required for the development of the micro-machining workshop.
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Equity ranged from $4,223,070 ($0.22 per share) in 2008 to $4,653,313 ($0.22 per share) as at April
30, 2009. The issuance of a private investment of $420,000 (2,100,000 shares at $0.20 per share) on
August 1st, 2008, explains this variation.
The Company earns most of its income in foreign currencies (mostly US$) and records most of its expenditure
in Canadian currency. To protect itself from exchange rate fluctuations, the Company can use
forward contracts with a maximum value of $250,000 in CAD. The Company did not have any forward
contracts in force at April 30th, 2009.
The Company had an available on demand loan amount of approximately $37,811, secured by refundable
tax credits, available for use as of April 30, 2009.
Cash Flows
The following summarizes the Company’s cash flows for the years ended April 30th, 2009 and 2008 as
reported in the Consolidated Statements of Cash Flows.
Year Ending April 30th 2009 2008
$ $
Cash provided by operating activities 64,726 ( 192,486 )
Cash provided by investment activities ( 161,371 ) ( 18,892 )
Cash provided by financing activities 208,185 77,476
Net increase (decrease) in cash and
cash equivalents 111,540 ( 133,902 )
Cash and cash equivalents, beginning of year ( 63,100 ) 70,802
Cash and cash equivalents, end of year 48,440 ( 63,100 )
Current ratio 2.13 1.62
In 2009, cash and cash equivalents totaled $48,440 compared to ($63,100) in 2008. An increase of
$111,540.
As of April 30, 2009, the cash flows from operating activities, before changes in working capital items,
totaled $62,727, an increase of $94,365 compared to ($31,638) in 2008, particularly with a lower net
loss for the last fiscal year.
Investing activities used cash flows of $161,371 in 2009 compared to $18,892 in 2008. Acquisitions of
fixed assets in the machining shop are mainly responsible for this increase.
Financing activities provided cash flows of $208,185 in 2009 compared to $77,476 in 2008. The main
financing activity being a $420,000 ( 2,100,000 shares at $0.20) private investment as well as a term
loan of $ 81,033 acquired during the year. A total of $145,352 was used to repay the bank debt and
$50,000 to repurchase a portion of the debenture.
Management again considers that the current cash balance for the next twelve months is at a level
below what is deemed sufficient to meet liquidity needs to continue its future business development
projects. Hence, as of April 30, 2009, the Company was considering various financing options available
on the market to increase the working capital necessary for its needs.
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Contractual Obligations
Contractual obligations include commitments to refund certain long-term loans, the convertible debenture,
as well as some operating leases like office space and automobiles leased to the Company as of
April 30, 2009. Notes 12, 13 and 19 of the consolidated financial statements describe the Company’s
long-term obligations in more detail.
Also, the Company is subject to certain restrictive clauses concerning long-term debt financing, of
which the maintenance of certain financial ratios. As of April 30, 2009, all ratios required by the financial
institution were respected.
Table of Contractual obligations
Long-term Debts Operating- Convertible Total
Capital Other lease debenture 1
lease equipment loans contracts
　
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