Driving Innovation Through Research Excellence - AUTO21

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AUTO21 Network of Centres of Excellence Statement of Cash Flows For the year ended March 31, 2006 2006 2005 $ $ CASH FLOWS FROM OPERATING ACTIVITIES Excess of expenses over revenues for the year (58,537) (112,039) Adjustment for amortization 52,080 51,917 (6,457) (60,122) Net change in non-cash working capital Decrease (increase) in Accounts receivable 258,400 (259,900) Prepaid expenses 10,411 (17,343) (Increase) decrease in Accounts payable and accrued liabilities (23,051) 34,405 Deferred revenue (283,723) (349,266) (44,420) (652,226) CASH FLOWS FROM INVESTING ACTIVITIES Acquisition of computer equipment (3,354) - Acquisition of furniture and fixtures (1,975) - (5,329) - 30 Decrease in cash and cash equivalents (49,749) (652,226) Cash and cash equivalents - Beginning of year 1,818,045 2,470,271 Cash and cash equivalents - End of year 1,768,296 1,818,045 AUTO21 Annual Report 2005-2006
AUTO21 Network of Centres of Excellence Notes to Financial Statements March 31, 2006 1. NATURE OF OPERATIONS AND SUBSEQUENT EVENT AUTO21, one of the Federal Networks of Centres of Excellence, commenced operations in fiscal 2001/2002 through an agreement with the Natural Sciences and Engineering Research Council (“NSERC”) and the Social Sciences and Humanities Research Council (“SSHRC”). AUTO21 has completed its fifth year of its initial seven-year research cycle and underwent its first midterm review last year. AUTO21 has received letters patent dated December 31, 2002, in accordance with Part II of the Canada Corporations Act under the name AUTO21 Inc. Subsequent event and transfer of operations On April 1, 2006, AUTO21 contributed its net assets at its carrying value, which approximates fair value, and related rights and obligations to AUTO21 Inc. AUTO21 Inc. will continue to operate under the initial seven-year research cycle referred to above. 2. SIGNIFICANT ACCOUNTING POLICIES Revenue recognition Government assistance AUTO21 follows the deferral method of accounting for government contributions. These restricted contributions are recognized as revenue in the period in which the related expenses are incurred. Other Other revenue is recognized in the period which the contributions are earned. 31 Cash and cash equivalents Cash and cash equivalents consist of cash and highly liquid investments. Property, plant and equipment Property, plant and equipment are recorded at cost and amortized over their useful lives as follows: Computer equipment Furniture and fixtures Leasehold improvements 3 years straight-line 7 years straight-line 7 years straight-line AUTO21 Annual Report 2005-2006
Page 1 and 2: AUTO21 NETWORK OF C ENTRES OF EXC E
Page 3 and 4: Table of Contents Message from the
Page 5 and 6: A Message from the Chair of the Boa
Page 7 and 8: The majority of AUTO21’s funding
Page 9 and 10: AUTO21 is also involved with the Co
Page 11 and 12: PROJECT TITLE PROJECT LEADER Powert
Page 13 and 14: Partnerships Support 41 AUTO21 Proj
Page 15 and 16: Savings Cast in Cutting-Edge Alumin
Page 17 and 18: Simulator Helps Researchers Study R
Page 19 and 20: (1) AUTO21’s Annual HQP Conferenc
Page 21 and 22: Canada-Wide Science Fair Automotive
Page 23 and 24: Board of Directors CHAIR OF THE BOA
Page 25 and 26: Institutional Researchers and Affil
Page 27 and 28: Industry Partners A.V. Tchouvelev &
Page 29 and 30: AUTO21 Annual Report 2005-2006 27
Page 31: AUTO21 Network of Centres of Excell
Page 35 and 36: 5. DEFERRED REVENUE 2006 2005 $ $ B

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