2012 Annual Report - Prometic - Life Science, Inc.

December 31, 2012 December 31, 2011
In U.S. dollars US dollar CDN dollar US dollar CDN dollar
Cash 326,720 325,053 2,710 2,756
Accounts receivable 1,357,670 1,350,746 89,746 91,271
Trade and other payables (2,365,801) (2,353,736) (3,580,907) (3,641,783)
Long-term debt provided by shareholders - - (403,489) (410,348)
Net exposure (681,411) (677,937) (3,891,940) (3,958,104)
December 31, 2012 December 31, 2011
In pound sterling Pound Sterling CDN dollar Pound Sterling CDN dollar
Cash 522,549 845,380 104,968 165,839
Accounts receivable 853,444 1,380,702 209,351 330,753
Bank loan (496,102) (802,595) - -
Trade and other payables (299,388) (484,351) (727,298) (1,149,058)
Repayable government grants (340,858) (551,440) - -
Advance on revenues from a supply agreement (1,872,861) (3,029,915) (2,395,232) (3,784,227)
Net exposure (1,633,216) (2,642,219) (2,808,211) (4,436,693)
Based on the above net exposures as at December 31, 2012, and assuming that all other variables remain constant, a 10 % depreciation
or appreciation of the Canadian dollar against the U.S. dollar would result in a decrease or an increase of the consolidated net loss of
approximately $68.
A 10 % depreciation or appreciation of the Canadian dollar against the pound sterling would result in a decrease or an increase of the
accumulated other comprehensive loss of approximately $264. The Company has not hedged its exposure to currency fluctuations.
27. INCOME TAXES
December 31, December 31,
2012 2011
Net loss $ (422) $ (3,267)
Combined Canadian statutory income tax rate 26.9 % 28.4 %
Computed income tax provision (114) (928)
Decrease (increase) in income taxes resulting from:
Unrecorded potential tax benefit arising from current-period losses and
other deductible temporary differences (292) 3,936
Effect of tax rate differences in foreign subsidiaries (1,009) (3,931)
Non-taxable items 1,415 789
Future tax rate differences - 134
$ - $ -
The combined statutory tax rates were 26.9% for 2012 and 28.4% for 2011. As of January 1, 2012, the federal corporate tax rate decreased from
16.5% to 15% thus explaining the decrease of the statutory income tax rate.
PROMETIC LIFE SCIENCES INC.
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