Q1 Financial Report - 2011
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Ag Growth International Inc.<br />
NOTES TO UNAUDITED INTERIM CONSOLIDATED<br />
FINANCIAL STATEMENTS<br />
[in thousands of Canadian dollars, except where otherwise noted and per share data]<br />
March 31, <strong>2011</strong><br />
32. COMMITMENTS AND CONTINGENCIES<br />
[a] Contractual commitment for the purchase of property, plant and<br />
equipment<br />
As of the reporting date, the Company has entered into no commitments to purchase property,<br />
plant and equipment.<br />
[b] Letters of credit<br />
As at March 31, <strong>2011</strong>, the Company has outstanding letters of credit in the amount of $319<br />
[December 31, 2010 - $642].<br />
[c] Operating leases<br />
The Company leases office and manufacturing equipment, warehouse facilities and vehicles<br />
under operating leases with minimum aggregate rent payable in the future as follows:<br />
Within one year 716<br />
After one year but not more than five years 1,286<br />
More than five years 210<br />
2,212<br />
These leases have a life of between one and six years with no renewal options included in the<br />
contracts.<br />
During the three-month period ended March 31, <strong>2011</strong>, the Company recognized an expense of<br />
$255 [2010 - $351] for leasing contracts. This amount relates only to minimum lease<br />
payments.<br />
$<br />
125
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