annual-report-2016-2017
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NIAGARA COLLEGE OF APPLIED ARTS AND TECHNOLOGY<br />
Notes to Consolidated Financial Statements (continued)<br />
Year ended March 31, <strong>2017</strong><br />
5. Investment in Niagara College KSA (continued):<br />
The financial position of Niagara College KSA and the results of its operations and its cash flows<br />
are as follows:<br />
Financial position:<br />
December 31, <strong>2016</strong> December 31, 2015<br />
Assets $ 12,260,895 $ 12,786,138<br />
Liabilities $ 9,113,730 $ 11,255,769<br />
Equity<br />
Foreign currency translation adjustment 81,680 125,633<br />
Shareholderʼs equity (deficiency) 3,065,485 1,404,736<br />
3,147,165 1,530,369<br />
$ 12,260,895 $ 12,786,138<br />
Results of operations:<br />
Year ended February 26 to<br />
December 31, <strong>2016</strong> December 31, 2015<br />
Revenue $ 19,756,728 $ 9,579,249<br />
Expenses 18,095,978 8,769,091<br />
Earnings for the period $ 1,660,750 $ 810,158<br />
Cash flows:<br />
Year ended February 26 to<br />
December 31, <strong>2016</strong> December 31, 2015<br />
Opening balance $ 3,884,020 $ -<br />
Operating (2,451,647) 4,711,619<br />
Capital (219,166) (1,586,259)<br />
Financing - 594,578<br />
Foreign exchange (loss) gain (145,359) 164,082<br />
Net cash flow $ 1,067,848 $ 3,884,020<br />
As part of the agreement to operate Niagara College KSA, the College has a letter of credit for the<br />
Colleges of Excellence in Saudi Arabia in the amount of $10,648,000 CDN ($8,000,000 USD).<br />
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