Consolidated Financial Statements of. Years ended September 30, 2015 and 2014

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1 Consolidated Financial Statements of Years ended September 30, 2015 and

2 KPMG LLP Telephone King Street South, 2 nd Floor Fax Waterloo ON N2J 5A3 Internet INDEPENDENT AUDITORS REPORT To the Shareholders of RDM Corporation We have audited the accompanying consolidated financial statements of RDM Corporation, which comprise the consolidated balance sheets as at September 30, 2015 and 2014, the consolidated statements of income, comprehensive income, changes in shareholders equity and cash flows for the years then ended, and notes, comprising a summary of significant accounting policies and other explanatory information. Management s Responsibility for the consolidated Financial Statements Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with International Financial Reporting Standards, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. Auditors Responsibility Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We conducted our audits in accordance with Canadian generally accepted auditing standards. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on our judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the entity s preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that the audit evidence we have obtained in our audits is sufficient and appropriate to provide a basis for our audit opinion. KPMG LLP is a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ( KPMG International ), a Swiss entity. KPMG Canada provides services to KPMG LLP.

3 Opinion In our opinion, the consolidated financial statements present fairly, in all material respects, the consolidated financial position of RDM Corporation as at September 30, 2015 and 2014, and its consolidated financial performance and its consolidated cash flows for the years then ended in accordance with International Financial Reporting Standards. Chartered Professional Accountants, Licensed Public Accountants November 18, 2015 Waterloo, Canada

4 Consolidated Balance Sheets (Amounts in thousands of U.S. Dollars) As at September Assets: Current assets: Cash and cash equivalents (note 5) $ 26,405 $ 22,422 Accounts receivable (note 6) 3,598 3,292 Unbilled revenue Inventories (note 7) 1,821 2,132 Investment tax credit receivable Prepaid and other assets Total current assets 32,838 28,965 Investment tax credits (note 17) 1, Property and equipment (note 8) 1,910 2,504 Intangible assets (note 9) Total assets $ 37,035 $ 32,510 Liabilities and shareholders equity: Current liabilities: Accounts payable and accrued liabilities $ 2,869 $ 3,989 Deferred revenue Total current liabilities 3,151 4,292 Deferred income taxes (note 17) Shareholders equity: Share capital (note 12) 21,106 20,512 Contributed surplus 2,697 2,535 Retained earnings 9,520 5,171 Total shareholders equity 33,323 28,218 Total liabilities and shareholders equity $ 37,035 $ 32,510 The accompanying notes to the consolidated financial statements are an integral part thereof. On behalf of the Board of Directors: (signed) Jean Noelting Jean Noelting Chairman of the Board (signed) Keith Wettlaufer Keith Wettlaufer Director 2

5 Consolidated Statements of Income (Amounts in thousands of U.S. Dollars, except per share data) Years ended September Revenue: Payment Processing Services $ 14,295 $ 14,236 Digital Imaging Products 9,235 8,453 23,530 22,689 Cost of revenue 9,284 10,074 Gross profit 14,246 12,615 Operating expenses: Sales and marketing 2,874 3,138 Research and development (note 15) 4,651 4,440 General and administration 2,161 2,091 9,686 9,669 Income from operations 4,560 2,946 Other items: Foreign exchange gain Interest income Other income (expense) (note 16) 2,161 (153) 2,265 (5) Net income before income taxes 6,825 2,941 Income tax expense Current Deferred 561-1, Net income for the year $ 5,326 $ 2,845 Earnings per share basic and diluted (note 18) $ 0.24 $ 0.13 See accompanying notes to the consolidated financial statements. 3

6 Consolidated Statements of Comprehensive Income (Amounts in thousands of U.S. Dollars) Years ended September Net income for the year $ 5,326 $ 2,845 Other comprehensive income: Effective portion of changes in fair value of cash flow hedges - (29) Comprehensive income $ 5,326 $ 2,816 See accompanying notes to the consolidated financial statements. 4

7 Consolidated Statements of Changes in Shareholders Equity (Amounts in thousands of U.S. Dollars) Share capital Contributed surplus Accumulated other comprehensive income Retained earnings Total Balance as at October 1, 2013 $ 20,100 $ 2,445 $ 29 $ 2,922 $ 25,496 Total comprehensive income for the year: Net income for the year ,845 2,845 Effective portion of changes in fair value of cash flow hedges - - (29) - (29) Issuance of share capital (note 12) 412 (108) Dividends paid (596) (596) 20,512 2,337-5,171 28,020 Stock-based compensation Balance as at September 30, 2014 $ 20,512 $ 2,535 $ - $ 5,171 $ 28,218 Balance as at September 30, 2014 $ 20,512 $ 2,535 $ - $ 5,171 $ 28,218 Total comprehensive income for the year: Net income for the year ,326 5,326 Effective portion of changes in fair value of cash flow hedges Issuance of share capital (note 12) 594 (241) Dividends paid (977) (977) 594 (241) - 4,349 4,702 Stock based compensation Balance as at September 30, 2015 $ 21,106 $ 2,697 $ - $ 9,520 $ 33,323 See accompanying notes to the consolidated financial statements. 5

8 Consolidated Statements of Cash Flows (Amounts in thousands of U.S. Dollars) Years ended September Cash provided by (used in): Operations: Net income for the year $ 5,326 $ 2,845 Items not involving cash: Current income tax expense Deferred income tax expense Depreciation of property and equipment Amortization of intangible assets Loss on disposal of property and equipment Stock-based compensation (note 14) Interest earned 403 (70) 198 (41) Change in non-cash operating working capital (note 13) (3,278) 162 Cash provided by operations 5,208 4,387 Interest received Net cash provided by operating activities 5,271 4,422 Financing: Issuance of share capital (note 12) Dividends paid (977) (596) Cash used in financing activities (624) (292) Investing: Purchase of property and equipment (376) (1,290) Additions to intangible assets (288) (544) Cash used in investing activities (664) (1,834) Increase in cash and cash equivalents 3,983 2,296 Cash and cash equivalents, beginning of year 22,422 20,126 Cash and cash equivalents, end of year $ 26,405 $ 22,422 See accompanying notes to the consolidated financial statements. 6

9 DESCRIPTION OF BUSINESS RDM Corporation ( RDM or the Company ), a company with its principal place of business and registered head office in Canada, was incorporated on January 23, 1987 under the Canada Business Corporations Act and is listed under the symbol RC on the Toronto Stock Exchange. RDM is a provider of solutions for the electronic commerce and payment processing industries. RDM provides remote check deposit systems and web-based image management and transaction processing services for retailers, banks, small businesses, independent sales organizations, payment processors and government agencies, as well as print quality control and image quality systems for a variety of global customers. 1) Basis of Preparation a) Statement of compliance: These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards ( IFRS ). These consolidated financial statements for the years ended September 30, 2015 and 2014 were authorized for issuance by the Board of Directors of the Company on November 18, b) Basis of measurement: The consolidated financial statements have been prepared on the historical cost basis, except for forward exchange contracts, which are measured at fair value. c) Functional and presentation currency: These consolidated financial statements are presented in United States dollars ( U.S. dollars ), which is the Company s functional currency. d) Use of estimates and judgments: The preparation of the consolidated financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Information about assumptions and estimation uncertainties that have a significant risk of resulting in a material adjustment are as follows: (i) (ii) (iii) The Company maintains an allowance for doubtful accounts for estimated losses that may occur if customers are unable to pay balances owing to the Company. This allowance is determined based on a review of specific customers historical experience and economic circumstances. Deferred income tax assets are recognized for all deductible temporary differences, carry-forward of unused tax assets and unused tax losses, to the extent that it is probable that future taxable profit will be available against which the deductible temporary differences and carry-forward of unused tax assets and unused tax losses can be utilized. Deferred income tax liabilities are recognized for all deductible temporary differences. In addition, the valuation of investment tax credits receivable requires management to make judgments on the amount and timing of recovery. The Company has estimated that it is probable that sufficient taxable income will be available to recognize investment tax credits as recorded on the balance sheet at September 30, The Company makes estimates related to the useful lives of property and equipment and intangible assets and the related amortization and depreciation. The Company also periodically assesses the recoverability of long-lived assets. The recoverability analysis requires the Company to make assumptions about future operations. Changes to one or more assumptions would result in a change in the recoverable amount calculated and/or amortization and depreciation expensed. 7

10 (iv) (v) (vi) (vii) The Company makes estimates and utilizes assumptions in determining the fair value for stock-based compensation expense. The valuation of inventory requires an estimate of net realizable value to be used. The Company estimates the saleability of the inventory, the price of sales and the costs to sell. Changes in assumptions about these factors could affect the reported value of inventory. The Company provides a standard product warranty on goods sold. The warranty provision requires estimates of future service costs, returns and defect rates. Revenue recognition on percentage of completion contracts requires estimates to be made about the progress of projects and estimated overall costs. The Company reviews development labour costs incurred against overall project estimates to measure percentage of completion and estimated costs to complete. 2) Significant accounting policies a) Basis of consolidation: Subsidiaries are legal entities controlled by the Company. Control exists when the Company has the power, directly or indirectly to govern the financial and operating policies of an entity so as to obtain benefits from its activities. These consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries: Research, Development and Manufacturing Corporation, RDM Payment Solutions, Inc. and Ontario Limited. All significant inter-company transactions and balances have been eliminated. The accounting policies have been consistently applied by the Company s subsidiaries. b) Foreign currency translation: IFRS requires that the functional currency of each entity in the consolidated Company be determined separately in accordance with specific indicators and should be measured using the currency of the primary economic environment in which the entity operates (the functional currency ). As a result of an assessment of the primary indicators, the functional currency of the Company and its subsidiaries is the U.S. dollar. The consolidated financial statements of the Company are prepared and presented in U.S. dollars. Foreign currency transactions denominated in other than U.S. dollars are translated into the functional currency on the following basis: (i) (ii) (iii) Monetary assets and liabilities are translated at the rates of exchange prevailing at balance sheet date. Non-monetary assets and liabilities that are measured at historical cost are translated using the exchange rate at the date of the transaction. Income and expenses for each income statement presented are translated at average exchange rates during the month in which they are recognized. Exchange differences resulting from the settlement of foreign currency transactions are recognized directly in the consolidated statements of comprehensive income in the year in which incurred unless hedge accounting applies. c) Financial instruments: (iv) Non-derivative financial assets: The Company initially recognizes trade and other receivables and deposits on the date that they originate. All other financial assets (including assets designated at fair value through profit or loss) are recognized initially on the trade date at which the Company becomes a party to the contractual provisions of the instrument. The Company derecognizes a financial asset when the contractual rights to the cash flows from the assets expire, or it transfers the rights to receive the contractual cash flows on the financial assets in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred. Any interest in transferred financial assets that is created or retained by the Company is recognized as a separate asset or liability. 8

11 Financial assets or liabilities are offset and the net amount presented in the balance sheet when, and only when, the Company has a legal right to offset the amounts and intends either to settle on a net basis or to realize the asset and settle the liability simultaneously. The Company has the following non-derivative financial assets: Receivables: Receivables are financial assets with fixed or determinable payments that are not quoted in an active market. Such assets are recognized initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, when significant, receivables are measured at amortized cost using the effective interest method, less any impairment losses. The effective interest method calculates the amortized cost of a financial asset and allocates interest income over the corresponding year. Cash and cash equivalents: Cash and cash equivalents comprise cash balances and call deposits with original maturities ranging from five to twelve months. (v) Non-derivative financial liabilities: The Company has classified accounts payable and accrued liabilities as non-derivative financial liabilities. Such liabilities are recognized initially at fair value plus any directly attributable transaction costs on the date that they are originated. Subsequent to initial recognition, when material, these financial liabilities are measured at amortized cost using the effective interest method. Financial liabilities are derecognized when the contractual obligations are discharged, cancelled or expired. Bank overdrafts that are repayable on demand and form an integral part of the Company s cash management are included as a component of cash and cash equivalents for the purpose of the statement of cash flows. (vi) Hedge accounting: The Company holds Canadian dollar cash (non-derivative monetary hedge), and on occasion derivative financial instruments, to hedge its foreign exchange risk exposures associated with certain expenses incurred in Canadian dollars. On initial designation of the hedge, the Company formally documents the relationship between the hedging instrument and hedged item, including the risk management objectives and strategy in undertaking the hedge transaction and the hedged risk, together with the methods that will be used to assess the effectiveness of the hedging relationship. (vii) Cash flow hedges: When a derivative or non-derivative monetary item is designated as the hedging instrument in a hedge of the variability in cash flows attributable to a particular risk associated with a recognized asset or liability or a highly probable forecast transaction that could affect profit or loss, the effective portion of changes in the fair value of the derivative or non-derivative monetary item is recognized in other comprehensive income. The amount recognized in other comprehensive income is removed and included in profit or loss in the same year that the hedged cash flows affects profit or loss under the same line item in the consolidated statements of comprehensive income as the hedged item. Any ineffective portion of changes in the fair value of the derivative is recognized immediately in profit or loss. If the hedging instrument no longer meets the criteria for hedge accounting, expires or is sold, terminated, exercised, or the designation is revoked, the hedge accounting is discontinued prospectively. The cumulative gain or loss previously recognized in accumulated other comprehensive income in shareholders equity remains there until the forecasted transaction affects profit or loss. When the hedged item is a non-financial asset, the amount recognized in accumulated other comprehensive income is transferred to the carrying amount of the asset when the asset is recognized. If the forecasted transaction is no longer expected to occur, then the balance in accumulated other comprehensive income is recognized immediately in profit or loss. 9

12 (viii) Other non-trading derivatives: When a derivative financial instrument is not designated in qualifying hedge relationship, all changes in its fair value are recognized immediately in profit or loss. (ix) Share capital: d) Inventories: Common shares are classified as equity. Incremental costs directly attributable to the issue of common shares are recognized as a deduction from equity, net of any tax effects. When common shares are repurchased and cancelled, share capital is reduced by the assigned value per share with any excess or deficiency recognized in equity. Inventories are measured at the lower of cost, determined on a first in, first out basis and net realizable value. Cost includes expenditures incurred in acquiring inventories and bringing it to its existing location and condition. In the case of manufactured inventory and work in progress, cost includes an appropriate share of overheads attributable to manufacturing, based on normal operating capacity. Net realizable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling expenses. Provisions for obsolete inventory are based on management s best estimates which consider a variety of factors that may affect the carrying values of inventories. These factors include, but are not limited to, market demand, technology and design changes. e) Property and equipment: Property and equipment are measured at cost less accumulated depreciation and accumulated impairment losses. Costs include all expenditures directly related to the acquisition of the asset. Depreciation is based on the cost of an asset less its residual value. Depreciation is provided for using the following methods and annual rates: Asset Basis Rate Furniture and fixtures Declining balance 20% Engineering equipment Declining balance 20% Computer hardware Declining balance 30% Computer software Straight-line 2 years Manufacturing equipment Declining balance 20% Leasehold improvements Straight-line 5 years Tools and dies Units of production N/A During the development of assets and the related pre-production period, these assets are reported as not in use, with no depreciation expense recorded until such times the assets are available or ready for use. Depreciation methods, useful lives and residual values are reviewed at each annual reporting date and adjusted, if appropriate. f) Intangible assets: Patents are stated at cost less accumulated amortization. Depreciation is based on the estimated useful life of the assets and is calculated at an annual rate of 10% using the declining balance method. Licenses are stated at cost less accumulated amortization. Licenses are amortized on a straight-line basis over the shorter of their estimated useful lives and the term of the license. Amortization methods, useful lives and residual values are reviewed at each reporting date and adjusted, if appropriate. 10

13 Subsequent expenditures on capitalized intangible assets are capitalized only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditures are expensed as incurred. g) Impairment of non-financial assets: Assets that are subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Impairment is determined by assessing the recoverable amount of the assets or cash-generating units ( CGU ) to which the asset relates. A cash-generating unit is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or group of assets. The recoverable amount of an asset or CGU is the greater of net selling price (fair value less cost to sell) and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU. Where the recoverable amount of the CGU is less than the carrying amount of the CGU or related assets, an impairment loss is recognized. Impairment losses are recognized in net income. Impairment losses recognized in respect of CGUs are allocated to reduce the carrying amount of the non-financial assets in the CGU on a pro rata basis. An impairment loss is reversed only to the extent that the asset s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation and amortization, if no impairment loss had been recognized. Where intangible assets have been allocated to CGUs, and part of the operation within those units is disposed of, the intangible assets associated with the operation disposed of is included in the carrying amount of the operation when determining the gain or loss on disposal of the operation. Intangible assets disposed of in such cases are measured based on the relative values of the operation disposed of and the portion of the CGUs retained. h) Research and development: Expenditures on research activities are recognized under research and development expenses in the period in which they are incurred. An internally-generated intangible asset arising from product development is capitalized only if all of the following conditions are met: an asset is created that can be identified; it is probable that the asset created will generate future economic benefits; the development cost of the asset can be measured reliably; the Company intends to, and has sufficient resources to complete development and to use or sell the asset; and the product from which the asset arises meets the IFRS criteria for technical and commercial feasibility. Internally-generated intangible assets are amortized on a straight-line basis over their useful lives. Where no internally generated intangible asset can be recognized, the development expenditure is recognized as an expense in the period in which it is incurred. Capitalized expenses include the costs of material, direct labor, direct overhead and outsourcing costs. To date all research and development costs have been charged to operations as incurred. i) Revenue recognition: The Company s revenues are derived from hardware sales, software licenses, extended warranty, transaction processing fees and custom development contracts. Revenue from hardware sales and extended warranties are included in Digital Imaging Products revenue. Revenue from software licenses, transaction processing fees and custom development contracts are included in Payment Processing Services revenue. Revenue from hardware sales is recognized upon delivery, provided that no significant obligations on the part of the Company remain and collection of the related receivable is considered probable. Revenue is measured at the fair value of the consideration received or receivable. Revenue from software licenses is recognized over the term of the license. Service and extended warranty revenue is recognized ratably over the term of the related agreement, which is typically twelve to twenty-four months. Revenue from transaction processing fees is recognized on a per item basis as transaction processing services are provided and when collection of the related receivable is considered probable. 11

14 Custom development contract revenue is recognized using the percentage of completion method based on development labour costs incurred relative to total expected development labour costs. Revisions in custom development costs and profit estimates, which can be significant, are reflected in the accounting period in which the relevant facts become known. Under the percentage of completion method, costs and estimated earnings on uncompleted contracts in excess of billings are included in accounts receivable. Revenue that has been prepaid, but does not yet qualify for recognition as revenue under the Company s revenue recognition policies, is reflected as deferred revenue. j) Government assistance: Government assistance, including income tax credits and government grants, is accounted for as a reduction to the cost of the related asset or expense, when there is reasonable assurance that such assistance will be realized. k) Earnings per share: Basic earnings per share are computed by dividing net income by the weighted average shares outstanding during the reporting year. Diluted earnings per share are computed similar to basic earnings per share, except that the weighted average shares outstanding are increased to include additional incremental shares from the assumed exercise of stock options, if dilutive. The number of additional shares is calculated by assuming that outstanding stock options were exercised and that the proceeds from such exercises, along with any unamortized stock-based compensation related to the stock option, were used to acquire shares of common stock at the average market price during the reporting year. l) Stock-based compensation: The Company awards stock options to certain employees and directors, from time to time, on a discretionary basis. Stock options are measured at fair value at the date grant. Fair value is measured by using a Black Scholes option pricing model, taking into account the terms and conditions upon which the equity instruments were granted. The amount recognized as an expense is adjusted to reflect the number of awards for which the related services and non-market vesting conditions are expected to be met by estimating future forfeiture rates. The fair value of such awards is expensed over the vesting period with corresponding increase in contributed surplus. Upon exercise of stock options, proceeds received, together with amounts previously recognized in contributed surplus, are recorded as an increase to share capital. m) Provisions: Provisions are recorded when a present legal or constructive obligation exists as a result of past events where it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate of the amount of the obligation can be made. A provision for warranties is recognized when the underlying products are sold. A provision for warranty is based on historical warranty data and a weighting of all possible outcomes against their associated probabilities. n) Income taxes: Income tax expense comprises current tax and deferred tax. Income tax is recognized in the consolidated statement of comprehensive income, except to the extent that it relates to items recognized directly in equity. Current income tax is the tax expected to be payable on the taxable profit for the year, using tax rates enacted or substantively enacted by the reporting date. Deferred income tax is recognized on all temporary differences at the balance sheet date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred income tax assets are recognized for all deductible temporary differences, carry-forward of unused tax assets and unused tax losses, to the extent that it is probable that future taxable profit will be available against which the deductible temporary differences and the carry-forward of unused tax assets and unused tax losses can be utilized. Deferred income tax is calculated using the tax rates that are expected to be applied to temporary differences when they reverse, based on tax rates and laws enacted, or substantively enacted, by the reporting date. 12

15 Deferred tax assets are reviewed at each reporting date and are adjusted to the extent that there is a change in the assessment of the probability that the related tax benefit will or will not be realized. o) Investment tax credits: The Company is entitled to certain Canadian investment tax credits for qualifying research and development activities performed in Canada. The Company accrues investment tax credits when qualifying expenditures have been made, provided there is a reasonable assurance that the credits will be realized. The amount of investment tax credits accrued can vary, based on estimates of future taxable income. These credits can be applied against income tax liabilities and are subject to a 20 year carry-forward period or, in some cases, are refundable. Accrued investment tax credits earned in the year are accounted for as a reduction of the related expenditures for items expensed in the consolidated statements of comprehensive income (loss) or a reduction of the related asset s cost for items capitalized in the consolidated balance sheet. The Company also recognizes investment tax credits earned in prior years when it is probable that sufficient taxable income will exist to use the investment tax credits. These are recorded as other income. p) Segmented reporting and entity wide disclosures: The Company operates in one reportable segment. The Company s one reportable segment is the provision of solutions for electronic payment processing. The Company s revenue is derived mainly from outside Canada. Less than 1% of revenue in 2015 and 2014 was earned from customers located in Canada. In 2015, the Company earned $23.2 million ( $21.9 million) in revenue from customers located in the United States. As disclosed in Note 21, a significant proportion of the Company s revenue is earned from three customers. Revenues are earned from Payment Processing Services and the sale of Digital Imaging products. Revenue for each group of product and services is disclosed in the Consolidated Statements of Income. All of the Company s non-current assets are located in Canada. 3) Determination of fair values A number of the Company s accounting policies and disclosures require the determination of fair value for both financial and non-financial assets and liabilities. Fair values have been determined for measurement and/or disclosure purposes based on the following methods. When applicable, further information about the assumptions made in determining fair values is disclosed in the notes specific to that asset or liability. a) Derivatives: The fair value of forward foreign exchange contracts is estimated by the difference between the contractual forward price and the current forward price for the residual maturity of the contract taking into account credit risk for both parties. b) Stock-based compensation: The fair value of the employee stock options is measured using the Black Scholes option pricing model. Measurement inputs include the share price on measurement date, the exercise price of the instrument, the expected volatility (based on weighted average historic volatility), the expected life of the instrument, the expected dividends, the risk-free interest rate (based on government bonds), and estimated forfeiture rates. Service and nonmarket performance conditions are not taken into account in determining fair value. 4) Recent accounting pronouncements The IASB and International Financial Reporting Interpretations Committee ( IFRIC ) have issued the following standards that have not been applied in preparing these consolidated financial statements as their effective dates fall within annual periods beginning subsequent to the current reporting year. 13

16 a) IAS 1, Presentation of Financial Statements In December 2014, the IASB issued amendments to IAS 1 Presentation of Financial Statements as part of its major initiative to improve presentation and disclosure in financial reports (the Disclosure Initiative ). The amendments are effective for annual periods beginning on or after January 1, Early adoption is permitted. These amendments will not require any significant change to current practice, but should facilitate improved financial statement disclosures. The Company is currently assessing the impact of these amendments on its consolidated financial statements. b) IFRS 9, Financial Instruments In October 2010, the IASB issued IFRS 9, Financial Instruments ( IFRS 9 ). IFRS 9, which replaces IAS 39, Financial Instruments: Recognition and Measurement, establishes principles for the financial reporting of financial assets and financial liabilities that will present relevant and useful information to users of financial statements for their assessment of the amounts, timing and uncertainty of an entity s future cash flows. This new standard is effective for the Company s interim and annual consolidated financial statements commencing October 1, The Company is assessing the impact of this new standard on its consolidated financial statements. c) IFRS 15, Revenue from Contracts with Customers In May 2014, the IASB issued IFRS 15, Revenue from Contracts with Customers ( IFRS 15 ). IFRS 15 establishes principles for revenue recognition measurement and related disclosures. The new standard is effective for the Company s interim and annual consolidated financial statements commencing October 1, The Company is assessing the impact of this amended standard on its consolidated financial statements. 5) Cash and cash equivalents September 30, 2015 September 30, 2014 Cash CAD $ denominated $ 231 $ 746 USD $ denominated 3,425 4,783 3,656 5,529 Term Deposits CAD $ denominated USD $ denominated 22,000 16,000 Cash and cash equivalents $ 26,405 $ 22,422 6) Accounts receivable September 30, 2015 September 30, 2014 Trade $ 3,639 $ 3,336 Allowance for doubtful accounts (41) (44) $ 3,598 $ 3,292 Ageing of trade receivables that are past due but not impaired September 30, 2015 September 30, to 30 days $ 338 $ to 60 days to 90 days 50 - Over 90 days - - $ 404 $

17 Reconciliation of changes in the allowance for doubtful accounts September 30, 2015 September 30, 2014 Balance beginning of the year $ 44 $ 134 Provision - - Accounts Receivable written off (3) (90) $ 41 $ 44 7) Inventories Inventories include material, labour and manufacturing overhead costs. The components of inventories were as follows: September 30, 2015 September 30, 2014 Finished goods $ 374 $ 139 Raw materials 1,897 2,417 Provision for obsolescence (450) (424) $ 1,821 $ 2,132 The Company recorded inventory write-downs of $115 in 2015 ( $118). 8) Property and equipment Cost Balance at September 30, 2014 Additions Disposals Total September 30, 2015 Furniture and fixtures $ 494 $ 17 $ 374 $ 137 Engineering equipment Computer hardware 5, ,222 3,151 Computer software 1, ,478 Manufacturing equipment Tools and dies 1, ,688 Leasehold improvements Assets not in use 9 (9) - - $ 9,333 $ 376 $ 2,903 $ 6,806 Balance at September 30, 2013 Additions Disposals Total September 30, 2014 Furniture and fixtures $ 435 $ 59 $ - $ 494 Engineering equipment Computer hardware 4, ,220 Computer software 1, ,281 Manufacturing equipment Tools and dies 1, ,674 Leasehold improvements Assets not in use 208 (199) - 9 $ 8,043 $ 1,290 $ - $ 9,333 15

18 Accumulated depreciation Balance at September 30, 2014 Additions Disposals Total September 30, 2015 Furniture and fixtures $ 353 $ 27 $ 313 $ 67 Engineering equipment Computer hardware 3, ,016 2,147 Computer software 1, ,316 Manufacturing equipment Tools and dies 1, ,241 Leasehold improvements $ 6,829 $ 681 $ 2,614 $ 4,896 Balance at September 30, 2013 Additions Disposals Total September 30, 2014 Furniture and fixtures $ 326 $ 27 $ - $ 353 Engineering equipment Computer hardware 3, ,767 Computer software 1, ,185 Manufacturing equipment Tools and dies 1, ,182 Leasehold improvements $ 6,057 $ 772 $ - $ 6,829 Carrying amount Balance at September 30, 2015 Balance at September 30, 2014 Furniture and fixtures $ 70 $ 141 Engineering equipment - 4 Computer hardware 1,004 1,453 Computer software Manufacturing equipment 9 34 Tools and dies Leasehold improvements Assets not in use - 9 $ 1,910 $ 2,504 9) Intangible assets Cost Balance at September 30, 2014 Additions Expiries Total September 30, 2015 Patents $ 735 $ 55 $ - $ 790 Licenses $ 1,217 $ 288 $ 200 $ 1,305 Balance at September 30, 2013 Additions Expiries Total September 30, 2014 Patents $ 673 $ 62 $ - $ 735 Licenses $ 1,515 $ 544 $ 842 $ 1,217 16

19 Accumulated amortization Balance at September 30, 2014 Additions Expiries Total September 30, 2015 Patents $ 290 $ 45 $ - $ 335 Licenses $ 446 $ 358 $ 200 $ 604 Balance at September 30, 2013 Additions Expiries Total September 30, 2014 Patents $ 244 $ 46 $ - $ 290 Licenses $ 933 $ 355 $ 842 $ 446 Carrying amount Balance at September 30, 2015 Balance at September 30, 2014 Patents $ 455 $ 445 Licensees $ 701 $ ) Operating leases The Company is committed to annual minimum operating lease payments, excluding tenant-operating costs, of: September 30, 2015 September 30, 2014 Within 1 year $ 852 $ 1,117 1 to 5 years 1,216 2,064 Total $ 2,068 $ 3,181 Future minimum lease commitments by year and in aggregate are as follows: 2016 $ Thereafter - $ 2,068 11) Expenses by nature Operating results include the following items: Salaries and employee benefits $ 8,756 $ 8,799 Stock-based compensation Amortization and depreciation expense 1,039 1,127 Inventories recognized as expense 5,405 5,042 Other items 3,367 4,577 $ 18,970 $ 19,743 12) Share Capital Authorized: Unlimited number of voting common shares Unlimited number of non-voting preferred shares Issued and outstanding: 22,024,976 common shares (October 1, ,648,726) $ 21,106 $ 20,512 17

20 a) Fiscal 2015 transactions: During 2015, 376,250 options were exercised for common shares and no options expired. In addition, 120,000 options were granted. No shares were repurchased or cancelled. b) Fiscal 2014 transactions: During 2014, 306,500 options were exercised for common shares and no options expired. In addition, 875,000 options were granted. No shares were repurchased or cancelled. 13) Change in non-cash working capital The change in non-cash working capital is composed of the following: Accounts receivable $ (299) $ (619) Unbilled revenue 76 (82) Inventory Investment tax credits (2,196) (11) Prepaid and other assets (29) (47) Accounts payable and accrued liabilities (1,120) 326 Deferred revenue (21) (34) $ (3,278) $ ) Stock options a) Stock option plans: The Company maintains stock option plans (the Plans ) to encourage ownership of the Company by Directors, Officers and employees of the Company. The maximum number of common shares issuable under the Plans is equal to 10% of the Company s issued and outstanding common shares (currently 22,024,976), provided that the Board of Directors of the Company has the right, from time to time, to increase such number subject to the approval of the shareholders of the Company. At September 30, 2015, a total of 1,967,250 stock options are outstanding. Subject to the discretion of the Board of Directors of the Company, stock options vest typically over four years. The stock option exercise price is the price of the Company s common shares on the Toronto Stock Exchange at closing on the last trading day prior to the date of the grant. Options granted under the plan may be exercised during a period not exceeding ten years from the date of grant, subject to earlier termination. Any option granted, which is cancelled or terminated for any reason prior to exercise, is returned to the pool and becomes available for future stock option grants. Summary of the Plans as at September 30, 2015 and 2014: Options Weighted Average Exercise Price Options Weighted Average Exercise Price Outstanding, beginning of year 2,223,500 $ ,655,000 $ 1.09 Granted 120, , Exercised 376, , Forfeited/expired Outstanding, end of year 1,967,250 $ ,223,500 $ 1.72 Exercisable, end of year 1,172,250 $ ,071,000 $

21 Options outstanding and exercisable at September 30, 2015: Options Outstanding Weighted Average Number of Remaining Range of Options Contractual Life Exercise Prices Outstanding (years) Weighted Average Exercise Price Options Exercisable Number of Options Exercisable Weighted Average Exercise Price $ , $ ,000 $ 0.75 $ , , $ , , $ , , $ , ,967, $ ,172,250 $ 1.37 The terms and conditions relating to the grants under the stock option plans, which are to be settled by physical delivery of shares, are as follows: Options granted Contractual life of options Personnel entitled and grant date Vesting conditions Key management personnel: January 23, ,000 Vesting is 12.5% on each of next 8 quarters 10 years February 8, ,000 Vesting is 25% on each of next 4 quarters 10 years February 9, ,000 Vesting is 25% on each of next 4 quarters 10 years March 29, ,000 Vesting is 25% on each of next 4 quarters 10 years March 10, ,000 Vesting is 25% on each of next 4 quarters 7 years March 10, ,000 Vesting is 20% upon grant and 20% on each of 7 years next 4 anniversaries August 3, ,000 Vesting is 25% on each of next 4 anniversaries 7 years February 10, ,750 Vesting is 25% on each of next 4 anniversaries 7 years March 12, ,500 Vesting is 25% on each of next 4 quarters 7 years May 27, ,000 Vesting is 25% on each of next 4 anniversaries 7 years August 18, ,000 Vesting is 25% on each of next 4 anniversaries 7 years May 1, ,000 Vesting is on the day immediately preceding the 7 years day of next AGM Other employees: January 31, ,000 Vesting is 25% on each of next 4 anniversaries 7 years June 1, ,000 Vesting is 25% on each of next 4 anniversaries 7 years Key management personnel include the directors and officers of the Company. a) Stock-based compensation: The following table illustrates significant assumptions underlying the Company s accounting policy for stock-based compensation: Years ended September Weighted average fair value of each option $ 1.07 $ 1.07 Assumptions: Expected volatility 46.0% 51.7% Risk free interest rate 1.3% 1.4% Expected life in years Expected dividend yield 1.2% 1.5% The fair value of options granted during fiscal 2015 was $128 ($ ). 19

22 15) Research and development Research and development expense for the year ended September 30, 2015 is net of $280 of federal and provincial investment tax credits (2014 $176). 16) Other income (expense) Years ended September Change in estimated royalties $ 266 $ - Recognition of investment tax credits 2,064 - Change in settlement claim Loss on disposal (289) - Obligation for future payments - (153) Other income $ 2,161 $ (153) a) Change in estimated royalties The Company pays fees to third parties related to the licensing of patents for technology used in its products and services. Estimated costs of $266 recorded as liability in periods prior to 2015 were reversed in 2015 to reflect a settlement between one of its customers and a third party and recorded in other income. b) Recognition of Investment Tax Credits The Company has recorded investment tax credits of $2,064 which had been earned in periods prior to 2015 but not recognized. The Company has determined that there is reasonable assurance, based on estimated future taxable income, that these credits will be realized. c) Change in settlement of claim In fiscal 2013 the Company recorded other expense of $2,240 as an estimate of the full cost of a settlement of a claim by PPS Data, LLC for alleged patent infringement. The Company s estimate included $600 payable in the future. In the first quarter of 2015 the final amount payable was determined to be $480. The difference of $120 has been recorded in other income. d) Loss on disposal of property and equipment In fiscal 2015 the Company disposed of assets no longer in use and incurred a loss of $289. e) Obligation for future payments In fiscal 2014 the Company entered into a lease for office space and consolidated its corporate staff in this new facility. As a result, the Company ceased to use one of its rented facilities on April 25, Efforts to sublet and offset the ongoing lease contract have been unsuccessful. The obligation for future payments of $153 was charged to other expense in

23 17) Income taxes The Company s effective income tax expense differs from income tax expense that would be obtained by applying the combined Canadian basic federal and provincial income tax rate to the Company s earnings before income taxes as follows: Combined basic federal and provincial income tax rate 26.5% 26.5% Income tax expense (recovery) at statutory rate $ 1,809 $ 779 Increase (reduction) in income taxes resulting from: Non-deductible expenses Difference in enacted tax rates - 7 Change in previously unrecognized tax benefits (715) (668) Other 296 (78) $ 1,499 $ 96 The tax effect of temporary differences that give rise to significant components of the Company s deferred tax assets and deferred tax liabilities is as follows: September 30, 2015 September 30, 2014 Gross deferred tax assets: Research and development expenses deferred $ - $ 735 Non-capital losses Net capital losses Accounting reserves Other Total gross future tax assets 658 1,486 Less unrecognized tax benefits (512) (1,227) Net deferred tax assets $ 146 $ 259 Deferred tax liabilities: Investment tax credits (561) (90) Furniture and equipment (146) (169) Total gross deferred tax liabilities $ (707) $ (259) In accessing the reliability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax assets, projected future taxable income, and tax planning strategies in making this assessment. The amount of the deferred tax asset considered realizable could change materially in the near term based on future taxable income during the carry-forward period. 21

24 As at September 30, 2015, the Company has the following amounts available to reduce future years income taxes payable, which expire as follows: Non-Refundable Federal Investment Tax Credits Expiring in: 2021 $ , , , $ 7,367 In the normal course of operations, the Company s SR&ED expense claims are subject to reviews by federal and provincial government authorities. Reviews of certain of the Company s SR&ED claims are incomplete at September 30, 2015, and as such, amounts disclosed may be subject to change, pending the outcome of such reviews. The Company also has non-capital losses of $1,102 which expire in 2028 to 2030 and capital losses of $1,246 which do not expire, available to reduce future taxable earnings and taxable capital gains respectively. 18) Earnings per share information Weighted average common shares outstanding during the year 21,836,851 21,495,476 Income (loss) per share basic and diluted $ 0.24 $ 0.13 Options to purchase 1,967,250 common shares were outstanding but were not included in the computation of fiscal 2015 diluted earnings per share (2014 2,223,500) as the impact of these instruments was antidilutive. 19) Financial instruments and financial risk management a) Fair value: The fair value of the Company s financial instruments measured at fair value has been segregated into three levels. (1) Fair value of assets and liabilities included in Level 1 are determined by reference to quoted prices in active markets for identical assets and liabilities. (2) Fair value of assets included in Level 2 include valuations using inputs other than quoted prices for which all significant outputs are observable, either directly or indirectly. (3) Fair value of assets and liabilities included in Level 3 valuations are based on inputs that are unobservable and significant to the overall fair value measurement. The Company has no significant financial instruments measured at fair value included in Level 1, 2 or Level 3. The carrying values of cash and cash equivalents, accounts receivable, investment tax credit receivable and accounts payable and accrued liabilities approximate their fair values due to the relatively short periods to maturity of the instruments. 22

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