Actsafe Safety Association
Notes to the Financial Statements
December 31, 2017
5.
Rental equipment
Cost
Rental equipment 57,004
Cost
52,480
Accumulated
amortization
2017
$
Net
31,670 25,334
Accumulated
amortization
2016
$
Net
33,930
Rental equipment
6.
18,550
Deferred revenue
Deferred revenue consists of prepaid course fees of $ 1,900 (2016 ‐ $ 4,149) and deferred revenue for the
2018 Actsafe Event Safety Conference of $ 8,556 (2016 ‐ $ Nil).
7.
8.
Deferred lease inducements
2017
$
2016
$
Lease inducements received
Accumulated amortization
145,035
45,928
145,035
16,921
Balance of deferred lease inducements
Less: Current portion
99,107
29,007
128,114
29,007
70,100 99,107
Obligation under capital lease
The Company leases office equipment under a capital lease that expires during the fiscal year ending
December 31, 2021. The following is a schedule of the future minimum lease payments required under the
capital lease:
$
2018
9,988
2019
9,988
2020
9,988
2021
9,155
Total minimum lease payments
39,119
Less: GST rebate
780
Less: Imputed interest at 9.51%
5,822
32,517
Less: Current portion
7,265
25,252