Management Discussion & Analysis  interest rate of Canadian prime plus 3% (a decrease of 0.5% over the prior renewal). The senior credit  facility is an interest-only, 364-day revolving loan that is due December 31, 2012. The facility carries a three- year term out option in the event the loan is not renewed. Therefore at December 31, 2011, no amount is  recorded as a current liability as the first potential principal repayment would be in January 2013 and then  only if the facility is not renewed in December 2012. At December 31, 2011, the Corporation met all of its  covenants as required by the senior credit facility. Those covenants include a maximum debt to EBITDA of  1.7:1 (0.15:1 at December 31, 2011); minimum tangible net worth of $190.3 million ($236.5 million at  December 31, 2011); and a minimum fixed charge coverage ratio of 1:1 (2.33:1 at December 31, 2011).  Subsequent to December 31, 2011, the Corporation repaid another $2 million of the outstanding senior  credit facility.  The Corporation had 19.475 million voting common shares outstanding at December 31, 2011. The  Corporation had working capital of approximately $4.0 million at December 31, 2011. In the year ended  December 31, 2011, warrantholders exercised 531,850 warrants at $7.50, generating $4.0 million in cash  proceeds that was used for general working capital purposes. Those warrants are now expired. Under the  current terms of the various commitments, the Corporation has the ability to meet all current obligations as  they become due.  The Company's working capital (defined as current assets less current liabilities) at December 31, 2011and  2010 is set forth in the tables below. Alaris Royalty Corp. 2011 Annual Report   59  2011 2010 Cash 3,888,465 1,816,868 Trade and other receivables  3,443,679  688,514  Prepayments 119,508 343,184 Total Current Assets  $7,451,652  $2,848,566  Accounts payable & accrued liabilities  1,546,705  1,421,992  Dividends payable  1,850,145  1,396,262  Income taxes payable  67,590  Total Current Liabilities  $3,464,440  $2,818,254  Net Amount at December 31  $3,987,212  $30,312  WORKING CAPITAL 