CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATED BALANCE SHEETS See accompanying notes Approved on Behalf of the Board SIGNED: ‘‘John Zupancic’’ Director SIGNED: ‘‘Edward Taylor’’ Director CEAPRO Annual Report 2012 27 December 31 December 31 2012 2011 $ $ ASSETS Current Assets Cash and cash equivalents 273,106 592,259 Restricted cash and cash equivalents (note 8) 708,777 – Accounts receivable 453,188 465,446 Inventories (note 3) 790,057 691,411 Prepaid expenses and deposits 152,778 115,015 2,377,906 1,864,131 Non-Current Assets Restricted cash and cash equivalents (note 8) – 750,000 Licenses (note 4) 73,717 36,000 Property and equipment (note 5) 1,434,345 1,520,659 1,508,062 2,306,659 TOTAL ASSETS 3,885,968 4,170,790 LIABILITIES AND EQUITY Current Liabilities Accounts payable and accrued liabilities 578,216 624,154 Current portion of deferred revenue (note 8) 1,699,110 571,524 Current portion of long-term debt (note 6) 168,637 154,465 Royalties interest payable (note 7b) 25,037 33,366 Current portion of royalty financial liability (note 7b) 95,378 74,057 Current portion of repayable research funding (note 23) – 52,133 2,566,378 1,509,699 Non-Current Liabilities Royalty financial liability (note 7b) 109,931 189,566 Employee future benefits obligation (note 9) 217,219 187,302 Deferred revenue (note 8) – 750,000 Long-term debt (note 6) 757,898 926,535 CAAP loan (note 11) 220,978 57,432 Repayable research funding (note 23) – 32,500 1,306,026 2,143,335 Equity Share capital (note 10b) 6,315,858 6,315,858 Contributed surplus (note 10c) 431,792 397,631 Deficit (6,734,086) (6,195,733) 13,564 517,756 TOTAL LIABILITIES AND EQUITY 3,885,968 4,170,790