CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY Equity component of Share convertible Contributed Capital debentures surplus Deficit Equity $ $ $ $ $ Balance December 31, 2010 5,770,858 45,000 347,445 (6,818,306) (655,003) Share issued for debt 545,000 – – – 545,000 Share-based payments – – 50,186 – 50,186 Transfer to deficit – (45,000) – 45,000 – Net income for the year – – – 577,573 577,573 Balance December 31, 2011 6,315,858 – 397,631 (6,195,733) 517,756 Share-based payments – – 34,161 – 34,161 Net loss for the year – – – (538,353) (538,353) Balance December 31, 2012 6,315,858 – 431,792 (6,734,086) 13,564 See accompanying notes CEAPRO Annual Report 2012 29