| March 31 | 2009 | 2008 |
| Assets |
| |
| Current |
|
|
| Cash (Note 2) | $ 3,246,135 | $ 2,607,545 |
| Funds on deposit with Queen's University | 1,445,440 | 1,219,134 |
| Accounts receivable (Note 3) | 175,721 | 114,661 |
| GST recoverable | 23,103 | 35,120 |
| Prepaid expenses | 379,808 | 258,693 |
| | 5,270,207 | 4,235,153 |
| | | |
| Investment in DMT Microsystems Corporation (Note 8) | 6,252 | 10,010 |
| Capital Assets (Note 4) | 843,472 | 817,161 |
| | $ 6,119,931
| $ 5,062,324
|
Liabilites and Net Assets
| Current | $ 1,409,731 | $748,862 |
| Accounts payable and accrued liabilities | 71,711 | - |
| Deferred revenue | 1,481,442 | 748,862 |
| | | |
| Net assets | | |
Invested in capital assets
| 843,472 | 817,161
|
Restricted net assets
| 1,334,810 | 1,330,156 |
Unrestricted net assets
| 2,460,207
| 2,166,145 |
| | 4,638,489 | 4,313,462 |
| | $ 6,119,931
| $ 5,062,324
|
On behalf of the Board:
_________________ Director
_________________ Director
The accompanying summary of significant accounting policies and notes are an integral part of these financial statements.