Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 Page 18 Page 19 Page 20 Page 21 Page 22 Page 23 Page 24 Page 25 Page 26 Page 27 Page 28 Page 29 Page 30 Page 31 Page 32May 31 2015 28 AUDITED FINANCIAL STATEMENTS Ontario Electronic Stewardship Notes to Financial Statements December 31, 2015 2. Investments Investments consist of Guaranteed Investment Certificates bearing interest at 0.95% per annum and maturing April 2016. The Guaranteed Investment Certificates includes accrued interest of $112,454 (2014 - $137,158). 3. Capital Assets 2015 2014 Accumulated Accumulated Cost Amortization Cost Amortization Property, plant and equipment Computer equipment $ 59,520 $ 45,842 $ 42,575 $ 40,646 Motor vehicles - - 19,228 13,780 Office equipment 22,359 17,159 22,359 12,688 Containers 11,976 4,865 11,976 3,668 Leasehold improvements 8,136 6,393 8,136 4,068 101,991 74,259 104,274 74,850 Intangible asset Computer software 912,500 855,055 912,500 717,205 1,014,491 929,314 1,016,774 792,055 Net carrying amount $ 85,177 $ 224,719 4. Accounts Payable and Accrued Liabilities Included in accounts payable and accrued liabilities are government remittances payable of $1,149,081 (2014 - $1,387,634). 5. Contingency Reserve The Board of Directors established a Contingency Reserve to accumulate sufficient funds to ensure stable program operations continued through variable economic conditions. All excess revenue over expenses not used for the purchase of capital assets are transferred to the reserve. In a year where an operating deficit occurs, a transfer is made from the Contingency Reserve to the unrestricted net assets to cover the current year operating deficit.