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June 30 December 31
2008 2007
$ $
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ASSETS
Current
Cash and cash equivalents 6,688,727 11,279,030
Short-term investment 400,000 400,000
Accounts receivable 720,759 1,582,242
Investment tax credits recoverable 170,477 1,038,199
Prepaid expenses and deposits 455,330 512,914
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Total current assets 8,435,293 14,812,385
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Property, plant and equipment, net 3,507,339 3,635,245
Intellectual property, net 182,010 400,380
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12,124,642 18,848,010
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current
Accounts payable and accrued liabilities 1,682,135 1,699,153
Deferred revenue 1,022,953 1,204,305
Current portion of long-term debt 595,582 585,903
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Total current liabilities 3,300,670 3,489,361
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