LOM 2023 Annual Report - Report - Page 48
LOM
2021 ANNUAL REPORT
4. EQUITY INVESTMENT IN AFFILIATE CONTINUED
Components of net change in investments recorded under the equity method:
Opening balance, January 1
Net income
Dividends received
Net change
Closing balance, December 31
2021
2020
$1,606,396
$1,394,656
$156,900
$211,740
($255,501)
-
($98,601)
$211,740
$1,507,795
$1,606,396
5. PROPERTY AND EQUIPMENT
Property and equipment consist of the following:
Cost
Accumulated Depreciation
Net Carrying Value
$10,470,898
($4,954,342)
$5,516,556
Freehold land
$2,008,192
-
$2,008,192
Computer hardware and software
$1,310,326
($1,144,097)
$166,229
$582,326
($560,972)
$21,354
$1,229,133
($333,797)
$895,336
$385,261
($311,172)
$74,089
$15,986,136
($7,304,380)
$8,681,756
$10,470,898
($4,692,581)
$5,778,317
Freehold land
$2,008,192
-
$2,008,192
Computer hardware and software
$1,228,089
($1,071,537)
$156,552
Fixtures and fittings
$582,326
($536,671)
$45,655
Leasehold improvements
$377,694
($305,949)
$71,745
Equipment
$385,260
($277,715)
$107,545
$15,052,459
($6,884,453)
$8,168,006
2021
Buildings
Fixtures and fittings
Leasehold improvements
Equipment
Total
2020
Buildings
Total
6. SHARE CAPITAL AND ADDITIONAL PAID-IN CAPITAL
The Board of Directors authorized the Company in 2021 to purchase up to 500,000 of its own shares from existing shareholders
at no fixed price per share and that the shares repurchased be retired. Such repurchase is subject to appropriate market
conditions and repurchases will only be made in the best interest of the Company. During the year, the Company repurchased
40,000 (2020 – 287,930) shares in the open market at an average price of $3.18 (2020 - $2.78) per share, for cash. These
shares were immediately retired upon repurchase.
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