PEILCC Annual Report 2024

PRINCE EDWARD ISLAND LIQUOR CONTROL COMMISSION Notes to Financial Statements Year Ended March 31, 2024

8. DUE TO THE PROVINCE OF PRINCE EDWARD ISLAND Prince Edward Island Liquor Control Commission is a wholly owned Crown Corporation of the Province of Prince Edward Island. The Commission's employee salaries and benefits are paid by the Province and are subsequently reimbursed by the Commission. Net profit earned during the period is payable to the Province. 2024 2023

$ 13,009,466

Due to the Province of Prince Edward Island

$ 12,016,215

9. DEBENTURES PAYABLE

2024

2023

PLAN A SAFE RIDE HOME

Province of PEI - 4.07%, repayable in annual blended installments of $49,488. The loan matured on January 2, 2024.

$

- -

$ 47,553

Current portion

(47,553)

$

-

$

-

10. LEASE LIABILITIES

2024

2023

The Commission leases 13 retail outlets, two warehouses and office space. Lease terms are negotiated on an individual basis and contain a wide range of terms and conditions.

$ 3,611,328

$ 3,516,826

(846,627)

Current portion

(798,785)

$ 2,764,701

$ 2,718,041

Future minimum capital lease payments are approximately: 2025

$ 846,627

2026 2027 2028 2029

698,087 557,565 487,649 475,445 1,588,089

Thereafter

Total minimum lease payments

4,653,462

Less: amount representing interest at various rates

1,042,134 $ 3,611,328

11. CONTRACTUAL OBLIGATIONS The Commission has entered into contracts with various suppliers for hardware maintenance, software support services, and security services. The total of these contracts is $1,704,846 and they expire between one and five years.

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PEILCC 2023-2024 Annual Report