API Technologies Other Current Assets Calculation
Technically, the other current assets line may include any asset that will be used up within the next 12 months. However, other current assets never include assets that are listed elsewhere in the current assets section of the balance sheet. For this reason, other current assets are almost never:
Cash
Trade Receivables
Inventory
The assets grouped under other current assets are most commonly:
Prepaid Expenses
Tax Assets
Non-Trade Receivables
Other (too numerous to list)
Some companies can and do choose to report each of these items separately.
Other current assets may be made up largely of Prepaid Expenses - unless these are listed on a separate line of the balance sheet.
Prepaid expenses are exactly what they sound like. If a company pays a $30 million insurance premium on the last day of June that will provide coverage for the entire month of July, the company will record a $30 million prepaid expense to account for the insurance expense it will show in July that it already paid for in June.
Tax assets can be quite complex. It is not common for companies to have both tax assets and tax liabilities. It is important that investors take note of both items when considering future taxes.
Non-Trade receivables are rarely a large item. They include money owed to the company by non-customers. Non-trade receivables can be caused by related party transactions, the sale of a business unit, etc. The notes to the company's financial statements will often provide much more detail on this item if it is truly important.
There are a variety of other current assets like non-trade receivables which are simply too numerous to list. If a company is following correct reporting procedures, it should not lump items that are different from one another and yet individually important to the company together under the line Other Current Assets.
At most companies, other current assets are a small and unimportant part of the total balance sheet.
API Technologies (API Technologies) Business Description
Traded in Other Exchanges
N/A
Address
API Technologies Corp was incorporated on February 2, 1999 under the laws of the State of Delaware under the name Rubicon Ventures Inc. On November 6, 2006, API changed its name to "API Nanotronics Corp," and subsequently changed its name to API Technologies Corp. on October 22, 2009. The Company through its three business segments-Systems, Subsystems & Components, Electronic Manufacturing Services and Secure Systems & Information Assurance. It designs, develops and manufactures systems, subsystems, RF and secure solutions, as well as provides electronics manufacturing and high-quality engineering services for technically demanding, high-reliability applications. Solutions areas include systems, subsystems and components which includes RF/microwave and microelectronics products, electromagnetics, power and systems solutions products, and sensors, Secure Systems and Information Assurance includes TEMPEST and emanation security, rugged communications products, encryption, and secure networking products and Electronics Manufacturing Services, which involves the production of circuit card assemblies, electromechanical assemblies, and box builds used in defense, industrial and commercial applications. The Company also operates several manufacturing facilities throughout North America, the United Kingdom, Mexico and China. Its customer base spans defense, aerospace, industrial, communications, medical, and government agencies, including the governments of the United States, Canada, the United Kingdom, & other countries. The Company is subject to federal contracting laws and regulations, including the U.S. Federal Acquisition Regulation (FAR) and the False Claims Act.
Executives
| Robert Tavares |
director, officer: President and CEO |
100 FIRST STAMFORD PLACE, STAMFORD CT 06902 |
| Eric F. Seeton |
officer: Chief Financial Officer |
103 HILL STREET, SHREWSBURY MA 01545 |
| Melvin L Keating |
director |
18 DRIFTWOOD DRIVE, LIVINGSTON NJ 07039 |
| Steel Excel Inc. |
10 percent owner |
590 MADISON AVENUE, 32ND FLOOR, NEW YORK NY 10022 |
| Steel Partners Holdings L.p. |
10 percent owner |
590 MADISON AVENUE, 32ND FLOOR, NEW YORK NY 10022 |
| Sph Group Holdings Llc |
10 percent owner |
C/O STEEL PARTNERS HOLDINGS L.P., 590 MADISON AVENUE, 32ND FLOOR, NEW YORK NY 10022 |
| Sph Group Llc |
10 percent owner |
C/O STEEL PARTNERS HOLDINGS L.P., 590 MADISON AVENUE, 32ND FLOOR, NEW YORK NY 10022 |
| Steel Partners Holdings Gp Inc. |
10 percent owner |
590 MADISON AVENUE, 32ND FLOOR, NEW YORK NY 10022 |
| Kenneth J Krieg |
director |
7111 XAVIER COURT, MCLEAN VA 22101 |
| Matthew E Avril |
director |
C/O STARWOOD HOTELS & RESORTS WORLDWIDE, 1111 WESTCHESTER AVE, WHITE PLAINS NY 10604 |
| Claudio A Mannarino |
officer: Sr VP & CFO |
229 COLONNADE ROAD, NEPEAN A6 K2E 7K3 |
| Senator Investment Group Lp |
10 percent owner |
510 MADISON AVENUE, 28TH FLOOR, NEW YORK NY 10022 |
| Douglas Silverman |
10 percent owner |
C/O SENATOR INVESTMENT GROUP LP 510 MADISON AVENUE, 28TH FLOOR NEW YORK NY 10022 |
| Bel Lazar |
officer: President & CEO |
4705 S. APOPKA VINELAND ROAD, SUITE 201, ORLANDO FL 32819 |
| Jason Dezwirek |
other: Former Dir, Sec & 10% owner |
2300 YONGE STREET, SUITE 1710, TORONTO A6 M4P 1E4 |
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