56 Orbit G arant 2012 annual rep O rt N OTES TO CONSOLIDATED FINANCIAL STATEMENTS continued For the years ended June 30 2012 and 2011 in thousands of Canadian dollars except for earnings per share and option data Recognized in Business June 30 statements of acquisitions June 30 2010 earnings Note 2 2011 Deferred income tax assets Share issue costs 444 227 217 Longterm investments 13 13 Total deferred income tax assets 457 240 217 Deferred income tax liabilities Property plant and equipment 1313 215 1098 Intangible assets 479 370 1625 1734 Total deferred income tax liabilities 1792 585 1625 2832 Net deferred income tax liabilities 1335 345 1625 2615 16 ADDITIONAL INFORMATION RELATING TO T h E STATEMENT OF CAS h FLO w S Changes in noncash operating working capital items June 30 June 30 2012 2011 Accounts receivable 2688 10577 Inventories 3980 10068 Prepaid expenses 389 228 Accounts payable and accrued liabilities 5889 179 7570 20694 17 COMMITMENTS The Company has entered into operating lease agreements expiring in 2017 which call for lease payments of 612 for the rental of vehicles The Company has also entered into lease agreements for offces expiring in 2021 for minimum lease payments of 1535 None of the operating lease agreements contain renewal or purchase options or escalation clauses or any restrictions The minimum l ease payments under lease agreements for the next fve years are detailed as follows 2013 468 2014 393 2015 297 2016 208 2017 188 Subsequent years 593 Lease payments recognised as an expense during the year amount to 369 year ended June 30 2011 153 This amount consists of minimum lease payments No sublease payments or contingent rent payments were made or received No sublease income is expected as all assets held under lease agreements are used exclusively by the Company