Attached files
| file | filename |
|---|---|
| 8-K/A - LAKELAND INDUSTRIES INC | v176896_8ka.htm |
| EX-10.27 - LAKELAND INDUSTRIES INC | v176896_ex10-27.htm |
| EX-10.30 - LAKELAND INDUSTRIES INC | v176896_ex10-30.htm |
| EX-10.26 - LAKELAND INDUSTRIES INC | v176896_ex10-26.htm |
| EX-10.24 - LAKELAND INDUSTRIES INC | v176896_ex10-24.htm |
| EX-10.25 - LAKELAND INDUSTRIES INC | v176896_ex10-25.htm |
| EX-10.28 - LAKELAND INDUSTRIES INC | v176896_ex10-28.htm |
| EX-10.23 - LAKELAND INDUSTRIES INC | v176896_ex10-23.htm |
Exhibit
10.29
NOTES TO: QUALYTEXTIL
SA - Reconciliation of Brazilian GAAP to US
GAAP
Year
ended December 31, 2007
|
(a)
Reclassify provison for bad debt allowance to administrative
expense
|
|||||
|
(b)
Reclassify interest expense and interest income out of "net financial"
Under Brazilian GAAP, the category "net financial" includes interest
expense and interest income and government incentives on VAT
taxes.
|
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|
(c)
Not used
|
|||||
|
(d)
Government income tax incentives classified as capital contribution for
Brazilian GAAP
|
(176,037 | ) | |||
|
Adjust
tax accrual to 15.25% of final US GAAP pretax income
|
38,644 | ||||
|
net
tax adjustment
|
(d)
|
(137,393 | ) | ||
|
(e)
Net adjustment to administrative expenses
|
|||||
|
Legal
fees not accrued under Brazilian GAAP
|
58,933 | ||||
|
Management
compensation not accrued under brazilian GAAP
|
107,266 | ||||
|
Misc.
labor accrual
|
5,646 | ||||
|
Installment
plan taxes not accrued - outsourcing sales contractor
|
4,623 | ||||
|
Installment
plan taxes not accrued - outsourcing labor contractor
|
15,776 | ||||
|
Outsourcing
labor contractor invoices recorded one month in arrears - accrue December
2007
|
22,930 | ||||
|
(e)
Net adjustment to administrative expenses
|
(e)
|
215,174 | |||
|
(f)
Net adjustment to cost of goods sold
|
|||||
|
inventory
reserve not recorded under Brazilian GAAP - slow moving raw
material
|
73,367 | ||||
|
inventory
reserve not recorded under Brazilian GAAP - reserve for rework returned
finished goods
|
29,295 | ||||
|
reclassify
a government VAT tax incentive (ICMS) as a reduction of cost of goods
sold
|
(335,567 | ) | |||
|
Outsourcing
labor contractor invoices recorded one month in arrears - accrue December
2007
|
48,106 | ||||
|
Installment
plan taxes not accrued - outsourcing labor contractor
|
15,157 | ||||
|
(f)
Net adjustment to cost of goods sold from BRL into USD
|
(f)
|
(169,642 | ) | ||
|
(g)
The translation of the 2007 statement of profit and loss has been derived
from the internally generated monthly financial statements. These
financial statements have been translated using the rate applicable to
each month. The exchange rate of $1.94720 represents a weighted average of
the monthly rates used.
|
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