Intermap Technologies Reports 2012 Fourth Quarter and Year-End Financial Results

 

INTERMAP TECHNOLOGIES CORPORATION
Consolidated Statements of Changes in Equity
(In thousands of United States dollars)

    Contributed
Surplus
Cumulative
Translation
Adjustments
   
  Share
Capital
Deficit Total
             
Balance at January 1, 2011  $   187,253  $ 8,700  $ 128  $   (169,676)  $ 26,405
                     
Comprehensive loss for the period   -   -   (82)   (13,596)   (13,678)
Share-based compensation   597   698   -   -   1,295
Issuance of shares   6,791    -   -   -   6,791
Issuance costs   (384)   -   -   -   (384)
Compensation options issued to agent   (265)   265   -   -   -
                     
Balance at December 31, 2011   193,992   9,663   46   (183,272)   20,429
                     
Comprehensive loss for the period   -   -   12   (2,926)   (2,914)
Share-based compensation   138   592   -   -   730
Warrant component of convertible note   19   -   -   -   19
Conversion option of convertible note   -   136   -   -   136
Issuance costs   (1)   (4)   -   -   (5)
Deferred tax effect of convertible note   (4)   (33)   -   -   (37)
                     
Balance at December 31, 2012  $   194,144  $ 10,354  $ 58  $   (186,198)  $ 18,358
           

 

INTERMAP TECHNOLOGIES CORPORATION
Consolidated Statements of Cash Flows
(In thousands of United States dollars)

        For the years ended  
        December 31,   
      2012   2011
           
Cash flows provided by (used in):      
           
Operating activities:      
  Net loss for the period  $ (2,926)  $   (13,596)
  Adjusted for the following non-cash items:        
    Depreciation of property and equipment   1,851   3,377
    Amortization of data library   4,610   4,610
    Amortization of intangible assets   168   495
    Share-based compensation expense   673   1,011
    Gain on disposal of equipment   (34)   (2,514)
    Amortization of deferred lease inducements   74   55
    Deferred taxes   (46)   (80)
    Net financing costs   523     160
    Current income tax expense   (19)   170
    Interest paid   (131)   (99)
    Income tax paid   (107)   (105)
  Change in non-cash operating working capital   (4,370)   (2,545)
        266   (9,061)
             
Investing activities:        
  Purchase of property and equipment   (288)   (102)
  Investment in intangible assets   (113)   (242)
  Proceeds from sale of equipment   41   1
        (360)   (343)
             
Financing activities:        
  Proceeds from issuance of convertible note   2,500   -
  Proceeds from issuance of common shares   -   6,791
  Financing costs of convertible note   (70)   -
  Issuance costs of convertible note   (5)   -
  Securities issuance costs   -   (384)
  Proceeds from reimbursable project funding   151   -
  Repayment of obligations under finance lease   (323)   (239)
  Repayment of long-term debt   (643)   (531)
  Repayment of notes payable   (69)   -
        1,541   5,637
             
Effect of foreign exchange on cash   11   8
             
Increase/(decrease) in cash and cash equivalents   1,458   (3,759)
             
Cash and cash equivalents, beginning of period   597   4,356
             
Cash and cash equivalents, end of period  $ 2,055   $ 597

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