Intermap Technologies Reports 2015 First Quarter Financial Results

 

 

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

     

(as restated)

For the three months ended March 31,

2015

 

2014

       

Cash flows provided by:

     
       

Operating activities:

     
 

Net loss for the period

$      (4,879)

 

$        (2,335)

 

Adjusted for the following non-cash items:

   
   

Depreciation of property and equipment

242

 

292

   

Amortization of intangible assets

13

 

29

   

Share-based compensation expense

110

 

82

   

Gain on disposal of equipment

(47)

 

(362)

   

Amortization of deferred lease inducements

(35)

 

(47)

   

Deferred taxes

-

 

(318)

   

Change in fair value of derivative instruments

(29)

 

(1,229)

   

Financing costs

1,120

 

189

   

Current income tax expense

20

 

-

   

Interest paid

(4)

 

(7)

   

Income tax paid

(9)

 

(10)

 

Changes in working capital:

     
   

Amounts receivable

416

 

2,409

   

Work in process and other assets

85

 

(239)

   

Accounts payable

648

 

(51)

   

Accrued liabilities

(499)

 

(20)

   

Unearned revenue and deposits

(18)

 

45

   

Gain on foreign currency translation

425

 

(3)

 

(2,441)

 

(1,575)

       

Investing activities:

     
 

Purchase of property and equipment

(34)

 

(147)

 

Proceeds from sale of equipment

-

 

132

 

(34)

 

(15)

       

Financing activities:

     
 

Proceeds from notes payable

7,800

 

5,000

 

Financing costs of notes payable

(74)

 

(93)

 

Proceeds from reimbursable project funding

46

 

-

 

Repayment of obligations under finance lease

(32)

 

(28)

 

Repayment of long-term debt and notes payable

(5,800)

 

(38)

 

1,940

 

4,841

       

Effect of foreign exchange on cash

(2)

 

-

       

(Decrease) increase in cash and cash equivalents

(537)

 

3,251

       

Cash and cash equivalents, beginning of period

537

 

2,420

       

Cash and cash equivalents, end of period

$              -

 

$          5,671


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