Intermap Technologies Reports 2015 Third Quarter Financial Results

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






(as restated)

For the nine months ended September 30,

2015


2014







Cash flows provided by:










Operating activities:





Net loss for the period

$

(16,741)


$

(8,225)


Adjusted for the following non-cash items:






Depreciation of property and equipment

734


877



Amortization of intangible assets

13


84



Share-based compensation expense

786


346



Gain on disposal of equipment

(94)


(455)



Amortization of deferred lease inducements

(106)


(31)



Deferred taxes

(73)


(318)



Change in fair value of derivative instruments

4,075


(1,799)



Financing costs

3,591


988



Current income tax expense

23


-



Interest paid

(15)


(21)



Income tax paid

(19)


(6)


Changes in working capital:






Amounts receivable

(342)


3,214



Work in process and other assets

(27)


(40)



Accounts payable

650


(446)



Accrued liabilities

(5)


(300)



Unearned revenue and deposits

(87)


(20)



(Gain) loss on foreign currency translation

(75)


52




(7,712)


(6,100)







Investing activities:





Purchase of property and equipment

(36)


(561)


Proceeds from sale of equipment

-


357




(36)


(204)







Financing activities:





Proceeds from notes payable

14,800


5,000


Financing costs of notes payable

(99)


(93)


Proceeds from reimbursable project funding

93


88


Proceeds from exercise of warrants

156


-


Proceeds from exercise of options

35


-


Movement to restricted cash

(496)


-


Repayment of obligations under finance lease

(98)


(85)


Repayment of long-term debt and notes payable

(6,300)


(65)




8,091


4,845







Effect of foreign exchange on cash

(4)


-







Increase (decrease) in cash and cash equivalents

339


(1,459)







Cash and cash equivalents, beginning of period

537


2,420







Cash and cash equivalents, end of period

$

876


$

961


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