Intermap Technologies Reports 2015 Fourth Quarter and Year-End Financial Results

 

INTERMAP TECHNOLOGIES CORPORATION
Consolidated Statements of Changes in Shareholders' Deficiency
(In thousands of United States dollars)


 

Share
Capital

Contributed
Surplus

Cumulative
Translation
Adjustments

 

Deficit

 

Total







Balance at December 31, 2013

$

194,337

$

10,671

$

37

$

(199,352)

$

5,693







Comprehensive loss for the period

-

-

(94)

(12,800)

(12,894)

Share-based compensation

40

408

-

-

448

Issuance costs

-

(5)

-

-

(5)

Deferred tax effect of convertible note

-

(383)

-

-

(383)

Conversion option of convertible note

-

704

-

-

704







Balance at December 31, 2014

$

194,377

$

11,395

$

(57)

$

(212,152)

$

(6,437)







Comprehensive loss for the period

-

-

(45)

(18,154)

(18,199)

Share-based compensation

30

294

-

-

324

Exercise of warrants

1,004

-

-

-

1,004

Exercise of options

57

(22)

-

-

35

Note conversion

556

(16)

-

-

540

New warrant issuance

385

-

-

-

385

Deferred tax effect of convertible note

-

(73)

-

-

(73)







Balance at December 31, 2015

$

196,409

$

11,578

$

(102)

$

(230,306)

$

(22,421)

 

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

For the years ended December 31,

2015

2014




Cash flows provided by:






Operating activities:




Net loss for the period

$

(18,154)

$

(12,800)


Adjusted for the following non-cash items:





Depreciation of property and equipment

974

1,123



Amortization of intangible assets

13

103



Share-based compensation expense

638

454



Gain on disposal of equipment

(94)

(456)



Amortization of deferred lease inducements

(144)

(41)



Deferred taxes

(73)

(383)



Change in fair value of derivative instruments

2,572

(2,035)



Financing costs

6,661

2,006



Current income tax expense

27

-



Interest paid

(18)

(22)



Income tax paid

(24)

(10)


Changes in working capital:





Amounts receivable

(896)

5,008



Work in process and other assets

169

116



Accounts payable and accrued liabilities

73

(784)



Unearned revenue and deposits

16

341



Gain on foreign currency translation

37

(42)


(8,223)

(7,422)




Investing activities:




Purchase of property and equipment

(50)

(609)


Proceeds from sale of equipment

-

360


(50)

(249)




Financing activities:




Proceeds from convertible notes and notes payable

8,500

6,000


Issuance costs of convertible notes and notes payable

(99)

(158)


Proceeds from reimbursable project funding

93

130


Proceeds from exercise of warrants

156

-


Proceeds from exercise of options

35

-


Increase in restricted cash

(801)

-


Repayment of obligations under finance lease

(146)

(115)


Repayment of long-term debt and notes payable

-

(65)


7,738

5,792




Effect of foreign exchange on cash

(2)

(4)




Decrease in cash and cash equivalents

(537)

(1,883)




Cash and cash equivalents, beginning of period

537

2,420




Cash and cash equivalents, end of period

$

-

$

537

 

SOURCE Intermap Technologies Corporation

Contact:
Intermap Technologies Corporation
Intermap Technologies, Rich Mohr, Senior Vice President & Chief Financial Officer
Email Contact +1 (303) 708-0955; Financial, Cory Pala, Investor Relations
Email Contact +1 (416) 657-2400



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