Intermap Technologies Reports 2015 Second Quarter Financial Results

 

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

         

(as restated)

For the six months ended June 30,

2015

 

2014

           

Cash flows provided by:

     
           

Operating activities:

     
 

Net loss for the period

$

(13,895)

 

$

(5,717)

 

Adjusted for the following non-cash items:

     
   

Depreciation of property and equipment

486

 

587

   

Amortization of intangible assets

13

 

59

   

Share-based compensation expense

539

 

233

   

Gain on disposal of equipment

(47)

 

(413)

   

Amortization of deferred lease inducements

(70)

 

(42)

   

Deferred taxes

-

 

(318)

   

Change in fair value of derivative instruments

3,643

 

(1,405)

   

Financing costs

1,986

 

510

   

Current income tax expense

20

 

-

   

Interest paid

(11)

 

(12)

   

Income tax paid

(14)

 

(5)

 

Changes in working capital:

     
   

Amounts receivable

733

 

3,764

   

Work in process and other assets

(61)

 

(49)

   

Accounts payable

301

 

(447)

   

Accrued liabilities

(178)

 

(9)

   

Unearned revenue and deposits

297

 

12

   

Gain on foreign currency translation

783

 

(1)

     

(5,475)

 

(3,253)

           

Investing activities:

     
 

Purchase of property and equipment

(34)

 

(437)

 

Proceeds from sale of equipment

-

 

353

     

(34)

 

(84)

           

Financing activities:

     
 

Proceeds from notes payable

11,800

 

5,000

 

Financing costs of notes payable

(94)

 

(93)

 

Proceeds from reimbursable project funding

93

 

44

 

Proceeds from exercise of warrants

97

 

-

 

Movement to restricted cash

(69)

 

-

 

Repayment of obligations under finance lease

(64)

 

(57)

 

Repayment of long-term debt and notes payable

(6,300)

 

(65)

     

5,463

 

4,829

           

Effect of foreign exchange on cash

(2)

 

8

           

Increase in cash and cash equivalents

(48)

 

1,500

           

Cash and cash equivalents, beginning of period

537

 

2,420

           

Cash and cash equivalents, end of period

$

489

 

$

3,920


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