Intermap Technologies Reports 2014 Fourth Quarter and Year-End Financial Results

 

INTERMAP TECHNOLOGIES CORPORATION

Consolidated Statements of Cash Flows

(In thousands of United States dollars)

























(as restated)

For the years ended December 31,




2014



2013














Cash flows provided by:
























Operating activities:












Net loss for the period




$


(12,800)



$

(13,529)


Adjusted for the following non-cash items:













Depreciation of property and equipment






1,123




1,421



Amortization of data library






-




4,610



Impairment of data library






-




9,219



Amortization of intangible assets






103




119



Share-based compensation expense






454




530



Gain on disposal of equipment






(456)




(163)



Amortization of deferred lease inducements






(41)




(97)



Extinguishment of facility closure provision






-




(720)



Deferred taxes






(383)




-



Change in fair value of derivative instruments






(2,035)




(1,817)



Financing costs






2,006




951



Current income tax expense






-




28



Interest paid






(22)




(72)



Income tax paid






(10)




(60)


Changes in working capital:













Amounts receivable






5,008




(699)



Work in process and other assets






116




2,755



Accounts payable






(421)




(114)



Accrued liabilities






(363)




(401)



Unearned revenue and deposits






341




(35)



Gain on foreign currency translation






(42)




(12)









(7,422)




1,914














Investing activities:












Purchase of property and equipment






(609)




(780)


Proceeds from sale of equipment






360




162









(249)




(618)














Financing activities:












Proceeds from issuance of convertible notes






6,000




-


Financing costs of convertible notes






(158)




(6)


Proceeds from reimbursable project funding






130




-


Repayment of obligations under finance lease






(115)




(271)


Repayment of long-term debt and notes payable






(65)




(636)









5,792




(913)














Effect of foreign exchange on cash






(4)




(18)














(Decrease) increase in cash and cash equivalents






(1,883)




365














Cash and cash equivalents, beginning of period






2,420




2,055














Cash and cash equivalents, end of period




$


537



$

2,420


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