Intermap Technologies Reports 2013 Third Quarter Financial Results

 

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

For the Nine Months Ended September 30, 2013   2012
           
Cash flows provided by:      
           
Operating activities:      
  Net loss for the period  $ (2,299)    $ (3,855)
  Adjusted for the following non-cash items:          
    Depreciation of property and equipment   1,080     1,471
    Amortization of data library   3,457     3,457
    Amortization of intangible assets   89     138
    Share-based compensation expense   341     613
    Gain on disposal of equipment   (342)     (26)
    Amortization of deferred lease inducements   (49)     104
    Extinguishment of facility closure provision   (720)     -
    Deferred taxes   -     (8)
    Net financing costs   487     313
    Current income tax expense   58     50
    Interest paid   (61)     (99)
    Income tax paid   (39)     (109)
  Changes in working capital, net of investing activities:          
    Amounts receivable, net   622     3,955
    Work in process and other assets   731     (86)
    Accounts payable   (436)     (13)
    Accrued liabilities   (556)     (987)
    Unearned revenue and deposits   62     (1,239)
    Loss on foreign currency translation   9     (229)
        2,434     3,450
               
Investing activities:          
  Purchase of property and equipment   (463)     -
  Investment in intangible assets   -     (113)
  Proceeds from sale of equipment   112     33
        (351)     (80)
               
Financing activities:          
  Proceeds from issuance of convertible note   -     2,500
  Financing costs of convertible note   -     (70)
  Issuance costs of convertible note and shares issued upon conversion   (6)     (5)
  Proceeds from reimbursable project funding   -     151
  Repayment of obligations under finance lease   (262)     (238)
  Repayment of long-term debt and notes payable   (618)     (644)
        (886)     1,694
               
Effect of foreign exchange on cash   (15)     7
               
Increase in cash and cash equivalents   1,182     5,071
               
Cash and cash equivalents, beginning of period   2,055     597
               
Cash and cash equivalents, end of period  $ 3,237    $ 5,668

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