Intermap Technologies Reports 2014 Second Quarter Financial

Intermap Technologies Reports 2014 Second Quarter Financial Results


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

For the Six Months Ended June 30,			2014		2013

Cash flows provided by:

Operating activities:
	Net loss for the period		$	(7,363)	$	(1,830)
	Adjusted for the following non-cash items:
		Depreciation of property and equipment		587		724
		Amortization of data library		-		2,305
		Amortization of intangible assets		59		59
		Share-based compensation expense		233		249
		Gain on disposal of equipment		(413)		(204)
		Amortization of deferred lease inducements		(42)		(94)
		Deferred taxes		(79)		-
		Financing costs		512		450
		Current income tax expense		-		47
		Interest paid		(12)		(49)
		Income tax paid		(5)		(29)
	Changes in working capital:
		Amounts receivable		3,764		(1,310)
		Work in process and other assets		(49)		933
		Accounts payable		(447)		345
		Accrued liabilities		(9)		(122)
		Unearned revenue and deposits		12		(86)
		Gain on foreign currency translation		(1)		(25)
				(3,253)		1,363

Investing activities:
	Purchase of property and equipment			(437)		(259)
	Proceeds from sale of equipment			353		112
				(84)		(147)

Financing activities:
	Proceeds from issuance of convertible note			5,000		-
	Financing costs of convertible note			(93)		-
	Proceeds from reimbursable project funding			44		-
	Repayment of obligations under finance lease			(57)		(176)
	Repayment of long-term debt and notes payable			(65)		(419)
				4,829		(595)

Effect of foreign exchange on cash				8		(16)

Increase in cash and cash equivalents				1,500		605

Cash and cash equivalents, beginning of period				2,420		2,055

Cash and cash equivalents, end of period			$	3,920	$	2,660

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