Intermap Technologies Reports 2014 First Quarter Financial Results

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

For the Three Months Ended March 31,			2014		2013

Cash flows provided by:

Operating activities:
	Net loss for the period		$	(3,818)	$	(2,000)
	Adjusted for the following non-cash items:
		Depreciation of property and equipment		292		359
		Amortization of data library		-		1,152
		Amortization of intangible assets		29		29
		Share-based compensation expense		82		77
		Gain on disposal of equipment		(362)		(4)
		Amortization of deferred lease inducements		(47)		(29)
		Deferred taxes		(79)		-
		Financing costs		204		222
		Current income tax expense		-		47
		Interest paid		(7)		(27)
		Income tax paid		(10)		(13)
	Changes in working capital:
		Amounts receivable		2,409		1,090
		Work in process and other assets		(239)		154
		Accounts payable		(51)		181
		Accrued liabilities		(20)		(148)
		Unearned revenue and deposits		45		169
		Gain on foreign currency translation		(3)		(37)
				(1,575)		1,222

Investing activities:
	Purchase of property and equipment			(147)		(248)
	Proceeds from sale of equipment			132		4
				(15)		(244)

Financing activities:
	Proceeds from issuance of convertible note			5,000		-
	Financing costs of convertible note			(93)		-
	Repayment of obligations under finance lease			(28)		(88)
	Repayment of long-term debt and notes payable			(38)		(208)
				4,841		(296)

Effect of foreign exchange on cash				-		(19)

Increase in cash and cash equivalents				3,251		663

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

Cash and cash equivalents, end of period			$	5,671	$	2,718