Intermap Technologies Reports 2016 Fourth Quarter and Year-End Financial Results

 

Adjusted working capital is not a recognized performance measure under IFRS and does not have a standardized meaning prescribed by IFRS. The term working capital consists of current assets less current liabilities. Adjusted working capital is included as a supplemental disclosure because management believes that such measurement provides a better assessment of the Company's near-term cash obligations, by excluding certain non-cash liabilities.

(UNAUDITED)

 December 31, 

 December 31, 

U.S. $ millions

2016

2015




Working captial

$

(3.8)

$

(16.6)




Non-cash adjustments to working capital:




Warrant liability

0.1

2.1


LTIP liability

0.1

-


Project financing

1.2

1.1


Estimate of bridge loan to convert to term loan

1.2

-




Adjusted working capital 

$

(1.2)

$

(13.4)

 

Intermap Reader Advisory

Certain information provided in this news release constitutes forward-looking statements, including the intention of the Corporation to complete the Rights Offering and the Company's plans to align the Company's resources with the on-going revenue opportunities and to seek to return to profitable growth. The words "anticipate", "expect", "project", "estimate", "forecast" and similar expressions are intended to identify such forward-looking statements. Although Intermap believes that these statements are based on information and assumptions which are current, reasonable and complete, these statements are necessarily subject to a variety of known and unknown risks and uncertainties. You can find a discussion of such risks and uncertainties in our Annual Information Form and other securities filings. While the Corporation makes these forward-looking statements in good faith, should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary significantly from those expected. Accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that the Corporation will derive therefrom. All subsequent forward-looking statements, whether written or oral, attributable to Intermap or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. The forward-looking statements contained in this news release are made as at the date of this news release and the Corporation does not undertake any obligation to update publicly or to revise any of the forward-looking statements made herein, whether as a result of new information, future events or otherwise, except as may be required by applicable securities law. 

INTERMAP TECHNOLOGIES CORPORATION
Consolidated Balance Sheets
UNAUDITED
(In thousands of United States dollars)




December 31,

December 31,




2016

2015






Assets









Current assets:





Cash and cash equivalents


$

6,527

$

-


Restricted cash


-

801


Amounts receivable


600

2,283


Unbilled revenue


30

11


Prepaid expenses


409

295




7,566

3,390






Property and equipment


1,457

1,922




$

9,023

$

5,312






Liabilities and Shareholders' Deficiency









Current liabilities:





Accounts payable and accrued liabilities


$

3,555

$

6,872


Current portion of notes payable


5,864

9,087


Current portion of project financing


1,214

1,121


Current portion of deferred lease inducements


24

101


Unearned revenue


469

467


Warrant liability 


137

2,085


Income taxes payable


3

5


Obligations under finance leases


49

75


Current portion of other long-term liabilities


100

158




11,415

19,971






Long-term notes payable


21,837

7,300

Long-term project financing


168

174

Deferred lease inducements


133

162

Obligations under finance leases


24

34

Other long-term liabilities


-

92




33,577

27,733






Shareholders' deficiency:





Share capital


196,686

196,409


Accumulated other comprehensive income 


(146)

(102)


Contributed surplus


26,955

11,578


Deficit


(248,049)

(230,306)


Accumulated other comprehensive income 







(24,554)

(22,421)









$

9,023

$

5,312


« Previous Page 1 | 2 | 3 | 4 | 5 | 6  Next Page »



© 2024 Internet Business Systems, Inc.
670 Aberdeen Way, Milpitas, CA 95035
+1 (408) 882-6554 — Contact Us
ShareCG™ is a trademark of Internet Business Systems, Inc.

Report a Bug Report Abuse Make a Suggestion About Privacy Policy Contact Us User Agreement Advertise