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