Intermap Technologies Reports 2017 Financial Results and New Task Order

Intermap Reader Advisory

Certain information provided in this news release constitutes forward-looking statements, including the Company's profitability and revenue generating activities. 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 Company 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 Company 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 Company 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,




2017

2016






Assets









Current assets:





Cash


$

6,363

$

6,527


Amounts receivable


521

600


Unbilled revenue


65

30


Prepaid expenses


359

409




7,308

7,566






Property and equipment


4,460

1,457




$

11,768

$

9,023






Liabilities and Shareholders' Deficiency









Current liabilities:





Accounts payable and accrued liabilities


$

4,011

$

3,555


Current portion of notes payable


-

5,864


Current portion of project financing


1,303

1,214


Current portion of deferred lease inducements


30

24


Unearned revenue


1,604

469


Warrant liability 


-

137


Income taxes payable


2

3


Obligations under finance leases


10

49


Current portion of other long-term liabilities


-

100




6,960

11,415






Long-term notes payable


26,496

21,837

Long-term project financing


191

168

Deferred lease inducements


120

133

Obligations under finance leases


14

24




33,781

33,577






Shareholders' deficiency:





Share capital


199,634

196,686


Accumulated other comprehensive income 


(143)

(146)


Contributed surplus


25,242

26,955


Deficit


(246,746)

(248,049)




(22,013)

(24,554)









$

11,768

$

9,023


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