INTERMAP TECHNOLOGIES CORPORATION

Condensed Consolidated Interim Statements of Cash Flows

(In thousands of United States dollars)

For the three months ended March 31,

2016

2015

Cash flows provided by:

Operating activities:

Net loss for the period

$

(9,315)

$

(4,879)

Adjusted for the following non-cash items:

Depreciation of property and equipment

214

242

Amortization of intangible assets

-

13

Share-based compensation expense

173

110

Gain on disposal of equipment

-

(47)

Amortization of deferred lease inducements

(38)

(35)

Change in fair value of derivative instruments

(128)

(29)

Financing costs

6,624

1,120

Current income tax expense

4

20

Interest paid

(3)

(4)

Income tax paid

(6)

(9)

Changes in working capital:

Amounts receivable

973

416

Work in process and other assets

(25)

85

Accounts payable and accrued liabilities

1,015

149

Unearned revenue and deposits

(76)

(18)

Loss (gain) on foreign currency translation

(35)

425

(623)

(2,441)

Investing activities:

Purchase of property and equipment

(49)

(34)

(49)

(34)

Financing activities:

Proceeds from notes payable

-

2,000

Issuance costs of convertible notes and notes payable

-

(74)

Proceeds from reimbursable project funding

-

46

Decrease in restricted cash

710

-

Repayment of obligations under finance lease

(39)

(32)

671

1,940

Effect of foreign exchange on cash

1

(2)

Decrease in cash and cash equivalents

-

(537)

Cash and cash equivalents, beginning of period

-

537

Cash and cash equivalents, end of period

$

-

$

-