|
Condensed Consolidated Interim Statements of Cash Flows | |||||||
|
(expressed in Canadian dollars) | |||||||
|
(unaudited) | |||||||
|
For the six months ended June 30 |
2017 |
2016 | |||||
|
Cash (used in) provided by: |
|||||||
|
Operating activities: |
|||||||
|
Net (loss) income for the period |
$ |
(3,720,520) |
$ |
1,224,351 | |||
|
Adjustments for: |
|||||||
|
Current income tax expense |
286,282 |
- | |||||
|
Deferred income tax recovery |
(1,914,390) |
- | |||||
|
Amortization of property and equipment |
828,834 |
45,562 | |||||
|
Amortization of intangible assets |
5,052,446 |
814,863 | |||||
|
Share?based compensation |
122,741 |
1,383,278 | |||||
|
Reversal of previous write-down of inventory |
- |
(69,592) | |||||
|
Finance expense, net |
4,345,807 |
650,193 | |||||
|
Unrealized foreign exchange (gain) loss |
(273,819) |
(75,661) | |||||
|
Revaluation of long?term derivative |
- |
84,980 | |||||
|
Change in the following: |
|||||||
|
Accounts receivable |
(1,528,624) |
4,692,337 | |||||
|
Inventories |
(202,280) |
(931,608) | |||||
|
Prepaid expenses |
(529,862) |
1,054,087 | |||||
|
Other assets |
(7,165) |
- | |||||
|
Accounts payable and accrued liabilities |
(2,950,658) |
(3,293,160) | |||||
|
Deferred revenue |
(77,821) |
- | |||||
|
Other long-term liabilities |
2,409 |
(100,000) | |||||
|
Interest paid |
(2,886,666) |
(112,909) | |||||
|
Income taxes paid |
(332,450) |
- | |||||
|
Royalties paid |
(922,021) |
(895,512) | |||||
|
Cash flows (used in) from operating activities |
(4,707,757) |
4,471,209 | |||||
|
Investing activities: |
|||||||
|
Acquisition of Class E common shares of Apicore |
(2,640,725) |
- | |||||
|
Acquisition of property and equipment |
(846,548) |
(85,955) | |||||
|
Cash flows used in investing activities |
(3,487,273) |
(85,955) | |||||
|
Financing activities: |
|||||||
|
Proceeds from exercise of stock options |
242,478 |
363,414 | |||||
|
Proceeds from exercise of Apicore stock options |
421,942 |
- | |||||
|
Proceeds from exercise of warrants |
92,332 |
- | |||||
|
Repayment of long-term debt |
(13,211,947) |
(833,333) | |||||
|
Decrease in cash in escrow |
12,809,072 |
- | |||||
|
Finance lease payments |
(79,570) |
- | |||||
|
Proceeds from short-term borrowings |
106,838 |
- | |||||
|
Cash flows from (used in) financing activities |
381,145 |
(469,919) | |||||
|
Foreign exchange gain on cash held in foreign currency |
(650) |
(24,494) | |||||
|
(Decrease) increase in cash |
(7,814,535) |
3,890,841 | |||||
|
Cash and cash equivalents, beginning of period |
12,266,177 |
3,568,592 | |||||
|
Cash and cash equivalents, end of period |
$ |
4,451,642 |
$ |
7,459,433 | |||
|
See accompanying notes to the condensed consolidated interim financial statement | |||||||
