| 2007 | 2006 | ||
|---|---|---|---|
| $000 | $000 | ||
| OPERATING ACTIVITIES | |||
| Net loss for the year | (27,266) | (9,016) | |
| (Deduct)/add items not affecting cash: | |||
| Depreciation and amortization | 199 | 13 | |
| Foreign exchange losses | 241 | 5 | |
| Stock based compensation | 2,288 | 1,947 | |
| Interest revenue | (624) | (708) | |
| Interest paid (note 17) | 45 | – | |
| Net changes in non-cash working capital items: | |||
| Inventory | (53) | – | |
| Accounts receivable and prepaid expenses | (275) | (576) | |
| Accounts payable and accrued liabilities | 1,257 | 1,724 | |
| Cash used in operating activities | (24,188) | (6,611) | |
| FINANCING ACTIVITIES | |||
| Proceeds from public offering | – | 33,263 | |
| Proceeds from short term funding | 10,005 | – | |
| Increase in long term borrowings | 73 | – | |
| Interest revenue | 624 | 708 | |
| Interest paid (note 17) | (23) | – | |
| Cash provided by financing activities | 10,679 | 33,971 | |
| INVESTING ACTIVITIES | |||
| Purchase of capital assets | (7,167) | (273) | |
| Acquisition of subsidiaries (note 17) | – | (527) | |
| Cash used in investing activities | (7,167) | (800) | |
| (Decrease)/increase in cash during the year | (20,676) | 26,560 | |
| Cash at beginning of year | 26,560 | – | |
| Cash at end of year | 5,884 | 26,560 | |
| Refer to note 17 for supplementary information on cashflow. | |||
See accompanying notes to consolidated financial statements