Consolidated Statements of Cash Flows
Years Ended December 31, 2008 and 2007
29
TyraTech, Inc. Annual Report 2008
2008
2007
Cash flows from operating activities:
$ (17,404,811)
$ (16,537,854)
Net Loss
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortisation
479,618
870,931
Write-off of inventory
712,293
219,180
Provision for doubtful receivable
878,697
—
License maintenance fee
—
100,528
Change in fair value of warrants
(997,312
)
471,948
Amortisation of stock awards
4,090,831
3,972,443
Loss on extinguishment of liability
—
518,692
Changes in operating assets and liabilities
Accounts receivable
(952,895
)
(448,990
)
Inventory
(1,643,438
)
(765,107
)
Prepaid expenses
(513,425
)
(263,032
)
Accounts payable and accrued liabilities
(2,127,515
)
2,463,765
Accrued license fee
—
(470,000
)
Deferred revenues
(406,674
)
(423,500
)
Net cash used in operating activities
(17,884,631
)
(10,290,996
)
Cash flows used for investing activities:
Purchase of property and equipment
(404,626
)
(851,802
)
Loan to director
(497,297
)
—
Net cash used for investing activities
(901,923
)
(851,802
)
Cash flows from financing activities:
Net payments on notes payable to affiliate
—
(6,663,181
)
Payments made under a capital lease
(18,460
)
(16,758
)
Proceeds from sale of treasury stock
459,101
43,688,361
Treasury stock purchased from employees
—
(665
)
Net cash provided by financing activities
440,641
37,007,757
Net (decrease) increase in cash
(18,345,913
)
25,864,959
Cash, beginning of year
27,521,625
1,656,666
Cash, end of year
$ 9,175,712
$ 27,521,625
Supplemental disclosures:
Cash paid for interest
$ 4,579
$ 1,032,859
Cash paid for income taxes
$ —
$ —
See accompanying notes to consolidated financial statements.
