IMRIS Inc.

CIK:0001489161|SEC Filings

Consolidated Statements of Comprehensive Loss (USD $) In Thousands, except Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Revenue
Systems	$ 17,591us-gaap_SalesRevenueGoodsNet	$ 36,459us-gaap_SalesRevenueGoodsNet	$ 47,285us-gaap_SalesRevenueGoodsNet
Services	11,300us-gaap_SalesRevenueServicesNet	9,583us-gaap_SalesRevenueServicesNet	5,107us-gaap_SalesRevenueServicesNet
Total Revenue	28,891us-gaap_Revenues	46,042us-gaap_Revenues	52,392us-gaap_Revenues
Cost of sales and services	18,959us-gaap_CostOfGoodsAndServicesSold	30,369us-gaap_CostOfGoodsAndServicesSold	34,594us-gaap_CostOfGoodsAndServicesSold
Gross profit (exclusive of depreciation and amortization shown below)	9,932us-gaap_GrossProfit	15,673us-gaap_GrossProfit	17,798us-gaap_GrossProfit
Operating expenses
Administrative	7,130us-gaap_GeneralAndAdministrativeExpense	12,326us-gaap_GeneralAndAdministrativeExpense	8,224us-gaap_GeneralAndAdministrativeExpense
Sales and marketing	7,129us-gaap_SellingAndMarketingExpense	9,986us-gaap_SellingAndMarketingExpense	9,833us-gaap_SellingAndMarketingExpense
Customer support and operations	9,213	11,357	8,612
Research and development	6,764us-gaap_ResearchAndDevelopmentExpense	17,823us-gaap_ResearchAndDevelopmentExpense	14,556us-gaap_ResearchAndDevelopmentExpense
Depreciation and amortization	2,836us-gaap_DepreciationAndAmortization	3,486us-gaap_DepreciationAndAmortization	4,097us-gaap_DepreciationAndAmortization
Total operating expenses	33,072us-gaap_OperatingExpenses	54,978us-gaap_OperatingExpenses	45,322us-gaap_OperatingExpenses
Operating loss	(23,140)us-gaap_OperatingIncomeLoss	(39,305)us-gaap_OperatingIncomeLoss	(27,524)us-gaap_OperatingIncomeLoss
Other income (expense)
Gain (loss) on asset disposals	(196)us-gaap_GainLossOnDispositionOfAssets	(120)us-gaap_GainLossOnDispositionOfAssets	19us-gaap_GainLossOnDispositionOfAssets
Foreign exchange	(2,232)	(1,208)	(125)
Interest and other	(4,577)us-gaap_InterestExpense	(1,223)us-gaap_InterestExpense	(40)us-gaap_InterestExpense
Total other income (expense)	(7,005)us-gaap_NonoperatingIncomeExpense	(2,551)us-gaap_NonoperatingIncomeExpense	(146)us-gaap_NonoperatingIncomeExpense
Net loss before taxes	(30,145)	(41,856)	(27,670)
Income tax expense (note 13)	242us-gaap_IncomeTaxExpenseBenefit	144us-gaap_IncomeTaxExpenseBenefit	86us-gaap_IncomeTaxExpenseBenefit
Net loss	(30,387)us-gaap_NetIncomeLoss	(42,000)us-gaap_NetIncomeLoss	(27,756)us-gaap_NetIncomeLoss
Other comprehensive income (loss)
Foreign currency translation adjustment	1,231	818	(195)
Other comprehensive income (loss)	1,231	818	(195)
Comprehensive loss for the year	$ (29,156)	$ (41,182)	$ (27,951)
Weighted average number of common shares outstanding	52,233,551	50,714,678	45,777,587
Basic and diluted loss per share (note 20)	$ (0.58)us-gaap_EarningsPerShareBasicAndDiluted	$ (0.83)us-gaap_EarningsPerShareBasicAndDiluted	$ (0.61)us-gaap_EarningsPerShareBasicAndDiluted

Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
OPERATING ACTIVITIES
Net loss for the year	$ (30,387)us-gaap_NetIncomeLoss	$ (42,000)us-gaap_NetIncomeLoss	$ (27,756)us-gaap_NetIncomeLoss
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	2,836us-gaap_DepreciationAndAmortization	3,486us-gaap_DepreciationAndAmortization	4,097us-gaap_DepreciationAndAmortization
Stock based compensation	1,524us-gaap_ShareBasedCompensation	1,885us-gaap_ShareBasedCompensation	1,559us-gaap_ShareBasedCompensation
(Gain) loss on asset disposals	196us-gaap_GainLossOnSaleOfProperty	120us-gaap_GainLossOnSaleOfProperty	(19)us-gaap_GainLossOnSaleOfProperty
Advance payment	544us-gaap_OtherNoncashIncome	314us-gaap_OtherNoncashIncome	(1,218)us-gaap_OtherNoncashIncome
Amortization of debt discount and debt issuance costs	1,884	475	0
Other	(512)	2,501	2,144
Changes in operating assets and liabilities:
Accounts receivable	5,415	(2,849)	2,838
Unbilled receivables	3,733	(1,113)	(3,898)
Inventory	875us-gaap_IncreaseDecreaseInInventories	(3,985)us-gaap_IncreaseDecreaseInInventories	(852)us-gaap_IncreaseDecreaseInInventories
Prepaid expenses and other	(317)	3,484	(4,200)
Accounts payable and accrued liabilities	(3,473)	(2,217)	8,632
Deferred revenue	6,772	(682)	3,035
Net cash used in operating activities	(10,910)	(40,581)	(15,638)
FINANCING ACTIVITIES
Proceeds from issuance of share capital	3,000	18,931	2,420
Proceeds from long-term debt	500	25,000	0
Payment of debt issuance costs	0us-gaap_PaymentsOfDebtIssuanceCosts	(1,872)us-gaap_PaymentsOfDebtIssuanceCosts	0us-gaap_PaymentsOfDebtIssuanceCosts
Net cash provided by financing activities	3,500	42,059	2,420
INVESTING ACTIVITIES
Restricted cash	7,129	(5,580)	(1,920)
Proceeds from sale of assets	7	0	541
Acquisition of property, plant and equipment	(2,510)	(9,179)	(4,576)
Acquisition of intangible assets	(140)	(227)	(447)
Acquisition of other assets	0	0	(1,877)
Net cash provided by (used in) investing activities	4,486	(14,986)	(8,279)
Foreign currency translation adjustment on cash	1,544	830	132
Decrease in cash	(1,380)	(12,678)	(21,365)
Cash, beginning of year	6,382	19,060	40,425
Cash, end of year	5,002	6,382	19,060
Cash paid during the year for:
Interest	772us-gaap_InterestPaid	16us-gaap_InterestPaid	3us-gaap_InterestPaid
Income taxes	4us-gaap_IncomeTaxesPaid	359us-gaap_IncomeTaxesPaid	179us-gaap_IncomeTaxesPaid
Noncash items during the year:
Payment-in-kind ("PIK") interest	1,791us-gaap_PaidInKindInterest	665us-gaap_PaidInKindInterest	0us-gaap_PaidInKindInterest
Warrant repricing fair value adjustment	$ 1,401us-gaap_FairValueAdjustmentOfWarrants	$ 0us-gaap_FairValueAdjustmentOfWarrants	$ 0us-gaap_FairValueAdjustmentOfWarrants

Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Current assets
Cash	$ 5,002	$ 6,382
Restricted cash (note 4)	371	7,500
Accounts receivable (note 5)	8,564us-gaap_AccountsReceivableNetCurrent	13,979us-gaap_AccountsReceivableNetCurrent
Unbilled receivables	8,347	12,080
Inventory (note 6)	9,130us-gaap_InventoryNet	10,005us-gaap_InventoryNet
Prepaid expenses and other	3,345	3,067
Assets, Current, Total	34,759us-gaap_AssetsCurrent	53,013us-gaap_AssetsCurrent
Property, plant, and equipment, net (note 7)	14,311us-gaap_PropertyPlantAndEquipmentNet	14,038us-gaap_PropertyPlantAndEquipmentNet
Intangible assets, net (note 8)	7,904	8,999
Goodwill (note 8)	6,498us-gaap_Goodwill	6,498us-gaap_Goodwill
Other assets (note 9)	2,012us-gaap_OtherAssetsNoncurrent	3,013us-gaap_OtherAssetsNoncurrent
Total assets	65,484us-gaap_Assets	85,561us-gaap_Assets
Current liabilities
Accounts payable and accrued liabilities (note 10)	12,995	18,335
Deferred revenue	16,272us-gaap_DeferredRevenueCurrent	9,500us-gaap_DeferredRevenueCurrent
Current portion of long term debt (note 18)	2,456us-gaap_OtherLongTermDebtCurrent	0us-gaap_OtherLongTermDebtCurrent
Liabilities, Current, Total	31,723us-gaap_LiabilitiesCurrent	27,835us-gaap_LiabilitiesCurrent
Long term debt, net of discount (note 18)	21,026us-gaap_LongTermDebtCurrent	21,204us-gaap_LongTermDebtCurrent
Other liabilities	945us-gaap_OtherLiabilitiesNoncurrent	1,501us-gaap_OtherLiabilitiesNoncurrent
Liabilities, Noncurrent, Total	21,971us-gaap_LiabilitiesNoncurrent	22,705us-gaap_LiabilitiesNoncurrent
Total liabilities	53,694us-gaap_Liabilities	50,540us-gaap_Liabilities
Commitments and contingencies (note 19)
Share capital (note 20)
Common Shares, unlimited number of voting common shares authorized; 62,594,346 and 52,030,966 issued and outstanding at December 31, 2014 and December 31, 2013, respectively	168,854us-gaap_CommonStockValue	166,959us-gaap_CommonStockValue
Additional paid-in capital	15,367	11,337
Deficit	(174,127)	(143,740)
Accumulated other comprehensive income	1,696	465
Stockholders' Equity Attributable to Parent, Total	11,790us-gaap_StockholdersEquity	35,021us-gaap_StockholdersEquity
Total liabilities and shareholders' equity	$ 65,484	$ 85,561