SEC Form 20-IS - iRemit Global Remittance

I-REMIT, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows
Unaudited Unaudited
Jan. 1 to Jan. 1 to
Mar. 31, 2012 Mar. 31, 2011
CASH FLOWS FROM OPERATING ACTIVITIES
Income before tax from continuing operations 42,452,015 37,091,640
Income (loss) before tax from discontinued operations 0 0
Income before tax
Adjustments for:
42,452,015 37,091,640
Interest expense
Unrealized market valuation (gain) loss on financial
instruments at fair value through profit or loss
5,771,869 8,324,962
(16,593,655) (13,803,422)
Depreciation and amortization 2,742,410 3,214,537
Interest income (2,824,171) (3,738,367)
Equity in net earnings of associates (481,496) (660,427)
Unrealized foreign exchange gain - net
Changes in Operating Assets and Liabilities:
Decrease (Increase) in the amounts of:
(3,064,563) 8,321,898
Financial Assets at FV through PL 32,802,160 5,674,600
Accounts receivables 154,820,150 683,923
Other receivables 30,538,108 (117,686,781)
Other current assets
Increase (Decrease) in the amounts of:
13,750,897 18,806,355
Beneficiaries and other payables 63,305,693 334,210,994
Retirement liability 92,099 0
Net cash used in operations 323,311,516 280,439,912
Income taxes paid (1,447,058) (724,156)
Interest received 3,932,861 2,781,083
Interest paid (5,771,869) (8,868,102)
Net cash provided by (used in) operating activities 320,025,450 273,628,737
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisitions of:
Noncontrolling interest in subsidiaries 0 (11,097,286)
Property and equipment (6,503,429) (3,408,419)
Software cost (418,397) (902,426)
Decrease (increase) in other noncurrent assets (1,849,896) (451,968)
Proceeds from disposals of property and equipment 11,719 23,250
Dividends received from associate 4,896,570 0
Net cash used in investing activities (3,863,433) (15,836,849)
CASH FLOWS FROM FINANCING ACTIVITIES
Payment of:
Short-term loans payable (666,000,000) (877,000,000)
Buy-back of shares (132,740) 0
Proceeds from short-term loans payable 618,000,000 701,000,000
Net cash provided by (used in) financing activities (48,132,740) (176,000,000)
EFFECT OF CHANGE IN FOREIGN EXCHANGE
RATE TO CASH AND CASH EQUIVALENTS (7,474,186) (4,193,633)
NET INCREASE (DECREASE) IN
CASH AND CASH EQUIVALENT 260,555,091 77,598,255
CASH AND CASH EQUIVALENTS AT
BEGINNING OF YEAR 891,235,623 883,817,947
CASH AND CASH EQUIVALENTS AT
END OF YEAR 1,151,790,714 961,416,202
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