Reconciliation of statement of cash flows for the year ended December 31, 2010  Effect of Previous Transition Note GAAP To IFRSs IFRSs Cash flows from operating activities  Earnings for the year  a,b  $9,985,772 $(2,584,556)  $7,401,216  Adjustments for:  Finance costs  1,513,863  -  1,513,863  Deferred income taxes  b  545,609  2,865,510  3,411,119  Depreciation and amortization  190,028  -  190,028  Non-cash stock based compensation a 1,872,830 (54,849) 1,817,981 14,108,102 226,105 14,334,207 Change in non-cash working capital  (442,850)  -  (442,850)  Cash generated from operating activities 13,665,252 226,105 13,891,357 Finance costs  (1,513,863)  -  (1,513,863)  Net cash from operating activities  $12,151,389  $226,105  $12,377,494  Cash flows from investing activities Acquisition of equipment  (11,989)  -  (11,989)  Acquisition of Preferred LP Units  (46,239,320)  -  (46,239,320)  Net cash used in investing activities  $(46,251,309) - $(46,251,309) Cash flows from financing activities New share capital, net of share issue costs  39,487,617  -  39,487,617  Proceeds from exercise of warrants 4,488,000 - 4,488,000 Proceeds from debt  9,500,000  -  9,500,000  Repayment of debt (9,350,000) - (9,350,000) Dividends to shareholders  (12,034,829) - (12,034,829) Payments in lieu of dividends on RSUs  a  -  (226,105)  (226,105)  Net cash from/(used in) financing activities  $32,090,788 $(226,105) $31,864,683 Net increase/(decrease) in cash and cash  equivalents  (2,009,132) - (2,009,132) Cash and cash equivalents, Beginning of year  3,826,000 - 3,826,000 Cash and cash equivalents, End of year  $1,816,868  $-  $1,816,868  Alaris Royalty Corp. 2011 Annual Report   49  Notes to Consolidated Financial Statements  Year ended December 31, 2011 