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60

20. FINANCIAL RISK MANAGEMENT (CONTINUED)

Liquidity Risk

Liquidity risk is the risk that SIGA is unable to meet its financial commitments as they become due or can only do so at excessive

cost. SIGA manages its cash resources based on financial forecasts and anticipated cash flows. The following summarizes the

contractual maturities of SIGA’s financial liabilities based on undiscounted payments:

March 31, 2016

Contractual cash flows

Financial

Liabilities

Carrying

Amount

0-12

months

1-2

years

3-5

years

More than

5 years

Total

Due to SLGA $ 57,571,703 $ 57,571,703 $

– $

– $

– $ 57,571,703

Accounts

payable and

accrued liabilities

19,481,422 19,481,422

– 19,481,422

Long-term debt

41,780,141

7,677,365

7,353,794 19,848,348

16,686,750 51,566,257

Finance lease

obligation

58,444,905

8,401,992

8,423,984 25,407,223

53,119,060 95,352,259

Interest rate

swap liability

5,443,107

5,443,107

5,443,107

$182,721,278 $ 93,132,482 $ 15,777,778 $ 45,255,571 $ 75,248,917 $ 229,414,748

The interest included in the payments of long-term debt were estimated using the interest rates prevailing at the end of the

reporting period, assuming that such rates remain unchanged during the term of the long-term debt arrangements.

March 31, 2015

Contractual cash flows

Financial

Liabilities

Carrying

Amount

0-12

months

1-2

years

3-5

years

More than

5 years

Total

Due to SLGA $ 61,418,839 $ 61,418,839 $

– $

– $

– $ 61,418,839

Accounts

payable and

accrued liabilities

18,712,551

18,712,551

18,712,551

Long-term debt

47,497,747

7,963,495

7,662,102 21,152,020

22,517,747

59,295,364

Finance lease

obligation

56,670,094

7,910,747

7,890,662 23,554,385

55,537,732

94,893,526

Interest rate

swap liability

6,231,550

6,231,550

6,231,550

$190,530,781 $ 96,005,632 $ 15,552,764 $ 44,706,405 $ 84,287,029 $ 240,551,830

Management believes its ability to generate funds will be adequate to support these financial liabilities.

NOTES TO THE FINANCIAL STATEMENTS

Year Ended March 31, 2016