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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Streamline Health Solutions Inc | NASDAQ:STRM | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.33 | 0.30 | 0.36 | 16 | 12:00:06 |
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|
x
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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¨
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
Delaware
|
|
31-1455414
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(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. Employer
Identification No.)
|
|
Large accelerated filer
¨
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|
Accelerated filer
¨
|
|
Non-accelerated filer
¨
|
|
Smaller reporting company
x
|
(Do not check if a smaller reporting company)
|
||||||
Emerging growth company
¨
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|
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TABLE OF CONTENTS
|
||
|
|
Page
|
Part I.
|
FINANCIAL INFORMATION
|
|
Item 1.
|
Financial Statements
|
|
|
Condensed Consolidated Balance Sheets at April 30, 2018 and January 31, 2018
|
|
|
Condensed Consolidated Statements of Operations for the three months ended April 30, 2018 and 2017
|
|
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Condensed Consolidated Statements of Cash Flows for the three months ended April 30, 2018 and 2017
|
|
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Notes to Condensed Consolidated Financial Statements
|
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Item 2.
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Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
|
Item 3.
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Quantitative and Qualitative Disclosures About Market Risk
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Item 4.
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Controls and Procedures
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Part II.
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OTHER INFORMATION
|
|
Item 1.
|
Legal Proceedings
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Item 1A.
|
Risk Factors
|
|
Item 2.
|
Issuer Purchases of Equity Securities
|
|
Item 6.
|
Exhibits
|
|
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Signatures
|
|
As of
|
||||||
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April 30, 2018
|
|
January 31, 2018
|
||||
ASSETS
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
3,745,532
|
|
|
$
|
4,619,834
|
|
Accounts receivable, net of allowance for doubtful accounts of $323,524 and $349,058, respectively
|
2,819,849
|
|
|
3,001,170
|
|
||
Contract receivables
|
923,274
|
|
|
223,791
|
|
||
Prepaid hardware and third-party software for future delivery
|
—
|
|
|
5,858
|
|
||
Prepaid client maintenance contracts
|
555,689
|
|
|
506,911
|
|
||
Other prepaid assets
|
608,363
|
|
|
742,232
|
|
||
Other current assets
|
545,431
|
|
|
546,885
|
|
||
Total current assets
|
9,198,138
|
|
|
9,646,681
|
|
||
Non-current assets:
|
|
|
|
||||
Property and equipment:
|
|
|
|
||||
Computer equipment
|
2,831,024
|
|
|
2,852,776
|
|
||
Computer software
|
730,950
|
|
|
730,950
|
|
||
Office furniture, fixtures and equipment
|
683,443
|
|
|
683,443
|
|
||
Leasehold improvements
|
729,348
|
|
|
729,348
|
|
||
|
4,974,765
|
|
|
4,996,517
|
|
||
Accumulated depreciation and amortization
|
(3,981,311
|
)
|
|
(3,834,153
|
)
|
||
Property and equipment, net
|
993,454
|
|
|
1,162,364
|
|
||
Contract receivables, less current portion
|
686,658
|
|
|
—
|
|
||
Capitalized software development costs, net of accumulated amortization of $18,973,594 and $18,658,183, respectively
|
4,717,986
|
|
|
4,307,351
|
|
||
Intangible assets, net of accumulated amortization of $7,203,732 and $6,968,786, respectively
|
5,600,204
|
|
|
5,835,151
|
|
||
Goodwill
|
15,537,281
|
|
|
15,537,281
|
|
||
Other
|
577,570
|
|
|
642,226
|
|
||
Total non-current assets
|
28,113,153
|
|
|
27,484,373
|
|
||
|
$
|
37,311,291
|
|
|
$
|
37,131,054
|
|
STREAMLINE HEALTH SOLUTIONS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
|
|||||||
|
As of
|
||||||
|
April 30, 2018
|
|
January 31, 2018
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Accounts payable
|
$
|
1,344,377
|
|
|
$
|
421,425
|
|
Accrued compensation
|
829,062
|
|
|
342,351
|
|
||
Accrued other expenses
|
766,353
|
|
|
609,582
|
|
||
Current portion of term loan
|
596,984
|
|
|
596,984
|
|
||
Deferred revenues
|
7,301,408
|
|
|
9,481,807
|
|
||
Total current liabilities
|
10,838,184
|
|
|
11,452,149
|
|
||
Non-current liabilities:
|
|
|
|
||||
Term loan, net of current portion and deferred financing cost of $110,542 and $128,275, respectively
|
3,769,840
|
|
|
3,901,353
|
|
||
Royalty liability
|
2,518,068
|
|
|
2,469,193
|
|
||
Lease incentive liability
|
254,933
|
|
|
274,128
|
|
||
Deferred revenues, less current portion
|
181,877
|
|
|
332,645
|
|
||
Total non-current liabilities
|
6,724,718
|
|
|
6,977,319
|
|
||
Total liabilities
|
17,562,902
|
|
|
18,429,468
|
|
||
Series A 0% Convertible Redeemable Preferred Stock, $.01 par value per share, $8,849,985 redemption value, 4,000,000 shares authorized, 2,895,464 and 2,949,995 shares issued and outstanding, respectively
|
8,686,392
|
|
|
8,849,985
|
|
||
Stockholders’ equity:
|
|
|
|
||||
Common stock, $.01 par value per share, 45,000,000 shares authorized; 20,034,446 and 20,005,977 shares issued and outstanding, respectively
|
200,344
|
|
|
200,060
|
|
||
Additional paid in capital
|
82,115,469
|
|
|
81,776,606
|
|
||
Accumulated deficit
|
(71,253,816
|
)
|
|
(72,125,065
|
)
|
||
Total stockholders’ equity
|
11,061,997
|
|
|
9,851,601
|
|
||
|
$
|
37,311,291
|
|
|
$
|
37,131,054
|
|
|
Three Months Ended April 30
|
||||||
|
2018
|
|
2017
|
||||
Revenues:
|
|
|
|
||||
Systems sales
|
$
|
1,131,674
|
|
|
$
|
378,723
|
|
Professional services
|
238,314
|
|
|
420,035
|
|
||
Audit services
|
359,713
|
|
|
345,019
|
|
||
Maintenance and support
|
3,309,104
|
|
|
3,354,772
|
|
||
Software as a service
|
1,224,368
|
|
|
1,425,132
|
|
||
Total revenues
|
6,263,173
|
|
|
5,923,681
|
|
||
Operating expenses:
|
|
|
|
||||
Cost of systems sales
|
249,984
|
|
|
566,051
|
|
||
Cost of professional services
|
706,230
|
|
|
715,215
|
|
||
Cost of audit services
|
393,979
|
|
|
440,639
|
|
||
Cost of maintenance and support
|
648,339
|
|
|
806,522
|
|
||
Cost of software as a service
|
316,387
|
|
|
339,376
|
|
||
Selling, general and administrative
|
3,249,057
|
|
|
3,373,528
|
|
||
Research and development
|
1,062,319
|
|
|
1,556,938
|
|
||
Total operating expenses
|
6,626,295
|
|
|
7,798,269
|
|
||
Operating loss
|
(363,122
|
)
|
|
(1,874,588
|
)
|
||
Other expense:
|
|
|
|
||||
Interest expense
|
(116,218
|
)
|
|
(127,268
|
)
|
||
Miscellaneous expense
|
(87,645
|
)
|
|
(38,044
|
)
|
||
Loss before income taxes
|
(566,985
|
)
|
|
(2,039,900
|
)
|
||
Income tax expense
|
(1,714
|
)
|
|
(2,608
|
)
|
||
Net loss
|
$
|
(568,699
|
)
|
|
$
|
(2,042,508
|
)
|
Net loss per common share - basic and diluted
|
$
|
(0.03
|
)
|
|
$
|
(0.10
|
)
|
Weighted average number of common shares - basic and diluted
|
19,986,425
|
|
|
19,695,390
|
|
|
Three Months Ended April 30
|
||||||
|
2018
|
|
2017
|
||||
Operating activities:
|
|
|
|
||||
Net loss
|
$
|
(568,699
|
)
|
|
$
|
(2,042,508
|
)
|
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
|
|
|
|
||||
Depreciation
|
171,215
|
|
|
202,782
|
|
||
Amortization of capitalized software development costs
|
315,412
|
|
|
571,428
|
|
||
Amortization of intangible assets
|
234,947
|
|
|
333,057
|
|
||
Amortization of other deferred costs
|
119,910
|
|
|
100,815
|
|
||
Valuation adjustment for warrants liability
|
—
|
|
|
(31,210
|
)
|
||
Share-based compensation expense
|
222,458
|
|
|
267,174
|
|
||
Other valuation adjustments
|
51,142
|
|
|
48,467
|
|
||
Gain on disposal of property and equipment
|
(1,555
|
)
|
|
(720
|
)
|
||
Provision for accounts receivable
|
(7,851
|
)
|
|
187,134
|
|
||
Changes in assets and liabilities:
|
|
|
|
||||
Accounts and contract receivables
|
(446,246
|
)
|
|
618,647
|
|
||
Other assets
|
43,207
|
|
|
(97,889
|
)
|
||
Accounts payable
|
922,952
|
|
|
(240,403
|
)
|
||
Accrued expenses
|
622,020
|
|
|
382,530
|
|
||
Deferred revenues
|
(1,641,942
|
)
|
|
(1,754,246
|
)
|
||
Net cash provided by (used in) operating activities
|
36,970
|
|
|
(1,454,942
|
)
|
||
Investing activities:
|
|
|
|
||||
Purchases of property and equipment
|
(3,300
|
)
|
|
(8,719
|
)
|
||
Proceeds from sales of property and equipment
|
14,225
|
|
|
—
|
|
||
Capitalization of software development costs
|
(726,047
|
)
|
|
(386,498
|
)
|
||
Net cash used in investing activities
|
(715,122
|
)
|
|
(395,217
|
)
|
||
Financing activities:
|
|
|
|
||||
Principal repayments on term loan
|
(149,246
|
)
|
|
(163,951
|
)
|
||
Principal payments on capital lease obligation
|
—
|
|
|
(33,811
|
)
|
||
Payments related to settlement of employee shared-based awards
|
(46,904
|
)
|
|
(28,927
|
)
|
||
Net cash used in financing activities
|
(196,150
|
)
|
|
(226,689
|
)
|
||
Net decrease in cash and cash equivalents
|
(874,302
|
)
|
|
(2,076,848
|
)
|
||
Cash and cash equivalents at beginning of period
|
4,619,834
|
|
|
5,654,093
|
|
||
Cash and cash equivalents at end of period
|
$
|
3,745,532
|
|
|
$
|
3,577,245
|
|
|
Total Fair Value
|
|
Quoted Prices in Active Markets
(Level 1)
|
|
Significant Other Observable Inputs
(Level 2)
|
|
Significant Unobservable Inputs
(Level 3)
|
||||||||
At April 30, 2018
|
|
|
|
|
|
|
|
||||||||
Royalty liability (1)
|
$
|
2,518,000
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,518,000
|
|
|
|
|
|
|
|
|
|
||||||||
At January 31, 2018
|
|
|
|
|
|
|
|
||||||||
Royalty liability (1)
|
$
|
2,469,000
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,469,000
|
|
(1)
|
The initial fair value of royalty liability was determined by management with the assistance of an independent third-party valuation specialist, and by management thereafter. The fair value of the royalty liability is determined based on the probability-weighted revenue scenarios for the Streamline Health® Clinical Analytics
TM
solution (“Clinical Analytics”) licensed from Montefiore Medical Center (discussed in Note 3 - Acquisitions and Divestitures). Fair value adjustments are included within miscellaneous expense in the condensed consolidated statements of operations.
|
•
|
Step 1: Identify the contract(s) with a customer
|
•
|
Step 2: Identify the performance obligations in the contract
|
•
|
Step 3: Determine the transaction price
|
•
|
Step 4: Allocate the transaction price to the performance obligations in the contract in the contract
|
•
|
Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation
|
|
Three Months Ended April 30, 2018
|
||||||||||
|
As reported under ASC 606
|
|
Balances without adoption of ASC 606
|
|
Adjustments due to
ASC 606
|
||||||
Revenues
|
|
|
|
|
|
||||||
Systems sales
|
$
|
1,132,000
|
|
|
$
|
1,239,000
|
|
|
$
|
(107,000
|
)
|
Maintenance and support
|
3,309,000
|
|
|
3,310,000
|
|
|
(1,000
|
)
|
|
As of April 30, 2018
|
||||||||||
|
As reported under ASC 606
|
|
Balances without adoption of
Topic 606
|
|
Adjustments due to
ASC 606
|
||||||
Assets
|
|
|
|
|
|
||||||
Contract receivables, current
|
$
|
923,000
|
|
|
$
|
560,000
|
|
|
$
|
363,000
|
|
Contract receivables, noncurrent
|
687,000
|
|
|
207,000
|
|
|
480,000
|
|
|||
|
|
|
|
|
|
||||||
Liabilities
|
|
|
|
|
|
||||||
Deferred revenues, current
|
7,301,000
|
|
|
7,496,000
|
|
|
(195,000
|
)
|
|||
|
|
|
|
|
|
||||||
Shareholders’ Equity
|
|
|
|
|
|
||||||
Accumulated deficit
|
$
|
(71,254,000
|
)
|
|
$
|
(72,292,000
|
)
|
|
$
|
1,038,000
|
|
|
Three Months Ended April 30, 2018
|
||||||||||||||||||||||||||
|
Content Management
|
|
Financial Management
|
|
Coding & CDI
|
|
Patient Care
|
|
Audit Services
|
|
Auditing Technology
|
|
Total
|
||||||||||||||
Systems sales
|
$
|
260,000
|
|
|
$
|
—
|
|
|
$
|
867,000
|
|
|
$
|
5,000
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,132,000
|
|
Professional services
|
87,000
|
|
|
42,000
|
|
|
107,000
|
|
|
—
|
|
|
—
|
|
|
2,000
|
|
|
238,000
|
|
|||||||
Audit services
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
360,000
|
|
|
—
|
|
|
360,000
|
|
|||||||
Maintenance and support
|
1,605,000
|
|
|
—
|
|
|
1,505,000
|
|
|
199,000
|
|
|
—
|
|
|
—
|
|
|
3,309,000
|
|
|||||||
Software as a service
|
677,000
|
|
|
441,000
|
|
|
58,000
|
|
|
35,000
|
|
|
—
|
|
|
13,000
|
|
|
1,224,000
|
|
|||||||
Total revenue:
|
$
|
2,629,000
|
|
|
$
|
483,000
|
|
|
$
|
2,537,000
|
|
|
$
|
239,000
|
|
|
$
|
360,000
|
|
|
$
|
15,000
|
|
|
$
|
6,263,000
|
|
|
As Reported
|
|
Adjustments
|
|
As Adjusted
|
||||||
|
January 31, 2018
|
|
due to ASC 606
|
|
February 1, 2018
|
||||||
ASSETS
|
|
|
|
|
|
||||||
Contract receivables, current
|
$
|
224,000
|
|
|
$
|
283,000
|
|
|
$
|
507,000
|
|
Contract receivables, noncurrent
|
—
|
|
|
468,000
|
|
|
468,000
|
|
|||
|
|
|
|
|
|
||||||
LIABILITIES
|
|
|
|
|
|
||||||
Deferred revenues, current
|
9,482,000
|
|
|
(689,000
|
)
|
|
8,793,000
|
|
|||
|
|
|
|
|
|
||||||
STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
||||||
Accumulated deficit
|
$
|
(72,125,000
|
)
|
|
$
|
1,440,000
|
|
|
$
|
(70,685,000
|
)
|
|
Three Months Ended
|
||||||
|
April 30, 2018
|
|
April 30, 2017
|
||||
Net loss
|
$
|
(568,699
|
)
|
|
$
|
(2,042,508
|
)
|
Weighted average shares outstanding - Basic
|
19,986,425
|
|
|
19,695,390
|
|
||
Stock options, restricted stock, Series A Convertible Preferred Stock and warrants
|
—
|
|
|
—
|
|
||
Weighted average shares outstanding - Diluted
|
19,986,425
|
|
|
19,695,390
|
|
||
Basic net loss per share of common stock
|
$
|
(0.03
|
)
|
|
$
|
(0.10
|
)
|
Diluted net loss per share of common stock
|
$
|
(0.03
|
)
|
|
$
|
(0.10
|
)
|
|
|
|
|
|
Facilities
|
|
Equipment
|
|
Fiscal Year Totals
|
||||||
2018 (nine months remaining)
|
$
|
783,000
|
|
|
$
|
9,000
|
|
|
$
|
792,000
|
|
2019
|
967,000
|
|
|
11,000
|
|
|
978,000
|
|
|||
2020
|
504,000
|
|
|
11,000
|
|
|
515,000
|
|
|||
2021
|
519,000
|
|
|
2,000
|
|
|
521,000
|
|
|||
2022
|
445,000
|
|
|
—
|
|
|
445,000
|
|
|||
Total
|
$
|
3,218,000
|
|
|
$
|
33,000
|
|
|
$
|
3,251,000
|
|
For the four-quarter period ending
|
|
Minimum EBITDA
|
||
July 31, 2017
|
|
$
|
(1,250,000
|
)
|
October 31, 2017
|
|
(1,000,000
|
)
|
|
January 31, 2018
|
|
(700,000
|
)
|
|
April 30, 2018
|
|
(35,869
|
)
|
|
July 31, 2018
|
|
414,953
|
|
|
October 31, 2018
|
|
1,080,126
|
|
|
January 31, 2019
|
|
1,634,130
|
|
|
April 30, 2019
|
|
1,842,610
|
|
|
July 31, 2019
|
|
2,657,362
|
|
|
October 31, 2019 and each fiscal quarter thereafter
|
|
3,613,810
|
|
|
April 30, 2018
|
|
January 31, 2018
|
||||
Senior term loan
|
$
|
4,478,000
|
|
|
$
|
4,626,000
|
|
Deferred financing cost
|
(111,000
|
)
|
|
(128,000
|
)
|
||
Total
|
4,367,000
|
|
|
4,498,000
|
|
||
Less: Current portion
|
(597,000
|
)
|
|
(597,000
|
)
|
||
Non-current portion of debt
|
$
|
3,770,000
|
|
|
$
|
3,901,000
|
|
Fiscal year
|
|
Senior Term Loan (1)
|
||
2018
|
|
448,000
|
|
|
2019
|
|
4,030,000
|
|
|
Total repayments
|
|
$
|
4,478,000
|
|
(1)
|
Term loan balance on the condensed consolidated balance sheet is reported net of deferred financing costs of
$111,000
.
|
•
|
competitive products and pricing;
|
•
|
product demand and market acceptance;
|
•
|
entry into new markets;
|
•
|
new product and services development and commercialization;
|
•
|
key strategic alliances with vendors and channel partners that resell our products;
|
•
|
uncertainty in continued relationships with clients due to termination rights;
|
•
|
our ability to control costs;
|
•
|
availability, quality and security of products produced and services provided by third-party vendors;
|
•
|
the healthcare regulatory environment;
|
•
|
potential changes in legislation, regulation and government funding affecting the healthcare industry;
|
•
|
healthcare information systems budgets;
|
•
|
availability of healthcare information systems trained personnel for implementation of new systems, as well as maintenance of legacy systems;
|
•
|
the success of our relationships with channel partners;
|
•
|
fluctuations in operating results;
|
•
|
critical accounting policies and judgments;
|
•
|
changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or other standard-setting organizations;
|
•
|
changes in economic, business and market conditions impacting the healthcare industry and the markets in which we operate; and
|
•
|
our ability to maintain compliance with the terms of our credit facilities.
|
|
Three Months Ended
|
|
|
|||||||||||
(in thousands):
|
April 30, 2018
|
|
April 30, 2017
|
|
Change
|
|
% Change
|
|||||||
Systems Sales:
|
|
|
|
|
|
|
|
|||||||
Proprietary software - perpetual license
|
$
|
1,053
|
|
|
$
|
114
|
|
|
$
|
939
|
|
|
824
|
%
|
Term license
|
43
|
|
|
264
|
|
|
(221
|
)
|
|
(84
|
)%
|
|||
Hardware and third-party software
|
36
|
|
|
1
|
|
|
35
|
|
|
3,500
|
%
|
|||
Professional services
|
238
|
|
|
420
|
|
|
(182
|
)
|
|
(43
|
)%
|
|||
Audit Services
|
360
|
|
|
345
|
|
|
15
|
|
|
4
|
%
|
|||
Maintenance and support
|
3,309
|
|
|
3,355
|
|
|
(46
|
)
|
|
(1
|
)%
|
|||
Software as a service
|
1,224
|
|
|
1,425
|
|
|
(201
|
)
|
|
(14
|
)%
|
|||
Total Revenues
|
$
|
6,263
|
|
|
$
|
5,924
|
|
|
$
|
339
|
|
|
6
|
%
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|||||||||
(in thousands):
|
April 30, 2018
|
|
April 30, 2017
|
|
Change
|
|
% Change
|
|||||||
Cost of systems sales
|
$
|
250
|
|
|
$
|
566
|
|
|
$
|
(316
|
)
|
|
(56
|
)%
|
Cost of professional services
|
706
|
|
|
715
|
|
|
(9
|
)
|
|
(1
|
)%
|
|||
Cost of audit services
|
394
|
|
|
441
|
|
|
(47
|
)
|
|
(11
|
)%
|
|||
Cost of maintenance and support
|
648
|
|
|
807
|
|
|
(159
|
)
|
|
(20
|
)%
|
|||
Cost of software as a service
|
316
|
|
|
339
|
|
|
(23
|
)
|
|
(7
|
)%
|
|||
Total cost of sales
|
$
|
2,314
|
|
|
$
|
2,868
|
|
|
$
|
(554
|
)
|
|
(19
|
)%
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|||||||||
(in thousands):
|
April 30, 2018
|
|
April 30, 2017
|
|
Change
|
|
% Change
|
|||||||
General and administrative expenses
|
$
|
2,187
|
|
|
$
|
2,227
|
|
|
$
|
(40
|
)
|
|
(2
|
)%
|
Sales and marketing expenses
|
1,062
|
|
|
1,146
|
|
|
(84
|
)
|
|
(7
|
)%
|
|||
Total selling, general, and administrative expense
|
$
|
3,249
|
|
|
$
|
3,373
|
|
|
$
|
(124
|
)
|
|
(4
|
)%
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|||||||||
(in thousands):
|
April 30, 2018
|
|
April 30, 2017
|
|
Change
|
|
% Change
|
|||||||
Research and development expense
|
$
|
1,062
|
|
|
$
|
1,557
|
|
|
$
|
(495
|
)
|
|
(32
|
)%
|
Plus: Capitalized research and development cost
|
726
|
|
|
386
|
|
|
340
|
|
|
88
|
%
|
|||
Total research and development cost
|
$
|
1,788
|
|
|
$
|
1,943
|
|
|
$
|
(155
|
)
|
|
(8
|
)%
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|||||||||||
(in thousands):
|
April 30, 2018
|
|
April 30, 2017
|
|
Change
|
|
% Change
|
|||||||
Interest expense
|
$
|
(116
|
)
|
|
$
|
(127
|
)
|
|
$
|
11
|
|
|
(9
|
)%
|
Miscellaneous expense
|
(88
|
)
|
|
(38
|
)
|
|
(50
|
)
|
|
132
|
%
|
|||
Total other expense
|
$
|
(204
|
)
|
|
$
|
(165
|
)
|
|
$
|
(39
|
)
|
|
24
|
%
|
|
|
|
|
|
|
|
|
|
April 30, 2018
|
|
April 30, 2017
|
||||
Company proprietary software
|
$
|
115,000
|
|
|
$
|
11,234,000
|
|
Third-party hardware and software
|
—
|
|
|
100,000
|
|
||
Professional services
|
2,415,000
|
|
|
3,642,000
|
|
||
Audit services
|
703,000
|
|
|
1,634,000
|
|
||
Maintenance and support
|
12,978,000
|
|
|
18,084,000
|
|
||
Software as a service
|
9,903,000
|
|
|
13,194,000
|
|
||
Total
|
$
|
26,114,000
|
|
|
$
|
47,888,000
|
|
•
|
EBITDA does not reflect our cash expenditures or future requirements for capital expenditures or contractual commitments;
|
•
|
EBITDA does not reflect changes in, or cash requirements for, our working capital needs;
|
•
|
EBITDA does not reflect the interest expense, or the cash requirements to service interest or principal payments under our credit agreement;
|
•
|
EBITDA does not reflect income tax payments that we may be required to make; and
|
•
|
Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized often will have to be replaced in the future, and EBITDA does not reflect any cash requirements for such replacements.
|
|
Three Months Ended
|
||||||
In thousands, except per share data
|
April 30, 2018
|
|
April 30, 2017
|
||||
Net loss
|
$
|
(569
|
)
|
|
$
|
(2,043
|
)
|
Interest expense
|
116
|
|
|
127
|
|
||
Income tax expense
|
2
|
|
|
3
|
|
||
Depreciation
|
171
|
|
|
203
|
|
||
Amortization of capitalized software development costs
|
315
|
|
|
571
|
|
||
Amortization of intangible assets
|
235
|
|
|
333
|
|
||
Amortization of other costs
|
103
|
|
|
84
|
|
||
EBITDA
|
373
|
|
|
(722
|
)
|
||
Share-based compensation expense
|
222
|
|
|
267
|
|
||
Gain on disposal of fixed assets
|
(2
|
)
|
|
(1
|
)
|
||
Non-cash valuation adjustments to assets and liabilities
|
51
|
|
|
17
|
|
||
Adjusted EBITDA
|
$
|
644
|
|
|
$
|
(439
|
)
|
Adjusted EBITDA margin (1)
|
10
|
%
|
|
(7
|
)%
|
||
|
|
|
|
||||
Net loss per common share — diluted
|
$
|
(0.03
|
)
|
|
$
|
(0.10
|
)
|
Adjusted EBITDA per adjusted diluted share (2)
|
$
|
0.03
|
|
|
$
|
(0.02
|
)
|
Diluted weighted average shares
|
19,986,425
|
|
|
19,695,390
|
|
||
Includable incremental shares — adjusted EBITDA (3)
|
3,075,198
|
|
|
—
|
|
||
Adjusted diluted shares
|
23,061,623
|
|
|
19,695,390
|
|
(1)
|
Adjusted EBITDA as a percentage of GAAP net revenues.
|
(2)
|
Adjusted EBITDA per adjusted diluted share for our common stock is computed using the more dilutive of the two-class method or the if-converted method.
|
(3)
|
The number of incremental shares that would be dilutive under an assumption that the Company is profitable during the reported period, which is only applicable for a period in which the Company reports a GAAP net loss. If a GAAP profit is earned in the reported periods, no additional incremental shares are assumed.
|
(in thousands)
|
April 30, 2018
|
|
January 31, 2018
|
||||
Term loans (1)
|
$
|
4,367
|
|
|
$
|
4,498
|
|
Royalty liability (2)
|
2,518
|
|
|
2,469
|
|
(1)
|
Term loan balance is reported net of deferred financing costs of
$111,000
and
$128,000
as of
April 30, 2018
and
January 31, 2018
, respectively. See Note 5 to the condensed consolidated financial statements for additional information.
|
(2)
|
See Note 3 to the condensed consolidated financial statements for additional information.
|
(in thousands)
|
Three Months Ended
|
||||||
April 30, 2018
|
|
April 30, 2017
|
|||||
Net loss
|
$
|
(569
|
)
|
|
$
|
(2,043
|
)
|
Non-cash adjustments to net loss
|
1,106
|
|
|
1,679
|
|
||
Cash impact of changes in assets and liabilities
|
(500
|
)
|
|
(1,091
|
)
|
||
Net cash provided by (used in) operating activities
|
$
|
37
|
|
|
$
|
(1,455
|
)
|
(in thousands)
|
Three Months Ended
|
||||||
April 30, 2018
|
|
April 30, 2017
|
|||||
Purchases of property and equipment
|
$
|
(3
|
)
|
|
$
|
(9
|
)
|
Proceeds from sales of property and equipment
|
14
|
|
|
—
|
|
||
Capitalized software development costs
|
(726
|
)
|
|
(386
|
)
|
||
Net cash used in investing activities
|
$
|
(715
|
)
|
|
$
|
(395
|
)
|
(in thousands)
|
Three Months Ended
|
||||||
April 30, 2018
|
|
April 30, 2017
|
|||||
Principal repayments on term loan
|
$
|
(149
|
)
|
|
$
|
(164
|
)
|
Principal payments on capital lease obligations
|
—
|
|
|
(34
|
)
|
||
Return of shares of common stock in connection with the vesting or exercise of equity incentive awards
|
(47
|
)
|
|
(29
|
)
|
||
Net cash used in financing activities
|
$
|
(196
|
)
|
|
$
|
(227
|
)
|
•
|
the potential failure to achieve the expected benefits of the acquisition, including the inability to generate sufficient revenue to offset acquisition costs, or the inability to achieve expected synergies or cost savings;
|
•
|
unanticipated expenses related to acquired businesses or technologies and their integration into our existing businesses or technology;
|
•
|
the diversion of financial, managerial and other resources from existing operations;
|
•
|
the risks of entering into new markets in which we have little or no experience or where competitors may have stronger positions;
|
•
|
potential write-offs or amortization of acquired assets or investments;
|
•
|
the potential loss of key employees, clients or partners of an acquired business;
|
•
|
delays in client purchases due to uncertainty related to any acquisition;
|
•
|
potential unknown liabilities associated with an acquisition; and
|
•
|
the tax effects of any such acquisitions.
|
•
|
General economic and market conditions;
|
•
|
Actual or anticipated variations in annual or quarterly operating results;
|
•
|
Lack of or negative research coverage by securities analysts;
|
•
|
Conditions or trends in the healthcare information technology industry;
|
•
|
Changes in the market valuations of other companies in our industry;
|
•
|
Announcements by us or our competitors of significant acquisitions, strategic partnerships, divestitures, joint ventures or other strategic initiatives;
|
•
|
Announced or anticipated capital commitments;
|
•
|
Ability to maintain listing of our common stock on The Nasdaq Stock Market;
|
•
|
Additions or departures of key personnel; and
|
•
|
Sales and repurchases of our common stock by us, our officers and directors or our significant stockholders, if any.
|
|
Total Number of Shares Purchased (1)
|
|
Average Price Paid per Share
|
|
Total Number of Shares Purchased as Part of
Publicly Announced Plans or Programs
|
|
Maximum Number of Shares that May Yet Be Purchased under the Plans or Programs
|
|||||
February 1 - February 28
|
21,274
|
|
|
$
|
1.82
|
|
|
—
|
|
|
—
|
|
March 1 - March 31
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
April 1 - April 30
|
4,788
|
|
|
1.71
|
|
|
—
|
|
|
—
|
|
|
Total
|
26,062
|
|
|
$
|
1.80
|
|
|
—
|
|
|
—
|
|
Exhibit No.
|
Description of Exhibit
|
31.1
*
|
Certification by Chief Executive Officer pursuant to Rule 13a-14(a) of the Exchange Act.
|
31.2
*
|
Certification by Chief Financial Officer pursuant to Rule 13a-14(a) of the Exchange Act.
|
32.1
*
|
Certification by Chief Executive Officer pursuant to 18 U.S.C. Section 1350.
|
32.2
*
|
Certification by Chief Financial Officer pursuant to 18 U.S.C. Section 1350.
|
101
|
The following financial information from Streamline Health Solutions, Inc.’s Quarterly Report on Form 10-Q for the three-month period ended April 30, 2018 filed with the SEC on June 13, 2018, formatted in XBRL includes: (i) Condensed Consolidated Balance Sheets at April 30, 2018 and January 31, 2018, (ii) Condensed Consolidated Statements of Operations for three-month periods ended April 30, 2018 and 2017, (iii) Condensed Consolidated Statements of Cash Flows for the three-month periods ended April 30, 2018 and 2017, and (iv) Notes to the Condensed Consolidated Financial Statements.
|
*
|
Filed herewith.
|
|
|
STREAMLINE HEALTH SOLUTIONS, INC.
|
DATE: June 13, 2018
|
By:
|
/
S
/ David W. Sides
|
|
|
David W. Sides
Chief Executive Officer
|
DATE: June 13, 2018
|
By:
|
/
S
/ Nicholas A. Meeks
|
|
|
Nicholas A. Meeks
Chief Financial Officer
|
1 Year Streamline Health Soluti... Chart |
1 Month Streamline Health Soluti... Chart |
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