Exhibit 99.1

 

News Release

 

 

 

Streamline Health® To Report Third Quarter 2019 Financial Performance on January 8, 2020

 

Company Determined No Need To Amend Previously Filed Financial Statements To Resolve Amortization Issues Announced December 9, 2019

 

ATLANTA, GA, January 2, 2020 / Streamline Health Solutions, Inc. (NASDAQ:STRM), provider of integrated solutions, technology-enabled services and analytics supporting revenue cycle optimization for healthcare enterprises today announced that it will release its third quarter 2019 financial performance for the period that ended October 31, 2019, on Wednesday, January 8, 2020 after the close of the financial markets.

 

As previously disclosed, the Company determined that certain corrections were required for capitalized software development costs and related amortization with respect to previously reported periods.  Two corrections were required, categorized as follows:

(i)software enhancements that were generally released and not amortized in a timely manner, and
(ii)amortization expense was calculated using an incorrect method.

 

The first resulted from an administrative error, while the second resulted from a misapplication of U.S. Generally Accepted Accounting Principles (GAAP).  These corrections off-set each other in the Company’s previously issued financial statements.  Additionally, these differences self-corrected in the Company’s financial statements through the periods from Fiscal Year 2016 through Fiscal Q3 2019.  The Company evaluated the materiality of the effect of these adjustments and determined it was not necessary to restate its previously issued financial statements.

 

The Company intends to disclose these immaterial corrections through an out of period adjustment in the Company’s financial statements for the quarter ended October 31, 2019. The corrections related primarily to Fiscal Years 2016 and 2017 with a cumulative under-amortization of $678,000 that is eliminated through over-amortization in the following periods:

(i)$146,000 for Fiscal Year 2018,
(ii)$153,000 for Fiscal Q1 2019,
(iii)$165,000 for Fiscal Q2 2019,
(iv)and $214,000 for Fiscal Q3 2019.

 


The following information was filed by Streamline Health Solutions Inc. (STRM) on Thursday, January 2, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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