Catasys Reports Second Quarter 2016 Financial Results

Tuesday, August 16, 2016 General News
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Revenue grew 159% year-over-year; deferred revenue grew 66% in the first half of 2016

CATASYS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

(unaudited)

Six Months Ended

(In thousands)

June 30,

2016

2015

Operating activities:

Net loss

$ (9,012)

$ (847)

Adjustments to reconcile net income (loss) to net cash used in operating activities:

Depreciation and amortization

64

63

Amortization of debt discount and issuance costs included in interest expense

660

1,056

Provision for doubtful account

20

75

Deferred rent

(45)

(34)

Share-based compensation expense

349

1,037

Common stock issued for consulting services

-

172

Warrants issued for services

-

56

Loss on exchange of warrants

-

4,410

Fair value adjustment on warrant liability

750

(9,908)

Fair value adjustment on derivative liability

2,844

-

Changes in current assets and liabilities:

Receivables

(339)

230

Prepaids and other current assets

245

118

Deferred revenue

1,118

499

Accounts payable and other accrued liabilities

397

478

Net cash used in operating activities

$ (2,949)

$ (2,595)

Investing activities:

Purchases of property and equipment

$ (26)

$ (16)

Deposits and other assets

16

-

Net cash used in investing activities

$ (10)

$ (16)

Financing activities:

Proceeds from the issuance of convertible debenture

$ -

$ 2,000

Proceeds from bridge loan

2,185

250

Transaction Costs

-

(185)

Capital lease obligations

(90)

(10)

Net cash provided by financing activities

$ 2,095

$ 2,055

Net decrease in cash and cash equivalents

$ (864)

$ (556)

Cash and cash equivalents at beginning of period

916

708

Cash and cash equivalents at end of period

$ 52

$ 152

Supplemental disclosure of cash paid

Income taxes

$ 37

$ 34

Supplemental disclosure of non-cash activity

Property and equipment acquired through capital leases and other financing

$ 43

$ -



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