TIDMCLSU TIDMTTM
RNS Number : 0973R
ClearStar,Inc.
19 September 2017
19 September 2017
ClearStar, Inc.
("ClearStar" or the "Company")
Interim Results for Six Months Ended 30 June 2017
ClearStar (AIM: CLSU), a leading technology and service provider
to the background check industry, announces its unaudited results
for the six months ended 30 June 2017.
Financial Highlights
-- Revenues increased by 12% to $8.9 million (H1 2016: $8.0 million)
-- Direct services revenue increased by 20% year-on-year
-- Gross profit increased by 7% to $5.3 million (H1 2016: $5.0 million)
-- General and administrative expenses reduced by $132,000 to
$3.8 million (H1 2016: $3.9 million)
-- Adjusted EBITDA improved to a $165,000 loss (H1 2016: $208,000 loss)
-- As of 30 June 2017, the Company had net cash of $1.6 million
(31 December 2016: $2.4 million)
Operational Highlights
-- Year-on-year and sequential growth resulting from an
acceleration in direct services based on strong demand from the
transportation industry as well as home healthcare
-- Growth in channel partner - indirect services - driven by
demand for medical information services ("MIS")
-- MIS sales (direct and indirect) remained the largest single
contributor accounting for 35% of total revenue
-- Sustained momentum in upscaling of client base, such as a
direct contract award by IntelliCentrics
-- On-boarding process completed for largest direct sales
customer, a leading global relocation and specialised logistics
solutions provider, including maiden deployment of ClearID and
ClearContact
-- Global sales continued to gain traction, primarily with the
supply of international records for channel partner clients, but
also direct, such as a contract with MultiLatin, a leading provider
of international background screening services in Latin America,
for multilingual global screening services
Robert Vale, CEO of ClearStar, commented: "During the first half
of 2017 we generated our highest ever revenue for a six-month
reporting period, driven by increasing direct sales and demand for
our medical information services. We were successful in upscaling
our direct client base, winning contracts with large,
well-established businesses such as IntelliCentrics - and we made
substantial progress with the on-boarding of those customers.
"We now have a stronger client base and are positioned to
increase revenue generation under our recently-won larger
contracts. We continue to receive increasing demand for our
technologically-differentiated solutions, particularly for medical
information services and directly from large corporates as a result
of sustained investment in sales & marketing efforts to raise
ClearStar's brand awareness. Consequently, the Board remains
confident of delivering good revenue growth for full year 2017 in
line with market expectations."
Enquiries:
ClearStar, Inc.
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Robert Vale, Chief Executive
Officer
David Pattillo, Chief Financial
Officer +1 770 416 1900
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finnCap Ltd.
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Jonny Franklin-Adams, Simon
Hicks - Corporate Finance
Andrew Burdis, Abigail Wayne
- Sales +44 20 7220 0500
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Luther Pendragon Ltd.
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Harry Chathli, Claire Norbury +44 20 7618 9100
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About ClearStar
ClearStar, Inc. is a leading and trusted background check
technology, medical screening, strategic services, and
decision-making information provider to employers and background
screening companies.
A seven-time Inc. 5000 honouree and founding member of the
National Association of Professional Background Screeners,
ClearStar has provided innovative technology solutions to
businesses in the human capital management industry from its
corporate offices in Alpharetta, Georgia since 1995. For more
information about ClearStar, please visit: www.clearstar.net.
The information communicated in this announcement contains
inside information for the purposes of Article 7 of the Market
Abuse Regulation (EU) No. 596/2014.
Operational Review
During the six months ended 30 June 2017, ClearStar achieved an
increase in revenue of 12% year-on-year (H1 2016: $8.0 million) and
10% sequentially (H2 2016: $8.1 million) to $8.9 million - the
highest level of revenue that the Company has generated in a
six-month reporting period.
Performance by business channel
Sales from direct services increased by 20% to $2.3 million in
the first half of 2017 (H1 2016: $1.9 million) and the momentum
gained by ClearStar in 2016 in upscaling the direct client base to
larger, higher-volume businesses was maintained. Notable contract
wins include IntelliCentrics, a leading provider of healthcare
vendor credentialing that has over 10,000 distinct installations
across the US, Canada and the UK.
The significant progress made in direct services was driven by
strong demand from the transportation industry as well as home
healthcare. This was partly as a result of the sustained investment
in sales & marketing efforts to raise ClearStar's brand
awareness in the direct services market.
In addition, the Company is no longer being impacted by the
attrition previously experienced among the smaller, lower margin
direct clients gained through the acquisition of SingleSource that
chose not to invest in upgrading their compliance standards to meet
ClearStar's requirements.
Sales to channel partners - indirect services - grew by 9% to
$6.7 million (H1 2016: $6.1 million), and accounted for 75% of
total revenue. The Company expects direct services to account for
an increasing proportion of total revenue.
Performance by service offering
Medical Information Services
Medical information services ("MIS") continued to be the largest
single contributor to revenues by product offering, accounting for
35% of total revenues at $3.1 million - of which 87% were channel
partner sales and 13% were direct sales. As such, MIS accounted for
41% of total indirect revenues and 18% of direct revenues.
During the first half of 2017, revenues from MIS increased by
15% to $3.1 million (H1 2016: $2.7 million*). The greatest growth
in MIS was among channel partner customers, with an increase of 16%
compared with the same period of the prior year. This growth was
due to increased volume with existing channel partner customers
based on the purchase of additional services. The Company continues
to develop technologically-differentiated MIS solutions and expects
to receive sustained demand for these new products.
ClearStar also grew direct MIS sales by 9%, which was primarily
based on the aforementioned upscaling of the direct client base to
larger, higher volume clients that continue to ramp up adoption
among affiliates. Going forward, the Company expects the growth
rate in direct MIS sales to exceed the growth from indirect MIS
sales as the recently-won large MIS clients complete the
on-boarding phase and ramp to full volume. In H1 2017,
IntelliCentrics awarded a contract to ClearStar for the integration
of the Company's titer and drug screening solution into
IntelliCentrics' SEC(3) URE Program for hospitals and healthcare
organisations. During the period, the Company completed the
development of, and launched, a desktop solution and commenced the
development of a mobile version, which was completed post period
and on schedule. It is now awaiting approval for deployment, which
is expected in the near future. The solution is based on
ClearStar's ClearMD (formerly 'WebCCF') mobile, paperless chain of
custody technology for automated order placement, registration and
transmission.
Other Services
Key developments during the period with the Company's other
services include the award of a contract by MultiLatin, as
announced on 4 May 2017, a leading provider of international
background screening services in Latin America, for multilingual
global screening services. ClearStar completed the platform
deployment during the period, and on-boarding is under way.
Sales of wholesale international records continued to gain
traction during the period with increasing demand from the
Company's existing channel partner customers.
The on-boarding process was completed for the Company's largest
direct sales customer (based on current run rate) which is a
leading global relocation and specialised logistics solutions
provider. This included the maiden deployment of the Company's
ClearID and ClearContact biometric recognition and electronic
address book products. The Company is receiving increasing interest
in these solutions and commenced several trials with potential
clients, which have led to new contract wins.
* In the H1 2016 results announcement, the Company presented its
results by division whereby MIS sales were $2.33m. On a service
offering basis (as presented here), MIS sales were $2.7m in H1
2016.
Financial Review
The Company experienced an acceleration in revenue growth with
total revenues increasing by 12% for the six months ended 30 June
2017 to $8.9 million compared with $8.0 million for the six months
ended 30 June 2016. On a sequential basis, revenue increased by 10%
(H2 2016: $8.1 million).
Gross profit increased by 7% to $5.3 million (H1 2016: $5.0
million).
Total operating expenses, including depreciation and
amortisation, increased by approximately $305,000, or 5%, to $6.3
million for H1 2017 compared with $6.0 million for H1 2016.
General and administrative expenses decreased by approximately
$132,000, or 3%, to $3.8 million for H1 2017 compared with $3.9
million for the same period of the prior year, primarily due to
better operating efficiencies.
Selling and marketing expenses increased by approximately
$140,000, or 20%, to $838,000 (H1 2016: $698,000), primarily due to
increased investment in raising brand awareness focused on direct
sales.
Research and development increased by approximately $277,000, or
42%, to $940,000 (H1 2016: $663,000). This was primarily due to
more products going into production, which changes the accounting
treatment of much of the software development costs from being
capitalised to being expensed.
Depreciation and amortisation increased by approximately
$20,000, or 3%, to $739,000 (H1 2016: $719,000), primarily due to
more products going into production, and thereby commencing
amortising on the capitalised asset.
Adjusted EBITDA for H1 2017 improved by $43,000 to a $165,000
loss, compared with $208,000 loss for the prior year. Loss before
tax was reduced by $31,000 to $980,000 in H1 2017 compared with a
$1.0 million loss for H1 2016.
As of 30 June 2017, total assets were $9.4 million (31 December
2016: $9.7 million) with the largest assets being goodwill and
other intangible assets of $4.7 million (31 December 2016: $5.0
million), accounts receivable of $2.3 million (31 December 2016:
$1.4 million) and net cash of $1.6 million (31 December 2016: $2.4
million).
The Company's total liabilities as of 30 June 2017 were $2.2
million (31 December 2016: $1.6 million) with the largest liability
being accounts payable of $1.6 million (31 December 2016: $1.1
million). Stockholders' equity was $7.2 million (31 December 2016:
$8.1 million), resulting in a debt-to-equity ratio of 31%.
The Company utilised $323,000 in cash in operating activities,
mainly due to an increase in accounts receivable of $842,000
partially offset by an increase in accounts payable of $491,000.
The Company used $398,000 in investment activities with the largest
component being $383,000 in capitalised software development costs.
The Company paid $51,000 in financing activities related to capital
lease obligations.
Subsequent Event
On 25 August 2017, Hurricane Harvey made landfall near Corpus
Christi, Texas and on 10 September 2017, Hurricane Irma made
initial landfall near the Florida Keys, Florida - both as major
hurricanes followed by substantial rainfall and flooding in Texas,
Florida and, to a lesser degree, in the neighbouring states,
including Georgia where the Company is headquartered. ClearStar had
undertaken substantial preparatory work to minimise any business
disruption, particularly at the Company's office in Melbourne,
Florida which is the primary base for MIS. As a result, the
Company's processing of records has not been affected and ClearStar
does not anticipate there to be any material impact on its
business. However, the Company continues to monitor the impact on
the business operations of clients and potential clients, and will
update the market in due course if required.
Outlook
The momentum of the first half of the year has continued into
the second half of 2017. The Company has a stronger client base and
is now poised to deliver meaningful revenue from the significant
contracts won over the last six months following substantial
progress in the on-boarding process. ClearStar is experiencing
growing demand for its technologically-differentiated solutions,
particularly for medical information services. Additionally, in the
direct services market, the Company is receiving increased business
from large corporates due to greater brand awareness resulting from
investment in its sales & marketing efforts. Consequently, the
Board remains confident of delivering good revenue growth for full
year 2017, in line with market expectations.
CLEARSTAR, INC.
Consolidated Statements
of Operations
(USD, in thousands)
Six Months Six Months Year Ended
Ended Ended
30 June 30 June 31 December
2017 2016 2016
(Unaudited) (Unaudited)
$ $ $
Net revenue 8,919 7,971 16,032
Cost of revenue 3,609 2,994 6,197
-------------- ---------------------------- --------------
Gross profit 5,310 4,977 9,835
-------------- ---------------------------- --------------
Operating expenses
Selling and marketing 838 698 1,299
Research and development 940 663 1,671
Depreciation and amortisation 739 719 1,429
General and administrative 3,767 3,899 7,531
-------------- ---------------------------- --------------
Total operating expenses 6,284 5,979 11,930
Loss from operations (974) (1,002) (2,095)
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Other expense
Interest expense (6) (9) (16)
-------------- ---------------------------- --------------
Total other expense (6) (9) (16)
-------------- ---------------------------- --------------
Net loss before taxes (980) (1,011) (2,111)
Provision for income taxes 51 - 61
Net loss (1,031) (1,011) (2,172)
============== ============================ ==============
The accompanying notes are an integral part of
the consolidated financial statements.
CLEARSTAR, INC.
Consolidated Balance Sheets
(USD, in thousands)
As of As of As of
30 June 2017 30 June 2016 31 December 2016
(Unaudited) (Unaudited)
$ $ $
ASSETS
Current assets
Cash 1,648 3,133 2,420
Accounts receivable -- trade, net 2,273 1,860 1,442
Research and development tax
credits 78 82 138
Prepaid expenses 254 352 257
------------------------------- -------------------------- -------------------
Total current assets 4,253 5,427 4,257
------------------------------- -------------------------- -------------------
Property and equipment, at cost
Computer equipment 665 771 687
Furniture and fixtures 291 279 277
Leasehold improvements 58 72 62
Less accumulated depreciation (652) (536) (560)
------------------------------- -------------------------- -------------------
Total property and equipment, net 362 586 466
------------------------------- -------------------------- -------------------
Other assets
Goodwill and other intangible
assets 4,741 5,253 4,976
Deposits 12 11 11
------------------------------- -------------------------- -------------------
Total other assets 4,753 5,264 4,987
------------------------------- -------------------------- -------------------
Total assets 9,368 11,277 9,710
=============================== ========================== ===================
LIABILITIES AND STOCKHOLDERS'
EQUITY
Current liabilities
Accounts payable 1,621 1,458 1,130
Accrued liabilities 282 255 119
Deferred revenue 35 51 54
State income taxes - - 5
Current portion of obligations
under capital lease 97 95 99
------------------------------- -------------------------- -------------------
Total current liabilities 2,035 1,859 1,407
------------------------------- -------------------------- -------------------
Long-term liabilities
Accrued liabilities 44 49 46
Deferred income taxes 142 45 99
Obligations under capital lease,
net of current portion 18 120 68
------------------------------- -------------------------- -------------------
Total long--term liabilities 204 214 213
------------------------------- -------------------------- -------------------
Stockholders' equity
Common stock, $0.0001 par value;
100,000,000 shares authorised;
36,302,900 shares issued and
outstanding 4 4 4
Additional paid--in capital 13,672 13,555 13,602
Accumulated deficit (6,547) (4,355) (5,516)
------------------------------- -------------------------- -------------------
Stockholders' equity 7,129 9,204 8,090
------------------------------- -------------------------- -------------------
Total liabilities and stockholders'
equity 9,368 11,277 9,710
=============================== ========================== ===================
The accompanying notes are an integral part of the consolidated financial statements.
CLEARSTAR, INC.
Consolidated Statements of Changes in Stockholders'
Equity
(USD, in thousands, except no. of shares)
Additional
Common Stock Paid-in Accumulated
Shares Amount Capital Deficit Total
No. $ $ $ $
Balances at 1
January
2016 36,302,900 4 13,478 (3,344) 10,138
Non-cash stock
compensation - - 77 - 77
Net loss - - - (1,011) (1,011)
--------------------- --------------------- --------------------- --------------------- --------
Balances at 30
June 2016
(unaudited) 36,302,900 4 13,555 (4,355) 9,204
Non-cash stock
compensation - - 47 - 47
Net loss - - - (1,161) (1,161)
--------------------- --------------------- --------------------- --------------------- --------
Balances at 31
December 2016 36,302,900 4 13,602 (5,516) 8,090
Non-cash stock
compensation - - 70 - 70
Net loss - - - (1,031) (1,031)
--------------------- --------------------- --------------------- --------------------- --------
Balances at 30
June 2017
(unaudited) 36,302,900 4 13,672 (6,547) 7,129
===================== ===================== ===================== ===================== ========
The accompanying notes are an integral part of
the consolidated financial statements.
CLEARSTAR, INC.
Consolidated Statements of
Cash Flows
(USD, in thousands)
Six Months Ended Six Months Ended Year Ended
30 June 2017 30 June 2016 31 December
(Unaudited) (Unaudited) 2016
$ $ $
CASH FLOWS FROM OPERATING
ACTIVITIES
Net loss (1,031) (1,011) (2,172)
Adjustments to
reconcile net loss
to net cash used for
operating activities:
Change in allowance for
doubtful accounts 11 57 13
Depreciation and
amortisation 739 719 1,429
Deferred income taxes 43 - 54
Non-cash stock
compensation 70 76 124
Loss on disposal of
property and equipment - - 2
Change in
operating assets
and liabilities:
Accounts receivable (842) (307) 154
Research and
development tax
credits 60 - (56)
Prepaid expenses 2 (62) 34
Deposits (1) - -
Accounts payable 491 255 (73)
Accrued liabilities 160 171 33
Deferred revenue (20) (3) -
State income taxes (5) (5) (2)
Total adjustments 708 901 1,712
-------------------------------- ---------------------------------- --------------------------------
Net cash used for operating
activities (323) (110) (460)
-------------------------------- ---------------------------------- --------------------------------
CASH FLOWS FROM INVESTING
ACTIVITIES
Acquisition of
property and
equipment (15) (23) (32)
Proceeds from
disposition of
property and
equipment - - 1
Capitalised software
development costs (383) (580) (886)
Net cash used for investing
activities (398) (603) (917)
-------------------------------- ---------------------------------- --------------------------------
CASH FLOWS FROM FINANCING
ACTIVITIES
Principal payments on
capital lease
obligations (51) (47) (96)
-------------------------------- ---------------------------------- --------------------------------
Net cash used for financing
activities (51) (47) (96)
-------------------------------- ---------------------------------- --------------------------------
Net cash decrease for
period (772) (760) (1,473)
Cash at beginning of period 2,420 3,893 3,893
Cash at end of period 1,648 3,133 2,420
================================ ================================== ================================
The accompanying notes are an integral part of the consolidated financial statements.
CLEARSTAR, INC.
Consolidated Statements of Cash Flows (Continued)
(USD, in thousands)
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Six Months Six Months Year Ended
Ended Ended
30 June 30 June 31 December
2017 2016
(Unaudited) (Unaudited) 2016
$ $ $
Cash paid:
Interest 6 9 16
Income taxes 12 - 7
-------------- -------------- --------------
18 9 23
============== ============== ==============
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING
ACTIVITIES
During the six months ended 30 June 2017, the Company retired
obsolete and fully-depreciated property and equipment of
approximately $28,000.
During the year ended 31 December 2016, the Company retired
obsolete and fully-depreciated property and equipment of
approximately $94,000.
During the six months ended 30 June 2017 and 2016, the Company
retired fully-amortised intangible assets of approximately $329,000
and $447,000, respectively.
During the year ended 31 December 2016, the Company retired
fully-amortised intangible assets of approximately $871,000.
Notes to the Consolidated Financial Statements
1. Summary of Significant Accounting Policies
a) Nature of Operations
ClearStar, Inc. ("ClearStar"), an exempt company incorporated in
the Cayman Islands on 23 April 2014, is a holding company that owns
a 100% interest in ClearStar, Inc. ("ClearStar US"), an entity
formed on 23 March 1995, and incorporated in the state of Delaware,
and ClearStar Limited ("ClearStar UK"), a dormant entity formed in
the United Kingdom on 17 January 2014. The Company is a technology
and service provider to the background check industry, supporting
background screening companies, employers and employees with their
recruitment and employment application decisions. The Company
provides employment intelligence to its clients through a suite of
IT applications for day-to-day use in their business. Employment
intelligence aims to improve business insight to support better
recruitment and other decisions affecting employees generally, by
increasing the quality, reliability and visibility of information
available to management.
Effective 14 July 2015, ClearStar introduced a Depository
Interest programme to enable its ordinary shares to be traded in
CREST by qualifying shareholders. As a result, there are two lines
of capital stock - restricted under the existing ticker CLST and
unrestricted under the ticker CLSU (Note 12).
b) Principles of Consolidation
The consolidated financial statements include the accounts of
ClearStar and its 100% owned subsidiaries, ClearStar US and
ClearStar UK (collectively the "Company").
All significant intercompany transactions and balances have been
eliminated in consolidation.
c) Basis of Accounting
The historical financial information has been prepared on the
accrual basis of accounting in accordance with accounting
principles generally accepted in the United States of America ("US
GAAP").
d) Use of Estimates
The preparation of consolidated financial statements in
conformity with US GAAP requires management to make estimates and
assumptions that affect the reported amounts of assets and
liabilities, the disclosure of contingent assets and liabilities at
the date of the financial statements, and the reported amounts of
revenue and expenses during the reporting period. Estimates are
used for, but not limited to, the allowance for doubtful accounts,
depreciable lives of property and equipment, certain accrued
liabilities, amortisation of other intangible assets, stock-based
compensation and income taxes. Actual results could differ from
these estimates.
e) Concentration of Credit Risk Arising From Cash Deposits in Excess of Insured Limits
The Company maintains cash balances at certain financial
institutions that at times may exceed federally insured limits.
From time to time, the Company's cash balances exceed such limits.
The Company has not experienced any losses in such accounts. The
Company believes it is not exposed to any significant risks on
cash.
f) Accounts Receivable
The Company extends credit to customers in a broad range of
industries located throughout the United States and abroad based on
the size of the customer, its payment history and other factors.
The Company generally does not require collateral to support
customer receivables. The Company provides an allowance for
doubtful accounts based upon a review of the outstanding accounts
receivable, historical collection information and existing economic
conditions. The Company determines if receivables are past due
based on days outstanding, and amounts are written off when
determined to be uncollectable by management. The maximum
accounting loss from the credit risk associated with accounts
receivable is the amount of the receivable recorded, which is the
face amount of the receivable, net of the allowance for doubtful
accounts.
g) Property and Equipment
Property and equipment are stated at cost. Expenditures for
maintenance and repairs are expensed currently, while renewals and
betterments that materially extend the life of an asset are
capitalised. The cost of assets sold, retired, or otherwise
disposed of, and the related allowance for depreciation are
eliminated from the accounts, and any resulting gain or loss is
recognised.
Depreciation of property and equipment is provided using the
straight-line method over the estimated useful lives of the assets,
which are as follows:
Computer equipment 3 - 4 years
Furniture and fixtures 5 - 7 years
Leasehold improvements Lesser of estimated useful life or life
of the lease
Depreciation expense for the six months ended 30 June 2017 and
2016, and the year ended 31 December 2016 was approximately
$120,000, $124,000 and $251,000, respectively.
h) Goodwill
Goodwill recorded in the consolidated financial statements
represents the excess of the purchase price of an acquisition over
the fair value of acquired net assets on the date of acquisition.
Goodwill is not amortised since it has an indefinite life.
Accordingly, the carrying value of goodwill is reviewed for
impairment by the Company annually, or more often if events or
circumstances indicate that there may be impairment. The Company
has not recorded any goodwill impairment charges.
In our evaluation of goodwill impairment, we perform a
qualitative assessment to determine if it is more likely than not
that the fair value of a reporting unit is less than its carrying
amount. If the qualitative assessment is not conclusive, we proceed
to a two-step process to test goodwill for impairment including
comparing the fair value of the reporting unit to its carrying
value (including attributable goodwill). Fair value for our
reporting unit is determined using an income or market approach,
incorporating market participant considerations and management's
assumptions on revenue growth rates, operating margins, discount
rates and expected capital expenditures. Fair value determinations
may include both internal and third-party valuations. Unless
circumstances otherwise dictate, we perform our annual impairment
testing in the fourth quarter. If the carrying amount of the
goodwill exceeds the implied fair value of that goodwill, the
Company will recognise an impairment loss as an expense.
i) Intangible Assets
Intangible assets, other than capitalised software development
costs, arose from the purchase of certain assets in an acquisition
and are reported net of amortisation. These costs are amortised
using the straight-line method over their estimated useful life.
The estimated useful life for customer relationships and trade name
are 7 and 1 year(s), respectively.
The Company has capitalised external direct costs of services
consumed in developing and obtaining internal-use computer software
and the payroll and payroll-related costs for employees who are
directly associated with and who devote time to developing the
internal-use computer software.
Management's judgment is required in determining the point at
which various projects enter the application development stage at
which costs may be capitalised, in assessing the ongoing value of
the capitalised costs, and in determining the estimated useful
lives over which the costs are amortised. Costs in relation to the
preliminary stages of projects are expensed in the period in which
they are incurred. The Company expects to continue to invest in
internally developed software and to capitalise costs in accordance
with US GAAP.
j) Impairment of Long-Lived Assets
Long-lived assets, such as property and equipment, and purchased
intangible assets subject to amortisation, are reviewed for
impairment whenever events or changes in circumstances indicate
that the carrying amount of an asset may not be recoverable. If
circumstances require a long-lived asset or asset group be tested
for possible impairment, the Company first compares undiscounted
cash flows expected to be generated by that asset or asset group to
its carrying amount. If the carrying amount of the long-lived asset
or asset group is not recoverable on an undiscounted cash flow
basis, an impairment is recognised to the extent that the carrying
amount exceeds its fair value. Fair value is determined through
various valuation techniques including discounted cash flow models,
quoted market values and third party independent appraisals, as
considered necessary. Management determined that there were no
impairments during the six months ended 30 June 2017 and 2016, and
the year ended 31 December 2016.
k) Revenue Recognition
The Company requires that four basic criteria be met before
revenue can be recognised for all transactions: (i) persuasive
evidence of an arrangement exists; (ii) the price is fixed or
determinable; (iii) collectability is reasonably assured; and (iv)
delivery has occurred. Fixed monthly fees are derived primarily
from customers' use of services that are provided for an agreed
number of transactions. Arrangements for these services generally
have terms of one year or less, and the fixed monthly fees are
recognised as services are provided. One- time setup fees are
recognised based on the Company's configuring and activating
customers on internal and third party systems. The Company
recognises one-time setup fees revenue rateably over 12 months or
the period beyond which the initial contract term is expected to
extend and the customer continues to benefit, whichever is longer.
Annual certification fees are billed annually and are recognised
rateably over the contract period. The Company recognises revenue
from the per-transaction search results and/or search result review
services and drug testing services at the time of delivery as the
Company has no significant ongoing obligation after delivery.
Deferred revenue consists of payments received in advance of
revenue recognition and contractual billings in excess of
recognised revenue.
l) Advertising
The Company expenses advertising costs as incurred. Advertising
expenses for the six months ended 30 June 2017 and 2016, and the
year ended 31 December 2016 were approximately $218,000, $156,000
and $292,000, respectively.
m) Income Taxes
ClearStar is incorporated as an exempted company in the Cayman
Islands which currently does not levy income taxes on individuals
or companies. ClearStar and its operating subsidiary, ClearStar US,
are both taxed as corporations for US federal income tax
purposes.
Income taxes are provided for the tax effects of transactions
reported in the consolidated financial statements and consist of
taxes currently due plus deferred income taxes. Deferred income
taxes are recognised for differences between the basis of assets
and liabilities for financial statement and income tax purposes.
Deferred income tax assets and liabilities represent the future tax
return consequences of those differences, which will either be
taxable or deductible when the assets or liabilities are recovered
or settled. Deferred income taxes are also recognised for operating
losses that are available to offset future taxable income. The tax
provision differs from the expense that would result from applying
federal statutory rates to income before income taxes primarily
because of the marginal tax rates used to compute deferred income
taxes, the effect of state taxes and permanent differences between
determining income for financial statement purposes and taxable
income.
The Company is subject to tax audits in numerous jurisdictions,
including the United States, individual states and localities, and
abroad. Tax audits by their nature are often complex and can
require several years to complete. In the normal course of
business, the Company is subject to challenges from the Internal
Revenue Service ("IRS") and other tax authorities regarding amounts
of taxes due. These challenges may alter the timing or amount of
taxable income or deductions, or the allocation of income among tax
jurisdictions. The Company accounts for the uncertain tax
provisions using a minimum probability threshold that a tax
position must meet before a financial statement benefit is
recognised. The minimum threshold is defined as a tax position that
is more likely than not to be sustained upon examination by the
applicable taxing authority, including resolution of any related
appeals or litigation processes, based on the technical merits of
the position. The tax benefit to be recognised is measured as the
largest amount of benefit that is greater than fifty per cent.
likely of being realised upon ultimate settlement. The Company
recognises interest and penalties related to unrecognised tax
benefits as part of income tax expense. The cumulative effect of
considering uncertain tax positions resulted in no uncertain tax
liability in the consolidated balance sheets. At 30 June 2017 and
2016, and 31 December 2016, the Company does not have any
unrecognised tax benefits.
The Company is not subject to income tax examinations for the
years ending prior to 31 December 2013.
n) Research and Development
Expenditures related to the development of new products and
processes are expensed as incurred. Research and development
expenses were approximately $952,000, $663,000 and $1,671,000, net
of approximately $0, $0 and $46,000 of tax credits, for the six
months ended 30 June 2017 and 2016, and the year ended 31 December
2016, respectively.
o) Stock-Based Compensation
The Company values stock options at the time of grant using a
Black-Scholes model approach and records that fair market value as
compensation expense, less an estimate for forfeitures, over the
requisite service period, using the straight-line method.
Stock-based compensation expense for the six months ended 30 June
2017 and 2016, and the year ended 31 December 2016 was
approximately$70,000, $77,000 and $124,000, respectively.
p) Fair Value of Financial Instruments
Due to the short-term nature of cash, accounts receivable,
prepaid expenses, accounts payable, and accrued liabilities, their
fair value approximates carrying value.
In specific circumstances, certain assets and liabilities are
reported or disclosed at fair value. Fair value is the exit price
that would be received to sell an asset or paid to transfer a
liability in an orderly transaction between market participants at
the measurement date in the Company's principal market for such
transactions. If there is not an established principal market, fair
value is derived from the most advantageous market.
Valuation inputs are classified in the following hierarchy:
(i) Level 1 inputs are unadjusted quoted prices in active
markets for identical assets or liabilities.
(ii) Level 2 inputs are directly or indirectly observable
valuation inputs for the asset or liability, excluding Level 1
inputs.
(iii) Level 3 inputs are unobservable inputs for the asset or
liability.
Highest priority is given to Level 1 inputs and the lowest
priority to Level 3 inputs. Acceptable valuation techniques include
the market approach, income approach and cost approach. In some
cases, more than one valuation technique is used.
q) Recent Accounting Pronouncements
In May 2014, the Financial Accounting Standards Board ("FASB")
issued Accounting Standards Update No. 2014-09 ("ASU 2014-09")
"Revenue from Contracts with Customers." ASU 2014-09 supersedes the
revenue recognition requirements in "Revenue Recognition (Topic
605)" and requires entities to recognize revenue when it transfers
promised goods or services to customers in an amount that reflects
the consideration to which the entity expects to be entitled to in
exchange for those goods or services. As currently issued and
amended, ASU 2014-09 is effective for annual reporting periods
beginning after 15 December 2017, including interim periods within
that reporting period, though early adoption is permitted for
annual reporting periods beginning after 15 December 2016. We are
currently in the process of evaluating the impact of the adoption
of ASU 2014-09 on our consolidated financial statements,
implementing accounting system changes related to the adoption and
considering additional disclosure requirements.
In February 2015, the FASB issued Accounting Standards Update
No. 2015-02 ("ASU 2015-02") "Consolidation (Topic 810): Amendments
to the Consolidation Analysis." ASU 2015-02 changes the analysis
that a reporting entity must perform to determine whether it should
consolidate certain types of legal entities. We adopted this
standard in the first quarter of 2016 on a retrospective basis. The
adoption of this standard did not have a material impact on our
consolidated financial statements.
In November 2015, the FASB issued Accounting Standards Update
No. 2015-17 ("ASU 2015-17") "Income Taxes (Topic 740): Balance
Sheet Classification of Deferred Taxes." ASU 2015-17 simplifies the
presentation of deferred income taxes by eliminating the separate
classification of deferred income tax liabilities and assets into
current and noncurrent amounts in the consolidated balance sheet.
The amendments in the update require that all deferred tax
liabilities and assets be classified as noncurrent in the
consolidated balance sheets. The amendments in this update are
effective for annual periods beginning after 15 December 2016, and
interim periods therein and may be applied either prospectively or
retrospectively to all periods presented. Early adoption is
permitted. We have early adopted this standard in the fourth
quarter of 2015 on a retrospective basis. Prior periods have been
retrospectively adjusted.
As a result of the adoption of ASU 2015-17, the Company made no
adjustments to the consolidated balance sheet as of 30 June 2017
and 2016, and 31 December 2016.
In February 2016, the FASB issued Accounting Standards Update
No. 2016-02, "Leases", which requires that lease arrangements
longer than 12 months' result in an entity recognizing an asset and
liability. The pronouncement is effective for periods beginning
after 15 December 2018, with early adoption permitted. The Company
is currently evaluating the impact this guidance is expected to
have on its consolidated financial statements.
In March 2016, the FASB issued Accounting Standards Update No.
2016-09, "Improvements to Employee Share Based Payment Accounting"
which simplifies several aspects of the accounting for share-based
payment transactions, including income tax consequences,
classification of awards, forfeitures and classification on the
statement of cash flows. The provisions of this ASU are effective
for fiscal years beginning after 15 December 2016, and interim
periods within those fiscal years. The Company adopted the new
standard in the first quarter of 2017, and the adoption of this
standard did not have a material effect on our consolidated
financial statements. The Company has elected to account for
forfeitures as they occur, rather than estimate expected
forfeitures.
In August 2016, the FASB issued Accounting Standards Update
2016-15 ("ASU 2016-15") "Statement of Cash Flows (Topic 230):
Clarification of Certain Cash Receipts and Cash Payments" which
would eliminate the diversity in practice related to the
classification of certain receipts and payments in the statement of
cash flows, by adding or clarifying guidance on eight specific cash
flow issues. ASU 2016-15 is effective for annual and interim
reporting periods beginning after 15 December 2017 for public
entities with early adoption permitted. The amendments in this
update should be applied retrospectively to all periods presented,
unless deemed impracticable, in which case, prospective application
is permitted. The Company does not expect the implementation of
this standard to have a material effect on its consolidated
financial statements.
In January 2017, the FASB issued Accounting Standards Update No.
2017-04 ("ASU 2017-04") "Intangibles - Goodwill and Other (Topic
350): Simplifying the Accounting for Goodwill Impairment." ASU
2017-04 removes the requirement to perform a hypothetical purchase
price allocation to measure goodwill impairment. A goodwill
impairment will now be the amount by which a reporting unit's
carrying value exceeds its fair value, not to exceed the carrying
amount of goodwill. ASU 2017-04 is effective for annual periods and
interim periods within those annual periods beginning after 15
December 2019, and early adoption is permitted. The Company is in
the process of evaluating the impact of this standard on its
consolidated financial statements.
r) Reclassifications
Certain reclassifications have been made to the 2016
consolidated financial statement presentation to correspond to the
current period's format. These reclassifications have no effect on
previously reported net income.
2. Accounts Receivable
Accounts receivable consisted of the following:
As of As of As of
30 June 30 June 31 December
2017 2016 2016
(Unaudited) (Unaudited) $000
$000 $000
------------- ------------- -------------
Trade accounts receivable 2,313 1,933 1,472
Allowance for doubtful accounts (40) (73) (30)
------------- ------------- -------------
2,273 1,860 1,442
============= ============= =============
3. Goodwill and Other Intangible Assets
Goodwill and other intangible assets were comprised of the
following at 30 June 2017 (unaudited):
Gross Cost Accumulated Amortisation
----------- ----------------------------------------------- ----------------------------------------------- ------
Life Beginning Additions Disposal Beginning Additions Disposal Net
(years) $000 $000 $000 Ending $000 $000 $000 $000 Ending $000 $000
----------- ---------- ---------- --------- ------------ ---------- ---------- --------- ------------ ------
Goodwill Indefinite 2,283 - - 2,283 - - - - 2,283
Software
Development 3 2,963 383 (329) 3,017 1,465 499 (329) 1,635 1,382
Customer
Relationships 7 1,673 - - 1,673 478 119 - 597 1,076
6,919 383 (329) 6,973 1,943 618 (329) 2,232 4,741
========== ========== ========= ============ ========== ========== ========= ============ ======
Goodwill and other intangible assets were comprised of the
following at 30 June 2016 (unaudited):
Gross Cost Accumulated Amortisation
----------- ----------------------------------------------- ----------------------------------------------- ------
Life Beginning Additions Disposal Beginning Additions Disposal Net
(years) $000 $000 $000 Ending $000 $000 $000 $000 Ending $000 $000
----------- ---------- ---------- --------- ------------ ---------- ---------- --------- ------------ ------
Goodwill Indefinite 2,283 - - 2,283 - - - - 2,283
Software
Development 3 2,919 580 (418) 3,081 1,368 476 (418) 1,426 1,655
Customer
Relationships 7 1,673 - - 1,673 239 119 - 358 1,315
Trade name 1 29 - (29) - 29 - (29) - -
---------- ---------- --------- ------------ ---------- ---------- --------- ------------ ------
6,904 580 (447) 7,037 1,636 595 (447) 1,784 5,253
========== ========== ========= ============ ========== ========== ========= ============ ======
Goodwill and other intangible assets were comprised of the
following at 31 December 2016:
Gross Cost Accumulated Amortisation
----------- ----------------------------------------------- ----------------------------------------------- ------
Life Beginning Additions Disposal Beginning Additions Disposal Net
(years) $000 $000 $000 Ending $000 $000 $000 $000 Ending $000 $000
----------- ---------- ---------- --------- ------------ ---------- ---------- --------- ------------ ------
Goodwill Indefinite 2,283 - - 2,283 - - - - 2,283
Software
Development 3 2,919 886 (842) 2,963 1,368 939 (842) 1,465 1,498
Customer
Relationships 7 1,673 - - 1,673 239 239 - 478 1,195
Trade name 1 29 - (29) - 29 - (29) - -
---------- ---------- --------- ------------ ---------- ---------- --------- ------------ ------
6,904 886 (871) 6,919 1,636 1,178 (871) 1,943 4,976
========== ========== ========= ============ ========== ========== ========= ============ ======
Approximate aggregate future amortisation expense is as
follows:
Year Ending 30 June:
Amount
(Unaudited)
$000
-------------
2018 1,075
2019 661
2020 367
2021 239
2022 116
2,458
=============
4. Commitments and Contingencies
-- Operating Leases
The Company leases office space and equipment. The lease
agreements expire on various dates through February 2022.
Minimum lease payments under operating leases are recognised on
a straight-line basis over the term of the lease including any
periods of free rent for payment terms subject to escalation.
Aggregate rent, common area maintenance charges and property tax
expense for the six months ended 30 June 2017 and 2016, and the
year ended 31 December 2016 was approximately $101,000, $156,000
and $286,000, respectively.
At 30 June 2017, future minimum lease payments under
non-cancellable operating leases were as follows:
Year Ending 30 June:
Amount
(Unaudited)
$000
-------------
2018 150
2019 126
2020 99
2021 102
2022 70
547
=============
-- Capital Leases
The Company leased computer equipment under two agreements
classified as capital leases that expire through November 2018. The
lease obligations bear an interest rate of up to 8.7 per cent. per
annum and are payable in monthly instalments totalling $9,334.
Assets and liabilities under capital leases are recorded at the
lower of the present value of the minimum lease payments or the
fair value of the assets. The assets are depreciated over the
shorter of the estimated useful lives or the lease term if
ownership does not transfer to the Company at the end of the lease.
Depreciation of assets under capital leases is included in
depreciation expense.
Computer equipment held under capital leases consisted of the
following:
As of As of As of
30 June 30 June 31 December
2017 2016 2016
(Unaudited) (Unaudited) $000
$000 $000
------------- ------------- --------------
Cost of equipment and installation 390 390 390
Less: accumulated depreciation ( 287) ( 188) ( 238)
------------- ------------- --------------
103 202 152
============= ============= ==============
At 30 June 2017, future minimum lease payments under capital
lease agreements consist of the following:
Year Ending 30 June:
Amount
(Unaudited)
$000
-------------
2018 103
2019 18
121
Less: interest ( 6)
-------------
115
Less: current portion ( 97)
-------------
18
=============
-- Board of Directors Fees
Effective 30 May 2014, the Company contracts with two
non-executive directors ("NEDs") for 3-year terms subjective to
renewal for successive one-year periods. The Company pays
approximately $100,000 per annum to the NEDs. For the six months
ended 30 June 2017 and 2016, and the year ended 31 December 2016,
director fees were approximately $50,000, $50,000 and $100,000,
respectively. Options granted to the NEDs were approximately 72,000
shares, vested over a one-year term (Note 7).
-- Long-Term Vendor Commitment
In November 2014, the Company executed a three-year vendor
contract for data centre and related services, requiring an annual
fee of approximately $166,000, payable in equal monthly instalments
in advance through January 2018.
5. Income Taxes
Tax effects of temporary differences are as follows:
As of As of As of
30 June 30 June
2017 2016 31 December
(Unaudited) (Unaudited) 2016
$000 $000 $000
------------- ------------- --------------
Non-current deferred tax
assets (liabilities):
Allowance for doubtful accounts 10 26 10
Prepaid expenses ( 14) ( 56) ( 14)
Amortisation of software
development (536) (591) (536)
Amortisation of other intangible
assets 122 51 122
Amortisation of goodwill ( 142) ( 23) ( 99)
Accrued liabilities 18 18 18
Deferred revenue - ( 1) -
Basis differences in property
and equipment ( 42) ( 46) ( 42)
Net operating losses 2,305 1,937 2,305
Stock-based compensation 113 49 113
Tax credits 154 175 154
Other adjustments ( 2) ( 9) ( 2)
-------------
Total non-current 1,986 1,530 2,029
------------- ------------- --------------
Less: valuation allowance (2,128) (1,575) (2,128)
------------- ------------- --------------
Net deferred tax assets (liabilities) (142) ( 45) ( 99)
============= ============= ==============
Deferred tax assets and liabilities are recognised for the
expected tax consequences of temporary differences between the book
and tax bases of the Company's assets and liabilities. Valuation
allowances are recorded to reduce deferred tax assets when it is
more likely than not that a tax benefit will not be realised.
Management does not expect deferred tax assets to be fully realised
in future years. Therefore, a valuation allowance has been
recorded.
-- The components of the provision for income taxes are as follows:
Six Months Six Months Year Ended
Ended Ended
30 June 30 June 31 December
2017 2016 2016
(Unaudited) (Unaudited)
-------------- -------------- --------------
Current tax expense:
Federal - - -
State 8 - 7
-------------- -------------- --------------
8 - 7
-------------- -------------- --------------
Deferred tax expense:
Federal 43 - 51
State - - 3
-------------- -------------- --------------
43 - 54
Total provision for income
taxes 51 - 61
============== ============== ==============
The effective income tax rate differs from the federal statutory
income tax rate due to state income taxes, certain non-deductible
expenses and the valuation allowance for the period.
At 30 June 2017, the Company had approximately $6,481,000 in net
operating loss carryforwards ("NOL") available to use against
taxable income. The NOL's expire through 2036.
At 30 June 2017, the Company had approximately $154,000 in
federal research and development ("R&D") credits available to
use against taxable income. The R&D credits will begin to
expire starting in 2034.
6. Stockholders' Equity
The Board has authorised 100,000,000 shares of Ordinary Shares,
$0.0001 par value. As of 30 June 2017 and 2016, and 31 December
2016, there were 36,302,900 shares issued and outstanding.
7. Stock-Based Compensation
In June 2014, the Board adopted the 2014 Share Option and
Incentive Plan (the "Plan") that authorised the Board to grant
options and restricted stock to employees and directors to acquire
up to 3,000,000 shares of the Company's Ordinary Shares. The option
price generally may not be less than the underlying stock's fair
market value on the date of the grant. The options generally vest
rateably up to a three-year period beginning the date of grant and
expire as determined by the Board, but not more than 10 years from
the date of grant. The amounts granted each calendar year is
limited depending on certain terms of the Plan. As of 30 June 2017,
approximately 1,152,000 shares remain available for grant under the
Plan. The Plan terminates in June 2024.
The following table summarises activity of the Company's stock
options during the six months ended 30 June 2017 and 2016, and the
year ended 31 December 2016:
Weighted-Average
Exercise
Shares Price
---------- -----------------
Outstanding at 1 January
2016 1,536,165 $0.96
Granted 405,000 $0.51
Forfeited or cancelled (30,000) $0.91
----------
Outstanding at 30 June
2016 (unaudited) 1,911,165 $0.86
Granted - -
Forfeited or cancelled (45,000) $0.97
----------
Outstanding at 31 December
2016 1,866,165 $0.86
Granted - -
Forfeited or cancelled (18,000) $0.97
----------
Outstanding at 30 June
2016 (unaudited) 1,848,165 $0.86
----------
Exercisable at 30 June
2016 (unaudited) 490,165 $0.96
----------
Exercisable at 31 December
2016 863,165 $0.96
----------
Exercisable at 30 June
2017 (unaudited) 1,061,165 $0.77
----------
As of 30 June 2017, there was approximately $53,000 of total
unrecognised compensation costs related to unvested stock options,
which is expected to be recognised over a weighted-average period
of 0.49 years. To the extent the actual forfeiture rate is
different from what we have estimated, stock-based compensation
expense related to these awards will be different from our
expectations.
The following assumptions were used for the Black-Scholes option
pricing model:
4 Jan
2016
-----------
Weighted-average fair
value on day of grant $0.14
Risk-free interest rate 1.00%
Expected dividend yield 0.00%
Expected volatility 32.90%
Weighted-average expected
life of option 4.00 years
8. Earnings Per Share
Basic earnings per share is computed by dividing net income by
the weighted average number of shares of common stock outstanding
during the period. Diluted earnings per share is computed by
dividing net income by the weighted average number of shares of
common stock and common stock equivalents outstanding during the
period. Dilutive common stock equivalents represent shares issuable
upon assumed exercise of stock options.
Six Months Six Months Year Ended
Ended Ended
30 June 30 June 31 December
2017 2016 2016
(Unaudited) (Unaudited)
-------------- -------------- --------------
Basic income per share ($0.03) ($0.03) ($0.06)
Diluted income per share ($0.03) ($0.03) ($0.06)
Weighted-average common shares
outstanding:
Basic and diluted 36,302,900 36,302,900 36,302,900
9. Employee Retirement Plan
The Company sponsors an employee retirement plan known as the
ClearStar, Inc. 401(k) Profit Sharing Plan Trust (the "401k Plan").
Under the 401k Plan, employees may contribute up to the maximum
contributions as set periodically by the Internal Revenue Service.
Additionally, the Company may make a discretionary contribution to
the 401k Plan. Employer profit sharing contributions vest over six
years. Participant contributions and employer safe harbour matching
contributions are 100 per cent. vested.
For the six months ended 30 June 2017 and 2016, and the year
ended 31 December 2016, matching contributions were approximately
$77,000, $76,000 and $148,000, respectively.
10. Concentrations
-- Significant Vendor
A significant vendor is defined as one from which the Company
receives at least 10 per cent. of its total purchases. For the six
months ended 30 June 2017 and 2016, and the year ended 31 December
2016, the Company had purchases from two suppliers totalling
approximately $1,814,000, $1,577,000 and $3,331,000 which comprised
approximately 51, 53 and 54 per cent. of the Company's purchases,
respectively. Accounts payable and accrued liabilities included
approximately $756,000, $620,000 and $539,000 to these vendors at
30 June 2017 and 2016, and 31 December 2016, respectively.
-- Significant Customer
A significant customer is defined as one from whom at least 10
per cent. of reported revenue is derived. For the six months ended
30 June 2017 and the year ended 31 December 2016, the Company had
sales to one customer totalling approximately $962,000 and
$1,748,000, respectively, which comprised approximately 11 per
cent. of the Company's revenue. At 30 June 2017 and 31 December
2016, the accounts receivable balance included approximately
$216,000 and $148,000, respectively, from this customer. There were
no significant customers for the six months ended 30 June 2016.
11. Related Party Transactions
The Company contracted with a certain shareholder of the Company
to provide consulting services. During the six months ended 30 June
2017 and 2016, and the year ended 31 December 2016, the Company
incurred approximately $18,000, $17,000 and $41,000, respectively,
in consulting fees to this related party.
The Company leased one of its office spaces from Flying Diamond,
LLC, a company owned by two shareholders (see Note 4). Rental
expense paid to the related party for the six months ended 30 June
2016 and the year ended 31 December 2016 was approximately $48,000
and $83,000, respectively. This lease was terminated in November
2016.
12. Subsequent Events
The Company evaluated subsequent events through 19 September
2017, when these consolidated financial statements were available
to be issued.
Effective as of 8.00 a.m. BST on 8 September 2017, the
restricted line of stock having the ticker CLST ceased and all
ordinary shares formally traded on the restricted line having the
ticker CLST are now traded on the unrestricted line of stock having
the ticker CLSU. Consequently, the Depository Interest programme
with respect to CLST has been terminated.
On 25 August 2017, Hurricane Harvey made landfall near Corpus
Christi, Texas and on 10 September 2017, Hurricane Irma made
initial landfall near the Florida Keys, Florida - both as major
hurricanes followed by substantial rainfall and flooding in Texas,
Florida and, to a lesser degree, in the neighbouring states,
including Georgia where the Company is headquartered. ClearStar had
undertaken substantial preparatory work to minimise any business
disruption, particularly at the Company's office in Melbourne,
Florida which is the primary base for the Company's medical
information services. As a result, the Company's operations have
not been affected. There is uncertainty to the impact on the
business operations of impacted clients.
Management is not aware of any other significant events that
occurred subsequent to the consolidated balance sheet date but
prior to the filing of this report that would have a material
impact on the consolidated financial statements.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR EAFNPFDLXEAF
(END) Dow Jones Newswires
September 19, 2017 02:01 ET (06:01 GMT)
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