Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.5.0.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income (loss) $ 1,618 $ (1,590)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 78 97
Gain on change in fair value of derivatives (3)
Share-based compensation 74
Deferred income taxes (1) 1
Changes in operating assets and liabilities:    
Restricted cash (721) (124)
Deferred course expenses (161) (36)
Prepaid expenses and other receivable (447) (317)
Inventory 180 (34)
Other assets (3) (13)
Accounts payable-trade 2,153 592
Royalties payable 103 104
Accrued course expenses 390 770
Accrued salaries, wages and benefits (618) 309
Other accrued expenses (1,124) 1,339
Deferred revenue (2,089) 1,101
Net cash provided by (used in) operating activities (571) 2,199
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchases of property and equipment (37) (59)
Net cash used in investing activities (37) (59)
CASH FLOWS FROM FINANCING ACTIVITIES    
Principal payments on debt (5) (5)
Proceeds from private offering of securities 459
Net cash provided by (used in) financing activities (5) 454
Effect of exchange rate differences on cash 703 (430)
Net increase in cash and cash equivalents 90 2,164
Cash and cash equivalents, beginning of period 4,881 2,932
Cash and cash equivalents, end of period 4,971 5,096
Supplemental disclosures:    
Cash paid during the period for interest 5 4
Cash paid during the period for income taxes, net of refunds received 34 34
Derivative liability from issuance of warrants $ 164