Financials

v3.7.0.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2016
Dec. 31, 2015
Current assets:    
Cash and cash equivalents $ 1,711 $ 4,881
Restricted cash 3,148 2,946
Deferred course expenses 9,067 9,211
Prepaid expenses and other current assets 3,458 2,169
Inventory 348 492
Total current assets 17,732 19,699
Property and equipment, net 1,130 1,226
Deferred tax asset, net 1,295
Other assets 207 200
Total assets 20,364 21,125
Current liabilities:    
Accounts payable 3,344 2,451
Royalties payable 175 163
Accrued course expenses 1,082 1,226
Accrued salaries, wages and benefits 840 1,258
Other accrued expenses 2,052 2,372
Long-term debt, current portion 11 10
Deferred revenue, current portion 54,389 60,698
Total current liabilities 61,893 68,178
Long-term debt, net of current portion 31 42
Deferred revenue, net of current portion 235 71
Other liabilities 379 45
Total liabilities 62,538 68,336
Commitments and contingencies (Note 15)
Stockholders' deficit:    
Preferred stock, $0.0001 par value, 20,000,000 shares authorized, none issued
Common stock, $0.0001 par value, 200,000,000 shares authorized, 22,630,927 and 21,845,927 shares issued and outstanding at December 31, 2016 and December 31, 2015, respectively 2 2
Additional paid-in capital 11,073 10,905
Cumulative foreign currency translation adjustment 2,668 1,680
Accumulated deficit (55,917) (59,798)
Total stockholders' deficit (42,174) (47,211)
Total liabilities and stockholders' deficit $ 20,364 $ 21,125

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v3.7.0.1
Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Income Statement [Abstract]    
Revenue $ 89,196 $ 87,161
Operating costs and expenses:    
Direct course expenses 47,843 48,201
Advertising and sales expenses 19,484 20,293
Royalty expenses 4,341 5,446
General and administrative expenses 15,055 16,317
Total operating costs and expenses 86,723 90,257
Income (loss) from operations 2,473 (3,096)
Other income (expense):    
Interest income (expense), net (5) (7)
Other income, net 472 392
Total other income 467 385
Income (loss) before income taxes 2,940 (2,711)
Income tax benefit/(expense) 941 (15)
Net income (loss) $ 3,881 $ (2,726)
Basic earnings (loss) per common share $ 0.18 $ (0.13)
Diluted earnings (loss) per common share $ 0.17 $ (0.13)
Basic weighted average common shares outstanding 21,092 20,910
Diluted weighted average common shares outstanding 22,133 20,910
Comprehensive income (loss):    
Net income (loss) $ 3,881 $ (2,726)
Foreign currency translation adjustments 988 1,310
Total comprehensive income (loss) $ 4,869 $ (1,416)

Source

v3.7.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income (loss) $ 3,881 $ (2,726)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 146 185
Gain on change in fair value of derivatives 82 (136)
Share-based compensation 168 63
Deferred income taxes (1,297) (18)
Changes in operating assets and liabilities:    
Restricted cash (319) (1,145)
Deferred course expenses (407) (720)
Prepaid expenses and other receivable (1,389) 201
Inventory 118 (341)
Other assets (4) (11)
Accounts payable-trade 1,137 (73)
Royalties payable 12 59
Accrued course expenses (67) 212
Accrued salaries, wages and benefits (396) 701
Other accrued expenses (1,617) 324
Deferred revenue (1,945) 6,205
Other liabilities 334
Net cash provided by (used in) operating activities (1,563) 2,780
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchases of property and equipment (55) (81)
Net cash used in investing activities (55) (81)
CASH FLOWS FROM FINANCING ACTIVITIES    
Principal payments on debt (10) (9)
Proceeds from private offering of securities 459
Net cash provided by (used in) financing activities (10) 450
Effect of exchange rate differences on cash (1,542) (1,200)
Net increase (decrease) in cash and cash equivalents (3,170) 1,949
Cash and cash equivalents, beginning of period 4,881 2,932
Cash and cash equivalents, end of period 1,711 4,881
Supplemental disclosures:    
Cash paid during the period for interest 8 8
Cash paid during the period for income taxes, net of refunds received 12 15
Supplemental disclosure of non-cash activity:    
Derivative liability from issuance of warrants $ 164

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