Financials

v3.7.0.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2017
Dec. 31, 2016
Current assets:    
Cash and cash equivalents $ 4,705 $ 1,711
Restricted cash 3,403 3,148
Deferred course expenses 9,711 9,067
Prepaid expenses and other current assets 4,083 3,458
Inventory 373 348
Total current assets 22,275 17,732
Property and equipment, net 1,170 1,130
Deferred tax asset, net 1,563 1,295
Other assets 305 207
Total assets 25,313 20,364
Current liabilities:    
Accounts payable 3,049 3,344
Royalties payable 376 175
Accrued course expenses 1,840 1,082
Accrued salaries, wages and benefits 1,127 840
Other accrued expenses 2,583 2,052
Long-term debt, current portion 11 11
Deferred revenue, current portion 57,397 54,389
Total current liabilities 66,383 61,893
Long-term debt, net of current portion 26 31
Deferred revenue, net of current portion 555 235
Other liabilities 479 379
Total liabilities 67,443 62,538
Commitments and contingencies (Note 10)
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, 23,030,929 and 22,630,927 shares issued and outstanding at June 30, 2017 and December 31, 2016 2 2
Additional paid-in capital 11,180 11,073
Cumulative foreign currency translation adjustment 1,390 2,668
Accumulated deficit (54,702) (55,917)
Total stockholders' deficit (42,130) (42,174)
Total liabilities and stockholders' deficit $ 25,313 $ 20,364

Source

v3.7.0.1
Condensed Consolidated Statements of Operations and Comprehensive Income Loss (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
Income Statement [Abstract]        
Revenue $ 24,780 $ 23,375 $ 47,595 $ 46,113
Operating costs and expenses:        
Direct course expenses 13,007 12,584 25,836 24,238
Advertising and sales expenses 5,131 5,322 9,722 10,589
Royalty expenses 1,639 1,070 2,532 2,043
General and administrative expenses 4,231 3,685 8,572 7,744
Total operating costs and expenses 24,008 22,661 46,662 44,614
Income from operations 772 714 933 1,499
Other income (expense):        
Interest income (expense), net (2) 1 (5) (2)
Other income, net 69 319 152 140
Total other income, net 67 320 147 138
Income before income taxes 839 1,034 1,080 1,637
Income tax benefit/(expense) 156 (9) 135 (19)
Net income $ 995 $ 1,025 $ 1,215 $ 1,618
Basic earnings per common share $ 0.04 $ 0.05 $ 0.05 $ 0.08
Diluted earnings per common share $ 0.04 $ 0.04 $ 0.05 $ 0.07
Basic weighted average common shares outstanding 21,284 20,961 21,284 20,961
Diluted weighted average common shares outstanding 22,763 21,846 22,697 21,846
Comprehensive income/(loss):        
Net income $ 995 $ 1,025 $ 1,215 $ 1,618
Foreign currency translation adjustments, net of tax of $0 (980) 1,474 (1,278) 1,959
Total comprehensive income (loss) $ 15 $ 2,499 $ (63) $ 3,577

Source

v3.7.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 1,215 $ 1,618
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 65 78
Gain on change in fair value of derivatives (87) (3)
Share-based compensation 107 74
Deferred income taxes (264) (1)
Changes in operating assets and liabilities:    
Restricted cash (186) (721)
Deferred course expenses (487) (161)
Prepaid expenses and other receivable (539) (447)
Inventory (18) 180
Other assets (27) (3)
Accounts payable-trade (388) 2,153
Royalties payable 201 103
Accrued course expenses 725 390
Accrued salaries, wages and benefits 280 (618)
Other accrued expenses 656 (1,124)
Deferred revenue 1,832 (2,089)
Other liabilities 100
Net cash provided by (used in) operating activities 3,185 (571)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchases of property and equipment (103) (37)
Net cash used in investing activities (103) (37)
CASH FLOWS FROM FINANCING ACTIVITIES    
Principal payments on debt (5) (5)
Net cash used in financing activities (5) (5)
Effect of exchange rate differences on cash (83) 703
Net increase in cash and cash equivalents 2,994 90
Cash and cash equivalents, beginning of period 1,711 4,881
Cash and cash equivalents, end of period 4,705 4,971
Supplemental disclosures:    
Cash paid during the period for interest 5 5
Cash paid during the period for income taxes, net of refunds received $ 30 $ 34

Source