Financials

v3.7.0.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2017
Dec. 31, 2016
Current assets:    
Cash and cash equivalents $ 2,973 $ 1,711
Restricted cash 3,669 3,148
Deferred course expenses 9,818 9,067
Prepaid expenses and other current assets 3,707 3,458
Inventory 363 348
Total current assets 20,530 17,732
Property and equipment, net 1,179 1,130
Deferred tax asset, net 1,497 1,295
Other assets 286 207
Total assets 23,492 20,364
Current liabilities:    
Accounts payable 3,226 3,344
Royalties payable 322 175
Accrued course expenses 2,296 1,082
Accrued salaries, wages and benefits 857 840
Other accrued expenses 2,406 2,052
Long-term debt, current portion 11 11
Deferred revenue, current portion 55,268 54,389
Total current liabilities 64,386 61,893
Long-term debt, net of current portion 28 31
Deferred revenue, net of current portion 688 235
Other liabilities 591 379
Total liabilities 65,693 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, 22,630,927 and 22,630,927 shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively 2 2
Additional paid-in capital 11,124 11,073
Cumulative foreign currency translation adjustment 2,370 2,668
Accumulated deficit (55,697) (55,917)
Total stockholders' deficit (42,201) (42,174)
Total liabilities and stockholders' deficit $ 23,492 $ 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
Mar. 31, 2017
Mar. 31, 2016
Income Statement [Abstract]    
Revenue $ 22,815 $ 22,738
Operating costs and expenses:    
Direct course expenses 12,829 11,654
Advertising and sales expenses 4,591 5,267
Royalty expenses 893 973
General and administrative expenses 4,341 4,059
Total operating costs and expenses 22,654 21,953
Income from operations 161 785
Other income (expense):    
Interest expense, net 3 3
Other income (expense), net 83 (179)
Total other income (expense), net 80 (182)
Income before income taxes 241 603
Income tax expense (21) (10)
Net income $ 220 $ 593
Basic earnings per common share $ 0.01 $ 0.03
Diluted earnings per common share $ 0.01 $ 0.03
Basic weighted average common shares outstanding 21,284 20,961
Diluted weighted average common shares outstanding 22,631 21,846
Comprehensive income/(loss):    
Net income $ 220 $ 593
Foreign currency translation adjustments, net of tax of $0 (298) 485
Total comprehensive income (loss) $ (78) $ 1,078

Source

v3.7.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 220 $ 593
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 33 39
Gain on change in fair value of derivatives (72) (5)
Share-based compensation 51 37
Deferred income taxes (201)
Changes in operating assets and liabilities:    
Restricted cash (502) (454)
Deferred course expenses (751) (54)
Prepaid expenses and other receivable (229) (261)
Inventory (12) 30
Other assets (27)
Accounts payable-trade (143) 1,509
Royalties payable 146 144
Accrued course expenses 1,205 628
Accrued salaries, wages and benefits 16 (271)
Other accrued expenses 432 (589)
Deferred revenue 982 (1,034)
Other liabilities 212
Net cash provided by operating activities 1,360 312
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchases of property and equipment (81) (20)
Net cash used in investing activities (81) (20)
CASH FLOWS FROM FINANCING ACTIVITIES    
Principal payments on debt (3) (2)
Net cash used in financing activities (3) (2)
Effect of exchange rate differences on cash (14) 513
Net increase in cash and cash equivalents 1,262 803
Cash and cash equivalents, beginning of period 1,711 4,881
Cash and cash equivalents, end of period 2,973 5,684
Supplemental disclosures:    
Cash paid during the period for interest 3 3
Cash paid during the period for income taxes, net of refunds received

Source