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
 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income (loss) $ 2,786 $ (2,557)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 112 133
Gain on change in fair value of derivatives (5) (127)
Share-based compensation 117 23
Deferred income taxes 2
Changes in operating assets and liabilities:    
Restricted cash (513) (299)
Deferred course expenses (281) (119)
Prepaid expenses and other receivable (1,313) (733)
Inventory 53 (19)
Other assets (4) (19)
Accounts payable-trade 1,456 1,264
Royalties payable 88 111
Accrued course expenses 509 1,022
Accrued salaries, wages and benefits (180) 766
Other accrued expenses (1,442) 1,306
Deferred revenue (3,389) 2,771
Net cash provided by (used in) operating activities (2,006) 3,525
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchases of property and equipment (40) (83)
Net cash used in investing activities (40) (83)
CASH FLOWS FROM FINANCING ACTIVITIES    
Principal payments on debt (7) (7)
Proceeds from private offering of securities 459
Net cash provided by (used in) financing activities (7) 452
Effect of exchange rate differences on cash 841 (1,024)
Net increase (decrease) in cash and cash equivalents (1,212) 2,870
Cash and cash equivalents, beginning of period 4,881 2,932
Cash and cash equivalents, end of period 3,669 5,802
Supplemental disclosures:    
Cash paid during the period for interest 6 5
Cash paid during the period for income taxes, net of refunds received 32 34
Derivative liability from issuance of warrants $ 164