Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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