Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

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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