Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.8.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 4,296 $ 3,881
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 125 146
Loss/(Gain) on change in fair value of derivatives (85) 82
Share-based compensation 226 168
Deferred income taxes 1,667 (1,297)
Changes in operating assets and liabilities:    
Restricted cash 330 (319)
Deferred course expenses (49) (407)
Prepaid expenses and other receivable (2,813) (1,389)
Inventory 34 118
Other assets (42) (4)
Accounts payable-trade (675) 1,137
Royalties payable 12 12
Accrued course expenses 699 (67)
Accrued salaries, wages and benefits 657 (396)
Other accrued expenses 516 (1,617)
Deferred revenue 496 (1,945)
Other liabilities 334
Net cash provided by (used in) operating activities 5,394 (1,563)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchases of property and equipment (181) (55)
Net cash used in investing activities (181) (55)
CASH FLOWS FROM FINANCING ACTIVITIES    
Principal payments on debt (11) (10)
Net cash used in financing activities (11) (10)
Effect of exchange rate differences on cash (908) (1,542)
Net increase (decrease) in cash and cash equivalents 4,294 (3,170)
Cash and cash equivalents, beginning of period 1,711 4,881
Cash and cash equivalents, end of period 6,005 1,711
Supplemental disclosures:    
Cash paid during the period for interest 10 8
Cash paid during the period for income taxes, net of refunds received $ 1,240 $ 12