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
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income/(loss) $ (3,272) $ 1,637
Adjustments to reconcile net income/(loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 70 65
Gain on change in fair value of derivatives (24) (87)
Share-based compensation 114 107
Deferred income taxes (270) (355)
Changes in operating assets and liabilities:    
Deferred course expenses 514 (240)
Prepaid expenses and other receivable 1,109 (539)
Inventory (126) (18)
Other assets (8) (27)
Accounts payable-trade (18) (388)
Royalties payable 106 201
Accrued course expenses 203 725
Accrued salaries, wages and benefits (607) 280
Other accrued expenses 1,627 656
Deferred revenue (1,708) 1,254
Other liabilities 100
Net cash provided by/(used in) operating activities (2,290) 3,371
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchases of property and equipment (480) (103)
Net cash used in investing activities (480) (103)
CASH FLOWS FROM FINANCING ACTIVITIES    
Principal payments on debt (6) (5)
Net cash used in financing activities (6) (5)
Effect of exchange rate differences on cash (39) (14)
Net increase/(decrease) in cash and cash equivalents and restricted cash (2,815) 3,249
Cash and cash equivalents and restricted cash, beginning of period 8,904 4,859
Cash and cash equivalents and restricted cash, end of period 6,089 8,108
Supplemental disclosures:    
Cash paid during the period for interest 8 5
Cash paid during the period for income taxes, net of refunds received $ (774) $ 30