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
9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income/(loss) $ (4,493) $ 3,030
Adjustments to reconcile net income/(loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 108 95
Gain on change in fair value of derivatives (24) (97)
Share-based compensation 145 168
Deferred income taxes (1,072) (145)
Changes in operating assets and liabilities:    
Deferred course expenses 577 (598)
Prepaid expenses and other receivable 622 (1,248)
Inventory 51 36
Other assets (5) (35)
Accounts payable-trade 37 (200)
Royalties payable 120 129
Accrued course expenses 619 1,041
Accrued salaries, wages and benefits (832) 114
Other accrued expenses 868 719
Deferred revenue 1,636 1,813
Net cash provided by (used in) operating activities (1,643) 4,822
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchases of property and equipment (839) (114)
Net cash used in investing activities (839) (114)
CASH FLOWS FROM FINANCING ACTIVITIES    
Principal payments on debt (9) (8)
Proceeds from issuance debt 500
Net cash provided by (used in) financing activities 491 (8)
Effect of exchange rate differences on cash 157 (1,050)
Net increase (decrease) in cash and cash equivalents and restricted cash (1,834) 3,650
Cash and cash equivalents and restricted cash, beginning of period 8,904 4,859
Cash and cash equivalents and restricted cash, end of period 7,070 8,509
Supplemental disclosures:    
Cash paid during the period for interest 13 7
Cash paid during the period for income taxes, net of refunds received $ (774) $ 30