Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v3.21.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 615 $ 6,836
Less net income from discontinued operations 171 2,109
Net income from continuing operations 444 4,727
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 4 36
Non-cash lease expense 13 10
Gain on the sale of fixed assets and investment property (33)
Share-based compensation 31 14
Amortization of debt discount 356
Deferred income taxes (448)
Changes in operating assets and liabilities:    
Deferred course expenses 784 2,004
Prepaid expenses and other receivable 248 574
Inventory 1
Other assets 9
Accounts payable-trade (507) (62)
Royalties payable (11) (17)
Accrued course expenses (283)
Accrued salaries, wages and benefits (36) (298)
Operating lease liability (13) (11)
Other accrued expenses 672 651
Deferred revenue (5,384) (11,006)
Net cash used in operating activities - continuing operations (3,399) (4,132)
Net cash (used in) provided by operating activities - discontinued operations (41) 110
Net cash used in operating activities (3,440) (4,022)
CASH FLOWS FROM INVESTING ACTIVITIES    
Proceeds from sale of investment property 365
Net cash provided by investing activities - continuing operations 365
Net cash used in investing activities - discontinued operations
Net cash provided by investing activities 365
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from borrowing Paycheck Protection Program loan 1,900 1,900
Proceeds from debentures with related parties 400
Net cash provided by financing activities - continuing operations 2,300 1,900
Net cash provided by financing activities - discontinued operations
Net cash provided by financing activities 2,300 1,900
Effect of exchange rate differences on cash 464 (783)
Net decrease in cash and cash equivalents and restricted cash (676) (2,540)
Cash and cash equivalents and restricted cash, beginning of period 2,680 6,228
Cash and cash equivalents and restricted cash, end of period 2,004 3,688
Supplemental disclosures:    
Cash paid during the period for interest 107
Cash paid during the period for income taxes, net of refunds received 100
Supplemental disclosure of non-cash activity:    
Supplemental non-cash amounts of lease liabilities arising from obtaining right-of-use assets/(decrease) of lease liability due to cancellation of leases (2)
Common stock and warrants issued from conversion of senior convertible debenture – related party 355
Initial recognition of beneficial conversion feature for senior secured convertible debt - related party $ 396