Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.23.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (1,602) $ (566)
Less net income from discontinued operations 171
Net income (loss) from continuing operations (1,602) (737)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation and amortization 4
Non-cash lease expense 20 27
Share-based compensation 56 122
Cancellation of common stock (15)
Amortization of debt discount 344 453
Gain on debt extinguishment (PPP loan forgiveness) (1,148) (910)
Deferred income taxes (605) 1,359
Changes in operating assets and liabilities:    
Deferred course expenses 158 844
Prepaid expenses and other receivable (67) 559
Inventory 9
Other assets 1
Accounts payable-trade (307) 685
Royalties payable (11)
Accrued course expenses (72) (25)
Accrued salaries, wages and benefits (8) 129
Operating lease liability (20) (27)
Other accrued expenses 535 (1,503)
Deferred revenue (1,308) (5,782)
Net cash used in operating activities - continuing operations (4,023) (4,819)
Net cash (used in) provided by operating activities - discontinued operations (13)
Net cash used in operating activities (4,023) (4,832)
CASH FLOWS FROM INVESTING ACTIVITIES    
Proceeds from the sale of investment property
Proceeds from sale property and equipment
Net cash provided by investing activities - continuing operations
Net cash used in investing activities - discontinued operations
Net cash provided by investing activities
CASH FLOWS FROM FINANCING ACTIVITIES    
Principal payments on debt 1,888 (11)
Proceeds from borrowing Paycheck Protection Program loan 1,900
Proceeds from debentures including related parties 1,200
Issuance of common stock for stock option purchase 28 13
Net cash provided by financing activities - continuing operations 1,916 3,102
Net cash provided by financing activities - discontinued operations
Net cash provided by financing activities 1,916 3,102
Effect of exchange rate differences on cash 1,380  
Net decrease in cash and cash equivalents and restricted cash (727) (1,730)
Cash and cash equivalents and restricted cash, beginning of period, including cash in discontinued operations 950 2,680
Cash and cash equivalents and restricted cash, end of period 223 950
Supplemental disclosures:    
Cash paid during the period for interest 11 3
Cash received during the period for income taxes, net of tax payments   (52)
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 (1)
Non-cash disposal of property
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   896
Note payable issued for insurance policy financing   $ 26