Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.3.1.900
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income (loss) $ (2,726) $ 7,365
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 185 $ 216
Gain on change in fair value of derivatives (136)
Share-based compensation 63 $ 22
Deferred income taxes $ (18) 3
Litigation settlement (1,300)
Changes in operating assets and liabilities:    
Restricted cash $ (1,145) 1,192
Deferred course expenses (720) 5,272
Prepaid expenses and other receivable 201 (433)
Inventory (341) 39
Other assets (11) 3
Accounts payable-trade (73) 554
Royalties payable 59 (81)
Accrued course expenses 212 (53)
Accrued salaries, wages and benefits 701 44
Other accrued expenses 324 1,068
Deferred revenue 6,205 (15,563)
Net cash provided by (used in) operating activities 2,780 (1,652)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchases of property and equipment (81) (187)
Net cash used in investing activities (81) (187)
CASH FLOWS FROM FINANCING ACTIVITIES    
Principal payments on debt (9) $ (338)
Proceeds from private offering of securities 459
Net cash provided by (used in) financing activities 450 $ (338)
Effect of exchange rate differences on cash (1,200) (445)
Net increase (decrease) in cash and cash equivalents 1,949 (2,622)
Cash and cash equivalents, beginning of period 2,932 5,554
Cash and cash equivalents, end of period 4,881 2,932
Supplemental disclosures:    
Cash paid during the period for interest 8 44
Cash paid during the period for income taxes, net of refunds received 15 $ (6)
Supplemental disclosure of non-cash activity:    
Derivative liability from issuance of warrants $ 164
Portion of equipment acquired using installment note financing $ 65