Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.21.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Current assets:    
Cash and cash equivalents $ 1,514 $ 3,839
Restricted cash 1,180 2,389
Deferred course expenses 1,973 6,805
Prepaid expenses and other current assets 1,578 2,074
Inventory 10 47
Total current assets 6,255 15,154
Property and equipment, net 4 1,382
Right-of-use assets 45 122
Deferred tax asset, net 287
Other assets 40 413
Total assets 6,344 17,358
Current liabilities:    
Accounts payable 2,852 2,311
Royalties payable 113 150
Accrued course expenses 277 576
Accrued salaries, wages and benefits 73 459
Operating lease liability, current portion 25 86
Other accrued expenses 4,931 1,660
Short-term borrowings and current portion of long-term debt 500
Deferred revenue 15,795 46,453
Discontinued operations-current liabilities 3,740 4,499
Total current liabilities 27,806 56,694
Long-term debt, net of current portion 1,900
Deferred tax liability, net 134
Other long-term liability 120  
Operating lease liability, net of current portion 20 27
Total liabilities 29,980 56,721
Commitments and contingencies (Note 15)
Stockholders' deficit:    
Preferred stock, $0.0001 par value, 20,000,000 shares authorized, none issued
Common stock, $0.0001 par value; 200,000,000 authorized; 23,279,197 and 23,162,502 shares issued and outstanding as of December 31, 2020 and December 31, 2019, respectively 2 2
Additional paid-in capital 11,564 11,552
Cumulative foreign currency translation adjustment 416 710
Accumulated deficit (35,618) (51,627)
Total stockholders' deficit (23,636) (39,363)
Total liabilities and stockholders' deficit $ 6,344 $ 17,358