Financials

v3.22.2.2
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Current assets:    
Cash and cash equivalents $ 37 $ 576
Restricted cash 112 374
Deferred course expenses 260 304
Prepaid expenses and other current assets 330 607
Inventory 1 1
Discontinued operations current assets
Total current assets 740 1,862
Right-of-use assets 20
Other assets 6 6
Discontinued operations-other assets 32 33
Total assets 778 1,921
Current liabilities:    
Accounts payable 2,553 2,544
Royalties payable 110 110
Accrued course expenses 236 252
Accrued salaries, wages and benefits 192 202
Operating lease liability, current portion 20
Other accrued expenses 775 2,114
Deferred revenue 4,114 4,438
Short-term related party debt, net of unamortized debt discount of $133 1,178 142
Current portion of long term debt, net of unamortized debt discount of $0 344 1,011
Discontinued operations-current liabilities 10,651 9,845
Total current liabilities 20,153 20,678
Long-term debt, net of current portion and net of unamortized debt discount 1,740 1,933
Deferred tax liability, net 1,336 1,493
Other long term liabilities
Operating lease liability, net of current portion
Total liabilities 23,229 24,104
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; 37,867,697and 33,917,697 shares issued and outstanding as of September 30, 2022, and December 31, 2021 3 3
Additional paid-in capital 13,225 13,161
Cumulative foreign currency translation adjustment 1,559 837
Accumulated deficit (37,238) (36,184)
Total stockholders’ deficit (22,451) (22,183)
Total liabilities and stockholders’ deficit $ 778 $ 1,921

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v3.22.2.2
Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Income Statement [Abstract]        
Revenue $ 57,000 $ 1,379,000 $ 410,000 $ 7,361,000
Operating costs and expenses:        
Direct course expenses 66,000 675,000 270,000 1,899,000
Advertising and sales expenses 27,000 729,000 169,000 1,343,000
Royalty expenses 0 0 0 0
General and administrative expenses 579,000 1,172,000 1,888,000 3,568,000
Total operating costs and expenses 672,000 2,576,000 2,327,000 6,810,000
Income (loss) from operations (615,000) (1,197,000) (1,917,000) 551,000
Other expense:        
Interest expense, net (188,000) (35,000) (424,000) (421,000)
Other expense, net 9,000 3,000 6,000
Gain on forgiveness of PPP Loan 1,148,000 910,000 1,148,000 910,000
Total other expense, net 960,000 884,000 727,000 495,000
Income (loss) from continuing operations before income taxes 346,000 (313,000) (1,190,000) 1,046,000
Income tax (expense) benefit 118,000 136,000 (797,000)
Net income (loss) from continuing operations 346,000 (195,000) (1,054,000) 249,000
Income from discontinued operations 171,000
Net income from discontinued operations 171,000
Net income (loss) $ 346,000 $ (195,000) $ (1,054,000) $ 420,000
Basic earnings (loss) per common share - continuing operations $ 0.01 $ (0.01) $ (0.03) $ 0.02
Basic earnings (loss) per common share - discontinued operations
Basic earnings (loss) per common share 0.01 (0.01) (0.03) 0.02
Diluted earnings (loss) per common share - continuing operations 0.01 (0.01) (0.03) 0.01
Diluted earnings (loss) per common share - discontinued operations
Diluted earnings (loss) per common share $ 0.01 $ (0.01) $ (0.03) $ 0.01
Basic weighted average common shares outstanding 35,696 33,064 34,683 26,373
Diluted weighted average common shares outstanding 35,696 33,064 34,683 41,776
Comprehensive income:        
Net income (loss) $ 346,000 $ (195,000) $ (1,054,000) $ 420,000
Foreign currency translation adjustments, net of tax of $0 101,000 336,000 722,000 387,000
Total comprehensive income (loss) $ 447,000 $ 141,000 $ (332,000) $ 807,000

Source

v3.22.2.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ (1,054) $ 420
Less net income from discontinued operations 171
Net income (loss) from continuing operations (1,054) 249
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 4
Non-cash lease expense 20 20
Gain on the sale of fixed assets and investment property
Share-based compensation 91 82
Cancellation of common stock
Amortization of debt discount 261 376
Gain on debt extinguishment (PPP loan forgiveness) (1,148) (910)
Deferred income taxes (158) 1,469
Changes in operating assets and liabilities:    
Deferred course expenses 61 875
Prepaid expenses and other receivable (56) 481
Inventory 9
Other assets 1
Accounts payable-trade (363) (412)
Royalties payable (11)
Accrued course expenses (85) (10)
Accrued salaries, wages and benefits (10) 8
Operating lease liability (20) (20)
Other accrued expenses (146) (449)
Deferred revenue (604) (5,990)
Net cash used in operating activities - continuing operations (3,210) (4,229)
Net cash (used in) provided by operating activities - discontinued operations (41)
Net cash used in operating activities (3,210) (4,270)
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    
Proceeds from debt 1,063 (8)
Proceeds from borrowing Paycheck Protection Program loan 1,900
Proceeds from paycheck protection program  
Proceeds from debentures including related parties 900
Issuance of common stock for stock option purchase
Net cash provided by financing activities - continuing operations 1,063 2,792
Net cash provided by financing activities - discontinued operations
Net cash provided by financing activities 1,063 2,792
Effect of exchange rate differences on cash 1,346 98
Net decrease in cash and cash equivalents and restricted cash (801) (1,380)
Cash and cash equivalents and restricted cash, beginning of period, including cash in discontinued operations 950 2,694
Cash and cash equivalents and restricted cash, end of period $ 149 $ 1,314

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