Financials

v3.23.3
Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Current assets:    
Cash and cash equivalents $ 129 $ 112
Restricted cash 111 111
Deferred course expenses 200 163
Prepaid expenses and other current assets 362 342
Inventory 1 1
Discontinued operations current assets
Total current assets 803 729
Property and equipment, net 1
Right-of-use assets 78 113
Other assets 6 6
Discontinued operations-other assets 32 32
Total assets 920 880
Current liabilities:    
Accounts payable 2,658 2,577
Royalties payable 110 110
Accrued course expenses 240 237
Accrued salaries, wages and benefits 743 195
Operating lease liability, current portion 59 67
Other accrued expenses 4,029 2,940
Deferred revenue 3,861 3,470
Short-term related party debt, net of unamortized debt discount of $133 3,707 2,429
Current portion of long term debt, net of unamortized debt discount of $0 1,001 1,184
Discontinued operations-current liabilities 9,442 9,243
Total current liabilities 25,850 22,452
Long-term debt, net of current portion and net of unamortized debt discount 758 558
Deferred tax liability, net 796 796
Other long term liabilities
Operating lease liability, net of current portion 18 46
Total liabilities 27,423 23,852
Commitments and contingencies (Note 13)
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; 48,382,697 and 38,182,697 shares issued and outstanding as of September 30, 2023 and December 31, 2022 3 3
Additional paid-in capital 13,253 13,217
Cumulative foreign currency translation adjustment 617 1,593
Accumulated deficit (39,993) (37,695)
Non Controlling Interest (383) (91)
Total stockholders’ deficit (26,503) (22,973)
Total liabilities and stockholders’ deficit $ 920 $ 880

Source

v3.23.3
Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Income Statement [Abstract]        
Revenue $ (18) $ 57 $ 111 $ 410
Operating costs and expenses:        
Direct course expenses 46 66 215 270
Advertising and sales expenses 0 27 80 169
Royalty expenses 0 0 0
General and administrative expenses 760 579 2,186 1,888
Total operating costs and expenses 806 671 2,481 2,326
Income (loss) from operations (824) (614) (2,370) (1,916)
Other expense:        
Interest expense, net (101) (188) (221) (425)
Other expense, net 0 0 3
Gain on forgiveness of PPP Loan 0 1,148 (0) 1,148
Total other expense, net (101) 961 (221) 726
Income (loss) from continuing operations before income taxes (925) 346 (2,591) (1,189)
Income tax (expense) benefit 0 0 136
Net income (loss) from continuing operations (925) 346 (2,591) (1,053)
Income from discontinued operations 0 0 0 0
Net income from discontinued operations 0
Less: Net Income attributable to Non controlling interest 170   292  
Net income (loss) $ (754) $ 346 $ (2,298) $ (1,053)
Basic earnings (loss) per common share - continuing operations $ (0.03) $ 0.01 $ (0.07) $ (0.03)
Basic earnings (loss) per common share - discontinued operations 0
Basic earnings (loss) per common share (0.03) 0.01 (0.07) (0.03)
Diluted earnings (loss) per common share - continuing operations (0.03) 0.01 (0.07) (0.03)
Diluted earnings (loss) per common share - discontinued operations 0
Diluted earnings (loss) per common share $ (0.03) $ 0.01 $ (0.07) $ (0.03)
Basic weighted average common shares outstanding 37,868 35,696 38,617 34,683
Diluted weighted average common shares outstanding 37,868 35,696 38,617 34,683
Comprehensive income:        
Foreign currency translation adjustments, net of tax of $0   $ 101 $ (976) $ 722
Total comprehensive income (loss) $ (754) $ 447 $ (3,274) $ (331)

Source

v3.23.3
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES          
Net Loss     $ (2,591) $ (1,053)  
Less net income from discontinued operations      
Net income (loss) from continuing operations $ (925) $ 346 (2,591) (1,053)  
Adjustments to reconcile net income to net cash provided by (used in) operating activities:          
Depreciation and amortization      
Non-cash lease expense     20  
Gain on the sale of fixed assets and investment property      
Share-based compensation     12 91  
Cancellation of common stock      
Amortization of debt discount     261  
Gain on debt extinguishment (PPP loan forgiveness) 0 (1,148) 0 (1,148)  
Deferred income taxes     (158)  
Changes in operating assets and liabilities:          
Deferred course expenses     (19) 61  
Prepaid expenses and other receivable     (353) (56)  
Inventory      
Other assets     1  
Accounts payable-trade     230 (363)  
Royalties payable      
Accrued course expenses     24 (85)  
Accrued salaries, wages and benefits     549 (10)  
Operating lease liability     (20)  
Other accrued expenses     898 (147)  
Deferred revenue     302 (604)  
Net cash used in operating activities - continuing operations     (948) (3,210)  
Net cash (used in) provided by operating activities - discontinued operations        
Net cash used in operating activities     (948) (3,210)  
CASH FLOWS FROM INVESTING ACTIVITIES          
Proceeds from the sale of investment property      
Proceeds from sale property and equipment     (1)  
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 issuance of debt     1,295 1,063  
Proceeds from borrowing Paycheck Protection Program loan        
Proceeds from paycheck protection program        
Proceeds from debentures including related parties        
Issuance of common stock     23    
Net cash provided by financing activities - continuing operations     1,318 1,063  
Net cash provided by financing activities - discontinued operations      
Net cash provided by financing activities     1,318 1,063  
Effect of exchange rate differences on cash     (353) 1,346  
Net decrease in cash and cash equivalents and restricted cash     17 (801)  
Cash and cash equivalents and restricted cash, beginning of period, including cash in discontinued operations     223 950 $ 950
Cash and cash equivalents and restricted cash, end of period $ 240 $ 149 $ 240 $ 149 $ 223

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