Financials

v3.19.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2019
Dec. 31, 2018
Current assets:    
Cash and cash equivalents $ 3,979 $ 1,557
Restricted cash 6,761 5,080
Deferred course expenses 8,972 8,547
Prepaid expenses and other current assets 3,514 3,132
Inventory 83 89
Total current assets 23,309 18,405
Property and equipment, net 1,734 1,880
Right-of-use assets 1,399  
Deferred tax asset, net 182 97
Other assets 252 178
Total assets 26,876 20,560
Current liabilities:    
Accounts payable 5,300 4,962
Royalties payable 395 210
Accrued course expenses 2,474 1,483
Accrued salaries, wages and benefits 516 748
Operating lease liability 802  
Other accrued expenses 3,697 2,614
Long-term debt, current portion 891 512
Deferred revenue, current portion 60,003 57,353
Total current liabilities 74,078 67,882
Long-term debt, net of current portion 8
Operating lease liability, net of current portion 597  
Other liabilities 1,331 1,331
Total liabilities 76,006 69,221
Commitments and contingencies (Note 11)
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; 23,107,852 and 23,120,852 shares issued and outstanding as of March 31, 2019 and December 31, 2018, respectively 2 2
Additional paid-in capital 11,498 11,470
Cumulative foreign currency translation adjustment 1,052 1,444
Accumulated deficit (61,682) (61,577)
Total stockholders' deficit (49,130) (48,661)
Total liabilities and stockholders' deficit $ 26,876 $ 20,560

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v3.19.1
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Income Statement [Abstract]    
Revenue $ 24,576 $ 25,755
Operating costs and expenses:    
Direct course expenses 13,081 14,614
Advertising and sales expenses 5,438 5,572
Royalty expenses 1,360 1,156
General and administrative expenses 4,695 4,848
Total operating costs and expenses 24,574 26,190
Income/(loss) from operations 2 (435)
Other income (expense):    
Interest expense (41) (4)
Other income (expense), net (126) (21)
Total other income (expense), net (167) (25)
Loss before income taxes (165) (460)
Income tax (expense) benefit 60 (397)
Net loss $ (105) $ (857)
Basic loss per common share $ (0.00) $ (0.04)
Diluted loss per common share $ (0.00) $ (0.04)
Basic weighted average common shares outstanding 23,117 23,008
Diluted weighted average common shares outstanding 23,117 23,008
Comprehensive loss:    
Net loss $ (105) $ (857)
Foreign currency translation adjustments, net of tax of $0 (392) (421)
Total comprehensive loss $ (497) $ (1,278)

Source

v3.19.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (105) $ (857)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation and amortization 42 29
Gain on the sale of fixed assets (10)  
Gain on change in fair value of derivatives (22)
Share-based compensation 28 57
Deferred income taxes (83) (69)
Changes in operating assets and liabilities:    
Deferred course expenses (364) (121)
Prepaid expenses and other receivable (375) 148
Inventory 7 (15)
Other assets (84) (3)
Accounts payable-trade 273 1,074
Royalties payable 184 167
Accrued course expenses 984 273
Accrued salaries, wages and benefits (236) 468
Other accrued expenses 1,051 1,253
Deferred revenue 2,226 (937)
Net cash provided by operating activities 3,538 1,445
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchases of property and equipment, net 136 (29)
Net cash provided by (used in) investing activities 136 (29)
CASH FLOWS FROM FINANCING ACTIVITIES    
Principal payments on debt (8) (3)
Proceeds from issuance of debt 395
Net cash provided by (used in) financing activities 387 (3)
Effect of exchange rate differences on cash 42 (28)
Net increase in cash and cash equivalents and restricted cash 4,103 1,385
Cash and cash equivalents and restricted cash, beginning of period 6,637 8,904
Cash and cash equivalents and restricted cash, end of period 10,740 10,289
Supplemental disclosures:    
Cash paid during the period for interest 42 4
Cash paid during the period for income taxes, net of refunds received $ 12 $ 40

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