Financials

v3.21.1
Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Current assets:    
Cash and cash equivalents $ 1,159 $ 1,500
Restricted cash 630 1,180
Deferred course expenses 752 1,167
Prepaid expenses and other current assets 1,204 1,578
Inventory 10 10
Discontinued operations - current assets 820
Total current assets 3,755 6,255
Property and equipment, net 1 4
Right-of-use assets 39 45
Other assets 6 6
Discontinued operations - other assets 34 34
Total assets 3,835 6,344
Current liabilities:    
Accounts payable 1,299 1,762
Royalties payable 110 113
Accrued course expenses 278 277
Accrued salaries, wages and benefits 115 73
Operating lease liability, current portion 26 25
Other accrued expenses 5,155 3,888
Convertible note – related party, net of debt discount of $375 and $0
Deferred revenue 7,612 10,382
Discontinued operations - current liabilities 10,092 11,286
Total current liabilities 24,687 27,806
Long-term debt, net of current portion 1,900 1,900
Deferred tax liability, net 80 134
Other long-term liabilities 60 120
Operating lease liability, net of current portion 13 20
Total liabilities 26,740 29,980
Commitments and contingencies (Note 12)
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 23,279,197 shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively 2 2
Additional paid-in capital 11,939 11,564
Cumulative foreign currency translation adjustment 519 416
Accumulated deficit (35,365) (35,618)
Total stockholders’ deficit (22,905) (23,636)
Total liabilities and stockholders’ deficit $ 3,835 $ 6,344

Source

v3.21.1
Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Income Statement [Abstract]    
Revenue $ 2,620 $ 8,360
Operating costs and expenses:    
Direct course expenses 434 2,689
Advertising and sales expenses 58 1,742
Royalty expenses 56
General and administrative expenses 998 1,455
Total operating costs and expenses 1,490 5,942
Income from operations 1,130 2,418
Other income (expense):    
Interest expense, net (83)
Other (expense) income, net (2) 25
Total other expense, net (2) (58)
Income from continuing operations before income taxes 1,128 2,360
Income tax (expense) benefit (1,046) 127
Net income from continuing operations 82 2,487
Net income from discontinued operations 171 546
Net income $ 253 $ 3,033
Basic earnings per common share - continuing operations (in Dollars per share) $ 0.00 $ 0.11
Basic earnings per common share - discontinued operations (in Dollars per share) 0.01 0.02
Basic earnings per common share (in Dollars per share) 0.01 0.13
Diluted earnings per common share - continuing operations (in Dollars per share) 0.00 0.11
Diluted earnings per common share - discontinued operations (in Dollars per share) 0.01 0.02
Diluted earnings per common share (in Dollars per share) $ 0.01 $ 0.13
Basic weighted average common shares outstanding (in Shares) 23,187 22,985
Diluted weighted average common shares outstanding (in Shares) 25,029 23,163
Comprehensive income:    
Net income $ 253 $ 3,033
Foreign currency translation adjustments, net of tax of $0 103 1,910
Total comprehensive income $ 356 $ 4,943

Source

v3.21.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 253 $ 3,033
Less net income from discontinued operations 171 546
Net income from continuing operations 82 2,487
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation and amortization 3 18
Non-cash lease expense 6 7
Gain on the sale of fixed assets and investment property (33)
Share-based compensation 6
Changes in operating assets and liabilities:    
Deferred course expenses 417 832
Prepaid expenses and other receivable 241 (215)
Inventory 1
Other assets 13
Accounts payable-trade (517) 656
Royalties payable (11) 30
Accrued course expenses (278)
Accrued salaries, wages and benefits 42 (383)
Operating lease liability (6) (3)
Other accrued expenses 1,100 (64)
Deferred revenue (2,780) (5,543)
Net cash used in operating activities - continuing operations (1,423) (2,469)
Net cash used in operating activities - discontinued operations (28) (81)
Net cash used in operating activities (1,451) (2,550)
CASH FLOWS FROM INVESTING ACTIVITIES    
Proceeds from sale of investment property 365
Net cash provided by investing activities - continuing operations 365
Net cash used in investing activities - discontinued operations
Net cash provided by investing activities 365
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from issuance of debt to related party 375
Net cash provided by financing activities - continuing operations 375
Net cash provided by financing activities - discontinued operations
Net cash provided by financing activities 375
Effect of exchange rate differences on cash 185 (533)
Net decrease in cash and cash equivalents and restricted cash (891) (2,718)
Cash and cash equivalents and restricted cash, beginning of period 2,680 6,228
Cash and cash equivalents and restricted cash, end of period 1,789 3,510
Supplemental disclosures:    
Cash paid during the period for interest 87
Cash paid during the period for income taxes, net of refunds received
Supplemental disclosure of non-cash activity:    
Initial recognition of beneficial conversion feature for senior secured convertible debenture – related party $ 375  

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