Financials

v3.21.2
Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2021
Dec. 31, 2020
Current assets:    
Cash and cash equivalents $ 1,373 $ 1,500
Restricted cash 631 1,180
Deferred course expenses 394 1,167
Prepaid expenses and other current assets 942 1,578
Inventory 10 10
Discontinued operations current assets 820
Total current assets 3,350 6,255
Property and equipment, net 4
Right-of-use assets 32 45
Other assets 6 6
Discontinued operations-other assets 34 34
Total assets 3,422 6,344
Current liabilities:    
Accounts payable 1,376 1,762
Royalties payable 110 113
Accrued course expenses 279 277
Accrued salaries, wages and benefits 36 73
Operating lease liability, current portion 26 25
Other accrued expenses 4,779 3,888
Deferred revenue 5,084 10,382
Current portion of long term debt 1,905
Discontinued operations-current liabilities 10,064 11,286
Total current liabilities 23,659 27,806
Long-term debt, net of current portion 1,900 1,900
Deferred tax liability, net 44 134
Other long term liabilities 120
Operating lease liability, net of current portion 7 20
Total liabilities 25,610 29,980
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; 32,947,697 and 23,279,197 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively 3 2
Additional paid-in capital 12,345 11,564
Cumulative foreign currency translation adjustment 467 416
Accumulated deficit (35,003) (35,618)
Total stockholders’ deficit (22,188) (23,636)
Total liabilities and stockholders’ deficit $ 3,422 $ 6,344

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v3.21.2
Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Income Statement [Abstract]        
Revenue $ 3,362 $ 5,765 $ 5,982 $ 14,125
Operating costs and expenses:        
Direct course expenses 790 1,155 1,224 3,843
Advertising and sales expenses 556 171 614 1,913
Royalty expenses 3   59
General and administrative expenses 1,398 1,021 2,396 2,478
Total operating costs and expenses 2,744 2,350 4,234 8,293
Income from operations 618 3,415 1,748 5,832
Other expense:        
Interest expense, net (386) (20) (386) (103)
Other expense, net (1) (33) (3) (7)
Total other expense, net (387) (53) (389) (110)
Income from continuing operations before income taxes 231 3,362 1,359 5,722
Income tax (expense) benefit 131 (1,122) (915) (995)
Net income from continuing operations 362 2,240 444 4,727
Income from discontinued operations   1,563 171 2,109
Net income from discontinued operations   1,563 171 2,109
Net income $ 362 $ 3,803 $ 615 $ 6,836
Basic earnings per common share - continuing operations (in Dollars per share) $ 0.01 $ 0.09 $ 0.02 $ 0.21
Basic earnings per common share - discontinued operations (in Dollars per share)   0.07   0.09
Basic earnings per common share (in Dollars per share) 0.01 0.16 0.02 0.30
Diluted earnings per common share - continuing operations (in Dollars per share) 0.01 0.09 0.02 0.20
Diluted (loss) earnings per common share - discontinued operations (in Dollars per share)   0.07   0.09
Diluted earnings per common share (in Dollars per share) $ 0.01 $ 0.16 $ 0.02 $ 0.29
Basic weighted average common shares outstanding (in Shares) 25,113 23,017 24,156 23,001
Diluted weighted average common shares outstanding (in Shares) 31,843 23,163 30,048 23,163
Comprehensive income:        
Net income $ 362 $ 3,803 $ 615 $ 6,836
Foreign currency translation adjustments, net of tax of $0 (52) (682) 51 1,228
Total comprehensive income $ 310 $ 3,121 $ 666 $ 8,064

Source

v3.21.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 615 $ 6,836
Less net income from discontinued operations 171 2,109
Net income from continuing operations 444 4,727
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 4 36
Non-cash lease expense 13 10
Gain on the sale of fixed assets and investment property (33)
Share-based compensation 31 14
Amortization of debt discount 356
Deferred income taxes (448)
Changes in operating assets and liabilities:    
Deferred course expenses 784 2,004
Prepaid expenses and other receivable 248 574
Inventory 1
Other assets 9
Accounts payable-trade (507) (62)
Royalties payable (11) (17)
Accrued course expenses (283)
Accrued salaries, wages and benefits (36) (298)
Operating lease liability (13) (11)
Other accrued expenses 672 651
Deferred revenue (5,384) (11,006)
Net cash used in operating activities - continuing operations (3,399) (4,132)
Net cash (used in) provided by operating activities - discontinued operations (41) 110
Net cash used in operating activities (3,440) (4,022)
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 borrowing Paycheck Protection Program loan 1,900 1,900
Proceeds from debentures with related parties 400
Net cash provided by financing activities - continuing operations 2,300 1,900
Net cash provided by financing activities - discontinued operations
Net cash provided by financing activities 2,300 1,900
Effect of exchange rate differences on cash 464 (783)
Net decrease in cash and cash equivalents and restricted cash (676) (2,540)
Cash and cash equivalents and restricted cash, beginning of period 2,680 6,228
Cash and cash equivalents and restricted cash, end of period 2,004 3,688
Supplemental disclosures:    
Cash paid during the period for interest 107
Cash paid during the period for income taxes, net of refunds received 100
Supplemental disclosure of non-cash activity:    
Supplemental non-cash amounts of lease liabilities arising from obtaining right-of-use assets/(decrease) of lease liability due to cancellation of leases (2)
Common stock and warrants issued from conversion of senior convertible debenture – related party 355
Initial recognition of beneficial conversion feature for senior secured convertible debt - related party $ 396

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