Financials

v3.22.1
Consolidated Balance sheets - USD ($)
$ in Thousands
Mar. 31, 2022
Dec. 31, 2021
Current assets:    
Cash and cash equivalents $ 153 $ 576
Restricted cash 135 374
Deferred course expenses 287 304
Prepaid expenses and other current assets 378 607
Inventory 1 1
Discontinued operations current assets
Total current assets 954 1,862
Right-of-use assets 13 20
Other assets 6 6
Discontinued operations-other assets 33 33
Total assets 1,006 1,921
Current liabilities:    
Accounts payable 2,451 2,544
Royalties payable 110 110
Accrued course expenses 246 252
Accrued salaries, wages and benefits 225 202
Operating lease liability, current portion 13 20
Other accrued expenses 2,246 2,114
Deferred revenue 4,370 4,438
Short-term related party debt, net of unamortized debt discount of $133 213 142
Current portion of long term debt, net of unamortized debt discount of $0 1,005 1,011
Discontinued operations-current liabilities 9,699 9,845
Total current liabilities 20,578 20,678
Long-term debt, net of current portion and net of unamortized debt discount of $442 1,958 1,933
Deferred tax liability, net 1,336 1,493
Total liabilities 23,872 24,104
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; 33,917,697 shares issued and outstanding as of March 31, 2021 and December 31, 2021 3 3
Additional paid-in capital 13,165 13,161
Cumulative foreign currency translation adjustment 693 837
Accumulated deficit (36,727) (36,184)
Total stockholders’ deficit (22,866) (22,183)
Total liabilities and stockholders’ deficit $ 1,006 $ 1,921

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v3.22.1
Consolidated Statements of Operations And Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Income Statement [Abstract]    
Revenue $ 285 $ 2,620
Operating costs and expenses:    
Direct course expenses 104 434
Advertising and sales expenses 88 58
General and administrative expenses 647 998
Total operating costs and expenses 839 1,490
Income (loss) from operations (554) 1,130
Other expense:    
Interest expense, net (125)
Other expense, net (2)
Total other expense, net (125) (2)
Income (loss) from continuing operations before income taxes (679) 1,128
Income tax (expense) benefit 136 (1,046)
Net income (loss) from continuing operations (543) 82
Income from discontinued operations 171
Net income from discontinued operations 171
Net income (loss) $ (543) $ 253
Basic earnings (loss) per common share - continuing operations $ (0.02)
Basic earnings (loss) per common share - discontinued operations 0.01
Basic earnings (loss) per common share (0.02) 0.01
Diluted earnings (loss) per common share - continuing operations (0.02)
Diluted earnings (loss) per common share - discontinued operations 0.01
Diluted earnings (loss) per common share $ (0.02) $ 0.01
Basic weighted average common shares outstanding 33,918 23,187
Diluted weighted average common shares outstanding 33,918 25,029
Comprehensive income:    
Net income (loss) $ (543) $ 253
Foreign currency translation adjustments, net of tax of $0 (144) 103
Total comprehensive income (loss) $ (687) $ 356

Source

v3.22.1
Consolidated Statements of Cash flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income (loss) $ (543) $ 253
Less net income from discontinued operations 171
Net income (loss) from continuing operations (543) 82
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 3
Non-cash lease expense 6 6
Share-based compensation 4
Amortization of debt discount 96
Deferred income taxes (158)
Changes in operating assets and liabilities:    
Deferred course expenses 33 417
Prepaid expenses and other receivable (104) 241
Accounts payable-trade (156) (517)
Royalties payable (11)
Accrued course expenses (20)
Accrued salaries, wages and benefits 23 42
Operating lease liability (6) (6)
Other accrued expenses (167) 1,100
Deferred revenue (143) (2,780)
Net cash used in operating activities - continuing operations (1,135) (1,423)
Net cash used in operating activities - discontinued operations (28)
Net cash used in operating activities (1,135) (1,451)
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    
Principal payments on debt (7)
Proceeds from issuance of debt from related parties 375
Proceeds from debentures
Issuance of common stock for stock option purchase
Net cash provided by (used in) financing activities - continuing operations (7) 375
Net cash provided by financing activities - discontinued operations
Net cash provided by (used in) financing activities (7) 375
Effect of exchange rate differences on cash 480 185
Net decrease in cash and cash equivalents and restricted cash (662) (891)
Cash and cash equivalents and restricted cash, beginning of period, including cash in discontinued operations 950 2,680
Cash and cash equivalents and restricted cash, end of period 288 1,789
Supplemental disclosures:    
Cash paid during the period for interest 3
Cash received during the period for income taxes, net of tax payments 5
Supplemental disclosure of non-cash activity:    
Initial recognition of beneficial conversion feature for senior secured convertible debt – related party $ 375

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