Financials

v3.22.2.2
Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2022
Dec. 31, 2021
Current assets:    
Cash and cash equivalents $ 20 $ 576
Restricted cash 112 374
Deferred course expenses 266 304
Prepaid expenses and other current assets 347 607
Inventory 1 1
Discontinued operations current assets
Total current assets 746 1,862
Right-of-use assets 6 20
Other assets 6 6
Discontinued operations-other assets 32 33
Total assets 790 1,921
Current liabilities:    
Accounts payable 2,607 2,544
Royalties payable 110 110
Accrued course expenses 238 252
Accrued salaries, wages and benefits 237 202
Operating lease liability, current portion 7 20
Other accrued expenses 616 2,114
Deferred revenue 4,173 4,438
Short-term related party debt, net of unamortized debt discount of $133 392 142
Current portion of long term debt, net of unamortized debt discount of $0 344 1,011
Discontinued operations-current liabilities 10,802 9,845
Total current liabilities 19,526 20,678
Long-term debt, net of current portion and net of unamortized debt discount 2,840 1,933
Deferred tax liability, net 1,336 1,493
Other long term liabilities
Operating lease liability, net of current portion
Total liabilities 23,702 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; 34,167,697 and 33,917,697 shares issued and outstanding as of June 30, 2022 and December 31, 2021 3 3
Additional paid-in capital 13,211 13,161
Cumulative foreign currency translation adjustment 1,458 837
Accumulated deficit (37,584) (36,184)
Total stockholders’ deficit (22,912) (22,183)
Total liabilities and stockholders’ deficit $ 790 $ 1,921

Source

v3.22.2.2
Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Income Statement [Abstract]        
Revenue $ 68,000 $ 3,362,000 $ 353,000 $ 5,982,000
Operating costs and expenses:        
Direct course expenses 100,000 790,000 204,000 1,224,000
Advertising and sales expenses 54,000 556,000 142,000 614,000
Royalty expenses 0 0 0 0
General and administrative expenses 662,000 1,398,000 1,309,000 2,396,000
Total operating costs and expenses 816,000 2,744,000 1,655,000 4,234,000
Income (loss) from operations (748,000) 618,000 (1,302,000) 1,748,000
Other income (expense):        
Interest expense, net (112,000) (386,000) (237,000) (386,000)
Other expense, net 3,000 (1,000) 3,000 (3,000)
Gain on forgiveness of PPP Loan
Total other income (expense), net (109,000) (387,000) (234,000) (389,000)
Income (loss) from continuing operations before income taxes (856,000) 231,000 (1,535,000) 1,359,000
Income tax (expense) benefit 0 131,000 136,000 (915,000)
Net income (loss) from continuing operations (856,000) 362,000 (1,399,000) 444,000
Income from discontinued operations 171,000
Net income from discontinued operations 171,000
Net income (loss) $ (856,000) $ 362,000 $ (1,399,000) $ 615,000
Basic earnings (loss) per common share - continuing operations $ (0.04) $ 0.01 $ (0.04) $ 0.02
Basic earnings (loss) per common share - discontinued operations
Basic earnings (loss) per common share (0.04) 0.01 (0.04) 0.02
Diluted earnings (loss) per common share - continuing operations (0.04) 0.01 (0.04) 0.02
Diluted earnings (loss) per common share - discontinued operations
Diluted earnings (loss) per common share $ (0.04) $ 0.01 $ (0.04) $ 0.02
Basic weighted average common shares outstanding 24,410 25,113 34,168 24,156
Diluted weighted average common shares outstanding 24,410 31,843 34,168 30,048
Comprehensive income:        
Net income (loss) $ (856,000) $ 362,000 $ (1,399,000) $ 615,000
Foreign currency translation adjustments, net of tax of $0 765,000 (52,000) 621,000 51,000
Total comprehensive income (loss) $ (91,000) $ 310,000 $ (778,000) $ 666,000

Source

v3.22.2.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income (loss) $ (1,399) $ 615
Less net income from discontinued operations 171
Net income (loss) from continuing operations (1,399) 444
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 0 4
Non-cash lease expense 13
Gain on the sale of fixed assets and investment property
Share-based compensation 31
Cancellation of common stock
Amortization of debt discount 179 356
Deferred income taxes (158)
Changes in operating assets and liabilities:    
Deferred course expenses 55 784
Prepaid expenses and other receivable (73) 248
Accounts payable-trade (257) (507)
Royalties payable (11)
Accrued course expenses (70)
Accrued salaries, wages and benefits 35 (36)
Operating lease liability (6) (13)
Other accrued expenses (97) 672
Deferred revenue (582) (5,384)
Net cash used in operating activities - continuing operations (2,372) (3,399)
Net cash (used in) provided by operating activities - discontinued operations (41)
Net cash used in operating activities (2,372) (3,440)
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 310
Proceeds from paycheck protection program 1,900
Proceeds from debentures 400
Issuance of common stock for stock option purchase
Net cash provided by financing activities - continuing operations 310 2,300
Net cash provided by financing activities 310 2,300
Effect of exchange rate differences on cash 1,244 464
Net decrease in cash and cash equivalents and restricted cash (819) (676)
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 132 2,004
Supplemental disclosures:    
Cash paid during the period for interest 5
Cash received during the period for income taxes, net of tax payments 5 100
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
Non-cash disposal of property
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
Note payable issued for insurance policy financing  

Source