Financials

v3.23.2
Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
Current assets:    
Cash and cash equivalents $ 72 $ 112
Restricted cash 111 111
Deferred course expenses 200 163
Prepaid expenses and other current assets 347 342
Inventory 1 1
Discontinued operations current assets
Total current assets 731 729
Property and equipment, net
Right-of-use assets 78 113
Other assets 6 6
Discontinued operations-other assets 32 32
Total assets 847 880
Current liabilities:    
Accounts payable 2,682 2,577
Royalties payable 110 110
Accrued course expenses 240 237
Accrued salaries, wages and benefits 743 195
Operating lease liability, current portion 59 67
Other accrued expenses 3,603 2,940
Deferred revenue 3,861 3,470
Short-term related party debt, net of unamortized debt discount of $133 3,340 2,429
Current portion of long term debt, net of unamortized debt discount of $0 1,001 1,184
Discontinued operations-current liabilities 9,442 9,243
Total current liabilities 25,081 22,452
Long-term debt, net of current portion and net of unamortized debt discount 558 558
Deferred tax liability, net 796 796
Other long-term liabilities
Operating lease liability, net of current portion 18 46
Total liabilities 26,454 23,852
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; 38,882,697and 38,182,697 shares issued and outstanding as of June 30, 2023 and December 31, 2022 3 3
Additional paid-in capital 13,225 13,217
Cumulative foreign currency translation adjustment 617 1,593
Accumulated deficit (39,239) (37,695)
Non-Controlling Interest (213) (91)
Total stockholders’ deficit (25,607) (22,973)
Total liabilities and stockholders’ deficit $ 847 $ 880

Source

v3.23.2
Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Income Statement [Abstract]        
Revenue $ 57 $ 68 $ 128 $ 353
Operating costs and expenses:        
Direct course expenses 96 100 169 204
Advertising and sales expenses 49 54 80 142
Royalty expenses 0 0 0
General and administrative expenses 540 662 1,426 1,309
Total operating costs and expenses 685 816 1,675 1,655
Income (loss) from operations (629) (748) (1,547) (1,302)
Other expense:        
Interest expense, net (60) (112) (119) (237)
Other expense, net 0 3 3
Gain on forgiveness of PPP Loan 0 0 0 0
Total other expense, net (60) (109) (119) (234)
Income (loss) from continuing operations before income taxes (688) (856) (1,666) (1,535)
Income tax (expense) benefit 0 0 136
Net income (loss) from continuing operations (688) (856) (1,666) (1,399)
Income from discontinued operations 0 0 0 0
Net income from discontinued operations 0
Less: Net Income attributable to Non controlling interest 22   122  
Net income (loss) $ (666) $ (856) $ (1,544) $ (1,399)
Basic earnings (loss) per common share - continuing operations $ (0.02) $ (0.04) $ (0.04) $ (0.04)
Basic earnings (loss) per common share - discontinued operations 0
Basic earnings (loss) per common share (0.02) (0.04) (0.04) (0.04)
Diluted earnings (loss) per common share - continuing operations (0.02) (0.04) (0.04) (0.04)
Diluted earnings (loss) per common share - discontinued operations 0
Diluted earnings (loss) per common share $ (0.02) $ (0.04) $ (0.04) $ (0.04)
Basic weighted average common shares outstanding 37,868 24,410 37,508 34,168
Diluted weighted average common shares outstanding 37,868 24,410 37,508 34,168
Comprehensive income:        
Foreign currency translation adjustments, net of tax of $0   $ 765 $ (976) $ 621
Total comprehensive income (loss) $ (666) $ (91) $ (2,520) $ (778)

Source

v3.23.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES          
Net Loss     $ (1,666) $ (1,399)  
Less net income from discontinued operations      
Net income (loss) from continuing operations $ (688) $ (856) (1,666) (1,399)  
Adjustments to reconcile net income to net cash provided by (used in) operating activities:          
Depreciation and amortization      
Non-cash lease expense      
Gain on the sale of fixed assets and investment property      
Share-based compensation     8  
Cancellation of common stock      
Amortization of debt discount     179  
Gain on debt extinguishment (PPP loan forgiveness) 0 0 0 0  
Deferred income taxes     (158)  
Changes in operating assets and liabilities:          
Deferred course expenses     (19) 55  
Prepaid expenses and other receivable     (338) (73)  
Inventory      
Other assets      
Accounts payable-trade     225 (257)  
Royalties payable      
Accrued course expenses     24 (70)  
Accrued salaries, wages and benefits     549 35  
Operating lease liability     (6)  
Other accrued expenses     465 (97)  
Deferred revenue     302 (582)  
Net cash used in operating activities - continuing operations     (450) (2,372)  
Net cash (used in) provided by operating activities - discontinued operations        
Net cash used in operating activities     (450) (2,372)  
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     763 310  
Proceeds from issuance of debt      
Proceeds from borrowing Paycheck Protection Program loan        
Proceeds from paycheck protection program        
Proceeds from debentures including related parties        
Issuance of common stock for stock option purchase        
Net cash provided by financing activities - continuing operations     763 310  
Net cash provided by financing activities - discontinued operations      
Net cash provided by financing activities     763 310  
Effect of exchange rate differences on cash     (353) 1,244  
Net decrease in cash and cash equivalents and restricted cash     (40) (818)  
Cash and cash equivalents and restricted cash, beginning of period, including cash in discontinued operations     223 950 $ 950
Cash and cash equivalents and restricted cash, end of period $ 183 $ 132 $ 183 $ 132 $ 223

Source