Financials

v3.8.0.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2017
Dec. 31, 2016
Current assets:    
Cash and cash equivalents $ 5,199 $ 1,711
Restricted cash 3,310 3,148
Deferred course expenses 9,920 9,067
Prepaid expenses and other current assets 4,787 3,458
Inventory 327 348
Total current assets 23,543 17,732
Property and equipment, net 1,151 1,130
Deferred tax asset, net 1,538 1,295
Other assets 314 207
Total assets 26,546 20,364
Current liabilities:    
Accounts payable 3,323 3,344
Royalties payable 305 175
Accrued course expenses 2,165 1,082
Accrued salaries, wages and benefits 964 840
Other accrued expenses 2,570 2,052
Long-term debt, current portion 11 11
Deferred revenue, current portion 58,253 54,389
Total current liabilities 67,591 61,893
Long-term debt, net of current portion 23 31
Deferred revenue, net of current portion 430 235
Other liabilities 470 379
Total liabilities 68,514 62,538
Commitments and contingencies (Note 10)
Stockholders' deficit:    
Preferred stock, $0.0001 par value, 20,000,000 shares authorized, none issued
Common stock, $0.0001 par value, 200,000,000 shares authorized, 23,007,519 and 22,630,927 shares issued and outstanding at September 30, 2017 and December 31, 2016, respectively 2 2
Additional paid-in capital 11,241 11,073
Cumulative foreign currency translation adjustment (324) 2,668
Accumulated deficit (52,887) (55,917)
Total stockholders' deficit (41,968) (42,174)
Total liabilities and stockholders' deficit $ 26,546 $ 20,364

Source

v3.8.0.1
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Income Statement [Abstract]        
Revenue $ 25,235 $ 22,469 $ 73,408 $ 68,582
Operating costs and expenses:        
Direct course expenses 13,411 12,268 39,494 36,506
Advertising and sales expenses 5,010 4,618 14,732 15,207
Royalty expenses 1,119 1,208 3,651 3,251
General and administrative expenses 4,114 3,595 12,686 11,339
Total operating costs and expenses 23,654 21,689 70,563 66,303
Income from operations 1,581 780 2,845 2,279
Other income (expense):        
Interest expense (2) (1) (7) (3)
Other income (expense), net (67) 397 85 537
Total other income (expense), net (69) 396 78 534
Income before income taxes 1,512 1,176 2,923 2,813
Income tax benefit (expense) (119) (8) 107 (27)
Net income $ 1,393 $ 1,168 $ 3,030 $ 2,786
Basic earnings per common share $ 0.06 $ 0.05 $ 0.13 $ 0.13
Diluted earnings per common share $ 0.06 $ 0.05 $ 0.12 $ 0.12
Basic weighted average common shares outstanding 21,275 21,184 21,281 21,035
Diluted weighted average common shares outstanding 23,022 22,204 22,807 21,966
Comprehensive income (loss):        
Net income $ 1,393 $ 1,168 $ 3,030 $ 2,786
Foreign currency translation adjustments, net of tax of $0 (1,714) 581 (2,992) 2,540
Total comprehensive income (loss) $ (321) $ 1,749 $ 38 $ 5,326

Source

v3.8.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 3,030 $ 2,786
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 95 112
Gain on change in fair value of derivatives (97) (5)
Share-based compensation 168 117
Deferred income taxes (145)
Changes in operating assets and liabilities:    
Restricted cash (79) (513)
Deferred course expenses (598) (281)
Prepaid expenses and other receivable (1,248) (1,313)
Inventory 36 53
Other assets (35) (4)
Accounts payable-trade (200) 1,456
Royalties payable 129 88
Accrued course expenses 1,041 509
Accrued salaries, wages and benefits 114 (180)
Other accrued expenses 719 (1,442)
Deferred revenue 1,813 (3,389)
Net cash provided by (used in) operating activities 4,743 (2,006)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchases of property and equipment (114) (40)
Net cash used in investing activities (114) (40)
CASH FLOWS FROM FINANCING ACTIVITIES    
Principal payments on debt (8) (7)
Net cash used in financing activities (8) (7)
Effect of exchange rate differences on cash (1,133) 841
Net increase (decrease) in cash and cash equivalents 3,488 (1,212)
Cash and cash equivalents, beginning of period 1,711 4,881
Cash and cash equivalents, end of period 5,199 3,669
Supplemental disclosures:    
Cash paid during the period for interest 7 6
Cash paid during the period for income taxes, net of refunds received $ 30 $ 32

Source