Financials

v3.21.2
Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2021
Dec. 31, 2020
Current assets:    
Cash and cash equivalents $ 690 $ 1,500
Restricted cash 624 1,180
Deferred course expenses 280 1,167
Prepaid expenses and other current assets 511 1,578
Inventory 1 10
Discontinued operations current assets 820
Total current assets 2,106 6,255
Property and equipment, net 4
Right-of-use assets 26 45
Other assets 6 6
Discontinued operations-other assets 33 34
Total assets 2,171 6,344
Current liabilities:    
Accounts payable 1,451 1,762
Royalties payable 110 113
Accrued course expenses 266 277
Accrued salaries, wages and benefits 80 73
Operating lease liability, current portion 26 25
Other accrued expenses 3,164 3,888
Deferred revenue 4,302 10,382
Short-term related party debt, net of unamortized debt discount of $26 20
Current portion of long term-debt, net of unamortized debt discount of $0 1,018
Discontinued operations-current liabilities 9,809 11,286
Total current liabilities 20,246 27,806
Long-term debt, net of current portion and net of unamortized debt discount of $492 1,908 1,900
Deferred tax liability, net 1,513 134
Other long term liabilities 120
Operating lease liability, net of current portion 20
Total liabilities 23,667 29,980
Commitments and contingencies (Note 13)
Preferred stock, $0.0001 par value, 20,000,000 shares authorized, none issued
Common stock, $0.0001 par value; 200,000,000 authorized; 33,262,697 and 23,279,197 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively 3 2
Additional paid-in capital 12,896 11,564
Cumulative foreign currency translation adjustment 803 416
Accumulated deficit (35,198) (35,618)
Total stockholders’ deficit (21,496) (23,636)
Total liabilities and stockholders’ deficit $ 2,171 $ 6,344

Source

v3.21.2
Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Income Statement [Abstract]        
Revenue $ 1,379 $ 7,439 $ 7,361 $ 21,564
Operating costs and expenses:        
Direct course expenses 675 1,234 1,899 5,077
Advertising and sales expenses 729 64 1,343 1,977
Royalty expenses 9 68
General and administrative expenses 1,172 1,129 3,568 3,607
Total operating costs and expenses 2,576 2,436 6,810 10,729
Income (loss) from operations (1,197) 5,003 551 10,835
Other income (expense):        
Interest expense, net (35) (105) (421) (208)
Other income (expense), net 9 (16) 6 (23)
Gain on forgiveness of PPP Loan 910 910
Total other income (expense), net 884 (121) 495 (231)
Income (loss) from continuing operations before income taxes (313) 4,882 1,046 10,604
Income tax (expense) benefit 118 (926) (797) (1,921)
Net income (loss) from continuing operations (195) 3,956 249 8,683
Income from discontinued operations 733 171 2,842
Net income from discontinued operations 733 171 2,842
Net income (loss) $ (195) $ 4,689 $ 420 $ 11,525
Basic earnings (loss) per common share - continuing operations (in Dollars per share) $ (0.01) $ 0.17 $ 0.02 $ 0.38
Basic earnings (loss) per common share - discontinued operations (in Dollars per share) 0.03 0 0.12
Basic earnings (loss) per common share (in Dollars per share) (0.01) 0.2 0.02 0.5
Diluted earnings (loss) per common share - continuing operations (in Dollars per share) (0.01) 0.17 0.01 0.37
Diluted earnings (loss) per common share - discontinued operations (in Dollars per share) 0.03 0 0.12
Diluted earnings (loss) per common share (in Dollars per share) $ (0.01) $ 0.2 $ 0.01 $ 0.49
Basic weighted average common shares outstanding (in Shares) 33,064 23,138 26,373 23,046
Diluted weighted average common shares outstanding (in Shares) 33,064 23,252 41,776 23,192
Comprehensive income:        
Net income (loss) $ (195) $ 4,689 $ 420 $ 11,525
Foreign currency translation adjustments, net of tax of $0 336 (704) 387 524
Total comprehensive income $ 141 $ 3,985 $ 807 $ 12,049

Source

v3.21.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 420 $ 11,525
Less net income from discontinued operations 171 2,842
Net income from continuing operations 249 8,683
Depreciation and amortization 4 47
Non-cash lease expense 20 22
Gain on the sale of fixed assets and investment property (33)
Share-based compensation 82 23
Amortization of debt discount 376
Gain on debt extinguishment (PPP loan forgiveness) (910)  
Deferred income taxes 1,469 (476)
Deferred course expenses 875 3,086
Prepaid expenses and other receivable 481 8,603
Inventory 9 33
Other assets 24
Accounts payable-trade (412) 166
Royalties payable (11) (15)
Accrued course expenses (10) (187)
Accrued salaries, wages and benefits 8 (379)
Operating lease liability (20) (15)
Other accrued expenses (449) (6,449)
Deferred revenue (5,990) (18,253)
Net cash used in operating activities - continuing operations (4,229) (5,120)
Net cash (used in) provided by operating activities - discontinued operations (41) 43
Net cash used in operating activities (4,270) (5,077)
Proceeds from sale of investment property 370
Net cash provided by investing activities - continuing operations 370
Net cash used in investing activities - discontinued operations
Net cash provided by investing activities 370
Principal payments on debt (8) (500)
Proceeds from issuance of debt 2,900
Proceeds from borrowing Paycheck Protection Program loan 1,900
Proceeds from debentures including related parties 900
Net cash provided by financing activities - continuing operations 2,792 2,400
Net cash provided by financing activities - discontinued operations
Net cash provided by financing activities 2,792 2,400
Effect of exchange rate differences on cash 98 (771)
Net decrease in cash and cash equivalents and restricted cash (1,380) (3,078)
Cash and cash equivalents and restricted cash, beginning of period, including cash in discontinued operations 2,694 6,228
Cash and cash equivalents and restricted cash, end of period 1,314 3,150
Supplemental disclosures:    
Cash paid during the period for interest 107
Cash received the period for income taxes, net of payments (85)
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 (34)
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 896
Note payable issued for insurance policy financing $ 26

Source