Financials

v3.19.3
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2019
Dec. 31, 2018
Current assets:    
Cash and cash equivalents $ 7,718 $ 1,557
Restricted cash 5,411 5,080
Deferred course expenses 9,490 8,547
Prepaid expenses and other current assets 2,920 3,132
Inventory 70 89
Total current assets 25,609 18,405
Property and equipment, net 1,832 1,880
Right-of-use assets 1,788
Deferred tax asset, net 277 97
Other assets 304 178
Total assets 29,810 20,560
Current liabilities:    
Accounts payable 4,498 4,962
Royalties payable 421 210
Accrued course expenses 2,889 1,483
Accrued salaries, wages and benefits 512 748
Operating lease liability, current portion 894  
Other accrued expenses 3,305 2,614
Long-term debt, current portion 500 512
Deferred revenue, current portion 61,171 57,353
Total current liabilities 74,190 67,882
Long-term debt, net of current portion 8
Operating lease liability, net of current portion 832  
Other liabilities 1,333 1,331
Total liabilities 76,355 69,221
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 authorized; 23,162,352 and 23,120,852 shares issued and outstanding as of September 30, 2019 and December 31, 2018, respectively 2 2
Additional paid-in capital 11,545 11,470
Cumulative foreign currency translation adjustment 2,218 1,444
Accumulated deficit (60,310) (61,577)
Total stockholders' deficit (46,545) (48,661)
Total liabilities and stockholders' deficit $ 29,810 $ 20,560

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v3.19.3
Condensed Consolidated Statements of Operations and Comprehensive Income/Loss (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Income Statement [Abstract]        
Revenue $ 25,936 $ 22,557 $ 74,210 $ 73,534
Operating costs and expenses:        
Direct course expenses 13,461 12,929 38,925 42,940
Advertising and sales expenses 5,208 5,691 16,141 17,261
Royalty expenses 1,719 1,172 4,411 3,981
General and administrative expenses 3,870 4,584 13,606 14,630
Total operating costs and expenses 24,258 24,376 73,083 78,812
Income/(loss) from operations 1,678 (1,819) 1,127 (5,278)
Other income (expense):        
Interest income/(expense) 29 (5) (86) (13)
Other income (expense), net (111) (194) 115 (242)
Total other income (expense), net (82) (199) 29 (255)
Income/(loss) before income taxes 1,596 (2,018) 1,156 (5,533)
Income tax (expense) benefit 51 797 111 1,040
Net income/(loss) $ 1,647 $ (1,221) $ 1,267 $ (4,493)
Basic income/(loss) per common share $ 0.07 $ (0.05) $ 0.05 $ (0.20)
Diluted income/(loss) per common share $ 0.07 $ (0.05) $ 0.05 $ (0.20)
Basic weighted average common shares outstanding 22,799 23,005 22,641 23,007
Diluted weighted average common shares outstanding 23,163 23,005 23,134 23,007
Comprehensive income/(loss):        
Net income/(loss) $ 1,647 $ (1,221) $ 1,267 $ (4,493)
Foreign currency translation adjustments, net of tax of $0 825 334 774 1,320
Total comprehensive income/(loss) $ 2,472 $ (887) $ 2,041 $ (3,173)

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v3.19.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income/(loss) $ 1,267 $ (4,493)
Adjustments to reconcile net income/(loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 140 108
Non-cash lease expense 578
Gain on the sale of fixed assets (41)
Gain on change in fair value of derivatives (24)
Share-based compensation 75 145
Deferred income taxes (189) (1,072)
Changes in operating assets and liabilities:    
Deferred course expenses (1,080) 577
Prepaid expenses and other receivable 158 622
Inventory 18 51
Other assets (193) (5)
Accounts payable-trade (348) 37
Royalties payable 211 120
Accrued course expenses 1,430 619
Accrued salaries, wages and benefits (230) (832)
Operating lease liability (640)
Other accrued expenses 284 868
Deferred revenue 4,817 1,636
Net cash provided by (used in) operating activities 6,257 (1,643)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchases of property and equipment (192) (839)
Proceeds from sales of property and equipment 165
Net cash used in investing activities (27) (839)
CASH FLOWS FROM FINANCING ACTIVITIES    
Principal payments on debt (402) (9)
Proceeds from issuance of debt 395 500
Net cash (used in) provided by financing activities (7) 491
Effect of exchange rate differences on cash 269 157
Net increase (decrease) in cash and cash equivalents and restricted cash 6,492 (1,834)
Cash and cash equivalents and restricted cash, beginning of period 6,637 8,904
Cash and cash equivalents and restricted cash, end of period 13,129 7,070
Supplemental disclosures:    
Cash paid during the period for interest 25 13
Cash paid during the period for income taxes, net of refunds received $ (66) $ (774)

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