Financials

v3.23.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Current assets:    
Cash and cash equivalents $ 112 $ 576
Restricted cash 111 374
Deferred course expenses 163 304
Prepaid expenses and other current assets 342 607
Inventory 1 1
Discontinued operations current assets
Total current assets 729 1,862
Right-of-use assets 113 20
Other assets 6 6
Discontinued operations-other assets 32 33
Total assets 880 1,921
Current liabilities:    
Accounts payable 2,577 2,544
Royalties payable 110 110
Accrued course expenses 237 252
Accrued salaries, wages and benefits 195 202
Operating lease liability, current portion 67 20
Other accrued expenses 2,940 2,114
Deferred revenue 3,470 4,438
Short-term related party debt, net of unamortized debt discount of $383 2,429 142
Current portion of long term debt, net of unamortized debt discount of $0 1,184 1,011
Discontinued operations-current liabilities 9,243 9,845
Total current liabilities 22,452 20,678
Long-term debt, net of current portion and net of unamortized debt discount 558 1,933
Deferred tax liability, net 796 1,493
Other long term liabilities
Operating lease liability, net of current portion 46
Total liabilities 23,852 24,104
Commitments and contingencies (Note 13)  
Stockholders’ deficit:    
Common stock, $0.0001 par value; 200,000,000 authorized; 38,182,697 and 37,867,697 shares issued and outstanding as of December 31, 2022 and December 31, 2021 3 3
Additional paid-in capital 13,217 13,161
Cumulative foreign currency translation adjustment 1,593 837
Accumulated deficit (37,695) (36,184)
Non Controlling Interest (91)  
Total stockholders’ deficit (22,973) (22,183)
Total liabilities and stockholders’ deficit $ 880 $ 1,921

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v3.23.1
Consolidated Statements of Operations and Comprehensive Income - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Income Statement [Abstract]    
Revenue $ 1,084 $ 7,710
Operating costs and expenses:    
Direct course expenses 456 2,294
Advertising and sales expenses 223 1,636
Royalty expenses
General and administrative expenses 2,647 4,195
Total operating costs and expenses 3,326 8,125
Income (loss) from operations (2,242) (415)
Other expense:    
Interest expense, net (453) (524)
Other expense, net 3 8
Gain on forgiveness of PPP Loan 1,148 910
Total other expense, net 698 394
Income (loss) from continuing operations before income taxes (1,544) (21)
Income tax (expense) benefit (58) (716)
Net income (loss) from continuing operations (1,602) (737)
Income from discontinued operations 0 171
Net income from discontinued operations 171
Less: Net Income attributable to Non controlling interest 91  
Net income (loss) $ (1,511) $ (566)
Basic earnings (loss) per common share - continuing operations $ (0.04) $ (0.02)
Basic earnings (loss) per common share - discontinued operations
Basic earnings (loss) per common share (0.04) (0.02)
Diluted earnings (loss) per common share - continuing operations (0.04) (0.02)
Diluted earnings (loss) per common share - discontinued operations
Diluted earnings (loss) per common share $ (0.04) $ (0.02)
Basic weighted average common shares outstanding 35,486 29,187
Diluted weighted average common shares outstanding 35,486 29,187
Comprehensive income:    
Foreign currency translation adjustments, net of tax of $0 $ 756 $ 421
Total comprehensive income (loss) $ (755) $ (145)

Source

v3.23.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (1,602) $ (566)
Less net income from discontinued operations 171
Net income (loss) from continuing operations (1,602) (737)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation and amortization 4
Non-cash lease expense 20 27
Share-based compensation 56 122
Cancellation of common stock (15)
Amortization of debt discount 344 453
Gain on debt extinguishment (PPP loan forgiveness) (1,148) (910)
Deferred income taxes (605) 1,359
Changes in operating assets and liabilities:    
Deferred course expenses 158 844
Prepaid expenses and other receivable (67) 559
Inventory 9
Other assets 1
Accounts payable-trade (307) 685
Royalties payable (11)
Accrued course expenses (72) (25)
Accrued salaries, wages and benefits (8) 129
Operating lease liability (20) (27)
Other accrued expenses 535 (1,503)
Deferred revenue (1,308) (5,782)
Net cash used in operating activities - continuing operations (4,023) (4,819)
Net cash (used in) provided by operating activities - discontinued operations (13)
Net cash used in operating activities (4,023) (4,832)
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 1,888 (11)
Proceeds from borrowing Paycheck Protection Program loan 1,900
Proceeds from debentures including related parties 1,200
Issuance of common stock for stock option purchase 28 13
Net cash provided by financing activities - continuing operations 1,916 3,102
Net cash provided by financing activities - discontinued operations
Net cash provided by financing activities 1,916 3,102
Effect of exchange rate differences on cash 1,380  
Net decrease in cash and cash equivalents and restricted cash (727) (1,730)
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 223 950
Supplemental disclosures:    
Cash paid during the period for interest 11 3
Cash received during the period for income taxes, net of tax payments   (52)
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 (1)
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   896
Note payable issued for insurance policy financing   $ 26

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