Financials

v3.8.0.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2018
Dec. 31, 2017
Current assets:    
Cash and cash equivalents $ 7,162 $ 6,005
Restricted cash 3,127 2,899
Deferred course expenses 9,675 9,417
Prepaid expenses and other current assets 6,355 6,408
Inventory 346 330
Total current assets 26,665 25,059
Property and equipment, net 1,188 1,187
Deferred tax asset, net 592 441
Other assets 341 333
Total assets 28,786 27,020
Current liabilities:    
Accounts payable 3,926 2,860
Royalties payable 355 188
Accrued course expenses 2,151 1,829
Accrued salaries, wages and benefits 1,982 1,506
Other accrued expenses 3,514 2,430
Long-term debt, current portion 12 11
Deferred revenue, current portion 57,240 57,151
Total current liabilities 69,180 65,975
Long-term debt, net of current portion 17 20
Deferred revenue, net of current portion 306 602
Other liabilities 1,269 1,188
Total liabilities 70,772 67,785
Commitments and contingencies (Note 11)
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 23,007,519 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively 2 2
Additional paid-in capital 11,356 11,299
Cumulative foreign currency translation adjustment (866) (445)
Accumulated deficit (52,478) (51,621)
Total stockholders' deficit (41,986) (40,765)
Total liabilities and stockholders' deficit $ 28,786 $ 27,020

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v3.8.0.1
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Income Statement [Abstract]    
Revenue $ 25,755 $ 21,965
Operating costs and expenses:    
Direct course expenses 14,214 12,863
Advertising and sales expenses 5,572 4,591
Royalty expenses 1,556 893
General and administrative expenses 4,848 4,341
Total operating costs and expenses 26,190 22,688
Loss from operations (435) (723)
Other income (expense):    
Interest expense (4) (3)
Other income (expense), net (21) 83
Total other income (expense), net (25) 80
Loss before income taxes (460) (643)
Income tax (expense) benefit (397) 333
Net loss $ (857) $ (310)
Basic loss per common share $ (0.04) $ (0.01)
Diluted loss per common share $ (0.04) $ (0.01)
Basic weighted average common shares outstanding 23,008 22,631
Diluted weighted average common shares outstanding 23,008 22,631
Comprehensive loss:    
Net loss $ (857) $ (310)
Foreign currency translation adjustments, net of tax of $0 (421) (298)
Total comprehensive loss $ (1,278) $ (608)

Source

v3.8.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (857) $ (310)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 29 33
Gain on change in fair value of derivatives (22) (72)
Share-based compensation 57 51
Deferred income taxes (69) (555)
Changes in operating assets and liabilities:    
Deferred course expenses (121) (717)
Prepaid expenses and other receivable 148 (229)
Inventory (15) (12)
Other assets (3) (27)
Accounts payable-trade 1,074 (143)
Royalties payable 167 146
Accrued course expenses 273 1,205
Accrued salaries, wages and benefits 468 16
Other accrued expenses 1,253 432
Deferred revenue (937) 1,832
Other liabilities 212
Net cash provided by operating activities 1,445 1,862
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchases of property and equipment (29) (81)
Net cash used in investing activities (29) (81)
CASH FLOWS FROM FINANCING ACTIVITIES    
Principal payments on debt (3) (3)
Net cash used in financing activities (3) (3)
Effect of exchange rate differences on cash (28) 5
Net increase in cash and cash equivalents and restricted cash 1,385 1,783
Cash and cash equivalents and restricted cash, beginning of period 8,904 4,859
Cash and cash equivalents and restricted cash, end of period 10,289 6,642
Supplemental disclosures:    
Cash paid during the period for interest 4 3
Cash paid during the period for income taxes, net of refunds received $ 40

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