Financials

v3.19.2
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2019
Dec. 31, 2018
Current assets:    
Cash and cash equivalents $ 4,542 $ 1,557
Restricted cash 6,476 5,080
Deferred course expenses 9,474 8,547
Prepaid expenses and other current assets 3,708 3,132
Inventory 69 89
Total current assets 24,269 18,405
Property and equipment, net 1,703 1,880
Right-of-use assets 1,038  
Deferred tax asset, net 235 97
Other assets 290 178
Total assets 27,535 20,560
Current liabilities:    
Accounts payable 5,086 4,962
Royalties payable 374 210
Accrued course expenses 2,535 1,483
Accrued salaries, wages and benefits 694 748
Operating lease liability, current portion 493  
Other accrued expenses 4,042 2,614
Long-term debt, current portion 881 512
Deferred revenue, current portion 60,588 57,353
Total current liabilities 74,693 67,882
Long-term debt, net of current portion 8
Operating lease liability, net of current portion 545  
Other liabilities 1,332 1,331
Total liabilities 76,570 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; 23,162,502 and 23,120,852 shares issued and outstanding as of June 30, 2019 and December 31, 2018, respectively 2 2
Additional paid-in capital 11,527 11,470
Cumulative foreign currency translation adjustment 1,393 1,444
Accumulated deficit (61,957) (61,577)
Total stockholders' deficit (49,035) (48,661)
Total liabilities and stockholders' deficit $ 27,535 $ 20,560

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v3.19.2
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Income Statement [Abstract]        
Revenue $ 23,698 $ 25,222 $ 48,274 $ 50,977
Operating costs and expenses:        
Direct course expenses 12,383 15,397 25,464 30,011
Advertising and sales expenses 5,495 5,998 10,933 11,570
Royalty expenses 1,332 1,653 2,692 2,809
General and administrative expenses 5,041 5,198 9,736 10,046
Total operating costs and expenses 24,251 28,246 48,825 54,436
Income/(loss) from operations (553) (3,024) (551) (3,459)
Other income (expense):        
Interest expense (74) (4) (115) (8)
Other income (expense), net 352 (27) 226 (48)
Total other income (expense), net 278 (31) 111 (56)
Loss before income taxes (275) (3,055) (440) (3,515)
Income tax (expense) benefit 640 60 243
Net loss $ (275) $ (2,415) $ (380) $ (3,272)
Basic loss per common share $ (0.01) $ (0.1) $ (0.02) $ (0.14)
Diluted loss per common share $ (0.01) $ (0.1) $ (0.02) $ (0.14)
Basic weighted average common shares outstanding 23,123 23,008 23,120 23,008
Diluted weighted average common shares outstanding 23,123 23,008 23,120 23,008
Comprehensive loss:        
Net loss $ (275) $ (2,415) $ (380) $ (3,272)
Foreign currency translation adjustments, net of tax of $0 341 1,407 (51) 986
Total comprehensive income (loss) $ 66 $ (1,008) $ (431) $ (2,286)

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v3.19.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (380) $ (3,272)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation and amortization 102 70
Non-cash lease expense 337  
Gain on the sale of fixed assets (40)
Gain on change in fair value of derivatives (24)
Share-based compensation 57 114
Deferred income taxes (139) (270)
Changes in operating assets and liabilities:    
Deferred course expenses (925) 514
Prepaid expenses and other receivable (577) 1,109
Inventory 20 (126)
Other assets (161) (8)
Accounts payable-trade 125 (18)
Royalties payable 164 106
Accrued course expenses 1,053 203
Accrued salaries, wages and benefits (54) (607)
Operating lease liability (337)  
Other accrued expenses 1,132 1,627
Deferred revenue 3,200 (1,708)
Net cash provided by (used in) operating activities 3,577 (2,290)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchases of property and equipment (13) (480)
Proceeds from sales of property and equipment 165  
Net cash provided by (used in) investing activities 152 (480)
CASH FLOWS FROM FINANCING ACTIVITIES    
Principal payments on debt (18) (6)
Proceeds from issuance of debt 395
Net cash provided by (used in) financing activities 377 (6)
Effect of exchange rate differences on cash 275 (39)
Net increase (decrease) in cash and cash equivalents and restricted cash 4,381 (2,815)
Cash and cash equivalents and restricted cash, beginning of period 6,637 8,904
Cash and cash equivalents and restricted cash, end of period 11,018 6,089
Supplemental disclosures:    
Cash paid during the period for interest 75 8
Cash paid during the period for income taxes, net of refunds received $ (120) $ (774)

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