Financials

v3.10.0.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2018
Dec. 31, 2017
Current assets:    
Cash and cash equivalents $ 3,386 $ 6,005
Restricted cash 3,684 2,899
Deferred course expenses 8,768 9,417
Prepaid expenses and other current assets 5,623 6,408
Inventory 276 330
Total current assets 21,737 25,059
Property and equipment, net 1,907 1,187
Deferred tax asset, net 363 441
Other assets 211 333
Total assets 24,218 27,020
Current liabilities:    
Accounts payable 2,824 2,860
Royalties payable 307 188
Accrued course expenses 2,414 1,829
Accrued salaries, wages and benefits 671 1,506
Other accrued expenses 3,088 2,430
Short-term borrowings and current portion of long-term debt 512 11
Deferred revenue, current portion 58,138 57,151
Total current liabilities 67,954 65,975
Long-term debt, net of current portion 11 20
Deferred revenue, net of current portion 9 602
Other liabilities 37 1,188
Total liabilities 68,011 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, 23,000,852 and 23,007,519 shares issued and outstanding at September 30, 2018 and December 31, 2017, respectively 2 2
Additional paid-in capital 11,444 11,299
Cumulative foreign currency translation adjustment 875 (445)
Accumulated deficit (56,114) (51,621)
Total stockholders' deficit (43,793) (40,765)
Total liabilities and stockholders' deficit $ 24,218 $ 27,020

Source

v3.10.0.1
Condensed Consolidated Statements of Operations and Comprehensive Income/(Loss) (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Income Statement [Abstract]        
Revenue $ 22,557 $ 25,235 $ 73,534 $ 73,408
Operating costs and expenses:        
Direct course expenses 12,929 13,411 42,540 39,494
Advertising and sales expenses 5,691 5,010 17,261 14,732
Royalty expenses 1,172 1,119 4,381 3,651
General and administrative expenses 4,584 4,114 14,630 12,686
Total operating costs and expenses 24,376 23,654 78,812 70,563
Income/(loss) from operations (1,819) 1,581 (5,278) 2,845
Other income (expense):        
Interest expense (5) (2) (13) (7)
Other income (expense), net (194) (67) (242) 85
Total other income (expense), net (199) (69) (255) 78
Income/(loss) before income taxes (2,018) 1,512 (5,533) 2,923
Income tax (expense) benefit 797 (119) 1,040 107
Net income/(loss) $ (1,221) $ 1,393 $ (4,493) $ 3,030
Basic earnings/(loss) per common share $ (0.05) $ 0.06 $ (0.2) $ 0.13
Diluted earnings/(loss) per common share $ (0.05) $ 0.06 $ (0.2) $ 0.12
Basic weighted average common shares outstanding 23,005 21,275 23,007 21,281
Diluted weighted average common shares outstanding 23,005 23,022 23,007 22,807
Comprehensive income/(loss):        
Net income/(loss) $ (1,221) $ 1,393 $ (4,493) $ 3,030
Foreign currency translation adjustments, net of tax of $0 334 (1,714) 1,320 (2,992)
Total comprehensive income/(loss) $ (887) $ (321) $ (3,173) $ 38

Source

v3.10.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income/(loss) $ (4,493) $ 3,030
Adjustments to reconcile net income/(loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 108 95
Gain on change in fair value of derivatives (24) (97)
Share-based compensation 145 168
Deferred income taxes (1,072) (145)
Changes in operating assets and liabilities:    
Deferred course expenses 577 (598)
Prepaid expenses and other receivable 622 (1,248)
Inventory 51 36
Other assets (5) (35)
Accounts payable-trade 37 (200)
Royalties payable 120 129
Accrued course expenses 619 1,041
Accrued salaries, wages and benefits (832) 114
Other accrued expenses 868 719
Deferred revenue 1,636 1,813
Net cash provided by (used in) operating activities (1,643) 4,822
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchases of property and equipment (839) (114)
Net cash used in investing activities (839) (114)
CASH FLOWS FROM FINANCING ACTIVITIES    
Principal payments on debt (9) (8)
Proceeds from issuance debt 500
Net cash provided by (used in) financing activities 491 (8)
Effect of exchange rate differences on cash 157 (1,050)
Net increase (decrease) in cash and cash equivalents and restricted cash (1,834) 3,650
Cash and cash equivalents and restricted cash, beginning of period 8,904 4,859
Cash and cash equivalents and restricted cash, end of period 7,070 8,509
Supplemental disclosures:    
Cash paid during the period for interest 13 7
Cash paid during the period for income taxes, net of refunds received $ (774) $ 30

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