Financials

v3.19.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2018
Dec. 31, 2017
Current assets:    
Cash and cash equivalents $ 1,557 $ 6,005
Restricted cash 5,080 2,899
Deferred course expenses 8,547 9,417
Prepaid expenses and other current assets 3,132 6,408
Inventory 89 330
Total current assets 18,405 25,059
Property and equipment, net 1,880 1,187
Deferred tax asset, net 97 441
Other assets 178 333
Total assets 20,560 27,020
Current liabilities:    
Accounts payable 4,962 2,860
Royalties payable 210 188
Accrued course expenses 1,483 1,829
Accrued salaries, wages and benefits 748 1,506
Other accrued expenses 2,614 2,430
Long-term debt, current portion 512 11
Deferred revenue, current portion 57,353 57,151
Total current liabilities 67,882 65,975
Long-term debt, net of current portion 8 20
Deferred revenue, net of current portion 602
Other liabilities 1,331 1,188
Total liabilities 69,221 67,785
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 shares authorized, 23,120,852 and 23,007,519 shares issued and outstanding at December 31, 2018 and 2017, respectively 2 2
Additional paid-in capital 11,470 11,299
Cumulative foreign currency translation adjustment 1,444 (445)
Accumulated deficit (61,577) (51,621)
Total stockholders' deficit (48,661) (40,765)
Total liabilities and stockholders' deficit $ 20,560 $ 27,020

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v3.19.1
Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Income Statement [Abstract]    
Revenue $ 93,409 $ 97,730
Operating costs and expenses:    
Direct course expenses 55,800 53,972
Advertising and sales expenses 22,740 19,790
Royalty expenses 4,698 4,746
General and administrative expenses 19,250 17,408
Total operating costs and expenses 102,488 95,916
Income (loss) from operations (9,079) 1,814
Other income (expense):    
Interest expense (40) (9)
Other income (expense), net (368) 4,480
Total other income (expense), net (408) 4,471
Income (loss) before income taxes (9,487) 6,285
Income tax expense (469) (1,989)
Net income (loss) $ (9,956) $ 4,296
Basic earnings (loss) per common share $ (0.43) $ 0.19
Diluted earnings (loss) per common share $ (0.43) $ 0.18
Basic weighted average common shares outstanding 23,014 21,510
Diluted weighted average common shares outstanding 23,014 22,857
Comprehensive income (loss):    
Net income (loss) $ (9,956) $ 4,296
Foreign currency translation adjustments, net of tax of $0 1,889 (3,113)
Total comprehensive income $ (8,067) $ 1,183

Source

v3.19.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income (loss) $ (9,956) $ 4,296
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 146 125
Gain on change in fair value of derivatives (24) (85)
Share-based compensation 170 226
Deferred income taxes 487 1,667
Changes in operating assets and liabilities:    
Deferred course expenses 703 (49)
Prepaid expenses and other receivable 3,084 (2,813)
Inventory 236 34
Other assets 26 (42)
Accounts payable-trade 2,248 (675)
Royalties payable 23 12
Accrued course expenses (290) 699
Accrued salaries, wages and benefits (751) 657
Other accrued expenses 611 516
Deferred revenue 1,581 496
Net cash provided by (used in) operating activities (1,706) 5,064
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchases of property and equipment (858) (181)
Net cash used in investing activities (858) (181)
CASH FLOWS FROM FINANCING ACTIVITIES    
Principal payments on debt (11) (11)
Proceeds from issuance debt 500
Net cash provided by (used in) financing activities 489 (11)
Effect of exchange rate differences on cash (192) (908)
Net increase (decrease) in cash and cash equivalents (2,267) 4,045
Cash and cash equivalents and restricted cash, beginning of period 8,904 4,859
Cash and cash equivalents and restricted cash, end of period 6,637 8,904
Supplemental disclosures:    
Cash paid during the period for interest 40 10
Cash paid during the period for income taxes, net of refunds received $ (924) $ 1,240

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