Financials

v3.10.0.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2018
Dec. 31, 2017
Current assets:    
Cash and cash equivalents $ 2,613 $ 6,005
Restricted cash 3,476 2,899
Deferred course expenses 8,881 9,417
Prepaid expenses and other current assets 5,179 6,408
Inventory 454 330
Total current assets 20,603 25,059
Property and equipment, net 1,597 1,187
Deferred tax asset, net 441
Other assets 216 333
Total assets 22,416 27,020
Current liabilities:    
Accounts payable 2,796 2,860
Royalties payable 293 188
Accrued course expenses 2,005 1,829
Accrued salaries, wages and benefits 898 1,506
Other accrued expenses 3,756 2,430
Long-term debt, current portion 12 11
Deferred revenue, current portion 55,078 57,151
Total current liabilities 64,838 65,975
Long-term debt, net of current portion 14 20
Deferred revenue, net of current portion 25 602
Deferred tax liability, net 78
Other liabilities 398 1,188
Total liabilities 65,353 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 June 30, 2018 and December 31, 2017, respectively 2 2
Additional paid-in capital 11,413 11,299
Cumulative foreign currency translation adjustment 541 (445)
Accumulated deficit (54,893) (51,621)
Total stockholders' deficit (42,937) (40,765)
Total liabilities and stockholders' deficit $ 22,416 $ 27,020

Source

v3.10.0.1
Condensed Consolidated Statements of Operations and Comprehensive Income/(Loss) (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Income Statement [Abstract]        
Revenue $ 25,222 $ 26,208 $ 50,977 $ 48,173
Operating costs and expenses:        
Direct course expenses 15,397 13,220 29,611 26,083
Advertising and sales expenses 5,998 5,131 11,570 9,722
Royalty expenses 1,653 1,639 3,209 2,532
General and administrative expenses 5,198 4,231 10,046 8,572
Total operating costs and expenses 28,246 24,221 54,436 46,909
Income/(loss) from operations (3,024) 1,987 (3,459) 1,264
Other income (expense):        
Interest expense (4) (2) (8) (5)
Other income (expense), net (27) 69 (48) 152
Total other income (expense), net (31) 67 (56) 147
Income/(loss) before income taxes (3,055) 2,054 (3,515) 1,411
Income tax (expense) benefit 640 (107) 243 226
Net income/(loss) $ (2,415) $ 1,947 $ (3,272) $ 1,637
Basic earnings/(loss) per common share $ (0.10) $ 0.09 $ (0.14) $ 0.07
Diluted earnings/(loss) per common share $ (0.10) $ 0.08 $ (0.14) $ 0.07
Basic weighted average common shares outstanding 23,008 21,284 23,008 21,284
Diluted weighted average common shares outstanding 23,008 22,763 23,008 22,697
Comprehensive income/(loss):        
Net income/(loss) $ (2,415) $ 1,947 $ (3,272) $ 1,637
Foreign currency translation adjustments, net of tax of $0 1,407 (980) 986 (1,278)
Total comprehensive income/(loss) $ (1,008) $ 967 $ (2,286) $ 359

Source

v3.10.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income/(loss) $ (3,272) $ 1,637
Adjustments to reconcile net income/(loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 70 65
Gain on change in fair value of derivatives (24) (87)
Share-based compensation 114 107
Deferred income taxes (270) (355)
Changes in operating assets and liabilities:    
Deferred course expenses 514 (240)
Prepaid expenses and other receivable 1,109 (539)
Inventory (126) (18)
Other assets (8) (27)
Accounts payable-trade (18) (388)
Royalties payable 106 201
Accrued course expenses 203 725
Accrued salaries, wages and benefits (607) 280
Other accrued expenses 1,627 656
Deferred revenue (1,708) 1,254
Other liabilities 100
Net cash provided by/(used in) operating activities (2,290) 3,371
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchases of property and equipment (480) (103)
Net cash used in investing activities (480) (103)
CASH FLOWS FROM FINANCING ACTIVITIES    
Principal payments on debt (6) (5)
Net cash used in financing activities (6) (5)
Effect of exchange rate differences on cash (39) (14)
Net increase/(decrease) in cash and cash equivalents and restricted cash (2,815) 3,249
Cash and cash equivalents and restricted cash, beginning of period 8,904 4,859
Cash and cash equivalents and restricted cash, end of period 6,089 8,108
Supplemental disclosures:    
Cash paid during the period for interest 8 5
Cash paid during the period for income taxes, net of refunds received $ (774) $ 30

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