Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

v3.2.0.727
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2015
Dec. 31, 2014
Current assets:    
Cash and cash equivalents $ 5,096 $ 2,932
Restricted cash 1,978 1,843
Deferred course expenses 8,767 8,722
Prepaid expenses and other current assets 3,008 2,528
Inventory 194 161
Total current assets 19,043 16,186
Property and equipment, net 1,285 1,324
Other assets 208 217
Total assets 20,536 17,727
Current liabilities:    
Accounts payable 3,241 2,620
Royalties payable 209 104
Accrued course expenses 1,837 1,060
Accrued salaries, wages and benefits 873 564
Other accrued expenses 4,068 2,967
Long-term debt, current portion 10 9
Deferred revenue, current portion 57,671 56,140
Total current liabilities 67,909 63,464
Long-term debt, net of current portion 47 52
Deferred revenue, net of current portion 80 238
Other liabilities 64 126
Total liabilities $ 68,100 $ 63,880
Commitments and contingencies (note 9)    
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; 20,960,442 shares issued and outstanding at June 30, 2015; 20,000,518 shares issued and outstanding at December 31, 2014 $ 2 $ 2
Additional paid-in capital 10,842 10,547
Cumulative foreign currency translation adjustment 254 370
Accumulated deficit (58,662) (57,072)
Total stockholders' deficit (47,564) (46,153)
Total liabilities and stockholders' deficit $ 20,536 $ 17,727