Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets (Unaudited)

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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2015
Dec. 31, 2014
Current assets:    
Cash and cash equivalents $ 5,802 $ 2,932
Restricted cash 2,120 1,843
Deferred course expenses 8,700 8,722
Prepaid expenses and other current assets 3,124 2,528
Inventory 175 161
Total current assets 19,921 16,186
Property and equipment, net 1,271 1,324
Other assets 215 217
Total assets 21,407 17,727
Current liabilities:    
Accounts payable 3,813 2,620
Royalties payable 214 104
Accrued course expenses 2,056 1,060
Accrued salaries, wages and benefits 1,326 564
Other accrued expenses 3,503 2,967
Long-term debt, current portion 10 9
Deferred revenue, current portion 57,980 56,140
Total current liabilities 68,902 63,464
Long-term debt, net of current portion 44 52
Deferred revenue, net of current portion 93 238
Other liabilities 65 126
Total liabilities $ 69,104 $ 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; 21,780,710 shares issued and outstanding at September 30, 2015; 20,000,518 shares issued and outstanding at December 31, 2014 $ 2 $ 2
Additional paid-in capital 10,865 10,547
Cumulative foreign currency translation adjustment 1,065 370
Accumulated deficit (59,629) (57,072)
Total stockholders' deficit (47,697) (46,153)
Total liabilities and stockholders' deficit $ 21,407 $ 17,727