Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.3.0.814
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES    
Net Income (loss) $ (2,557) $ 7,410
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 133 165
Gain on change in fair value of derivatives (127)  
Deferred income taxes $ 2 2
Litigation settlement (1,300)
Share-based compensation $ 23 21
Change in operating assets and liabilities:    
Restricted cash (299) 572
Deferred course expenses (119) 4,765
Prepaid expenses and other receivables (733) (891)
Inventory (19) 1
Other assets (19) 30
Accounts payable-trade 1,264 1,236
Royalties payable 111 (75)
Accrued course expenses 1,022 134
Accrued salaries, wages and benefits 766 339
Other accrued expenses 1,306 548
Deferred revenue 2,771 (13,888)
Net cash provided by (used in) operating activities 3,525 (931)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchases of property and equipment (83) (237)
Net cash used in investing activities (83) (237)
CASH FLOWS FROM FINANCING ACTIVITIES    
Principle payments of debt $ (7) (337)
Proceeds from debt $ 65
Proceeds from private offering of securities $ 459
Net cash provided by (used in) financing activities 452 $ (272)
Effect of exchange rate differences on cash (1,024) 455
Net increase (decrease) in cash and cash equivalents 2,870 (985)
Cash and cash equivalents, beginning of period 2,932 5,554
Cash and cash equivalents, end of period 5,802 4,569
Supplemental disclosures:    
Cash paid during the period for income taxes, net of refunds received 34 1
Cash paid during the period for interest 5 $ 36
Derivative liability from issuance of warrants $ 164