Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.4.0.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income (loss) $ 593 $ (611)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 39 $ 51
Gain on change in fair value of derivatives (5)
Share-based compensation $ 37
Deferred income taxes $ 1
Changes in operating assets and liabilities:    
Restricted cash $ (454) (717)
Deferred course expenses (54) 160
Prepaid expenses and other receivable (261) (788)
Inventory $ 30 (33)
Other assets (6)
Accounts payable-trade $ 1,509 722
Royalties payable 144 169
Accrued course expenses 628 450
Accrued salaries, wages and benefits (271) 482
Other accrued expenses (589) 92
Deferred revenue (1,034) 696
Net cash provided by operating activities 312 668
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchases of property and equipment (20) (24)
Net cash used in investing activities (20) (24)
CASH FLOWS FROM FINANCING ACTIVITIES    
Principal payments on debt $ (2) (2)
Proceeds from private offering of securities 503
Net cash provided by (used in) financing activities $ (2) 501
Effect of exchange rate differences on cash 513 (377)
Net increase in cash and cash equivalents 803 768
Cash and cash equivalents, beginning of period 4,881 2,932
Cash and cash equivalents, end of period 5,684 3,700
Supplemental disclosures:    
Cash paid during the period for interest $ 3 2
Cash paid during the period for income taxes, net of refunds received $ (6)