Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.8.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 1,637 $ 1,618
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 65 78
Gain on change in fair value of derivatives (87) (3)
Share-based compensation 107 74
Deferred income taxes (355) (1)
Changes in operating assets and liabilities:    
Restricted cash (186) (721)
Deferred course expenses (240) (161)
Prepaid expenses and other receivable (539) (447)
Inventory (18) 180
Other assets (27) (3)
Accounts payable-trade (388) 2,153
Royalties payable 201 103
Accrued course expenses 725 390
Accrued salaries, wages and benefits 280 (618)
Other accrued expenses 656 (1,124)
Deferred revenue 1,254 (2,089)
Other liabilities 100
Net cash provided by (used in) operating activities 3,185 (571)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchases of property and equipment (103) (37)
Net cash used in investing activities (103) (37)
CASH FLOWS FROM FINANCING ACTIVITIES    
Principal payments on debt (5) (5)
Net cash used in financing activities (5) (5)
Effect of exchange rate differences on cash (83) 703
Net increase in cash and cash equivalents 2,994 90
Cash and cash equivalents, beginning of period 1,711 4,881
Cash and cash equivalents, end of period 4,705 4,971
Supplemental disclosures:    
Cash paid during the period for interest 5 5
Cash paid during the period for income taxes, net of refunds received $ 30 $ 34