Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (105) $ (857)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation and amortization 42 29
Gain on the sale of fixed assets (10)  
Gain on change in fair value of derivatives (22)
Share-based compensation 28 57
Deferred income taxes (83) (69)
Changes in operating assets and liabilities:    
Deferred course expenses (364) (121)
Prepaid expenses and other receivable (375) 148
Inventory 7 (15)
Other assets (84) (3)
Accounts payable-trade 273 1,074
Royalties payable 184 167
Accrued course expenses 984 273
Accrued salaries, wages and benefits (236) 468
Other accrued expenses 1,051 1,253
Deferred revenue 2,226 (937)
Net cash provided by operating activities 3,538 1,445
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchases of property and equipment, net 136 (29)
Net cash provided by (used in) investing activities 136 (29)
CASH FLOWS FROM FINANCING ACTIVITIES    
Principal payments on debt (8) (3)
Proceeds from issuance of debt 395
Net cash provided by (used in) financing activities 387 (3)
Effect of exchange rate differences on cash 42 (28)
Net increase in cash and cash equivalents and restricted cash 4,103 1,385
Cash and cash equivalents and restricted cash, beginning of period 6,637 8,904
Cash and cash equivalents and restricted cash, end of period 10,740 10,289
Supplemental disclosures:    
Cash paid during the period for interest 42 4
Cash paid during the period for income taxes, net of refunds received $ 12 $ 40