Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets (Unaudited)

v3.19.2
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2019
Dec. 31, 2018
Current assets:    
Cash and cash equivalents $ 4,542 $ 1,557
Restricted cash 6,476 5,080
Deferred course expenses 9,474 8,547
Prepaid expenses and other current assets 3,708 3,132
Inventory 69 89
Total current assets 24,269 18,405
Property and equipment, net 1,703 1,880
Right-of-use assets 1,038  
Deferred tax asset, net 235 97
Other assets 290 178
Total assets 27,535 20,560
Current liabilities:    
Accounts payable 5,086 4,962
Royalties payable 374 210
Accrued course expenses 2,535 1,483
Accrued salaries, wages and benefits 694 748
Operating lease liability, current portion 493  
Other accrued expenses 4,042 2,614
Long-term debt, current portion 881 512
Deferred revenue, current portion 60,588 57,353
Total current liabilities 74,693 67,882
Long-term debt, net of current portion 8
Operating lease liability, net of current portion 545  
Other liabilities 1,332 1,331
Total liabilities 76,570 69,221
Commitments and contingencies (Note 10)  
Stockholders' deficit:    
Preferred stock, $0.0001 par value, 20,000,000 shares authorized, none issued
Common stock, $0.0001 par value; 200,000,000 authorized; 23,162,502 and 23,120,852 shares issued and outstanding as of June 30, 2019 and December 31, 2018, respectively 2 2
Additional paid-in capital 11,527 11,470
Cumulative foreign currency translation adjustment 1,393 1,444
Accumulated deficit (61,957) (61,577)
Total stockholders' deficit (49,035) (48,661)
Total liabilities and stockholders' deficit $ 27,535 $ 20,560