Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets (Unaudited)

v3.20.2
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2020
Dec. 31, 2019
Current assets:    
Cash and cash equivalents $ 1,794 $ 3,839
Restricted cash 1,356 2,389
Deferred course expenses 2,895 6,805
Prepaid expenses and other current assets 1,260 2,074
Inventory 10 47
Total current assets 7,315 15,154
Property and equipment, net 355 1,382
Property held for sale 959
Right-of-use assets 122
Deferred tax asset, net 1,204 287
Other assets 35 413
Total assets 9,868 17,358
Current liabilities:    
Accounts payable 2,502 2,311
Royalties payable 133 150
Accrued course expenses 253 576
Accrued salaries, wages and benefits 81 459
Operating lease liability, current portion 86
Other accrued expenses 5,399 1,660
Short-term borrowings and current portion of long-term debt 1,000 500
Deferred revenue 21,505 46,453
Discontinued operations-current liabilities 4,386 4,499
Total current liabilities 35,259 56,694
Long-term debt, net of current portion 1,900
Operating lease liability, net of current portion 27
Total liabilities 37,159 56,721
Commitments and contingencies (Note 12)
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; 23,342,502 and 23,162,502 shares issued and outstanding as of September 30, 2020 and December 31, 2019, respectively 2 2
Additional paid-in capital 11,575 11,552
Cumulative foreign currency translation adjustment 1,234 710
Accumulated deficit (40,102) (51,627)
Total stockholders' deficit (27,291) (39,363)
Total liabilities and stockholders' deficit $ 9,868 $ 17,358