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Cash, Cash Equivalents and Restricted Cash | 12 Months Ended
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Dec. 31, 2024
Cash, Cash Equivalents and Restricted Cash [Abstract] |
Cash, cash equivalents and restricted cash | 4. CASH, CASH EQUIVALENTS AND RESTRICTED CASH The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts shown in the consolidated statements of cash flows.
|  | Years ended December 31, |
|  | 2023 |  |  | 2024 |
Cash and cash equivalents |  | $ | 274 |  |  | $ | 1,123 |
Restricted cash (Note i) |  |  | 9,781 |  |  |  | 7,318 |
Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows |  | $ | 10,055 |  |  | $ | 8,441 |
(Note i) Restricted cash required by U.S. Department of Education and the deposits necessary to secure lines of credit from financial institutions. Revision of previously issued financial statements During the course of preparing the consolidated financial statements for the year ended December 31, 2024, it was identified that there was a classification error in the previously issued consolidated financial statements for the year ended December 31, 2023 in relation to the measurement of “Cash and cash equivalents” and “Restricted cash.” The cash collateral that was pledged by the Company to obtain a letter of credit from financial institutions was included in “Cash and cash equivalents,” which shall be included in “Restricted cash,” and consequently resulted in a misstatement of “Cash and cash equivalents” and “Restricted cash.” As such, the Company revised the presentation of the consolidated balance sheet as of December 31, 2023. The revision had no impact on the net loss, comprehensive loss, loss per share, accumulated deficit or the cash flows as previously reported. The impact of the revision adjustments to the specific line items presented in the consolidated financial statements as of December 31, 2023 is summarized below.
As of December 31, 2023 |
Consolidated balance sheet: |  | As previously reported |  |  | Adjustment |  |  | As revised |
|  | $ |  |  | $ |  |  | $ |
Cash and cash equivalents |  |  | 4,834 |  |  |  | (4,560 | ) |  |  | 274 |
Restricted cash |  |  | 5,221 |  |  |  | 4,560 |  |  |  | 9,781 |

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- Definition The entire disclosure for cash and cash equivalent footnotes, which may include the types of deposits and money market instruments, applicable carrying amounts, restricted amounts and compensating balance arrangements. Cash and equivalents include: (1) currency on hand (2) demand deposits with banks or financial institutions (3) other kinds of accounts that have the general characteristics of demand deposits (4) short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Generally, only investments maturing within three months from the date of acquisition qualify. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(1)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(2)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1 + Details
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