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COMBINED CARVE-OUT BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Current assets      
Cash and cash equivalents $ 20,510 $ 30,272 $ 29,383
Accounts receivable (net of allowance for doubtful accounts of $361 $433 and $402 as of December 31, 2020,2021 and 2022, respectively) 658 778 651
Amount due from related parties 504 421 1,107
Inventories 96 116 69
Prepaid expenses and other current assets 691 666 615
Total current assets 22,459 32,253 31,825
Non-current assets      
Property, plant and equipment, net 4,780 4,052 3,435
Goodwill   19,177 19,203
Intangible assets, net 5,647 10,320 11,477
Deferred tax assets 34 22 32
Prepayments to related parties 1,009 910  
Other non-current assets 1,354 1,873 2,579
Operating lease right-of-use assets 5,559 7,395 9,684
TOTAL ASSETS 40,842 76,002 78,235
Current liabilities      
Prepayments from customers 53    
Accrued expenses and other current liabilities - third parties 3,670 3,304 3,420
Accrued expenses and other current liabilities - related parties 232 16  
Income tax payable 949 1,254 826
Operating lease liabilities, current portion 2,928 3,092 3,522
Deferred revenue 892 802 559
Long-term debt - current     7
Total current liabilities 8,724 8,468 8,334
Non-current liabilities      
Other non-current liabilities 3,604 3,126 3,212
Deferred income tax liabilities 959 1,754 1,949
Operating lease liabilities, non-current portion 2,468 4,109 5,968
TOTAL LIABILITIES 15,755 17,457 19,463
EQUITY      
Ordinary shares (par value of $0.001 per share; 990,000,000 shares authorized; 29,213,801 shares issued and 28,035,934 shares outstanding as of December 31, 2021; 29,213,801 shares issued and 28,200,755 shares outstanding as of December 31, 2022) 29 29 29
Treasury stock (7,445) (8,667) (10,321)
Additional paid-in capital 87,540 91,570 93,985
Accumulated other comprehensive (loss) (523) (399) (505)
Accumulated deficit (56,152) (29,779) (31,151)
Total Gravitas Education Holdings, Inc. shareholders' equity 23,449 52,754 52,037
Non-controlling interests 1,638 5,791 6,735
TOTAL EQUITY 25,087 58,545 58,772
TOTAL LIABILITIES AND EQUITY $ 40,842 $ 76,002 $ 78,235