as a result of a greater percentage of financial aid available , a greater number of students were able to finance their educations entirely from financial aid sources . while this provided greater opportunities for our students , it also severely impacted our ability to comply with the 90/10 rule . because of the increases in title iv student loan limits and grants in recent years , it has become difficult for us to comply with the 90/10 rule . we considered two alternatives to aid us with our compliance with the 90/10 rule : increasing tuition prices above the applicable maximums for title iv student loans and grants or restructuring certain of our programs . we decided to restructure program offerings . this resulted in increasing the financing gaps between tuition and the amount of financial aid available to cover the financing gap . this resulted in students having to attend classes longer each week as well as students having to make regular monthly cash payments . these actions have led to a decrease in the number of students who have enrolled at our institutions . our operating expenses , while a function of our revenue growth , contain a high fixed cost component . our educational services and facilities expenses as a percentage of revenues increased to 50.1 % in 2013 from 47.2 % in 2012 and 43.1 % in 2011 , and selling , general and administrative expenses increased as a percentage of revenue to 51.7 % in 2013 from 49.9 % in 2012 and 47.5 % in 2011. as our enrollment declined , we experienced significant negative leverage due to lower utilization at our schools . 41 index our revenues are directly dependent on the average number of students enrolled in our schools and the courses in which they are enrolled . our average enrollment is impacted by the number of new students starting , re-entering , graduating and withdrawing from our schools . in addition , our diploma/certificate programs range from 22 to 106 weeks , our associate 's degree programs range from 48 to 156 weeks , and our bachelor 's degree programs range from 142 to 208 weeks , and students attend classes for different amounts of time per week depending on the school and program in which they are enrolled . because we start new students every month , our total student population changes monthly . the number of students enrolling or re-entering our programs each month is driven by the demand for our programs , the effectiveness of our marketing and advertising , the availability of financial aid and other sources of funding , the number of recent high school graduates , the job market and seasonality . our retention and graduation rates are influenced by the quality and commitment of our teachers and student services personnel , the effectiveness of our programs , the placement rate and success of our graduates and the availability of financial aid . although similar courses have comparable tuition rates , the tuition rates vary among our numerous programs . as more of our schools receive approval to offer associate 's degree and bachelor 's degree programs , which are longer than our diploma degree programs , we would expect our average enrollment and the average length of stay of our students to increase . the majority of students enrolled at our schools rely on funds received under various government-sponsored student financial aid programs to pay a substantial portion of their tuition and other education-related expenses . the largest of these programs are title iv programs which represented approximately 80 % of our cash receipts relating to revenues in 2013. we extend credit for tuition and fees to many of our students that attend our campuses . our credit risk is mitigated through the student 's participation in federally funded financial aid programs unless students withdraw prior to the receipt by us of title iv funds for those students . under title iv programs , the government funds a certain portion of a students ' tuition , with the remainder , referred to as “ the gap , ” financed by students themselves under private party loans , including credit extended by us . the gap amount has continued to increase over the last several years as we have raised tuition on average for the last several years by 3 % per year and restructured certain programs to reduce the amount of financial aid available to students , while funds received from title iv programs increased at lower rates . the additional financing that we are providing to students may expose us to greater credit risk and can impact our liquidity . however , we believe that these risks are somewhat mitigated due to the following : · annual federal title iv loan limits , including grants have increased . title iv funds represented 80 % of our 2013 revenue on a cash basis ; · our internal financing is provided to students only after all other funding resources have been exhausted ; thus , by the time this funding is available , students have completed approximately two-thirds of their curriculum and are more likely to graduate ; · funding for students who interrupt their education is typically covered by title iv funds as long as they have been properly packaged for financial aid ; and · we have a good collection history with our graduates . historically , 90 % of all of our graduates have repaid their balances in full . for the year ended december 31 , 2013 , approximately 80 % of our revenue on a cash basis was derived from title iv funds and approximately 20 % was derived from state grants and cash payments made by students . the hea requires institutions to use the cash basis of accounting when determining its compliance with the 90/10 rule . story_separator_special_tag the fair values of these reporting units were estimated using the expected present value of future cash flows . no other reporting unit 's carrying goodwill amount exceeded or approximated its implied value . at december 31 , 2011 , we tested goodwill for impairment and determined we did not have an impairment . we concluded that the decrease in our market capitalization as of september 30 , 2011 was an indicator of potential impairment and , accordingly , we tested goodwill for impairment . the tests indicated that five of the company 's reporting units were impaired , which resulted in an expense of $ 9.3 million in the third quarter of 2011 ( $ 1.0 million included in discontinued operations ) . stock-based compensation . we currently account for stock-based employee compensation arrangements by using the black-scholes valuation model and utilize straight-line amortization of compensation expense over the requisite service period of the grant . we make an estimate of expected forfeitures at the time options are granted . 45 index the fair value of the stock options used to compute stock-based compensation is the estimated present value at the date of grant using the black-scholes option pricing model . during 2013 and 2011 , there were no new stock option grants . the weighted average fair values of options granted during 2012 was $ 2.52 using the following weighted average assumptions for grants : at december 31 , 2012 expected volatility 51.25 % expected dividend yield 4 % expected life ( term ) 4.65 years risk-free interest rate 0.87 % weighted-average exercise price during the year $ 7.79 the expected volatility considers the volatility of our common stock that has been traded for a period commensurate with the expected life . the expected term of options granted represents the period of time that options granted are expected to be outstanding based on historical experience . the risk-free rate used is based on the published u.s. treasury yield curve in effect at the time of grant for instruments with a similar life . the 2012 expected dividend yield presumes a set dividend rate based on the current dividend yield . income taxes . we account for income taxes in accordance with fasb asc topic 740 , “ income taxes ” ( “ asc 740 ” ) . this statement requires an asset and a liability approach for measuring deferred taxes based on temporary differences between the financial statement and tax bases of assets and liabilities existing at each balance sheet date using enacted tax rates for years in which taxes are expected to be paid or recovered . in accordance with asc 740 , we assess our deferred tax asset to determine whether all or any portion of the asset is more likely than not unrealizable . a valuation allowance is required to be established or maintained when , based on currently available information , it is more likely than not that all or a portion of a deferred tax asset will not be realized . in accordance with asc 740 , our assessment considers whether there has been sufficient income in recent years and whether sufficient income is expected in future years in order to utilize the deferred tax asset . in evaluating the realizability of deferred income tax assets we considered , among other things , historical levels of income , expected future income , the expected timing of the reversals of existing temporary reporting differences , and the expected impact of tax planning strategies that may be implemented to prevent the potential loss of future income tax benefits . significant judgment is required in determining the future tax consequences of events that have been recognized in our consolidated financial statements and or tax returns . differences between anticipated and actual outcomes of these future tax consequences could have a material impact on our consolidated financial position or results of operations . changes in , among other things , income tax legislation , statutory income tax rates , or future income levels could materially impact our valuation of income tax assets and liabilities and could cause our income tax provision to vary significantly among financial reporting periods . we recognize accrued interest and penalties related to unrecognized tax benefits in income tax expense . during the years ended december 31 , 2013 and 2012 , the interest and penalties expense associated with uncertain tax positions are not significant to our results of operations or financial position . results of continuing operations for the three years ended december 31 , 2013 the following table sets forth selected consolidated statements of continuing operations data as a percentage of revenues for each of the periods indicated : replace_table_token_8_th 46 index year ended december 31 , 2013 compared to year ended december 31 , 2012 revenue . revenue decreased by $ 37.7 million , or 9.9 % , to $ 345.0 million for the year ended december 31 , 2013 from $ 382.8 million for the year ended december 31 , 2012. the decrease was primarily attributable to a 12.3 % decrease in average student population , which decreased to 15,009 for the year ended december 31 , 2013 from 17,121 for the year ended december 31 , 2012 , partially offset by a 2.8 % increase in average revenue per student . we began 2013 with approximately 2,200 , or 12.3 % , fewer students than we had on january 1 , 2012. the average student population was negatively impacted by regulatory changes under the appropriations act , which eliminated our ability to enroll atb students as well as our decision in early 2012 to stop enrolling fully online students . in addition , w e believe current economic conditions have increased the number of potential students who are hesitant to incur debt and therefore , have not enrolled in our schools . these factors have led to a significant decline in student starts and average student population .

liquidity and capital resources our primary capital requirements are for facilities expansion and maintenance , acquisitions and the development of new programs . our principal sources of liquidity have been cash provided by operating activities and borrowings under our credit agreement . the following chart summarizes the principal elements of our cash flow for each of the three years in the period ended december 31 , 2013 : replace_table_token_9_th as of december 31 , 2013 , we had cash , cash equivalents and restricted cash of $ 67.4 million , including $ 54.5 million of restricted cash , representing an increase of approximately $ 5.7 million as compared to $ 61.7 million of cash and cash equivalents as of december 31 , 2012. this increase is primarily due to $ 54.5 million of borrowings under our credit facility ( as defined below ) during the fourth quarter of 2013 compared to $ 37.5 million of borrowings during the fourth quarter of 2012 partially offset by a net loss during the year ended december 31 , 2013 of $ 51.3 million compared to a net loss during the year ended december 31 , 2012 of $ 37.2 million . historically , we have financed our operating activities and organic growth primarily through cash generated from operations . we have financed acquisitions primarily through borrowings under our credit facility and cash generated from operations . we currently anticipate that we will be able to meet our short-term cash needs , as well as our need to fund operations and meet our obligations beyond the next twelve months with cash generated by operations , existing cash balances and borrowings under our credit facility . in addition , we may also consider accessing the financial markets in the future as a source of liquidity for capital requirements , acquisitions and general corporate purposes to the extent such requirements are not satisfied by cash on hand , borrowings under our credit facility or operating cash flows . however , we can not assure you that we will be able to raise additional capital on favorable terms , if at all .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```liquidity and capital resources our primary capital requirements are for facilities expansion and maintenance , acquisitions and the development of new programs . our principal sources of liquidity have been cash provided by operating activities and borrowings under our credit agreement . the following chart summarizes the principal elements of our cash flow for each of the three years in the period ended december 31 , 2013 : replace_table_token_9_th as of december 31 , 2013 , we had cash , cash equivalents and restricted cash of $ 67.4 million , including $ 54.5 million of restricted cash , representing an increase of approximately $ 5.7 million as compared to $ 61.7 million of cash and cash equivalents as of december 31 , 2012. this increase is primarily due to $ 54.5 million of borrowings under our credit facility ( as defined below ) during the fourth quarter of 2013 compared to $ 37.5 million of borrowings during the fourth quarter of 2012 partially offset by a net loss during the year ended december 31 , 2013 of $ 51.3 million compared to a net loss during the year ended december 31 , 2012 of $ 37.2 million . historically , we have financed our operating activities and organic growth primarily through cash generated from operations . we have financed acquisitions primarily through borrowings under our credit facility and cash generated from operations . we currently anticipate that we will be able to meet our short-term cash needs , as well as our need to fund operations and meet our obligations beyond the next twelve months with cash generated by operations , existing cash balances and borrowings under our credit facility . in addition , we may also consider accessing the financial markets in the future as a source of liquidity for capital requirements , acquisitions and general corporate purposes to the extent such requirements are not satisfied by cash on hand , borrowings under our credit facility or operating cash flows . however , we can not assure you that we will be able to raise additional capital on favorable terms , if at all .
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 Suspicious Activity Report : as a result of a greater percentage of financial aid available , a greater number of students were able to finance their educations entirely from financial aid sources . while this provided greater opportunities for our students , it also severely impacted our ability to comply with the 90/10 rule . because of the increases in title iv student loan limits and grants in recent years , it has become difficult for us to comply with the 90/10 rule . we considered two alternatives to aid us with our compliance with the 90/10 rule : increasing tuition prices above the applicable maximums for title iv student loans and grants or restructuring certain of our programs . we decided to restructure program offerings . this resulted in increasing the financing gaps between tuition and the amount of financial aid available to cover the financing gap . this resulted in students having to attend classes longer each week as well as students having to make regular monthly cash payments . these actions have led to a decrease in the number of students who have enrolled at our institutions . our operating expenses , while a function of our revenue growth , contain a high fixed cost component . our educational services and facilities expenses as a percentage of revenues increased to 50.1 % in 2013 from 47.2 % in 2012 and 43.1 % in 2011 , and selling , general and administrative expenses increased as a percentage of revenue to 51.7 % in 2013 from 49.9 % in 2012 and 47.5 % in 2011. as our enrollment declined , we experienced significant negative leverage due to lower utilization at our schools . 41 index our revenues are directly dependent on the average number of students enrolled in our schools and the courses in which they are enrolled . our average enrollment is impacted by the number of new students starting , re-entering , graduating and withdrawing from our schools . in addition , our diploma/certificate programs range from 22 to 106 weeks , our associate 's degree programs range from 48 to 156 weeks , and our bachelor 's degree programs range from 142 to 208 weeks , and students attend classes for different amounts of time per week depending on the school and program in which they are enrolled . because we start new students every month , our total student population changes monthly . the number of students enrolling or re-entering our programs each month is driven by the demand for our programs , the effectiveness of our marketing and advertising , the availability of financial aid and other sources of funding , the number of recent high school graduates , the job market and seasonality . our retention and graduation rates are influenced by the quality and commitment of our teachers and student services personnel , the effectiveness of our programs , the placement rate and success of our graduates and the availability of financial aid . although similar courses have comparable tuition rates , the tuition rates vary among our numerous programs . as more of our schools receive approval to offer associate 's degree and bachelor 's degree programs , which are longer than our diploma degree programs , we would expect our average enrollment and the average length of stay of our students to increase . the majority of students enrolled at our schools rely on funds received under various government-sponsored student financial aid programs to pay a substantial portion of their tuition and other education-related expenses . the largest of these programs are title iv programs which represented approximately 80 % of our cash receipts relating to revenues in 2013. we extend credit for tuition and fees to many of our students that attend our campuses . our credit risk is mitigated through the student 's participation in federally funded financial aid programs unless students withdraw prior to the receipt by us of title iv funds for those students . under title iv programs , the government funds a certain portion of a students ' tuition , with the remainder , referred to as “ the gap , ” financed by students themselves under private party loans , including credit extended by us . the gap amount has continued to increase over the last several years as we have raised tuition on average for the last several years by 3 % per year and restructured certain programs to reduce the amount of financial aid available to students , while funds received from title iv programs increased at lower rates . the additional financing that we are providing to students may expose us to greater credit risk and can impact our liquidity . however , we believe that these risks are somewhat mitigated due to the following : · annual federal title iv loan limits , including grants have increased . title iv funds represented 80 % of our 2013 revenue on a cash basis ; · our internal financing is provided to students only after all other funding resources have been exhausted ; thus , by the time this funding is available , students have completed approximately two-thirds of their curriculum and are more likely to graduate ; · funding for students who interrupt their education is typically covered by title iv funds as long as they have been properly packaged for financial aid ; and · we have a good collection history with our graduates . historically , 90 % of all of our graduates have repaid their balances in full . for the year ended december 31 , 2013 , approximately 80 % of our revenue on a cash basis was derived from title iv funds and approximately 20 % was derived from state grants and cash payments made by students . the hea requires institutions to use the cash basis of accounting when determining its compliance with the 90/10 rule . story_separator_special_tag the fair values of these reporting units were estimated using the expected present value of future cash flows . no other reporting unit 's carrying goodwill amount exceeded or approximated its implied value . at december 31 , 2011 , we tested goodwill for impairment and determined we did not have an impairment . we concluded that the decrease in our market capitalization as of september 30 , 2011 was an indicator of potential impairment and , accordingly , we tested goodwill for impairment . the tests indicated that five of the company 's reporting units were impaired , which resulted in an expense of $ 9.3 million in the third quarter of 2011 ( $ 1.0 million included in discontinued operations ) . stock-based compensation . we currently account for stock-based employee compensation arrangements by using the black-scholes valuation model and utilize straight-line amortization of compensation expense over the requisite service period of the grant . we make an estimate of expected forfeitures at the time options are granted . 45 index the fair value of the stock options used to compute stock-based compensation is the estimated present value at the date of grant using the black-scholes option pricing model . during 2013 and 2011 , there were no new stock option grants . the weighted average fair values of options granted during 2012 was $ 2.52 using the following weighted average assumptions for grants : at december 31 , 2012 expected volatility 51.25 % expected dividend yield 4 % expected life ( term ) 4.65 years risk-free interest rate 0.87 % weighted-average exercise price during the year $ 7.79 the expected volatility considers the volatility of our common stock that has been traded for a period commensurate with the expected life . the expected term of options granted represents the period of time that options granted are expected to be outstanding based on historical experience . the risk-free rate used is based on the published u.s. treasury yield curve in effect at the time of grant for instruments with a similar life . the 2012 expected dividend yield presumes a set dividend rate based on the current dividend yield . income taxes . we account for income taxes in accordance with fasb asc topic 740 , “ income taxes ” ( “ asc 740 ” ) . this statement requires an asset and a liability approach for measuring deferred taxes based on temporary differences between the financial statement and tax bases of assets and liabilities existing at each balance sheet date using enacted tax rates for years in which taxes are expected to be paid or recovered . in accordance with asc 740 , we assess our deferred tax asset to determine whether all or any portion of the asset is more likely than not unrealizable . a valuation allowance is required to be established or maintained when , based on currently available information , it is more likely than not that all or a portion of a deferred tax asset will not be realized . in accordance with asc 740 , our assessment considers whether there has been sufficient income in recent years and whether sufficient income is expected in future years in order to utilize the deferred tax asset . in evaluating the realizability of deferred income tax assets we considered , among other things , historical levels of income , expected future income , the expected timing of the reversals of existing temporary reporting differences , and the expected impact of tax planning strategies that may be implemented to prevent the potential loss of future income tax benefits . significant judgment is required in determining the future tax consequences of events that have been recognized in our consolidated financial statements and or tax returns . differences between anticipated and actual outcomes of these future tax consequences could have a material impact on our consolidated financial position or results of operations . changes in , among other things , income tax legislation , statutory income tax rates , or future income levels could materially impact our valuation of income tax assets and liabilities and could cause our income tax provision to vary significantly among financial reporting periods . we recognize accrued interest and penalties related to unrecognized tax benefits in income tax expense . during the years ended december 31 , 2013 and 2012 , the interest and penalties expense associated with uncertain tax positions are not significant to our results of operations or financial position . results of continuing operations for the three years ended december 31 , 2013 the following table sets forth selected consolidated statements of continuing operations data as a percentage of revenues for each of the periods indicated : replace_table_token_8_th 46 index year ended december 31 , 2013 compared to year ended december 31 , 2012 revenue . revenue decreased by $ 37.7 million , or 9.9 % , to $ 345.0 million for the year ended december 31 , 2013 from $ 382.8 million for the year ended december 31 , 2012. the decrease was primarily attributable to a 12.3 % decrease in average student population , which decreased to 15,009 for the year ended december 31 , 2013 from 17,121 for the year ended december 31 , 2012 , partially offset by a 2.8 % increase in average revenue per student . we began 2013 with approximately 2,200 , or 12.3 % , fewer students than we had on january 1 , 2012. the average student population was negatively impacted by regulatory changes under the appropriations act , which eliminated our ability to enroll atb students as well as our decision in early 2012 to stop enrolling fully online students . in addition , w e believe current economic conditions have increased the number of potential students who are hesitant to incur debt and therefore , have not enrolled in our schools . these factors have led to a significant decline in student starts and average student population .

