Annual report pursuant to Section 13 and 15(d)

Significant Accounting Policies (Tables)

v2.4.0.8
Significant Accounting Policies (Tables)
12 Months Ended
Apr. 30, 2014
Significant Accounting Policies [Abstract]  
Schedule of Property and Equipment Useful Lives

Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the related assets per the following table.

 

     

Category

 

Depreciation Term

Call center equipment

 

5 years

Computer and office equipment

 

5 years

Furniture and fixtures

 

7 years

Library (online)

 

3 years

Software

 

5 years


Schedule of Reclassifications

For the year ended December 31, 2012, the Company reclassified $273,225, from Cost of Revenues to General and Administrative, both within Operating Expenses:


                                                 

 

 

For the Year Ended December 31, 2012

 

 

 

Reclassifications

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial

 

 

 

 

 

 

As

 

 

Dues,

 

 

 

 

 

Executive

 

 

Aid

 

 

 

 

 

 

Previously

 

 

Fees, &

 

 

Consulting

 

 

Academic

 

 

Processing

 

 

As

 

 

 

Reported

 

 

Licenses

 

 

Expense

 

 

Chair

 

 

Costs

 

 

Reclassified

 

Operating Expenses:

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

Cost of Revenues

 

$

2,342,037

 

 

 

(32,234

)

 

 

(111,927

)

 

 

(105,500

)

 

 

(23,564

)

 

$

2,068,812

 

General and administrative

 

 

5,235,282

 

 

 

32,234

 

 

 

111,927

 

 

 

105,500

 

 

 

23,564

 

 

 

5,508,507

 

Receivable Collateral Valuation Reserve

 

 

502,315

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

502,315

 

Depreciation and amortization

 

 

397,923

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

397,923

 

Total Operating Expenses

 

$

8,477,557

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

8,477,557