Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED BALANCE SHEETS

v2.4.0.8
CONSOLIDATED BALANCE SHEETS (USD $)
Jul. 31, 2014
Apr. 30, 2014
Current assets:    
Cash and cash equivalents $ 1,416,407 $ 247,380
Restricted cash 898,225 868,298
Accounts receivable, net of allowance of $234,049 and $221,537, respectively 671,723 649,890
Prepaid expenses 93,250 45,884
Net assets from discontinued operations (Note 1) 5,250 5,250
Total current assets 3,084,855 1,816,702
Property and equipment:    
Call center equipment 122,653 122,653
Computer and office equipment 67,561 66,118
Furniture and fixtures 36,447 36,446
Library (online) 100,000 100,000
Software 1,975,640 1,894,215
Total 2,302,301 2,219,432
Less accumulated depreciation and amortization (1,044,098) (938,703)
Total property and equipment, net 1,258,203 1,280,729
Courseware, net 127,493 108,882
Accounts receivable, secured - related party, net of allowance of $625,963, and $625,963, respectively 146,831 146,831
Debt issuance costs, net 149,075 205,515
Other assets 25,181 25,181
Total assets 4,791,638 3,583,840
Current liabilities:    
Accounts payable 536,659 454,783
Accrued expenses 170,205 143,975
Deferred revenue 624,152 653,518
Refunds Due Students 356,720 288,121
Loan payable to stockholder 491 491
Deferred rent, current portion 14,519 13,699
Convertible notes payable, current portion 175,000 175,000
Debenture payable, net of discounts of $328,428 and $452,771 1,911,572 1,787,229
Total current liabilities 3,789,318 3,516,816
Line of credit 244,028 244,175
Loan payable officer - related party 1,000,000 1,000,000
Convertible notes payable - related party 600,000 600,000
Deferred rent 3,752 7,751
Total liabilities 5,637,098 5,368,742
Commitments and contingencies - See Note 8      
Stockholders' deficiency:    
Common stock, $0.001 par value; 120,000,000 shares authorized, 73,414,478 issued and 73,214,478 outstanding at April 30,2014 88,203,020 issued and 88,003,020 outstanding at July 31, 2014 88,203 73,414
Additional paid-in capital 18,091,032 16,302,118
Treasury stock (200,000 shares) (70,000) (70,000)
Accumulated deficit (18,954,695) (18,090,434)
Total stockholders' deficiency (845,460) (1,784,902)
Total liabilities and stockholders' deficiency $ 4,791,638 $ 3,583,840