Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS (USD $)
Oct. 31, 2014
Apr. 30, 2014
Current assets:    
Cash and cash equivalents $ 2,101,157 $ 247,380
Restricted cash 938,225 868,298
Accounts receivable, net of allowance of $234,049 and $221,537, respectively 680,386 649,890
Prepaid expenses 94,136 45,884
Net assets from discontinued operations (Note 1)    5,250
Total current assets 3,813,904 1,816,702
Property and equipment:    
Call center equipment 132,109 122,653
Computer and office equipment 69,780 66,118
Furniture and fixtures 36,446 36,446
Library (online) 100,000 100,000
Software 2,061,563 1,894,215
Total 2,399,898 2,219,432
Less accumulated depreciation and amortization (1,153,943) (938,703)
Total property and equipment, net 1,245,955 1,280,729
Courseware, net 134,861 108,882
Accounts receivable, secured - related party, net of allowance of $625,962, and $625,962, respectively 146,831 146,831
Debt issuance costs, net    205,515
Other assets 25,180 25,181
Total assets 5,366,731 3,583,840
Current liabilities:    
Accounts payable 275,330 454,783
Accrued expenses 166,271 144,466
Deferred revenue 610,653 653,518
Refunds Due Students 433,474 288,121
Deferred rent, current portion 13,641 13,699
Convertible notes payable 150,000 175,000
Debenture payable, net of discounts of $0 and $452,771    1,787,229
Net liabilities from discontinued operations (Note 1)      
Total current liabilities 1,649,369 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 1,451 7,751
Total liabilities 3,494,848 5,368,742
Commitments and contingencies - See Note 8      
Stockholders' equity (deficiency):    
Common stock, $0.001 par value; 120,000,000 shares authorized, 112,561,314 issued and 112,361,314 outstanding at October 31, 2014, 73,414,478 issued and 73,214,478 outstanding at April 30, 2014 112,561 73,414
Additional paid-in capital 21,915,210 16,302,118
Treasury stock (200,000 shares) (70,000) (70,000)
Accumulated deficit (20,085,888) (18,090,434)
Total stockholders' equity (deficiency) 1,871,883 (1,784,902)
Total liabilities and stockholders' equity (deficiency) $ 5,366,731 $ 3,583,840