Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
 6 Months Ended
Oct. 31, 2014
Oct. 31, 2013
Cash flows from operating activities:    
Net loss $ (1,995,454) $ (2,500,998)
Less income from discontinued operations    54,913
Loss from continuing operations (1,995,454) (2,555,911)
Adjustments to reconcile net loss to net cash used in operating activities:    
Bad debt expense 105,511 28,837
Amortization of debt issuance costs 75,458 20,193
Amortization of debt discount 166,241 50,008
Loss on extinguishment of debt - non cash portion 416,587   
Depreciation and amortization 255,740 229,086
Stock-based compensation 211,638 297,330
Amortization of prepaid shares for services    120,737
Changes in operating assets and liabilities:    
Accounts receivable (136,007) (281,049)
Prepaid expenses (48,251) 25,103
Accounts payable (179,453) 65,996
Accrued expenses 21,805 (13,033)
Deferred rent (6,358) (4,716)
Refunds due students 145,353 3,495
Deferred revenue (42,865) (137,607)
Net cash used in operating activities (1,010,055) (2,151,531)
Cash flows from investing activities:    
Purchases of property and equipment (180,466) (209,187)
Purchases of courseware (66,479) (1,500)
Increase in restricted cash (69,927) (271)
Net cash used in investing activities (316,872) (210,958)
Cash flows from financing activities:    
Proceeds from (repayments on) line of credit, net (147) (5,518)
Proceeds from issuance of common shares and warrants, net 5,547,826   
Proceeds from loan from related party    1,000,000
Proceeds from (retirement of) convertible notes and warrants, net of costs (2,240,000) 1,639,298
Retirement of convertible notes payable (25,000)   
Offering costs associated with private placement (107,225) (48,240)
Net cash provided by financing activities 3,175,454 2,585,540
Cash flows from discontinued operations:    
Cash flows from discontinued activities 5,250 148,657
Net cash provided by discontinued operations 5,250 148,657
Net decrease in cash and cash equivalents 1,853,777 371,708
Cash and cash equivalents at beginning of period 247,380 724,982
Cash and cash equivalents at end of period 2,101,157 1,096,690
Supplemental disclosure of cash flow information:    
Cash paid for interest 183,545 39,570
Cash paid for income taxes      
Supplemental disclosure of non-cash investing and financing activities    
Common stock issued for prepaid services    216,000
Warrant value recorded as debt issue cost    94,316
Warrant value recorded as debt discount    $ 389,565