Note 11. Subsequent Events

On February 25, 2015, the DEAC informed Aspen University that it had renewed its accreditation for five years to January, 2019.

On February 26, 2015, Aspen University was informed by the DOE that it has the option to become permanently certified by increasing the letter of credit to 50% of all Title IV funds received in the last program year, equaling $2,244,971, or to remain provisionally certified by increasing the existing 25% letter of credit to $1,122,485. Aspen informed the DOE on March 3, 2015 of its desire to remain provisionally certified and post the $1,122,485 letter of credit for the DOE by April 30, 2015.

On or about February 20, 2015 , Aspen Group, Inc. filed a motion in the United States District Court, District of New Jersey, seeking the entry of a money  judgment on default against Defendant, HEMG, in the amount of $772,793, plus interest, costs, disbursements, and any other relief the Court deems just and proper. (See Note 3)

On March 4, 2015, Mr. Michael Mathews, for no consideration, extended the due date of his loans from January 1, 2016 to July 31, 2016.