Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
 6 Months Ended
Oct. 31, 2019
Oct. 31, 2018
Cash flows from operating activities:    
Net loss $ (2,713,450) $ (5,312,354)
Adjustments to reconcile net loss to net cash used in operating activities:    
Bad debt expense 648,658 292,889
Depreciation and amortization 1,234,799 1,022,172
Stock-based compensation 889,484 515,291
Warrants issued for services 18,565 0
Loss on asset disposition 3,918 0
Amortization of debt discounts 135,298 0
Amortization of debt issue costs 50,255 0
Amortization of prepaid shares for services 0 8,285
Non-cash payments to investor relations firm 73,350 0
Changes in operating assets and liabilities:    
Accounts receivable (5,211,195) (4,028,143)
Prepaid expenses (378,184) (238,951)
Other receivables 1,833 179,196
Other current assets (172,507) 0
Other assets 304,676 (20,846)
Accounts payable (511,473) (601,225)
Accrued expenses 88,243 72,737
Deferred rent (25,902) 453,880
Refunds due students 727,710 366,098
Deferred revenue 3,052,996 1,631,170
Other liabilities (242,181) 172,378
Net cash used in operating activities (2,025,107) (5,487,423)
Cash flows from investing activities:    
Purchases of courseware and accreditation (9,575) (85,821)
Purchases of property and equipment (1,244,078) (1,345,777)
Net cash used in investing activities (1,253,653) (1,431,598)
Cash flows from financing activities:    
Disbursements for equity offering costs 0 (29,832)
Proceeds of stock options exercised and warrants exercised 237,713 60,102
Purchase of treasury stock, net of broker fees 0 (7,370,000)
Re-sale of treasury stock, net of broker fees 0 7,370,000
Net cash provided by financing activities 237,713 30,270
Net (decrease) in cash and cash equivalents (3,041,047) (6,888,751)
Cash, restricted cash, and cash equivalents at beginning of period 9,967,752 14,803,065
Cash, restricted cash, and cash equivalents at end of period 6,926,705 7,914,314
Supplemental disclosure cash flow information    
Cash paid for interest 652,121 0
Cash paid for income taxes 49,595 0
Supplemental disclosure of non-cash investing and financing activities    
Common stock issued for services 178,447 0
Right-of-use lease asset offset against operating lease obligations 7,469,167  
Total cash and restricted cash $ 6,926,705 $ 7,914,314