Secured Note and Accounts Receivable
|3 Months Ended|
Jul. 31, 2021
|Due from Related Parties, Unclassified [Abstract]|
|Secured Note and Accounts Receivable||Secured Note and Accounts Receivable
On March 30, 2008 and December 1, 2008, Aspen University sold courseware pursuant to marketing agreements to Higher Education Management Group, Inc. (“HEMG”), which was then a related party and principal stockholder of the Company. Ultimately, the sum due to Aspen University was reduced to $772,793, and Aspen University obtained a judgment for that amount. HEMG then filed a bankruptcy petition in 2015. As of April 30, 2021, the balance of the account receivable, net of allowance, was $45,329.
On July 21, 2021, the Company received its distribution from the bankruptcy trustee court of $498,120, which is included in "other income (expense), net" in the accompanying unaudited consolidated statements of operations. As a result, the Company wrote off the net receivable of $45,329, described above, at July 31, 2021. No further assets are available for distribution. See Note 11 for additional information.
The entire disclosure for information about secured notes and accounts receivable related to related parties.
No definition available.