Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
Jan. 31, 2022
Apr. 30, 2021
Current assets:    
Cash and cash equivalents $ 5,969,286 $ 12,472,082
Restricted cash 1,433,397 1,193,997
Accounts receivable, net of allowance of $3,381,204 and $3,289,816, respectively 19,635,715 16,724,744
Prepaid expenses 1,375,628 1,077,831
Other current assets 31,032 68,529
Total current assets 28,445,058 31,537,183
Property and equipment:    
Property and equipment, gross 21,305,859 17,548,329
Less: accumulated depreciation and amortization (7,533,571) (4,892,987)
Total property and equipment, net 13,772,288 12,655,342
Goodwill 5,011,432 5,011,432
Accounts receivable, net of allowance of $— and $625,963, respectively 0 45,329
Long-term contractual accounts receivable 12,701,452 10,249,833
Deferred financing costs 88,393 18,056
Operating lease right of use assets, net 13,090,470 12,714,863
Deposits and other assets 523,898 479,212
Total assets 81,829,746 80,806,906
Current liabilities:    
Accounts payable 1,806,656 1,466,488
Accrued expenses 2,079,249 2,040,896
Deferred revenue 6,182,781 6,825,014
Due to students 3,229,516 2,747,484
Operating lease obligations, current portion 2,106,981 2,029,821
Credit Facility 5,000,000 0
Other current liabilities 136,027 307,921
Total current liabilities 20,541,210 15,417,624
Operating lease obligations, less current portion 17,317,396 16,298,808
Total liabilities 37,858,606 31,716,432
Commitments and contingencies – see Note 11
Stockholders' equity:    
Preferred stock, $0.001 par value; 1,000,000 shares authorized, 0 issued and 0 outstanding at January 31, 2022 and April 30, 2021 0 0
Common stock, $0.001 par value; 40,000,000 shares authorized, 25,228,580 issued and 25,073,094 outstanding at January 31, 2022; 25,066,297 issued and 24,910,811 outstanding at April 30, 2021 25,229 25,067
Additional paid-in capital 111,378,471 109,040,824
Treasury stock (155,486 at both January 31, 2022 and April 30, 2021) (1,817,414) (1,817,414)
Accumulated deficit (65,615,146) (58,158,003)
Total stockholders’ equity 43,971,140 49,090,474
Total liabilities and stockholders’ equity 81,829,746 80,806,906
Computer equipment and hardware    
Property and equipment:    
Property and equipment, gross 1,486,201 956,463
Furniture and fixtures    
Property and equipment:    
Property and equipment, gross 2,153,124 1,705,101
Leasehold improvements    
Property and equipment:    
Property and equipment, gross 7,179,896 5,729,324
Instructional equipment    
Property and equipment:    
Property and equipment, gross 656,409 421,039
Software    
Property and equipment:    
Property and equipment, gross 9,829,329 8,488,635
Intangible assets, net 5,101,916 5,044,310
Construction in progress    
Property and equipment:    
Property and equipment, gross 900 247,767
Intangible assets, net    
Property and equipment:    
Intangible assets, net 7,907,075 7,908,360
Courseware, net    
Property and equipment:    
Intangible assets, net $ 289,680 $ 187,296