Quarterly report pursuant to sections 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
 6 Months Ended
Oct. 31, 2013
Oct. 31, 2012
Cash flows from operating activities:    
Net loss $ (2,500,998) $ (3,023,350)
Less income (loss) from discontinued operations 54,913 75,176
Loss from continuing operations (2,555,911) (3,098,526)
Adjustments to reconcile net loss to net cash used in operating activities:    
Bad debt expense 28,837 48,476
Receivable collateral valuation reserve    502,316
Depreciation and amortization 229,086 204,278
Stock-based compensation 297,330 152,061
Amortization of debt issue costs 20,193 266,473
Amortization of debt discount 50,008   
Amortization of prepaid shares for services 120,737   
Changes in operating assets and liabilities:    
Restricted cash    (252,968)
Accounts receivable (281,049) (41,884)
Prepaid expenses 25,103 (36,309)
Other assets    (21,122)
Accounts payable 65,996 (728,705)
Accrued expenses (13,033) 17,287
Deferred rent (4,716) (2,503)
Title IV Funds in Transit 3,495 56,134
Deferred revenue (137,607) 60,940
Net cash used in operating activities (2,151,531) (2,874,052)
Cash flows from investing activities:    
Purchases of property and equipment (209,187) (158,996)
Purchases of courseware (1,500) (32,464)
Increase in restricted cash (271) (209,683)
Net cash used in investing activities (210,958) (401,143)
Cash flows from financing activities:    
Proceeds from (repayments on) line of credit, net (5,518) (224,900)
Proceeds from issuance of common shares and warrants, net    2,583,053
Proceeds from loan from related party 1,000,000 322,491
Proceeds received from issuance of convertible notes and warrants, net of costs 1,639,298 947,000
Offering costs associated with private placement (48,240) (155,303)
Purchase of Treasury shares    (132,000)
Other    1,964
Net cash provided by financing activities 2,585,540 3,342,305
Cash flows from discontinued operations:    
Cash flows from discontinued activities 148,657 468,180
Net cash provided by discontinued operations 148,657 468,180
Net increase in cash and cash equivalents 371,708 535,290
Cash and cash equivalents at beginning of period 724,982 486,104
Cash and cash equivalents at end of period 1,096,690 1,021,394
Supplemental disclosure of cash flow information:    
Cash paid for interest 39,570 4,627
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