Quarterly report pursuant to sections 13 or 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS (USD $)
Jan. 31, 2014
Apr. 30, 2013
Current assets:    
Cash and cash equivalents $ 850,627 $ 724,982
Restricted cash 265,579 265,173
Accounts receivable, net of allowance of $215,643 and $72,535, respectively 659,814 364,788
Prepaid expenses 37,420 165,426
Net assets from discontinued operations (Note 1) 5,250 113,822
Total current assets 1,818,690 1,634,191
Property and equipment:    
Call center equipment 122,653 121,313
Computer and office equipment 66,118 61,036
Furniture and fixtures 32,914 32,914
Library (online) 100,000 100,000
Software 1,809,860 1,518,142
Total 2,131,545 1,833,405
Less accumulated depreciation and amortization (837,427) (569,665)
Total property and equipment, net 1,294,118 1,263,740
Courseware, net 129,367 208,095
Accounts receivable, secured - related party, net of allowance of $625,962 and $502,315, respectively 146,831 270,478
Debt issuance costs, net 260,114   
Other assets 25,181 25,181
Total assets 3,674,301 3,401,685
Current liabilities:    
Accounts payable 376,600 313,405
Accrued expenses 133,148 128,569
Deferred revenue 806,160 904,590
Loan payable to stockholder 491 491
Title IV Funds In Transit 235,311 253,883
Deferred rent, current portion 12,879 10,418
Convertible notes payable, current portion 200,000 200,000
Net liabilities from discontinued operations (Note 1) 11,475 124,504
Total current liabilities 1,776,064 1,935,860
Line of credit 244,175 250,000
Loan payable to officer - related party 1,000,000   
Convertible notes payable - related party 600,000 600,000
Debenture payable, net of discounts of $573,060 1,666,940   
Deferred rent 11,750 21,450
Total liabilities 5,298,929 2,807,310
Commitments and contingencies - See Note 8      
Stockholders' equity (deficiency):    
Preferred stock, $0.001 par value; 10,000,000 shares authorized      
Common stock, $0.001 par value; 120,000,000 shares authorized,69,667,107 issued and 69,467,107 outstanding at January 31, 2014 and 58,573,222 issued and 58,373,222 outstanding at April 30, 2013 69,467 58,573
Additional paid-in capital 15,343,576 13,345,888
Treasury stock (200,000 shares) (70,000) (70,000)
Accumulated deficit (16,967,671) (12,740,086)
Total stockholders' equity (deficiency) (1,624,628) 594,375
Total liabilities and stockholders' equity (deficiency) $ 3,674,301 $ 3,401,685