Quarterly report pursuant to sections 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
 9 Months Ended
Jan. 31, 2014
Jan. 31, 2013
Cash flows from operating activities:    
Net loss $ (4,227,585) $ (4,057,940)
Less income (loss) from discontinued operations 84,663 (10,048)
Loss from continuing operations (4,312,248) (4,047,892)
Adjustments to reconcile net loss to net cash used in operating activities:    
Bad debt expense 148,837   
Receivable collateral valuation reserve 123,647 502,316
Depreciation and amortization 350,990 316,141
Stock-based compensation 395,940 305,333
Warrant modification expense 156,952   
Amortization of debt issue costs 77,058 268,973
Amortization of debt discount 174,351   
Amortization of prepaid shares for services 285,084 32,498
Changes in operating assets and liabilities:    
Accounts receivable (443,863) (91,274)
Prepaid expenses 58,922 51,503
Other assets    (21,122)
Accounts payable 63,195 (1,018,133)
Accrued expenses 4,578 91,451
Deferred rent (7,239) (3,218)
Title IV Funds in Transit (18,572) 42,392
Deferred revenue (98,430) 89,064
Net cash used in operating activities (3,040,798) (3,481,968)
Cash flows from investing activities:    
Purchases of property and equipment (298,140) (328,605)
Purchases of courseware (4,499) (17,100)
Increase in restricted cash (406) (159,162)
Net cash used in investing activities (303,045) (504,867)
Cash flows from financing activities:    
Proceeds from (repayments on) line of credit, net (5,825) 24,000
Proceeds from issuance of common shares and warrants, net    3,120,239
Proceeds from loan from related party 1,000,000 300,491
Proceeds received from issuance of convertible notes and warrants, net of costs 1,639,298 947,000
Proceeds from warrant exercise 804,049   
Offering costs associated with private placement (48,240) (154,453)
Purchase of Treasury shares    (202,000)
Net cash provided by financing activities 3,389,282 4,035,277
Cash flows from discontinued operations:    
Cash flows from discontinued activities 80,206 (154,379)
Net cash provided by (used in) discontinued operations 80,206 (154,379)
Net increase (decrease) in cash and cash equivalents 125,645 (105,937)
Cash and cash equivalents at beginning of period 724,982 486,104
Cash and cash equivalents at end of period 850,627 380,167
Supplemental disclosure of cash flow information:    
Cash paid for interest 95,653 5,281
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