Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS (USD $)
Apr. 30, 2014
Apr. 30, 2013
Current assets:    
Cash and cash equivalents $ 247,380 $ 724,982
Restricted cash 868,298 265,173
Accounts receivable, net of allowance of $221,537 and $72,535 respectively 649,890 364,788
Prepaid expenses 45,884 165,426
Net assets from discontinued operations (Note 1) 5,250 113,822
Total current assets 1,816,702 1,634,191
Property and equipment:    
Call center equipment 122,653 121,313
Computer and office equipment 66,118 61,036
Furniture and fixtures 36,446 32,914
Library (online) 100,000 100,000
Software 1,894,215 1,518,142
Total 2,219,432 1,833,405
Less accumulated depreciation and amortization (938,703) (569,665)
Total property and equipment, net 1,280,729 1,263,740
Courseware, net 108,882 208,095
Accounts receivable, secured - related party, net of allowance of $625,963 and $502,315 respectively 146,831 270,478
Debt issuance costs, net 205,515   
Other assets 25,181 25,181
Total assets 3,583,840 3,401,685
Current liabilities:    
Accounts payable 454,783 313,405
Accrued expenses 143,975 128,569
Deferred revenue 653,518 904,590
Refunds Due Students 288,121 253,883
Loan payable to stockholder 491 491
Deferred rent, current portion 13,699 10,418
Convertible notes payable, current portion 175,000 200,000
Debenture payable, net of discounts of $452,771 1,787,229   
Net liabilities from discontinued operations (Note 1)    124,504
Total current liabilities 3,516,816 1,935,860
Line of credit 244,175 250,000
Loan payable officer - related party 1,000,000   
Convertible notes payable - related party 600,000 600,000
Deferred rent 7,751 21,450
Total liabilities 5,368,742 2,807,310
Commitments and contingencies - See Note 10      
Stockholders' equity (deficiency):    
Common stock, $0.001 par value; 120,000,000 shares authorized, 73,414,478 issued and 73,214,478 outstanding at April 30,2014 58,573,222 issued and 58,373,222 outstanding at April 30, 2013 73,414 58,573
Additional paid-in capital 16,302,118 13,345,888
Treasury stock (200,000 shares) (70,000) (70,000)
Accumulated deficit (18,090,434) (12,740,086)
Total stockholders' equity (deficiency) (1,784,902) 594,375
Total liabilities and stockholders' equity (deficiency) $ 3,583,840 $ 3,401,685