Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
Apr. 30, 2021
Apr. 30, 2020
Current assets:    
Cash and cash equivalents $ 8,513,290 $ 14,350,554
Restricted cash 5,152,789 3,556,211
Accounts receivable, net of allowance of $3,289,816 and $1,758,920, respectively 16,724,744 14,326,791
Prepaid expenses 1,077,831 941,671
Other receivables 0 23,097
Other current assets 68,529 173,090
Total current assets 31,537,183 33,371,414
Property and equipment:    
Property and equipment, gross 17,548,329 8,988,662
Less: accumulated depreciation and amortization (4,892,987) (2,841,019)
Total property and equipment, net 12,655,342 6,147,643
Goodwill 5,011,432 5,011,432
Accounts receivable, net of allowance of $625,963, and $625,963, respectively 45,329 45,329
Long term contractual accounts receivable 10,249,833 6,701,136
Debt issue cost, net 18,056 182,418
Operating lease right of use assets, net 12,714,863 6,412,851
Deposits and other assets 479,212 355,831
Total assets 80,806,906 66,239,511
Current liabilities:    
Accounts payable 1,466,488 1,505,859
Accrued expenses 2,040,896 900,643
Deferred revenue 6,825,014 3,712,994
Due to students 2,747,484 2,371,844
Operating lease obligations, current portion 2,029,821 1,683,252
Other current liabilities 307,921 182,481
Total current liabilities 15,417,624 10,357,073
Convertible Notes, net of discount of $0 and $1,550,854, respectively 0 8,449,146
Operating lease obligations, less current portion 16,298,808 5,685,335
Total liabilities 31,716,432 24,491,554
Commitments and contingencies - See Note 10
Stockholders’ equity:    
Preferred stock, $0.001 par value; 1,000,000 shares authorized, 0 issued and 0 outstanding at April 30, 2021 and April 30, 2020 0 0
Common stock, $0.001 par value; 40,000,000 shares authorized, 25,066,297 issued and 24,910,811 outstanding at April 30, 2021, 21,770,520 issued and 21,753,853 outstanding at April 30, 2020 25,067 21,771
Additional paid-in capital 109,040,824 89,505,216
Treasury stock (155,486 and 16,667 shares, respectively) (1,817,414) (70,000)
Accumulated deficit (58,158,003) (47,709,030)
Total stockholders’ equity 49,090,474 41,747,957
Total liabilities and stockholders’ equity 80,806,906 66,239,511
Intangible assets, net    
Property and equipment:    
Finite-lived intangible assets, net 7,908,360 7,900,000
Courseware, net    
Property and equipment:    
Finite-lived intangible assets, net 187,296 111,457
Computer equipment and hardware    
Property and equipment:    
Property and equipment, gross 956,463 649,927
Furniture and fixtures    
Property and equipment:    
Property and equipment, gross 1,705,101 1,007,099
Leasehold Improvements    
Property and equipment:    
Property and equipment, gross 5,729,324 867,024
Instructional equipment    
Property and equipment:    
Property and equipment, gross 421,039 301,842
Software    
Property and equipment:    
Property and equipment, gross 8,488,635 6,162,770
Finite-lived intangible assets, net 5,044,310 4,112,961
Construction in progress    
Property and equipment:    
Property and equipment, gross $ 247,767 $ 0