Annual report pursuant to Section 13 and 15(d)

Secured Note and Accounts Receivable

v3.22.2
Secured Note and Accounts Receivable
12 Months Ended
Apr. 30, 2022
Due from Related Parties, Unclassified [Abstract]  
Secured Note and Accounts Receivable Secured Note and Accounts ReceivableOn March 30, 2008 and December 1, 2008, Aspen University sold courseware pursuant to marketing agreements to Higher Education Management Group, Inc. (“HEMG”), which was then a related party and principal stockholder of the Company. As discussed in Note 10. Commitments and Contingencies, the Company and Aspen University sued HEMG seeking to recover sums due under the agreements. Ultimately, the Company and Aspen University obtained a favorable default judgment, and as a result received a distribution from the bankruptcy trustee court of $498,120, which was included in "other (expense) income, net" in the consolidated statements of operations during the year ended April 30, 2022. Due to the bankruptcy of HEMG, the Company also wrote off a net receivable of $45,329 in the same period.