Transition report pursuant to Rule 13a-10 or 15d-10

Significant Accounting Policies (Tables)

v2.4.0.8
Significant Accounting Policies (Tables)
4 Months Ended
Apr. 30, 2013
Significant Accounting Policies Tables [Abstract]  
Depreciation and amortization over estimated useful lives

Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the related assets per the following table.

 

     

Category

 

Depreciation Term

Call center equipment

 

5 years

Computer and office equipment

 

5 years

Furniture and fixtures

 

7 years

Library (online)

 

3 years

Software

 

5 years

Vehicle

 

5 years


Reclassifications to the consolidated statements of operations

Certain amounts in the 2012 and 2011 Consolidated Financial Statements have been reclassified to conform to this new presentation as follows:


                         

 

 

For the Year Ended December 31, 2012

 

 

 

Reclassifications

 

 

 

 

 

 

 

 

 

 

 

 

 

As Previously

 

 

Cost of

 

 

As

 

 

 

Reported

 

 

Revenues

 

 

Reclassified

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenues (exclusive of depreciation and and amortization shown separately below)

 

$

-

 

 

$

2,342,037

 

 

$

2,342,037

 

Instructional costs and services

 

 

899,909

 

 

 

(899,909

)

 

 

-

 

Marketing and promotional

 

 

1,442,128

 

 

 

(1,442,128

)

 

 

-

 

General and administrative

 

 

5,235,282

 

 

 

-

 

 

 

5,235,282

 

Receivable collateral valuation reserve

 

 

502,315

 

 

 

 

 

 

 

502,315

 

Depreciation and amortization

 

 

397,923

 

 

 

 

 

 

 

397,923

 

Total costs and expenses

 

$

8,477,557

 

 

$

-

 

 

$

8,477,557

 


                         

 

 

For the Year Ended December 31, 2011

 

 

 

Reclassifications

 

 

 

 

 

 

 

 

 

 

 

 

 

As Previously

 

 

Cost of

 

 

As

 

 

 

Reported

 

 

Revenues

 

 

Reclassified

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenues (exclusive of depreciation and and amortization shown separately below)

 

$

-

 

 

$

1,041,269

 

 

$

1,041,269

 

Instructional costs and services

 

 

525,907

 

 

 

(525,907

)

 

 

-

 

Marketing and promotional

 

 

515,362

 

 

 

(515,362

)

 

 

-

 

General and administrative

 

 

3,593,956

 

 

 

-

 

 

 

3,593,956

 

Depreciation and amortization

 

 

264,082

 

 

 

-

 

 

 

264,082

 

Total costs and expenses

 

$

4,899,307

 

 

$

-

 

 

$

4,899,307