v3.20.4
CONSOLIDATED BALANCE SHEETS - USD ($)
Jan. 31, 2021
Apr. 30, 2020
Current assets:    
Cash and cash equivalents $ 9,987,382 $ 14,350,554
Restricted cash 3,395,068 3,556,211
Accounts receivable, net of allowance of $2,924,887 and $1,758,920, respectively 15,832,552 14,326,791
Prepaid expenses 1,209,197 941,671
Other receivables 0 23,097
Other current assets 1,378,173 173,090
Total current assets 31,802,372 33,371,414
Property and equipment:    
Property and equipment, gross 11,902,131 8,988,662
Less accumulated depreciation and amortization (4,355,308) (2,841,019)
Total property and equipment, net 7,546,823 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 9,986,613 6,701,136
Debt issue cost, net 26,389 182,418
Operating lease right of use assets, net 11,114,766 6,412,851
Deposits and other assets 500,470 355,831
Total assets 74,044,263 66,239,511
Current liabilities:    
Accounts payable 1,155,977 1,505,859
Accrued expenses 2,293,515 537,413
Deferred revenue 5,600,371 3,712,994
Due to students 2,243,690 2,371,844
Operating lease obligations, current portion 2,102,209 1,683,252
Other current liabilities 307,677 545,711
Total current liabilities 13,703,439 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 9,968,293 5,685,335
Total liabilities 23,671,732 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 outstanding at July 31, 2020 and April 30, 2020 0 0
Common stock, $0.001 par value; 40,000,000 shares authorized, 21,727,075 issued and 21,710,408 outstanding at July 31, 2020; 18,665,551 issued and 18,648,884 outstanding at April 30, 2020 24,940 21,771
Additional paid-in capital 108,003,022 89,505,216
Treasury stock (155,486 and 16,667 shares at January 31, 2021 and April 30, 2020, respectively) (1,817,414) (70,000)
Accumulated deficit (55,838,017) (47,709,030)
Total stockholders’ equity 50,372,531 41,747,957
Total liabilities and stockholders’ equity 74,044,263 66,239,511
Computer equipment and hardware    
Property and equipment:    
Property and equipment, gross 799,826 649,927
Furniture and fixtures    
Property and equipment:    
Property and equipment, gross 1,013,103 1,007,099
Leasehold improvements    
Property and equipment:    
Property and equipment, gross 920,736 867,024
Instructional equipment    
Property and equipment:    
Property and equipment, gross 315,993 301,842
Software    
Property and equipment:    
Property and equipment, gross 7,944,693 6,162,770
Intangible assets, net 4,866,480 4,112,961
Construction in progress    
Property and equipment:    
Property and equipment, gross 907,780 0
Intangible assets, net    
Property and equipment:    
Intangible assets, net 7,900,000 7,900,000
Courseware, net    
Property and equipment:    
Intangible assets, net $ 110,069 $ 111,457

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