v3.19.2
CONSOLIDATED BALANCE SHEETS - USD ($)
Jul. 31, 2019
Apr. 30, 2019
Current assets:    
Cash $ 7,243,580 $ 9,519,352
Restricted cash 452,021 448,400
Accounts receivable, net of allowance of $1,484,559 and $1,247,031, respectively 10,786,265 10,656,470
Prepaid expenses 546,767 410,745
Other receivables 1,435 2,145
Total current assets 19,030,068 21,037,112
Property and equipment:    
Call center equipment 245,715 193,774
Computer and office equipment 330,267 327,621
Furniture and fixtures 1,430,349 1,381,271
Software 4,765,597 4,314,198
Total 6,771,928 6,216,864
Less accumulated depreciation and amortization (2,083,277) (1,825,524)
Total property and equipment, net 4,688,651 4,391,340
Goodwill 5,011,432 5,011,432
Intangible assets, net 8,266,667 8,541,667
Courseware, net 145,063 161,930
Accounts receivable, secured - net of allowance of $625,963 and $625,963, respectively 45,329 45,329
Long term contractual accounts receivable 4,249,969 3,085,243
Debt issue cost, net 271,162 300,824
Right of use lease asset 7,996,585
Deposits and other assets 562,594 629,626
Total assets 50,267,520 43,204,503
Current liabilities:    
Accounts payable 1,588,331 1,699,221
Accrued expenses 577,755 651,418
Deferred revenue 2,681,037 2,456,865
Refunds due students 1,591,632 1,174,501
Deferred rent, current portion 53,140 47,436
Convertible notes payable 50,000 50,000
Right of use lease liability, current portion 1,100,411
Other current liabilities 279,411 270,786
Total current liabilities 7,921,717 6,350,227
Senior secured loan payable, net of discount of $287,626 and $353,328 respectively 9,712,374 9,646,672
Right of use lease liability 7,095,695
Deferred rent 704,689 746,176
Total liabilities 25,434,475 16,743,075
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, 2019 and April 30, 2019
Common stock, $0.001 par value; 40,000,000 shares authorized 18,913,527 issued and 18,896,443 outstanding at July 31, 2019 18,665,551 issued and 18,648,884 outstanding at April 30, 2019 18,914 18,666
Additional paid-in capital 69,146,123 68,562,727
Treasury stock (16,667 shares) (70,000) (70,000)
Accumulated deficit (44,261,992) (42,049,965)
Total stockholders' equity 24,833,045 26,461,428
Total liabilities and stockholders' equity $ 50,267,520 $ 43,204,503

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