v3.19.3.a.u2
CONSOLIDATED BALANCE SHEETS - USD ($)
Oct. 31, 2019
Apr. 30, 2019
Current assets:    
Cash $ 6,472,417 $ 9,519,352
Restricted cash 454,288 448,400
Accounts receivable, net of allowance of $1,892,318 and $1,247,031, respectively 12,813,517 10,656,470
Prepaid expenses 788,929 410,745
Other receivables 312 2,145
Other current assets 172,507 0
Total current assets 20,701,970 21,037,112
Property and equipment:    
Call center equipment 270,010 193,774
Computer and office equipment 345,241 327,621
Furniture and fixtures 1,484,930 1,381,271
Software 5,178,944 4,314,198
Property and equipment, gross 7,279,125 6,216,864
Less accumulated depreciation and amortization (2,296,365) (1,825,524)
Total property and equipment, net 4,982,760 4,391,340
Goodwill 5,011,432 5,011,432
Accounts receivable, secured - net of allowance of $625,963 and $625,963, respectively 45,329 45,329
Long term contractual accounts receivable 5,490,733 3,085,243
Debt issue cost, net 250,569 300,824
Right of use lease asset 7,953,283  
Deposits and other assets 324,950 629,626
Total assets 52,888,139 43,204,503
Current liabilities:    
Accounts payable 1,187,748 1,699,221
Accrued expenses 739,661 651,418
Deferred revenue 5,509,861 2,456,865
Refunds due students 1,902,211 1,174,501
Deferred rent, current portion 0  
Deferred rent, current portion   47,436
Convertible note payable 50,000 50,000
Senior secured loan payable, net of discount of $218,030 at October 31, 2019 9,781,970 0
Operating lease obligations, current portion 1,509,429  
Other current liabilities 28,605 270,786
Total current liabilities 20,709,485 6,350,227
Senior secured loan payable, net of discount of $353,328 at April 30, 2019 0 9,646,672
Operating lease obligations 6,443,854  
Deferred rent 767,710  
Deferred rent   746,176
Total liabilities 27,921,049 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 October 31, 2019 and April 30, 2019 0 0
Common stock, $0.001 par value; 40,000,000 shares authorized, 19,142,316 issued and 19,125,649 outstanding at October 31, 2019; 18,665,551 issued and 18,648,884 outstanding at April 30, 2019 19,142 18,666
Additional paid-in capital 69,781,363 68,562,727
Treasury stock (16,667 shares) (70,000) (70,000)
Accumulated deficit (44,763,415) (42,049,965)
Total stockholders’ equity 24,967,090 26,461,428
Total liabilities and stockholders’ equity 52,888,139 43,204,503
Intangible Assets Other Than Courseware and Accreditation    
Property and equipment:    
Intangible assets, net 7,991,667 8,541,667
Courseware and Accreditation    
Property and equipment:    
Intangible assets, net $ 135,446 $ 161,930

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