v3.22.2
CONSOLIDATED BALANCE SHEETS - USD ($)
Apr. 30, 2022
Apr. 30, 2021
Current assets:    
Cash and cash equivalents $ 6,482,750 $ 12,472,082
Restricted cash 6,433,397 1,193,997
Accounts receivable, net of allowance of $3,460,288 and $3,289,816, respectively 24,359,241 16,724,744
Prepaid expenses 1,358,635 1,077,831
Other current assets 748,568 68,529
Total current assets 39,382,591 31,537,183
Property and equipment:    
Property and equipment, gross 21,892,480 17,548,329
Accumulated depreciation and amortization (8,395,001) (4,892,987)
Property and equipment, net 13,497,479 12,655,342
Goodwill 5,011,432 5,011,432
Accounts receivable, net of allowance of $0, and $625,963, respectively 0 45,329
Long-term contractual accounts receivable 11,406,525 10,249,833
Deferred financing costs 369,902 18,056
Operating lease right-of-use assets, net 12,645,950 12,714,863
Deposits and other assets 578,125 479,212
Total assets 91,066,051 80,806,906
Current liabilities:    
Accounts payable 1,893,287 1,466,488
Accrued expenses 2,821,432 2,040,896
Deferred revenue 5,889,911 6,825,014
Due to students 4,063,811 2,747,484
Operating lease obligations, current portion 2,036,570 2,029,821
Other current liabilities 130,262 307,921
Total current liabilities 16,835,273 15,417,624
Long-term debt, net 14,875,735 0
Operating lease obligations, less current portion 16,809,319 16,298,808
Total liabilities 48,520,327 31,716,432
Commitments and contingencies - See Note 10
Stockholders’ equity:    
Preferred stock, $0.001 par value; 1,000,000 shares authorized, 0 issued and 0 outstanding at April 30, 2022 and April 30, 2021 0 0
Common stock, $0.001 par value; 60,000,000 shares authorized, 25,357,764 issued and 25,202,278 outstanding at April 30, 2022 25,066,297 issued and 24,910,811 outstanding at April 30, 2021 25,358 25,067
Additional paid-in capital 112,081,564 109,040,824
Treasury stock (155,486 and 155,486 shares, respectively) (1,817,414) (1,817,414)
Accumulated deficit (67,743,784) (58,158,003)
Total stockholders’ equity 42,545,724 49,090,474
Total liabilities and stockholders’ equity 91,066,051 80,806,906
Intangible assets, net    
Property and equipment:    
Intangible assets, net 7,900,000 7,908,360
Courseware, net    
Property and equipment:    
Intangible assets, net 274,047 187,296
Computer equipment and hardware    
Property and equipment:    
Property and equipment, gross 1,516,475 956,463
Furniture and fixtures    
Property and equipment:    
Property and equipment, gross 2,193,261 1,705,101
Leasehold Improvements    
Property and equipment:    
Property and equipment, gross 7,179,896 5,729,324
Instructional equipment    
Property and equipment:    
Property and equipment, gross 715,652 421,039
Software    
Property and equipment:    
Property and equipment, gross 10,285,096 8,488,635
Intangible assets, net 5,114,153  
Construction in progress    
Property and equipment:    
Property and equipment, gross $ 2,100 $ 247,767

Source