v3.10.0.1
CONSOLIDATED BALANCE SHEETS - USD ($)
Jul. 31, 2018
Apr. 30, 2018
Current assets:    
Cash $ 10,423,660 $ 14,612,559
Restricted cash 190,506 190,506
Accounts receivable, net of allowance of $571,477 and $468,174, respectively 8,091,147 6,802,723
Prepaid expenses 420,289 199,406
Other receivables 11,094 184,569
Total current assets 19,136,696 21,989,763
Property and equipment:    
Call center equipment 158,064 140,509
Computer and office equipment 257,069 230,810
Furniture and fixtures 1,186,979 932,454
Software 3,119,642 2,878,753
Total 4,721,754 4,182,526
Less accumulated depreciation and amortization (1,331,565) (1,320,360)
Total property and equipment, net 3,390,189 2,862,166
Goodwill 5,011,432 5,011,432
Intangible assets, net 9,366,667 9,641,667
Courseware and accreditation, net 165,705 138,159
Accounts receivable, secured - net of allowance of $625,963, and $625,963, respectively 45,329 45,329
Long term contractual accounts receivable 1,497,762 1,315,050
Other assets and Security Deposits 584,966 584,966
Total assets 39,198,746 41,588,532
Current liabilities:    
Accounts payable 1,498,984 2,227,214
Accrued expenses 669,255 658,854
Deferred revenue 2,244,151 1,814,136
Refunds due students 1,118,450 815,841
Deferred rent, current portion 10,729 8,160
Convertible notes payable, current portion 1,050,000 1,050,000
Other current liabilities 230,672 203,371
Total current liabilities 6,822,241 6,777,576
Convertible note payable 1,000,000 1,000,000
Deferred rent 292,229 77,365
Total liabilities 8,114,470 7,854,941
Commitments and contingencies (Note 6)
Stockholders' equity:    
Preferred stock, $0.001 par value; 10,000,000 shares authorized, 0 issued and outstanding at July 31, 2018 and April 30, 2018
Common stock, $0.001 par value; 250,000,000 shares authorized, 18,341,440 issued and 18,324,773 outstanding at July 31, 2018 18,333,521 issued and 18,316,854 outstanding at April 30, 2018 18,341 18,334
Additional paid-in capital 66,744,959 66,557,005
Treasury stock (16,667 shares) (70,000) (70,000)
Accumulated deficit (35,609,024) (32,771,748)
Total stockholders' equity 31,084,276 33,733,591
Total liabilities and stockholders' equity $ 39,198,746 $ 41,588,532

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