v3.20.2
CONSOLIDATED BALANCE SHEETS - USD ($)
Apr. 30, 2020
Apr. 30, 2019
Current assets:    
Cash and cash equivalents $ 14,350,554 $ 8,316,285
Restricted cash 3,556,211 1,651,467
Accounts receivable, net of allowance of $1,758,920 and $1,247,031, respectively 14,326,791 10,656,470
Prepaid expenses 941,671 410,745
Other receivables 23,097 2,145
Other current assets 173,090 0
Total current assets 33,371,414 21,037,112
Property and equipment:    
Property and equipment, gross 8,988,662 6,216,864
Accumulated depreciation and amortization (2,841,019) (1,825,524)
Total property and equipment, net 6,147,643 4,391,340
Goodwill 5,011,432 5,011,432
Finite-lived intangible assets, net 7,900,000 8,541,667
Accounts receivable, secured - net of allowance of $625,963, and $625,963, respectively 45,329 45,329
Long term contractual accounts receivable 6,701,136 3,085,243
Debt issue cost, net 182,418 300,824
Operating lease right of use asset, net 6,412,851 0
Deposits and other assets 355,831 629,626
Total assets 66,239,511 43,204,503
Current liabilities:    
Accounts payable 1,505,859 1,699,221
Accrued expenses 537,413 651,418
Deferred revenue 3,712,994 2,456,865
Refunds due students 2,371,844 1,174,501
Deferred rent, current portion 0 47,436
Convertible note payable 0 50,000
Operating lease obligations, current portion 1,683,252 0
Other current liabilities 545,711 270,786
Total current liabilities 10,357,073 6,350,227
Convertible notes, net of discount of $1,550,854 8,449,146 0
Senior secured loan payable, net of discount of $353,328 0 9,646,672
Operating lease obligations 5,685,335 0
Deferred rent 0 746,176
Total liabilities 24,491,554 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 April 30, 2020 and April 30, 2019 0 0
Common stock, $0.001 par value; 40,000,000 shares authorized, 21,770,520 issued and 21,753,853 outstanding at April 30, 2020 18,665,551 issued and 18,648,884 outstanding at April 30,2019 21,771 18,666
Additional paid-in capital 89,505,216 68,562,727
Treasury stock (16,667 shares) (70,000) (70,000)
Accumulated deficit (47,709,030) (42,049,965)
Total stockholders’ equity 41,747,957 26,461,428
Total liabilities and stockholders’ equity 66,239,511 43,204,503
Computer equipment & hardware    
Property and equipment:    
Property and equipment, gross 649,927 521,395
Furniture and fixtures    
Property and equipment:    
Property and equipment, gross 1,007,099 915,936
Leasehold improvements    
Property and equipment:    
Property and equipment, gross 867,024 204,545
Instructional equipment    
Property and equipment:    
Property and equipment, gross 301,842 260,790
Software    
Property and equipment:    
Property and equipment, gross 6,162,770 4,314,198
Finite-lived intangible assets, net 4,112,961 2,963,005
Intangible assets, net    
Property and equipment:    
Finite-lived intangible assets, net 7,900,000 8,541,667
Courseware, net    
Property and equipment:    
Finite-lived intangible assets, net $ 111,457 $ 161,930

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