v3.20.1
CONSOLIDATED BALANCE SHEETS - USD ($)
Jan. 31, 2020
Apr. 30, 2019
Current assets:    
Cash $ 20,512,808 $ 9,519,352
Restricted cash 456,211 448,400
Accounts receivable, net of allowance of $1,759,824 and $1,247,031, respectively 14,128,185 10,656,470
Prepaid expenses 977,937 410,745
Other receivables 1,750 2,145
Other current assets 173,090 0
Total current assets 36,249,981 21,037,112
Property and equipment:    
Call center equipment 305,766 193,774
Computer and office equipment 396,898 327,621
Furniture and fixtures 1,550,520 1,381,271
Software 5,725,500 4,314,198
Property and equipment, gross 7,978,684 6,216,864
Less accumulated depreciation and amortization (2,662,273) (1,825,524)
Total property and equipment, net 5,316,411 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 6,067,234 3,085,243
Debt issue cost, net 211,999 300,824
Right of use lease asset 7,693,268  
Deposits and other assets 349,535 629,626
Total assets 68,966,424 43,204,503
Current liabilities:    
Accounts payable 791,138 1,699,221
Accrued expenses 1,077,985 651,418
Deferred revenue 5,694,743 2,456,865
Refunds due students 2,311,745 1,174,501
Deferred rent, current portion 0  
Deferred rent, current portion   47,436
Convertible note payable 50,000 50,000
Operating lease obligations, current portion 1,649,934  
Other current liabilities 584,659 270,786
Total current liabilities 12,160,204 6,350,227
Convertible notes, net of discount of $1,692,309 at January 31, 2020 8,307,691 0
Senior secured loan payable, net of discount of $353,328 at April 30, 2019 0 9,646,672
Operating lease obligations 6,043,334  
Deferred rent 775,807  
Deferred rent   746,176
Total liabilities 27,287,036 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 21,727 18,666
Additional paid-in capital 88,772,128 68,562,727
Treasury stock (16,667 shares) (70,000) (70,000)
Accumulated deficit (47,044,467) (42,049,965)
Total stockholders’ equity 41,679,388 26,461,428
Total liabilities and stockholders’ equity 68,966,424 43,204,503
Intangible Assets Other Than Courseware and Accreditation    
Property and equipment:    
Intangible assets, net 7,900,000 8,541,667
Courseware and Accreditation    
Property and equipment:    
Intangible assets, net $ 121,235 $ 161,930

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