v3.22.2.2
CONSOLIDATED BALANCE SHEETS - USD ($)
Jul. 31, 2022
Apr. 30, 2022
Current assets:    
Cash and cash equivalents $ 2,374,224 $ 6,482,750
Restricted cash 6,433,397 6,433,397
Accounts receivable, net of allowance of $3,653,072 and $3,460,288, respectively 24,699,267 24,359,241
Prepaid expenses 1,745,565 1,358,635
Other current assets 988,641 748,568
Total current assets 36,241,094 39,382,591
Property and equipment:    
Property and equipment, gross 22,369,313 21,892,480
Less: accumulated depreciation and amortization (9,294,089) (8,395,001)
Total property and equipment, net 13,075,224 13,497,479
Goodwill 5,011,432 5,011,432
Long-term contractual accounts receivable 12,429,962 11,406,525
Deferred financing costs 302,834 369,902
Operating lease right-of-use assets, net 12,361,707 12,645,950
Deposits and other assets 566,244 578,125
Total assets 88,156,023 91,066,051
Current liabilities:    
Accounts payable 1,851,533 1,893,287
Accrued expenses 3,146,956 2,821,432
Deferred revenue 6,245,530 5,889,911
Due to students 3,963,709 4,063,811
Operating lease obligations, current portion 2,123,914 2,036,570
Other current liabilities 751,349 130,262
Total current liabilities 18,082,991 16,835,273
Long-term debt, net 14,909,625 14,875,735
Operating lease obligations, less current portion 16,279,324 16,809,319
Total liabilities 49,271,940 48,520,327
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 July 31, 2022 and April 30, 2022 0 0
Common stock, $0.001 par value; 60,000,000 shares authorized, 25,357,764 issued and 25,202,278 outstanding at July 31, 2022; 25,357,764 issued and 25,202,278 outstanding at April 30, 2022 25,358 25,358
Additional paid-in capital 112,134,894 112,081,564
Treasury stock (155,486 at both July 31, 2022 and April 30, 2022) (1,817,414) (1,817,414)
Accumulated deficit (71,458,755) (67,743,784)
Total stockholders’ equity 38,884,083 42,545,724
Total liabilities and stockholders’ equity 88,156,023 91,066,051
Computer equipment and hardware    
Property and equipment:    
Property and equipment, gross 1,570,850 1,516,475
Furniture and fixtures    
Property and equipment:    
Property and equipment, gross 2,197,920 2,193,261
Leasehold improvements    
Property and equipment:    
Property and equipment, gross 7,179,896 7,179,896
Instructional equipment    
Property and equipment:    
Property and equipment, gross 756,568 715,652
Software    
Property and equipment:    
Property and equipment, gross 10,661,079 10,285,096
Construction in progress    
Property and equipment:    
Property and equipment, gross 3,000 2,100
Intangible assets, net    
Property and equipment:    
Intangible assets, net 7,900,000 7,900,000
Courseware, net    
Property and equipment:    
Intangible assets, net $ 267,526 $ 274,047

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