v3.19.2
CONSOLIDATED BALANCE SHEETS - USD ($)
Apr. 30, 2019
Apr. 30, 2018
Current assets:    
Cash $ 9,519,352 $ 14,612,559
Restricted cash 448,400 190,506
Accounts receivable, net of allowance of $1,247,031 and $468,174, respectively 10,656,470 6,802,723
Prepaid expenses 410,745 199,406
Other receivables 2,145 184,569
Total current assets 21,037,112 21,989,763
Property and equipment:    
Call center equipment 193,774 140,509
Computer and office equipment 327,621 230,810
Furniture and fixtures 1,381,271 932,454
Software 4,314,198 2,878,753
Total 6,216,864 4,182,526
Less accumulated depreciation and amortization (1,825,524) (1,320,360)
Total property and equipment, net 4,391,340 2,862,166
Goodwill 5,011,432 5,011,432
Intangible assets, net of accumulated amortization of $1,558,333 and 458,333, respectively 8,541,667 9,641,667
Courseware, net 161,930 138,159
Accounts receivable, secured - net of allowance of $625,963, and $625,963, respectively 45,329 45,329
Long term contractual accounts receivable 3,085,243 1,315,050
Debt issue cost, net 300,824
Deposits and other assets 629,626 584,966
Total assets 43,204,503 41,588,532
Current liabilities:    
Accounts payable 1,699,221 2,227,214
Accrued expenses 651,418 658,854
Deferred revenue 2,456,865 1,814,136
Refunds due students 1,174,501 815,841
Deferred rent, current portion 47,436 8,160
Convertible notes payable, current portion 50,000 1,050,000
Other current liabilities 270,786 203,371
Total current liabilities 6,350,227 6,777,576
Convertible note payable 1,000,000
Senior secured loan payable, net of discount of $353,328 9,646,672
Deferred rent 746,176 77,365
Total liabilities 16,743,075 7,854,941
Commitments and contingencies - See Note 11
Stockholders' equity:    
Preferred stock, $0.001 par value; 1,000,000 shares authorized, 0 issued and outstanding at April 30, 2019 and April 30, 2018
Common stock, $0.001 par value; 40,000,000 shares authorized, 18,665,551 issued and 18,648,884 outstanding at April 30, 2019 18,333,521 issued and 18,316,854 outstanding at April 30, 2018 18,666 18,334
Additional paid-in capital 68,562,727 66,557,005
Treasury stock (16,667 shares) (70,000) (70,000)
Accumulated deficit (42,049,965) (32,771,748)
Total stockholders' equity 26,461,428 33,733,591
Total liabilities and stockholders' equity $ 43,204,503 $ 41,588,532

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