v3.20.2
CONSOLIDATED BALANCE SHEETS - USD ($)
Jul. 31, 2020
Apr. 30, 2020
Current assets:    
Cash and cash equivalents $ 15,899,293 $ 14,350,554
Restricted cash 3,060,269 3,556,211
Accounts receivable, net of allowance of $2,156,645 and $1,758,920, respectively 14,662,231 14,326,791
Prepaid expenses 993,541 941,671
Other receivables 0 23,097
Other current assets 113,123 173,090
Total current assets 34,728,457 33,371,414
Property and equipment:    
Property and equipment, gross 9,683,928 8,988,662
Less accumulated depreciation and amortization (3,314,448) (2,841,019)
Total property and equipment, net 6,369,480 6,147,643
Goodwill 5,011,432 5,011,432
Accounts receivable, net of allowance of $625,963 and $625,963, respectively 45,329 45,329
Long term contractual accounts receivable 8,713,018 6,701,136
Debt issue cost, net 43,056 182,418
Operating lease right of use asset, net 7,264,584 6,412,851
Deposits and other assets 150,406 355,831
Total assets 70,328,322 66,239,511
Current liabilities:    
Accounts payable 1,764,714 1,505,859
Accrued expenses 1,127,992 537,413
Deferred revenue 4,766,853 3,712,994
Due to students 1,891,502 2,371,844
Operating lease obligations, current portion 1,542,754 1,683,252
Other current liabilities 288,033 545,711
Total current liabilities 11,381,848 10,357,073
Convertible notes, net of discount of $1,409,828 and $1,550,854, respectively 8,590,172 8,449,146
Operating lease obligations, less current portion 6,677,566 5,685,335
Total liabilities 26,649,586 24,491,554
Commitments and contingencies – see Note 10
Stockholders' equity:    
Preferred stock, $0.001 par value; 1,000,000 shares authorized, 0 issued and outstanding at July 31, 2020 and April 30, 2020 0 0
Common stock, $0.001 par value; 40,000,000 shares authorized, 21,727,075 issued and 21,710,408 outstanding at July 31, 2020; 18,665,551 issued and 18,648,884 outstanding at April 30, 2020 22,378 21,771
Additional paid-in capital 92,378,584 89,505,216
Treasury stock (16,667 shares) (70,000) (70,000)
Accumulated deficit (48,652,226) (47,709,030)
Total stockholders’ equity 43,678,736 41,747,957
Total liabilities and stockholders’ equity 70,328,322 66,239,511
Computer equipment and hardware    
Property and equipment:    
Property and equipment, gross 690,114 649,927
Furniture and fixtures    
Property and equipment:    
Property and equipment, gross 1,007,099 1,007,099
Leasehold improvements    
Property and equipment:    
Property and equipment, gross 892,279 867,024
Instructional equipment    
Property and equipment:    
Property and equipment, gross 301,842 301,842
Software    
Property and equipment:    
Property and equipment, gross 6,792,594 6,162,770
Finite-lived intangible assets, net 4,426,747 4,112,961
Intangible assets, net    
Property and equipment:    
Finite-lived intangible assets, net 7,900,000 7,900,000
Courseware, net    
Property and equipment:    
Finite-lived intangible assets, net $ 102,560 $ 111,457

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