v3.21.2
CONSOLIDATED BALANCE SHEETS - USD ($)
Jul. 31, 2021
Apr. 30, 2021
Current assets:    
Cash and cash equivalents $ 6,554,423 $ 8,513,290
Restricted cash 3,722,831 5,152,789
Accounts receivable, net of allowance of $3,272,977 and $3,289,816, respectively 17,190,238 16,724,744
Prepaid expenses 914,216 1,077,831
Other current assets 13,890 68,529
Total current assets 28,395,598 31,537,183
Property and equipment:    
Property and equipment, gross 18,700,408 17,548,329
Less: accumulated depreciation and amortization (5,962,034) (4,892,987)
Total property and equipment, net 12,738,374 12,655,342
Goodwill 5,011,432 5,011,432
Accounts receivable, net of allowance of $— and $625,963, respectively 0 45,329
Long term contractual accounts receivable 11,313,657 10,249,833
Debt issue cost, net 9,722 18,056
Operating lease right of use assets, net 12,242,456 12,714,863
Deposits and other assets 468,361 479,212
Total assets 78,390,552 80,806,906
Current liabilities:    
Accounts payable 1,627,731 1,466,488
Accrued expenses 2,361,271 2,040,896
Deferred revenue 4,691,087 6,825,014
Due to students 2,905,192 2,747,484
Operating lease obligations, current portion 2,086,076 2,029,821
Other current liabilities 57,847 307,921
Total current liabilities 13,729,204 15,417,624
Operating lease obligations, less current portion 15,865,044 16,298,808
Total liabilities 29,594,248 31,716,432
Commitments and contingencies – see Note 11
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 25,088 25,067
Additional paid-in capital 109,617,521 109,040,824
Treasury stock (155,486 at both July 31, 2021 and April 30, 2021) (1,817,414) (1,817,414)
Accumulated deficit (59,028,891) (58,158,003)
Total stockholders’ equity 48,796,304 49,090,474
Total liabilities and stockholders’ equity 78,390,552 80,806,906
Computer equipment and hardware    
Property and equipment:    
Property and equipment, gross 1,193,278 956,463
Furniture and fixtures    
Property and equipment:    
Property and equipment, gross 1,793,686 1,705,101
Leasehold improvements    
Property and equipment:    
Property and equipment, gross 6,182,239 5,729,324
Instructional equipment    
Property and equipment:    
Property and equipment, gross 491,597 421,039
Software    
Property and equipment:    
Property and equipment, gross 8,951,241 8,488,635
Intangible assets, net 5,095,256 5,044,310
Construction in progress    
Property and equipment:    
Property and equipment, gross 88,367 247,767
Intangible assets, net    
Property and equipment:    
Intangible assets, net 7,907,932 7,908,360
Courseware, net    
Property and equipment:    
Intangible assets, net $ 303,020 $ 187,296

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