v3.22.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
9 Months Ended
Jan. 31, 2022
Jan. 31, 2021
Cash flows from operating activities:    
Net loss $ (7,457,143) $ (8,128,987)
Adjustments to reconcile net loss to net cash used in operating activities:    
Bad debt expense 1,050,000 1,702,000
Depreciation and amortization 2,480,179 1,552,254
Stock-based compensation 1,965,567 3,019,828
Amortization of warrant based cost 43,708 27,375
Amortization of debt discounts 0 1,550,854
Amortization of debt issue costs 18,056 156,029
Amortization of deferred financing costs 49,107 0
Modification charge for warrants exercised 0 25,966
Loss on asset disposition 36,445 0
Lease benefit (96,450) 0
Tenant improvement allowances received from landlords 816,591 0
Common stock issued for services 0 19,900
Changes in operating assets and liabilities:    
Accounts receivable (6,412,590) (6,493,238)
Prepaid expenses (297,797) (267,526)
Other receivables 0 23,097
Other current assets 37,498 (1,205,083)
Accounts receivable, other 45,329 0
Deposits and other assets (44,686) (185,599)
Accounts payable 340,168 (349,882)
Accrued expenses 38,353 1,756,102
Due to students 482,032 (128,154)
Deferred revenue (642,233) 1,887,377
Other current liabilities (171,894) (238,032)
Net cash used in operating activities (7,719,760) (5,275,719)
Cash flows from investing activities:    
Purchases of courseware and accreditation (161,262) (31,330)
Purchases of property and equipment (3,573,408) (2,877,758)
Net cash used in investing activities (3,734,670) (2,909,088)
Cash flows from financing activities:    
Borrowings under the Credit Facility 5,000,000 0
Proceeds from stock options exercised 191,034 2,578,700
Proceeds from warrants exercised 0 1,081,792
Net cash provided by financing activities 5,191,034 3,660,492
Net decrease in cash, cash equivalents and restricted cash (6,263,396) (4,524,315)
Cash, restricted cash, and cash equivalents at beginning of period 13,666,079 17,906,765
Cash, restricted cash, and cash equivalents at end of period 7,402,683 13,382,450
Supplemental disclosure cash flow information:    
Cash paid for interest 258,630 310,958
Cash paid for income taxes 13,520 49,008
Supplemental disclosure of non-cash investing and financing activities:    
Common stock issued for conversion of Convertible Notes 0 10,000,000
Warrants issued as part of Credit Facility $ 137,500 $ 0

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