v3.21.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended
Jul. 31, 2021
Jul. 31, 2020
Cash flows from operating activities:    
Net loss $ (870,888) $ (943,196)
Adjustments to reconcile net loss to net cash used in operating activities:    
Bad debt expense 350,000 400,000
Depreciation and amortization 779,409 490,624
Stock-based compensation 542,712 487,110
Amortization of warrant based cost 11,458 9,125
Amortization of debt discounts 0 141,026
Amortization of debt issue costs 8,334 139,362
Modification charge for warrants exercised 0 (25,966)
Loss on asset disposition 1,144 0
Lease expense 8,307 0
Tenant improvement allowances received from landlords 86,591 0
Other adjustments, net 0 10,587
Changes in operating assets and liabilities:    
Accounts receivable (1,879,318) (2,747,322)
Prepaid expenses 163,615 (51,870)
Other receivables 0 23,097
Other current assets 54,639 59,966
Accounts receivable, other 45,329 0
Deposits and other assets 10,852 205,425
Accounts payable 161,243 258,855
Accrued expenses 320,375 590,579
Due to students 157,708 (480,342)
Deferred revenue (2,133,927) 1,053,859
Other current liabilities (250,074) (257,678)
Net cash used in operating activities (2,432,491) (636,759)
Cash flows from investing activities:    
Purchases of courseware and accreditation (131,669) (3,050)
Purchases of property and equipment (847,213) (659,168)
Net cash used in investing activities (978,882) (662,218)
Cash flows from financing activities:    
Proceeds from stock options exercised 22,548 1,269,982
Proceeds from warrants exercised 0 1,081,792
Net cash provided by financing activities 22,548 2,351,774
Net (decrease) increase in cash, cash equivalents and restricted cash (3,388,825) 1,052,797
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 10,277,254 18,959,562
Supplemental disclosure cash flow information    
Cash paid for interest 24,384 199,178
Cash paid for income taxes $ 98,105 $ 1,600

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