v3.19.2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
3 Months Ended
Jul. 31, 2019
Jul. 31, 2018
Cash flows from operating activities:    
Net loss $ (2,075,282) $ (2,837,276)
Adjustments to reconcile net loss to net cash used in operating activities:    
Bad debt expense 240,899 121,805
Depreciation and amortization 606,574 498,105
Stock-based compensation 498,417 209,976
Warrants issued for services 9,440
Loss on asset disposition 20,240
Amortization of debt discounts 65,702
Amortization of debt issue costs 29,662
Amortization of prepaid shares for services 8,285
Non-cash payments to investor relations firm 30,597
Changes in operating assets and liabilities:    
Accounts receivable (1,535,420) (1,592,941)
Prepaid expenses (136,022) (229,168)
Other receivables 710 173,475
Other assets 67,032
Accounts payable (110,890) (728,230)
Accrued expenses (73,663) 10,401
Deferred rent (35,783) 217,433
Refunds due students 417,131 302,609
Deferred revenue 224,172 430,015
Right of use assets, net 62,776
Other liabilities 8,625 27,301
Net cash used in operating activities (1,685,083) (3,388,210)
Cash flows from investing activities:    
Purchases of courseware and accreditation (2,275) (42,917)
Purchases of property and equipment (629,983) (735,757)
Net cash used in investing activities (632,258) (778,674)
Cash flows from financing activities:    
Disbursements for equity offering costs (29,832)
Proceeds of stock options exercised and warrants exercised 45,190 7,817
Purchase of treasury stock, net of broker fees   (7,370,000)
Re-sale of treasury stock, net of broker fees   7,370,000
Net cash provided by (used in) financing activities 45,190 (22,015)
Net (decrease) in cash and cash equivalents (2,272,151) (4,188,899)
Cash, restricted cash, and cash equivalents at beginning of period 9,967,752 14,803,065
Cash and cash equivalents at end of period 7,695,601 10,614,166
Supplemental disclosure cash flow information    
Cash paid for interest 324,861
Cash paid for income taxes
Supplemental disclosure of non-cash investing and financing activities    
Common stock issued for services $ 178,447

Source