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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
6 Months Ended
Oct. 31, 2018
Oct. 31, 2017
Cash flows from operating activities:    
Net loss $ (5,312,354) $ (1,248,629)
Adjustments to reconcile net loss to net cash used in operating activities:    
Bad debt expense 292,889 85,500
Depreciation and amortization 1,022,172 284,074
Stock-based compensation 515,291 303,924
Amortization of prepaid shares for services 8,285
Changes in operating assets and liabilities:    
Accounts receivable (4,028,143) (2,137,055)
Prepaid expenses (238,951) (39,392)
Accrued interest receivable (36,800)
Other receivables 179,196 (388,585)
Other assets (20,846) (33,192)
Accounts payable (601,225) 177,666
Accrued expenses 72,737 (16,496)
Deferred rent 453,880 (7,609)
Refunds due students 366,098 424,362
Deferred revenue 1,631,170 959,174
Other liabilities 172,378
Net cash used in operating activities (5,487,423) (1,673,058)
Cash flows from investing activities:    
Purchases of courseware and accreditation (85,821) (25,100)
Purchases of property and equipment (1,345,777) (540,873)
Net cash used in investing activities (1,431,598) (565,973)
Cash flows from financing activities:    
Disbursements for equity offering costs (29,832) (4,707)
Proceeds of stock options exercised 60,102 53,045
Proceeds of warrant exercise 33,598
Purchase of treasury stock (7,370,000)
Re-sale of treasury stock 7,370,000
Senior secured term loan, net 4,780,572
Net cash provided by financing activities 30,270 4,862,508
Net increase (decrease) in cash and cash equivalents (6,888,751) 2,623,477
Cash, restricted cash, and cash equivalents at beginning of period 14,803,065 2,756,217
Cash and cash equivalents at end of period 7,914,314 5,379,694
Supplemental disclosure of cash flow information:    
Cash paid for interest 135,323
Cash paid for income taxes
Supplemental disclosure of non-cash investing and financing activities    
Warrants issued as part of senior secured loan $ 478,428

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