Quarterly report pursuant to sections 13 or 15(d)

Condensed Consolidated Statements of Operations (Unaudited)

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Condensed Consolidated Statements of Operations (Unaudited) (USD $)
 3 Months Ended 6 Months Ended
Mar. 31, 2012
Mar. 31, 2011
Jun. 30, 2012
Jun. 30, 2011
Income Statement [Abstract]        
Revenues $ 1,407,282 $ 950,592 $ 2,765,101 $ 1,958,464
Costs and expenses:        
Instructional costs and services 924,189 465,415 1,828,886 996,674
Marketing and promotional 446,652 60,796 883,957 140,390
General and administrative 1,168,168 675,626 2,887,494 1,044,123
Receivable collateral valuation service 309,117 0 309,117 0
Depreciation and amortization 96,188 53,959 185,937 106,404
Total costs and expenses 2,944,314 1,255,796 6,095,391 2,287,591
Operating loss (1,537,032) (305,204) (3,330,290) (329,127)
Other income (expense):        
Interest income 85 4 729 8
Interest expense (127,687) (3,479) (130,718) (6,826)
Gain on disposal of property and equipment 0 0 5,879  
Loss due to unauthorized borrowing 0 0 0 (14,876)
Total other income (expense) (127,602) (3,475) (124,110) (21,694)
Loss before income taxes (1,664,634) (308,679) (3,454,400) (350,821)
Income tax expense (benefit) 0 0 0 0
Net loss (1,664,634) (308,679) (3,454,400) (350,821)
Cumulative preferred stock dividends 0 (11,969) (37,379) (15,534)
Net loss allocable to common stockholders $ (1,664,634) $ (320,648) $ (3,491,779) $ (366,355)
Loss per share:        
Basic and diluted $ (0.05) $ (0.02) $ (0.14) $ (0.02)
Weighted average number of common shares outstanding:        
Basic and diluted 35,289,204 16,860,212 25,881,462 18,941,542