Balance Sheet


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CONSOLIDATED BALANCE SHEETS - USD ($)
Oct. 31, 2016
Apr. 30, 2016
Current assets:    
Cash and cash equivalents $ 707,379 $ 783,796
Accounts receivable, net of allowance of $449,946 and $449,946, respectively 3,484,606 2,179,852
Prepaid expenses 142,939 123,055
Total current assets 4,334,924 3,086,703
Property and equipment:    
Call center equipment 39,567 79,199
Computer and office equipment 80,171 67,773
Furniture and fixtures 216,652 114,964
Software 2,451,208 2,567,383
Total 2,787,598 2,829,319
Less accumulated depreciation and amortization (1,515,529) (1,680,687)
Total property and equipment, net 1,272,069 1,148,632
Courseware, net 170,481 194,932
Accounts receivable, secured - related party, net of allowance of $625,963, and $625,963, respectively 45,329 45,329
Other assets 54,415 31,175
Total assets 5,877,218 4,506,771
Current liabilities:    
Accounts payable 618,763 9,201
Accrued expenses 232,949 176,974
Deferred revenue 1,188,507 1,013,434
Refunds Due Students 278,227 110,883
Deferred rent, current portion 13,998 2,345
Convertible notes payable, current portion 50,000 50,000
Total current liabilities 2,382,444 1,362,837
Bank Line of credit 1,783
Loan payable officer - related party 1,000,000 1,000,000
Convertible notes payable - related party 300,000 300,000
Third party Line of Credit, net of discounts of $106,250 and $0 643,750
Warrant derivative liability 52,500
Deferred rent 38,029 29,169
Total liabilities 4,416,723 2,693,789
Commitments and contingencies - See Note 8
Stockholders' equity:    
Common stock, $0.001 par value; 250,000,000 shares authorized, 135,158,145 issued and 134,958,145 outstanding at April 30, 2016 138,158,145 issued and 137,958,145 outstanding at October 31, 2016 137,959 134,958
Additional paid-in capital 26,386,870 26,353,451
Treasury stock (200,000 shares) (70,000) (70,000)
Accumulated deficit (24,994,334) (24,605,427)
Total stockholders' equity 1,460,495 1,812,982
Total liabilities and stockholders' equity $ 5,877,218 $ 4,506,771

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