Balance Sheet


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CONSOLIDATED BALANCE SHEETS - USD ($)
Apr. 30, 2017
Apr. 30, 2016
Current assets:    
Cash $ 2,756,217 $ 783,796
Accounts receivable, net of allowance of $328,864 and $449,946, respectively 4,434,862 2,051,934
Prepaid expenses 133,531 123,055
Promissory note receivable 900,000
Other receivables 81,464 819
Accrued interest receivable 8,000
Total current assets 8,314,074 2,959,604
Property and equipment:    
Call center equipment 53,748 79,199
Computer and office equipment 103,649 67,773
Furniture and fixtures 255,984 114,964
Software 2,131,344 2,567,383
Total 2,544,725 2,829,319
Less accumulated depreciation and amortization (1,090,010) (1,680,687)
Total property and equipment, net 1,454,715 1,148,632
Courseware, net 145,477 194,932
Accounts receivable, secured - related party, net of allowance of $625,963, and $625,963, respectively 45,329 45,329
Long term accounts receivable 657,542 127,099
Other assets 56,417 31,175
Total assets 10,673,554 4,506,771
Current liabilities:    
Accounts payable 756,701 9,201
Accrued expenses 262,911 176,974
Deferred revenue 1,354,989 1,013,434
Refunds due students 310,576 110,883
Deferred rent, current portion 11,200 2,345
Convertible notes payable, current portion 50,000 50,000
Total current liabilities 2,746,377 1,362,837
Bank line of credit 1,783
Loan payable officer - related party 1,000,000
Convertible notes payable - related party 300,000
Warrant derivative liability 52,500
Deferred rent 34,437 29,169
Total liabilities 2,833,314 2,693,789
Commitments and contingencies - See Note 10
Stockholders' equity:    
Common stock, $0.001 par value; 250,000,000 shares authorized, 13,520,679 issued and 13,504,012 outstanding at April 30, 2017, 11,263,179 issued and 11,246,512 outstanding at April 30, 2016 13,504 11,247
Additional paid-in capital 33,607,423 26,477,162
Treasury stock (16,667 shares) (70,000) (70,000)
Accumulated deficit (25,710,687) (24,605,427)
Total stockholders' equity 7,840,240 1,812,982
Total liabilities and stockholders' equity $ 10,673,554 $ 4,506,771

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