Balance Sheet


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CONSOLIDATED BALANCE SHEETS - USD ($)
Jan. 31, 2017
Apr. 30, 2016
Current assets:    
Cash and cash equivalents $ 897,098 $ 783,796
Accounts receivable, net of allowance of $369,947 and $449,946, respectively 4,536,672 2,179,852
Prepaid expenses 94,342 123,055
Total current assets 5,528,112 3,086,703
Property and equipment:    
Call center equipment 33,794 79,199
Computer and office equipment 86,496 67,773
Furniture and fixtures 231,706 114,964
Software 2,091,660 2,567,383
Total 2,443,656 2,829,319
Less accumulated depreciation and amortization (1,107,836) (1,680,687)
Total property and equipment, net 1,335,820 1,148,632
Courseware, net 156,818 194,932
Accounts receivable, secured - related party, net of allowance of $625,963, and $625,963, respectively 45,329 45,329
Other assets 56,416 31,175
Total assets 7,122,495 4,506,771
Current liabilities:    
Accounts payable 884,311 9,201
Accrued expenses 282,085 176,974
Deferred revenue 1,576,077 1,013,434
Refunds due students 235,795 110,883
Deferred rent, current portion 13,025 2,345
Convertible notes payable, current portion 50,000 50,000
Total current liabilities 3,041,293 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 $96,875 and $0 1,153,125
Warrant derivative liability 52,500
Deferred rent 35,807 29,169
Total liabilities 5,582,725 2,693,789
Commitments and contingencies - See Note 8
Stockholders' equity:    
Common stock, $0.001 par value; 250,000,000 shares authorized, 11,500,679 issued and 11,484,012 outstanding at January 31, 2017, 11,263,179 issued and 11,246,512 outstanding at April 30, 2016 11,484 11,247
Additional paid-in capital 26,585,243 26,477,162
Treasury stock (16,667 shares) (70,000) (70,000)
Accumulated deficit (24,986,957) (24,605,427)
Total stockholders' equity 1,539,770 1,812,982
Total liabilities and stockholders' equity $ 7,122,495 $ 4,506,771

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