Cash Flow


v3.7.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended
Jul. 31, 2017
Jul. 31, 2016
Cash flows from operating activities:    
Net loss $ (767,079) $ (505,447)
Adjustments to reconcile net loss to net cash used in operating activities:    
Bad debt expense 63,000
Depreciation and amortization 138,720 151,049
Stock-based compensation 159,300 95,607
Amortization of prepaid shares for services 7,015
Warrant buyback expense 206,000
Changes in operating assets and liabilities:    
Accounts receivable (699,020) (580,913)
Other receivables (138,966)
Prepaid expenses (48,902) (23,188)
Accrued interest receivable (18,400)
Other assets (23,001)
Accounts payable 215,431 409,498
Accrued expenses (54,827) 73,293
Deferred rent (3,683) 23,708
Refunds due students 80,324 11,055
Deferred revenue 50,017 189,800
Net cash (used in) provided by operating activities (1,024,085) 34,476
Cash flows from investing activities:    
Purchases of property and equipment (261,409) (179,117)
Purchases of courseware (19,000) (4,450)
Net cash used in investing activities (280,409) (183,567)
Cash flows from financing activities:    
Warrant Buyback (400,000)
Payments to bank line of credit 247,000
Senior secured term loan - net 4,732,677
Proceeds of warrant exercise 33,876
Disbursements for equity offering costs (4,707) (1,388)
Net cash provided by (used in) financing activities 4,761,846 (154,388)
Net (decrease) increase in cash 3,457,352 (303,479)
Cash at beginning of period 2,756,217 783,796
Cash at end of period 6,213,569 480,317
Supplemental disclosure of cash flow information:    
Cash paid for interest 3,346 28,327
Cash paid for income taxes
Supplemental disclosure of non-cash investing and financing activities    
Common stock issued for services 75,002
Warrants issued as part of senior secured loan $ 478,428

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