Cash Flow


v3.7.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Apr. 30, 2017
Apr. 30, 2016
Cash flows from operating activities:    
Net loss $ (1,105,260) $ (2,246,705)
Adjustments to reconcile net loss to net cash used in operating activities:    
Bad debt expense 44,320 170,677
Depreciation and amortization 556,730 598,303
Stock-based compensation 338,294 308,260
Warrant modification expense 54,554
Amortization and write-off of origination fees 112,500
Amortization of prepaid shares for services 52,500
Warrant buyback expense 206,000
Common shares and warrants issued for services rendered 50,400
Changes in operating assets and liabilities:    
Accounts receivable (2,974,073) (1,292,190)
Other receivables (64,263)
Prepaid expenses (10,474) (1,462)
Accrued interest receivable (8,000)
Other assets (25,242) (4,496)
Accounts payable 747,500 (169,908)
Accrued expenses 85,937 5,624
Deferred rent 14,123 23,763
Refunds due students 199,693 (169,856)
Deferred revenue 341,555 228,615
Net cash used in operating activities (1,488,160) (2,444,421)
Cash flows from investing activities:    
Purchases of property and equipment (804,558) (466,884)
Purchases of courseware (8,800) (90,624)
Issuance of note receivable (900,000)
Increase in restricted cash 1,122,485
Net cash provided by (used in) investing activities (1,713,358) 564,977
Cash flows from financing activities:    
Retirement of shares (5,838)
Proceeds of warrant exercise 752,500
Repayment of convertible note payable - related party (300,000)
Repayment of loan payable - officer - related party (1,000,000)
Proceeds from equity raise 7,500,000
Disbursements related to equity raise (560,261)
Warrant buyback (400,000)
Borrowing of bank line of credit 247,000
Payments for bank line of credit (248,783) (242,206)
Borrowing of third party line of credit 2,150,000
Payments to third party line of credit (2,150,000)
Third party line of credit financing costs (60,000)
Disbursements for registration statement (4,017) (679)
Net cash provided by financing activities 5,173,939 503,777
Net increase (decrease) in cash 1,972,421 (1,375,667)
Cash at beginning of year 783,796 2,159,463
Cash at end of year 2,756,217 783,796
Supplemental disclosure of cash flow information:    
Cash paid for interest 297,151 104,326
Cash paid for income taxes
Supplemental disclosure of non-cash investing and financing activities    
Common stock issued for services 52,502 50,400
Warrant derivative liability 52,500
Common stock issued from conversion of notes $ 302,311

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