Cash Flow


v3.7.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
9 Months Ended
Jan. 31, 2017
Jan. 31, 2016
Cash flows from operating activities:    
Net loss $ (381,530) $ (2,138,091)
Adjustments to reconcile net loss to net cash used in operating activities:    
Bad debt expense (recovery) (25,680) 170,677
Depreciation and amortization 422,782 443,314
Stock-based compensation 253,833 223,657
Warrant modification expense 6,000
Amortization of debt discounts 15,625
Amortization of prepaid shares for services 52,500 50,400
Warrant buyback expense 206,000
Changes in operating assets and liabilities:    
Accounts receivable (2,331,140) (1,168,549)
Prepaid expenses 28,715 771
Other assets (25,241) (18,407)
Accounts payable 875,110 406,116
Accrued expenses 105,111 107,874
Deferred rent 17,318 (7,751)
Refunds due students 124,912 219,003
Deferred revenue 562,643 345,185
Net cash (used in) provided by operating activities (99,042) (1,359,801)
Cash flows from investing activities:    
Purchases of property and equipment (565,306) (317,068)
Purchases of courseware (6,550) (81,634)
Increase in restricted cash 1,122,485
Net cash (used in) provided by investing activities (571,856) 723,783
Cash flows from financing activities:    
Repurchase of shares under settlement agreement (5,838)
Warrant buyback (400,000)
Borrowing of bank line of credit 247,000 5,794
Payments for line of credit (248,783)
Third party line of credit 1,250,000
Third party line of credit financing costs (60,000)
Disbursements for equity offering costs (4,017) (679)
Net cash (used in) provided by financing activities 784,200 (723)
Net increase (decrease) in cash and cash equivalents 113,302 (636,741)
Cash and cash equivalents at beginning of period 783,796 2,159,463
Cash and cash equivalents at end of period 897,098 1,522,722
Supplemental disclosure of cash flow information:    
Cash paid for interest 145,105 87,787
Cash paid for income taxes
Supplemental disclosure of non-cash investing and financing activities    
Common stock issued for services 62,002 50,400
Warrant derivative liability $ 52,500

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