Balance Sheet


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CONSOLIDATED BALANCE SHEETS - USD ($)
Jan. 31, 2018
Apr. 30, 2017
Current assets:    
Cash and cash equivalents $ 3,803,080 $ 2,756,217
Restricted cash 190,506
Accounts receivable, net of allowance of $544,492 and $328,864, respectively 8,592,958 4,434,862
Prepaid expenses 288,640 133,531
Promissory note receivable 900,000
Other receivables 233,862 81,464
Accrued interest receivable 8,000
Total current assets 13,109,046 8,314,074
Property and equipment:    
Call center equipment 96,305 53,748
Computer and office equipment 130,137 103,649
Furniture and fixtures 712,209 255,984
Software 2,590,297 2,131,344
Total 3,528,948 2,544,725
Less accumulated depreciation and amortization (1,161,030) (1,090,010)
Total property and equipment, net 2,367,918 1,454,715
Goodwill 5,011,432
Intangible assets, net 9,916,667
Courseware, net 137,557 145,477
Accounts receivable, secured - related party, net of allowance of $625,963, and $625,963, respectively 45,329 45,329
Long term contractual receivable 935,878 657,542
Other assets 585,206 56,417
Total assets 32,109,033 10,673,554
Current liabilities:    
Accounts payable 1,273,990 756,701
Accrued expenses 596,633 262,911
Deferred revenue 4,156,550 1,354,989
Refunds due students 730,722 310,576
Deferred rent, current portion 7,429 11,200
Convertible notes payable- related party, current portion 1,000,000
Convertible notes payable, current portion 50,000 50,000
Other current liabilities 186,134
Total current liabilities 8,001,458 2,746,377
Convertible note payable - related party 1,000,000
Senior secured term loan, net of discount 6,769,932
Warrant Liability 52,500
Deferred rent 60,295 34,437
Total liabilities 15,831,685 2,833,314
Commitments and contingencies - See Note 7
Stockholders' equity:    
Common stock, $0.001 par value; 250,000,000 shares authorized, 15,072,332 issued and 15,055,665 outstanding at January 31, 2018 13,504,012 issued and 13,487,345 outstanding at April 30, 2017 15,072 13,504
Additional paid-in capital 45,439,538 33,607,423
Treasury stock (16,667 shares) (70,000) (70,000)
Accumulated deficit (29,107,262) (25,710,687)
Total stockholders' equity 16,277,348 7,840,240
Total liabilities and stockholders' equity $ 32,109,033 $ 10,673,554

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