Balance Sheet


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CONSOLIDATED BALANCE SHEETS - USD ($)
Oct. 31, 2017
Apr. 30, 2017
Current assets:    
Cash $ 5,379,694 $ 2,756,217
Accounts receivable, net of allowance of $414,364 and $328,864, respectively 6,390,633 4,434,862
Prepaid expenses 172,923 133,531
Promissory note receivable 900,000 900,000
Other receivables 470,049 81,464
Accrued interest receivable 44,800 8,000
Total current assets 13,358,099 8,314,074
Property and equipment:    
Call center equipment 82,606 53,748
Computer and office equipment 105,717 103,649
Furniture and fixtures 282,932 255,984
Software 2,459,932 2,131,344
Total 2,931,187 2,544,725
Less accumulated depreciation and amortization (1,192,350) (1,090,010)
Total property and equipment, net 1,738,837 1,454,715
Courseware, net 143,254 145,477
Accounts receivable, secured - related party, net of allowance of $625,963, and $625,963, respectively 45,329 45,329
Long term contractual receivable 753,326 657,542
Other assets 89,609 56,417
Total assets 16,128,454 10,673,554
Current liabilities:    
Accounts payable 934,367 756,701
Accrued expenses 246,415 262,911
Deferred revenue 2,314,163 1,354,989
Refunds due students 734,938 310,576
Deferred rent, current portion 7,550 11,200
Convertible notes payable, current portion 50,000 50,000
Total current liabilities 4,287,433 2,746,377
Senior secured loan payable, net of discount 4,302,144
Warrant liability 52,500 52,500
Deferred rent 30,478 34,437
Total liabilities 8,672,555 2,833,314
Commitments and contingencies - See Note 6
Stockholders' equity:    
Common stock, $0.001 par value; 250,000,000 shares authorized, 13,613,996 issued and 13,597,329 outstanding at October 31, 2017, 13,504,012 issued and 13,487,345 outstanding at April 30, 2017 13,613 13,504
Additional paid-in capital 34,471,602 33,607,423
Treasury stock (16,667 shares) (70,000) (70,000)
Accumulated deficit (26,959,316) (25,710,687)
Total stockholders' equity 7,455,899 7,840,240
Total liabilities and stockholders' equity $ 16,128,454 $ 10,673,554

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