Balance Sheet


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CONSOLIDATED BALANCE SHEETS - USD ($)
Jul. 31, 2017
Apr. 30, 2017
Current assets:    
Cash $ 6,213,569 $ 2,756,217
Accounts receivable, net of allowance of $391,864 and $328,864, respectively 5,066,845 4,434,862
Prepaid expenses 182,433 133,531
Promissory note receivable 900,000 900,000
Other receivables 220,430 81,464
Accrued interest receivable 26,400 8,000
Total current assets 12,609,677 8,314,074
Property and equipment:    
Call center equipment 77,269 53,748
Computer and office equipment 103,191 103,649
Furniture and fixtures 272,790 255,984
Software 2,198,473 2,131,344
Total 2,651,723 2,544,725
Less accumulated depreciation and amortization (1,060,681) (1,090,010)
Total property and equipment, net 1,591,042 1,454,715
Courseware, net 150,839 145,477
Accounts receivable, secured - related party, net of allowance of $625,963, and $625,963, respectively 45,329 45,329
Long term accounts receivable 661,578 657,542
Other assets 56,417 56,417
Total assets 15,114,882 10,673,554
Current liabilities:    
Accounts payable 972,131 756,701
Accrued expenses 208,084 262,911
Deferred revenue 1,405,006 1,354,989
Refunds due students 390,900 310,576
Deferred rent, current portion 9,375 11,200
Convertible notes payable, current portion 50,000 50,000
Total current liabilities 3,035,496 2,746,377
Senior secured term loan, net of discounts 4,254,249
Warrant derivative liability 52,500 52,500
Deferred rent 32,579 34,437
Total liabilities 7,374,824 2,833,314
Commitments and contingencies - See Note 6
Stockholders' equity:    
Common stock, $0.001 par value; 250,000,000 shares authorized, 13,610,159 issued and 13,593,492 outstanding at July 31, 2017 13,520,679 issued and 13,504,012 outstanding at April 30, 2017 13,593 13,504
Additional paid-in capital 34,274,231 33,607,423
Treasury stock (16,667 shares) (70,000) (70,000)
Accumulated deficit (26,477,766) (25,710,687)
Total stockholders' equity 7,740,058 7,840,240
Total liabilities and stockholders' equity $ 15,114,882 $ 10,673,554

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