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Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
 3 Months Ended
Jul. 31, 2014
Jul. 31, 2013
Cash flows from operating activities:    
Net loss $ (864,261) $ (1,134,370)
Less income from discontinued operations    22,263
Loss from continuing operations (864,261) (1,156,633)
Adjustments to reconcile net loss to net cash used in operating activities:    
Bad debt expense 105,511 13,837
Amortization of debt issuance costs 56,440   
Amortization of debt discount 124,343   
Depreciation and amortization 125,607 109,435
Stock-based compensation 97,203 149,356
Amortization of prepaid shares for services    25,060
Changes in operating assets and liabilities:    
Accounts receivable (127,344) (142,635)
Prepaid expenses (47,367) 6,345
Accounts payable 81,876 118,450
Accrued expenses 26,231 (2,107)
Deferred rent (3,179) (2,359)
Refunds due students 68,599 (32,086)
Deferred revenue (29,366) (99,931)
Net cash used in operating activities (385,707) (1,013,268)
Cash flows from investing activities:    
Purchases of property and equipment (82,869) (104,385)
Purchases of courseware (38,823) (500)
Increase in restricted cash (29,927) (137)
Net cash used in investing activities (151,619) (105,022)
Cash flows from financing activities:    
Proceeds from (repayments on) line of credit, net (147) (4,518)
Proceeds from issuance of common shares and warrants, net 1,781,500 1,000,000
Offering costs associated with private placement (75,000) (48,240)
Net cash provided by financing activities 1,706,353 947,242
Cash flows from discontinued operations:    
Cash flows from operating activities    87,075
Net cash provided by discontinued operations    87,075
Net increase (decrease) in cash and cash equivalents 1,169,027 (83,973)
Cash and cash equivalents at beginning of period 247,380 724,982
Cash and cash equivalents at end of period 1,416,407 641,009
Supplemental disclosure of cash flow information:    
Cash paid for interest 70,307 11,158
Cash paid for income taxes      
Supplemental disclosure of non-cash investing and financing activities    
Common stock issued for prepaid services    $ 216,000