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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, 2015
Jul. 31, 2014
Cash flows from operating activities:    
Net loss $ (718,706) $ (864,261)
Adjustments to reconcile net loss to net cash used in operating activities:    
Bad debt expense $ 31,889 105,511
Amortization of debt issuance costs   56,440
Amortization of debt discount   124,343
Depreciation and amortization $ 143,459 125,607
Stock-based compensation 72,941 $ 97,203
Warrant modification expense 6,000  
Changes in operating assets and liabilities:    
Accounts receivable (259,509) $ (127,344)
Prepaid expenses 18,221 $ (47,367)
Other assets 2  
Accounts payable 275,321 $ 81,876
Accrued expenses 44,581 26,231
Deferred rent (4,000) (3,179)
Refunds due students 69,418 68,599
Deferred revenue (25,537) (29,366)
Net cash used in operating activities (345,920) (385,707)
Cash flows from investing activities:    
Purchases of property and equipment (105,503) (82,869)
Purchases of courseware $ (41,104) (38,823)
Increase in restricted cash   (29,927)
Net cash used in investing activities $ (146,607) (151,619)
Cash flows from financing activities:    
Proceeds from (repayments on) line of credit, net $ 5,794 (147)
Proceeds from issuance of common shares and warrants, net   1,781,500
Offering costs associated with private placement   (75,000)
Net cash provided by financing activities $ 5,794 1,706,353
Net (decrease) increase in cash and cash equivalents (486,733) 1,169,027
Cash and cash equivalents at beginning of period 2,159,463 247,380
Cash and cash equivalents at end of period 1,672,730 1,416,407
Supplemental disclosure of cash flow information:    
Cash paid for interest $ 28,876 $ 70,307
Cash paid for income taxes