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Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

v3.6.0.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 6 Months Ended
Oct. 31, 2016
Oct. 31, 2015
Cash flows from operating activities:    
Net income (loss) $ (388,907) $ (1,463,126)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Bad debt expense 99,188
Depreciation and amortization 290,055 291,717
Stock-based compensation 157,335 128,987
Warrant modification expense 6,000
Amortization of debt discounts 6,250
Amortization of prepaid shares for services 35,000 47,600
Warrant buyback expense 206,000
Changes in operating assets and liabilities:    
Accounts receivable (1,304,754) (594,794)
Prepaid expenses 20,118 1,809
Other assets (23,240) (7,267)
Accounts payable 609,562 312,004
Accrued expenses 55,974 58,931
Deferred rent 20,513 (6,300)
Refunds due students 167,344 179,638
Deferred revenue 175,073 67,105
Net cash provided by (used in) operating activities 26,323 (878,508)
Cash flows from investing activities:    
Purchases of property and equipment (382,490) (214,019)
Purchases of courseware (6,550) (63,634)
Net cash used in investing activities (389,040) (277,653)
Cash flows from financing activities:    
Warrant buyback (400,000)
Borrowing of bank line of credit 247,000 5,794
Repayment of bank line of credit (248,783)
Third party line of credit 750,000
Third party line of credit financing costs (60,000)
Disbursements for equity offering costs (1,917) (679)
Net cash provided by financing activities 286,300 5,115
Net decrease in cash and cash equivalents (76,417) (1,151,046)
Cash and cash equivalents at beginning of period 783,796 2,159,463
Cash and cash equivalents at end of period 707,379 1,008,417
Supplemental disclosure of cash flow information:    
Cash paid for interest 67,656 58,017
Cash paid for income taxes
Supplemental disclosure of non-cash investing and financing activities    
Common stock issued for services 75,002 47,600
Warrant derivative liability $ 52,500