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Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
 6 Months Ended
Oct. 31, 2017
Oct. 31, 2016
Cash flows from operating activities:    
Net loss $ (1,248,629) $ (388,907)
Adjustments to reconcile net loss to net cash used in operating activities:    
Bad debt expense 85,500
Depreciation and amortization 284,074 290,055
Stock-based compensation 303,924 157,335
Amortization of debt discounts 6,250
Amortization of prepaid shares for services 35,000
Warrant buyback expense 206,000
Changes in operating assets and liabilities:    
Accounts receivable (2,137,055) (1,304,754)
Other receivables (388,585)
Prepaid expenses (39,392) 20,118
Accrued interest receivable (36,800)
Other assets (33,192) (23,240)
Accounts payable 177,666 609,562
Accrued expenses (16,496) 55,974
Deferred rent (7,609) 20,513
Refunds due students 424,362 167,344
Deferred revenue 959,174 175,073
Net cash (used in) provided by operating activities (1,673,058) 26,323
Cash flows from investing activities:    
Purchases of property and equipment (540,873) (382,490)
Purchases of courseware (25,100) (6,550)
Net cash used in investing activities (565,973) (389,040)
Cash flows from financing activities:    
Warrant Buyback (400,000)
Borrowing from bank line of credit 247,000
Repayment of bank line of credit (248,783)
Third party line of credit 750,000
Third party line of credit financing costs (60,000)
Senior secured term loan - net 4,780,572
Proceeds of warrant exercises 33,598
Proceeds of stock options exercised 53,045
Disbursements for equity offering costs (4,707) (1,917)
Net cash provided by financing activities 4,862,508 286,300
Net increase (decrease) in cash 2,623,477 (76,417)
Cash at beginning of period 2,756,217 783,796
Cash at end of period 5,379,694 707,379
Supplemental disclosure of cash flow information:    
Cash paid for interest 135,323 67,656
Cash paid for income taxes
Supplemental disclosure of non-cash investing and financing activities:    
Common stock issued for services 75,002
Warrants issued as part of senior secured loan $ 478,428 $ 52,500