ÌÒÖ­Ó°Ôº

Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

v3.8.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
 9 Months Ended
Jan. 31, 2018
Jan. 31, 2017
Cash flows from operating activities:    
Net loss $ (3,396,575) $ (381,530)
Adjustments to reconcile net loss to net cash used in operating activities:    
Bad debt expense (recovery) 298,144 (25,680)
Gain on extinguishment of warrant liability (52,500)
Depreciation and amortization 631,969 422,782
Loss on asset disposal 27,590
Stock-based compensation 466,468 253,833
Amortization of debt discounts 99,726 15,625
Amortization of prepaid shares for services 37,039 52,500
Warrant buyback expense 206,000
Changes in operating assets and liabilities:    
Accounts receivable (4,534,118) (2,331,140)
Prepaid expenses (59,451) 28,715
Accrued interest receivable (45,400)
Other receivables (152,398)
Other assets (528,789) (25,241)
Accounts payable 366,044 875,110
Accrued expenses 218,476 105,111
Deferred rent 22,087 17,318
Refunds due students 420,146 124,912
Deferred revenue 2,340,461 562,643
Other liabilities 186,134
Net cash used in operating activities (3,654,947) (99,042)
Cash flows from investing activities:    
Cash paid in asset acquisition (2,589,719)
Proceeds from promissory note interest receivable 53,400
Increase in restricted cash (190,506)
Purchases of courseware (33,369) (6,550)
Purchases of property and equipment (1,171,473) (565,306)
Proceeds from promissory note receivable 900,000
Net cash used in investing activities (3,031,667) (571,856)
Cash flows from financing activities:    
Warrant Buyback (400,000)
Borrowing of bank line of credit 247,000
Payments for bank line of credit (248,783)
Borrowing of third party line of credit 1,250,000
Third party line of credit financing costs (60,000)
Proceeds of warrant and stock options exercised 598,876
Offering costs paid on debt financing (351,366)
Disbursements for equity offering costs (14,033) (4,017)
Proceeds from senior secured term loan 7,500,000
Net cash provided by financing activities 7,733,477 784,200
Net increase in cash 1,046,863 113,302
Cash at beginning of period 2,756,217 783,796
Cash at end of period 3,803,080 897,098
Supplemental disclosure of cash flow information:    
Cash paid for interest 316,781 145,105
Cash paid for income taxes
Supplemental disclosure of non-cash investing and financing activities    
Warrants issued as part of senior secured loan 478,428
Assets acquired net of liabilities assumed for non-cash consideration 12,215,244
Common stock issued for services 62,002
Warrant derivative liability $ 52,500