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Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

v3.19.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
 9 Months Ended
Jan. 31, 2019
Jan. 31, 2018
Cash flows from operating activities: Ìý Ìý
Net loss $ (7,668,295) $ (3,396,575)
Adjustments to reconcile net loss to net cash used in operating activities: Ìý Ìý
Bad debt expense 480,066 298,144
Gain on extinguishment of warrant liability (52,500)
Depreciation and amortization 1,577,464 631,969
Stock-based compensation 866,129 466,468
Loss on asset disposition 27,590
Amortization of debt discounts 99,726
Amortization of debt issue costs 24,657
Amortization of prepaid shares for services 8,285 37,039
Changes in operating assets and liabilities: Ìý Ìý
Accounts receivable (4,209,576) (4,534,118)
Prepaid expenses (152,094) (59,451)
Accrued interest receivable (45,400)
Other receivables 105,334 (152,398)
Other assets (22,846) (528,789)
Accounts payable (517,981) 366,044
Accrued expenses (88,048) 218,476
Deferred rent 638,713 22,087
Refunds due students 554,219 420,146
Deferred revenue 885,091 2,340,461
Other liabilities 88,332 186,134
Net cash used in operating activities (7,430,550) (3,654,947)
Cash flows from investing activities: Ìý Ìý
Purchases of courseware and accreditation (89,573) (33,369)
Purchases of property and equipment (1,873,326) (1,171,473)
Proceeds from promissory note receivable 900,000
Cash paid in asset acquisition (2,589,719)
Proceeds from promissory note interest receivable 53,400
Net cash used in investing activities (1,962,899) (2,841,161)
Cash flows from financing activities: Ìý Ìý
Disbursements for equity offering costs (29,832) (14,033)
Repayment of convertible note payable (1,000,000)
Proceeds from senior secured term loan 7,500,000
Proceeds of warrant and stock options exercised 110,143 598,876
Purchase of treasury stock (7,370,000)
Re-sale of treasury stock 7,370,000
Offering costs paid on debt financing (100,000) (351,366)
Net cash provided by (used in) financing activities (1,019,689) 7,733,477
Net increase (decrease) in cash and cash equivalents (10,413,138) 1,237,369
Cash, restricted cash, and cash equivalents at beginning of period 14,803,065 2,756,217
Cash and cash equivalents at end of period 4,389,927 3,993,586
Supplemental disclosure of cash flow information: Ìý Ìý
Cash paid for interest 163,139 316,781
Cash paid for income taxes
Supplemental disclosure of non-cash investing and financing activities Ìý Ìý
Warrants issued as part of revolving credit facility 255,071
Warrants issued as part of senior secured loan 478,428
Assets acquired net of liabilities assumed for non-cash consideration $ 12,215,244