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Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

v3.19.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Apr. 30, 2019
Apr. 30, 2018
Cash flows from operating activities: Ìý Ìý
Net loss $ (9,278,217) $ (7,061,061)
Adjustments to reconcile net loss to net cash used in operating activities: Ìý Ìý
Bad debt expense 854,008 535,366
Gain on extinguishment of warrant liability (52,500)
Depreciation and amortization 2,170,098 1,092,283
Stock-based compensation 1,190,385 642,566
Warrants awarded to directors for service 1,713
Loss on asset disposition 27,590
Amortization and write-off origination fees 829,794
Amortization of debt discounts 40,881
Amortization of debt issue costs 54,247
Cash paid to settle convertible debt 60,932 Ìý
Amortization of prepaid shares for services 8,285 80,415
Changes in operating assets and liabilities: Ìý Ìý
Accounts receivable (6,477,948) (3,360,277)
Prepaid expenses (219,624) (13,593)
Accrued interest receivable (45,400)
Other receivables 182,424 (103,105)
Other assets (44,660) (528,549)
Accounts payable (527,993) 1,319,268
Accrued expenses (7,436) 280,697
Deferred rent 663,376 22,079
Refunds due students 358,660 505,265
Deferred revenue 642,729 (1,953)
Other liabilities 112,126 221,180
Net cash used in operating activities (10,216,014) (5,609,935)
Cash flows from investing activities: Ìý Ìý
Purchases of courseware and accreditation (91,522) (48,388)
Purchases of property and equipment (2,531,521) (1,836,618)
Notes receivable 900,000
Cash paid in acquisition (2,589,719)
Proceeds from promissory note interest receivable 53,400
Net cash used in investing activities (2,623,043) (3,521,325)
Cash flows from financing activities: Ìý Ìý
Repayment of convertible note payable (2,000,000)
Proceeds of Equity offering 23,023,000
Disbursements for equity offering costs (29,832) (2,215,730)
Proceeds from senior secured term loan 7,500,000
Repayment of senior secured loan (7,500,000)
Proceeds of stock options and warrants exercised 228,201 722,205
Purchase of treasury stock (7,370,000)
Re-sale of treasury stock 7,370,000
Offering costs paid on debt financing (100,000) (351,367)
Closing costs of senior secured loans (33,693)
Cash paid to settle convertible debt (60,932)
Proceeds of senior secured loan 10,000,000
Net cash provided by financing activities 8,003,744 21,178,108
Net increase (decrease) in cash and cash equivalents (4,835,313) 12,046,848
Cash, restricted cash, and cash equivalents at beginning of year 14,803,065 2,756,217
Cash and cash equivalents at end of year 9,967,752 14,803,065
Supplemental disclosure cash flow information Ìý Ìý
Cash paid for interest 118,217 540,341
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 term loans 360,516 478,428
Assets acquired net of liabilities assumed for non-cash consideration 12,215,244
Common stock issued for services $ 29,809 $ 88,699