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Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

v3.20.2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
 3 Months Ended
Jul. 31, 2020
Jul. 31, 2019
Cash flows from operating activities: Ìý Ìý
Net loss $ (943,196) $ (2,075,282)
Adjustments to reconcile net loss to net cash used in operating activities: Ìý Ìý
Bad debt expense 400,000 240,899
Depreciation and amortization 490,624 606,574
Stock-based compensation 487,110 498,417
Warrants issued for services 9,125 9,440
Loss on asset disposition 0 20,240
Amortization of debt discounts 141,026 65,702
Amortization of debt issue costs 139,362 29,662
Modification charge for warrants exercised (25,966) 0
Non-cash payments to investor relations firm 0 30,597
Other adjustments, net 10,587 0
Changes in operating assets and liabilities: Ìý Ìý
Accounts receivable (2,747,322) (1,535,420)
Prepaid expenses (51,870) (136,022)
Other receivables 23,097 710
Other current assets 59,966 0
Deposits and other assets 205,425 67,032
Accounts payable 258,855 (110,890)
Accrued expenses 590,579 (73,663)
Lease liabilities, net of right of use assets 0 26,993
Due to students (480,342) 417,131
Deferred revenue 1,053,859 224,172
Other current liabilities (257,678) 8,625
Net cash used in operating activities (636,759) (1,685,083)
Cash flows from investing activities: Ìý Ìý
Purchases of courseware and accreditation (3,050) (2,275)
Purchases of property and equipment (659,168) (629,983)
Net cash used in investing activities (662,218) (632,258)
Cash flows from financing activities: Ìý Ìý
Proceeds from stock options exercised and warrants exercised 2,351,774 45,190
Net cash provided by financing activities 2,351,774 45,190
Net increase (decrease) in cash and cash equivalents 1,052,797 (2,272,151)
Cash, restricted cash, and cash equivalents at beginning of period 17,906,765 9,967,752
Cash, restricted cash, and cash equivalents at end of period 18,959,562 7,695,601
Supplemental disclosure cash flow information Ìý Ìý
Cash paid for interest 199,178 324,861
Cash paid for income taxes 1,600 0
Supplemental disclosure of non-cash investing and financing activities Ìý Ìý
Common stock issued for services 0 178,447
Right-of-use lease asset offset against operating lease obligations 851,733 8,196,106
Total cash and restricted cash $ 18,959,562 $ 7,695,601