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Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED BALANCE SHEETS

v3.21.2
CONSOLIDATED BALANCE SHEETS - USD ($)
Oct. 31, 2021
Apr. 30, 2021
Current assets: Ìý Ìý
Cash and cash equivalents $ 10,985,131 $ 12,472,082
Restricted cash 1,433,397 1,193,997
Accounts receivable, net of allowance of $3,345,182 and $3,289,816, respectively 21,309,982 16,724,744
Prepaid expenses 1,577,516 1,077,831
Other current assets 20,631 68,529
Total current assets 35,326,657 31,537,183
Property and equipment: Ìý Ìý
Property and equipment, gross 20,432,353 17,548,329
Less: accumulated depreciation and amortization (6,672,208) (4,892,987)
Total property and equipment, net 13,760,145 12,655,342
Goodwill 5,011,432 5,011,432
Accounts receivable, net of allowance of $— and $625,963, respectively 0 45,329
Long-term contractual accounts receivable 12,663,815 10,249,833
Deferred financing costs 117,857 18,056
Operating lease right of use assets, net 13,510,656 12,714,863
Deposits and other assets 515,569 479,212
Total assets 89,113,548 80,806,906
Current liabilities: Ìý Ìý
Accounts payable 2,102,624 1,466,488
Accrued expenses 1,772,808 2,040,896
Deferred revenue 10,191,241 6,825,014
Due to students 3,219,643 2,747,484
Operating lease obligations, current portion 2,145,431 2,029,821
Other current liabilities 96,003 307,921
Total current liabilities 19,527,750 15,417,624
Long-term debt 5,000,000 0
Operating lease obligations, less current portion 17,732,483 16,298,808
Total liabilities 42,260,233 31,716,432
Commitments and contingencies – see Note 11
Stockholders' equity: Ìý Ìý
Preferred stock, $0.001 par value; 1,000,000 shares authorized, 0 issued and 0 outstanding at October 31, 2021 and April 30, 2021 0 0
Common stock, $0.001 par value; 40,000,000 shares authorized, 25,148,194 issued and 24,992,708 outstanding at October 31, 2021; 25,066,297 issued and 24,910,811 outstanding at April 30, 2021 25,149 25,067
Additional paid-in capital 110,526,729 109,040,824
Treasury stock (155,486 at both OctoberÌý31, 2021 and AprilÌý30, 2021) (1,817,414) (1,817,414)
Accumulated deficit (61,881,149) (58,158,003)
Total stockholders’ equity 46,853,315 49,090,474
Total liabilities and stockholders’ equity 89,113,548 80,806,906
Computer equipment and hardware Ìý Ìý
Property and equipment: Ìý Ìý
Property and equipment, gross 1,402,006 956,463
Furniture and fixtures Ìý Ìý
Property and equipment: Ìý Ìý
Property and equipment, gross 1,976,342 1,705,101
Leasehold improvements Ìý Ìý
Property and equipment: Ìý Ìý
Property and equipment, gross 7,057,859 5,729,324
Instructional equipment Ìý Ìý
Property and equipment: Ìý Ìý
Property and equipment, gross 608,894 421,039
Software Ìý Ìý
Property and equipment: Ìý Ìý
Property and equipment, gross 9,386,352 8,488,635
Intangible assets, net 5,102,223 5,044,310
Construction in progress Ìý Ìý
Property and equipment: Ìý Ìý
Property and equipment, gross 900 247,767
Intangible assets, net Ìý Ìý
Property and equipment: Ìý Ìý
Intangible assets, net 7,907,503 7,908,360
Courseware, net Ìý Ìý
Property and equipment: Ìý Ìý
Intangible assets, net $ 299,914 $ 187,296