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Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

v3.22.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Apr. 30, 2022
Apr. 30, 2021
Cash flows from operating activities: Ìý Ìý
Net loss $ (9,585,781) $ (10,448,973)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: Ìý Ìý
Bad debt expense 1,500,000 2,268,540
Depreciation and amortization 3,370,407 2,426,365
Stock-based compensation 2,534,665 3,958,085
Amortization of warrant-based cost 59,832 36,500
Amortization of deferred financing costs 103,454 164,362
Amortization of debt discounts 11,297 1,550,854
Loss on asset disposition 36,443 0
Non-cash lease benefit (230,416) (27,796)
Tenant improvement allowances received from landlords 816,591 4,685,826
Modification charge for warrants exercised 0 25,966
Common stock issued for services 0 19,900
Changes in operating assets and liabilities: Ìý Ìý
Accounts receivable (9,203,042) (8,215,190)
Prepaid expenses (280,804) (136,160)
Other receivables 0 23,097
Other current assets (680,039) 104,561
Accounts receivable, secured 45,329 0
Deposits and other assets (98,913) (164,341)
Accounts payable 426,799 (39,371)
Accrued expenses 780,536 1,140,253
Due to students 858,010 375,640
Deferred revenue (1,564,934) 3,112,020
Other current liabilities (177,659) 125,440
Net cash (used in) provided by operating activities (11,278,225) 985,578
Cash flows from investing activities: Ìý Ìý
Purchase of finite life intangible assets 0 (8,500)
Purchases of courseware and accreditation (167,061) (120,408)
Purchases of property and equipment (4,160,318) (8,848,395)
Net cash used in investing activities (4,327,379) (8,977,303)
Cash flows from financing activities: Ìý Ìý
Proceeds from drawdown on Credit Facility 5,000,000 0
Proceeds from 2022 Convertible Notes 10,000,000 0
Payments of deferred financing costs (335,362) 0
Proceeds from warrants exercised 0 1,081,792
Proceeds from stock options exercised 191,034 2,669,247
Net cash provided by financing activities 14,855,672 3,751,039
Net decrease in cash and cash equivalents (749,932) (4,240,686)
Cash, cash equivalents and restricted cash at beginning of year 13,666,079 17,906,765
Cash, cash equivalents and restricted cash at end of year 12,916,147 13,666,079
Supplemental disclosure cash flow information: Ìý Ìý
Cash paid for interest 470,895 310,958
Cash paid for income taxes 27,400 57,208
Supplemental disclosure of non-cash investing and financing activities: Ìý Ìý
Warrants issued as part of the 2018 Credit facility amendment 137,500 0
Warrants issued for Intercreditor Agreement Amendment 118,000 0
Common stock issued for conversion of Convertible Notes $ 0 $ 10,000,000