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Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

v3.22.2.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 6 Months Ended
Oct. 31, 2022
Oct. 31, 2021
Cash flows from operating activities: Ìý Ìý
Net loss $ (6,008,611) $ (3,723,146)
Adjustments to reconcile net loss to net cash used in operating activities: Ìý Ìý
Bad debt expense 800,000 700,000
Depreciation and amortization 1,856,178 1,596,643
Stock-based compensation 504,666 1,264,870
Amortization of warrant-based cost 14,000 27,583
Amortization of deferred financing costs 269,133 19,643
Amortization of debt discounts 59,000 18,056
Common stock issued for services 24,500 0
Loss on asset disposition 0 36,442
Non-cash lease benefit (229,809) (63,099)
Tenant improvement allowances received from landlords 418,280 816,591
Changes in operating assets and liabilities: Ìý Ìý
Accounts receivable (3,761,463) (7,699,220)
Prepaid expenses (242,310) (520,685)
Other current assets (26,956) 47,901
Accounts receivable, other 0 45,329
Deposits and other assets 41,608 (15,357)
Accounts payable 921,112 636,136
Accrued expenses 326,053 (268,088)
Due to students (898,160) 472,159
Deferred revenue 2,882,106 3,366,227
Other current liabilities 424,685 (211,918)
Net cash used in operating activities (2,625,988) (3,453,933)
Cash flows from investing activities: Ìý Ìý
Purchases of courseware and accreditation (48,532) (149,751)
Disbursements for reimbursable leasehold improvements (418,280) (816,591)
Purchases of property and equipment (842,044) (1,883,310)
Net cash used in investing activities (1,308,856) (2,849,652)
Cash flows from financing activities: Ìý Ìý
Proceeds from sale of common stock, net of underwriter costs 9,535 0
Payment of commitment fee for 2022 Credit Facility (200,000) 0
Payments of deferred financing costs (60,833) 0
Borrowings under the 2018 Credit Facility 0 5,000,000
Proceeds from stock options exercised 0 56,034
Net cash (used in) provided by financing activities (251,298) 5,056,034
Net decrease in cash, cash equivalents and restricted cash (4,186,142) (1,247,551)
Cash, cash equivalents and restricted cash at beginning of period 12,916,147 13,666,079
Cash, cash equivalents and restricted cash at end of period 8,730,005 12,418,528
Supplemental disclosure cash flow information: Ìý Ìý
Cash paid for interest 802,167 98,904
Cash paid for income taxes 22,522 157,552
Supplemental disclosure of non-cash investing and financing activities: Ìý Ìý
Warrants issued as part of the 2018 Credit Facility amendment $ 0 $ 137,500