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Quarterly report pursuant to sections 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
 3 Months Ended
Jul. 31, 2013
Jul. 31, 2012
Cash flows from operating activities:    
Net loss $ (1,105,576) $ (1,752,227)
Less income (loss) from discontinued operations 22,263 90,043
Loss from continuing operations (1,127,839) (1,842,270)
Adjustments to reconcile net loss to net cash used in operating activities:    
Bad debt expense 13,837 51,521
Receivable collateral valuation reserve    309,117
Depreciation and amortization 109,435 98,571
Stock-based compensation 149,356 52,701
Amortization of prepaid shares for services 25,060   
Changes in operating assets and liabilities:    
Accounts receivable (142,635) (184,347)
Prepaid expenses 6,345 31,187
Other assets    (20,000)
Accounts payable 118,450 48,867
Accrued expenses (2,107) (23,561)
Deferred rent (2,359) (1,430)
Deferred revenue (160,811) 16,862
Net cash used in operating activities (1,013,268) (1,462,782)
Cash flows from investing activities:    
Purchases of property and equipment (104,385) (91,661)
Purchases of courseware (500) (13,200)
Increase in restricted cash (137)   
Net cash used in investing activities (105,022) (104,861)
Cash flows from financing activities:    
Proceeds from (repayments on) line of credit, net (4,518) 25,000
Proceeds from loan from related party 1,000,000 22,000
Proceeds from convertible debentures    947,000
Offering cost for professional services from private placement (48,240)   
Disbursements for debt issuance costs    (68,888)
Net cash provided by financing activities 947,242 925,112
Cash flows from discontinued operations:    
Cash flows from operating activities 87,075 255,774
Net cash provided by discontinued operations 87,075 255,774
Net decrease in cash and cash equivalents (83,973) (386,757)
Cash and cash equivalents at beginning of period 724,982 591,990
Cash and cash equivalents at end of period 641,009 205,233
Supplemental disclosure of cash flow information:    
Cash paid for interest 11,158 2,196
Cash paid for income taxes      
Supplemental disclosure of non-cash investing and financing activities    
Common stock issued for prepaid services $ 216,000