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Quarterly report pursuant to sections 13 or 15(d)

CONSOLIDATED BALANCE SHEETS

v2.4.0.8
CONSOLIDATED BALANCE SHEETS (USD $)
Oct. 31, 2013
Apr. 30, 2013
Current assets:    
Cash and cash equivalents $ 1,096,690 $ 724,982
Restricted cash 265,444 265,173
Accounts receivable, net of allowance of $101,371 and $72,535, respectively 617,001 364,788
Prepaid expenses 235,586 165,426
Net assets from discontinued operations (Note 1) 215,316 113,822
Total current assets 2,430,037 1,634,191
Property and equipment:    
Call center equipment 122,653 121,313
Computer and office equipment 64,336 61,036
Furniture and fixtures 32,914 32,914
Library (online) 100,000 100,000
Software 1,722,689 1,518,142
Total 2,042,592 1,833,405
Less accumulated depreciation and amortization (740,548) (569,665)
Total property and equipment, net 1,302,044 1,263,740
Courseware, net 151,393 208,095
Accounts receivable, secured - related party, net of allowance of $502,315 and $502,315, respectively 270,478 270,478
Debt issuance costs, net 316,978   
Other assets 25,181 25,181
Total assets 4,496,111 3,401,685
Current liabilities:    
Accounts payable 379,402 313,405
Accrued expenses 115,536 128,569
Deferred revenue 766,983 904,590
Loan payable to stockholder 491 491
Title IV Funds In Transit 257,378 253,883
Deferred rent, current portion 12,059 10,418
Convertible notes payable, current portion 200,000 200,000
Net liabilities from discontinued operations (Note 1) 319,742 124,504
Total current liabilities 2,051,591 1,935,860
Line of credit 244,482 250,000
Loan payable to officer - related party 1,000,000   
Convertible notes payable - related party 600,000 600,000
Debenture payable, net of discounts of $697,403 1,542,597   
Deferred rent 15,093 21,450
Total liabilities 5,453,763 2,807,310
Commitments and contingencies - See Note 8      
Stockholders' equity (deficiency):    
Preferred stock, $0.001 par value; 10,000,000 shares authorized      
Common stock, $0.001 par value; 120,000,000 shares authorized, 59,390,365 issued and 59,190,365 outstanding at October 31, 2013 and 58,573,222 issued and 58,373,222 outstanding at April 30, 2013 59,190 58,573
Additional paid-in capital 14,294,242 13,345,888
Treasury stock (200,000 shares) (70,000) (70,000)
Accumulated deficit (15,241,084) (12,740,086)
Total stockholders' equity (deficiency) (957,652) 594,375
Total liabilities and stockholders' equity (deficiency) $ 4,496,111 $ 3,401,685