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General form of registration statement for all companies including face-amount certificate companies

Property and Equipment

v2.4.0.8
Property and Equipment
3 Months Ended 12 Months Ended
Jul. 31, 2014
Apr. 30, 2014
Property and Equipment [Abstract]    
Property and Equipment

Note 4. Property and Equipment


Property and equipment consisted of the following at July 31, 2014 and April 30, 2014:


                 

 

 

July 31,

 

 

April 30,

 

 

 

2014

 

 

2014

 

Call center hardware

 

$

122,653

 

 

$

122,653

 

Computer and office equipment

 

 

67,561

 

 

 

66,118

 

Furniture and fixtures

 

 

36,447

 

 

 

36,446

 

Library (online)

 

 

100,000

 

 

 

100,000

 

Software

 

 

1,975,640

 

 

 

1,894,215

 

 

 

 

2,302,301

 

 

 

2,219,432

 

Accumulated depreciation and amortization

 

 

(1,044,098

)

 

 

(938,703

)

Property and equipment, net

 

$

1,258,203

 

 

$

1,280,729

 


Depreciation and amortization expense for the three months ended July 31, 2014 and 2013 were $105,395 and $78,694, respectively.


Amortization expense for software, included in the above amounts, for the three months ended July 31, 2014, and 2013 was $95,977 and $71,920, respectively. Software consisted of the following at July 31, 2014 and April 30, 2014:


                 

 

 

July 31,

 

 

April 30,

 

 

 

2014

 

 

2014

 

Software

 

$

1,975,640

 

 

$

1,894,215

 

Accumulated amortization

 

 

(816,801

)

 

 

(720,823

)

Software, net

 

$

1,158,839

 

 

$

1,173,392

 


The following is a schedule of estimated future amortization expense of software at July 31, 2014:


         

Year Ending April 30,

 

 

 

2015

 

$

296,346

 

2016

 

 

394,282

 

2017

 

 

271,550

 

2018

 

 

138,515

 

2019

 

 

58,146

 

Total

 

$

1,158,839

 


Note 5. Property and Equipment


Property and equipment consisted of the following at April 30, 2014 and 2013:


                 

 

 

April 30,

 

 

April 30,

 

 

 

2014

 

 

2013

 

 

 

 

 

 

 

 

Call center

 

$

122,653

 

 

$

121,313

 

Computer and office equipment

 

 

66,118

 

 

 

61,036

 

Furniture and fixtures

 

 

36,446

 

 

 

32,914

 

Library (online)

 

 

100,000

 

 

 

100,000

 

Software

 

 

1,894,215

 

 

 

1,518,142

 

 

 

 

2,219,432

 

 

 

1,833,405

 

Accumulated depreciation and amortization

 

 

(938,703

)

 

 

(569,665

)

Property and equipment, net

 

$

1,280,729

 

 

$

1,263,740

 


Depreciation expense for the years ended April 30, 2014, and December 31, 2012, and four months ended April 30, 2013 and 2012, were $369,039, $256,363, $113,794, and $ 73,718 respectively. Accumulated depreciation amounted to $938,703 and $569,665 as of April 30, 2014 and April 30, 2013 respectively. Amortization expense for software, included in the above amounts, for the years ended April 30, 2014, and December 31, 2012, and four months ended April 30, 2013 and 2012, were $334,224, $226,454, $99,855, and $64,192 respectively. Software consisted of the following at April 30, 2014 and April 30, 2013:


                 

 

 

April 30,

 

 

April 30,

 

 

 

2014

 

 

2013

 

 

 

 

 

 

 

 

Software

 

$

1,894,215

 

 

$

1,518,142

 

Accumulated amortization

 

 

(720,823

)

 

 

(386,599

)

Software, net

 

$

1,173,392

 

 

$

1,131,543

 


Estimated amortization expense of software is as follows:


         

Year Ending April 30,

 

 

 

2015

 

$

378,843

 

2016

 

 

377,977

 

2017

 

 

255,265

 

2018

 

 

122,230

 

2019

 

 

39,077

 

Total

 

$

1,173,392