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Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 6 Months Ended
Oct. 31, 2015
Oct. 31, 2014
Cash flows from operating activities:    
Net loss $ (1,463,126) $ (2,024,825)
Less income (loss) from discontinued operations
Loss from continuing operations $ (1,463,126) $ (2,024,825)
Adjustments to reconcile net loss to net cash used in operating activities:    
Bad debt expense $ 99,188 105,511
Amortization of debt issuance costs 75,458
Amortization of debt discount 166,241
Extinguishment of debentures   416,587
Depreciation and amortization $ 291,717 255,740
Stock-based compensation 128,987 $ 211,638
Warrant modification expense 6,000
Amortization of prepaid shares for services 47,600
Changes in operating assets and liabilities:    
Accounts receivable (594,794) $ (136,007)
Prepaid expenses 1,809 $ (48,251)
Other assets (7,267)
Accounts payable 312,004 $ (179,453)
Accrued expenses 58,931 51,176
Deferred rent (6,300) (6,358)
Refunds due students 179,638 145,353
Deferred revenue 67,105 (42,865)
Net cash used in operating activities (878,508) (1,010,055)
Cash flows from investing activities:    
Purchases of property and equipment (214,019) (180,466)
Purchases of courseware $ (63,634) (66,479)
Increase in restricted cash (69,927)
Net cash used in investing activities $ (277,653) (316,872)
Cash flows from financing activities:    
Proceeds from (repayments on) line of credit, net $ 5,794 (147)
Proceeds from issuance of common shares and warrants, net 5,547,826
Proceeds from (retirement of) convertible notes and warrants, net of costs (2,240,000)
Retirement of convertible notes payable (25,000)
Offering costs associated with private placement $ (679) (107,225)
Net cash provided by financing activities $ 5,115 3,175,454
Cash flows from discontinued operations:    
Cash flows from discontinued operating activities 5,250
Net cash provided by discontinued operations 5,250
Net increase (decrease) in cash and cash equivalents $ (1,151,046) 1,853,777
Cash and cash equivalents at beginning of period 2,159,463 247,380
Cash and cash equivalents at end of period 1,008,417 2,101,157
Supplemental disclosure of cash flow information:    
Cash paid for interest $ 58,147 $ 183,545
Cash paid for income taxes
Supplemental disclosure of non-cash investing and financing activities    
Common stock issued for services $ 47,600