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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, 2021
Oct. 31, 2020
Cash flows from operating activities: Ìý Ìý
Net loss $ (3,723,146) $ (5,313,721)
Adjustments to reconcile net loss to net cash used in operating activities: Ìý Ìý
Bad debt expense 700,000 1,032,000
Depreciation and amortization 1,596,643 1,016,981
Stock-based compensation 1,264,870 2,318,658
Amortization of warrant based cost 27,583 18,250
Amortization of debt discounts 0 1,550,854
Amortization of debt issue costs 18,056 147,695
Amortization of deferred financing costs 19,643 0
Modification charge for warrants exercised 0 25,966
Loss on asset disposition 36,442 0
Lease benefit (63,099) 0
Tenant improvement allowances received from landlords 816,591 0
Changes in operating assets and liabilities: Ìý Ìý
Accounts receivable (7,699,220) (8,246,180)
Prepaid expenses (520,685) (654,268)
Other receivables 0 23,097
Other current assets 47,901 (273,767)
Accounts receivable, other 45,329 0
Deposits and other assets (15,357) (171,303)
Accounts payable 636,136 838,421
Accrued expenses (268,088) 1,282,983
Due to students 472,159 (301,619)
Deferred revenue 3,366,227 4,915,504
Other current liabilities (211,918) (286,372)
Net cash used in operating activities (3,453,933) (2,076,821)
Cash flows from investing activities: Ìý Ìý
Purchases of courseware and accreditation (149,751) (11,375)
Purchases of property and equipment (2,699,901) (2,233,348)
Net cash used in investing activities (2,849,652) (2,244,723)
Cash flows from financing activities: Ìý Ìý
Borrowings under the Credit Facility 5,000,000 0
Proceeds from stock options exercised 56,034 2,215,315
Proceeds from warrants exercised 0 1,081,792
Net cash provided by financing activities 5,056,034 3,297,107
Net decrease in cash, cash equivalents and restricted cash (1,247,551) (1,024,437)
Cash, restricted cash, and cash equivalents at beginning of period 13,666,079 17,906,765
Cash, restricted cash, and cash equivalents at end of period 12,418,528 16,882,328
Supplemental disclosure cash flow information: Ìý Ìý
Cash paid for interest 98,904 285,749
Cash paid for income taxes 157,552 38,608
Supplemental disclosure of non-cash investing and financing activities: Ìý Ìý
Common stock issued for conversion of Convertible Notes 0 10,000,000
Warrants issued as part of Credit Facility $ 137,500 $ 0