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

CONSOLIDATED BALANCE SHEETS

v2.4.0.8
CONSOLIDATED BALANCE SHEETS (USD $)
Jul. 31, 2013
Apr. 30, 2013
Dec. 31, 2012
Dec. 31, 2011
Current assets:        
Cash and cash equivalents $ 641,009 $ 724,982 $ 577,238 $ 766,602
Restricted cash 265,310 265,173 264,992   
Accounts receivable, net of allowance of $86,372, $72,535, $35,535, and $47,595 respectively 493,587 364,788 239,671 215,099
Accounts receivable, secured - related party         772,793
Note receivable from officer, secured - related party         150,000
Prepaid expenses 350,022 165,426 192,533 103,268
Net assets from discontinued operations (Note 1) 257,322 113,822 393,214 632,135
Other current assets      69,000 210
Total current assets 2,007,250 1,634,191 1,736,648 2,640,107
Property and equipment:        
Call center equipment 121,313 121,313 121,313 121,313
Computer and office equipment 64,336 61,036 45,718 38,577
Furniture and fixtures 32,914 32,914 11,336   
Library (online) 100,000 100,000 100,000 100,000
Software 1,619,226 1,518,142 1,388,824 927,455
Vehicle         39,736
Total 1,937,789 1,833,405 1,667,191 1,227,081
Less accumulated depreciation and amortization (648,629) (569,665) (455,871) (229,972)
Total property and equipment, net 1,289,160 1,263,740 1,211,320 997,109
Courseware, net 178,124 208,095 253,571 369,831
Accounts receivable, secured - related party, net of allowance of $502,315, $502,315, $502,315 and $0, respectively 270,478 270,478 270,478   
Other assets 25,181 25,181 25,181 6,559
Total assets 3,770,193 3,401,685 3,497,198 4,013,606
Current liabilities:        
Accounts payable 431,855 313,405 215,796 414,147
Accrued expenses 126,462 128,569 75,912 128,303
Deferred revenue 997,662 1,158,473 1,036,540 835,694
Notes payable, current portion         6,383
Loan payable to stockholder 1,000,491 491 491   
Deferred rent, current portion 11,238 10,418 6,257 4,291
Convertible notes payable, current portion 200,000 200,000      
Net liabilities from discontinued operations (Note 1) 332,817 124,504 226,430 719,107
Other current liabilities      69,000   
Total current liabilities 3,100,525 1,935,860 1,630,426 2,107,925
Line of credit 245,482 250,000 250,000 233,215
Loans payable (includes $50,000 to related parties)         200,000
Convertible notes payable (includes $600,000 to related parties) 600,000 600,000 800,000   
Notes payable         8,768
Deferred rent 18,271 21,450 15,017 21,274
Total liabilities 3,964,278 2,807,310 2,695,443 2,571,182
Commitments and contingencies - See Note 10            
Temporary equity:        
Series A preferred stock, $0.001 par value; 850,500 shares designated, none, none, and 850,395 shares issued and outstanding, respectively          809,900
Series D preferred stock, $0.001 par value; 3,700,000 shares designated, none, none, and 1,176,750 shares issued and outstanding, respectively (liquidation value of $1,176,750)          1,109,268
Series E preferred stock, $0.001 par value; 2,000,000 shares designated, none, none, and 1,700,000 shares issued and outstanding, respectively (liquidation value of $1,700,000)          1,550,817
Total temporary equity          3,469,985
Stockholders' equity (deficiency):        
Preferred stock, $0.001 par value; 10,000,000 shares authorized            
Series C preferred stock, $0.001 par value; 11,411,400 shares designated, none, none, and 11,307,450 shares issued and outstanding, respectively (liquidation value of $11,307)          11,307
Series B preferred stock, $0.001 par value; 368,421 shares designated, none, none, and 368,411 shares issued and outstanding, respectively          368
Common stock, $0.001 par value; 120,000,000 shares authorized, 59,390,365 issued and 59,190,365 outstanding at July 31, 2013 and 58,573,222 issued and 58,373,222 outstanding at April 30, 2013, 55,243,719 issued and 55,043,719 outstanding at December 31, 2012 and 11,837,930 issued and outstanding at December 31, 2011 59,190 58,573 55,244 11,838
Additional paid-in capital 13,662,387 13,345,888 12,153,615 3,275,296
Treasury stock (200,000 shares) (70,000) (70,000) (70,000)   
Accumulated deficit (13,845,662) (12,740,086) (11,337,104) (5,326,370)
Total stockholders' equity (deficiency) (194,085) 594,375 801,755 (2,027,561)
Total liabilities and stockholders' equity (deficiency) $ 3,770,193 $ 3,401,685 $ 3,497,198 $ 4,013,606