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Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

v3.20.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 9 Months Ended
Jan. 31, 2021
Jan. 31, 2020
Cash flows from operating activities: Ìý Ìý
Net loss $ (8,128,987) $ (4,994,502)
Adjustments to reconcile net loss to net cash used in operating activities: Ìý Ìý
Bad debt expense 1,702,000 651,205
Depreciation and amortization 1,552,254 1,710,192
Stock-based compensation 3,019,828 1,782,472
Amortization of warrant based cost 27,375 27,690
Loss on asset disposition 0 3,918
Amortization of debt discounts 1,550,854 182,218
Amortization of debt issue costs 156,029 88,825
Modification charge for warrants exercised 25,966 0
Common stock issued for services 19,900 97,748
Changes in operating assets and liabilities: Ìý Ìý
Accounts receivable (6,493,238) (7,104,911)
Prepaid expenses (267,526) (567,192)
Other receivables 23,097 395
Other current assets (1,205,083) (173,090)
Deposits and other assets (185,599) 280,091
Accounts payable (349,882) (908,083)
Accrued expenses 1,756,102 426,567
Deferred rent 0 (17,805)
Due to students (128,154) 1,137,244
Deferred revenue 1,887,377 3,237,878
Other current liabilities (238,032) 313,875
Net cash used in operating activities (5,275,719) (3,825,265)
Cash flows from investing activities: Ìý Ìý
Purchases of courseware and accreditation (31,330) (11,001)
Purchases of property and equipment (2,877,758) (1,929,878)
Net cash used in investing activities (2,909,088) (1,940,879)
Cash flows from financing activities: Ìý Ìý
Proceeds from warrants exercised 1,081,792 0
Proceeds from stock options exercised 2,578,700 768,381
Proceeds from sale of common stock net of underwriter costs 0 16,044,879
Disbursements for equity offering costs 0 (51,282)
Common stock short swing reclamation 0 5,433
Net cash provided by financing activities 3,660,492 16,767,411
Net (decrease) increase in cash, cash equivalents and restricted cash (4,524,315) 11,001,267
Cash, restricted cash, and cash equivalents at beginning of period 17,906,765 9,967,752
Cash, restricted cash, and cash equivalents at end of period 13,382,450 20,969,019
Supplemental disclosure cash flow information Ìý Ìý
Cash paid for interest 310,958 979,792
Cash paid for income taxes 49,008 110,307
Supplemental disclosure of non-cash investing and financing activities Ìý Ìý
Common stock issued for conversion of Convertible Notes 10,000,000 0
Right-of-use lease asset offset against operating lease obligations 3,914,640 7,693,268
Common stock issued for services 0 178,447
Beneficial conversion feature on convertible debt 0 1,692,309
Total cash, cash equivalents and restricted cash $ 13,382,450 $ 20,969,019