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

Significant Accounting Policies (Tables)

v2.4.0.8
Significant Accounting Policies (Tables)
3 Months Ended 12 Months Ended
Jul. 31, 2014
Apr. 30, 2014
Significant Accounting Policies [Abstract]    
Schedule of Property and Equipment Useful Lives  

Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the related assets per the following table.

 

     

Category

 

Depreciation Term

Call center equipment

 

5 years

Computer and office equipment

 

5 years

Furniture and fixtures

 

7 years

Library (online)

 

3 years

Software

 

5 years


Schedule of Reclassifications

As a result, the following reclassification was made for the quarter ended July 31, 2013:


             

Revenue as

 

 

 

 

 

Revenue as

Originally Reported

 

 

Adjustment

 

 

Adjusted

 

 

 

 

 

 

 

$929,993

 

 

$28,794

 

 

$901,199


The Company reclassified $103,711, from Cost of Revenues to General and Administrative, both within Operating Expenses for the three months ending July 31, 2013, to conform to the current period presentation.


                                                 

 

 

For the 3 Months ended July 31, 2013

 

 

 

Reclassifications

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dues,

 

 

Internet

 

 

 

 

 

 

 

 

 

 

 

 

As Previously

 

 

Fees, &

 

 

Related

 

 

Marketing

 

 

Library

 

 

As

 

 

 

Reported

 

 

Licenses

 

 

Expense

 

 

Fees

 

 

Services

 

 

Reclassified

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Instructional

 

 

224,381

 

 

 

(30,335

)

 

 

(31,576

)

 

 

 

 

 

200

 

 

 

162,670

 

Marketing

 

 

335,089

 

 

 

 

 

 

 

 

 

 

 

(42,000

)

 

 

 

 

 

 

293,089

 

Cost of Revenues

 

$

559,470

 

 

 

(30,335

)

 

 

(31,576

)

 

 

(42,000

)

 

 

200

 

 

$

455,759

 

General and administrative

 

 

1,373,056

 

 

 

30,335

 

 

 

31,576

 

 

 

42,000

 

 

 

(200

)

 

 

1,476,767

 

Depreciation and amortization

 

 

109,435

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

109,435

 

Total Operating Expenses

 

$

2,041,961

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

2,041,961

 


For the year ended December 31, 2012, the Company reclassified $273,225, from Cost of Revenues to General and Administrative, both within Operating Expenses:


                                                 

 

 

For the Year Ended December 31, 2012

 

 

 

Reclassifications

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial

 

 

 

 

 

 

As

 

 

Dues,

 

 

 

 

 

Executive

 

 

Aid

 

 

 

 

 

 

Previously

 

 

Fees, &

 

 

Consulting

 

 

Academic

 

 

Processing

 

 

As

 

 

 

Reported

 

 

Licenses

 

 

Expense

 

 

Chair

 

 

Costs

 

 

Reclassified

 

Operating Expenses:

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

Cost of Revenues

 

$

2,342,037

 

 

 

(32,234

)

 

 

(111,927

)

 

 

(105,500

)

 

 

(23,564

)

 

$

2,068,812

 

General and administrative

 

 

5,235,282

 

 

 

32,234

 

 

 

111,927

 

 

 

105,500

 

 

 

23,564

 

 

 

5,508,507

 

Receivable Collateral Valuation Reserve

 

 

502,315

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

502,315

 

Depreciation and amortization

 

 

397,923

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

397,923

 

Total Operating Expenses

 

$

8,477,557

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

8,477,557