| Schedule of Reclassifications |
As a result, the following reclassification was made for the quarter ended
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| Revenue as |
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Revenue as |
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| Originally Reported |
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Adjustment |
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Adjusted |
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$885,338
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$28,794
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$914,132
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Additionally, the statement of cash flows for the six months ended October 31, 2013 was adjusted to conform to the income statement presentation by increasing the net loss and deferred revenue.
The Company reclassified $59,930 and $112,841, from Cost of Revenues to General and Administrative, both within Operating Expenses for the three months ending October 31, 2013 and the six months ending October 31, 2013, to conform to the current period presentation.
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For the Three Months ended October 31, 2013
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Reclassifications
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Dues,
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Internet
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As Previously
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Fees, &
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Related
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As
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Reported
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Licenses
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Expense
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Reclassified
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Operating Expenses:
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Instructional
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|
$ |
233,794 |
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(18,914
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) |
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(41,016
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) |
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$ |
173,864 |
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Marketing
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260,510 |
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260,510 |
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Cost of Revenues
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|
$ |
494,304 |
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(18,914
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) |
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(41,016
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) |
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$ |
434,374 |
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General and administrative
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1,577,086 |
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18,914 |
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41,016 |
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1,637,016 |
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Depreciation and amortization
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119,651 |
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119,651 |
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Total Operating Expenses
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|
$ |
2,191,041 |
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$ |
2,191,041 |
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For the Six Months ended October 31, 2013
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Reclassifications
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Dues,
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Internet
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As Previously
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Fees, &
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Related
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As
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Reported
|
|
|
Licenses
|
|
|
Expense
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Reclassified
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Operating Expenses:
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Instructional
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$ |
449,375 |
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(40,249 |
) |
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(72,592 |
) |
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$ |
336,534 |
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Marketing
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|
553,598 |
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553,598 |
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Cost of Revenues
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$ |
1,002,973 |
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(40,249 |
) |
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(72,592 |
) |
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$ |
890,132 |
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General and administrative
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3,000,942 |
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40,249 |
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72,592 |
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3,113,783 |
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Depreciation and amortization
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|
229,086 |
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|
229,086 |
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Total Operating Expenses
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|
$ |
4,233,001 |
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$ |
4,233,001 |
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