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Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
Jul. 31, 2015
Apr. 30, 2015
Current assets:    
Cash and cash equivalents $ 1,672,730 $ 2,159,463
Restricted cash 1,122,485 1,122,485
Accounts receivable, net of allowance of $311,342 and $279,453, respectively 1,285,959 1,058,339
Prepaid expenses 103,372 121,594
Total current assets 4,184,546 4,461,881
Property and equipment:    
Call center equipment 132,798 132,798
Computer and office equipment 85,013 78,626
Furniture and fixtures 50,420 42,698
Library (online) 100,000 100,000
Software 2,336,196 2,244,802
Total 2,704,427 2,598,924
Less accumulated depreciation and amortization (1,512,646) (1,387,876)
Total property and equipment, net 1,191,781 1,211,048
Courseware, net 195,727 173,311
Accounts receivable, secured - related party, net of allowance of $625,963, and $625,963, respectively 45,329 45,329
Other assets 26,677 26,679
Total assets 5,644,060 5,918,248
Current liabilities:    
Accounts payable 454,430 179,109
Accrued expenses 218,244 173,663
Deferred revenue 759,281 784,818
Refunds Due Students 350,157 280,739
Deferred rent, current portion 3,751 7,751
Convertible notes payable, current portion 50,000 50,000
Total current liabilities 1,835,863 1,476,080
Line of credit 249,783 243,989
Loan payable officer - related party 1,000,000 1,000,000
Convertible notes payable - related party 600,000 600,000
Total liabilities $ 3,685,646 $ 3,320,069
Commitments and contingencies - See Note 8    
Stockholders equity (deficiency):    
Common stock, $0.001 par value; 250,000,000 shares authorized, 128,486,938 issued and 128,286,938 outstanding at July 31, 2015, 128,253,605 issued and 128,053,605 outstanding at April 30, 2015 $ 128,487 $ 128,254
Additional paid-in capital 24,977,355 24,898,647
Treasury stock (200,000 shares) (70,000) (70,000)
Accumulated deficit (23,077,428) (22,358,722)
Total stockholders' equity (deficiency) 1,958,414 2,598,179
Total liabilities and stockholders' equity (deficiency) $ 5,644,060 $ 5,918,248