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Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Apr. 30, 2016
Apr. 30, 2015
Cash flows from operating activities:    
Net loss $ (2,246,705) $ (4,268,288)
Adjustments to reconcile net loss to net cash used in operating activities:    
Bad debt expense 170,677 156,165
Amortization of debt issuance costs 75,458
Amortization of debt discount 166,241
Extinguishment of debentures 416,587
Depreciation and amortization 598,303 528,496
Stock-based compensation 308,260 456,871
Warrant modification expense 54,554 333,323
Common shares and warrants issued for services rendered 50,400 70,258
Changes in operating assets and liabilities:    
Accounts receivable (1,292,190) (564,614)
Accounts receivable, secured - related party 101,502
Prepaid expenses (1,462) (75,710)
Other assets (4,496) (1,498)
Accounts payable (169,908) (275,674)
Accrued expenses 5,624 29,198
Deferred rent 23,763 (13,699)
Refunds due students (169,856) (7,382)
Deferred revenue 228,615 131,300
Net cash used in operating activities (2,444,421) (2,741,466)
Cash flows from investing activities:    
Purchases of property and equipment (466,884) (379,492)
Purchases of courseware (90,624) (143,753)
Decrease/increase in restricted cash 1,122,485 (254,187)
Net cash (used in) provided by investing activities 564,977 (777,432)
Cash flows from financing activities:    
Proceeds from issuance of common shares and warrants, net 5,547,826
Principal payments on notes payable (25,000)
Retirement of shares (5,838)
Repayment of note (2,240,000)
Proceeds from warrant exercise 752,500 2,268,670
Payments for line of credit (242,206) (186)
Disbursements for equity offering costs (679) (125,579)
Net cash provided by financing activities 503,777 5,425,731
Cash flows from discontinued operations:    
Cash flows from discontinued operations 5,250
Net cash provided by discontinued operations 5,250
Net increase (decrease) in cash and cash equivalents (1,375,667) 1,912,083
Cash at beginning of year 2,159,463 247,380
Cash at end of year 783,796 2,159,463
Supplemental disclosure of cash flow information:    
Cash paid for interest 104,326 240,264
Cash paid for income taxes
Supplemental disclosure of non-cash investing and financing activities    
Common stock issued for services 50,400
Common stock issued from conversion of notes $ 302,311 $ 100,000