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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, 2018
Apr. 30, 2017
Cash flows from operating activities:    
Net loss $ (7,061,061) $ (1,105,260)
Adjustments to reconcile net loss to net cash used in operating activities:    
Bad debt expense 535,366 44,320
Gain on extinguishment of warrant liability (52,500)
Depreciation and amortization 1,092,283 556,730
Stock-based compensation 642,566 338,294
Loss on asset disposal 27,590
Amortization and write-off origination fees 829,794 112,500
Amortization of prepaid shares for services 80,415 52,500
Warrant buyback expense 206,000
Changes in operating assets and liabilities:    
Accounts receivable (3,360,277) (2,974,073)
Prepaid expenses (13,593) (10,474)
Accrued interest receivable (45,400) (8,000)
Other receivables (103,105) (64,263)
Deposits and other assets (528,549) (25,242)
Accounts payable 1,319,268 747,500
Accrued expenses 280,697 85,937
Deferred rent 22,079 14,123
Refunds due students 505,265 199,693
Deferred revenue (1,953) 341,555
Other liabilities 221,180
Net cash used in operating activities (5,609,935) (1,488,160)
Cash flows from investing activities:    
Increase in restricted cash (190,506)
Purchases of courseware (48,388) (8,800)
Purchases of property and equipment (1,836,618) (804,558)
Note receivable proceeds (disbursements) 900,000 (900,000)
Cash paid in acquisition (2,589,719)
Proceeds from promissory note interest receivable 53,400
Net cash used in investing activities (3,711,831) (1,713,358)
Cash flows from financing activities:    
Proceeds from Equity offering 23,023,000 7,500,000
Disbursements for equity offering costs (2,215,730) (560,261)
Repayment of convertible note payable - related party (300,000)
Repayment of loan payable - officer - related party (1,000,000)
Warrant Buyback (400,000)
Borrowing of bank line of credit 247,000
Payments for bank line of credit (248,783)
Borrowing of third party line of credit 2,150,000
Payments of third party line of credit (2,150,000)
Third party line of credit financing costs (60,000)
Disbursements for registration statement (4,017)
Proceeds of warrant and stock option exercises 722,205
Offering costs paid on debt financing (351,367)
Repayment of senior secured term loan (7,500,000)
Proceeds from senior secured loan 7,500,000
Net cash provided by financing activities 21,178,108 5,173,939
Net increase in cash 11,856,342 1,972,421
Cash at beginning of year 2,756,217 783,796
Cash at end of year 14,612,559 2,756,217
Supplemental disclosure of cash flow information:    
Cash paid for interest 540,341 297,151
Cash paid for income taxes
Supplemental disclosure of non-cash investing and financing activities    
Warrants issued as part of senior secured loan 478,428
Assets acquired net of liabilities assumed for non-cash consideration 12,215,244
Common stock issued for services 88,699 52,502
Warrant derivative liability $ 52,500