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Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

v3.20.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Apr. 30, 2020
Apr. 30, 2019
Cash flows from operating activities: Ìý Ìý
Net loss $ (5,659,065) $ (9,278,217)
Adjustments to reconcile net loss to net cash used in operating activities: Ìý Ìý
Bad debt expense 1,431,210 854,008
Depreciation and amortization 2,203,461 2,170,098
Stock-based compensation 2,116,309 1,190,385
Warrants issued for service 36,719 1,713
Loss on asset disposition 3,918 0
Lease expense 162,127 0
Amortization of debt discounts 261,128 40,881
Amortization of debt issue costs 118,406 54,247
Gain on debt extinguishment (50,000) 0
Non-cash payments to investor relation firm 122,250 0
Cash paid to settle convertible debt 0 60,932
Amortization of prepaid shares for services 0 8,285
Changes in operating assets and liabilities: Ìý Ìý
Accounts receivable (8,717,424) (6,477,948)
Prepaid expenses (530,926) (219,624)
Other receivables (20,952) 182,424
Other current assets (173,090) 0
Deposits and other assets 273,792 (44,660)
Accounts payable (193,362) (527,993)
Accrued expenses 138,467 (7,436)
Deferred rent 0 663,376
Refunds due students 1,197,343 358,660
Deferred revenue 1,256,129 642,729
Other liabilities 274,927 112,126
Net cash used in operating activities (5,748,633) (10,216,014)
Cash flows from investing activities: Ìý Ìý
Purchases of courseware and accreditation (13,851) (91,522)
Purchases of property and equipment (3,276,510) (2,531,521)
Net cash used in investing activities (3,290,361) (2,623,043)
Cash flows from financing activities: Ìý Ìý
Proceeds from sale of common stock net of underwriter costs 16,044,879 0
Disbursements for equity offering costs (51,282) (29,832)
Common stock short swing reclamation 21,760 0
Proceeds of stock options exercised and warrants exercised 962,650 228,201
Proceeds of senior secured loan 0 10,000,000
Repayment of convertible note payable 0 (2,000,000)
Offering costs paid on debt financing 0 (100,000)
Closing costs of senior secured loans 0 (33,693)
Cash paid to settle convertible debt 0 (60,932)
Purchase of treasury stock 0 (7,370,000)
Re-sale of treasury stock 0 7,370,000
Net cash provided by financing activities 16,978,007 8,003,744
Net increase (decrease) in cash and cash equivalents and restricted cash 7,939,013 (4,835,313)
Cash and cash equivalents and restricted cash at beginning of year 9,967,752 14,803,065
Cash and cash equivalents and restricted cash at end of year 17,906,765 9,967,752
Supplemental disclosure cash flow information: Ìý Ìý
Cash paid for interest 1,208,285 118,217
Cash paid for income taxes 51,820 0
Supplemental disclosure of non-cash investing and financing activities: Ìý Ìý
Common stock issued for services 178,477 29,809
Beneficial conversion feature on convertible debt 1,692,309 0
Gain on debt extinguishment 50,000 0
Right-of-use lease asset offset against operating lease obligations 8,988,525 0
Warrants issued as part of revolving credit facility 0 255,071
Warrants issued as part of senior secured term loans 0 360,516
Total cash and restricted cash $ 17,906,765 $ 14,803,065