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Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

v3.20.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 6 Months Ended
Oct. 31, 2020
Oct. 31, 2019
Cash flows from operating activities: Ìý Ìý
Net loss $ (5,313,721) $ (2,713,450)
Adjustments to reconcile net loss to net cash used in operating activities: Ìý Ìý
Bad debt expense 1,032,000 648,658
Depreciation and amortization 1,016,981 1,234,799
Stock-based compensation 2,318,658 889,484
Amortization of warrant based cost 18,250 18,565
Loss on asset disposition 0 3,918
Amortization of debt discounts 1,550,854 135,298
Amortization of debt issue costs 147,695 50,255
Modification charge for warrants exercised 25,966 0
Non-cash payments to investor relations firm 0 73,350
Changes in operating assets and liabilities: Ìý Ìý
Accounts receivable (8,246,180) (5,211,195)
Prepaid expenses (654,268) (378,184)
Other receivables 23,097 1,833
Other current assets (273,767) (172,507)
Deposits and other assets (171,303) 304,676
Accounts payable 838,421 (511,473)
Accrued expenses 1,282,983 88,243
Deferred Rent 0 (25,902)
Due to students (301,619) 727,710
Deferred revenue 4,915,504 3,052,996
Other current liabilities (286,372) (242,181)
Net cash used in operating activities (2,076,821) (2,025,107)
Cash flows from investing activities: Ìý Ìý
Purchases of courseware and accreditation (11,375) (9,575)
Purchases of property and equipment (2,233,348) (1,244,078)
Net cash used in investing activities (2,244,723) (1,253,653)
Cash flows from financing activities: Ìý Ìý
Proceeds from warrants exercised 1,081,792 0
Proceeds from stock options exercised 2,215,315 237,713
Net cash provided by financing activities 3,297,107 237,713
Net decrease in cash, cash equivalents and restricted cash (1,024,437) (3,041,047)
Cash, restricted cash, and cash equivalents at beginning of period 17,906,765 9,967,752
Cash, restricted cash, and cash equivalents at end of period 16,882,328 6,926,705
Supplemental disclosure cash flow information Ìý Ìý
Cash paid for interest 285,749 652,121
Cash paid for income taxes 38,608 49,595
Supplemental disclosure of non-cash investing and financing activities Ìý Ìý
Common stock issued for conversion of Convertible Notes 10,000,000 0
Right-of-use lease asset offset against operating lease obligations 851,733 7,469,167
Common stock issued for services 0 178,447
Total cash, cash equivalents and restricted cash $ 16,882,328 $ 6,926,705