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Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
Jan. 31, 2023
Apr. 30, 2022
Current assets: Ìý Ìý
Cash and cash equivalents $ 1,603,501 $ 6,482,750
Restricted cash 4,923,525 6,433,397
Accounts receivable, net of allowance 22,517,343 24,359,241
Prepaid expenses 925,890 1,358,635
Other current assets 1,050,307 748,568
Total current assets 31,020,566 39,382,591
Property and equipment: Ìý Ìý
Computer equipment and hardware 1,584,826 1,516,475
Furniture and fixtures 2,219,245 2,193,261
Leasehold improvements 8,046,844 7,179,896
Instructional equipment 756,568 715,652
Software 11,306,700 10,285,096
Construction in progress 0 2,100
Property and equipment, gross 23,914,183 21,892,480
Less: accumulated depreciation and amortization (11,102,309) (8,395,001)
Total property and equipment, net 12,811,874 13,497,479
Goodwill 5,011,432 5,011,432
Intangible assets, net 7,900,000 7,900,000
Courseware, net 288,024 274,047
Long-term contractual accounts receivable 16,280,621 11,406,525
Deferred financing costs 155,041 369,902
Operating lease right-of-use assets, net 13,865,872 12,645,950
Deposits and other assets 501,190 578,125
Total assets 87,834,620 91,066,051
Current liabilities: Ìý Ìý
Accounts payable 2,247,043 1,893,287
Accrued expenses 3,118,533 2,821,432
Deferred revenue 8,075,063 5,889,911
Due to students 2,977,365 4,063,811
Current portion of long-term debt 5,000,000 0
Operating lease obligations, current portion 2,346,766 2,036,570
Other current liabilities 306,484 130,262
Total current liabilities 24,071,254 16,835,273
Long-term debt, net 9,957,328 14,875,735
Operating lease obligations, less current portion 17,869,754 16,809,319
Total liabilities 51,898,336 48,520,327
Commitments and contingencies – see Note 10
Stockholders’ equity: Ìý Ìý
Preferred stock, $0.001 par value; 1,000,000 shares authorized 0 0
Common stock, $0.001 par value; 60,000,000 shares authorized 25,587 25,358
Additional paid-in capital 113,035,546 112,081,564
Treasury stock (1,817,414) (1,817,414)
Accumulated deficit (75,307,435) (67,743,784)
Total stockholders’ equity 35,936,284 42,545,724
Total liabilities and stockholders’ equity $ 87,834,620 $ 91,066,051