Ë¿¹ÏÊÓƵ

Quarterly report pursuant to sections 13 or 15(d)

Condensed Consolidated Statements of Operations (Unaudited)

v2.4.0.6
Condensed Consolidated Statements of Operations (Unaudited) (USD $)
3 Months Ended 9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Sep. 30, 2012
Sep. 30, 2011
Income Statement [Abstract]        
Revenues $ 1,253,190 $ 1,134,315 $ 4,018,291 $ 3,092,779
Costs and expenses:        
Instructional costs and services 759,805 512,053 2,504,215 1,498,667
Marketing and promotional 299,401 132,569 1,176,814 272,959
General and administrative 1,389,940 1,274,238 4,368,454 2,328,421
Receivable collateral valuation service 193,198 0 502,315 0
Depreciation and amortization 103,738 71,442 289,675 177,846
Total costs and expenses 2,746,082 1,990,302 8,841,473 4,277,893
Operating loss (1,492,892) (855,987) (4,823,182) (1,185,114)
Other income (expense):        
Interest income 153 347 882 355
Interest expense (229,237) (4,550) (359,955) (11,376)
Gain on disposal of property and equipment 0 0 5,879 0
Loss due to unauthorized borrowing 0 0 0 (14,876)
Total other income (expense) (229,084) (4,203) (353,194) (25,897)
Loss before income taxes (1,721,976) (860,190) (5,176,376) (1,211,011)
Income tax expense (benefit) 0 0 0 0
Net loss (1,721,976) (860,190) (5,176,376) (1,211,011)
Cumulative preferred stock dividends 0 (24,685) (37,379) (40,219)
Net loss allocable to common stockholders $ (1,721,976) $ (884,875) $ (5,213,755) $ (1,251,230)
Loss per share:        
Basic and diluted $ (0.05) $ (0.07) $ (0.18) $ (0.08)
Weighted average number of common shares outstanding:        
Basic and diluted 35,687,944 11,871,950 29,172,716 16,559,115