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Annual report pursuant to section 13 and 15(d)

CONSOLIDATED STATEMENTS OF OPERATIONS

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CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
 12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Consolidated Statements Of Operations    
Revenues $ 5,017,213 $ 4,477,931
Costs and expenses:    
Instructional costs and services 2,926,837 2,200,034
Marketing and promotional 1,442,128 515,362
General and administrative 5,404,326 3,593,956
Receivable collateral valuation service 502,315   
Depreciation and amortization 397,923 264,082
Total costs and expenses 10,673,529 6,573,434
Operating loss (5,656,316) (2,095,503)
Other income (expense):    
Interest income 4,592 2,656
Interest expense (364,889) (27,850)
Gain on disposal of property and equipment 5,879   
Loss due to unauthorized borrowing    (14,876)
Total other expense (354,418) (40,070)
Loss before income taxes (6,010,734) (2,135,573)
Income tax expense (benefit)      
Net loss (6,010,734) (2,135,573)
Cumulative preferred stock dividends (37,379) (87,326)
Net loss allocable to common stockholders $ (6,048,113) $ (2,222,899)
Net loss per share allocable to common stockholders:    
Basic and diluted $ (0.17) $ (0.14)
Weighted average number of common shares outstanding:    
Basic and diluted 35,316,681 15,377,413