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Annual report pursuant to Section 13 and 15(d)

Property and Equipment

v2.4.0.8
Property and Equipment
12 Months Ended
Apr. 30, 2014
Property and Equipment [Abstract]  
Property and Equipment

Note 5. Property and Equipment


Property and equipment consisted of the following at April 30, 2014 and 2013:


                 

 

 

April 30,

 

 

April 30,

 

 

 

2014

 

 

2013

 

 

 

 

 

 

 

 

Call center

 

$

122,653

 

 

$

121,313

 

Computer and office equipment

 

 

66,118

 

 

 

61,036

 

Furniture and fixtures

 

 

36,446

 

 

 

32,914

 

Library (online)

 

 

100,000

 

 

 

100,000

 

Software

 

 

1,894,215

 

 

 

1,518,142

 

 

 

 

2,219,432

 

 

 

1,833,405

 

Accumulated depreciation and amortization

 

 

(938,703

)

 

 

(569,665

)

Property and equipment, net

 

$

1,280,729

 

 

$

1,263,740

 


Depreciation expense for the years ended April 30, 2014, and December 31, 2012, and four months ended April 30, 2013 and 2012, were $369,039, $256,363, $113,794, and $ 73,718 respectively. Accumulated depreciation amounted to $938,703 and $569,665 as of April 30, 2014 and April 30, 2013 respectively. Amortization expense for software, included in the above amounts, for the years ended April 30, 2014, and December 31, 2012, and four months ended April 30, 2013 and 2012, were $334,224, $226,454, $99,855, and $64,192 respectively. Software consisted of the following at April 30, 2014 and April 30, 2013:


                 

 

 

April 30,

 

 

April 30,

 

 

 

2014

 

 

2013

 

 

 

 

 

 

 

 

Software

 

$

1,894,215

 

 

$

1,518,142

 

Accumulated amortization

 

 

(720,823

)

 

 

(386,599

)

Software, net

 

$

1,173,392

 

 

$

1,131,543

 


Estimated amortization expense of software is as follows:


         

Year Ending April 30,

 

 

 

2015

 

$

378,843

 

2016

 

 

377,977

 

2017

 

 

255,265

 

2018

 

 

122,230

 

2019

 

 

39,077

 

Total

 

$

1,173,392