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Post-effective amendment to a registration statement that is not immediately effective upon filing

CONSOLIDATED STATEMENTS OF CASH FLOWS

v2.4.0.8
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
 3 Months Ended 4 Months Ended 12 Months Ended
Jul. 31, 2014
Jul. 31, 2013
Apr. 30, 2013
Apr. 30, 2012
Apr. 30, 2014
Dec. 31, 2012
Cash flows from operating activities:            
Net loss $ (864,261) $ (1,134,370) $ (1,402,982) $ (2,213,119) $ (5,350,348) $ (6,010,734)
Less income (loss) from discontinued operations    22,263 (111,927) 148,513 84,663 136,310
Loss from continuing operations (864,261) (1,156,633) (1,291,055) (2,361,632) (5,435,011) (6,147,044)
Adjustments to reconcile net loss to net cash used in operating activities:            
Bad debt expense 105,511 13,837 37,000 32,955 154,732 133,907
Receivable collateral valuation reserve           123,647 502,315
Amortization of debt issuance costs 56,440          131,657 266,473
Amortization of debt discount 124,343          294,640   
Gain on disposal of property and equipment        (5,879)    (5,879)
Depreciation and amortization 125,607 109,435 159,269 121,812 474,752 397,923
Loss on settlement of accrued interest        3,339    3,339
Issuance of convertible notes in exchange for services rendered        38,175    38,175
Stock-based compensation 97,203 149,356 154,062 81,605 608,429 347,657
Warrant modification expense           156,952   
Common shares and warrants issued for services rendered    25,060       285,084 113,000
Changes in operating assets and liabilities, net of effects of acquisition:            
Accounts receivable (127,344) (142,635) (288,117) (30,001) (439,834) (327,524)
Prepaid expenses (47,367) 6,345 27,107 (44,683) 50,456 (89,265)
Other current assets     69,000 210    (68,790)
Other assets              (18,622)
Accounts payable 81,876 118,450 97,609 727,214 141,378 (186,701)
Accrued expenses 26,231 (2,107) 52,658 191,532 15,405 252,771
Deferred rent (3,179) (2,359) 10,593 (1,073) (10,418) (4,291)
Title IV funds in transit 68,599 (32,086)       34,238   
Deferred revenue (29,366) (99,931) 121,933 114,162 (251,071) 200,846
Other current liabilities     (69,000)       69,000
Net cash used in operating activities (385,707) (1,013,268) (918,941) (1,132,264) (3,664,964) (4,522,710)
Cash flows from investing activities:            
Cash acquired as part of merger        (378)    337
Purchases of property and equipment (82,869) (104,385) (166,214) (200,933) (386,027) (479,846)
Purchases of courseware (38,823) (500)    (8,200) (6,500) (25,300)
Increase in restricted cash (29,927) (137) (181)    (603,125) (264,992)
Proceeds received from officer loan repayments        150,000    150,000
Net cash used in investing activities (151,619) (105,022) (166,395) (59,511) (995,652) (619,801)
Cash flows from financing activities:            
Proceeds from (repayments on) line of credit, net (147) (4,518)    (8,215)    16,785
Proceeds from issuance of common shares and warrants, net 1,781,500 1,000,000 1,041,540    750,000 3,025,236
Principal payments on notes payable           (25,000)   
Proceeds received from issuance of convertible notes and warrants        1,059,000 1,639,298 1,706,000
Proceeds from related party for convertible notes              600,000
Proceeds from related party for note           1,000,000   
Disbursements for debt issuance costs        (112,020) (48,240) (266,473)
Proceeds from warrant exercise           804,049   
Payments for line of credit           (5,824)   
Offering costs associated with private placement (75,000) (48,240)        
Proceeds from note payable              22,000
Disbursements to purchase treasury shares              (202,000)
Net cash provided by financing activities 1,706,353 947,242 1,041,540 938,765 4,114,283 4,901,548
Cash flows from discontinued operations:            
Cash flows from operating activities    87,075 191,540 78,398 68,731 51,599
Net cash provided by discontinued operations    87,075 191,540 78,398 68,731 51,599
Net increase (decrease) in cash and cash equivalents 1,169,027 (83,973) 147,744 (174,612) (477,602) (189,364)
Cash and cash equivalents at beginning of period 247,380 724,982 577,238 766,602 724,982 766,602
Cash and cash equivalents at end of period 1,416,407 641,009 724,982 591,990 247,380 577,238
Supplemental disclosure of cash flow information:            
Cash paid for interest 70,307 11,158 1,494 2,681    273,781
Cash paid for income taxes                  
Supplemental disclosure of non-cash investing and financing activities:            
Conversion of all preferred shares into common shares        3,469,985    3,469,985
Conversion of convertible notes payable into common shares        20,000    1,775,825
Issuance of stock options to officers to settle accrued payroll              238,562
Conversion of loans payable to convertible notes payable        200,000    200,000
Issuance of common shares and warrants to settle accrued interest              70,654
Issuance of stock options to officers to settle note payable        22,000    22,000
Liabilities assumed in recapitalization        21,206    21,206
Settlement of notes payable by disposal of property and equipment        15,151    15,151
Issuance of convertible notes payable to pay accounts payable        11,650    11,650
Issuance of common shares for prepaid services    216,000       216,000   
Warrant value recorded as debt issue cost           94,316   
Warrant value recorded as debt discount           $ 389,565