̽»¨ÊÓƵapp

Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

v3.20.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
 9 Months Ended
Jan. 31, 2020
Jan. 31, 2019
Cash flows from operating activities: Ìý Ìý
Net loss $ (4,994,502) $ (7,668,295)
Adjustments to reconcile net loss to net cash used in operating activities: Ìý Ìý
Bad debt expense 651,205 480,066
Depreciation and amortization 1,710,192 1,577,464
Stock-based compensation 1,782,472 866,129
Warrants issued for services 27,690 0
Loss on asset disposition 3,918 0
Amortization of debt discounts 182,218 0
Amortization of debt issue costs 88,825 24,657
Amortization of prepaid shares for services 0 8,285
Non-cash payments to investor relations firm 97,748 0
Changes in operating assets and liabilities: Ìý Ìý
Accounts receivable (7,104,911) (4,209,576)
Prepaid expenses (567,192) (152,094)
Other receivables 395 105,334
Other current assets (173,090) 0
Other assets 280,091 (22,846)
Accounts payable (908,083) (517,981)
Accrued expenses 426,567 (88,048)
Deferred rent (17,805) 638,713
Refunds due students 1,137,244 554,219
Deferred revenue 3,237,878 885,091
Other liabilities 313,875 88,332
Net cash used in operating activities (3,825,265) (7,430,550)
Cash flows from investing activities: Ìý Ìý
Purchases of courseware and accreditation (11,001) (89,573)
Purchases of property and equipment (1,929,878) (1,873,326)
Net cash used in investing activities (1,940,879) (1,962,899)
Cash flows from financing activities: Ìý Ìý
Proceeds from sale of common stock net of underwriter costs 16,044,879 0
Disbursements for equity offering costs (51,282) (29,832)
Common stock short swing reclamation 5,433 0
Proceeds of stock options exercised and warrants exercised 768,381 110,143
Repayment of convertible note payable 0 (1,000,000)
Offering costs paid on debt financing 0 (100,000)
Purchase of treasury stock, net of broker fees 0 (7,370,000)
Re-sale of treasury stock, net of broker fees 0 7,370,000
Net cash provided by (used in) financing activities 16,767,411 (1,019,689)
Net increase (decrease) in cash and cash equivalents 11,001,267 (10,413,138)
Cash, restricted cash, and cash equivalents at beginning of period 9,967,752 14,803,065
Cash, restricted cash, and cash equivalents at end of period 20,969,019 4,389,927
Supplemental disclosure cash flow information Ìý Ìý
Cash paid for interest 979,792 163,139
Cash paid for income taxes 110,307 0
Supplemental disclosure of non-cash investing and financing activities Ìý Ìý
Common stock issued for services 178,447 0
Right-of-use lease asset offset against operating lease obligations 7,693,268 Ìý
Beneficial conversion feature on convertible debt Ìý 0
Warrants issued as part of revolving credit facility 0 255,071
Total cash and restricted cash $ 20,969,019 $ 4,389,927