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Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 3 Months Ended
Jul. 31, 2022
Jul. 31, 2021
Cash flows from operating activities: Ìý Ìý
Net loss $ (3,714,971) $ (870,888)
Adjustments to reconcile net loss to net cash used in operating activities: Ìý Ìý
Bad debt expense 350,000 350,000
Depreciation and amortization 921,108 779,409
Stock-based compensation 46,330 542,712
Amortization of warrant-based cost 7,000 11,458
Amortization of deferred financing costs 67,068 0
Amortization of debt discounts 33,890 8,334
Loss on asset disposition 0 1,144
Non-cash lease (benefit) expense (158,410) 8,307
Tenant improvement allowances received from landlords 0 86,591
Changes in operating assets and liabilities: Ìý Ìý
Accounts receivable (1,713,462) (1,879,318)
Prepaid expenses (386,930) 163,615
Other current assets (240,073) 54,639
Accounts receivable, other 0 45,329
Deposits and other assets 11,883 10,852
Accounts payable (41,754) 161,243
Accrued expenses 325,524 320,375
Due to students (100,102) 157,708
Deferred revenue 355,619 (2,133,927)
Other current liabilities 621,087 (250,074)
Net cash used in operating activities (3,616,193) (2,432,491)
Cash flows from investing activities: Ìý Ìý
Purchases of courseware and accreditation (15,500) (131,669)
Purchases of property and equipment (476,833) (847,213)
Net cash used in investing activities (492,333) (978,882)
Cash flows from financing activities: Ìý Ìý
Proceeds from stock options exercised 0 22,548
Net cash provided by financing activities 0 22,548
Net decrease in cash, cash equivalents and restricted cash (4,108,526) (3,388,825)
Cash, restricted cash, and cash equivalents at beginning of period 12,916,147 13,666,079
Cash, restricted cash, and cash equivalents at end of period 8,807,621 10,277,254
Supplemental disclosure cash flow information: Ìý Ìý
Cash paid for interest 416,164 24,384
Cash paid for income taxes $ 4,721 $ 98,105