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Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
Oct. 31, 2022
Apr. 30, 2022
Current assets: Ìý Ìý
Cash and cash equivalents $ 2,306,480 $ 6,482,750
Restricted cash 6,423,525 6,433,397
Accounts receivable, net of allowance of $3,587,840 and $3,460,288, respectively 22,391,574 24,359,241
Prepaid expenses 1,600,945 1,358,635
Other current assets 775,524 748,568
Total current assets 33,498,048 39,382,591
Property and equipment: Ìý Ìý
Property and equipment, gross 23,152,804 21,892,480
Less: accumulated depreciation and amortization (10,206,811) (8,395,001)
Total property and equipment, net 12,945,993 13,497,479
Goodwill 5,011,432 5,011,432
Long-term contractual accounts receivable 16,335,657 11,406,525
Deferred financing costs 331,423 369,902
Operating lease right-of-use assets, net 14,271,481 12,645,950
Deposits and other assets 536,517 578,125
Total assets 91,108,759 91,066,051
Current liabilities: Ìý Ìý
Accounts payable 2,814,399 1,893,287
Accrued expenses 3,147,485 2,821,432
Deferred revenue 8,772,017 5,889,911
Due to students 3,165,651 4,063,811
Operating lease obligations, current portion 2,204,342 2,036,570
Other current liabilities 554,946 130,262
Total current liabilities 20,658,840 16,835,273
Long-term debt, net 14,904,556 14,875,735
Operating lease obligations, less current portion 18,455,549 16,809,319
Total liabilities 54,018,945 48,520,327
Commitments and contingencies – see Note 10
Stockholders' equity: Ìý Ìý
Preferred stock, $0.001 par value; 1,000,000 shares authorized, 0 issued and 0 outstanding at October 31, 2022 and April 30, 2022 0 0
Common stock, $0.001 par value; 60,000,000 shares authorized, 25,460,849 issued and 25,305,363 outstanding at October 31, 2022; 25,357,764 issued and 25,202,278 outstanding at April 30, 2022 25,461 25,358
Additional paid-in capital 112,634,162 112,081,564
Treasury stock (155,486 at both OctoberÌý31, 2022 and AprilÌý30, 2022) (1,817,414) (1,817,414)
Accumulated deficit (73,752,395) (67,743,784)
Total stockholders’ equity 37,089,814 42,545,724
Total liabilities and stockholders’ equity 91,108,759 91,066,051
Computer equipment and hardware Ìý Ìý
Property and equipment: Ìý Ìý
Property and equipment, gross 1,573,046 1,516,475
Furniture and fixtures Ìý Ìý
Property and equipment: Ìý Ìý
Property and equipment, gross 2,219,245 2,193,261
Leasehold improvements Ìý Ìý
Property and equipment: Ìý Ìý
Property and equipment, gross 7,613,240 7,179,896
Instructional equipment Ìý Ìý
Property and equipment: Ìý Ìý
Property and equipment, gross 756,568 715,652
Software Ìý Ìý
Property and equipment: Ìý Ìý
Property and equipment, gross 10,990,705 10,285,096
Construction in progress Ìý Ìý
Property and equipment: Ìý Ìý
Property and equipment, gross 0 2,100
Intangible assets, net Ìý Ìý
Property and equipment: Ìý Ìý
Intangible assets, net 7,900,000 7,900,000
Courseware, net Ìý Ìý
Property and equipment: Ìý Ìý
Intangible assets, net $ 278,208 $ 274,047