̽»¨ÊÓƵapp

Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

v3.23.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 9 Months Ended
Jan. 31, 2023
Jan. 31, 2022
Cash flows from operating activities: Ìý Ìý
Net loss $ (7,563,651) $ (7,457,143)
Adjustments to reconcile net loss to net cash used in operating activities: Ìý Ìý
Bad debt expense 1,250,000 1,050,000
Depreciation and amortization 2,775,330 2,480,179
Stock-based compensation 899,176 1,965,567
Amortization of warrant-based cost 21,000 43,708
Amortization of deferred financing costs 468,787 49,107
Amortization of debt discounts 88,500 18,056
Common stock issued for services 24,500 0
Loss on asset disposition 0 36,445
Non-cash lease benefit (267,290) (96,450)
Tenant improvement allowances received from landlords 418,000 816,591
Changes in operating assets and liabilities: Ìý Ìý
Accounts receivable (4,282,195) (6,412,590)
Prepaid expenses 432,745 (297,797)
Other current assets (301,738) 37,498
Accounts receivable, other 0 45,329
Deposits and other assets 76,934 (44,686)
Accounts payable (68,244) 340,168
Accrued expenses 297,101 38,353
Due to students (1,086,446) 482,032
Deferred revenue 2,185,152 (642,233)
Other current liabilities 176,222 (171,894)
Net cash used in operating activities (4,456,117) (7,719,760)
Cash flows from investing activities: Ìý Ìý
Purchases of courseware and accreditation (82,000) (161,262)
Disbursements for reimbursable leasehold improvements (418,000) (816,591)
Purchases of property and equipment (1,181,706) (2,756,817)
Net cash used in investing activities (1,681,706) (3,734,670)
Cash flows from financing activities: Ìý Ìý
Proceeds from sale of common stock, net of underwriter costs 9,535 0
Payment of commitment fee for 2022 Credit Facility (200,000) 0
Payments of deferred financing costs (60,833) 0
Borrowings under the 2018 Credit Facility 0 5,000,000
Proceeds from stock options exercised 0 191,034
Net cash (used in) provided by financing activities (251,298) 5,191,034
Net decrease in cash, cash equivalents and restricted cash (6,389,121) (6,263,396)
Cash, cash equivalents and restricted cash at beginning of period 12,916,147 13,666,079
Cash, cash equivalents and restricted cash at end of period 6,527,026 7,402,683
Supplemental disclosure cash flow information: Ìý Ìý
Cash paid for interest 1,446,728 258,630
Cash paid for income taxes 25,253 13,520
Supplemental disclosure of non-cash investing and financing activities: Ìý Ìý
Warrants issued as part of the 2018 Credit Facility amendment $ 0 $ 137,500