¹û¶³APP´«Ã½

Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

v3.21.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Apr. 30, 2021
Apr. 30, 2020
Cash flows from operating activities: Ìý Ìý
Net loss $ (10,448,973) $ (5,659,065)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Ìý Ìý
Bad debt expense 2,268,540 1,431,210
Depreciation and amortization 2,426,365 2,203,461
Stock-based compensation 3,958,085 2,116,309
Amortization of warrant based cost 36,500 36,719
Amortization of debt discounts 1,550,854 261,128
Amortization of debt issue costs 164,362 118,406
Modification charge for warrants exercised 25,966 0
Common stock issued for services 19,900 122,250
Loss on asset disposition 0 3,918
Gain on extinguishment of debt 0 (50,000)
Lease (benefit) expense (27,796) 162,127
Tenant improvement allowances received from landlords 4,685,826 0
Changes in operating assets and liabilities: Ìý Ìý
Accounts receivable (8,215,190) (8,717,424)
Prepaid expenses (136,160) (530,926)
Other receivables 23,097 (20,952)
Other current assets 104,561 (173,090)
Deposits and other assets (164,341) 273,792
Accounts payable (39,371) (193,362)
Accrued expenses 1,140,253 501,699
Due to students 375,640 1,197,343
Deferred revenue 3,112,020 1,256,129
Other current liabilities 125,440 (88,305)
Net cash provided by (used in) operating activities 985,578 (5,748,633)
Cash flows from investing activities: Ìý Ìý
Purchase of finite life intangible assets (8,500) 0
Purchases of courseware and accreditation (120,408) (13,851)
Purchases of property and equipment (8,848,395) (3,276,510)
Net cash used in investing activities (8,977,303) (3,290,361)
Cash flows from financing activities: Ìý Ìý
Proceeds from warrants exercised 1,081,792 0
Proceeds from stock options exercised 2,669,247 962,650
Proceeds from sale of common stock net of underwriter costs 0 16,044,879
Disbursements for equity offering costs 0 (51,282)
Common stock short swing reclamation 0 21,760
Net cash provided by financing activities 3,751,039 16,978,007
Net (decrease) increase in cash and cash equivalents (4,240,686) 7,939,013
Cash, cash equivalents and restricted cash at beginning of year 17,906,765 9,967,752
Cash, cash equivalents and restricted cash at end of year 13,666,079 17,906,765
Supplemental disclosure cash flow information: Ìý Ìý
Cash paid for interest 310,958 1,208,285
Cash paid for income taxes 57,208 51,820
Supplemental disclosure of non-cash investing and financing activities: Ìý Ìý
Common stock issued for conversion of Convertible Notes 10,000,000 0
Common stock issued for services 0 178,477
Beneficial conversion feature on Convertible Debt 0 1,692,309
Gain on extinguishment of debt $ 0 $ 50,000