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Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED BALANCE SHEETS (Unaudited)

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CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
Jan. 31, 2016
Apr. 30, 2015
Current assets:    
Cash and cash equivalents $ 1,522,722 $ 2,159,463
Restricted cash 1,122,485
Accounts receivable, net of allowance of $305,297 and $279,453, respectively $ 2,056,211 1,058,339
Prepaid expenses 120,822 121,594
Total current assets 3,699,755 4,461,881
Property and equipment:    
Call center equipment 133,965 132,798
Computer and office equipment 69,772 78,626
Furniture and fixtures $ 70,021 42,698
Library (online) 100,000
Software $ 2,515,703 2,244,802
Total 2,789,461 2,598,924
Less accumulated depreciation and amortization (1,651,352) (1,387,876)
Total property and equipment, net 1,138,109 1,211,048
Courseware, net 201,640 173,311
Accounts receivable, secured - related party, net of allowance of $625,963, and $625,963, respectively 45,329 45,329
Other assets 45,086 26,679
Total assets 5,129,919 5,918,248
Current liabilities:    
Accounts payable 585,224 179,109
Accrued expenses 281,539 173,663
Deferred revenue 1,130,003 784,818
Refunds Due Students $ 499,742 280,739
Deferred rent, current portion 7,751
Convertible notes payable, current portion $ 50,000 50,000
Total current liabilities 2,546,508 1,476,080
Line of credit 249,783 243,989
Loan payable officer - related party 1,000,000 1,000,000
Convertible notes payable - related party 600,000 600,000
Total liabilities $ 4,396,291 $ 3,320,069
Commitments and contingencies - See Note 8
Stockholders' equity:    
Common stock, $0.001 par value; 250,000,000 shares authorized, 128,511,605 issued and 128,311,605 outstanding at January 31, 2016, 128,253,605 issued and 128,053,605 outstanding at April 30, 2015 $ 128,512 $ 128,254
Additional paid-in capital 25,171,929 24,898,647
Treasury stock (200,000 shares) (70,000) (70,000)
Accumulated deficit (24,496,813) (22,358,722)
Total stockholders' equity 733,628 2,598,179
Total liabilities and stockholders' equity $ 5,129,919 $ 5,918,248