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For the Year Ended December 31, 2012

Reclassifications

As Previously

Cost of

As

Reported

Revenues

Reclassified

Expenses

Cost of revenues (exclusive of depreciation and and amortization shown separately below)

$

-

$

2,342,037

$

2,342,037

Instructional costs and services

899,909

(899,909

)

-

Marketing and promotional

1,442,128

(1,442,128

)

-

General and administrative

5,235,282

-

5,235,282

Receivable collateral valuation reserve

502,315

502,315

Depreciation and amortization

397,923

397,923

Total costs and expenses

$

8,477,557

$

-

$

8,477,557

For the Year Ended December 31, 2011

Reclassifications

As Previously

Cost of

As

Reported

Revenues

Reclassified

Expenses

Cost of revenues (exclusive of depreciation and and amortization shown separately below)

$

-

$

1,041,269

$

1,041,269

Instructional costs and services

525,907

(525,907

)

-

Marketing and promotional

515,362

(515,362

)

-

General and administrative

3,593,956

-

3,593,956

Depreciation and amortization

264,082

-

264,082

Total costs and expenses

$

4,899,307

$

-

$

4,899,307