COVER PAGE
COVER PAGE - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 30, 2021 | Jul. 09, 2021 | Oct. 31, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Apr. 30, 2021 | ||
Current Fiscal Year End Date | --04-30 | ||
Document Transition Report | false | ||
Entity File Number | 001-38175 | ||
Entity Registrant Name | ASPEN GROUP, INC. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 27-1933597 | ||
Entity Address, Address Line One | 276 Fifth Avenue | ||
Entity Address, Address Line Two | Suite 505 | ||
Entity Address, City or Town | New York | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 10001 | ||
City Area Code | 646 | ||
Local Phone Number | 448-5144 | ||
Title of 12(b) Security | Common Stock, par value $0.001 | ||
Trading Symbol | ASPU | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 226 | ||
Entity Common Stock, Shares Outstanding | 25,068,269 | ||
Documents Incorporated by Reference | Portions of the registrant's proxy statement for the 2021 Annual Meeting of Shareholders are incorporated herein by reference in Part III of this Annual Report on Form 10-K to the extent stated herein. | ||
Entity Central Index Key | 0001487198 | ||
Amendment Flag | false | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2021 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Apr. 30, 2021 | Apr. 30, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 8,513,290 | $ 14,350,554 |
Restricted cash | 5,152,789 | 3,556,211 |
Accounts receivable, net of allowance of $3,289,816 and $1,758,920, respectively | 16,724,744 | 14,326,791 |
Prepaid expenses | 1,077,831 | 941,671 |
Other receivables | 0 | 23,097 |
Other current assets | 68,529 | 173,090 |
Total current assets | 31,537,183 | 33,371,414 |
Property and equipment: | ||
Property and equipment, gross | 17,548,329 | 8,988,662 |
Less: accumulated depreciation and amortization | (4,892,987) | (2,841,019) |
Total property and equipment, net | 12,655,342 | 6,147,643 |
Goodwill | 5,011,432 | 5,011,432 |
Accounts receivable, net of allowance of $625,963, and $625,963, respectively | 45,329 | 45,329 |
Long term contractual accounts receivable | 10,249,833 | 6,701,136 |
Debt issue cost, net | 18,056 | 182,418 |
Operating lease right of use assets, net | 12,714,863 | 6,412,851 |
Deposits and other assets | 479,212 | 355,831 |
Total assets | 80,806,906 | 66,239,511 |
Current liabilities: | ||
Accounts payable | 1,466,488 | 1,505,859 |
Accrued expenses | 2,040,896 | 900,643 |
Deferred revenue | 6,825,014 | 3,712,994 |
Due to students | 2,747,484 | 2,371,844 |
Operating lease obligations, current portion | 2,029,821 | 1,683,252 |
Other current liabilities | 307,921 | 182,481 |
Total current liabilities | 15,417,624 | 10,357,073 |
Convertible Notes, net of discount of $0 and $1,550,854, respectively | 0 | 8,449,146 |
Operating lease obligations, less current portion | 16,298,808 | 5,685,335 |
Total liabilities | 31,716,432 | 24,491,554 |
Commitments and contingencies - See Note 10 | ||
Stockholders’ equity: | ||
Preferred stock, $0.001 par value; 1,000,000 shares authorized, 0 issued and 0 outstanding at April 30, 2021 and April 30, 2020 | 0 | 0 |
Common stock, $0.001 par value; 40,000,000 shares authorized, 25,066,297 issued and 24,910,811 outstanding at April 30, 2021, 21,770,520 issued and 21,753,853 outstanding at April 30, 2020 | 25,067 | 21,771 |
Additional paid-in capital | 109,040,824 | 89,505,216 |
Treasury stock (155,486 and 16,667 shares, respectively) | (1,817,414) | (70,000) |
Accumulated deficit | (58,158,003) | (47,709,030) |
Total stockholders’ equity | 49,090,474 | 41,747,957 |
Total liabilities and stockholders’ equity | 80,806,906 | 66,239,511 |
Intangible assets, net | ||
Property and equipment: | ||
Finite-lived intangible assets, net | 7,908,360 | 7,900,000 |
Courseware, net | ||
Property and equipment: | ||
Finite-lived intangible assets, net | 187,296 | 111,457 |
Computer equipment and hardware | ||
Property and equipment: | ||
Property and equipment, gross | 956,463 | 649,927 |
Furniture and fixtures | ||
Property and equipment: | ||
Property and equipment, gross | 1,705,101 | 1,007,099 |
Leasehold Improvements | ||
Property and equipment: | ||
Property and equipment, gross | 5,729,324 | 867,024 |
Instructional equipment | ||
Property and equipment: | ||
Property and equipment, gross | 421,039 | 301,842 |
Software | ||
Property and equipment: | ||
Property and equipment, gross | 8,488,635 | 6,162,770 |
Finite-lived intangible assets, net | 5,044,310 | 4,112,961 |
Construction in progress | ||
Property and equipment: | ||
Property and equipment, gross | $ 247,767 | $ 0 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) | Apr. 30, 2021 | Apr. 30, 2020 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 3,289,816 | $ 1,758,920 |
Accounts receivable, allowance for credit loss, noncurrent | 625,963 | 625,963 |
Debt instrument, unamortized discount | $ 0 | $ 1,550,854 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 40,000,000 | 40,000,000 |
Common stock, shares issued (in shares) | 25,066,297 | 21,770,520 |
Common stock, shares outstanding (in shares) | 24,910,811 | 21,753,853 |
Treasury stock (in shares) | 155,486 | 16,667 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 12 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Income Statement [Abstract] | ||
Revenues | $ 67,812,520 | $ 49,061,080 |
Operating expenses | ||
Cost of revenues (exclusive of depreciation and amortization shown separately below) | 29,453,733 | 19,135,302 |
General and administrative | 41,908,030 | 30,329,520 |
Bad debt expense | 2,268,540 | 1,431,210 |
Depreciation and amortization | 2,426,365 | 2,203,461 |
Total operating expenses | 76,056,668 | 53,099,493 |
Operating loss | (8,244,148) | (4,038,413) |
Other income (expense): | ||
Other (expense) income | (120,800) | 249,246 |
Interest expense | (2,051,381) | (1,818,078) |
Total other expense, net | (2,172,181) | (1,568,832) |
Loss before income taxes | (10,416,329) | (5,607,245) |
Income tax expense | 32,644 | 51,820 |
Net loss | $ (10,448,973) | $ (5,659,065) |
Net loss per share - basic (in dollars per share) | $ (0.44) | $ (0.29) |
Net loss per share - diluted (in dollars per share) | $ (0.44) | $ (0.29) |
Weighted average number of common shares outstanding - basic (in shares) | 23,757,656 | 19,708,708 |
Weighted average number of common shares outstanding - diluted (in shares) | 23,757,656 | 19,708,708 |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) | Total | Common Stock | Additional Paid-In Capital | Treasury Stock | Accumulated Deficit |
Beginning balance at Apr. 30, 2019 | $ 26,461,428 | $ 18,666 | $ 68,562,727 | $ (70,000) | $ (42,049,965) |
Beginning balance (in shares) at Apr. 30, 2019 | 18,665,551 | ||||
Stock-based compensation | 2,116,309 | 2,116,309 | |||
Amortization of restricted stock issued for services | 122,250 | 122,250 | |||
Common stock issued for cashless exercise of stock options | 0 | $ 191 | (191) | ||
Common stock issued for cashless exercise of stock options (in shares) | 190,559 | ||||
Common stock issued for stock options exercised for cash | $ 962,650 | $ 278 | 962,372 | ||
Common stock issued for stock options exercised for cash (in shares) | 363,334 | 277,678 | |||
Common stock issued for cashless warrant exercise | $ 0 | $ 77 | (77) | ||
Common stock issued for cashless warrant exercise (in shares) | 76,929 | 76,929 | |||
Amortization of warrant based cost issued for services | $ 36,719 | 36,719 | |||
Restricted stock issued for services, subject to vesting | 0 | $ 144 | (144) | ||
Restricted stock issued for services, subject to vesting (in shares) | 144,803 | ||||
Common stock issued for equity raise, net of underwriter costs of $1,222,371 | 16,044,879 | $ 2,415 | 16,042,464 | ||
Common stock issued in equity raise, net of underwriter costs of $1,222,371 (in shares) | 2,415,000 | ||||
Other offering costs | (51,282) | (51,282) | |||
Beneficial conversion feature on Convertible Debt | 1,692,309 | 1,692,309 | |||
Common stock short swing reclamation | 21,760 | 21,760 | |||
Net loss | (5,659,065) | (5,659,065) | |||
Common stock issued for vested restricted stock units (in shares) | 0 | ||||
Ending balance at Apr. 30, 2020 | 41,747,957 | $ 21,771 | 89,505,216 | (70,000) | (47,709,030) |
Ending balance (in shares) at Apr. 30, 2020 | 21,770,520 | ||||
Stock-based compensation | 3,958,085 | 3,958,085 | |||
Common stock issued for cashless exercise of stock options | 0 | $ 35 | (35) | ||
Common stock issued for cashless exercise of stock options (in shares) | 34,773 | ||||
Common stock issued for stock options exercised for cash | $ 2,669,247 | $ 1,389 | 4,485,272 | (1,817,414) | |
Common stock issued for stock options exercised for cash (in shares) | 52,778 | 1,389,463 | |||
Amortization of warrant based cost issued for services | $ 36,500 | 36,500 | |||
Net loss | (10,448,973) | (10,448,973) | |||
Common stock issued for conversion of Convertible Notes | 10,000,000 | $ 1,399 | 9,998,601 | ||
Common stock issued for conversion of Convertible Notes (in shares) | 1,398,602 | ||||
Common stock issued for vested restricted stock units | 0 | $ 296 | (296) | ||
Common stock issued for vested restricted stock units (in shares) | 295,557 | ||||
Common stock issued for warrants exercised for cash | 1,081,792 | $ 192 | 1,081,600 | ||
Common stock issued for warrants exercised for cash (in shares) | 192,049 | ||||
Common stock issued for services | 19,900 | $ 2 | 19,898 | ||
Common stock issued for services (in shares) | 2,000 | ||||
Modification charge for warrants exercised | 25,966 | 25,966 | |||
Cancellation of treasury stock | 0 | $ (17) | (69,983) | 70,000 | |
Cancellation of treasury stock (in shares) | (16,667) | ||||
Ending balance at Apr. 30, 2021 | $ 49,090,474 | $ 25,067 | $ 109,040,824 | $ (1,817,414) | $ (58,158,003) |
Ending balance (in shares) at Apr. 30, 2021 | 25,066,297 |
CONSOLIDATED STATEMENT OF CHA_2
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) | 12 Months Ended |
Apr. 30, 2020USD ($) | |
Statement of Stockholders' Equity [Abstract] | |
Underwriter costs | $ 1,222,371 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Cash flows from operating activities: | ||
Net loss | $ (10,448,973) | $ (5,659,065) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
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: | ||
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: | ||
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: | ||
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: | ||
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: | ||
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 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) | Apr. 30, 2021 | Apr. 30, 2020 | Apr. 30, 2019 |
Statement of Cash Flows [Abstract] | |||
Cash and cash equivalents | $ 8,513,290 | $ 14,350,554 | |
Restricted cash | 5,152,789 | 3,556,211 | |
Total cash and cash equivalents and restricted cash | $ 13,666,079 | $ 17,906,765 | $ 9,967,752 |
Nature of Operations and Liquid
Nature of Operations and Liquidity | 12 Months Ended |
Apr. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations and Liquidity | Nature of Operations and Liquidity Overview Aspen Group, Inc. ("AGI") is an education technology holding company. AGI has two subsidiaries, Aspen University Inc. ("Aspen University") organized in 1987 and United States University Inc. ("United States University" or "USU"). All references to the “Company”, “AGI”, “Aspen Group”, “we”, “our” and “us” refer to Aspen Group, Inc., unless the context otherwise indicates. AGI leverages its education technology infrastructure and expertise to allow its two universities, Aspen University and United States University, to deliver on the vision of making college affordable again. Because we believe higher education should be a catalyst to our students’ long-term economic success, we exert financial prudence by offering affordable tuition that is one of the greatest values in higher education. AGI’s primary focus relative to future growth is to target the high growth nursing profession. As of April 30, 2021, 12,046 of 13,886 or 87% of all active students across both universities are degree-seeking nursing students. Of the 12,046 students seeking nursing degrees, 9,664 are Registered Nurses (RNs) studying to earn an advanced degree at Aspen University (7,028) and United States University (2,636), while the remaining 2,382 nursing students are enrolled in Aspen University’s BSN Pre-Licensure program in the Phoenix, Austin, Tampa and Nashville metros. Since 1993, Aspen University has been nationally accredited by the Distance Education and Accrediting Council (“DEAC”), a national accrediting agency recognized by the United States Department of Education (the “DOE”) and Council for Higher Education Accreditation ("CHEA"). On February 25, 2019, the DEAC informed Aspen University that it had renewed its accreditation for five years through January 2024. Since 2009, USU has been regionally accredited by WASC Senior College and University Commission (“WSCUC”). Both universities are qualified to participate under the Higher Education Act of 1965, as amended (HEA) and the Federal student financial assistance programs (Title IV, HEA programs). USU has a provisional certification resulting from the ownership change of control in connection with the acquisition by AGI on December 1, 2017. COVID-19 Update Nursing students represented 87% or 12,046 of the Company’s total student body of 13,886 students at fiscal year-end 2021. Of the 12,046 nursing students, 2,382 are BSN Pre-Licensure students located across our four metro locations (Phoenix, Austin, Tampa and Nashville). The remaining 9,664 nursing students are licensed registered nurses (RNs) studying to earn an advanced degree (RN to BSN, MSN or DNP degree programs). These 9,664 post-licensure nursing students therefore represent 70% of the Company’s total student body and are the population of AGI students that have been primarily affected by the COVID-19 pandemic. Given that AGI has the highest student body concentration of RNs among publicly-traded higher education companies in the U.S., the COVID-19 pandemic has necessitated the need to track RN behaviors and attitudes carefully for the past 16 months. Below are the effects the Company has seen to date relative to class starts and enrollments. The Company previously reported that RN course starts at both universities were approximately 4% lower than historically expected during the months of September, 2020 – January, 2021, which resulted in approximately $520,000 less revenues in the fiscal third quarter. However, beginning in late February 2021, RN course starts returned to historically normal levels throughout the remainder of the fourth fiscal quarter which resulted in revenues of $19.1 million (unaudited) for the quarter, approximately $500,000 higher than the midpoint of our previous forecast. The Company’s fiscal first quarter has historically been our seasonally weakest quarter among our RN student body given it falls during the late-Spring/summer months, and thus far in the quarter (May and June) we are seeing lower inquiries, conversion rates and enrollments among prospective RN students than expected, which we believe is due to RNs ‘taking a deep breath’ and taking time off with their families now that vaccination rates and hospitalizations have materially improved. The Company is also seeing lower course starts in the first quarter than seasonally expected among its RN student body. We believe this will be a short-lived ‘summer break’ slowdown, with a return to normalized enrollment and course start levels in our second fiscal quarter (August – October). Liquidity At April 30, 2021, the Company had a cash and cash equivalents balance of $8,513,290 with an additional $5,152,789 of restricted cash. On November 5, 2018 the Company entered into a three year, $5,000,000 senior revolving credit facility. There is currently no outstanding balance under that facility. (See Note 9) At April 30, 2021, the Company reported cash and cash equivalents and restricted cash of $13.7 million, which includes restricted cash of $5.2 million. For the year ended April 30, 2021, the Company’s net cash provided by operating activities was $1.0 million. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Apr. 30, 2021 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies Basis of Presentation and Consolidation The Company prepares its consolidated financial statements in accordance with U.S. generally accepted accounting principles ("GAAP"). The consolidated financial statements include the accounts of AGI and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Accounting Estimates Management of the Company is required to make certain estimates, judgments and assumptions during the preparation of its consolidated financial statements in accordance with GAAP. These estimates, judgments and assumptions impact the reported amounts of assets, liabilities, revenue and expenses and the related disclosure of contingent assets and liabilities. Actual results could differ from those estimates. Significant estimates in the accompanying consolidated financial statements include the allowance for doubtful accounts and other receivables, the valuation of lease liabilities and the carrying value of the related right-of-use ("ROU") assets, depreciable lives of property and equipment, amortization periods and valuation of courseware, intangibles and software development costs, valuation of goodwill, valuation of loss contingencies, valuation of stock-based compensation and the valuation allowance on deferred tax assets. Cash, Cash Equivalents, and Restricted Cash For the purposes of the consolidated statements of cash flows, the Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Restricted cash as of April 30, 2021, of $5,152,789 primarily consists of $934,125, which is collateral for letters of credit for the Aspen University and USU facility operating leases, $9,872 which is collateral for a letter of credit for USU required to be posted based on the level of Title IV funding in connection with USU's most recent Compliance Audit, and a $250,000 compensating balance under a secured credit line. Also included are funds held for students for unbilled educational services that were received from Title IV and non-Title IV programs totaling $3,958,792. As an administrator of these Title IV program funds, the Company is required to maintain and restrict these funds pursuant to the terms of the program participation agreement with the U.S. Department of Education. In August 2020, USU entered into a $379,345 letter of credit which was collateral required to be posted based on the level of Title IV funding; and subsequently in December 2020, the DOE released this existing USU letter of credit. Restricted cash as of April 30, 2020, of $3,556,211 primarily consisted of $692,293 which is collateral for letters of credit for the Aspen University and USU facility operating leases and $255,708, which is collateral for a letter of credit issued by the bank and $71,828 which is related to USU’s receipt of Title IV funds and is required by the Department of Education ("DOE") in connection with the change of control of USU. Also included are funds held for students for unbilled educational services that were received from Title IV and non-Title IV programs totaling $2,536,382. As an administrator of these Title IV program funds, the Company is required to maintain and restrict these funds pursuant to the terms of the program participation agreement with the DOE. Concentration of Credit Risk The Company maintains its cash in bank and financial institution deposits that at times may exceed federally insured limits of $250,000 per financial institution. The Company has not experienced any losses in such accounts from inception through April 30, 2021. As of April 30, 2021 and 2020, the Company maintained deposits exceeding federally insured limits by $13,005,537 and $16,742,603, respectively, held in two separate institutions. Goodwill and Intangibles Goodwill currently represents the excess of purchase price over the fair market value of assets acquired and liabilities assumed from the 2017 acquisition of USU. Goodwill has an indefinite life and is not amortized. Goodwill is tested annually for impairment or if indicators are present. In January 2017, the Financial Accounting Standards Board issued Accounting Standards Update No. 2017-04: "Intangibles - Goodwill and Other (Topic 350)” - to simplify how an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. Step 2 measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill. This guidance is effective for interim and annual reporting periods beginning after December 15, 2019. The Company early adopted this standard effective April 30, 2018. We have selected an April 30 annual goodwill impairment test date. When evaluating the potential impairment of goodwill, management first assess a range of qualitative factors, including but not limited to, macroeconomic conditions, industry conditions, the competitive environment, changes in the market for the Company’s products and services, regulatory and political developments, entity specific factors such as strategy and changes in key personnel, and the overall financial performance for each of the Company’s reporting units. If, after completing this assessment, it is determined that it is more likely than not that the fair value of a reporting unit is less than its carrying value, we then proceed to the quantitative impairment testing. We compare the carrying value of the reporting unit, including goodwill, with its fair value, as determined. If the carrying value of a reporting unit exceeds its fair value, then the amount of impairment to be recognized is the amount by which the carrying amount exceeds the fair value. When required, we arrive at our estimates of fair value using a discounted cash flow methodology which includes estimates of future cash flows to be generated by a component where the goodwill is recorded, as well as determining a discount rate to measure the present value of those anticipated cash flows. Estimating future cash flows requires significant judgment and includes making assumptions about projected growth rates, industry-specific factors, working capital requirements, weighted average cost of capital, and current and anticipated operating conditions. The use of different assumptions or estimates for future cash flows could produce different results. Intangible assets represent both indefinite lived and definite lived assets. Acquired accreditation and regulatory approvals, trade name and trademarks are deemed to have indefinite useful lives and accordingly are not amortized but are tested annually for impairment. Student relationships and curriculums are deemed to have definite lives and are amortized accordingly. Fair Value Measurements and Fair Value of Financial Instruments Fair value is the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. The Company classifies assets and liabilities recorded at fair value under the fair value hierarchy based upon the observability of inputs used in valuation techniques. Observable inputs (highest level) reflect market data obtained from independent sources, while unobservable inputs (lowest level) reflect internally developed market assumptions. The fair value measurements are classified under the following hierarchy: Level 1—Observable inputs that reflect quoted market prices (unadjusted) for identical assets and liabilities in active markets; Level 2—Observable inputs, other than quoted market prices, that are either directly or indirectly observable in the marketplace for identical or similar assets and liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets and liabilities; and Level 3—Unobservable inputs that are supported by little or no market activity that are significant to the fair value of assets or liabilities. The estimated fair value of certain financial instruments, including cash and cash equivalents, accounts receivable, accounts payable and accrued expenses are carried at historical cost basis, which approximates their fair values because of the short-term nature of these instruments. Accounts Receivable and Allowance for Doubtful Accounts Receivable All students are required to select both a primary and secondary payment option with respect to amounts due to AGI for tuition, fees and other expenses. As of April 30, 2021, the monthly payment plan represents the majority of the payments that are made by AGI's total active students, making it the most common payment type. In instances where a student selects financial aid as the primary payment option, he or she often selects personal cash as the secondary option. If a student who has selected financial aid as his or her primary payment option withdraws prior to the end of a course but after the date that AGI’s institutional refund period has expired, the student will have incurred the obligation to pay the full cost of the course. If the withdrawal occurs before the date at which the student has earned 100% of his or her financial aid, AGI may have to return all or a portion of the Title IV funds to the DOE and the student will owe AGI all amounts incurred that are in excess of the amount of financial aid that the student earned, and that AGI is entitled to retain. In this case, AGI must collect the receivable using the student’s second payment option. For accounts receivable from students, AGI records an allowance for doubtful accounts for estimated losses resulting from the inability, failure or refusal of its students to make required payments, which includes the recovery of financial aid funds advanced to a student for amounts in excess of the student’s cost of tuition and related fees. AGI determines the adequacy of its allowance for doubtful accounts using an allowance method based on an analysis of its historical bad debt experience, current economic trends, aging of the accounts receivable and each student’s status. AGI estimates the amounts to increase the allowance based upon the risk presented by the age of the receivables and student status. AGI writes off accounts receivable balances at the time the balances are deemed uncollectible. AGI continues to reflect accounts receivable with an offsetting allowance as long as management believes there is a reasonable possibility of collection. For accounts receivable from primary payors other than students, AGI estimates its allowance for doubtful accounts by evaluating specific accounts where information indicates the primary payors may have an inability to meet financial obligations, such as bankruptcy proceedings and receivable amounts outstanding for an extended period beyond contractual terms. In these cases, AGI uses assumptions and judgment, based on the best available facts and circumstances, to record a specific allowance for those primary payors against amounts due to reduce the receivable to the amount expected to be collected. These specific allowances are re-evaluated and adjusted as additional information is received. The amounts calculated are analyzed to determine the total amount of the allowance. AGI may also record a general allowance as necessary. Direct write-offs are taken in the period when AGI has exhausted its efforts to collect overdue and unpaid receivables or otherwise evaluate other circumstances that indicate that AGI should abandon such efforts. (See Note 13) When a student signs up for the monthly payment plan, there is a contractual amount that the Company can expect to earn over the life of the student’s program. This contractual amount cannot be recorded as an accounts receivable because, the student does have the option to stop attending. As a student takes a class, revenue is earned over the class term. Some students accelerate their program, taking two or more classes every eight-week period, which increases the student’s accounts receivable balance. If any portion of that balance will be paid in a period greater than 12 months, that portion is reflected as long-term contractual accounts receivable. At April 30, 2021 and 2020, those balances are $10,249,833 and $6,701,136, respectively, which amounts are evaluated and included in the allowance analysis as discussed above. The Company has determined that the long-term contractual accounts receivable do not constitute a significant financing component as the list price, cash selling price and promised consideration are equal. Further, the interest free financing portion of the monthly payment plans are not considered significant to the contract. Property and Equipment Property and equipment are recorded at cost less accumulated depreciation and amortization. Depreciation and amortization is computed using the straight-line method over the estimated useful lives of the related assets per the following table. Category Useful Life Computer equipment and hardware 3 years Software 5 years Instructional equipment 5 years Furniture and fixtures 7 years Leasehold Improvements The lesser of 8 years or lease term Costs incurred to develop internal-use software during the preliminary project stage are expensed as incurred. Internal-use software development costs are capitalized during the application development stage, which is after: (i) the preliminary project stage is completed; and (ii) management authorizes and commits to funding the project and it is probable the project will be completed and used to perform the function intended. Capitalization ceases at the point the software project is substantially complete and ready for its intended use, and after all substantial testing is completed. Upgrades and enhancements are capitalized if it is probable that those expenditures will result in additional functionality. Amortization is provided for on a straight-line basis over the expected useful life of five years of the internal-use software development costs and related upgrades and enhancements. When existing software is replaced with new software, the unamortized costs of the old software are expensed when the new software is ready for its intended use. Leasehold improvements are amortized using the straight-line method over the lesser of eight years or lease term. The Company has construction in progress which includes property and equipment amounts for new campuses. These assets are not yet being depreciated as of April 30, 2021. Upon the retirement or disposition of property and equipment, the related cost and accumulated depreciation or amortization are removed and a gain or loss is recorded in the consolidated statements of operations. Repairs and maintenance costs are expensed in the period incurred. Courseware and Accreditation The Company records the costs of courseware and accreditation in accordance with the Financial Accounting Standards Board ("FASB") Accounting Standards Codification (“ASC”) Topic 350 “Intangibles - Goodwill and Other”. Generally, costs of courseware creation and enhancement are capitalized. Accreditation renewal or extension costs related to intangible assets are capitalized as incurred. Courseware is stated at cost less accumulated amortization. Amortization is provided for on a straight-line basis over the expected useful life of five years. Long-Lived Assets The Company assesses potential impairment to its long-lived assets when there is evidence that events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Events and circumstances considered by the Company in determining whether the carrying value of identifiable intangible assets and other long-lived assets may not be recoverable include, but are not limited to: significant changes in performance relative to expected operating results, significant changes in the use of the assets, significant negative industry or economic trends, a significant decline in the Company’s stock price for a sustained period of time, and changes in the Company’s business strategy. An impairment loss is recorded when the carrying amount of the long-lived asset is not recoverable and exceeds its fair value. The carrying amount of a long-lived asset is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. Any required impairment loss is measured as the amount by which the carrying amount of a long-lived asset exceeds fair value and is recorded as a reduction in the carrying value of the related asset and an expense to operating results. Due to Students The Company receives Title IV funds from the Department of Education to cover tuition and living expenses. After deducting tuition and fees, the Company sends checks for the remaining balances to the students. Prior to the checks being sent, these Title IV funds are classified as restricted cash. Leases The Company enters into various lease agreements in conducting its business. At the inception of each lease, the Company evaluates the lease agreement to determine whether the lease is an operating or financing lease. Leases may contain initial periods of free rent and/or periodic escalations. When such items are included in a lease agreement, the Company records rent expense on a straight-line basis over the initial term of a lease. The difference between the rent payment and the straight-line rent expense is recorded as additional amortization. The Company expenses any additional payments under its operating leases for taxes, insurance or other operating expenses as incurred. In February 2016, the FASB issued Accounting Standards Update ("ASU"), No. 2016-2, Leases (Topic 842). This standard requires entities to recognize most operating leases on their balance sheets as right-of-use assets with a corresponding lease liability, along with disclosing certain key information about leasing arrangements. The Company adopted the standard effective May 1, 2019 using the cumulative effect adjustment transition method, which applies the provisions of the standard at the effective date without adjusting the comparative periods presented. The Company adopted the following practical expedients and elected the following accounting policies related to this standard: • Carry forward of historical lease classification; • Short-term lease accounting policy election allowing lessees to not recognize right-of-use assets and lease liabilities for leases with a term of 12 months or less; and • Not separate lease and non-lease components for office space and campus leases. The adoption of this standard resulted in the recognition of an initial operating lease right-of-use assets (“ROU’s”) and corresponding lease liabilities of approximately $8 million, on the consolidated balance sheet as of May 1, 2019. There was no impact to the Company’s net income or liquidity as a result of the adoption of this ASU. Additionally, the standard did not materially impact the Company's consolidated statements of cash flows. Lease incentives received are deducted from the right of use assets and classified as leasehold improvements. The asset reduction due to incentives is classified within cash flows from operations. The corresponding leasehold improvement is amortized over the life of the lease term and classified within cashflows from investing activities. Disclosures related to the amount, timing, and uncertainty of cash flows arising from leases are included in Note 11. Treasury Stock Purchases and sales of treasury stock are accounted for using the cost method. Under this method, shares acquired are recorded at the acquisition price directly to the treasury stock account. Upon sale, the treasury stock account is reduced by the original acquisition price of the shares and any difference is recorded in equity. This method does not allow the company to recognize a gain or loss to income from the purchase and sale of treasury stock. Revenue Recognition and Deferred Revenue The Company follows Accounting Standards Codification 606 (ASC 606). ASC 606 is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This ASC also requires additional disclosure about the nature, amount, timing, and uncertainty of revenue and cash flows arising from customer purchase orders, including significant judgments. Our adoption of this ASC, resulted in no change to our consolidated results of operations or our consolidated balance sheet and there was no cumulative effect adjustment. Revenues consist primarily of tuition and course fees derived from courses taught by the Company online and in-person as well as from related educational resources and services that the Company provides to its students. Under ASC 606, tuition and course fee revenue is recognized pro-rata over the applicable period of instruction and are not considered separate performance obligations. Non-tuition related revenue and fees are recognized as services are provided or when the goods are received by the student. (See Note 13) Deferred revenue represents the amount of tuition, fees, and other student payments received in excess of the portion recognized as revenue and it is included in current liabilities in the accompanying consolidated balance sheets. Other revenue may be recognized as sales occur or services are performed. Cost of Revenues Cost of revenues consists of two categories of cost, instructional costs and services, and marketing and promotional costs. Instructional Costs and Services Instructional costs and services consist primarily of costs related to the administration and delivery of the Company's educational programs. This expense category includes compensation costs associated with online and in-person faculty, technology license costs and costs associated with other support groups that provide services directly to the students and are included in cost of revenues. Total instructional costs and services were $15,275,131 and $9,639,322 for year ended April 30, 2021 and 2020, respectively, and are included in cost of revenues. Marketing and Promotional Costs Marketing and promotional costs include costs associated with producing marketing materials and advertising. Such costs are generally affected by the cost of advertising media, the efficiency of the Company's marketing and recruiting efforts, and expenditures on advertising initiatives for new and existing academic programs. Non-direct response advertising activities are expensed as incurred, or the first time the advertising takes place, depending on the type of advertising activity. Total marketing and promotional costs were $14,178,602 and $9,495,980 for year ended April 30, 2021 and 2020, respectively, and are included in cost of revenues. General and Administrative General and administrative expenses include compensation of employees engaged in corporate management, finance, human resources, information technology, academic operations, compliance and other corporate functions. General and administrative expenses also include professional services fees, financial aid processing costs, non-capitalizable courseware and software costs, travel and entertainment expenses and facility costs. Legal Expenses All legal costs for litigation are charged to expense as incurred. Income Tax The Company uses the asset and liability method to compute the differences between the tax basis of assets and liabilities and the related financial statement amounts. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount that more likely than not will be realized. The Company has deferred tax assets and liabilities that reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Deferred tax assets are subject to periodic recoverability assessments. Realization of the deferred tax assets, net of deferred tax liabilities, is principally dependent upon achievement of projected future taxable income. The Company records a liability for unrecognized tax benefits resulting from uncertain tax positions taken or expected to be taken in a tax return. The Company accounts for uncertainty in income taxes using a two-step approach for evaluating tax positions. Step one, recognition, occurs when the Company concludes that a tax position, based solely on its technical merits, is more likely than not to be sustained upon examination. Step two, measurement, is only addressed if the position is more likely than not to be sustained. Under step two, the tax benefit is measured as the largest amount of benefit, determined on a cumulative probability basis, which is more likely than not to be realized upon ultimate settlement. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits in income tax expense. Stock-Based Compensation Stock-based compensation expense is measured at the grant date fair value of the award and is expensed over the requisite service period, which is included in general and administrative expense in the consolidated statement of operations. For employee stock-based awards, the Company calculates the fair value of the award on the date of grant using the Black-Scholes option pricing model. Determining the fair value of stock-based awards at the grant date under this model requires judgment, including estimating volatility, employee stock option exercise behaviors and forfeiture rates. The assumptions used in calculating the fair value of stock-based awards represent the Company's best estimates, but these estimates involve inherent uncertainties and the application of management judgment. For non-employee stock-based awards, the Company follows ASU 2018-7, which substantially aligns share based compensation for employees and non-employees. RSUs are awards in the form of shares denominated in the equivalent number of shares of ASPU common stock and with the value of each RSU being equal to the fair value of ASPU common stock at the date of grant. RSU awards may be subject to service-based vesting, where a specific period of continued employment must pass before an award vests and/or other vesting restrictions based on the nature and recipient of the award. For RSU awards, the expense is typically measured at the grant date as the fair value of ASPU common stock and expensed as stock-based compensation over the vesting term, which is included in general and administrative expense in the consolidated statement of operations. Net Loss Per Share Net loss per share is based on the weighted average number of shares of common stock outstanding during each period. Options to purchase 1,032,411 and 2,734,899 common shares, 549,972 and 643,175 restricted stock units ("RSUs"), warrants to purchase 374,174 and 566,223 common shares, and unvested restricted stock of 8,224 and 24,672, were outstanding at April 30, 2021 and 2020, respectively. Additionally, $10 million of Convertible Notes (convertible into 1,398,602 shares of common stock) was outstanding at April 30, 2020, which was automatically converted in the second quarter of fiscal year 2021. (See Note 12) All shares mentioned above were not included in the computation of diluted net loss per share because the effects would have been anti-dilutive. The options, warrants, RSUs, unvested restricted stock and Convertible Notes are considered to be common stock equivalents and are only included in the calculation of diluted earnings per share of common stock when their effect is dilutive. Segment Information The Company operates in one reportable segment as a single educational delivery operation using a core infrastructure that serves the curriculum and educational delivery needs of its online and campus students regardless of geography. The Company's chief operating decision makers, its Chief Executive Officer, Chief Operating Officer and Chief Academic Officer, manage the Company's operations as a whole. Recent Accounting Pronouncement Not Yet Adopted ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which significantly changes how entities will measure credit losses for most financial assets, including accounts receivable. ASU No. 2016-13 will replace today’s “incurred loss” approach with an “expected loss” model, under which companies will recognize allowances based on expected rather than incurred losses. On November 15, 2019, the FASB delayed the effective date of Topic 326 for certain small public companies and other private companies until fiscal years beginning after December 15, 2022 for SEC filers that are eligible to be smaller reporting companies under the SEC’s definition, as well as private companies and not-for-profit entities. The Company is currently evaluating the new guidance and has not yet determined whether the adoption of the new standard will have a material impact on its consolidated financial statements or the method of adoption. Prior Period Reclassifications Certain amounts in prior periods have been reclassified to conform to the current year presentation. The accrued compensation costs of $363,230 at April 30, 2020, which were previously included in "other current liabilities" in the accompanying consolidated balance sheet, were reclassified to "accrued expenses" to align with the current year |
Accounts Receivable
Accounts Receivable | 12 Months Ended |
Apr. 30, 2021 | |
Receivables [Abstract] | |
Accounts Receivable | Accounts Receivable Accounts receivable consisted of the following at April 30, 2021 and 2020: April 30, 2021 2020 Accounts receivable $ 30,264,393 $ 22,786,847 Long-term contractual accounts receivable (10,249,833) (6,701,136) 20,014,560 16,085,711 Less: Allowance for doubtful accounts (3,289,816) (1,758,920) Accounts receivable, net $ 16,724,744 $ 14,326,791 Bad debt expense for the years ended April 30, 2021 and 2020, was $2,268,540 and $1,431,210, respectively. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Apr. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and Equipment As property and equipment reach the end of their useful lives, the fully expired assets are written off against the associated accumulated depreciation and amortization. There is no expense impact for such write offs. Property and equipment consisted of the following at April 30, 2021 and 2020: April 30, 2021 2020 Computer equipment and hardware $ 956,463 $ 649,927 Furniture and fixtures 1,705,101 1,007,099 Leasehold improvements 5,729,324 867,024 Instructional equipment 421,039 301,842 Software 8,488,635 6,162,770 Construction in progress 247,767 — 17,548,329 8,988,662 Less: accumulated depreciation and amortization (4,892,987) (2,841,019) Property and equipment, net $ 12,655,342 $ 6,147,643 Software consisted of the following at April 30, 2021 and 2020: April 30, 2021 2020 Software $ 8,488,635 $ 6,162,770 Accumulated amortization (3,444,325) (2,049,809) Software, net $ 5,044,310 $ 4,112,961 Depreciation and amortization expense for property and equipment as well as the portion for just software amortization is presented below for the years ended April 30, 2021 and 2020: Years Ended April 30, 2021 2020 Depreciation and amortization expense $ 2,381,656 $ 1,497,470 Software amortization expense $ 1,405,756 $ 1,013,466 The following is a schedule of estimated future amortization expense of software at April 30, 2021 (by fiscal year): Future Expense 2022 $ 1,562,515 2023 1,401,634 2024 1,111,974 2025 707,172 2026 251,568 Thereafter 9,447 Total $ 5,044,310 |
Goodwill and Intangibles
Goodwill and Intangibles | 12 Months Ended |
Apr. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangibles | Goodwill and Intangibles Acquisition of USU In connection with the acquisition of the USU business on December 1, 2017, the amount paid over the estimated fair values of the identifiable net assets was $5,011,432, which has been reflected in the consolidated balance sheet as goodwill. The goodwill resulting from the acquisition may become deductible for tax purposes in the future. The goodwill resulting from the acquisition is principally attributable to the future earnings potential associated with enrollment growth and other intangibles that do not qualify for separate recognition such as the assembled workforce. We assigned an indefinite useful life to the acquired accreditation and regulatory approvals and the trade name and trademarks as we believe they have the ability to generate cash flows indefinitely. In addition, there are no legal, regulatory, contractual, economic or other factors to limit the intangibles’ useful life and the Company intends to renew the intangibles, as applicable, and renewal can be accomplished at little cost. We determined all other acquired intangibles are finite-lived and we are amortizing them on either a straight-line basis or using an accelerated method to reflect the pattern in which the economic benefits of the assets are expected to be consumed. The finite-lived assets became fully amortized during fiscal 2020. Amortization expense for the years ended April 30, 2021 and 2020 was $0 and $641,667, respectively. Intangible assets consisted of the following at April 30, 2021 and 2020: April 30, 2021 2020 Acquisition of USU Intangible assets with indefinite lives $ 7,900,000 $ 7,900,000 Intangible assets with definite lives 2,200,000 2,200,000 Accumulated amortization (2,200,000) (2,200,000) Total intangible assets with definite lives, net of accumulated amortization — — Total intangible assets, net (acquired during acquisition of USU) 7,900,000 7,900,000 Other intangibles: Intangible assets with definite lives 8,500 — Accumulated amortization (140) — Total intangibles assets, net $ 7,908,360 $ 7,900,000 |
Courseware and Accreditation
Courseware and Accreditation | 12 Months Ended |
Apr. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Courseware and Accreditation | Courseware and Accreditation For the years ended April 30, 2021 and 2020, additional courseware and accreditation costs capitalized was $120,408 and $13,851, respectively. As courseware and accreditation reach the end of its useful life, they are written off against the accumulated amortization. There is no expense impact for such write-offs. Courseware and accreditation consisted of the following: April 30, 2021 2020 Courseware $ 408,222 $ 287,813 Accreditation 59,350 59,350 467,572 347,163 Accumulated amortization (280,276) (235,706) Courseware and accreditation, net $ 187,296 $ 111,457 Amortization expense of courseware and accreditation is as follows: Years Ended April 30, 2021 2020 Courseware and accreditation amortization expense $ 44,709 $ 64,324 The following is a schedule of estimated future amortization expense of courseware and accreditation at April 30, 2021 (by fiscal year): Future Expense 2022 $ 55,612 2023 50,087 2024 36,540 2025 25,452 2026 18,977 Thereafter 628 Total $ 187,296 |
Secured Note and Accounts Recei
Secured Note and Accounts Receivable | 12 Months Ended |
Apr. 30, 2021 | |
Due from Related Parties, Unclassified [Abstract] | |
Secured Note and Accounts Receivable | Secured Note and Accounts Receivable On March 30, 2008 and December 1, 2008, Aspen University sold courseware pursuant to marketing agreements to Higher Education Management Group, Inc. (“HEMG”,) which was then a related party and principal stockholder of the Company. The sold courseware amounts were $455,000 and $600,000, respectively; UCC filings were filed accordingly. Under the marketing agreements, the receivables were due net 60 months. On September 16, 2011, HEMG pledged 772,793 Series C preferred shares (automatically converted to 54,571 common shares on March 13, 2012) of the Company as collateral for this account receivable which at that time had a remaining balance $772,793. Based on the reduction in value of the collateral to $2.28 based on the then current price of the Company’s common stock, the Company recognized an expense of $123,647 during the year ended April 30, 2014 as an additional allowance. As of April 30, 2021, and 2020, the balance of the account receivable, net of allowance, was $45,329. HEMG failed to pay to Aspen University any portion of the $772,793 amount due as of September 30, 2014. Consequently, on November 18, 2014 Aspen University filed a complaint vs. HEMG in the United States District Court for the District of New Jersey, to collect the full amount due to the Company. HEMG defaulted and Aspen University obtained a default judgment. In addition, Aspen University gave notice to HEMG that it intended to privately sell the 54,571 shares after March 10, 2015. On April 29, 2015, the Company sold those shares to a private investor for $1.86 per share or $101,502 which proceeds reduced the receivable balance to $671,291 with a remaining allowance of $625,963, resulting in a net receivable of $45,329. See Note 10. |
Accrued expenses
Accrued expenses | 12 Months Ended |
Apr. 30, 2021 | |
Payables and Accruals [Abstract] | |
Accrued expenses | Accrued expenses Accrued expenses consisted of the following at April 30, 2021 and 2020: April 30, 2021 2020 Accrued compensation $ 1,244,261 $ 512,039 Accrued marketing 437,642 108,854 Accrued interest 23,014 49,863 Other accrued expenses 335,979 229,887 Accrued expenses $ 2,040,896 $ 900,643 |
Debt
Debt | 12 Months Ended |
Apr. 30, 2021 | |
Debt Disclosure [Abstract] | |
Debt | Debt $10 million Convertible Notes On January 22, 2020, the Company issued $5 million in principal amount convertible notes (“Convertible Notes”) to each of two lenders in exchange for the two $5 million notes issued under senior secured term loans entered into in March 2019 as discussed below (the “Term Loans”). The Company recorded a beneficial conversion feature on these Convertible Notes of $1,692,309. The Convertible Notes have been automatically converted into common stock as explained below. The closing of the refinancing was conditioned upon the Company conducting an equity financing resulting in gross proceeds to the Company of at least $10 million. On January 22, 2020, the Company closed on an underwritten public offering for net proceeds of approximately $16 million and the condition precedent to the closing of the refinancing was satisfied. The key terms of the Convertible Notes were as follows: • After six months from the issuance date, the lenders had the right to convert the principal into our shares of the Company’s common stock at a conversion price of $7.15 per share; • The Convertible Notes automatically convert into shares of the Company’s common stock if the average closing price of our common stock is at least $10.725 over a 20 consecutive trading day period; • The Convertible Notes were due January 22, 2023 or approximately three years from the closing; • The interest rate of the Convertible Notes was 7% per annum (payable monthly in arrears); and • The Convertible Notes were secured. The former term notes under the Senior Secured Term Loans were due in September 2020, as noted below, and were subject to a one-year extension and the payment of an extension fee for each note of $50,000 (total of $100,000), which was not required to be paid since the Senior Secured Term Loans were not extended. The Company also paid each lender $40,400 at closing of the Convertible Notes offering to cover taxes they would incur as part of the note exchange and paid their legal fees arising from the re-financing, which is included in general and administrative expense in the consolidated statement of operations. The Company’s obligations under the Convertible Notes were secured by a first priority lien in certain deposit accounts of the Company, all current and future accounts receivable of Aspen University and USU, certain of the deposit accounts of Aspen University and USU, and all of the outstanding capital stock of Aspen University and USU (the “Collateral”). On March 6, 2019, in connection with entering into the Term Loan Agreements, the Company also entered into an intercreditor agreement (the “Intercreditor Agreement”) among the Company, the Lenders and the Foundation, individually. The Intercreditor Agreement provides among other things that the Company’s obligations under this agreement, and the security interests in the Collateral granted pursuant to the Term Loan Agreements and the Amended and Restated Facility Agreement shall rank pari passu to one another. The Security Agreement was amended on January 22, 2020 to give effect to the Convertible Note issuances. On September 14, 2020, after the closing price of our common stock was at least $10.725 over a 20 consecutive trading day period the Convertible Notes automatically converted into 1,398,602 shares of the Company’s common stock at a conversion price of $7.15 per share. (See Note 12.) The accelerated amortization charge related to unamortized debt discounts as a result of the debt extinguishment in the second quarter of fiscal year 2021 was approximately $1.4 million, which was included in interest expense in the consolidated statement of operations. The Company did not recognize any gains or losses as a result of this conversion. $50,000 Convertible Note On February 29, 2012, a loan payable of $50,000 was converted into a two-year convertible promissory note, interest of 0.19% per annum. Beginning March 31, 2012, the note was convertible into shares of common stock of the Company at the conversion price of $12.00 per share (taking into account the one-for-12 reverse stock split of the Company’s common stock). The Company evaluated the convertible note and determined that, for the embedded conversion option, there was no beneficial conversion value to record as the conversion price is considered to be the fair market value of the common stock on the note issue date. This loan (now a convertible promissory note) was due in February 2014. On March 1, 2020, the statute of limitations expired on this note and can no longer be enforced. As such, the Company wrote off this liability and recognized a gain on debt extinguishment which is included in other income of $50,000 during the three months ended April 30, 2020. Revolving Credit Facility On November 5, 2018, the Company entered into a loan agreement (the “Credit Facility Agreement”) with the Leon and Toby Cooperman Family Foundation (the “Foundation”). The Credit Facility Agreement provides for a $5,000,000 revolving credit facility (the “Facility”) evidenced by a revolving promissory note (the “Revolving Note”). Borrowings under the Credit Facility Agreement bear interest at 12% per annum. The Facility matures on November 4, 2021. Pursuant to the terms of the Credit Facility Agreement, the Company agreed to pay to the Foundation a $100,000 one-time upfront Facility fee. The Company also agreed to pay the Foundation a commitment fee, payable quarterly at the rate of 2% per annum on the undrawn portion of the Facility. As of April 30, 2021 and 2020, there was no outstanding borrowings under the Revolving Credit Facility. The Credit Facility Agreement contains customary representations and warranties, events of default and covenants. Pursuant to the Loan Agreement and the Revolving Note, all future or contemporaneous indebtedness incurred by the Company, other than indebtedness expressly permitted by the Credit Facility Agreement and the Revolving Note, will be subordinated to the Facility. Pursuant to the Credit Facility Agreement, on November 5, 2018 the Company issued to the Foundation warrants to purchase 92,049 shares of the Company’s common stock exercisable for five years from the date of issuance at the exercise price of $5.85 per share which were deemed to have a relative fair value of $255,071 (the "2018 Cooperman Warrants"). These warrants were exercised on June 8, 2020, see Note 12. The relative fair value of the warrants along with the upfront Facility fee were treated as debt issue costs, as the facility has not been drawn on, assets to be amortized over the term of the loan. Total unamortized costs at April 30, 2021 and 2020 were $18,056 and $182,418, respectively. On March 6, 2019, in connection with entering into the Term Senior Secured Loans, the Company amended and restated the Credit Facility Agreement (the “Amended and Restated Facility Agreement”) and the Revolving Note. The Amended and Restated Facility Agreement provides among other things that the Company’s obligations thereunder are secured by a first priority lien in the Collateral, on a pari passu basis with the Lenders. Term Loans On March 6, 2019, the Company entered into two loan agreements (each a “Loan Agreement” and together, the “Loan Agreements”) with the Foundation, of which Mr. Leon Cooperman, a stockholder of the Company, is the trustee, and another stockholder of the Company (each a “Lender” and together, the “Lenders”). Each Loan Agreement provides for a $5,000,000 term loan (each a “Loan” and together, the “Loans”), evidenced by a term promissory note and security agreement (each a “Term Note” and together, the “Term Notes”), for combined total proceeds of $10,000,000 million. The Company borrowed $5,000,000 from each Lender that day. The Term Notes bear interest at 12% per annum and were to mature on September 6, 2020, subject to one 12-month extension upon the Company’s option, and upon payment of a 1% one-time extension fee. Pursuant to the Loan Agreements and the Term Notes, all future or contemporaneous indebtedness incurred by the Company, other than indebtedness expressly permitted by the Loan Agreements and the Term Notes, will be subordinated to the Loans. Pursuant to the Loan Agreements, on March 6, 2019 the Company issued to each Lender warrants to purchase 100,000 shares of the Company’s common stock exercisable for five years from the date of issuance at the exercise price of $6.00 per share. The two warrants were deemed to have a combined relative fair value of $360,516. The relative fair value along with closing costs of $33,693 were treated as debt discounts to be amortized over the term of the Loans. One Lender exercised 100,000 of these warrants (the "2019 Cooperman Warrants") on June 5, 2020, see Note 12. On January 22, 2020, the Senior Secured Term Loans were cancelled and exchanged for convertible notes as discussed above. In connection with this transaction, the Company wrote off approximately $182,000 of unamortized debt issuance costs included in interest expense on the consolidated statements of operations as the transaction qualified as a debt extinguishment. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Apr. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Employment Agreements From time to time, the Company enters into employment agreements with certain of its employees. These agreements typically include bonuses, some of which may or may not be performance-based in nature. Legal Matters From time to time, we may be involved in litigation relating to claims arising out of our operations in the normal course of business. As of April 30, 2021, except as discussed below, there were no other pending or threatened lawsuits that could reasonably be expected to have a material effect on the results of our consolidated operations and there are no proceedings in which any of our directors, officers or affiliates, or any registered or beneficial shareholder, is an adverse party or has a material interest adverse to our interest. On February 11, 2013, Higher Education Management Group, Inc. (“HEMG”), and its Chairman, Mr. Patrick Spada, sued the Company, certain senior management members and our directors in state court in New York seeking damages arising principally from (i) allegedly false and misleading statements in the filings with the Securities and Exchange Commission (the “SEC”) and the DOE where the Company disclosed that HEMG and Mr. Spada borrowed $2.2 million without board authority, (ii) the alleged breach of an April 2012 agreement whereby the Company had agreed, subject to numerous conditions and time limitations, to purchase certain shares of the Company from HEMG, and (iii) alleged diminution to the value of HEMG’s shares of the Company due to Mr. Spada’s disagreement with certain business transactions the Company engaged in, all with Board approval. On December 10, 2013, the Company filed a series of counterclaims against HEMG and Mr. Spada in the same state court of New York. By order dated August 4, 2014, the New York court denied HEMG and Spada’s motion to dismiss the fraud counterclaim the Company asserted against them. While the Company has been advised by its counsel that HEMG’s and Spada’s claims in the New York lawsuit is baseless, the Company cannot provide any assurance as to the ultimate outcome of the case. Defending the lawsuit maybe expensive and will require the expenditure of time which could otherwise be spent on the Company’s business. While unlikely, if Mr. Spada’s and HEMG’s claims in the New York litigation were to be successful, the damages the Company could pay could potentially be material. In November 2014, the Company and Aspen University sued HEMG seeking to recover sums due under two 2008 Agreements where Aspen University sold course materials to HEMG in exchange for long-term future payments. On September 29, 2015, the Company and Aspen University obtained a default judgment in the amount of $772,793. This default judgment precipitated the bankruptcy petition discussed in the next paragraph. On October 15, 2015, HEMG filed bankruptcy pursuant to Chapter 7. As a result, the remaining claims and Aspen’s counterclaims in the New York lawsuit are currently stayed. The bankrupt estate’s sole asset consisted of 208,000 shares of AGI common stock, plus a claim filed by the bankruptcy trustee against Spada’s brother and a third party to recover approximately 167,000 shares. On February 8, 2019, the bankruptcy court issued an order reducing AGI’s claim to $888,638 which consisted of the judgment and a $200,000 claim for failure to disclose certain liabilities. Subsequently, the trustee sold the AGI common stock and has $924,486 available for distribution. On July 1, 2021, the bankruptcy court reserved decision on the application to pay Aspen University approximately $498,120. No further assets are available for distribution. Regulatory Matters The Company’s subsidiaries, Aspen University and United States University, are subject to extensive regulation by Federal and State governmental agencies and accrediting bodies. In particular, the Higher Education Act (the “HEA”) and the regulations promulgated thereunder by the DOE subject the subsidiaries to significant regulatory scrutiny on the basis of numerous standards that schools must satisfy to participate in the various types of federal student financial assistance programs authorized under Title IV of the HEA. On August 22, 2017, the DOE informed Aspen University of its determination that the institution has qualified to participate under the HEA and the Federal student financial assistance programs (Title IV, HEA programs) and set a subsequent program participation agreement reapplication date of March 31, 2021. On April 16, 2021, the DOE granted provisional certification for a two-year timeframe, and set a subsequent program participation reapplication date of September 30, 2023. USU currently has provisional certification to participate in the Title IV Programs due to its acquisition by the Company. The provisional certification allows the school to continue to receive Title IV funding as it did prior to the change of ownership. The provisional certification expired on December 31, 2020. While the institution submitted its recertification application timely in October 2020, the DOE has not issued its final certification. The institution is able to continue operating under its current participation agreement until the DOE issues its recertification. The HEA requires accrediting agencies to review many aspects of an institution's operations in order to ensure that the education offered is of sufficiently high quality to achieve satisfactory outcomes and that the institution is complying with accrediting standards. Failure to demonstrate compliance with accrediting standards may result in the imposition of probation, the requirements to provide periodic reports, the loss of accreditation or other penalties if deficiencies are not remediated. Because our subsidiaries operate in a highly regulated industry, each may be subject from time to time to audits, investigations, claims of noncompliance or lawsuits by governmental agencies or third parties, which allege statutory violations, regulatory infractions or common law causes of action. Title IV Funding Aspen University and United States University derive a portion of their revenues from financial aid received by its students under programs authorized by Title IV of the Higher Education Act ("HEA"), which are administered by the US Department of Education. When Aspen University students seek funding from the federal government, they receive loans and grants to fund their education under the following Title IV Programs: (1) the Federal Direct Loan program, or Direct Loan; (2) the Federal Pell Grant program, or Pell; (3) Federal Work Study and (4) Federal Supplemental Opportunity Grants. For the fiscal year ended April 30, 2020, approximately 31% of Aspen University’s and 33% for United States University's cash-basis revenues for eligible tuition and fees were derived from Title IV Programs. Return of Title IV Funds An institution participating in Title IV Programs must correctly calculate the amount of unearned Title IV Program funds that have been disbursed to students who withdraw from their educational programs before completion and must return those unearned funds in a timely manner, no later than 45 days of the date the school determines that the student has withdrawn. Under the DOE regulations, failure to make timely returns of Title IV Program funds for 5% or more of students sampled on the institution's annual compliance audit in either of its two most recently completed fiscal years can result in the institution having to post a letter of credit in an amount equal to 25% of its required Title IV returns during its most recently completed fiscal year. If unearned funds are not properly calculated and returned in a timely manner, an institution is also subject to monetary liabilities or an action to impose a fine or to limit, suspend or terminate its participation in Title IV Programs. Subsequent to a compliance audit, in 2015, Educacion Significativa, LLC (“ESL”) the predecessor to USU recognized that it had not fully complied with all requirements for calculating and making timely returns of Title IV funds (R2T4). In 2016, ESL, the predecessor to USU, had a material finding related to the same issue and is required to maintain a letter of credit in the amount of $71,634 as a result of this finding. The letter of credit was provided to the DOE by AGI since it assumed this obligation in its purchase of USU. This letter of credit expired in early 2021 and the cash was returned to the Company. On September 28, 2020, the DOE notified USU that the funds held for a letter of credit in the amount of $255,708, based on the audited same day balance sheet requirements that apply in a change of control, which was funded by the University’s sole shareholder, AGI, were released. In August 2020, the DOE informed USU that it is required to post a new letter of credit in the amount of $379,345, based on the current level of Title IV funding. This irrevocable letter of credit was to expire on August 25, 2021. Pursuant to USU’s provisional Program Participation Agreement ("PPA"), the DOE indicated that USU must agree to participate in Title IV under the HCM1 funding process; however, the DOE does retain discretion on whether or not to implement that term of the agreement. Although DOE has not, to date, notified USU that it has been placed in the HCM1 funding process, nor does the DOE’s public disclosure website identify USU as being on HCM1, it is possible that prior to the end of the PPA term, the DOE may notify USU that it must begin funding under the HCM1 procedure. If this occurs, the Company believes this will not have a material impact on the consolidated financial statements. In December 2020, the DOE reduced USU's existing letter of credit by $369,473, which was required to be posted based on the level of Title IV funding. In connection with USU's most recent Compliance Audit, USU currently maintains a letter of credit of $9,872 at April 30, 2021. Approval to Confer Degrees Aspen University is a Delaware corporation and is approved to operate in the State of Delaware. Aspen University is authorized by the Colorado Commission on Education in the State of Colorado and the Arizona State Board for Private Post-Secondary Education in the State of Arizona to operate as a degree granting institution for all degrees. Aspen University is authorized to operate as a degree granting institution for bachelor degrees by the Texas Higher Education Coordinating Board in the State of Texas. Aspen University has been granted Optional Expedited Authorization as a postsecondary educational institution in Tennessee for its Bachelor of Science in Nursing (Pre-Licensure) degree program. Aspen University has received a Provisional License for its Bachelor of Science in Nursing (Pre-Licensure) degree program to operate in the state of Florida by the Commission for Independent Education of the Florida Department of Education and is in the process for full licensure. USU is also a Delaware corporation and received initial approval from the Delaware DOE to confer degrees through June 2023. United States University is authorized by the California Bureau of Private Postsecondary Education and the Arizona State Board for Private Post-Secondary Education to operate as degree granting institutions for all degrees. |
Leases
Leases | 12 Months Ended |
Apr. 30, 2021 | |
Leases [Abstract] | |
Leases | Leases We determine if a contract contains a lease at inception. We have entered into operating leases totaling approximately 166,555 square feet of office and classroom space in Phoenix, San Diego, New York City, Denver, Austin, Tampa and New Brunswick Province in Canada. These leases expire at various dates through April 2031, the majority contain annual base rent escalation clauses. Most of these leases include options to terminate for a fee or extend for additional five-year periods. Leases with an initial term of 12 months or less are not recorded on the balance sheet. The Company does not have any financing leases. As of April 30, 2021, our longer term operating leases are located in the Tampa, Austin, and Phoenix and set to expire in ten eight Operating lease assets are right of use assets ("ROU assets"), which represent the right to use an underlying asset for the lease term. Operating lease liabilities represent the obligation to make lease payments arising from the lease. Operating leases are included in "Operating lease right of use assets, net", "Operating lease obligations, current portion" and "Operating lease obligations, less current portion" in the consolidated balance sheet at April 30, 2021 and 2020. These assets and lease liabilities are recognized based on the present value of remaining lease payments over the lease term. When the lease does not provide an implicit interest rate, the Company uses an incremental borrowing rate of 12% to determine the present value of the lease payments. Lease incentives are deducted from the right of use assets. Incentives such as tenant improvement allowances are amortized as leasehold-improvements, separately, over the life of the lease term. For the years ended April 30, 2021 and 2020, the amortization expense for these tenant improvement allowances was $306,217 and $0, respectively. Lease expense for operating leases is recognized on a straight-line basis over the lease term. Lease expense for years ended April 30, 2021 and 2020, was $2,775,000 and $2,516,213, respectively, included in general and administrative expenses in the consolidated statements of operations, respectively. ROU assets are summarized below: April 30, 2021 2020 ROU assets - Operating facility leases $ 14,308,296 $ 8,998,825 Less: accumulated reduction (1,593,433) (2,585,974) Total ROU assets $ 12,714,863 $ 6,412,851 Operating lease obligations, related to the ROU assets are summarized below: April 30, 2021 2020 Total lease liabilities 19,946,229 $ 8,324,323 Reduction of lease liabilities (1,617,600) (955,736) Total operating lease obligations $ 18,328,629 $ 7,368,587 The following is a schedule by fiscal years of future minimum lease payments required under operating leases that have initial or remaining non-cancelable lease terms in excess of one year as of April 30, 2021 (a) (by fiscal year). Maturity of Lease Obligations Lease Payments 2022 $ 3,995,304 2023 3,647,737 2024 3,469,573 2025 3,332,672 2026 3,383,530 Thereafter 10,417,592 Total future minimum lease payments 28,246,408 Less: imputed interest (9,917,779) Present value of operating lease obligations $ 18,328,629 ____________________ (a) Lease payments exclude $3.2 million of legally binding minimum lease payments for the new BSN Pre-Licensure campus location in Nashville, Tennessee lease signed but not yet commenced. Balance Sheet Classification April 30, 2021 Operating lease obligations, current portion $ 2,029,821 Operating lease obligations, less current portion 16,298,808 Total operating lease obligations $ 18,328,629 Other Information April 30, 2021 Weighted average remaining lease term (in years) 7.46 Weighted average discount rate 12 % |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Apr. 30, 2021 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | Stockholders’ Equity On June 28, 2019, the Company amended its Certificate of Incorporation, as amended, to reduce in the number of shares of common stock the Company is authorized to issue from 250,000,000 to 40,000,000 shares, and the number of shares of preferred stock the Company is authorized to issue from 10,000,000 to 1,000,000 shares. The stockholders of the Company had previously approved the amendment at a special meeting of stockholders held on June 28, 2019. Preferred Stock The Company is authorized to issue 1,000,000 shares of “blank check” preferred stock with designations, rights and preferences as may be determined from time to time by our Board of Directors. As of April 30, 2021 and April 30, 2020, we had no shares of preferred stock issued and outstanding. Common Stock At April 30, 2021 and 2020, the Company was authorized to issue 40,000,000 shares of common stock. On August 31, 2020, the Company entered into an Equity Distribution Agreement (the “Agreement”) with Canaccord Genuity LLC (“Canaccord”), pursuant to which the Company may issue and sell from time to time, through Canaccord, up to $12,309,750 of shares of the Company’s common stock (the “Shares”). The Shares were offered and sold pursuant to a prospectus supplement filed with the Securities and Exchange Commission on August 31, 2020. The purpose of this Agreement was, among other things, to allow the Company to sell common stock that has been surrendered from executive officers and directors related to vesting of RSUs and exercise of stock options as well as to receive the funds the Company would otherwise have received if the stock options exercised under the net share program were exercised for cash. During the fiscal year 2021, the Company sold 449,632 shares under the Agreement. On February 8, 2021, the Company provided written notice to Canaccord Genuity of its election to terminate the Equity Distribution Agreement. This action terminates the Company’s at-the-market offering facility effective February 18, 2021. Under the Agreement, the Company paid Canaccord 3% of the gross proceeds from the sales of the Shares sold under the Agreement. The Company also reimbursed Canaccord for certain specified expenses, including the fees and disbursements of its legal counsel, in the amount of $50,000. Total expenses for the offering, excluding compensation and reimbursement payable to Canaccord under the terms of the Agreement, were approximately $50,000, which is included in general and administrative expense in the consolidated statement of operations. During the years ended April 30, 2021 and 2020, the Company issued 1,389,463 and 277,678 shares of common stock upon the exercise of stock options for cash and received proceeds of $2,669,247 and $962,650, respectively. As of April 30, 2021, 155,486 shares of common stock related to options exercised by the executive officers were surrendered to cover the option exercise price but have yet to be sold by the company. (See Treasury stock discussion below). During the years ended April 30, 2021 and 2020, the Company issued 295,557 and 0 shares of common stock upon the vesting of Restricted Stock Units (“RSUs”), respectively. During the years ended April 30, 2021 and 2020, the Company issued 34,773 and 190,559 shares of common stock upon the cashless exercise of 52,778 and 363,334 stock options, respectively. During the years ended April 30, 2021, the Company issued 192,049 shares of common stock upon the exercise of warrants for cash and received proceeds of $1,081,792. During the year ended April 30, 2020, the Company issued 76,929 shares of common stock upon the cashless exercise of 164,929 warrants. During the third quarter of fiscal 2021, the Company issued 2,000 shares of common stock to a former director for services provided. The shares were valued using a grant date share price of $9.95 and the Company recognized $19,900 of expense. On September 14, 2020, after the closing price of our common stock was at least $10.725 over a 20 consecutive trading day period, the $10 million Convertible Notes (see Note 9) automatically converted into 1,398,602 shares of the Company’s common stock at a conversion price of $7.15 per share. On January 22, 2020 the Company raised $17,267,250 through the issuance of 2,415,000 shares of common stock at a price of $7.15. The net proceeds were $16,044,879 after deducting underwriting discounts and commissions. The number of shares sold through this public offering includes 315,000 shares of common stock pursuant to an option granted to the underwriters to cover over allotments that were exercised in full. On November 30, 2019, the Company issued 25,000 shares of common stock for services in connection with the prior CFO transition which immediately vested. The total value of the grant was $177,500. The Company also issued 15,000 shares of common stock to its former CFO upon the vesting of RSUs previously granted to him for Audit Committee services. The total value of the grant was $103,350. Restricted Stock As of April 30, 2021 and 2020, there were 8,224 and 24,672 unvested shares of restricted common stock outstanding, respectively. Total unrecognized compensation expense related to the unvested shares as of April 30, 2021 and 2020 amounted to $28,071 and $70,178, respectively. On June 18, 2019, in order to correct errors in a third-party software system used to track stock options, the Company granted Andrew Kaplan, a current director, 5,131 shares of restricted common stock and two former directors a total of 25,000 shares of restricted common stock valued at $122,232 and expensed immediately. The Board approved a grant of 25,000 shares of restricted common stock to the prior CFO in September 2018. The stock price was $7.15 on the date of the grant and was to vest over a period of 36 months. The value of the compensation was approximately $180,000. Upon leaving the Company on November 30, 2019 the remaining two-thirds of restricted stock was immediately vested as part of the separation agreement resulting in accelerated amortization expense of approximately $108,000. As of April 30, 2021, there was approximately $28,000 of unrecognized compensation costs related to non-vested share-based common and restricted stock arrangements. That cost is expected to be recognized over a weighted-average period of approximately 0.67 years. Restricted Stock Units A summary of the Company’s RSU activity which were granted under the 2021 and 2018 Equity Incentive Plans during the year ended April 30, 2021 is presented below: Restricted Stock Units Number of Shares Weighted Average Grant Price Unvested balance outstanding, April 30, 2020 643,175 $ 5.64 Granted 275,521 9.87 Exercised — — Forfeits (73,167) 9.09 Vested (295,557) 10.97 Expired — — Unvested balance outstanding, April 30, 2021 549,972 $ 6.58 Fiscal 2021 activity Of the 275,521 RSU grants in fiscal 2021, 15,791 RSUs correspond to RSUs granted to the Board of Directors while the remainder of the RSU grants were to employees. The RSUs granted to the Board of Directors occurred during the three months ending January 31, 2021 and immediately vested with a fair value of $11.13 per share, resulting in a total expense of $175,754. The grant date fair value of the remaining employee awards range from $5.92 to $12.78 per share, or a total of $2.5 million, with an annual vest over three years. As of April 30, 2021, 549,972 RSUs are unvested. Total unrecognized compensation expense related to these unvested RSUs is approximately $3.6 million which will be amortized over the remaining vesting periods. Included in this amount is approximately $1.2 million of total unrecognized compensation expense related to 195,000 unvested RSUs from the executive RSU grant discussed below. As of April 30, 2021, there was approximately $3.6 million of unrecognized compensation costs related to non-vested RSU grants. That cost is expected to be recognized over a weighted-average period of approximately 1.72 years. Fiscal 2020 activity In December 2019, the former CFO and CAO received grants of 100,000 and 20,000 RSU's, respectively, as part of their employment agreements. These grants were to vest annually over three years and had a combined fair value of $826,800. The former CFO immediately vested in the outstanding shares of approximately 67,000 or $421,000 upon his resignation in the fourth quarter of fiscal 2021. In December 2019, the former CFO immediately vested in 15,000 RSUs with a total expense of $103,350, which he was granted as Audit Committee Chairman in November 2019. In November 2019, the Chief Nursing Officer received a grant of 50,000 RSUs as part of her employment agreement. These grants will vest annually over three years and have a fair value of $314,500. The Company also issued 98,675 RSUs to employees vesting over three years subject to continued employment with a fair value of $708,425. February 4, 2020 RSU grant On February 4, 2020, the Compensation Committee approved a 375,000 RSU grant to executives under the Company’s 2018 Equity Incentive Plan. As subsequently clarified, the RSUs vest four years from the grant date, if each applicable executive is still employed by the Company on the vesting date and subject to accelerated vesting for all RSUs as follows: (i) if the closing price of the Company’s common stock is at least $9 for 20 consecutive trading days, 10% of the RSUs will vest immediately; (ii) if the closing price of the Company’s common stock is at least $10 for 20 consecutive trading days, 25% of the RSUs will vest immediately; and (iii) if the closing price of the Company’s common stock is at least $12 for 20 consecutive trading days, all of the unvested RSUs will vest immediately. On the grant date, the closing price of the Company’s common stock on The Nasdaq Global Market was $9.49 per share. The Company determined that because the terms of the grant include both a market condition and a service condition that must be achieved simultaneously, the appropriate treatment under ASC 718 Stock-based Compensation is to amortize the fair market value of approximately $3.4 million over the longer of the explicit service period of four years and not the shorter of the derived service period of 0.64 years. On August 31, 2020, the closing price of the Company’s common stock was at least $9 for 20 consecutive trading days, resulting in 10% or 37,500 of the February 4, 2020 RSU grants to executives (see above) vesting immediately. Additionally, on September 2, 2020, the Company’s common stock was at least $10 for 20 consecutive trading days and 25% or 93,750 of the February 4, 2020 RSUs granted to executives (see above) vested immediately. On the grant date, the closing price of the Company's common stock on The Nasdaq Global Market was $9.49 per share. The accelerated amortization expense related to these transactions in the second quarter of fiscal year 2021 was approximately $1.2 million, for the vesting of these 131,250 RSUs, which is included in general and administrative expense in the consolidated statements of operations. The 48,750 unvested RSUs related to the February 4, 2020 grant, $12 tranche discussed above, held by the Company’s former Chief Financial Officer, were forfeited with his resignation in February 2021. Warrants A summary of the Company’s warrant activity during the year ended April 30, 2021 is presented below: Warrants Number of Shares Weighted Weighted Aggregate Balance Outstanding, April 30, 2020 566,223 $ 6.22 3.17 $950,100 Granted — — — — Exercised (192,049) 5.63 — — Surrendered — — — — Expired — — — — Balance Outstanding, April 30, 2021 374,174 $ 6.37 1.9 $ — Exercisable, April 30, 2021 374,174 $ 6.37 1.9 $ — OUTSTANDING WARRANTS EXERCISABLE WARRANTS Exercise Weighted Outstanding Weighted Weighted Exercisable $4.89 $ 4.89 50,000 $4.89 3.44 50,000 $6.00 $ 6.00 100,000 $6.00 3.09 100,000 $6.87 $ 6.87 224,174 $6.87 1.48 224,174 374,174 374,174 Fiscal 2021 activity On June 5, 2020, the Company, as an inducement to exercise, reduced by 5% the exercise price of the common stock purchase warrants issued to The Leon and Toby Cooperman Family Foundation (the “Foundation”), of which Mr. Leon Cooperman, a stockholder of the Company, is the trustee. The warrants were issued on November 5, 2018 (the “2018 Cooperman Warrants”) and on March 5, 2019 (the “2019 Cooperman Warrants”). The 2018 Cooperman Warrants exercise price was reduced from $5.85 to $5.56 per share. The 2019 Cooperman Warrants exercise price was reduced from $6.00 to $5.70 per share. On June 8, 2020, the Foundation immediately exercised the 2018 and 2019 Cooperman Warrants for 192,049 shares on common stock paying the Company $1,081,792 and the Company issued 192,049 shares of common stock to the Foundation. The warrant modification and acceleration charge related to this transaction in the first quarter of fiscal year 2021 was $25,966. Fiscal 2020 activity On August 17, 2019 an investor elected a cashless exercise of 13,542 warrants, receiving 6,271 shares. On August 20, 2019 two investors elected cashless exercises of 18,818 and 88,710 warrants, receiving 8,970 and 42,285 shares, respectively. On June 3, 2019, a former director cashlessly exercised 21,930 warrants, receiving 9,806 shares of common stock. On June 7, 2019, the CEO cashlessly exercised the same amount of warrants receiving 9,597 shares of common stock. As part of the Credit Facility Agreement executed on November 8, 2018, 92,049 five-year warrants were issued with an exercise price of $5.85 per share. The Company issued 200,000 warrants on March 5, 2019 related to senior secured loans. The Company issued 50,000 warrants on April 30, 2020 to an advisory board member for services. The warrants vest ratably over three years. Stock Incentive Plan and Stock Option Grants to Employees and Directors On March 13, 2012, the Company adopted the Aspen Group, Inc. 2012 Equity Incentive Plan (the “2012 Plan”) that provides for the grant of 3,500,000 shares in the form of incentive stock options, non-qualified stock options, restricted shares, stock appreciation rights and RSUs to employees, consultants, officers and directors. On December 13, 2018, the stockholders of the Company approved the Aspen Group, Inc. 2018 Equity Incentive Plan (the “2018 Plan”) that provided for the grant of 500,000 shares in the form of incentive stock options, non-qualified stock options, restricted shares, stock appreciation rights and RSUs to employees, consultants, officers and directors. On December 30, 2019, the Company held its Annual Meeting of Shareholders at which the shareholders voted to amend the 2018 Plan to increase the number of shares of common stock available for issuance under the 2018 Plan from 500,000 to 1,100,000 shares. On December 30, 2020, the Company held its Annual Meeting of Shareholders at which the shareholders voted to amend the 2018 Plan to increase the number of shares of common stock available for issuance under the 2018 Plan from 1,100,000 to 1,600,000 shares. As of April 30, 2021 and 2020, there were 549,739 and 179,380 shares remaining available for future issuance under the 2012 and 2018 Plans, respectively. The Company estimates the fair value of share-based compensation utilizing the Black-Scholes option pricing model, which is dependent upon several variables such as the expected option term, expected volatility of the Company’s stock price over the expected term, expected risk-free interest rate over the expected option term and expected dividend yield rate over the expected option term. The Company believes this valuation methodology is appropriate for estimating the fair value of stock options granted to employees and directors which are subject to ASC Topic 718 requirements. These amounts are estimates and thus may not be reflective of actual future results, nor amounts ultimately realized by recipients of these grants. The Company recognizes compensation on a straight-line basis over the requisite service period for each award. The Company utilizes the simplified method to estimate the expected life for stock options granted to employees. The simplified method was used as the Company does not have sufficient historical data regarding stock option exercises. The expected volatility is based on historical volatility. The risk-free interest rate is based on the U.S. Treasury yields with terms equivalent to the expected life of the related option at the time of the grant. Dividend yield is based on historical trends. While the Company believes these estimates are reasonable, the compensation expense recorded would increase if the expected life was increased, a higher expected volatility was used, or if the expected dividend yield increased. There were no options granted to employees during the year ended April 30, 2021. The Company utilized the simplified method to estimate the expected life for stock options granted to employees. The simplified method was used as the Company does not have sufficient historical data regarding stock option exercises. The expected volatility is based on historical volatility. The risk-free interest rate is based on the U.S. Treasury yields with terms equivalent to the expected life of the related option at the time of the grant. Dividend yield is based on historical trends. While the Company believes these estimates are reasonable, the compensation expense recorded would increase if the expected life was increased, a higher expected volatility was used, or if the expected dividend yield increased. A summary of the Company’s stock option activity for employees and directors during the year ended April 30, 2021, is presented below: Options Number of Weighted Weighted Aggregate Balance Outstanding, April 30, 2020 2,740,539 $ 4.62 1.97 $ 9,146,198 Granted — — — — Exercised (1,442,241) 10.71 — — Forfeited (11,916) 5.56 — — Expired (71,909) 3.98 — — Balance Outstanding, April 30, 2021 1,214,473 $ 6.24 1.88 $ 204,719 Exercisable, April 30, 2021 1,032,411 $ 6.26 1.78 $ 173,852 OUTSTANDING OPTIONS EXERCISABLE OPTIONS Exercise Weighted Outstanding Weighted Weighted Exercisable $2.28 to $2.76 $2.76 10,423 $2.76 0.42 10,423 $3.24 to $4.38 $3.82 184,222 $3.75 1.07 144,387 $4.50 to $5.20 $4.94 360,654 $4.93 1.66 316,427 $5.95 to $6.28 $6.10 58,000 $6.12 1.21 58,000 $7.17 to $7.55 $7.44 443,425 $7.42 2.36 345,425 $8.57 to $9.07 $8.98 157,749 $8.98 1.69 157,749 1,214,473 1,032,411 Fiscal 2021 activity As of April 30, 2021, there was approximately $142,000 of unrecognized compensation costs related to non-vested share-based option arrangements. That cost is expected to be recognized over a weighted-average period of approximately 1.02 years. For the year ended April 30, 2021, the Company recorded compensation expense of $3,977,983 which consisted of: $560,828, $3,355,148 and $62,007, respectively, in connection with stock option, RSUs and restricted and common stock grants. Fiscal 2020 activity For the year ended April 30, 2020, the Company recorded compensation expense in connection with stock options of $1,289,546. In April 2020, the Company awarded 6,900 options to employees hired during the fiscal third quarter. The fair value of these grants was $11,088 with an average grant price of $4.58. On December 9, 2019, the Company granted 61,000 options to its directors with an exercise price of $6.92 per share for services performed for the calendar year 2019. The fair value of these options was approximately $116,000 and was fully recognized as of January 31, 2020. On August 1, 2019, the Company granted 59,000 options with an exercise price of $3.99 per share to 26 employees who had been hired during the first quarter ended July 31, 2019. The fair value of these options was approximately $83,000 and will be recognized over 36 months. The Company granted a total of 30,000 five years non-qualified stock options on May 13, 2019, which were immediately vested, to certain former directors exercisable at $4.12 per share. The fair value of the options was $33,600 and expensed during the three months ended July 31, 2019. Treasury Stock As of April 30, 2021, 155,486 shares of common stock were held in treasury representing shares of common stock surrendered upon the exercise of stock options in payment of the exercise prices and the taxes and similar amounts due arising from the option exercises. The values aggregating approximately $1,817,414 were based upon the fair market value of shares surrendered as of the date of each applicable exercise date. |
Revenues
Revenues | 12 Months Ended |
Apr. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenues | RevenuesRevenues consist primarily of tuition and fees derived from courses taught by the Company online as well as from related educational resources that the Company provides to its students, such as access to our online materials and learning management system. The Company’s educational programs have starting and ending dates that differ from its fiscal quarters. Therefore, at the end of each fiscal quarter, a portion of revenue from these programs is not yet earned and is therefore deferred. The Company also charges students fees for library and technology costs, which are recognized over the related service period and are not considered separate performance obligations. Other services, books, and exam fees are recognized as services are provided or when goods are received by the student. The Company’s contract liabilities are reported as deferred revenue and due to students. Deferred revenue represents the amount of tuition, fees, and other student payments received in excess of the portion recognized as revenue and it is included in current liabilities in the accompanying consolidated balance sheets. The following table represents our revenues disaggregated by the nature and timing of services: For the Years Ended April 30, 2021 2020 Tuition - recognized over period of instruction $ 59,970,120 $ 43,917,321 Course fees - recognized over period of instruction 7,088,539 4,536,639 Book fees - recognized at a point in time 150,969 80,845 Exam fees - recognized at a point in time 233,820 219,015 Service fees - recognized at a point in time 369,072 307,260 Revenues $ 67,812,520 $ 49,061,080 Contract Balances and Performance Obligations The Company recognizes deferred revenue as a student participates in a course which continues past the consolidated balance sheet date. At April 30, 2021, deferred revenue was $6,825,014, which is future revenue that has not yet been earned for courses in progress. Funds due to students was $2,747,484 at April 30, 2021, which mainly represents Title IV funds due to students after deducting their tuition payments. At April 30, 2020, deferred revenue and funds due to students was $3,712,994 and $2,371,844, respectively. Of the total revenue earned during the years ended April 30, 2021 and 2020, approximately $3.7 million and $2.5 million came from revenues which were deferred at April 30, 2020 and 2019, respectively. When the Company begins providing the performance obligation by beginning instruction in a course, a contract receivable is created, resulting in accounts receivable. The Company accounts for receivables in accordance with ASC 310, Receivables. The Company uses the portfolio approach, as discussed below. AGI records an allowance for doubtful accounts for estimated losses resulting from the inability, failure or refusal of its students to make required payments, which includes financial aid funds advanced to a student for amounts in excess of the student’s cost of tuition and related fees, which are due back from the students. AGI determines the adequacy of its allowance for doubtful accounts using an allowance method based on an analysis of its historical bad debt experience, current economic trends, and the aging of the accounts receivable and student status. AGI applies reserves to its receivables based upon an estimate of the risk presented by the age of the receivables and student status. AGI writes off accounts receivable balances at the time the balances are deemed uncollectible. AGI continues to reflect accounts receivable with an offsetting allowance as long as management believes there is a reasonable possibility of collection. Cash Receipts Our students finance costs through a variety of funding sources, including, among others, monthly payment plans, installment plans, federal loan and grant programs (Title IV), employer reimbursement, and various veterans and military funding and grants, and cash payments. Most students elect to use our monthly payment plan. This plan allows them to make continuous monthly payments during the length of their program and through the length of their payment plan. Title IV and military funding typically arrives during the period of instruction. Students who receive reimbursement from employers typically do so after completion of a course. Students who choose to pay cash for a class typically do so before beginning the class. Significant Judgments We analyze revenue recognition on a portfolio approach under ASC 606-10-10-4. Significant judgment is utilized in determining the appropriate portfolios to assess for meeting the criteria to recognize revenue under ASC Topic 606. We have determined that all of our students can be grouped into one portfolio. Students behave similarly, regardless of their payment method. Enrollment agreements and refund policies are similar for all of our students. We do not expect that revenue earned for the portfolio is significantly different as compared to revenue that would be earned if we were to assess each student contract separately. The Company maintains institutional tuition refund policies, which provides for all or a portion of tuition to be refunded if a student withdraws during stated refund periods. Certain states in which students reside impose separate, mandatory refund policies, which override the Company’s policy to the extent in conflict. If a student withdraws at a time when a portion or none of the tuition is refundable, then in accordance with its revenue recognition policy, the Company recognizes as revenue the tuition that was not refunded. Since the Company recognizes revenue pro-rata over the term of the course and because, under its institutional refund policy, the amount subject to refund is never greater than the amount of the revenue that has been deferred, under the Company’s accounting policies revenue is not recognized with respect to amounts that could potentially be refunded. |
Income Taxes
Income Taxes | 12 Months Ended |
Apr. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The components of income tax expense are as follows: For the Years Ended April 30, 2021 2020 Current: Federal $ — $ — State 32,644 51,820 32,644 51,820 Deferred: Federal — — State — — — — Total Income tax expense $ 32,644 $ 51,820 Significant components of the Company's deferred income tax assets and liabilities are as follows: April 30, 2021 2020 Deferred tax assets: Net operating loss carryforward $ 15,737,351 $ 11,044,236 Allowance for doubtful accounts 1,009,273 629,272 Deferred rent 252,479 606,594 Stock-based compensation — 439,454 Contributions carryforward 11,013 11,275 Intangibles — 86,897 Interest expense limitation carryforward 86,485 — Total deferred tax assets 17,096,601 12,817,728 Deferred tax liabilities: Property and equipment (356,473) (417,780) Intangibles (186,063) — Stock-based compensation (1,778,017) — Total deferred tax liabilities (2,320,553) (417,780) Deferred tax assets, net $ 14,776,048 $ 12,399,948 Valuation allowance: Beginning of year (12,399,948) (10,051,034) Increase during period (2,376,100) (2,348,914) Ending balance (14,776,048) (12,399,948) Net deferred tax asset $ — $ — As of April 30, 2021, as part of its periodic evaluation of the necessity to maintain a valuation allowance against its deferred tax assets, and after consideration of all factors, including, among others, projections of future taxable income, current year net operating loss carryforward utilization and the extent of the Company's cumulative losses in recent years, the Company determined that, on a more likely than not basis, it would not be able to use remaining deferred tax assets. Accordingly, the Company has determined to maintain a full valuation allowance against its net deferred tax assets. As of April 30, 2021 and 2020, the valuation allowance was approximately $14,800,000 and $12,400,000, respectively. In the future, the utilization of the Company's net operating loss carryforwards may be subject to certain change of control limitations. If the Company determines it will be able to use some or all of its deferred tax assets in a future reporting period, the adjustment to reduce or eliminate the valuation allowance would reduce its tax expense and increase after-tax income. At April 30, 2021, the Company had approximately $61,100,000 of net operating loss carryforwards, $28,200,000 of which will expire from 2031 to 2038, the remainder will carryforward indefinitely. The Company believes its tax positions are all highly certain of being upheld upon examination. As such, the Company has not recorded a liability for unrecognized tax benefits. As of April 30, 2021, tax years 2018 through 2020 remain open for IRS audit. The Company has received no notice of audit from the Internal Revenue Service for any of the open tax years. A reconciliation of income tax computed at the U.S. statutory rate to the effective income tax rate is as follows: The Company's effective income tax expense differs from the statutory federal income tax rate of 21% as follows: April 30, 2021 2020 Statutory Rate applied to net loss before income taxes 21.0 % 21.0 % Increase (decrease) in income taxes resulting from: State income taxes, net of federal tax benefit 4.4 % 5.3 % Federal and State Minimum Taxes (0.2) % (0.9) % Permanent Differences (0.2) % (0.3) % Change in Tax Rates - States (2.8) % 17.3 % Change in Valuation Allowance (22.8) % (41.9) % Other 0.3 % (1.4) % Effective Income Tax Rate (0.3) % (0.9) % |
Quarterly Results (Unaudited)
Quarterly Results (Unaudited) | 12 Months Ended |
Apr. 30, 2021 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results (Unaudited) | Quarterly Results (Unaudited) Quarter Ended July 31 Quarter Ended October 31 Quarter Ended January 31 Quarter Ended April 30 Year Ended April 30 Year Ended April 30, 2021 Revenue $ 15,165,562 $ 16,971,045 $ 16,624,837 $ 19,051,076 $ 67,812,520 Cost of revenue (exclusive of depreciation and amortization) 5,847,523 7,324,780 7,559,951 8,721,479 29,453,733 Operating loss (366,341) (2,797,247) (2,784,825) (2,295,735) (8,244,148) Loss before income taxes (945,096) (4,333,995) (2,804,806) (2,332,432) (10,416,329) Net loss (943,196) (4,370,525) (2,815,266) (2,319,986) (10,448,973) Net loss per share allocable to common stockholders - basic and diluted $ (0.04) $ (0.19) $ (0.11) $ (0.09) $ (0.44) Quarter Ended July 31 Quarter Ended October 31 Quarter Ended January 31 Quarter Ended April 30 Year Ended April 30 Year Ended April 30, 2020 Revenue $ 10,357,982 $ 12,085,965 $ 12,537,940 $ 14,079,193 $ 49,061,080 Cost of revenue (exclusive of depreciation and amortization) 4,353,058 4,188,056 5,163,007 5,431,181 19,135,302 Operating loss (1,638,800) (331,775) (1,728,048) (339,790) (4,038,413) Loss before income taxes (2,039,687) (628,168) (2,265,889) (673,501) (5,607,245) Net loss (2,075,282) (638,168) (2,281,052) (664,563) (5,659,065) Net loss per share allocable to common stockholders - basic and diluted $ (0.11) $ (0.03) $ (0.12) $ (0.03) $ (0.29) |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Apr. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Consolidation | Basis of Presentation and Consolidation The Company prepares its consolidated financial statements in accordance with U.S. generally accepted accounting principles ("GAAP"). The consolidated financial statements include the accounts of AGI and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. |
Accounting Estimates | Accounting Estimates Management of the Company is required to make certain estimates, judgments and assumptions during the preparation of its consolidated financial statements in accordance with GAAP. These estimates, judgments and assumptions impact the reported amounts of assets, liabilities, revenue and expenses and the related disclosure of contingent assets and liabilities. Actual results could differ from those estimates. Significant estimates in the accompanying consolidated financial statements include the allowance for doubtful accounts and other receivables, the valuation of lease liabilities and the carrying value of the related right-of-use ("ROU") assets, depreciable lives of property and equipment, amortization periods and valuation of courseware, intangibles and software development costs, valuation of goodwill, valuation of loss contingencies, valuation of stock-based compensation and the valuation allowance on deferred tax assets. |
Cash, Cash Equivalents, and Restricted Cash | Cash, Cash Equivalents, and Restricted Cash For the purposes of the consolidated statements of cash flows, the Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Restricted cash as of April 30, 2021, of $5,152,789 primarily consists of $934,125, which is collateral for letters of credit for the Aspen University and USU facility operating leases, $9,872 which is collateral for a letter of credit for USU required to be posted based on the level of Title IV funding in connection with USU's most recent Compliance Audit, and a $250,000 compensating balance under a secured credit line. Also included are funds held for students for unbilled educational services that were received from Title IV and non-Title IV programs totaling $3,958,792. As an administrator of these Title IV program funds, the Company is required to maintain and restrict these funds pursuant to the terms of the program participation agreement with the U.S. Department of Education. In August 2020, USU entered into a $379,345 letter of credit which was collateral required to be posted based on the level of Title IV funding; and subsequently in December 2020, the DOE released this existing USU letter of credit. Restricted cash as of April 30, 2020, of $3,556,211 primarily consisted of $692,293 which is collateral for letters of credit for the Aspen University and USU facility operating leases and $255,708, which is collateral for a letter of credit issued by the |
Concentration of Credit Risk | Concentration of Credit RiskThe Company maintains its cash in bank and financial institution deposits that at times may exceed federally insured limits of $250,000 per financial institution. |
Goodwill and Intangibles | Goodwill and Intangibles Goodwill currently represents the excess of purchase price over the fair market value of assets acquired and liabilities assumed from the 2017 acquisition of USU. Goodwill has an indefinite life and is not amortized. Goodwill is tested annually for impairment or if indicators are present. In January 2017, the Financial Accounting Standards Board issued Accounting Standards Update No. 2017-04: "Intangibles - Goodwill and Other (Topic 350)” - to simplify how an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. Step 2 measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill. This guidance is effective for interim and annual reporting periods beginning after December 15, 2019. The Company early adopted this standard effective April 30, 2018. We have selected an April 30 annual goodwill impairment test date. When evaluating the potential impairment of goodwill, management first assess a range of qualitative factors, including but not limited to, macroeconomic conditions, industry conditions, the competitive environment, changes in the market for the Company’s products and services, regulatory and political developments, entity specific factors such as strategy and changes in key personnel, and the overall financial performance for each of the Company’s reporting units. If, after completing this assessment, it is determined that it is more likely than not that the fair value of a reporting unit is less than its carrying value, we then proceed to the quantitative impairment testing. We compare the carrying value of the reporting unit, including goodwill, with its fair value, as determined. If the carrying value of a reporting unit exceeds its fair value, then the amount of impairment to be recognized is the amount by which the carrying amount exceeds the fair value. When required, we arrive at our estimates of fair value using a discounted cash flow methodology which includes estimates of future cash flows to be generated by a component where the goodwill is recorded, as well as determining a discount rate to measure the present value of those anticipated cash flows. Estimating future cash flows requires significant judgment and includes making assumptions about projected growth rates, industry-specific factors, working capital requirements, weighted average cost of capital, and current and anticipated operating conditions. The use of different assumptions or estimates for future cash flows could produce different results. Intangible assets represent both indefinite lived and definite lived assets. Acquired accreditation and regulatory approvals, trade name and trademarks are deemed to have indefinite useful lives and accordingly are not amortized but are tested annually for impairment. Student relationships and curriculums are deemed to have definite lives and are amortized accordingly. |
Fair Value Measurements and Fair Value of Financial Instruments | Fair Value Measurements and Fair Value of Financial Instruments Fair value is the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. The Company classifies assets and liabilities recorded at fair value under the fair value hierarchy based upon the observability of inputs used in valuation techniques. Observable inputs (highest level) reflect market data obtained from independent sources, while unobservable inputs (lowest level) reflect internally developed market assumptions. The fair value measurements are classified under the following hierarchy: Level 1—Observable inputs that reflect quoted market prices (unadjusted) for identical assets and liabilities in active markets; Level 2—Observable inputs, other than quoted market prices, that are either directly or indirectly observable in the marketplace for identical or similar assets and liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets and liabilities; and Level 3—Unobservable inputs that are supported by little or no market activity that are significant to the fair value of assets or liabilities. The estimated fair value of certain financial instruments, including cash and cash equivalents, accounts receivable, accounts payable and accrued expenses are carried at historical cost basis, which approximates their fair values because of the short-term nature of these instruments. |
Accounts Receivable and Allowance for Doubtful Accounts Receivable | Accounts Receivable and Allowance for Doubtful Accounts Receivable All students are required to select both a primary and secondary payment option with respect to amounts due to AGI for tuition, fees and other expenses. As of April 30, 2021, the monthly payment plan represents the majority of the payments that are made by AGI's total active students, making it the most common payment type. In instances where a student selects financial aid as the primary payment option, he or she often selects personal cash as the secondary option. If a student who has selected financial aid as his or her primary payment option withdraws prior to the end of a course but after the date that AGI’s institutional refund period has expired, the student will have incurred the obligation to pay the full cost of the course. If the withdrawal occurs before the date at which the student has earned 100% of his or her financial aid, AGI may have to return all or a portion of the Title IV funds to the DOE and the student will owe AGI all amounts incurred that are in excess of the amount of financial aid that the student earned, and that AGI is entitled to retain. In this case, AGI must collect the receivable using the student’s second payment option. For accounts receivable from students, AGI records an allowance for doubtful accounts for estimated losses resulting from the inability, failure or refusal of its students to make required payments, which includes the recovery of financial aid funds advanced to a student for amounts in excess of the student’s cost of tuition and related fees. AGI determines the adequacy of its allowance for doubtful accounts using an allowance method based on an analysis of its historical bad debt experience, current economic trends, aging of the accounts receivable and each student’s status. AGI estimates the amounts to increase the allowance based upon the risk presented by the age of the receivables and student status. AGI writes off accounts receivable balances at the time the balances are deemed uncollectible. AGI continues to reflect accounts receivable with an offsetting allowance as long as management believes there is a reasonable possibility of collection. For accounts receivable from primary payors other than students, AGI estimates its allowance for doubtful accounts by evaluating specific accounts where information indicates the primary payors may have an inability to meet financial obligations, such as bankruptcy proceedings and receivable amounts outstanding for an extended period beyond contractual terms. In these cases, AGI uses assumptions and judgment, based on the best available facts and circumstances, to record a specific allowance for those primary payors against amounts due to reduce the receivable to the amount expected to be collected. These specific allowances are re-evaluated and adjusted as additional information is received. The amounts calculated are analyzed to determine the total amount of the allowance. AGI may also record a general allowance as necessary. Direct write-offs are taken in the period when AGI has exhausted its efforts to collect overdue and unpaid receivables or otherwise evaluate other circumstances that indicate that AGI should abandon such efforts. (See Note 13) When a student signs up for the monthly payment plan, there is a contractual amount that the Company can expect to earn over the life of the student’s program. This contractual amount cannot be recorded as an accounts receivable because, the student does have the option to stop attending. As a student takes a class, revenue is earned over the class term. Some students accelerate their program, taking two or more classes every eight-week period, which increases the student’s accounts receivable balance. If any portion of that balance will be paid in a period greater than 12 months, that portion is reflected as long-term contractual accounts receivable. At April 30, 2021 and 2020, those balances are $10,249,833 and $6,701,136, respectively, which amounts are evaluated and included in the allowance analysis as discussed above. The Company has determined that the long-term contractual accounts receivable do not constitute a significant financing component as the list price, cash selling price and promised consideration are equal. Further, the interest free financing portion of the monthly payment plans are not considered significant to the contract. |
Property and Equipment | Property and Equipment Property and equipment are recorded at cost less accumulated depreciation and amortization. Depreciation and amortization is computed using the straight-line method over the estimated useful lives of the related assets per the following table. Category Useful Life Computer equipment and hardware 3 years Software 5 years Instructional equipment 5 years Furniture and fixtures 7 years Leasehold Improvements The lesser of 8 years or lease term Costs incurred to develop internal-use software during the preliminary project stage are expensed as incurred. Internal-use software development costs are capitalized during the application development stage, which is after: (i) the preliminary project stage is completed; and (ii) management authorizes and commits to funding the project and it is probable the project will be completed and used to perform the function intended. Capitalization ceases at the point the software project is substantially complete and ready for its intended use, and after all substantial testing is completed. Upgrades and enhancements are capitalized if it is probable that those expenditures will result in additional functionality. Amortization is provided for on a straight-line basis over the expected useful life of five years of the internal-use software development costs and related upgrades and enhancements. When existing software is replaced with new software, the unamortized costs of the old software are expensed when the new software is ready for its intended use. Leasehold improvements are amortized using the straight-line method over the lesser of eight years or lease term. The Company has construction in progress which includes property and equipment amounts for new campuses. These assets are not yet being depreciated as of April 30, 2021. Upon the retirement or disposition of property and equipment, the related cost and accumulated depreciation or amortization are removed and a gain or loss is recorded in the consolidated statements of operations. Repairs and maintenance costs are expensed in the period incurred. |
Courseware and Accreditation | Courseware and Accreditation The Company records the costs of courseware and accreditation in accordance with the Financial Accounting Standards Board ("FASB") Accounting Standards Codification (“ASC”) Topic 350 “Intangibles - Goodwill and Other”. Generally, costs of courseware creation and enhancement are capitalized. Accreditation renewal or extension costs related to intangible assets are capitalized as incurred. Courseware is stated at cost less accumulated amortization. Amortization is provided for on a straight-line basis over the expected useful life of five years. |
Long-Lived Assets | Long-Lived Assets The Company assesses potential impairment to its long-lived assets when there is evidence that events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Events and circumstances considered by the Company in determining whether the carrying value of identifiable intangible assets and other long-lived assets may not be recoverable include, but are not limited to: significant changes in performance relative to expected operating results, significant changes in the use of the assets, significant negative industry or economic trends, a significant decline in the Company’s stock price for a sustained period of time, and changes in the Company’s business strategy. An impairment loss is recorded when the carrying amount of the long-lived asset is not recoverable and exceeds its fair value. The carrying amount of a long-lived asset is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. Any required impairment loss is measured as the amount by which the carrying amount of a long-lived asset exceeds fair value and is recorded as a reduction in the carrying value of the related asset and an expense to operating results. |
Due to Students | Due to StudentsThe Company receives Title IV funds from the Department of Education to cover tuition and living expenses. After deducting tuition and fees, the Company sends checks for the remaining balances to the students. Prior to the checks being sent, these Title IV funds are classified as restricted cash. |
Leases | Leases The Company enters into various lease agreements in conducting its business. At the inception of each lease, the Company evaluates the lease agreement to determine whether the lease is an operating or financing lease. Leases may contain initial periods of free rent and/or periodic escalations. When such items are included in a lease agreement, the Company records rent expense on a straight-line basis over the initial term of a lease. The difference between the rent payment and the straight-line rent expense is recorded as additional amortization. The Company expenses any additional payments under its operating leases for taxes, insurance or other operating expenses as incurred. In February 2016, the FASB issued Accounting Standards Update ("ASU"), No. 2016-2, Leases (Topic 842). This standard requires entities to recognize most operating leases on their balance sheets as right-of-use assets with a corresponding lease liability, along with disclosing certain key information about leasing arrangements. The Company adopted the standard effective May 1, 2019 using the cumulative effect adjustment transition method, which applies the provisions of the standard at the effective date without adjusting the comparative periods presented. The Company adopted the following practical expedients and elected the following accounting policies related to this standard: • Carry forward of historical lease classification; • Short-term lease accounting policy election allowing lessees to not recognize right-of-use assets and lease liabilities for leases with a term of 12 months or less; and • Not separate lease and non-lease components for office space and campus leases. The adoption of this standard resulted in the recognition of an initial operating lease right-of-use assets (“ROU’s”) and corresponding lease liabilities of approximately $8 million, on the consolidated balance sheet as of May 1, 2019. There was no impact to the Company’s net income or liquidity as a result of the adoption of this ASU. Additionally, the standard did not materially impact the Company's consolidated statements of cash flows. Lease incentives received are deducted from the right of use assets and classified as leasehold improvements. The asset reduction due to incentives is classified within cash flows from operations. The corresponding leasehold improvement is amortized over the life of the lease term and classified within cashflows from investing activities. Disclosures related to the amount, timing, and uncertainty of cash flows arising from leases are included in Note 11. |
Treasury Stock | Treasury Stock Purchases and sales of treasury stock are accounted for using the cost method. Under this method, shares acquired are recorded at the acquisition price directly to the treasury stock account. Upon sale, the treasury stock account is reduced by the original acquisition price of the shares and any difference is recorded in equity. This method does not allow the company to recognize a gain or loss to income from the purchase and sale of treasury stock. |
Revenue Recognition and Deferred Revenue | Revenue Recognition and Deferred Revenue The Company follows Accounting Standards Codification 606 (ASC 606). ASC 606 is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This ASC also requires additional disclosure about the nature, amount, timing, and uncertainty of revenue and cash flows arising from customer purchase orders, including significant judgments. Our adoption of this ASC, resulted in no change to our consolidated results of operations or our consolidated balance sheet and there was no cumulative effect adjustment. Revenues consist primarily of tuition and course fees derived from courses taught by the Company online and in-person as well as from related educational resources and services that the Company provides to its students. Under ASC 606, tuition and course fee revenue is recognized pro-rata over the applicable period of instruction and are not considered separate performance obligations. Non-tuition related revenue and fees are recognized as services are provided or when the goods are received by the student. (See Note 13) |
Cost of Revenues | Cost of Revenues Cost of revenues consists of two categories of cost, instructional costs and services, and marketing and promotional costs. |
Instructional Costs and Services | Instructional Costs and Services Instructional costs and services consist primarily of costs related to the administration and delivery of the Company's educational programs. This expense category includes compensation costs associated with online and in-person faculty, technology license costs and costs associated with other support groups that provide services directly to the students and are included in cost of revenues. Total instructional costs and services were $15,275,131 and $9,639,322 for year ended April 30, 2021 and 2020, respectively, and are included in cost of revenues. |
Marketing and Promotional Costs | Marketing and Promotional Costs Marketing and promotional costs include costs associated with producing marketing materials and advertising. Such costs are generally affected by the cost of advertising media, the efficiency of the Company's marketing and recruiting efforts, and expenditures on advertising initiatives for new and existing academic programs. Non-direct response advertising activities are expensed as incurred, or the first time the advertising takes place, depending on the type of advertising activity. Total marketing and promotional costs were $14,178,602 and $9,495,980 for year ended April 30, 2021 and 2020, respectively, and are included in cost of revenues. |
General and Administrative | General and Administrative General and administrative expenses include compensation of employees engaged in corporate management, finance, human resources, information technology, academic operations, compliance and other corporate functions. General and administrative expenses also include professional services fees, financial aid processing costs, non-capitalizable courseware and software costs, travel and entertainment expenses and facility costs. |
Legal Expenses | Legal Expenses All legal costs for litigation are charged to expense as incurred. |
Income Tax | Income Tax The Company uses the asset and liability method to compute the differences between the tax basis of assets and liabilities and the related financial statement amounts. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount that more likely than not will be realized. The Company has deferred tax assets and liabilities that reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Deferred tax assets are subject to periodic recoverability assessments. Realization of the deferred tax assets, net of deferred tax liabilities, is principally dependent upon achievement of projected future taxable income. The Company records a liability for unrecognized tax benefits resulting from uncertain tax positions taken or expected to be taken in a tax return. The Company accounts for uncertainty in income taxes using a two-step approach for evaluating tax positions. Step one, recognition, occurs when the Company concludes that a tax position, based solely on its technical merits, is more likely than not to be sustained upon examination. Step two, measurement, is only addressed if the position is more likely than not to be sustained. Under step two, the tax benefit is measured as the largest amount of benefit, determined on a cumulative probability basis, which is more likely than not to be realized upon ultimate settlement. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits in income tax expense. |
Stock-Based Compensation | Stock-Based Compensation Stock-based compensation expense is measured at the grant date fair value of the award and is expensed over the requisite service period, which is included in general and administrative expense in the consolidated statement of operations. For employee stock-based awards, the Company calculates the fair value of the award on the date of grant using the Black-Scholes option pricing model. Determining the fair value of stock-based awards at the grant date under this model requires judgment, including estimating volatility, employee stock option exercise behaviors and forfeiture rates. The assumptions used in calculating the fair value of stock-based awards represent the Company's best estimates, but these estimates involve inherent uncertainties and the application of management judgment. For non-employee stock-based awards, the Company follows ASU 2018-7, which substantially aligns share based compensation for employees and non-employees. RSUs are awards in the form of shares denominated in the equivalent number of shares of ASPU common stock and with the value of each RSU being equal to the fair value of ASPU common stock at the date of grant. RSU awards may be subject to service-based vesting, where a specific period of continued employment must pass before an award vests and/or other vesting restrictions based on the nature and recipient of the award. For RSU awards, the expense is typically measured at the grant date as the fair value of ASPU common stock and expensed as stock-based compensation over the vesting term, which is included in general and administrative expense in the consolidated statement of operations. |
Net Loss Per Share | Net Loss Per Share Net loss per share is based on the weighted average number of shares of common stock outstanding during each period. Options to purchase 1,032,411 and 2,734,899 common shares, 549,972 and 643,175 restricted stock units ("RSUs"), warrants to purchase 374,174 and 566,223 common shares, and unvested restricted stock of 8,224 and 24,672, were outstanding at April 30, 2021 and 2020, respectively. Additionally, $10 million of Convertible Notes (convertible into 1,398,602 shares of common stock) was outstanding at April 30, 2020, which was automatically converted in the second quarter of fiscal year 2021. (See Note 12) All shares mentioned above were not included in the computation of diluted net loss per share because the effects would have been anti-dilutive. The options, warrants, RSUs, unvested restricted stock and Convertible Notes are considered to be common stock equivalents and are only included in the calculation of diluted earnings per share of common stock when their effect is dilutive. |
Segment Information | Segment Information The Company operates in one reportable segment as a single educational delivery operation using a core infrastructure that serves the curriculum and educational delivery needs of its online and campus students regardless of geography. The Company's chief operating decision makers, its Chief Executive Officer, Chief Operating Officer and Chief Academic Officer, manage the Company's operations as a whole. |
Recent Accounting Pronouncements Not Yet Adopted | Recent Accounting Pronouncement Not Yet Adopted ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which significantly changes how entities will measure credit losses for most financial assets, including accounts receivable. ASU No. 2016-13 will replace today’s “incurred loss” approach with an “expected loss” model, under which companies will recognize allowances based on expected rather than incurred losses. On November 15, 2019, the FASB delayed the effective date of Topic 326 for certain small public companies and other private companies until fiscal years beginning after December 15, 2022 for SEC filers that are eligible to be smaller reporting companies under the SEC’s definition, as well as private companies and not-for-profit entities. The Company is currently evaluating the new guidance and has not yet determined whether the adoption of the new standard will have a material impact on its consolidated financial statements or the method of adoption. |
Prior Period Reclassifications | Prior Period Reclassifications Certain amounts in prior periods have been reclassified to conform to the current year presentation. The accrued compensation costs of $363,230 at April 30, 2020, which were previously included in "other current liabilities" in the accompanying consolidated balance sheet, were reclassified to "accrued expenses" to align with the current year |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Apr. 30, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Property and Equipment Useful Lives | Property and equipment are recorded at cost less accumulated depreciation and amortization. Depreciation and amortization is computed using the straight-line method over the estimated useful lives of the related assets per the following table. Category Useful Life Computer equipment and hardware 3 years Software 5 years Instructional equipment 5 years Furniture and fixtures 7 years Leasehold Improvements The lesser of 8 years or lease term |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 12 Months Ended |
Apr. 30, 2021 | |
Receivables [Abstract] | |
Accounts Receivable Balance | Accounts receivable consisted of the following at April 30, 2021 and 2020: April 30, 2021 2020 Accounts receivable $ 30,264,393 $ 22,786,847 Long-term contractual accounts receivable (10,249,833) (6,701,136) 20,014,560 16,085,711 Less: Allowance for doubtful accounts (3,289,816) (1,758,920) Accounts receivable, net $ 16,724,744 $ 14,326,791 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Apr. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | Property and equipment consisted of the following at April 30, 2021 and 2020: April 30, 2021 2020 Computer equipment and hardware $ 956,463 $ 649,927 Furniture and fixtures 1,705,101 1,007,099 Leasehold improvements 5,729,324 867,024 Instructional equipment 421,039 301,842 Software 8,488,635 6,162,770 Construction in progress 247,767 — 17,548,329 8,988,662 Less: accumulated depreciation and amortization (4,892,987) (2,841,019) Property and equipment, net $ 12,655,342 $ 6,147,643 |
Schedule of Software | Software consisted of the following at April 30, 2021 and 2020: April 30, 2021 2020 Software $ 8,488,635 $ 6,162,770 Accumulated amortization (3,444,325) (2,049,809) Software, net $ 5,044,310 $ 4,112,961 Courseware and accreditation consisted of the following: April 30, 2021 2020 Courseware $ 408,222 $ 287,813 Accreditation 59,350 59,350 467,572 347,163 Accumulated amortization (280,276) (235,706) Courseware and accreditation, net $ 187,296 $ 111,457 |
Schedule of Depreciation and Amortization Expense | Depreciation and amortization expense for property and equipment as well as the portion for just software amortization is presented below for the years ended April 30, 2021 and 2020: Years Ended April 30, 2021 2020 Depreciation and amortization expense $ 2,381,656 $ 1,497,470 Software amortization expense $ 1,405,756 $ 1,013,466 |
Schedule of Estimated Future Amortization Expense of Software | The following is a schedule of estimated future amortization expense of software at April 30, 2021 (by fiscal year): Future Expense 2022 $ 1,562,515 2023 1,401,634 2024 1,111,974 2025 707,172 2026 251,568 Thereafter 9,447 Total $ 5,044,310 The following is a schedule of estimated future amortization expense of courseware and accreditation at April 30, 2021 (by fiscal year): Future Expense 2022 $ 55,612 2023 50,087 2024 36,540 2025 25,452 2026 18,977 Thereafter 628 Total $ 187,296 |
Goodwill and Intangibles (Table
Goodwill and Intangibles (Tables) | 12 Months Ended |
Apr. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | Intangible assets consisted of the following at April 30, 2021 and 2020: April 30, 2021 2020 Acquisition of USU Intangible assets with indefinite lives $ 7,900,000 $ 7,900,000 Intangible assets with definite lives 2,200,000 2,200,000 Accumulated amortization (2,200,000) (2,200,000) Total intangible assets with definite lives, net of accumulated amortization — — Total intangible assets, net (acquired during acquisition of USU) 7,900,000 7,900,000 Other intangibles: Intangible assets with definite lives 8,500 — Accumulated amortization (140) — Total intangibles assets, net $ 7,908,360 $ 7,900,000 |
Courseware and Accreditation (T
Courseware and Accreditation (Tables) | 12 Months Ended |
Apr. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Courseware, Net | Software consisted of the following at April 30, 2021 and 2020: April 30, 2021 2020 Software $ 8,488,635 $ 6,162,770 Accumulated amortization (3,444,325) (2,049,809) Software, net $ 5,044,310 $ 4,112,961 Courseware and accreditation consisted of the following: April 30, 2021 2020 Courseware $ 408,222 $ 287,813 Accreditation 59,350 59,350 467,572 347,163 Accumulated amortization (280,276) (235,706) Courseware and accreditation, net $ 187,296 $ 111,457 |
Schedule of Amortization Expense of Intangible Assets | Amortization expense of courseware and accreditation is as follows: Years Ended April 30, 2021 2020 Courseware and accreditation amortization expense $ 44,709 $ 64,324 |
Schedule of Estimated Future Amortization Expense of Software | The following is a schedule of estimated future amortization expense of software at April 30, 2021 (by fiscal year): Future Expense 2022 $ 1,562,515 2023 1,401,634 2024 1,111,974 2025 707,172 2026 251,568 Thereafter 9,447 Total $ 5,044,310 The following is a schedule of estimated future amortization expense of courseware and accreditation at April 30, 2021 (by fiscal year): Future Expense 2022 $ 55,612 2023 50,087 2024 36,540 2025 25,452 2026 18,977 Thereafter 628 Total $ 187,296 |
Accrued expenses (Tables)
Accrued expenses (Tables) | 12 Months Ended |
Apr. 30, 2021 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses consisted of the following at April 30, 2021 and 2020: April 30, 2021 2020 Accrued compensation $ 1,244,261 $ 512,039 Accrued marketing 437,642 108,854 Accrued interest 23,014 49,863 Other accrued expenses 335,979 229,887 Accrued expenses $ 2,040,896 $ 900,643 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Apr. 30, 2021 | |
Leases [Abstract] | |
Schedule of Balance Sheet Information | ROU assets are summarized below: April 30, 2021 2020 ROU assets - Operating facility leases $ 14,308,296 $ 8,998,825 Less: accumulated reduction (1,593,433) (2,585,974) Total ROU assets $ 12,714,863 $ 6,412,851 Operating lease obligations, related to the ROU assets are summarized below: April 30, 2021 2020 Total lease liabilities 19,946,229 $ 8,324,323 Reduction of lease liabilities (1,617,600) (955,736) Total operating lease obligations $ 18,328,629 $ 7,368,587 Balance Sheet Classification April 30, 2021 Operating lease obligations, current portion $ 2,029,821 Operating lease obligations, less current portion 16,298,808 Total operating lease obligations $ 18,328,629 Other Information April 30, 2021 Weighted average remaining lease term (in years) 7.46 Weighted average discount rate 12 % |
Future Minimum Payments Under Operating Leases | The following is a schedule by fiscal years of future minimum lease payments required under operating leases that have initial or remaining non-cancelable lease terms in excess of one year as of April 30, 2021 (a) (by fiscal year). Maturity of Lease Obligations Lease Payments 2022 $ 3,995,304 2023 3,647,737 2024 3,469,573 2025 3,332,672 2026 3,383,530 Thereafter 10,417,592 Total future minimum lease payments 28,246,408 Less: imputed interest (9,917,779) Present value of operating lease obligations $ 18,328,629 ____________________ |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Apr. 30, 2021 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Restricted Stock Unit Activity | A summary of the Company’s RSU activity which were granted under the 2021 and 2018 Equity Incentive Plans during the year ended April 30, 2021 is presented below: Restricted Stock Units Number of Shares Weighted Average Grant Price Unvested balance outstanding, April 30, 2020 643,175 $ 5.64 Granted 275,521 9.87 Exercised — — Forfeits (73,167) 9.09 Vested (295,557) 10.97 Expired — — Unvested balance outstanding, April 30, 2021 549,972 $ 6.58 |
Schedule of Warrants | A summary of the Company’s warrant activity during the year ended April 30, 2021 is presented below: Warrants Number of Shares Weighted Weighted Aggregate Balance Outstanding, April 30, 2020 566,223 $ 6.22 3.17 $950,100 Granted — — — — Exercised (192,049) 5.63 — — Surrendered — — — — Expired — — — — Balance Outstanding, April 30, 2021 374,174 $ 6.37 1.9 $ — Exercisable, April 30, 2021 374,174 $ 6.37 1.9 $ — |
Schedule of Exercise Price Range | OUTSTANDING WARRANTS EXERCISABLE WARRANTS Exercise Weighted Outstanding Weighted Weighted Exercisable $4.89 $ 4.89 50,000 $4.89 3.44 50,000 $6.00 $ 6.00 100,000 $6.00 3.09 100,000 $6.87 $ 6.87 224,174 $6.87 1.48 224,174 374,174 374,174 OUTSTANDING OPTIONS EXERCISABLE OPTIONS Exercise Weighted Outstanding Weighted Weighted Exercisable $2.28 to $2.76 $2.76 10,423 $2.76 0.42 10,423 $3.24 to $4.38 $3.82 184,222 $3.75 1.07 144,387 $4.50 to $5.20 $4.94 360,654 $4.93 1.66 316,427 $5.95 to $6.28 $6.10 58,000 $6.12 1.21 58,000 $7.17 to $7.55 $7.44 443,425 $7.42 2.36 345,425 $8.57 to $9.07 $8.98 157,749 $8.98 1.69 157,749 1,214,473 1,032,411 |
Schedule of Stock Option Activity | A summary of the Company’s stock option activity for employees and directors during the year ended April 30, 2021, is presented below: Options Number of Weighted Weighted Aggregate Balance Outstanding, April 30, 2020 2,740,539 $ 4.62 1.97 $ 9,146,198 Granted — — — — Exercised (1,442,241) 10.71 — — Forfeited (11,916) 5.56 — — Expired (71,909) 3.98 — — Balance Outstanding, April 30, 2021 1,214,473 $ 6.24 1.88 $ 204,719 Exercisable, April 30, 2021 1,032,411 $ 6.26 1.78 $ 173,852 |
Revenues (Tables)
Revenues (Tables) | 12 Months Ended |
Apr. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregated Revenue | The following table represents our revenues disaggregated by the nature and timing of services: For the Years Ended April 30, 2021 2020 Tuition - recognized over period of instruction $ 59,970,120 $ 43,917,321 Course fees - recognized over period of instruction 7,088,539 4,536,639 Book fees - recognized at a point in time 150,969 80,845 Exam fees - recognized at a point in time 233,820 219,015 Service fees - recognized at a point in time 369,072 307,260 Revenues $ 67,812,520 $ 49,061,080 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Apr. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Tax Expense (Benefit) | The components of income tax expense are as follows: For the Years Ended April 30, 2021 2020 Current: Federal $ — $ — State 32,644 51,820 32,644 51,820 Deferred: Federal — — State — — — — Total Income tax expense $ 32,644 $ 51,820 |
Schedule of Deferred Income Tax Assets and Liabilities | Significant components of the Company's deferred income tax assets and liabilities are as follows: April 30, 2021 2020 Deferred tax assets: Net operating loss carryforward $ 15,737,351 $ 11,044,236 Allowance for doubtful accounts 1,009,273 629,272 Deferred rent 252,479 606,594 Stock-based compensation — 439,454 Contributions carryforward 11,013 11,275 Intangibles — 86,897 Interest expense limitation carryforward 86,485 — Total deferred tax assets 17,096,601 12,817,728 Deferred tax liabilities: Property and equipment (356,473) (417,780) Intangibles (186,063) — Stock-based compensation (1,778,017) — Total deferred tax liabilities (2,320,553) (417,780) Deferred tax assets, net $ 14,776,048 $ 12,399,948 Valuation allowance: Beginning of year (12,399,948) (10,051,034) Increase during period (2,376,100) (2,348,914) Ending balance (14,776,048) (12,399,948) Net deferred tax asset $ — $ — |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of income tax computed at the U.S. statutory rate to the effective income tax rate is as follows:The Company's effective income tax expense differs from the statutory federal income tax rate of 21% as follows: April 30, 2021 2020 Statutory Rate applied to net loss before income taxes 21.0 % 21.0 % Increase (decrease) in income taxes resulting from: State income taxes, net of federal tax benefit 4.4 % 5.3 % Federal and State Minimum Taxes (0.2) % (0.9) % Permanent Differences (0.2) % (0.3) % Change in Tax Rates - States (2.8) % 17.3 % Change in Valuation Allowance (22.8) % (41.9) % Other 0.3 % (1.4) % Effective Income Tax Rate (0.3) % (0.9) % |
Quarterly Results (Tables)
Quarterly Results (Tables) | 12 Months Ended |
Apr. 30, 2021 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results (Unaudited) | Quarter Ended July 31 Quarter Ended October 31 Quarter Ended January 31 Quarter Ended April 30 Year Ended April 30 Year Ended April 30, 2021 Revenue $ 15,165,562 $ 16,971,045 $ 16,624,837 $ 19,051,076 $ 67,812,520 Cost of revenue (exclusive of depreciation and amortization) 5,847,523 7,324,780 7,559,951 8,721,479 29,453,733 Operating loss (366,341) (2,797,247) (2,784,825) (2,295,735) (8,244,148) Loss before income taxes (945,096) (4,333,995) (2,804,806) (2,332,432) (10,416,329) Net loss (943,196) (4,370,525) (2,815,266) (2,319,986) (10,448,973) Net loss per share allocable to common stockholders - basic and diluted $ (0.04) $ (0.19) $ (0.11) $ (0.09) $ (0.44) Quarter Ended July 31 Quarter Ended October 31 Quarter Ended January 31 Quarter Ended April 30 Year Ended April 30 Year Ended April 30, 2020 Revenue $ 10,357,982 $ 12,085,965 $ 12,537,940 $ 14,079,193 $ 49,061,080 Cost of revenue (exclusive of depreciation and amortization) 4,353,058 4,188,056 5,163,007 5,431,181 19,135,302 Operating loss (1,638,800) (331,775) (1,728,048) (339,790) (4,038,413) Loss before income taxes (2,039,687) (628,168) (2,265,889) (673,501) (5,607,245) Net loss (2,075,282) (638,168) (2,281,052) (664,563) (5,659,065) Net loss per share allocable to common stockholders - basic and diluted $ (0.11) $ (0.03) $ (0.12) $ (0.03) $ (0.29) |
Nature of Operations and Liqu_2
Nature of Operations and Liquidity (Details) | Nov. 05, 2018USD ($) | Apr. 30, 2021USD ($)studentsubsidiary | Jan. 31, 2021USD ($) | Oct. 31, 2020USD ($) | Jul. 31, 2020USD ($) | Apr. 30, 2020USD ($) | Jan. 31, 2020USD ($) | Oct. 31, 2019USD ($) | Jul. 31, 2019USD ($) | Jan. 31, 2021USD ($) | Apr. 30, 2021USD ($)studentsubsidiarylocation | Apr. 30, 2020USD ($) | Apr. 30, 2019USD ($) |
Debt Instrument [Line Items] | |||||||||||||
Number of subsidiaries | subsidiary | 2 | 2 | |||||||||||
Number of degree-seeking nursing students | student | 12,046 | 12,046 | |||||||||||
Number of students | student | 13,886 | 13,886 | |||||||||||
Percentage of nursing students seeking degree | 87.00% | 87.00% | |||||||||||
Number of metro locations | location | 4 | ||||||||||||
Revenues | $ 19,051,076 | $ 16,624,837 | $ 16,971,045 | $ 15,165,562 | $ 14,079,193 | $ 12,537,940 | $ 12,085,965 | $ 10,357,982 | $ 67,812,520 | $ 49,061,080 | |||
Increase in revenue compared to previous forecast | 500,000 | ||||||||||||
Cash and cash equivalents | 8,513,290 | 14,350,554 | 8,513,290 | 14,350,554 | |||||||||
Restricted cash | 5,152,789 | 3,556,211 | 5,152,789 | 3,556,211 | |||||||||
Total cash and cash equivalents and restricted cash | $ 13,666,079 | $ 17,906,765 | 13,666,079 | 17,906,765 | $ 9,967,752 | ||||||||
Net cash provided by (used in) operating activities | $ 985,578 | $ (5,748,633) | |||||||||||
Aspen Nursing | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Increase (decrease) in course registration (as a percent) | 4.00% | ||||||||||||
Increase (decrease) in revenue | $ 520,000 | ||||||||||||
Registered Nurses (RNs) | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Number of degree-seeking nursing students | student | 9,664 | 9,664 | |||||||||||
Percentage of nursing students seeking degree | 70.00% | 70.00% | |||||||||||
Registered Nurses (RNs) | Aspen University | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Number of degree-seeking nursing students | student | 7,028 | 7,028 | |||||||||||
Registered Nurses (RNs) | United States University | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Number of degree-seeking nursing students | student | 2,636 | 2,636 | |||||||||||
BSN Pre-Licensure Program | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Number of degree-seeking nursing students | student | 2,382 | 2,382 | |||||||||||
Revolving Credit Facility | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line of credit facility, period | 3 years | ||||||||||||
Line of credit facility, maximum amount outstanding during period | $ 5,000,000 | ||||||||||||
Outstanding balance under facility | $ 0 |
Significant Accounting Polici_4
Significant Accounting Policies - Narrative (Details) | Sep. 14, 2020USD ($)shares | Apr. 30, 2021USD ($)segmentshares | Apr. 30, 2020USD ($)shares | Dec. 31, 2020USD ($) | Sep. 28, 2020USD ($) | Aug. 31, 2020USD ($) | Aug. 30, 2020USD ($) | Jan. 22, 2020USD ($) | May 01, 2019USD ($) |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||
Restricted cash | $ 5,152,789 | $ 3,556,211 | |||||||
Cash, uninsured amount | $ 13,005,537 | 16,742,603 | |||||||
Withdrawal from course, percentage of financial aid earned | 100.00% | ||||||||
Long term accounts receivable | $ 10,249,833 | 6,701,136 | |||||||
Operating lease right of use assets, net | 12,714,863 | 6,412,851 | $ 8,000,000 | ||||||
Present value of operating lease obligations | 18,328,629 | 7,368,587 | $ 8,000,000 | ||||||
Instructional costs and services | 15,275,131 | 9,639,322 | |||||||
Marketing and promotional costs | $ 14,178,602 | $ 9,495,980 | |||||||
Exercisable (in shares) | shares | 1,032,411 | 2,734,899 | |||||||
Outstanding (in shares) | shares | 1,214,473 | ||||||||
Number of reportable segments | segment | 1 | ||||||||
Accrued expenses | $ 2,040,896 | $ 900,643 | |||||||
Other current liabilities | $ 307,921 | 182,481 | |||||||
Revision of Prior Period, Reclassification, Adjustment | |||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||
Accrued expenses | 363,230 | ||||||||
Other current liabilities | (363,230) | ||||||||
Convertible Notes | Convertible Notes Payable | |||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||
Debt instrument issued | $ 10,000,000 | $ 5,000,000 | |||||||
Convertible Notes | Convertible Notes Payable | Common Stock | |||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||
Debt conversion, converted instrument, shares issued (in shares) | shares | 1,398,602 | ||||||||
Software | |||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||
Property, plant and equipment, useful life | 5 years | ||||||||
Leasehold Improvements | Maximum | |||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||
Property, plant and equipment, useful life | 8 years | ||||||||
Collateral Pledged, Aspen University Letter of Credit | |||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||
Restricted cash | $ 934,125 | 692,293 | |||||||
Collateral Pledged, Bank Letter of Credit | |||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||
Restricted cash | 9,872 | 255,708 | $ 369,473 | $ 255,708 | $ 379,345 | $ 379,345 | |||
Secured Credit Line | |||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||
Restricted cash | 250,000 | ||||||||
Unbilled Educational Services | |||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||
Restricted cash | $ 3,958,792 | 2,536,382 | |||||||
Receipt of Title IV Funds | |||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||
Restricted cash | $ 71,828 | ||||||||
Unvested Restricted Stock | |||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||
Unvested shares of restricted common stock outstanding (in shares) | shares | 8,224 | 24,672 | |||||||
Warrant | |||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||
Outstanding (in shares) | shares | 374,174 | 566,223 | |||||||
Restricted Stock Units (RSUs) | |||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||
Unvested shares of restricted common stock outstanding (in shares) | shares | 549,972 | 643,175 | |||||||
Courseware, net | |||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||
Finite-lived intangible asset, useful life | 5 years |
Significant Accounting Polici_5
Significant Accounting Policies - Schedule of Property and Equipment Useful Lives (Details) | 12 Months Ended |
Apr. 30, 2021 | |
Computer equipment and hardware | |
Property, Plant and Equipment [Line Items] | |
Useful Life | 3 years |
Software | |
Property, Plant and Equipment [Line Items] | |
Useful Life | 5 years |
Instructional equipment | |
Property, Plant and Equipment [Line Items] | |
Useful Life | 5 years |
Furniture and fixtures | |
Property, Plant and Equipment [Line Items] | |
Useful Life | 7 years |
Leasehold Improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful Life | 8 years |
Accounts Receivable - Accounts
Accounts Receivable - Accounts Receivable Balance (Details) - USD ($) | Apr. 30, 2021 | Apr. 30, 2020 | Apr. 29, 2015 | Sep. 30, 2014 | Sep. 16, 2011 |
Receivables [Abstract] | |||||
Accounts receivable | $ 30,264,393 | $ 22,786,847 | |||
Long-term contractual accounts receivable | (10,249,833) | (6,701,136) | $ (671,291) | $ (772,793) | $ (772,793) |
Accounts receivable, current | 20,014,560 | 16,085,711 | |||
Less: Allowance for doubtful accounts | (3,289,816) | (1,758,920) | |||
Accounts receivable, net | $ 16,724,744 | $ 14,326,791 |
Accounts Receivable - Narrative
Accounts Receivable - Narrative (Details) - USD ($) | 12 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Receivables [Abstract] | ||
Bad debt expense | $ 2,268,540 | $ 1,431,210 |
Property and Equipment -Schedul
Property and Equipment -Schedule of Property and Equipment (Details) - USD ($) | Apr. 30, 2021 | Apr. 30, 2020 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 17,548,329 | $ 8,988,662 |
Less: accumulated depreciation and amortization | (4,892,987) | (2,841,019) |
Total property and equipment, net | 12,655,342 | 6,147,643 |
Computer equipment and hardware | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 956,463 | 649,927 |
Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 1,705,101 | 1,007,099 |
Leasehold Improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 5,729,324 | 867,024 |
Instructional equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 421,039 | 301,842 |
Software | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 8,488,635 | 6,162,770 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 247,767 | $ 0 |
Property and Equipment -Sched_2
Property and Equipment -Schedule of Software (Details) - Software - USD ($) | Apr. 30, 2021 | Apr. 30, 2020 |
Property, Plant and Equipment [Line Items] | ||
Finite-lived intangible assets, gross | $ 8,488,635 | $ 6,162,770 |
Accumulated amortization | (3,444,325) | (2,049,809) |
Total | $ 5,044,310 | $ 4,112,961 |
Property and Equipment - Schedu
Property and Equipment - Schedule of Depreciation and Amortization Expense (Details) - USD ($) | 12 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation and amortization expense | $ 2,381,656 | $ 1,497,470 |
Software amortization expense | $ 1,405,756 | $ 1,013,466 |
Property and Equipment - Sche_2
Property and Equipment - Schedule of Estimated Amortization Expense of Software (Details) - Software - USD ($) | Apr. 30, 2021 | Apr. 30, 2020 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
2022 | $ 1,562,515 | |
2023 | 1,401,634 | |
2024 | 1,111,974 | |
2025 | 707,172 | |
2026 | 251,568 | |
Thereafter | 9,447 | |
Total | $ 5,044,310 | $ 4,112,961 |
Goodwill and Intangibles - Narr
Goodwill and Intangibles - Narrative (Details) - USD ($) | 12 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill recognized | $ 5,011,432 | $ 5,011,432 |
Amortization expense | $ 0 | $ 641,667 |
Goodwill and Intangibles - Inta
Goodwill and Intangibles - Intangible Assets (Details) - USD ($) | Apr. 30, 2021 | Apr. 30, 2020 |
Goodwill [Line Items] | ||
Total intangible assets, net | $ 7,908,360 | $ 7,900,000 |
Other Intangible Assets | ||
Goodwill [Line Items] | ||
Intangible assets with definite lives | 8,500 | 0 |
Accumulated amortization | (140) | 0 |
Educacion Significativa, LLC | ||
Goodwill [Line Items] | ||
Intangible assets with indefinite lives | 7,900,000 | 7,900,000 |
Intangible assets with definite lives | 2,200,000 | 2,200,000 |
Accumulated amortization | (2,200,000) | (2,200,000) |
Total | 0 | 0 |
Total intangible assets, net | $ 7,900,000 | $ 7,900,000 |
Courseware and Accreditation -
Courseware and Accreditation - Narrative (Details) - USD ($) | 12 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Courseware, net | ||
Finite-Lived Intangible Assets [Line Items] | ||
Courseware costs capitalized | $ 120,408 | $ 13,851 |
Courseware and Accreditation _2
Courseware and Accreditation - Schedule of Courseware, Net (Details) - USD ($) | Apr. 30, 2021 | Apr. 30, 2020 |
Courseware | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | $ 408,222 | $ 287,813 |
Total | 187,296 | |
Accreditation | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | 59,350 | 59,350 |
Courseware, net | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross | 467,572 | 347,163 |
Accumulated amortization | (280,276) | (235,706) |
Total | $ 187,296 | $ 111,457 |
Courseware and Accreditation _3
Courseware and Accreditation - Schedule of Amortization Expense of Intangible Assets (Details) - USD ($) | 12 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Finite-Lived Intangible Assets [Line Items] | ||
Courseware and accreditation amortization expense | $ 0 | $ 641,667 |
Courseware, net | ||
Finite-Lived Intangible Assets [Line Items] | ||
Courseware and accreditation amortization expense | $ 44,709 | $ 64,324 |
Courseware and Accreditation _4
Courseware and Accreditation - Schedule of Estimated Future Amortization Expense (Details) - Courseware | Apr. 30, 2021USD ($) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2022 | $ 55,612 |
2023 | 50,087 |
2024 | 36,540 |
2025 | 25,452 |
2026 | 18,977 |
Thereafter | 628 |
Total | $ 187,296 |
Secured Note and Accounts Rec_2
Secured Note and Accounts Receivable (Details) - USD ($) | Jan. 22, 2020 | Apr. 29, 2015 | Dec. 01, 2008 | Mar. 30, 2008 | Apr. 30, 2021 | Jan. 31, 2021 | Oct. 31, 2020 | Jul. 31, 2020 | Apr. 30, 2020 | Jan. 31, 2020 | Oct. 31, 2019 | Jul. 31, 2019 | Apr. 30, 2021 | Apr. 30, 2020 | Apr. 30, 2014 | Sep. 02, 2020 | Mar. 10, 2015 | Sep. 30, 2014 | Mar. 13, 2012 | Sep. 16, 2011 |
Related Party Transaction [Line Items] | ||||||||||||||||||||
Courseware sales | $ 19,051,076 | $ 16,624,837 | $ 16,971,045 | $ 15,165,562 | $ 14,079,193 | $ 12,537,940 | $ 12,085,965 | $ 10,357,982 | $ 67,812,520 | $ 49,061,080 | ||||||||||
Series C Preferred Shares pledged by HEMG, converted to common shares | 54,571 | |||||||||||||||||||
Accounts receivable, before allowance for credit loss, noncurrent | $ 671,291 | 10,249,833 | 6,701,136 | 10,249,833 | 6,701,136 | $ 772,793 | $ 772,793 | |||||||||||||
Share price (in dollars per share) | $ 1.86 | $ 9.49 | ||||||||||||||||||
Accounts receivable, secured - related party, net of allowance | $ 45,329 | 45,329 | 45,329 | 45,329 | 45,329 | |||||||||||||||
Proceeds from issuance of common stock | $ 17,267,250 | 101,502 | 0 | 16,044,879 | ||||||||||||||||
Accounts receivable, allowance for credit loss, noncurrent | $ 625,963 | $ 625,963 | $ 625,963 | $ 625,963 | $ 625,963 | |||||||||||||||
Parent Company | ||||||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||||||
Courseware sales | $ 600,000 | $ 455,000 | ||||||||||||||||||
Series C Preferred Shares pledged by HEMG, converted to common shares | 54,571 | 772,793 | ||||||||||||||||||
Share price (in dollars per share) | $ 2.28 | |||||||||||||||||||
Receivable collateral valuation reserve | $ 123,647 |
Accrued expenses (Details)
Accrued expenses (Details) - USD ($) | Apr. 30, 2021 | Apr. 30, 2020 |
Payables and Accruals [Abstract] | ||
Accrued compensation | $ 1,244,261 | $ 512,039 |
Accrued marketing | 437,642 | 108,854 |
Accrued interest | 23,014 | 49,863 |
Other accrued expenses | 335,979 | 229,887 |
Accrued expenses | $ 2,040,896 | $ 900,643 |
Debt (Details)
Debt (Details) | Sep. 14, 2020USD ($)$ / sharesshares | Sep. 14, 2020USD ($)d$ / shares | Sep. 14, 2020USD ($)day$ / shares | Jun. 05, 2020$ / sharesshares | Jan. 22, 2020USD ($)lendernoted$ / shares | Mar. 06, 2019USD ($)agreement$ / sharesshares | Nov. 08, 2018$ / sharesshares | Nov. 05, 2018USD ($)$ / sharesshares | Feb. 29, 2012USD ($)$ / shares | Oct. 31, 2020USD ($) | Apr. 30, 2020USD ($) | Apr. 30, 2021USD ($) | Apr. 30, 2020USD ($) | Jun. 08, 2020shares |
Debt Instrument [Line Items] | ||||||||||||||
Proceeds from issuance or sale of equity | $ 10,000,000 | |||||||||||||
Beneficial conversion feature on Convertible Debt | $ 0 | $ 1,692,309 | ||||||||||||
Proceeds from convertible debt | 16,000,000 | |||||||||||||
Reverse stock split, conversion ratio | 0.08333 | |||||||||||||
Gain on extinguishment of debt | $ 50,000 | 0 | 50,000 | |||||||||||
Number of loan agreements | agreement | 2 | |||||||||||||
Convertible Debt | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Antidilutive securities excluded from computation of earnings per share, amount | shares | 1,398,602 | |||||||||||||
Cooperman Warrants | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Class of warrant or right, number of securities called by warrants or rights (in shares) | shares | 192,049 | |||||||||||||
Warrant | Cooperman Warrants | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Common stock issued for warrants exercised for cash (in shares) | shares | 100,000 | |||||||||||||
Loans Payable | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Write off of deferred debt issuance cost | 182,000 | |||||||||||||
Loan Agreements | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, term | 5 years | |||||||||||||
Stock issued during period, shares, conversion of convertible securities | shares | 100,000 | |||||||||||||
Warrants granted, exercise price (in dollars per share) | $ / shares | $ 6 | |||||||||||||
Warrants issued as part of senior secured term loans | $ 360,516 | |||||||||||||
Closing costs of senior secured loans | $ 33,693 | |||||||||||||
Loan Agreements | Cooperman Warrants | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Warrants granted, exercise price (in dollars per share) | $ / shares | $ 5.70 | $ 6 | ||||||||||||
Revolving Credit Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of credit facility, maximum borrowing capacity | $ 5,000,000 | |||||||||||||
Outstanding balance under facility | $ 0 | |||||||||||||
Leon and Toby Cooperman Family Foundation | Loan Agreements | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Proceeds from issuance or sale of equity | $ 10,000,000 | |||||||||||||
Interest rate (as a percent) | 12.00% | |||||||||||||
Common stock short swing reclamation | $ 5,000,000 | |||||||||||||
One-time extension fee | 1.00% | |||||||||||||
Convertible Notes | Revolving Credit Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of credit facility, maximum borrowing capacity | 5,000,000 | |||||||||||||
Beneficial conversion feature on Convertible Debt | 1,692,309 | |||||||||||||
Convertible Notes | Convertible Notes Payable | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Proceeds from issuance or sale of equity | 10,000,000 | |||||||||||||
Face value of loan | $ 10,000,000 | $ 10,000,000 | $ 10,000,000 | $ 5,000,000 | ||||||||||
Number of lenders | lender | 2 | |||||||||||||
Number of notes | note | 2 | |||||||||||||
Conversion price after issuance date | 6 months | |||||||||||||
Debt instrument, convertible, conversion price (in dollars per share) | $ / shares | $ 7.15 | $ 7.15 | $ 7.15 | $ 7.15 | ||||||||||
Average closing price of common stock (in dollars per share) | $ / shares | $ 10.725 | $ 10.725 | $ 10.725 | $ 10.725 | ||||||||||
Consecutive trading day period | 20 | 20 | 20 | |||||||||||
Debt instrument, term | 3 years | |||||||||||||
Interest rate (as a percent) | 7.00% | |||||||||||||
Debt instrument, extension period | 1 year | |||||||||||||
Extension fee per note | $ 50,000 | |||||||||||||
Total extension fee | 100,000 | |||||||||||||
Payment to cover taxes | $ 40,400 | |||||||||||||
Amortization expense | $ 1,400,000 | |||||||||||||
Convertible note payable Dated February 29, 2012 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Face value of loan | $ 50,000 | |||||||||||||
2 Year Promissory Notes | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument, convertible, conversion price (in dollars per share) | $ / shares | $ 12 | |||||||||||||
Debt instrument, term | 2 years | |||||||||||||
Interest rate (as a percent) | 0.19% | |||||||||||||
Credit Facility Agreement | Revolving Credit Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of credit facility, maximum borrowing capacity | $ 5,000,000 | |||||||||||||
Effective interest rate (as a percent) | 12.00% | |||||||||||||
Proceeds received from loan agreements | $ 100,000 | |||||||||||||
One-time extension fee (as a percent) | 2.00% | |||||||||||||
Outstanding balance under facility | 0 | 0 | 0 | |||||||||||
Class of warrant or right, number of securities called by warrants or rights (in shares) | shares | 92,049 | 92,049 | ||||||||||||
Warrant term | 5 years | 5 years | ||||||||||||
Exercise price of warrants (in dollars per share) | $ / shares | $ 5.85 | $ 5.85 | ||||||||||||
Warrants and rights outstanding | $ 255,071 | |||||||||||||
Unamortized costs | $ 182,418 | $ 18,056 | $ 182,418 | |||||||||||
Credit Facility Agreement | Revolving Credit Facility | Cooperman Warrants | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Exercise price of warrants (in dollars per share) | $ / shares | $ 5.56 | $ 5.85 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) | Jul. 01, 2021 | Apr. 16, 2021 | Feb. 08, 2019 | Apr. 30, 2021 | Apr. 30, 2020 | Dec. 31, 2020 | Sep. 28, 2020 | Aug. 31, 2020 | Aug. 30, 2020 | Dec. 31, 2016 | Oct. 15, 2015 | Sep. 29, 2015 | Feb. 11, 2013 |
Other Commitments [Line Items] | |||||||||||||
Estimate of potential loss | $ 2,200,000 | ||||||||||||
Provisional certification timeframe | 2 years | ||||||||||||
Return of unearned funds, no later than (in days) | 45 days | ||||||||||||
Restricted cash | $ 5,152,789 | $ 3,556,211 | |||||||||||
Collateral Pledged, Bank Letter of Credit | |||||||||||||
Other Commitments [Line Items] | |||||||||||||
Restricted cash | $ 9,872 | $ 255,708 | $ 369,473 | $ 255,708 | $ 379,345 | $ 379,345 | |||||||
Revenue Benchmark | Customer Concentration Risk | Title IV Programs, Aspen University | |||||||||||||
Other Commitments [Line Items] | |||||||||||||
Concentration risk (as a percent) | 31.00% | ||||||||||||
Revenue Benchmark | Customer Concentration Risk | Title IV Programs, United States University | |||||||||||||
Other Commitments [Line Items] | |||||||||||||
Concentration risk (as a percent) | 33.00% | ||||||||||||
HEMG | |||||||||||||
Other Commitments [Line Items] | |||||||||||||
Amount of default judgment in litigation matter | $ 772,793 | ||||||||||||
Number of AGI common stock remaining as sole asset in bankruptcy claim (in shares) | 208,000 | ||||||||||||
Number of AGI common stock filed in bankruptcy claim by third party (in shares) | 167,000 | ||||||||||||
Amount of claim filed | $ 888,638 | ||||||||||||
Loss contingency, damages sought, value | 200,000 | ||||||||||||
Amount available for distribution | $ 924,486 | ||||||||||||
HEMG | Forecast | |||||||||||||
Other Commitments [Line Items] | |||||||||||||
Proceeds from bankruptcy claims | $ 498,120 | ||||||||||||
USU | Letter of Credit | |||||||||||||
Other Commitments [Line Items] | |||||||||||||
Line of credit facility, maximum borrowing capacity | $ 71,634 |
Leases - Narrative (Details)
Leases - Narrative (Details) | 12 Months Ended | |
Apr. 30, 2021USD ($)ft² | Apr. 30, 2020USD ($) | |
Lessee, Lease, Description [Line Items] | ||
Amount of office and classroom space leased (in square feet) | ft² | 166,555 | |
Lease extension term | 5 years | |
Total future minimum lease payments (as a percent) | 93.00% | |
Incremental borrowing rate (as a percent) | 12.00% | |
Amortization of tenant improvement allowances | $ 306,217 | $ 0 |
Lease expense | $ 2,775,000 | $ 2,516,213 |
Tampa, Florida | ||
Lessee, Lease, Description [Line Items] | ||
Lease term | 10 years | |
Austin, Texas | ||
Lessee, Lease, Description [Line Items] | ||
Lease term | 8 years | |
Phoenix, Arizona | ||
Lessee, Lease, Description [Line Items] | ||
Lease term | 7 years |
Leases - Schedule of Right-of-U
Leases - Schedule of Right-of-Use Assets (Details) - USD ($) | Apr. 30, 2021 | Apr. 30, 2020 | May 01, 2019 |
Leases [Abstract] | |||
ROU assets - Operating facility leases | $ 14,308,296 | $ 8,998,825 | |
Less: accumulated reduction | (1,593,433) | (2,585,974) | |
Total ROU assets | $ 12,714,863 | $ 6,412,851 | $ 8,000,000 |
Leases - Schedule of Operating
Leases - Schedule of Operating Lease Liabilities (Details) - USD ($) | Apr. 30, 2021 | Apr. 30, 2020 | May 01, 2019 |
Leases [Abstract] | |||
Total lease liabilities | $ 19,946,229 | $ 8,324,323 | |
Reduction of lease liabilities | (1,617,600) | (955,736) | |
Total operating lease obligations | $ 18,328,629 | $ 7,368,587 | $ 8,000,000 |
Leases - Future Minimum Payment
Leases - Future Minimum Payments Under Operating Leases (Details) - USD ($) | Apr. 30, 2021 | Apr. 30, 2020 | May 01, 2019 |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |||
2022 | $ 3,995,304 | ||
2023 | 3,647,737 | ||
2024 | 3,469,573 | ||
2025 | 3,332,672 | ||
2026 | 3,383,530 | ||
Thereafter | 10,417,592 | ||
Total future minimum lease payments | 28,246,408 | ||
Less: imputed interest | (9,917,779) | ||
Present value of operating lease obligations | 18,328,629 | $ 7,368,587 | $ 8,000,000 |
Tampa, Florida | |||
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |||
Leases not yet commenced, liability | $ 3,200,000 |
Leases - Schedule of Balance Sh
Leases - Schedule of Balance Sheet Information Related to Leases (Details) - USD ($) | Apr. 30, 2021 | Apr. 30, 2020 | May 01, 2019 |
Balance Sheet Classification | |||
Operating lease obligations, current portion | $ 2,029,821 | $ 1,683,252 | |
Operating lease obligations, less current portion | 16,298,808 | 5,685,335 | |
Total operating lease obligations | $ 18,328,629 | $ 7,368,587 | $ 8,000,000 |
Leases - Schedule of Other Info
Leases - Schedule of Other Information Related to Leases (Details) | Apr. 30, 2021 |
Other Information | |
Weighted average remaining lease term (in years) | 7 years 5 months 15 days |
Weighted average discount rate | 12.00% |
Stockholders' Equity - Preferre
Stockholders' Equity - Preferred Stock and Common Stock (Details) | Sep. 14, 2020USD ($)$ / sharesshares | Sep. 14, 2020USD ($)d$ / shares | Sep. 14, 2020USD ($)day$ / shares | Aug. 31, 2020USD ($) | Jan. 22, 2020USD ($)d$ / sharesshares | Nov. 30, 2019USD ($)shares | Apr. 29, 2015USD ($) | Dec. 31, 2019USD ($)shares | Jan. 31, 2021$ / shares | Jul. 31, 2020shares | Apr. 30, 2021USD ($)shares | Apr. 30, 2020USD ($)shares | Jun. 28, 2019shares | Jun. 27, 2019shares |
Schedule Of Stockholders Equity [Line Items] | ||||||||||||||
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 | 1,000,000 | 10,000,000 | ||||||||||
Preferred stock, shares issued (in shares) | 0 | 0 | ||||||||||||
Preferred stock, shares outstanding (in shares) | 0 | 0 | ||||||||||||
Common stock, shares authorized (in shares) | 40,000,000 | 40,000,000 | 40,000,000 | 250,000,000 | ||||||||||
Common stock issued for stock options exercised for cash (in shares) | 52,778 | 363,334 | ||||||||||||
Common stock issued for stock options exercised for cash | $ | $ 2,669,247 | $ 962,650 | ||||||||||||
Number of shares of common stock surrendered (in shares) | 155,486 | |||||||||||||
Common stock issued for warrants exercised for cash | $ | $ 1,081,792 | |||||||||||||
Common stock issued for cashless warrant exercise (in shares) | 76,929 | |||||||||||||
Cashless exercise of warrants (in shares) | 164,929 | |||||||||||||
Common stock issued for services | $ | 19,900 | |||||||||||||
Proceeds from sale of common stock net of underwriter costs | $ | $ 17,267,250 | $ 101,502 | $ 0 | $ 16,044,879 | ||||||||||
Common stock issued in equity raise (in dollars per share) | $ / shares | $ 7.15 | |||||||||||||
Stock issued during period, value, new issues | $ | $ 16,044,879 | |||||||||||||
Convertible Notes | Convertible Notes Payable | ||||||||||||||
Schedule Of Stockholders Equity [Line Items] | ||||||||||||||
Average closing price of common stock (in dollars per share) | $ / shares | $ 10.725 | $ 10.725 | $ 10.725 | $ 10.725 | ||||||||||
Consecutive trading day period | 20 | 20 | 20 | |||||||||||
Debt instrument issued | $ | $ 10,000,000 | $ 10,000,000 | $ 10,000,000 | $ 5,000,000 | ||||||||||
Debt instrument, convertible, conversion price (in dollars per share) | $ / shares | $ 7.15 | $ 7.15 | $ 7.15 | $ 7.15 | ||||||||||
Convertible Notes | Convertible Notes Payable | Common Stock | ||||||||||||||
Schedule Of Stockholders Equity [Line Items] | ||||||||||||||
Debt conversion, converted instrument, shares issued (in shares) | 1,398,602 | |||||||||||||
Preferred Stock | Maximum | ||||||||||||||
Schedule Of Stockholders Equity [Line Items] | ||||||||||||||
Preferred stock, shares authorized (in shares) | 1,000,000 | |||||||||||||
Common Stock | ||||||||||||||
Schedule Of Stockholders Equity [Line Items] | ||||||||||||||
Common stock issued for stock options exercised for cash (in shares) | 1,389,463 | 277,678 | ||||||||||||
Common stock issued for stock options exercised for cash | $ | $ 1,389 | $ 278 | ||||||||||||
Common stock issued for vested restricted stock units (in shares) | 295,557 | 0 | ||||||||||||
Common stock issued for cashless exercise of stock options (in shares) | 34,773 | 190,559 | ||||||||||||
Common stock issued for warrants exercised for cash (in shares) | 192,049 | 192,049 | ||||||||||||
Common stock issued for warrants exercised for cash | $ | $ 192 | |||||||||||||
Common stock issued for cashless warrant exercise (in shares) | 76,929 | |||||||||||||
Common stock issued for services (in shares) | 25,000 | 2,000 | ||||||||||||
Common stock issued for services | $ | $ 177,500 | $ 2 | ||||||||||||
Common stock issued (in shares) | 2,415,000 | |||||||||||||
Common Stock | Former Director | ||||||||||||||
Schedule Of Stockholders Equity [Line Items] | ||||||||||||||
Grant date share price (in dollars per share) | $ / shares | $ 9.95 | |||||||||||||
Common Stock | Chief Financial Officer | ||||||||||||||
Schedule Of Stockholders Equity [Line Items] | ||||||||||||||
Common stock issued (in shares) | 15,000 | 15,000 | ||||||||||||
Stock issued during period, value, new issues | $ | $ 103,350 | $ 103,350 | ||||||||||||
Equity Distribution Agreement | ||||||||||||||
Schedule Of Stockholders Equity [Line Items] | ||||||||||||||
Common stock, capital shares reserved for future issuance, value | $ | $ 12,309,750 | |||||||||||||
Number of shares sold (in shares) | 449,632 | |||||||||||||
Sale of stock, gross proceeds (as a percent) | 3.00% | |||||||||||||
Reimbursement expenses | $ | $ 50,000 | |||||||||||||
Total expenses for offering | $ | $ 50,000 | |||||||||||||
Over-Allotment Option | ||||||||||||||
Schedule Of Stockholders Equity [Line Items] | ||||||||||||||
Sale of stock, number of shares issued in transaction | 315,000 |
Stockholders' Equity - Restrict
Stockholders' Equity - Restricted Stock (Details) - USD ($) | Nov. 30, 2019 | Jun. 18, 2019 | Sep. 30, 2018 | Apr. 30, 2021 | Sep. 02, 2020 | Apr. 30, 2020 | Apr. 29, 2015 |
Stockholders Equity [Line Items] | |||||||
Restricted shares granted, value | $ 122,232 | ||||||
Share price (in dollars per share) | $ 9.49 | $ 1.86 | |||||
Restricted Stock | |||||||
Stockholders Equity [Line Items] | |||||||
Unvested shares of restricted common stock outstanding (in shares) | 8,224 | 24,672 | |||||
Total unrecognized compensation expense | $ 28,071 | $ 70,178 | |||||
Weighted average recognition period | 8 months 1 day | ||||||
Unrecognized compensation costs | $ 28,000 | ||||||
Restricted Stock | Andrew Kaplan Current Director | |||||||
Stockholders Equity [Line Items] | |||||||
Granted (in shares) | 5,131 | ||||||
Restricted Stock | Two former directors | |||||||
Stockholders Equity [Line Items] | |||||||
Granted (in shares) | 25,000 | ||||||
Restricted Stock | Chief Financial Officer | |||||||
Stockholders Equity [Line Items] | |||||||
Granted (in shares) | 25,000 | ||||||
Share price (in dollars per share) | $ 7.15 | ||||||
Weighted average recognition period | 36 months | ||||||
Total unrecognized compensation expense | $ 180,000 | ||||||
Restricted stock vesting percentage | 66.67% | ||||||
Amortization expense | $ 108,000 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) - $ / shares | Feb. 04, 2020 | Oct. 31, 2020 | Apr. 30, 2021 |
Number of Shares | |||
Balance Outstanding at April 30, 2020 (in shares) | 643,175 | ||
Granted (in shares) | 375,000 | 275,521 | |
Exercised (in shares) | 0 | ||
Forfeits (in shares) | (73,167) | ||
Vested (in shares) | (131,250) | (295,557) | |
Expired (in shares) | 0 | ||
Balance Outstanding, April 30, 2021 (in shares) | 549,972 | ||
Weighted Average Grant Price | |||
Balance Outstanding at April 30, 2020 (in dollars per share) | $ 5.64 | ||
Granted (in dollars per share) | 9.87 | ||
Exercised (in dollars per share) | 0 | ||
Forfeits (in dollars per share) | 9.09 | ||
Vested (in dollars per share) | 10.97 | ||
Expired (in dollars per share) | 0 | ||
Balance Outstanding at April 30, 2021 (in dollars per share) | $ 6.58 |
Stockholders' Equity - Restri_2
Stockholders' Equity - Restricted Stock Units (Details) - USD ($) | Sep. 02, 2020 | Aug. 31, 2020 | Feb. 04, 2020 | Feb. 28, 2021 | Dec. 31, 2019 | Nov. 30, 2019 | Jan. 31, 2021 | Oct. 31, 2020 | Apr. 30, 2021 | Apr. 30, 2020 | Apr. 29, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Stock-based compensation expense | $ 3,977,983 | ||||||||||
Share price (in dollars per share) | $ 9.49 | $ 1.86 | |||||||||
Common Stock | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share price (in dollars per share) | $ 9.49 | ||||||||||
Restricted Stock Units (RSUs) | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Granted (in shares) | 375,000 | 275,521 | |||||||||
Vested (in dollars per share) | $ 10.97 | ||||||||||
Stock-based compensation expense | $ 175,754 | $ 3,355,148 | |||||||||
Fair value of RSUs | $ 3,400,000 | $ 826,800 | $ 2,500,000 | ||||||||
Award vesting period | 3 years | ||||||||||
Unvested shares of restricted common stock outstanding (in shares) | 549,972 | 643,175 | |||||||||
Total unrecognized compensation expense | $ 3,600,000 | ||||||||||
Unrecognized compensation costs | $ 3,600,000 | ||||||||||
Weighted average recognition period | 4 years | 3 years | 1 year 8 months 19 days | ||||||||
Vested (in shares) | 131,250 | 295,557 | |||||||||
Derived service period of award | 7 months 20 days | ||||||||||
Amortization expense | $ 1,200,000 | ||||||||||
Forfeited (in shares) | 73,167 | ||||||||||
Restricted Stock Units (RSUs) | Share-based Payment Arrangement, Tranche Three | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Unvested shares of restricted common stock outstanding (in shares) | 195,000 | ||||||||||
Total unrecognized compensation expense | $ 1,200,000 | ||||||||||
Minimum closing price of common stock (in dollars per share) | $ 12 | ||||||||||
Consecutive trading days | 20 days | ||||||||||
Restricted Stock Units (RSUs) | Share-based Payment Arrangement, Tranche One | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Granted (in shares) | 37,500 | ||||||||||
Minimum closing price of common stock (in dollars per share) | $ 9 | $ 9 | |||||||||
Consecutive trading days | 20 days | 20 days | |||||||||
Restricted stock vesting percentage | 10.00% | 10.00% | |||||||||
Restricted Stock Units (RSUs) | Share-based Payment Arrangement, Tranche Two | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Granted (in shares) | 93,750 | ||||||||||
Minimum closing price of common stock (in dollars per share) | $ 10 | $ 10 | |||||||||
Consecutive trading days | 20 days | 20 days | |||||||||
Restricted stock vesting percentage | 25.00% | 25.00% | |||||||||
Restricted Stock Units (RSUs) | Minimum | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Exercise price (in dollars per share) | $ 5.92 | ||||||||||
Restricted Stock Units (RSUs) | Maximum | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Exercise price (in dollars per share) | $ 12.78 | ||||||||||
Restricted Stock Units (RSUs) | Board of Directors | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Granted (in shares) | 15,791 | ||||||||||
Vested (in dollars per share) | $ 11.13 | ||||||||||
Restricted Stock Units (RSUs) | Chief Financial Officer | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Granted (in shares) | 100,000 | 50,000 | |||||||||
Fair value of RSUs | $ 314,500 | ||||||||||
Weighted average recognition period | 3 years | ||||||||||
Restricted Stock Units (RSUs) | Chief Accounting Officer | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Granted (in shares) | 20,000 | ||||||||||
Restricted Stock Units (RSUs) | Former CFO | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Vested (in shares) | 67,000 | ||||||||||
Fair value of vested shares | $ 421,000 | ||||||||||
Forfeited (in shares) | 48,750 | ||||||||||
Restricted Stock Units (RSUs) | Employees | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Granted (in shares) | 98,675 | ||||||||||
Fair value of RSUs | $ 708,425 | ||||||||||
Weighted average recognition period | 3 years |
Stockholders' Equity - Schedu_2
Stockholders' Equity - Schedule of Warrants (Details) - Warrant - USD ($) | Apr. 30, 2021 | Apr. 30, 2020 | Apr. 30, 2021 |
Number of Shares | |||
Balance Outstanding, April 30, 2020 (in shares) | 566,223 | ||
Granted (in shares) | 0 | ||
Exercised (in shares) | (192,049) | ||
Surrendered (in shares) | 0 | ||
Expired (in shares) | 0 | ||
Balance Outstanding, April 30, 2021 (in shares) | 374,174 | 566,223 | 374,174 |
Exercisable, April 30, 2021 (in shares) | 374,174 | 374,174 | |
Weighted Average Exercise Price | |||
Balance Outstanding, April 30, 2020 (in dollars per share) | $ 6.22 | ||
Granted (in dollars per share) | 0 | ||
Exercised (in dollars per share) | 5.63 | ||
Surrendered (in dollars per share) | 0 | ||
Expired (in dollars per share) | 0 | ||
Balance Outstanding, April 30, 2021 (in dollars per share) | $ 6.37 | $ 6.22 | 6.37 |
Exercise price of options (in dollars per share) | $ 6.37 | $ 6.37 | |
Weighted Average Remaining Contractual Term | |||
Balance Outstanding, April 30, 2020 | 1 year 10 months 24 days | 3 years 2 months 1 day | |
Balance Outstanding, April 30, 2021 | 1 year 10 months 24 days | 3 years 2 months 1 day | |
Exercisable, April 30, 2021 | 1 year 10 months 24 days | ||
Aggregate Intrinsic Value | |||
Balance Outstanding, April 30, 2020 | $ 950,100 | ||
Balance Outstanding, April 30, 2021 | $ 0 | $ 950,100 | 0 |
Exercisable, April 30, 2021 | $ 0 | $ 0 |
Stockholders' Equity - Schedu_3
Stockholders' Equity - Schedule of Outstanding and Exercisable Warrants (Details) - $ / shares | 12 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding (in shares) | 1,214,473 | |
Exercisable (in shares) | 1,032,411 | 2,734,899 |
Warrant | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding (in shares) | 374,174 | 566,223 |
Warrant | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercisable (in shares) | 374,174 | |
Warrant | Warrant | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding (in shares) | 374,174 | |
Warrant | $4.89 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Minimum exercise price (in dollars per share) | $ 4.89 | |
Maximum exercise price (in dollars per share) | 4.89 | |
Weighted average exercise price (in dollars per share) | $ 4.89 | |
Outstanding (in shares) | 50,000 | |
Weighted average exercise price (in dollars per share) | $ 4.89 | |
Weighted average remaining life (in years) | 3 years 5 months 8 days | |
Exercisable (in shares) | 50,000 | |
Warrant | $6.00 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Minimum exercise price (in dollars per share) | $ 6 | |
Maximum exercise price (in dollars per share) | 6 | |
Weighted average exercise price (in dollars per share) | $ 6 | |
Outstanding (in shares) | 100,000 | |
Weighted average exercise price (in dollars per share) | $ 6 | |
Weighted average remaining life (in years) | 3 years 1 month 2 days | |
Exercisable (in shares) | 100,000 | |
Warrant | $6.87 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Minimum exercise price (in dollars per share) | $ 6.87 | |
Maximum exercise price (in dollars per share) | 6.87 | |
Weighted average exercise price (in dollars per share) | $ 6.87 | |
Outstanding (in shares) | 224,174 | |
Weighted average exercise price (in dollars per share) | $ 6.87 | |
Weighted average remaining life (in years) | 1 year 5 months 23 days | |
Exercisable (in shares) | 224,174 |
Stockholders' Equity - Warrants
Stockholders' Equity - Warrants (Details) | Jun. 05, 2020$ / shares | Apr. 30, 2020shares | Aug. 20, 2019investorshares | Aug. 17, 2019shares | Mar. 06, 2019$ / shares | Mar. 05, 2019shares | Nov. 08, 2018$ / sharesshares | Nov. 05, 2018$ / sharesshares | Jul. 31, 2020USD ($) | Apr. 30, 2021USD ($)shares | Apr. 30, 2020shares | Jun. 08, 2020shares | Jun. 07, 2019shares | Jun. 03, 2019shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Common stock issued for warrants exercised for cash | $ | $ 1,081,792 | |||||||||||||
Modification charge for warrants exercised | $ | $ 25,966 | $ 25,966 | ||||||||||||
Cashless exercise of warrants (in shares) | 164,929 | |||||||||||||
Number of investors | investor | 2 | |||||||||||||
Common stock, shares issued (in shares) | 21,770,520 | 25,066,297 | 21,770,520 | |||||||||||
Senior Loans | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Granted (in shares) | 200,000 | |||||||||||||
Investor | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Common stock issued for cashless warrant exercise (in shares) | 6,271 | |||||||||||||
Investor | Warrant | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Cashless exercise of warrants (in shares) | 13,542 | |||||||||||||
Investor 1 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Common stock issued for cashless warrant exercise (in shares) | 8,970 | |||||||||||||
Investor 1 | Warrant | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Cashless exercise of warrants (in shares) | 18,818 | |||||||||||||
Investor 2 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Common stock issued for cashless warrant exercise (in shares) | 42,285 | |||||||||||||
Investor 2 | Warrant | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Cashless exercise of warrants (in shares) | 88,710 | |||||||||||||
Former Director | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Common stock, shares issued (in shares) | 9,806 | |||||||||||||
Former Director | Warrant | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Common stock, shares issued (in shares) | 21,930 | |||||||||||||
Chief Executive Officer | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Common stock, shares issued (in shares) | 9,597 | |||||||||||||
Advisory Board Member | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Granted (in shares) | 50,000 | |||||||||||||
Weighted average recognition period | 3 years | |||||||||||||
Loan Agreements | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Warrants granted, exercise price (in dollars per share) | $ / shares | $ 6 | |||||||||||||
Revolving Credit Facility | Credit Facility Agreement | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Exercise price (in dollars per share) | $ / shares | $ 5.85 | $ 5.85 | ||||||||||||
Class of warrant or right, number of securities called by warrants or rights (in shares) | 92,049 | 92,049 | ||||||||||||
Warrant term | 5 years | 5 years | ||||||||||||
Cooperman Warrants | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Decrease in exercise price of common stock purchase warrants | 5.00% | |||||||||||||
Class of warrant or right, number of securities called by warrants or rights (in shares) | 192,049 | |||||||||||||
Cooperman Warrants | Loan Agreements | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Warrants granted, exercise price (in dollars per share) | $ / shares | $ 5.70 | $ 6 | ||||||||||||
Cooperman Warrants | Revolving Credit Facility | Credit Facility Agreement | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Exercise price (in dollars per share) | $ / shares | $ 5.56 | $ 5.85 |
Stockholders' Equity - Stock Op
Stockholders' Equity - Stock Options (Details) | Feb. 04, 2020 | Dec. 09, 2019$ / sharesshares | Aug. 01, 2019USD ($)subsidiary$ / sharesshares | May 13, 2019$ / sharesshares | Apr. 30, 2020USD ($)$ / sharesshares | Dec. 31, 2019 | Nov. 30, 2019 | Jan. 31, 2021USD ($) | Apr. 30, 2021USD ($)$ / sharesshares | Apr. 30, 2020USD ($)shares | Dec. 30, 2020shares | Jan. 31, 2020USD ($) | Dec. 30, 2019shares | Jul. 31, 2019USD ($) | Dec. 13, 2018shares | Mar. 13, 2012shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Stock-based compensation expense | $ 3,977,983 | |||||||||||||||
Compensation expense | $ 1,289,546 | |||||||||||||||
Stock Incentive Plan and Stock Option Grants to Employees and Directors | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Granted (in shares) | shares | 0 | |||||||||||||||
Exercise price of options (in dollars per share) | $ / shares | $ 6.26 | |||||||||||||||
Share-based Payment Arrangement, Option | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Granted (in shares) | shares | 61,000 | 59,000 | ||||||||||||||
Unrecognized compensation costs | $ 142,000 | |||||||||||||||
Weighted average recognition period | 1 year 7 days | |||||||||||||||
Stock-based compensation expense | $ 560,828 | |||||||||||||||
Fair value of options granted | $ 83,000 | $ 116,000 | ||||||||||||||
Exercise price (in dollars per share) | $ / shares | $ 6.92 | |||||||||||||||
Weighted average exercise price of options granted (in dollars per share) | $ / shares | $ 3.99 | |||||||||||||||
Number of employees granted options | subsidiary | 26 | |||||||||||||||
Recognition period of options | 36 months | |||||||||||||||
Share-based Payment Arrangement, Option | Employees | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Granted (in shares) | shares | 6,900 | |||||||||||||||
Fair value of options granted | $ 11,088 | $ 11,088 | ||||||||||||||
Exercise price (in dollars per share) | $ / shares | $ 4.58 | |||||||||||||||
Restricted Stock Units (RSUs) | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Unrecognized compensation costs | $ 3,600,000 | |||||||||||||||
Weighted average recognition period | 4 years | 3 years | 1 year 8 months 19 days | |||||||||||||
Stock-based compensation expense | $ 175,754 | $ 3,355,148 | ||||||||||||||
Restricted Stock Units (RSUs) | Employees | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Weighted average recognition period | 3 years | |||||||||||||||
Restricted Stock | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Unrecognized compensation costs | $ 28,000 | |||||||||||||||
Weighted average recognition period | 8 months 1 day | |||||||||||||||
Stock-based compensation expense | $ 62,007 | |||||||||||||||
Non-qualified stock options to certain former directors | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Granted (in shares) | shares | 30,000 | |||||||||||||||
Fair value of options granted | $ 33,600 | |||||||||||||||
Term of options | five | |||||||||||||||
Exercise price of options (in dollars per share) | $ / shares | $ 4.12 | |||||||||||||||
2012 Equity Incentive Plan | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Number of shares authorized (in shares) | shares | 3,500,000 | |||||||||||||||
Shares reserved for future issuance (in shares) | shares | 549,739 | 549,739 | 549,739 | |||||||||||||
2018 Equity Incentive Plan | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Number of shares authorized (in shares) | shares | 1,600,000 | 1,100,000 | 500,000 | |||||||||||||
Shares reserved for future issuance (in shares) | shares | 179,380 | 179,380 | 179,380 |
Stockholders' Equity - Schedu_4
Stockholders' Equity - Schedule of Stock Options Activity (Details) - USD ($) | Apr. 30, 2021 | Apr. 30, 2020 | Apr. 30, 2021 | Apr. 30, 2020 |
Number of Shares | ||||
Exercised (in shares) | (52,778) | (363,334) | ||
Balance Outstanding, April 30, 2021 (in shares) | 1,214,473 | 1,214,473 | ||
Exercisable, April 30, 2021 (in shares) | 1,032,411 | 2,734,899 | 1,032,411 | 2,734,899 |
Stock Incentive Plan and Stock Option Grants to Employees and Directors | ||||
Number of Shares | ||||
Balance Outstanding, April 30, 2020 (in shares) | 2,740,539 | |||
Granted (in shares) | 0 | |||
Exercised (in shares) | (1,442,241) | |||
Forfeited (in shares) | (11,916) | |||
Expired (in shares) | (71,909) | |||
Balance Outstanding, April 30, 2021 (in shares) | 1,214,473 | 2,740,539 | 1,214,473 | 2,740,539 |
Exercisable, April 30, 2021 (in shares) | 1,032,411 | 1,032,411 | ||
Weighted Average Exercise Price | ||||
Balance Outstanding, April 30, 2020 (in dollars per share) | $ 4.62 | |||
Granted (in dollars per share) | 0 | |||
Exercised (in dollars per share) | 10.71 | |||
Forfeited (in dollars per share) | 5.56 | |||
Expired (in dollars per share) | 3.98 | |||
Balance Outstanding, April 30, 2021 (in dollars per share) | $ 6.24 | $ 4.62 | 6.24 | $ 4.62 |
Exercisable, April 30, 2021 (in dollars per share) | $ 6.26 | $ 6.26 | ||
Weighted Average Remaining Contractual Term | ||||
Balance Outstanding, April 30, 2020 | 1 year 10 months 17 days | 1 year 11 months 19 days | ||
Balance Outstanding, April 30, 2021 | 1 year 10 months 17 days | 1 year 11 months 19 days | ||
Exercisable, April 30, 2021 | 1 year 9 months 10 days | |||
Aggregate Intrinsic Value | ||||
Balance Outstanding, April 30, 2020 | $ 9,146,198 | |||
Balance Outstanding, April 30, 2021 | $ 204,719 | $ 9,146,198 | 204,719 | $ 9,146,198 |
Exercisable, April 30, 2021 | $ 173,852 | $ 173,852 |
Stockholders' Equity - Schedu_5
Stockholders' Equity - Schedule of All Options and Exercisable Options (Details) - $ / shares | 12 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
ALL OPTIONS, Outstanding No. of Options | 1,214,473 | |
EXERCISABLE OPTIONS, Exercisable No. of Options | 1,032,411 | 2,734,899 |
$2.28 to $2.76 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
ALL OPTIONS, Exercise Price Lower Range | $ 2.28 | |
ALL OPTIONS, Exercise Price Upper Range | 2.76 | |
ALL OPTIONS, Weighted Average Exercise Price | $ 2.76 | |
ALL OPTIONS, Outstanding No. of Options | 10,423 | |
EXERCISABLE OPTIONS, Weighted Average Exercise Price | $ 2.76 | |
EXERCISABLE OPTIONS, Weighted Average Remaining Life In Years | 5 months 1 day | |
EXERCISABLE OPTIONS, Exercisable No. of Options | 10,423 | |
$3.24 to $4.38 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
ALL OPTIONS, Exercise Price Lower Range | $ 3.24 | |
ALL OPTIONS, Exercise Price Upper Range | 4.38 | |
ALL OPTIONS, Weighted Average Exercise Price | $ 3.82 | |
ALL OPTIONS, Outstanding No. of Options | 184,222 | |
EXERCISABLE OPTIONS, Weighted Average Exercise Price | $ 3.75 | |
EXERCISABLE OPTIONS, Weighted Average Remaining Life In Years | 1 year 25 days | |
EXERCISABLE OPTIONS, Exercisable No. of Options | 144,387 | |
$4.50 to $5.20 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
ALL OPTIONS, Exercise Price Lower Range | $ 4.50 | |
ALL OPTIONS, Exercise Price Upper Range | 5.20 | |
ALL OPTIONS, Weighted Average Exercise Price | $ 4.94 | |
ALL OPTIONS, Outstanding No. of Options | 360,654 | |
EXERCISABLE OPTIONS, Weighted Average Exercise Price | $ 4.93 | |
EXERCISABLE OPTIONS, Weighted Average Remaining Life In Years | 1 year 7 months 28 days | |
EXERCISABLE OPTIONS, Exercisable No. of Options | 316,427 | |
$5.95 to $6.28 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
ALL OPTIONS, Exercise Price Lower Range | $ 5.95 | |
ALL OPTIONS, Exercise Price Upper Range | 6.28 | |
ALL OPTIONS, Weighted Average Exercise Price | $ 6.10 | |
ALL OPTIONS, Outstanding No. of Options | 58,000 | |
EXERCISABLE OPTIONS, Weighted Average Exercise Price | $ 6.12 | |
EXERCISABLE OPTIONS, Weighted Average Remaining Life In Years | 1 year 2 months 15 days | |
EXERCISABLE OPTIONS, Exercisable No. of Options | 58,000 | |
$7.17 to $7.55 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
ALL OPTIONS, Exercise Price Lower Range | $ 7.17 | |
ALL OPTIONS, Exercise Price Upper Range | 7.55 | |
ALL OPTIONS, Weighted Average Exercise Price | $ 7.44 | |
ALL OPTIONS, Outstanding No. of Options | 443,425 | |
EXERCISABLE OPTIONS, Weighted Average Exercise Price | $ 7.42 | |
EXERCISABLE OPTIONS, Weighted Average Remaining Life In Years | 2 years 4 months 9 days | |
EXERCISABLE OPTIONS, Exercisable No. of Options | 345,425 | |
$8.57 to $9.07 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
ALL OPTIONS, Exercise Price Lower Range | $ 8.57 | |
ALL OPTIONS, Exercise Price Upper Range | 9.07 | |
ALL OPTIONS, Weighted Average Exercise Price | $ 8.98 | |
ALL OPTIONS, Outstanding No. of Options | 157,749 | |
EXERCISABLE OPTIONS, Weighted Average Exercise Price | $ 8.98 | |
EXERCISABLE OPTIONS, Weighted Average Remaining Life In Years | 1 year 8 months 8 days | |
EXERCISABLE OPTIONS, Exercisable No. of Options | 157,749 |
Stockholders' Equity - Treasury
Stockholders' Equity - Treasury Stock (Details) - USD ($) | Oct. 16, 2020 | Apr. 30, 2021 | Apr. 30, 2020 |
Schedule Of Stockholders Equity [Line Items] | |||
Treasury stock (in shares) | 155,486 | 16,667 | |
Treasury stock, value | $ 1,817,414 | $ 70,000 | |
Treasury shares cancelled (in shares) | 16,667 | ||
Retirement of treasury stock | 0 | ||
Treasury Stock | |||
Schedule Of Stockholders Equity [Line Items] | |||
Retirement of treasury stock | $ 70,000 | $ (70,000) |
Revenues - Schedule of Disaggre
Revenues - Schedule of Disaggregated Revenue (Details) - USD ($) | 12 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 67,812,520 | $ 49,061,080 |
Tuition | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 59,970,120 | 43,917,321 |
Course Fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 7,088,539 | 4,536,639 |
Book Fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 150,969 | 80,845 |
Exam Fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 233,820 | 219,015 |
Service Fee | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 369,072 | $ 307,260 |
Revenues - Narrative (Details)
Revenues - Narrative (Details) - USD ($) | 12 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||
Deferred revenue | $ 6,825,014 | $ 3,712,994 |
Due to students | 2,747,484 | 2,371,844 |
Total revenue earned, deferred revenue | $ 3,700,000 | $ 2,500,000 |
Revenue Benchmark | Non-US | Customer Concentration Risk | ||
Disaggregation of Revenue [Line Items] | ||
Concentration risk (as a percent) | 1.30% | 2.50% |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income Tax Expense (Benefit) (Details) - USD ($) | 12 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Current: | ||
Federal | $ 0 | $ 0 |
State | 32,644 | 51,820 |
Total | 32,644 | 51,820 |
Deferred: | ||
Federal | 0 | 0 |
State | 0 | 0 |
Total | 0 | 0 |
Total Income tax expense (benefit) | $ 32,644 | $ 51,820 |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Income Tax Assets and Liabilities (Details) - USD ($) | 12 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Deferred tax assets: | ||
Net operating loss carryforward | $ 15,737,351 | $ 11,044,236 |
Allowance for doubtful accounts | 1,009,273 | 629,272 |
Deferred rent | 252,479 | 606,594 |
Stock-based compensation | 0 | 439,454 |
Contributions carryforward | 11,013 | 11,275 |
Intangibles | 0 | 86,897 |
Interest expense limitation carryforward | 86,485 | 0 |
Total deferred tax assets | 17,096,601 | 12,817,728 |
Deferred tax liabilities: | ||
Property and equipment | (356,473) | (417,780) |
Intangibles | (186,063) | 0 |
Stock-based compensation | (1,778,017) | 0 |
Total deferred tax liabilities | (2,320,553) | (417,780) |
Deferred tax assets, net | 14,776,048 | 12,399,948 |
Valuation allowance: | ||
Valuation allowance, beginning of year | (12,399,948) | (10,051,034) |
Increase during period | (2,376,100) | (2,348,914) |
Valuation allowance, ending balance | (14,776,048) | (12,399,948) |
Net deferred tax asset | $ 0 | $ 0 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) | Apr. 30, 2021 | Apr. 30, 2020 | Apr. 30, 2019 |
Income Tax Disclosure [Abstract] | |||
Valuation allowance | $ 14,776,048 | $ 12,399,948 | $ 10,051,034 |
Net operating loss carry forwards | 61,100,000 | ||
Operating loss carryforwards subject to expiration | $ 28,200,000 |
Income Taxes - Schedule of In_2
Income Taxes - Schedule of Income Tax Reconciliation (Details) | 12 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Income Tax Disclosure [Abstract] | ||
Statutory Rate applied to net loss before income taxes | 21.00% | 21.00% |
State income taxes, net of federal tax benefit | 4.40% | 5.30% |
Federal and State Minimum Taxes | (0.20%) | (0.90%) |
Permanent Differences | (0.20%) | (0.30%) |
Change in Tax Rates - States | (2.80%) | 17.30% |
Change in Valuation Allowance | (22.80%) | (41.90%) |
Other | 0.30% | (1.40%) |
Effective Income Tax Rate | (0.30%) | (0.90%) |
Quarterly Results (Unaudited) (
Quarterly Results (Unaudited) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||
Apr. 30, 2021 | Jan. 31, 2021 | Oct. 31, 2020 | Jul. 31, 2020 | Apr. 30, 2020 | Jan. 31, 2020 | Oct. 31, 2019 | Jul. 31, 2019 | Apr. 30, 2021 | Apr. 30, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | ||||||||||
Revenues | $ 19,051,076 | $ 16,624,837 | $ 16,971,045 | $ 15,165,562 | $ 14,079,193 | $ 12,537,940 | $ 12,085,965 | $ 10,357,982 | $ 67,812,520 | $ 49,061,080 |
Cost of revenue (exclusive of depreciation and amortization) | 8,721,479 | 7,559,951 | 7,324,780 | 5,847,523 | 5,431,181 | 5,163,007 | 4,188,056 | 4,353,058 | 29,453,733 | 19,135,302 |
Operating loss | (2,295,735) | (2,784,825) | (2,797,247) | (366,341) | (339,790) | (1,728,048) | (331,775) | (1,638,800) | (8,244,148) | (4,038,413) |
Loss before income taxes | (2,332,432) | (2,804,806) | (4,333,995) | (945,096) | (673,501) | (2,265,889) | (628,168) | (2,039,687) | (10,416,329) | (5,607,245) |
Net loss | $ (2,319,986) | $ (2,815,266) | $ (4,370,525) | $ (943,196) | $ (664,563) | $ (2,281,052) | $ (638,168) | $ (2,075,282) | $ (10,448,973) | $ (5,659,065) |
Net loss per share - basic and diluted (in dollars per share) | $ (0.09) | $ (0.11) | $ (0.19) | $ (0.04) | $ (0.03) | $ (0.12) | $ (0.03) | $ (0.11) | $ (0.44) | $ (0.29) |