ASPEN GROUP, INC.

CIK:0001487198|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		9 Months Ended
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	Jan. 31, 2023	Jan. 31, 2022	Jan. 31, 2023	Jan. 31, 2022
Income Statement [Abstract]
Revenue	$ 15,574,042	$ 18,944,798	$ 51,542,502	$ 57,316,004
Operating expenses:
Cost of revenue (exclusive of depreciation and amortization shown separately below)	5,394,155	9,275,419	21,946,714	26,658,188
General and administrative	9,624,528	11,771,487	31,039,666	34,359,276
Bad debt expense	450,000	350,000	1,250,000	1,050,000
Depreciation and amortization	919,152	883,536	2,775,330	2,480,179
Total operating expenses	16,387,835	22,280,442	57,011,710	64,547,643
Operating loss	(813,793)	(3,335,644)	(5,469,208)	(7,231,639)
Other income (expense):
Interest expense	(716,845)	(180,697)	(2,008,510)	(353,738)
Other income, net	12,847	13,954	28,138	516,754
Total other (expense) income, net	(703,998)	(166,743)	(1,980,372)	163,016
Loss before income taxes	(1,517,791)	(3,502,387)	(7,449,580)	(7,068,623)
Income tax expense	37,249	231,610	114,071	388,520
Net loss	$ (1,555,040)	$ (3,733,997)	$ (7,563,651)	$ (7,457,143)
Net loss per share - basic (in dollars per share)	$ (0.06)	$ (0.15)	$ (0.30)	$ (0.30)
Net loss per share - diluted (in dollars per share)	$ (0.06)	$ (0.15)	$ (0.30)	$ (0.30)
Weighted average number of common stock outstanding - basic (in shares)	25,381,500	25,041,733	25,289,224	24,971,056
Weighted average number of common stock outstanding - diluted (in shares)	25,381,500	25,041,733	25,289,224	24,971,056

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

CONSOLIDATED BALANCE SHEETS - USD ($)	Jan. 31, 2023	Apr. 30, 2022
Current assets:
Cash and cash equivalents	$ 1,603,501	$ 6,482,750
Restricted cash	4,923,525	6,433,397
Accounts receivable, net of allowance	22,517,343	24,359,241
Prepaid expenses	925,890	1,358,635
Other current assets	1,050,307	748,568
Total current assets	31,020,566	39,382,591
Property and equipment:
Computer equipment and hardware	1,584,826	1,516,475
Furniture and fixtures	2,219,245	2,193,261
Leasehold improvements	8,046,844	7,179,896
Instructional equipment	756,568	715,652
Software	11,306,700	10,285,096
Construction in progress	0	2,100
Property and equipment, gross	23,914,183	21,892,480
Less: accumulated depreciation and amortization	(11,102,309)	(8,395,001)
Total property and equipment, net	12,811,874	13,497,479
Goodwill	5,011,432	5,011,432
Intangible assets, net	7,900,000	7,900,000
Courseware, net	288,024	274,047
Long-term contractual accounts receivable	16,280,621	11,406,525
Deferred financing costs	155,041	369,902
Operating lease right-of-use assets, net	13,865,872	12,645,950
Deposits and other assets	501,190	578,125
Total assets	87,834,620	91,066,051
Current liabilities:
Accounts payable	2,247,043	1,893,287
Accrued expenses	3,118,533	2,821,432
Deferred revenue	8,075,063	5,889,911
Due to students	2,977,365	4,063,811
Current portion of long-term debt	5,000,000	0
Operating lease obligations, current portion	2,346,766	2,036,570
Other current liabilities	306,484	130,262
Total current liabilities	24,071,254	16,835,273
Long-term debt, net	9,957,328	14,875,735
Operating lease obligations, less current portion	17,869,754	16,809,319
Total liabilities	51,898,336	48,520,327
Commitments and contingencies – see Note 10
Stockholders’ equity:
Preferred stock, $0.001 par value; 1,000,000 shares authorized	0	0
Common stock, $0.001 par value; 60,000,000 shares authorized	25,587	25,358
Additional paid-in capital	113,035,546	112,081,564
Treasury stock	(1,817,414)	(1,817,414)
Accumulated deficit	(75,307,435)	(67,743,784)
Total stockholders’ equity	35,936,284	42,545,724
Total liabilities and stockholders’ equity	$ 87,834,620	$ 91,066,051