Aspen (ASPU) 10-Q 10 Dec 19 2020 Q2 Quarterly report Financial data

COVER PAGE

COVER PAGE - shares	6 Months Ended
	Oct. 31, 2019	Dec. 06, 2019
Cover page.
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Oct. 31, 2019
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		19,131,899
Amendment Flag	false
Current Fiscal Year End Date	--04-30
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2020
Entity Central Index Key	0001487198

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Oct. 31, 2019	Apr. 30, 2019
Current assets:
Cash	$ 6,472,417	$ 9,519,352
Restricted cash	454,288	448,400
Accounts receivable, net of allowance of $1,892,318 and $1,247,031, respectively	12,813,517	10,656,470
Prepaid expenses	788,929	410,745
Other receivables	312	2,145
Other current assets	172,507	0
Total current assets	20,701,970	21,037,112
Property and equipment:
Call center equipment	270,010	193,774
Computer and office equipment	345,241	327,621
Furniture and fixtures	1,484,930	1,381,271
Software	5,178,944	4,314,198
Property and equipment, gross	7,279,125	6,216,864
Less accumulated depreciation and amortization	(2,296,365)	(1,825,524)
Total property and equipment, net	4,982,760	4,391,340
Goodwill	5,011,432	5,011,432
Accounts receivable, secured - net of allowance of $625,963 and $625,963, respectively	45,329	45,329
Long term contractual accounts receivable	5,490,733	3,085,243
Debt issue cost, net	250,569	300,824
Right of use lease asset	7,953,283
Deposits and other assets	324,950	629,626
Total assets	52,888,139	43,204,503
Current liabilities:
Accounts payable	1,187,748	1,699,221
Accrued expenses	739,661	651,418
Deferred revenue	5,509,861	2,456,865
Refunds due students	1,902,211	1,174,501
Deferred rent, current portion	0
Deferred rent, current portion		47,436
Convertible note payable	50,000	50,000
Senior secured loan payable, net of discount of $218,030 at October 31, 2019	9,781,970	0
Operating lease obligations, current portion	1,509,429
Other current liabilities	28,605	270,786
Total current liabilities	20,709,485	6,350,227
Senior secured loan payable, net of discount of $353,328 at April 30, 2019	0	9,646,672
Operating lease obligations	6,443,854
Deferred rent	767,710
Deferred rent		746,176
Total liabilities	27,921,049	16,743,075
Commitments and contingencies – see Note 10
Stockholders' equity:
Preferred stock, $0.001 par value; 1,000,000 shares authorized, 0 issued and outstanding at October 31, 2019 and April 30, 2019	0	0
Common stock, $0.001 par value; 40,000,000 shares authorized, 19,142,316 issued and 19,125,649 outstanding at October 31, 2019; 18,665,551 issued and 18,648,884 outstanding at April 30, 2019	19,142	18,666
Additional paid-in capital	69,781,363	68,562,727
Treasury stock (16,667 shares)	(70,000)	(70,000)
Accumulated deficit	(44,763,415)	(42,049,965)
Total stockholders’ equity	24,967,090	26,461,428
Total liabilities and stockholders’ equity	52,888,139	43,204,503
Intangible Assets Other Than Courseware and Accreditation
Property and equipment:
Intangible assets, net	7,991,667	8,541,667
Courseware and Accreditation
Property and equipment:
Intangible assets, net	$ 135,446	$ 161,930

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Oct. 31, 2019	Apr. 30, 2019
Assets
Accounts receivable, allowance	$ 1,892,318	$ 1,247,031
Accounts receivable, secured, allowance	625,963	625,963
Senior loan payable, discount	$ 218,030	$ 353,328
Stockholders' Equity:
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 issued (in shares)	0	0
Preferred stock 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 issued (in shares)	19,142,316	18,665,551
Common stock outstanding (in shares)	19,125,649	18,648,884
Treasury stock (in shares)	16,667	16,667

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Oct. 31, 2019	Oct. 31, 2018	Oct. 31, 2019	Oct. 31, 2018
Income Statement [Abstract]
Revenues	$ 12,085,965	$ 8,095,344	$ 22,443,947	$ 15,316,649
Operating expenses
Cost of revenues (exclusive of depreciation and amortization shown separately below)	4,188,056	3,835,515	8,541,114	7,587,907
General and administrative	7,601,459	6,210,411	14,638,609	12,034,543
Depreciation and amortization	628,225	524,067	1,234,799	1,022,172
Total operating expenses	12,417,740	10,569,993	24,414,522	20,644,622
Operating loss	(331,775)	(2,474,649)	(1,970,575)	(5,327,973)
Other income (expense)
Other income	132,567	41,493	155,369	97,894
Interest expense	(428,960)	(41,922)	(852,649)	(82,275)
Total other income/(expense), net	(296,393)	(429)	(697,280)	15,619
Loss before income taxes	(628,168)	(2,475,078)	(2,667,855)	(5,312,354)
Income tax expense	10,000	0	45,595	0
Net loss	$ (638,168)	$ (2,475,078)	$ (2,713,450)	$ (5,312,354)
Net loss per share allocable to common stockholders - basic and diluted (in dollars per share)	$ (0.03)	$ (0.13)	$ (0.14)	$ (0.29)
Weighted average number of common stock outstanding - basic and diluted (in shares)	18,985,371	18,335,413	18,859,344	18,326,621

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($)	Total	Common Stock	Additional Paid-In Capital	Treasury Stock	Accumulated Deficit
Beginning balance at Apr. 30, 2018	$ 33,733,591	$ 18,334	$ 66,557,005	$ (70,000)	$ (32,771,748)
Beginning balance (in shares) at Apr. 30, 2018		18,333,521
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	515,291		515,291
Common stock issued for cashless stock options exercised	0	$ 31	(31)
Common stock issued for cashless stock options exercised (in shares)		30,764
Common stock issued for stock options exercised for cash	60,102	$ 26	60,076
Common stock issued for stock options exercised for cash (in shares)		26,807
Purchase of treasury stock, net of broker fees	(7,370,000)			(7,370,000)
Re-sale of treasury stock, net of broker fees	7,370,000			7,370,000
Fees associated with equity raise	(29,832)		(29,832)
Net loss	(5,312,354)				(5,312,354)
Ending balance at Oct. 31, 2018	28,966,798	$ 18,391	67,102,509	(70,000)	(38,084,102)
Ending balance (in shares) at Oct. 31, 2018		18,391,092
Beginning balance at Jul. 31, 2018	31,084,276	$ 18,341	66,744,959	(70,000)	(35,609,024)
Beginning balance (in shares) at Jul. 31, 2018		18,341,440
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	305,315		305,315
Common stock issued for cashless stock options exercised	0	$ 26	(26)
Common stock issued for cashless stock options exercised (in shares)		25,534
Common stock issued for stock options exercised for cash	52,285	$ 24	52,261
Common stock issued for stock options exercised for cash (in shares)		24,118
Net loss	(2,475,078)				(2,475,078)
Ending balance at Oct. 31, 2018	28,966,798	$ 18,391	67,102,509	(70,000)	(38,084,102)
Ending balance (in shares) at Oct. 31, 2018		18,391,092
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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued for cashless stock options exercised (in shares)		101,894
Common stock issued for stock options exercised for cash	45,190
Common stock issued for stock options exercised for cash (in shares)		21,876
Common stock issued for cashless warrant exercise (in shares)		19,403
Ending balance at Jul. 31, 2019	24,969,790	$ 18,914	69,146,123	(70,000)	(44,125,247)
Ending balance (in shares) at Jul. 31, 2019		18,913,527
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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	889,484		889,484
Common stock issued for cashless stock options exercised	0	$ 182	(182)
Common stock issued for cashless stock options exercised (in shares)		182,207
Common stock issued for stock options exercised for cash	237,713	$ 113	237,600
Common stock issued for stock options exercised for cash (in shares)		112,826
Common stock issued for cashless warrant exercise	0	$ 77	(77)
Common stock issued for cashless warrant exercise (in shares)		76,929
Amortization of warrant based cost	18,565		18,565
Amortization of restricted stock issued for services	73,350		73,350
Restricted Stock Issued for Services, subject to vesting	0	$ 104	(104)
Restricted Stock Issued for Services, subject to vesting (in shares)		104,803
Net loss	(2,713,450)				(2,713,450)
Ending balance at Oct. 31, 2019	24,967,090	$ 19,142	69,781,363	(70,000)	(44,763,415)
Ending balance (in shares) at Oct. 31, 2019		19,142,316
Beginning balance at Jul. 31, 2019	24,969,790	$ 18,914	69,146,123	(70,000)	(44,125,247)
Beginning balance (in shares) at Jul. 31, 2019		18,913,527
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	391,067		391,067
Common stock issued for cashless stock options exercised	0	$ 80	(80)
Common stock issued for cashless stock options exercised (in shares)		80,313
Common stock issued for stock options exercised for cash	192,522	$ 90	192,432
Common stock issued for stock options exercised for cash (in shares)		90,950
Common stock issued for cashless warrant exercise	0	$ 58	(58)
Common stock issued for cashless warrant exercise (in shares)		57,526
Amortization of warrant based cost	9,125		9,125
Amortization of restricted stock issued for services	42,754		42,754
Net loss	(638,168)				(638,168)
Ending balance at Oct. 31, 2019	$ 24,967,090	$ 19,142	$ 69,781,363	$ (70,000)	$ (44,763,415)
Ending balance (in shares) at Oct. 31, 2019		19,142,316

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	6 Months Ended
	Oct. 31, 2019	Oct. 31, 2018
Cash flows from operating activities:
Net loss	$ (2,713,450)	$ (5,312,354)
Adjustments to reconcile net loss to net cash used in operating activities:
Bad debt expense	648,658	292,889
Depreciation and amortization	1,234,799	1,022,172
Stock-based compensation	889,484	515,291
Warrants issued for services	18,565	0
Loss on asset disposition	3,918	0
Amortization of debt discounts	135,298	0
Amortization of debt issue costs	50,255	0
Amortization of prepaid shares for services	0	8,285
Non-cash payments to investor relations firm	73,350	0
Changes in operating assets and liabilities:
Accounts receivable	(5,211,195)	(4,028,143)
Prepaid expenses	(378,184)	(238,951)
Other receivables	1,833	179,196
Other current assets	(172,507)	0
Other assets	304,676	(20,846)
Accounts payable	(511,473)	(601,225)
Accrued expenses	88,243	72,737
Deferred rent	(25,902)	453,880
Refunds due students	727,710	366,098
Deferred revenue	3,052,996	1,631,170
Other liabilities	(242,181)	172,378
Net cash used in operating activities	(2,025,107)	(5,487,423)
Cash flows from investing activities:
Purchases of courseware and accreditation	(9,575)	(85,821)
Purchases of property and equipment	(1,244,078)	(1,345,777)
Net cash used in investing activities	(1,253,653)	(1,431,598)
Cash flows from financing activities:
Disbursements for equity offering costs	0	(29,832)
Proceeds of stock options exercised and warrants exercised	237,713	60,102
Purchase of treasury stock, net of broker fees	0	(7,370,000)
Re-sale of treasury stock, net of broker fees	0	7,370,000
Net cash provided by financing activities	237,713	30,270
Net (decrease) in cash and cash equivalents	(3,041,047)	(6,888,751)
Cash, restricted cash, and cash equivalents at beginning of period	9,967,752	14,803,065
Cash, restricted cash, and cash equivalents at end of period	6,926,705	7,914,314
Supplemental disclosure cash flow information
Cash paid for interest	652,121	0
Cash paid for income taxes	49,595	0
Supplemental disclosure of non-cash investing and financing activities
Common stock issued for services	178,447	0
Right-of-use lease asset offset against operating lease obligations	7,469,167
Total cash and restricted cash	$ 6,926,705	$ 7,914,314

Nature of Operations and Liquid

Nature of Operations and Liquidity	6 Months Ended
	Oct. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations and Liquidity	Nature of Operations and Liquidity Overview Aspen Group, Inc. (together with its subsidiaries, the “Company,” “Aspen,” or “AGI”) is a holding company, which has three subsidiaries. They are Aspen University Inc. (“Aspen University”) organized in 1987, Aspen Nursing, Inc. (“ANI”) (a subsidiary of Aspen University) formed in October 2018 and United States University, Inc. (“USU”) formed in May 2017. USU was the vehicle we used to acquire United States University on December 1, 2017. (See Note 4). When we refer to USU in this Report, we refer to either the online university which has operated under the name United States University or our subsidiary which operates this university, as the context implies. AGI is an education technology holding company that leverages its 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, currently 83% of all students across both universities are degree-seeking nursing students. Since 1993, Aspen University has been nationally accredited by the Distance Education and Accrediting Council (“DEAC”), a national accrediting agency recognized by the U.S. Department of Education (the “DOE”). In February 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. Basis of Presentation Interim Financial Statements The interim consolidated financial statements included herein have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). In the opinion of the Company’s management, all adjustments (consisting of normal recurring adjustments and reclassifications and non-recurring adjustments) necessary to present fairly our results of operations for the three and six months ended October 31, 2019 and 2018, our cash flows for the six months ended October 31, 2019 and 2018, and our financial position as of October 31, 2019 have been made. The results of operations for such interim periods are not necessarily indicative of the operating results to be expected for the full year. Certain information and disclosures normally included in the notes to the annual consolidated financial statements have been condensed or omitted from these interim consolidated financial statements. Accordingly, these interim consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended April 30, 2019 as filed with the SEC on July 9, 2019. The April 30, 2019 balance sheet is derived from those statements. Liquidity At October 31, 2019, the Company had a cash balance of $6,472,417 with an additional $454,288 in 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 6) In March 2019, the Company entered into two loan agreements for a principal amount of $5 million each and received total proceeds of $10 million. In connection with the loan agreements, the Company issued 18 month senior secured promissory notes, with the right to extend the term of the loans for an additional 12 months subject to paying a 1% one-time extension fee. (See Note 6) During the six months ended October 31, 2019 the Company used net cash of $3,041,047, which included using $2,025,107 in operating activities.

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Oct. 31, 2019
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Principles of Consolidation The unaudited consolidated financial statements include the accounts of AGI and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of the unaudited consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts in the consolidated financial statements. Actual results could differ from those estimates. Significant estimates in the accompanying unaudited consolidated financial statements include the allowance for doubtful accounts and other receivables, the valuation of collateral on certain receivables, estimates of the fair value of assets acquired and liabilities assumed in a business combination, amortization periods and valuation of courseware, intangibles and software development costs, estimates of the valuation of initial right of use ("ROU") assets and corresponding lease liabilities, valuation of beneficial conversion features in convertible debt, 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 unaudited 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. There were no cash equivalents at October 31, 2019 and April 30, 2019. 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 October 31, 2019. As of October 31, 2019 and April 30, 2019, the Company maintained deposits totaling $6,352,050 and $9,359,208, respectively, held in two separate institutions. Restricted cash was $454,288 as of October 31, 2019 and consisted of $122,262 which is collateral for a letter of credit issued by the bank and required under the USU facility operating lease. Also, included was $71,932 and an additional $260,094, which was collateral for a letter of credit issued by the bank and related to USU’s receipt of Title IV funds as required by DOE in connection with the change of control of USU. Restricted cash as of April 30, 2019 was $448,400. Goodwill and Intangibles Goodwill currently represents the excess of the purchase price of USU over the fair market value of assets acquired and liabilities assumed from Educacion Significativa, LLC. Goodwill has an indefinite life and is not amortized. Goodwill is tested annually for impairment. Intangible assets represent both indefinite lived and definite lived assets. Accreditation, 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 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 Aspen for tuition, fees and other expenses. The monthly payment plan represents approximately 66% of the payments that are made by 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 Aspen’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, Aspen may have to return all or a portion of the Title IV funds to the DOE and the student will owe Aspen all amounts incurred that are in excess of the amount of financial aid that the student earned, and that Aspen is entitled to retain. In this case, Aspen must collect the receivable using the student’s second payment option. For accounts receivable from students, Aspen 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. Aspen 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 each student’s status. Aspen estimates the amounts to increase the allowance based upon the risk presented by the age of the receivables and student status. Aspen writes off accounts receivable balances at the time the balances are deemed uncollectible. Aspen 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, Aspen estimates its allowance for doubtful accounts by evaluating specific accounts where information indicates the customers 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, Aspen uses assumptions and judgment, based on the best available facts and circumstances, to record a specific allowance for those customers 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. Aspen may also record a general allowance as necessary. Direct write-offs are taken in the period when Aspen has exhausted its efforts to collect overdue and unpaid receivables or otherwise evaluate other circumstances that indicate that Aspen should abandon such efforts. (See Note 8) 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 accounts receivable. At October 31, 2019 and April 30, 2019, those balances were $5,490,733 and $3,085,243, respectively. The Company has determined that the long term 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. Depreciation is computed using the straight-line method over the estimated useful lives of the related assets per the following table. Category Useful Life Call center equipment 5 years Computer and office equipment 5 years Furniture and fixtures 7 years Library (online) 3 years Software 5 years 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. Depreciation 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 shorter of the lease term or the estimated useful lives of the leasehold improvements. Upon the retirement or disposition of property and equipment, the related cost and accumulated depreciation 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 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. Refunds Due 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. 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 capital 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. The Company implemented ASU 2016-2 as of May 1, 2019. There were no material changes to our unaudited consolidated financial statements other than additional assets and off-setting liabilities. In February 2016, the Financial Accounting Standards Board, of FASB, issued Accounting Standards Update, or 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 $8.8 million, on the unaudited 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 unaudited consolidated statements of cash flows. Disclosures related to the amount, timing, and uncertainty of cash flows arising from leases are included in Note 9. 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 On May 1, 2018, the Company adopted 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 results of operations or our balance sheet. Revenues consist primarily of tuition and course fees derived from courses taught by the Company online as well as from related educational resources and services that the Company provides to its students. Under ASC 606, the 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 8) Cost of Revenues Cost of revenues consists of two categories, 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 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. 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. For the three and six months ended October 31, 2019, total marketing and promotional costs was $2,006,989 and $4,216,227, respectively. For the six months ended October 31, 2018, total marketing and promotional costs was $2,248,611 and $4,436,067, respectively. 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, bad debt expense related to accounts receivable, 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 of the award and is expensed over the requisite service period. 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 has early adopted ASU 2018-7, which substantially aligns share based compensation for employees and non-employees. Business Combinations We include the results of operations of businesses we acquire from the date of the respective acquisition. We allocate the purchase price of acquisitions to the assets acquired and liabilities assumed at fair value. The excess of the purchase price of an acquired business over the amount assigned to the assets acquired and liabilities assumed is recorded as goodwill. We expense transaction costs associated with business combinations as incurred. Net Loss Per Share Net loss per share of common stock is based on the weighted average number of shares of common stock outstanding during each period. Options to purchase 3,021,131 and 3,435,616 shares of common stock, warrants to purchase 566,223 and 650,847 shares of common stock, unvested restricted stock of 69,672 and 0, and 50,000 and 50,000 of convertible debt (convertible into 4,167 and 4,167 shares of common stock) were outstanding at October 31, 2019 and October 31, 2018, respectively, but were not included in the computation of diluted net loss per share because the effects would have been anti-dilutive. The options, warrants and convertible debt 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 students regardless of geography. The Company's chief operating decision makers, its Chief Executive Officer and Chief Academic Officer, manage the Company's operations as a whole, and no revenue, expense or operating income information is evaluated by the chief operating decision makers on any component level. Recent Accounting Pronouncements Financial Accounting Standards Board, Accounting Standard Updates which are not effective until after October 31, 2019, are not expected to have a significant effect on the Company’s consolidated financial position or results of operations.

Property and Equipment

Property and Equipment	6 Months Ended
	Oct. 31, 2019
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and EquipmentAs property and equipment reach the end of their useful lives, the fully expired asset is written off against the associated accumulated depreciation. There is no expense impact for such write offs. Property and equipment consisted of the following at October 31, 2019 and April 30, 2019: October 31, April 30, Call center hardware $ 270,010 $ 193,774 Computer and office equipment 345,241 327,621 Furniture and fixtures 1,484,930 1,381,271 Software 5,178,944 4,314,198 7,279,125 6,216,864 Accumulated depreciation (2,296,365) (1,825,524) Property and equipment, net $ 4,982,760 $ 4,391,340 Software consisted of the following at October 31, 2019 and April 30, 2019: October 31, April 30, Software $ 5,178,944 $ 4,314,198 Accumulated depreciation (1,645,950) (1,351,193) Software, net $ 3,532,994 $ 2,963,005 Depreciation expense and amortization for all Property and Equipment as well as the portion for just software is presented below for the three and six months ended October 31, 2019 and 2018: Three Months Ended Six Months Ended 2019 2018 2019 2018 Depreciation and amortization expense $ 332,212 $ 233,109 $ 648,740 $ 440,841 Software amortization expense $ 242,797 $ 160,666 $ 463,250 $ 304,440 The following is a schedule of estimated future amortization expense of software at October 31, 2019: Future Expense 2020 $ 507,808 2021 960,396 2022 870,922 2023 710,683 2024 421,401 Thereafter 61,784 Total $ 3,532,994

USU Goodwill and Intangibles

USU Goodwill and Intangibles	6 Months Ended
	Oct. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
USU Goodwill and Intangibles	USU Goodwill and Intangibles On December 1, 2017, USU acquired United States University and assumed certain liabilities from Educacion Significativa, LLC (“ESL”). USU is a wholly owned subsidiary of AGI and was formed for the purpose of completing the asset purchase transaction. For purposes of purchase accounting, AGI is referred to as the acquirer. AGI acquired the assets and assumed certain liabilities of ESL. The acquisition was accounted for by AGI in accordance with the acquisition method of accounting pursuant to ASC 805 “Business Combinations” and pushdown accounting was applied to record the fair value of the assets acquired and liabilities assumed on United States University, Inc. Under this method, the purchase price is allocated to the identifiable assets acquired and liabilities assumed based on their estimated fair values at the date of acquisition. The excess of 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 have selected an April 30 th annual goodwill impairment test date. We assigned an indefinite useful life to the 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 we intend 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. Amortization expense for six months ended October 31, 2019 and for the year ended April 30, 2019 were $550,000 and $1,100,000, respectively. Intangible assets consisted of the following at October 31, 2019 and April 30, 2019: October 31, April 30, Intangible assets $ 10,100,000 $ 10,100,000 Accumulated amortization (2,108,333) (1,558,333) Net intangible assets $ 7,991,667 $ 8,541,667

Courseware and Accreditation

Courseware and Accreditation	6 Months Ended
	Oct. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Courseware and Accreditation	Courseware and Accreditation Courseware costs capitalized were $7,325 for the six months ended October 31, 2019 and $34,422 for the year ended April 30, 2019. As courseware reaches the end of its useful life, it is written off against the accumulated amortization. There is no expense impact for such write-offs. Courseware consisted of the following at October 31, 2019 and April 30, 2019: October 31, April 30, Courseware $ 283,538 $ 325,987 Accreditation 59,350 57,100 Accumulated amortization (207,442) (221,157) Courseware, net $ 135,446 $ 161,930 The Company had capitalized accreditation costs of $2,250 and $57,100 for the six months ended October 31, 2019 and year ended April 30, 2019, respectively. Amortization expense of courseware for the three and six months ended October 31, 2019 and 2018: Three Months Ended Six Months Ended 2019 2018 2019 2018 Amortization expense $ 16,917 $ 15,960 $ 36,059 $ 31,331 The following is a schedule of estimated future amortization expense of courseware at October 31, 2019: Future Expense 2020 (remaining) $ 28,824 2021 38,560 2022 30,673 2023 25,133 2024 12,256 Thereafter — Total $ 135,446

Debt

Debt	6 Months Ended
	Oct. 31, 2019
Debt Disclosure [Abstract]
Debt	Debt 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. The amount due under this note has been reserved for payment upon the note being tendered to the Company by the note holder. However, this $50,000 note is derived from $200,000 of loans made to Aspen University prior to 2011. No disclosure was made of these loans in connection with the merger of Aspen University and EGC, the acquisition vehicle led by Michael Mathews, the Company’s current Chairman and Chief Executive Officer. The bankruptcy judge in the HEMG bankruptcy proceedings has recently ruled that the Company may pursue remedies for these undisclosed loans. 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 will bear interest at 12% per annum. The Facility matures on November 4, 2021. Pursuant to the terms of the Credit Facility Agreement, the Company paid to the Foundation a $100,000 one-time upfront Facility fee. The Company also is paying the Foundation a commitment fee, payable quarterly at the rate of 2% per annum on the undrawn portion of the Facility. As of October 31, 2019, the Company has not borrowed any sum under the 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, and the senior term loans described below 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 relative fair value of the warrants along with the 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. On March 6, 2019, in connection with entering into the 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. Senior Secured 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 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. The Company’s obligations under the Loan Agreements are 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”). 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. On March 6, 2019, in connection with entering into the 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 Loan Agreements and the Amended and Restated Facility Agreement shall rank pari passu to one another.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Oct. 31, 2019
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Stockholders’ Equity Preferred Stock 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. 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 October 31, 2019 and April 30, 2019, we had no shares of preferred stock issued and outstanding. Common Stock The Company is authorized to issue 40,000,000 shares of common stock. During the three months ended October 31, 2019, the Company issued 80,313 shares of common stock upon the cashless exercise of stock options. During the three months ended October 31, 2019, the Company issued 57,526 shares of common stock upon the cashless exercise of 121,070 warrants. During the three months ended October 31, 2019, the Company issued 90,950 shares of common stock upon the exercise of stock options for cash and received proceeds of $192,522. During the three months ended July 31, 2019, the Company issued 101,894 shares of common stock upon the cashless exercise of stock options. During the three months ended July 31, 2019, the Company issued 19,403 shares of common stock upon the cashless exercise of 43,860 warrants. During the three months ended July 31, 2019, the Company issued 21,876 shares of common stock upon the exercise of stock options for cash and received proceeds of $45,190. Restricted Stock There were 69,672 unvested shares of restricted common stock outstanding at October 31, 2019. Total unrecognized compensation expense related to the unvested restricted stock as of October 31, 2019 amounted to approximately $249,000 which will be amortized over the remaining vesting periods. During the three months ended July 31, 2019, the Company issued 30,131 shares of restricted common stock to certain directors with a fair value of $122,332. 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 (not recipients of the May 2019 stock options mentioned above) a total of 25,000 shares of restricted common stock. During fiscal 2019, the Company granted 25,000 shares to its investor relations firm, of which 5,000 were vested with the balance vesting quarterly over one year, subject to continued service. The total value was $122,250 which is being recognized over the service period. The Board approved a grant of 25,000 shares of restricted stock to the then Chief Financial Officer in September 2018. The stock vests over 36 months and the stock price was $7.15 on the date of the grant. The value of the compensation was approximately $180,000 and is being recognized over 36 months. See Note 11 for further information concerning the resignation of the former Chief Financial Officer and modification of the vesting. On December 24, 2018, the Company granted a total of 24,672 shares to certain directors with a value of $126,320 which is being recognized over 36 months. Warrants A summary of the Company’s warrant activity during the six months ended October 31, 2019 is presented below: Warrants Number of Weighted Weighted Aggregate Balance Outstanding, April 30, 2019 731,152 $ 5.28 3.29 $ 413,296 Granted — — — — Exercised (164,929) $ 2.05 — — Surrendered — — — — Expired — — — — Balance Outstanding, October 31, 2019 566,223 $ 6.22 3.66 $ 154,820 Exercisable, October 31, 2019 516,223 $ 6.35 3.59 $ 86,820 ALL WARRANTS EXERCISABLE WARRANTS Exercise Weighted Outstanding Weighted Weighted Exercisable $ 4.89 $ 4.89 50,000 $ 4.89 4.70 — $ 5.85 $ 5.85 92,049 $ 5.85 4.27 92,049 $ 6.00 $ 6.00 200,000 $ 6.00 4.60 200,000 $ 6.87 $ 6.87 224,174 $ 6.87 2.99 224,174 566,223 516,223 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 elected a cashless exercise of 21,930 warrants, receiving 9,806 shares. On June 7, 2019, the Chief Executive Officer elected a cashless exercise for the same amount receiving 9,597 shares. 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 restricted stock units ("RSUs") to employees, consultants, officers and directors. As of October 31, 2019, there were 180,434 shares remaining available for future issuance under the 2012 Plan. On December 13, 2018, the stockholders of the Company approved the Aspen Group, Inc. 2018 Equity Incentive Plan (the “2018 Plan”) that provides for the grant of 500,000 shares in the form of incentive stock options, non-qualified stock options, restricted shares, stock appreciation rights and restricted stock units to employees, consultants, officers and directors. As of October 31, 2019, there were 13,852 shares remaining available for future issuance under the 2018 Plan. At the annual meeting of shareholders scheduled for December 30, 2019, the Company is seeking shareholder approval to increase the number of shares available for grant from 500,000 to 1,100,000. 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, expected dividend yield rate over the expected option term, and an estimate of expected forfeiture rates. 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 following table summarizes the assumptions the Company utilized to record compensation expense for stock options granted to employees during the period ended. October 31, April 30, Expected life (years) 3.5 3.5 Expected volatility 46.0 % 50.1 % Risk-free interest rate 1.67 % 2.63 % Dividend yield 0.00 % 0.00 % Expected forfeiture rate n/a n/a 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 six months ended October 31, 2019, is presented below: Options Number of Weighted Weighted Aggregate Balance Outstanding, April 30, 2019 3,408,154 $ 4.44 2.90 $ 6,880,644 Granted 89,000 4.03 — — Exercised (453,660) 2.20 — — Forfeited (22,363) 5.92 — — Expired — — — — Balance Outstanding, October 31, 2019 3,021,131 $ 4.57 2.90 $ 6,880,644 Exercisable, October 31, 2019 1,902,579 $ 3.78 1.86 $ 7,545,471 ALL OPTIONS EXERCISABLE OPTIONS Exercise Weighted Outstanding Weighted Weighted Exercisable $1.57 to $2.10 $ 1.99 600,115 $ 1.99 1.18 600,115 $2.28 to $2.76 $ 2.31 392,780 $ 2.29 0.87 400,486 $3.24 to $4.38 $ 3.90 358,388 $ 3.93 2.00 235,904 $4.50 to $5.20 $ 4.93 711,459 $ 4.90 2.53 336,611 $5.95 to $6.28 $ 6.07 80,417 $ 6.13 2.68 36,806 $7.17 to $7.55 $ 7.39 660,972 $ 7.39 3.73 220,324 $8.57 to $9.07 $ 8.98 217,000 $ 8.98 3.44 72,333 Options only 3,021,131 1,902,579 On August 1, 2019, the Company granted 59,000 options 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 month. The exercise price is $3.99. Effective May 13, 2019, the Company granted a total of 30,000 five years non-qualified stock options to certain former directors exercisable at $4.12 per share. For the three and six months ended October 31, 2019, the Company recorded compensation expense of $492,130 and $990,547, respectively, in connection with stock options and restricted stock grants. For the three months ended October 31, 2019, the Company recorded stock based compensation expense related to the executive officer target bonus plan of $101,063. As of October 31, 2019, there was approximately $1,300,000 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 2.0 years.

Revenue

Revenue	6 Months Ended
	Oct. 31, 2019
Revenue from Contract with Customer [Abstract]
Revenue	Revenue Revenues 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 refunds due students. Deferred revenue represents the amount of tuition, fees, and other student invoices in excess of the portion recognized as revenue and it is included in current liabilities in the accompanying unaudited consolidated balance sheets. The following table represents our revenues disaggregated by the nature and timing of services: Three Months Ended Six Months Ended 2019 2018 2019 2018 Tuition - recognized over period of instruction $ 10,807,131 $ 7,442,392 $ 20,098,083 $ 14,076,232 Course fees - recognized over period of instruction 1,119,259 539,665 2,045,213 1,000,876 Book fees - recognized at a point in time 20,631 26,251 41,416 50,465 Exam fees - recognized at a point in time 55,415 43,600 115,515 95,840 Service fees - recognized at a point in time 83,529 43,436 143,720 93,236 $ 12,085,965 $ 8,095,344 $ 22,443,947 $ 15,316,649 Contract Balances and Performance Obligations The Company recognizes deferred revenue as a student participates in a course which continues past the balance sheet date. Deferred revenue at October 31, 2019 was $5,509,861 which is future revenue that has not yet been earned for courses in progress. The Company has $1,902,211 of refunds due students, which mainly represents Title IV funds due to students after deducting their tuition payments. Of the total revenue earned during the three and six months ended October 31, 2019, approximately $2.7 million and $2.5 million, respectively, came from revenues which were deferred at July 31, 2019 and April 30, 2019. 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. Aspen 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. Aspen 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. Aspen writes off accounts receivable balances at the time the balances are deemed uncollectible. Aspen 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 or academic program. 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. The Company had revenues from students outside the United States representing 1.32% and 1.70% of the revenues for the six months ended October 31, 2019 and 2018, respectively.

Leases

Leases	6 Months Ended
	Oct. 31, 2019
Lessee Disclosure [Abstract]
Leases	LeasesOperating 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 the Operating Lease Assets, net, and Operating Lease Liabilities, Current and Long-term on the unaudited Consolidated Balance Sheet at October 31, 2019. 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 to determine the present value of the lease payments. The right-of-use asset includes all lease payments made and excludes lease incentives. Lease expense for operating leases is recognized on a straight-line basis over the lease term. There are no variable lease payments. Lease expense for the three and six month period ended October 31, 2019 was $669,459 and $1,245,880, respectively. These costs are primarily related to long-term operating leases, but also include amounts for short-term leases with terms greater than 30 days that are not material. The following is a schedule by years of future minimum rental payments required under operating leases that have initial or remaining non-cancelable lease terms in excess of one year as of October 31, 2019. Maturity of Lease Obligations Lease Payments 2020 (remaining) $ 1,140,612 2021 2,293,382 2022 2,225,348 2023 1,663,434 2024 1,474,175 2025 1,134,718 2026 and beyond 779,287 Total future minimum lease payments 10,710,956 Less imputed interest (2,757,673) Present value of operating lease obligations $ 7,953,283 Balance Sheet Classification Operating lease obligations, current $ 1,509,429 Operating lease obligations, long-term 6,443,854 Total operating lease obligations $ 7,953,283 Other Information Weighted average remaining lease term (in years) 5.1 Weighted average discount rate 12.06 % Cash Flows An initial right of use asset of approximately $8.8 million was recognized as a non-cash asset addition with the adoption of the standard. There were no additional right of use assets recognized as non-cash asset additions during the quarter ended October 31, 2019. Cash paid for amounts included in the present value of operating lease obligations at adoption and for the three and six months ended October 31, 2019 was $0.6 million and $1.1 million, respectively, and is included in operating cash flows.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Oct. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies 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. 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 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. 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. Delaware Approval to Confer Degrees Aspen University is a Delaware corporation. Delaware law requires an institution to obtain approval from the Delaware Department of Education (“Delaware DOE”) before it may incorporate with the power to confer degrees. The Delaware DOE granted full approval to operate with degree-granting authority in the State of Delaware until July 1, 2020. Aspen University is authorized by the Colorado Commission on Education to operate in Colorado as a degree granting institution. USU is also a Delaware corporation and received initial approval from the Delaware DOE to confer degrees through June 2023.

Subsequent Event

Subsequent Event	6 Months Ended
	Oct. 31, 2019
Subsequent Events [Abstract]
Subsequent Event	Subsequent EventsEffective December 1, 2019, the Company appointed Frank J. Cotroneo Chief Financial Officer and Robert Alessi Chief Accounting Officer. Mr. Cotroneo is a director and was Chairman of the Audit Committee until he resigned from the Audit Committee in conjunction with his appointment. Mr. Alessi was Vice President and Controller until his promotion. Effective December 2, 2019, Mr. Cotroneo entered into an Employment Agreement with the Company, and effective December 1, 2019, Mr. Alessi entered into an Employment Agreement with the Company. Mr. Cotroneo received a grant of 100,000 RSUs vesting annually over three years subject to continued employment; the Company vested 15,000 RSUs Mr. Cotroneo previously received in November 2019 for Audit Committee service. Mr. Alessi received a grant of 20,000 RSUs vesting annually over three years subject to continued employment. The former Chief Financial Officer, Joseph Sevely, resigned on November 30, 2019. The Company agreed to pay him a six

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	6 Months Ended
	Oct. 31, 2019
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The unaudited consolidated financial statements include the accounts of AGI and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of the unaudited consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts in the consolidated financial statements. Actual results could differ from those estimates. Significant estimates in the accompanying unaudited consolidated financial statements include the allowance for doubtful accounts and other receivables, the valuation of collateral on certain receivables, estimates of the fair value of assets acquired and liabilities assumed in a business combination, amortization periods and valuation of courseware, intangibles and software development costs, estimates of the valuation of initial right of use ("ROU") assets and corresponding lease liabilities, valuation of beneficial conversion features in convertible debt, valuation of goodwill, valuation of loss contingencies, valuation of stock-based compensation and the valuation allowance on deferred tax assets.
Cash and Cash Equivalents, and Restricted Cash	Cash, Cash Equivalents, and Restricted Cash For the purposes of the unaudited 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. There were no cash equivalents at October 31, 2019 and April 30, 2019. 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 October 31, 2019. As of October 31, 2019 and April 30, 2019, the Company maintained deposits totaling $6,352,050 and $9,359,208, respectively, held in two separate institutions. Restricted cash was $454,288 as of October 31, 2019 and consisted of $122,262 which is collateral for a letter of credit issued by the bank and required under the USU facility operating lease. Also, included was $71,932 and an additional $260,094, which was collateral for a letter of credit issued by the bank and related to USU’s receipt of Title IV funds as required by DOE in connection with the change of control of USU. Restricted cash as of April 30, 2019 was $448,400.
Goodwill and Intangibles	Goodwill and Intangibles Goodwill currently represents the excess of the purchase price of USU over the fair market value of assets acquired and liabilities assumed from Educacion Significativa, LLC. Goodwill has an indefinite life and is not amortized. Goodwill is tested annually for impairment.
Fair Value Measurements	Fair Value Measurements 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 Aspen for tuition, fees and other expenses. The monthly payment plan represents approximately 66% of the payments that are made by 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 Aspen’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, Aspen may have to return all or a portion of the Title IV funds to the DOE and the student will owe Aspen all amounts incurred that are in excess of the amount of financial aid that the student earned, and that Aspen is entitled to retain. In this case, Aspen must collect the receivable using the student’s second payment option. For accounts receivable from students, Aspen 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. Aspen 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 each student’s status. Aspen estimates the amounts to increase the allowance based upon the risk presented by the age of the receivables and student status. Aspen writes off accounts receivable balances at the time the balances are deemed uncollectible. Aspen 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, Aspen estimates its allowance for doubtful accounts by evaluating specific accounts where information indicates the customers 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, Aspen uses assumptions and judgment, based on the best available facts and circumstances, to record a specific allowance for those customers 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. Aspen may also record a general allowance as necessary. Direct write-offs are taken in the period when Aspen has exhausted its efforts to collect overdue and unpaid receivables or otherwise evaluate other circumstances that indicate that Aspen should abandon such efforts. (See Note 8)
Property and Equipment	Property and Equipment Property and equipment are recorded at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the related assets per the following table. Category Useful Life Call center equipment 5 years Computer and office equipment 5 years Furniture and fixtures 7 years Library (online) 3 years Software 5 years 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. Depreciation 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 shorter of the lease term or the estimated useful lives of the leasehold improvements. Upon the retirement or disposition of property and equipment, the related cost and accumulated depreciation 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 Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 350 “Intangibles - Goodwill and Other”.
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
Refunds Due Students	Refunds Due 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.
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 capital 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. The Company implemented ASU 2016-2 as of May 1, 2019. There were no material changes to our unaudited consolidated financial statements other than additional assets and off-setting liabilities. In February 2016, the Financial Accounting Standards Board, of FASB, issued Accounting Standards Update, or 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 $8.8 million, on the unaudited 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 unaudited consolidated statements of cash flows. Disclosures related to the amount, timing, and uncertainty of cash flows arising from leases are included in Note 9.
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 On May 1, 2018, the Company adopted 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 results of operations or our balance sheet. Revenues consist primarily of tuition and course fees derived from courses taught by the Company online as well as from related educational resources and services that the Company provides to its students. Under ASC 606, the 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 8)
Cost of Revenues	Cost of Revenues Cost of revenues consists of two categories, 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 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.
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. For the three and six months ended October 31, 2019, total marketing and promotional costs was $2,006,989 and $4,216,227, respectively. For the six months ended October 31, 2018, total marketing and promotional costs was $2,248,611 and $4,436,067, respectively.
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, bad debt expense related to accounts receivable, 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
Stock-Based Compensation	Stock-Based Compensation Stock-based compensation expense is measured at the grant date of the award and is expensed over the requisite service period. 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 has early adopted ASU 2018-7, which substantially aligns share based compensation for employees and non-employees.
Business Combinations	Business Combinations We include the results of operations of businesses we acquire from the date of the respective acquisition. We allocate the purchase price of acquisitions to the assets acquired and liabilities assumed at fair value. The excess of the purchase price of an acquired business over the amount assigned to the assets acquired and liabilities assumed is recorded as goodwill. We expense transaction costs associated with business combinations as incurred.
Net Loss Per Share	Net Loss Per Share Net loss per share of common stock is based on the weighted average number of shares of common stock outstanding during each period. Options to purchase 3,021,131 and 3,435,616 shares of common stock, warrants to purchase 566,223 and 650,847 shares of common stock, unvested restricted stock of 69,672 and 0, and 50,000 and 50,000 of convertible debt (convertible into 4,167 and 4,167 shares of common stock) were outstanding at October 31, 2019 and October 31, 2018, respectively, but were not included in the computation of diluted net loss per share because the effects would have been anti-dilutive. The options, warrants and convertible debt 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 students regardless of geography. The Company's chief operating decision makers, its Chief Executive Officer and Chief Academic Officer, manage the Company's operations as a whole, and no revenue, expense or operating income information is evaluated by the chief operating decision makers on any component level.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Financial Accounting Standards Board, Accounting Standard Updates which are not effective until after October 31, 2019, are not expected to have a significant effect on the Company’s consolidated financial position or results of operations.

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	6 Months Ended
	Oct. 31, 2019
Accounting Policies [Abstract]
Schedule of Property and Equipment Useful Lives	Depreciation is computed using the straight-line method over the estimated useful lives of the related assets per the following table. Category Useful Life Call center equipment 5 years Computer and office equipment 5 years Furniture and fixtures 7 years Library (online) 3 years Software 5 years

Property and Equipment (Tables)

Property and Equipment (Tables)	6 Months Ended
	Oct. 31, 2019
Property, Plant and Equipment [Line Items]
Property and Equipment	Property and equipment consisted of the following at October 31, 2019 and April 30, 2019: October 31, April 30, Call center hardware $ 270,010 $ 193,774 Computer and office equipment 345,241 327,621 Furniture and fixtures 1,484,930 1,381,271 Software 5,178,944 4,314,198 7,279,125 6,216,864 Accumulated depreciation (2,296,365) (1,825,524) Property and equipment, net $ 4,982,760 $ 4,391,340
Depreciation and Amortization Expense	Depreciation expense and amortization for all Property and Equipment as well as the portion for just software is presented below for the three and six months ended October 31, 2019 and 2018: Three Months Ended Six Months Ended 2019 2018 2019 2018 Depreciation and amortization expense $ 332,212 $ 233,109 $ 648,740 $ 440,841 Software amortization expense $ 242,797 $ 160,666 $ 463,250 $ 304,440
Software
Property, Plant and Equipment [Line Items]
Schedule of Software	Software consisted of the following at October 31, 2019 and April 30, 2019: October 31, April 30, Software $ 5,178,944 $ 4,314,198 Accumulated depreciation (1,645,950) (1,351,193) Software, net $ 3,532,994 $ 2,963,005
Future Amortization Expense	The following is a schedule of estimated future amortization expense of software at October 31, 2019: Future Expense 2020 $ 507,808 2021 960,396 2022 870,922 2023 710,683 2024 421,401 Thereafter 61,784 Total $ 3,532,994

USU Goodwill and Intangibles (T

USU Goodwill and Intangibles (Tables)	6 Months Ended
	Oct. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	Intangible assets consisted of the following at October 31, 2019 and April 30, 2019: October 31, April 30, Intangible assets $ 10,100,000 $ 10,100,000 Accumulated amortization (2,108,333) (1,558,333) Net intangible assets $ 7,991,667 $ 8,541,667

Courseware and Accreditation (T

Courseware and Accreditation (Tables) - Courseware	6 Months Ended
	Oct. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Schedule of Software	Courseware consisted of the following at October 31, 2019 and April 30, 2019: October 31, April 30, Courseware $ 283,538 $ 325,987 Accreditation 59,350 57,100 Accumulated amortization (207,442) (221,157) Courseware, net $ 135,446 $ 161,930
Schedule of Amortization Expense of Intangible Assets	Amortization expense of courseware for the three and six months ended October 31, 2019 and 2018: Three Months Ended Six Months Ended 2019 2018 2019 2018 Amortization expense $ 16,917 $ 15,960 $ 36,059 $ 31,331
Future Amortization Expense	The following is a schedule of estimated future amortization expense of courseware at October 31, 2019: Future Expense 2020 (remaining) $ 28,824 2021 38,560 2022 30,673 2023 25,133 2024 12,256 Thereafter — Total $ 135,446

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Oct. 31, 2019
Summary of Warrant Activity	A summary of the Company’s warrant activity during the six months ended October 31, 2019 is presented below: Warrants Number of Weighted Weighted Aggregate Balance Outstanding, April 30, 2019 731,152 $ 5.28 3.29 $ 413,296 Granted — — — — Exercised (164,929) $ 2.05 — — Surrendered — — — — Expired — — — — Balance Outstanding, October 31, 2019 566,223 $ 6.22 3.66 $ 154,820 Exercisable, October 31, 2019 516,223 $ 6.35 3.59 $ 86,820
Stock Incentive Plan and Stock Option Grants to Employees and Directors
Share-based Payment Arrangement, Option, Exercise Price Range	ALL OPTIONS EXERCISABLE OPTIONS Exercise Weighted Outstanding Weighted Weighted Exercisable $1.57 to $2.10 $ 1.99 600,115 $ 1.99 1.18 600,115 $2.28 to $2.76 $ 2.31 392,780 $ 2.29 0.87 400,486 $3.24 to $4.38 $ 3.90 358,388 $ 3.93 2.00 235,904 $4.50 to $5.20 $ 4.93 711,459 $ 4.90 2.53 336,611 $5.95 to $6.28 $ 6.07 80,417 $ 6.13 2.68 36,806 $7.17 to $7.55 $ 7.39 660,972 $ 7.39 3.73 220,324 $8.57 to $9.07 $ 8.98 217,000 $ 8.98 3.44 72,333 Options only 3,021,131 1,902,579
Summary of Valuation Assumptions Used	The following table summarizes the assumptions the Company utilized to record compensation expense for stock options granted to employees during the period ended. October 31, April 30, Expected life (years) 3.5 3.5 Expected volatility 46.0 % 50.1 % Risk-free interest rate 1.67 % 2.63 % Dividend yield 0.00 % 0.00 % Expected forfeiture rate n/a n/a
Summary of Stock Option Activity	A summary of the Company’s stock option activity for employees and directors during the six months ended October 31, 2019, is presented below: Options Number of Weighted Weighted Aggregate Balance Outstanding, April 30, 2019 3,408,154 $ 4.44 2.90 $ 6,880,644 Granted 89,000 4.03 — — Exercised (453,660) 2.20 — — Forfeited (22,363) 5.92 — — Expired — — — — Balance Outstanding, October 31, 2019 3,021,131 $ 4.57 2.90 $ 6,880,644 Exercisable, October 31, 2019 1,902,579 $ 3.78 1.86 $ 7,545,471
Warrant
Share-based Payment Arrangement, Option, Exercise Price Range	ALL WARRANTS EXERCISABLE WARRANTS Exercise Weighted Outstanding Weighted Weighted Exercisable $ 4.89 $ 4.89 50,000 $ 4.89 4.70 — $ 5.85 $ 5.85 92,049 $ 5.85 4.27 92,049 $ 6.00 $ 6.00 200,000 $ 6.00 4.60 200,000 $ 6.87 $ 6.87 224,174 $ 6.87 2.99 224,174 566,223 516,223

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Oct. 31, 2019
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table represents our revenues disaggregated by the nature and timing of services: Three Months Ended Six Months Ended 2019 2018 2019 2018 Tuition - recognized over period of instruction $ 10,807,131 $ 7,442,392 $ 20,098,083 $ 14,076,232 Course fees - recognized over period of instruction 1,119,259 539,665 2,045,213 1,000,876 Book fees - recognized at a point in time 20,631 26,251 41,416 50,465 Exam fees - recognized at a point in time 55,415 43,600 115,515 95,840 Service fees - recognized at a point in time 83,529 43,436 143,720 93,236 $ 12,085,965 $ 8,095,344 $ 22,443,947 $ 15,316,649

Leases (Tables)

Leases (Tables)	6 Months Ended
	Oct. 31, 2019
Lessee Disclosure [Abstract]
Future Minimum Payments Under Operating Leases	The following is a schedule by years of future minimum rental payments required under operating leases that have initial or remaining non-cancelable lease terms in excess of one year as of October 31, 2019. Maturity of Lease Obligations Lease Payments 2020 (remaining) $ 1,140,612 2021 2,293,382 2022 2,225,348 2023 1,663,434 2024 1,474,175 2025 1,134,718 2026 and beyond 779,287 Total future minimum lease payments 10,710,956 Less imputed interest (2,757,673) Present value of operating lease obligations $ 7,953,283
Schedule of Balance Sheet Information Related to Leases	Balance Sheet Classification Operating lease obligations, current $ 1,509,429 Operating lease obligations, long-term 6,443,854 Total operating lease obligations $ 7,953,283
Schedule of Other Information Related to Leases	Other Information Weighted average remaining lease term (in years) 5.1 Weighted average discount rate 12.06 %

Nature of Operations and Liqu_2

Nature of Operations and Liquidity (Details)	Mar. 06, 2019USD ($)	Mar. 31, 2019USD ($)agreement	Oct. 31, 2019USD ($)subsidiary	Oct. 31, 2018USD ($)	Apr. 30, 2019USD ($)	Nov. 05, 2018USD ($)
Product Information [Line Items]
Number of subsidiaries | subsidiary			3
Percentage of nursing students seeking degree			83.00%
Cash balance			$ 6,472,417	$ 7,723,808	$ 9,519,352
Number of loan agreements | agreement		2
Cash used during period			3,041,047
Cash used in operating activities			$ 2,025,107	$ 5,487,423
Loan Agreements | Leon and Toby Cooperman Family Foundation
Product Information [Line Items]
Proceeds from issuance or sale of equity	$ 10,000,000	$ 10,000,000
One-time extension fee (as a percent)		1.00%
Loan Agreement One
Product Information [Line Items]
Debt instrument, face amount of loan	5,000,000
Loan Agreement Two
Product Information [Line Items]
Debt instrument, face amount of loan	$ 5,000,000
Revolving Credit Facility
Product Information [Line Items]
Line of credit, maximum borrowing capacity						$ 5,000,000
Line of credit, outstanding balance						$ 0

Significant Accounting Polici_4

Significant Accounting Policies (Details)	3 Months Ended		6 Months Ended
	Oct. 31, 2019USD ($)	Oct. 31, 2018USD ($)	Oct. 31, 2019USD ($)segmentshares	Oct. 31, 2018USD ($)shares	May 01, 2019USD ($)	Apr. 30, 2019USD ($)
Short-term Debt [Line Items]
Cash, FDIC insured amount	$ 250,000		$ 250,000
Cash, uninsured amount	6,352,050		6,352,050			$ 9,359,208
Proceeds from bank debt			$ 71,932
Percentage of payments from monthly payment plan			66.00%
Withdrawal from course, percentage of financial aid earned			100.00%
Long term accounts receivable	5,490,733		$ 5,490,733			$ 3,085,243
Right of use lease asset	7,953,283		7,953,283		$ 8,800,000
Lease liabilities	7,953,283		7,953,283		$ 8,800,000
Marketing and promotional costs	2,006,989	$ 2,248,611	$ 4,216,227	$ 4,436,067
Antidilutive securities excluded from computation of earnings per share, amount | shares			3,021,131	3,435,616
Number of reportable segments | segment			1
Warrant
Short-term Debt [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount | shares			566,223	650,847
Unvested Restricted Stock
Short-term Debt [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount | shares			69,672	0
Convertible Debt
Short-term Debt [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount | shares			4,167	4,167
Convertible debt	50,000	$ 50,000	$ 50,000	$ 50,000
Letter of Credit
Short-term Debt [Line Items]
Restricted cash	122,262		122,262
Restricted cash, current	$ 260,094		$ 260,094

Significant Accounting Polici_5

Significant Accounting Policies - Schedule of Property and Equipment Useful Lives (Details)	6 Months Ended
	Oct. 31, 2019
Call center equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	5 years
Computer and office equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	5 years
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	7 years
Library (online)
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	3 years
Software
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	5 years

Property and Equipment (Details

Property and Equipment (Details) - USD ($)	Oct. 31, 2019	Apr. 30, 2019
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 7,279,125	$ 6,216,864
Accumulated depreciation	(2,296,365)	(1,825,524)
Total property and equipment, net	4,982,760	4,391,340
Call center equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	270,010	193,774
Computer and office equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	345,241	327,621
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,484,930	1,381,271
Software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 5,178,944	$ 4,314,198

Property and Equipment - Schedu

Property and Equipment - Schedule of Software (Details) - Software - USD ($)	Oct. 31, 2019	Apr. 30, 2019
Property, Plant and Equipment [Line Items]
Software	$ 5,178,944	$ 4,314,198
Accumulated depreciation	(1,645,950)	(1,351,193)
Net intangible assets	$ 3,532,994	$ 2,963,005

Property and Equipment - Deprec

Property and Equipment - Depreciation and Amortization Expense (Details) - USD ($)	3 Months Ended		6 Months Ended
	Oct. 31, 2019	Oct. 31, 2018	Oct. 31, 2019	Oct. 31, 2018
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 332,212	$ 233,109	$ 648,740	$ 440,841
Software amortization expense	$ 242,797	$ 160,666	$ 463,250	$ 304,440

Property and Equipment - Future

Property and Equipment - Future Amortization Expense (Details) - Software - USD ($)	Oct. 31, 2019	Apr. 30, 2019
Property, Plant and Equipment [Line Items]
2020	$ 507,808
2021	960,396
2022	870,922
2023	710,683
2024	421,401
Thereafter	61,784
Net intangible assets	$ 3,532,994	$ 2,963,005

USU Goodwill and Intangibles (D

USU Goodwill and Intangibles (Details) - USD ($)	6 Months Ended	12 Months Ended
	Oct. 31, 2019	Apr. 30, 2019
Goodwill [Line Items]
Goodwill	$ 5,011,432	$ 5,011,432
Educacion Significativa, LLC
Goodwill [Line Items]
Amortization expense	$ 550,000	$ 1,100,000

USU Goodwill and Intangibles -

USU Goodwill and Intangibles - Intangible Assets (Details) - Educacion Significativa, LLC - USD ($)	Oct. 31, 2019	Apr. 30, 2019
Goodwill [Line Items]
Intangible assets	$ 10,100,000	$ 10,100,000
Accumulated amortization	(2,108,333)	(1,558,333)
Net intangible assets	$ 7,991,667	$ 8,541,667

Courseware and Accreditation (D

Courseware and Accreditation (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Oct. 31, 2019	Oct. 31, 2018	Oct. 31, 2019	Oct. 31, 2018	Apr. 30, 2019
Courseware
Finite-Lived Intangible Assets [Line Items]
Courseware costs capitalized			$ 7,325		$ 34,422
Amortization expense	$ 16,917	$ 15,960	36,059	$ 31,331
Accreditation
Finite-Lived Intangible Assets [Line Items]
Courseware costs capitalized			$ 2,250		$ 57,100

Courseware and Accreditation -

Courseware and Accreditation - Schedule of Software (Details) - USD ($)	Oct. 31, 2019	Apr. 30, 2019
Courseware
Finite-Lived Intangible Assets [Line Items]
Software	$ 283,538	$ 325,987
Accreditation
Finite-Lived Intangible Assets [Line Items]
Software	59,350	57,100
Courseware and Accreditation
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization	(207,442)	(221,157)
Net intangible assets	$ 135,446	$ 161,930

Courseware and Accreditation _2

Courseware and Accreditation - Schedule of Amortization Expense of Intangible Assets (Details) - Courseware and Accreditation - USD ($)	Oct. 31, 2019	Apr. 30, 2019
Finite-Lived Intangible Assets [Line Items]
2020	$ 28,824
2021	38,560
2022	30,673
2023	25,133
2024	12,256
Thereafter	0
Net intangible assets	$ 135,446	$ 161,930

Debt (Details)

Debt (Details)	Mar. 06, 2019USD ($)$ / sharesshares	Nov. 05, 2018USD ($)$ / sharesshares	Feb. 29, 2012USD ($)$ / shares	Mar. 31, 2019USD ($)	Feb. 28, 2019USD ($)
Debt Instrument [Line Items]
Reverse stock split			0.08333
Loan Agreements
Debt Instrument [Line Items]
Stock issued during period, conversion of convertible securities (in shares) | shares	100,000
Debt instrument, term	5 years
Warrants granted, exercise price (in dollars per share) | $ / shares	$ 6
Loan Agreements | Warrant
Debt Instrument [Line Items]
Warrants issued as part of senior secured term loans	$ 360,516
Closing costs treated as debt discounts	$ 33,693
Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity		$ 5,000,000
HEMG
Debt Instrument [Line Items]
Notes payable					$ 200,000
Leon and Toby Cooperman Family Foundation | Loan Agreements
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	12.00%
One-time extension fee (as a percent)				1.00%
Proceeds from issuance of secured debt	$ 5,000,000
Proceeds from issuance or sale of equity	$ 10,000,000			$ 10,000,000
One-time extension fee (as a percent)	1.00%
Convertible Promissory Note Dated February 29, 2012
Debt Instrument [Line Items]
Face value of loan			$ 50,000
2 Year Promissory Notes
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage			0.19%
Conversion price (in dollars per share) | $ / shares			$ 12
Credit Facility Agreement | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity		$ 5,000,000
Interest rate		12.00%
One-time upfront facility fee		$ 100,000
One-time extension fee (as a percent)		2.00%
Number of securities called by warrants or rights (in shares) | shares		92,049
Warrant term		5 years
Exercise price of warrants (in dollars per share) | $ / shares		$ 5.85
Fair value of warrants outstanding		$ 255,071

Stockholders' Equity (Details)

Stockholders' Equity (Details)

Aug. 20, 2019investorshares

Aug. 17, 2019shares

Aug. 01, 2019USD ($)subsidiary$ / sharesshares

Jun. 18, 2019shares

May 13, 2019$ / sharesshares

Dec. 24, 2018shares

Nov. 30, 2019shares

Dec. 24, 2018USD ($)shares

Sep. 30, 2018USD ($)$ / sharesshares

Oct. 31, 2019USD ($)shares

Jul. 31, 2019USD ($)shares

Oct. 31, 2018USD ($)shares

Oct. 31, 2019USD ($)shares

Oct. 31, 2018USD ($)shares

Dec. 30, 2019shares

Jun. 28, 2019shares

Jun. 07, 2019shares

Jun. 03, 2019shares

Apr. 30, 2019shares

Dec. 13, 2018shares

Mar. 13, 2012shares

Stockholders Equity [Line Items]

Preferred stock, shares authorized (in shares)

1,000,000

1,000,000

1,000,000

Preferred stock issued (in shares)

0

0

0

Preferred stock outstanding (in shares)

0

0

0

Common stock, shares authorized (in shares)

40,000,000

40,000,000

40,000,000

Common stock issued for stock options exercised for cash | $

$ 192,522

$ 45,190

$ 52,285

$ 237,713

$ 60,102

Restricted stock issued, fair value | $

$ 0

Weighted average recognition period

2 years

Common stock issued (in shares)

19,142,316

19,142,316

18,665,551

Number of investors electing cashless exercises | investor

2

Compensation expense | $

$ 492,130

$ 990,547

Unrecognized compensation costs | $

$ 1,300,000

$ 1,300,000

Investor

Stockholders Equity [Line Items]

Restricted shares granted (in shares)

25,000

Restricted shares granted, value | $

$ 122,250

Subsequent Event

Stockholders Equity [Line Items]

Restricted stock issued (in shares)

26,050

Equity Incentive Plan

Stockholders Equity [Line Items]

Number of shares granted (in shares)

180,434

180,434

Number of shares authorized (in shares)

500,000

3,500,000

Common stock, shares remaining for future issuance (in shares)

13,852

13,852

Equity Incentive Plan | Subsequent Event

Stockholders Equity [Line Items]

Number of shares authorized (in shares)

500,000

Equity Incentive Plan | Scenario, Plan | Subsequent Event

Stockholders Equity [Line Items]

Number of shares authorized (in shares)

1,100,000

Common Stock

Stockholders Equity [Line Items]

Common stock issued for cashless stock options exercised (in shares)

80,313

101,894

25,534

182,207

30,764

Common stock issued for cashless warrant exercise (in shares)

57,526

19,403

76,929

Cashless exercise of warrants (in shares)

121,070

43,860

Common stock issued for stock options exercised for cash (in shares)

90,950

21,876

24,118

112,826

26,807

Common stock issued for stock options exercised for cash | $

$ 90

$ 24

$ 113

$ 26

Restricted stock issued (in shares)

104,803

Restricted stock issued, fair value | $

$ 104

Common Stock | Minimum

Stockholders Equity [Line Items]

Preferred stock, shares authorized (in shares)

40,000,000

Common Stock | Maximum

Stockholders Equity [Line Items]

Preferred stock, shares authorized (in shares)

250,000,000

Preferred Stock | Minimum

Stockholders Equity [Line Items]

Preferred stock, shares authorized (in shares)

1,000,000

Preferred Stock | Maximum

Stockholders Equity [Line Items]

Preferred stock, shares authorized (in shares)

10,000,000

Warrant

Stockholders Equity [Line Items]

Unvested shares of restricted common stock outstanding (in shares)

69,672

69,672

Total unrecognized compensation expense | $

$ 249,000

$ 249,000

Director

Stockholders Equity [Line Items]

Restricted stock issued (in shares)

30,131

Restricted stock issued, fair value | $

$ 122,332

Former Director

Stockholders Equity [Line Items]

Common stock issued (in shares)

9,806

Former Director | Warrant

Stockholders Equity [Line Items]

Common stock issued (in shares)

21,930

Chief Executive Officer

Stockholders Equity [Line Items]

Common stock issued (in shares)

9,597

Investor 1

Stockholders Equity [Line Items]

Common stock issued for cashless warrant exercise (in shares)

8,970

Investor 1 | Warrant

Stockholders Equity [Line Items]

Cashless exercise of warrants (in shares)

18,818

Investor 2

Stockholders Equity [Line Items]

Common stock issued for cashless warrant exercise (in shares)

42,285

Investor 2 | Warrant

Stockholders Equity [Line Items]

Cashless exercise of warrants (in shares)

88,710

Investor

Stockholders Equity [Line Items]

Common stock issued for cashless warrant exercise (in shares)

6,271

Investor | Warrant

Stockholders Equity [Line Items]

Cashless exercise of warrants (in shares)

13,542

Executive Officer

Stockholders Equity [Line Items]

Stock based compensation expense | $

$ 101,063

Restricted Stock

Stockholders Equity [Line Items]

Restricted stock vesting period

36 months

Number of shares granted (in shares)

24,672

24,672

Restricted Stock | Investor

Stockholders Equity [Line Items]

Restricted shares vested (in shares)

5,000

5,000

Restricted Stock | Andrew Kaplan Current Director

Stockholders Equity [Line Items]

Granted (in shares)

5,131

Options granted (in shares)

5,131

Restricted Stock | Two former directors

Stockholders Equity [Line Items]

Granted (in shares)

25,000

Options granted (in shares)

25,000

Restricted Stock | Director

Stockholders Equity [Line Items]

Restricted shares granted, value | $

$ 126,320

Restricted Stock | Chief Financial Officer

Stockholders Equity [Line Items]

Total unrecognized compensation expense | $

$ 180,000

Restricted shares granted (in shares)

25,000

Restricted stock vesting period

36 months

Restricted stock price on date of grant (in dollars per share) | $ / shares

$ 7.15

Weighted average recognition period

36 months

Non-qualified stock options to certain former directors

Stockholders Equity [Line Items]

Granted (in shares)

30,000

Options granted (in shares)

30,000

Terms of share-based payment award

five years

Share-based payment award exercise price (in dollars per share) | $ / shares

$ 4.12

Share-based Payment Arrangement, Option

Stockholders Equity [Line Items]

Granted (in shares)

59,000

Options granted (in shares)

59,000

Options granted, number of employees | subsidiary

26

Fair value of stock options | $

$ 83,000

Recognition period of stock options (in months)

36 months

Exercise price of options (in dollars per share) | $ / shares

$ 3.99

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Warrant Activity (Details) - Warrant - USD ($)	Oct. 31, 2019	Apr. 30, 2019	Oct. 31, 2019
Number of Shares
Balance Outstanding, April 30, 2019 (in shares)			731,152
Granted (in shares)			0
Exercised (in shares)			(164,929)
Surrendered (in shares)			0
Expired (in shares)			0
Balance Outstanding, October 31, 2019 (in shares)	566,223	731,152	566,223
Exercisable, October 31, 2019 (in shares)	516,223		516,223
Weighted Average Exercise Price
Balance Outstanding, April 30, 2019 (in dollars per share)			$ 5.28
Granted (in dollars per share)			0
Exercised (in dollars per share)			2.05
Surrendered (in dollars per share)			0
Expired (in dollars per share)			0
Balance Outstanding, October 31, 2019 (in dollars per share)	$ 6.22	$ 5.28	6.22
Exercisable, October 31, 2019 (in dollars per share)	$ 6.35		$ 6.35
Weighted Average Remaining Contractual Term
Weighted Average Remaining Contractual Term	3 years 7 months 28 days	3 years 3 months 14 days
Weighted Average Remaining Contractual Term, Exercisable	3 years 7 months 2 days
Aggregate Intrinsic Value
Average Intrinsic Value	$ 154,820	$ 413,296	$ 154,820
Aggregate Intrinsic Value, Exercisable	$ 86,820		$ 86,820

Stockholders' Equity - Share-ba

Stockholders' Equity - Share-based Payment Arrangement, Option, Exercise Price Range (Details)	6 Months Ended
	Oct. 31, 2019$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercisable (in shares) | shares	1,902,579
Warrant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercisable (in shares) | shares	516,223
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) | shares	50,000
Weighted average exercise price (in dollars per share)	$ 4.89
Weighted average remaining life in years	4 years 8 months 12 days
Warrant | $5.85
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Minimum exercise price (in dollars per share)	$ 5.85
Maximum exercise price (in dollars per share)	5.85
Weighted average exercise price (in dollars per share)	$ 5.85
Outstanding (in shares) | shares	92,049
Weighted average exercise price (in dollars per share)	$ 5.85
Weighted average remaining life in years	4 years 3 months 7 days
Exercisable (in shares) | shares	92,049
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) | shares	200,000
Weighted average exercise price (in dollars per share)	$ 6
Weighted average remaining life in years	4 years 7 months 6 days
Exercisable (in shares) | shares	200,000
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) | shares	224,174
Weighted average exercise price (in dollars per share)	$ 6.87
Weighted average remaining life in years	2 years 11 months 26 days
Exercisable (in shares) | shares	224,174

Stockholders' Equity - Summar_2

Stockholders' Equity - Summary of Valuation Assumptions Used (Details)	6 Months Ended	12 Months Ended
	Oct. 31, 2019	Apr. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life (years)		3 years 6 months
Stock Incentive Plan and Stock Option Grants to Employees and Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life (years)	3 years 6 months
Expected volatility	46.00%	50.10%
Risk-free interest rate	1.67%	2.63%
Dividend yield	0.00%	0.00%

Stockholders' Equity - Summar_3

Stockholders' Equity - Summary of Stock Option Activity (Details) - USD ($)	Oct. 31, 2019	Apr. 30, 2019	Oct. 31, 2019
Number of Shares
Exercisable, October 31, 2019 (in shares)	1,902,579		1,902,579
Stock Incentive Plan and Stock Option Grants to Employees and Directors
Number of Shares
Balance Outstanding, April 30, 2019 (in shares)			3,408,154
Options granted (in shares)			89,000
Exercised (in shares)			(453,660)
Forfeited (in shares)			(22,363)
Balance Outstanding, October 31, 2019 (in shares)	3,021,131	3,408,154	3,021,131
Exercisable, October 31, 2019 (in shares)	1,902,579		1,902,579
Weighted Average Exercise Price
Balance Outstanding, April 30, 2019 (in dollars per share)			$ 4.44
Granted (in dollars per share)			4.03
Exercised (in dollars per share)			2.20
Forfeited (in dollars per share)			5.92
Balance Outstanding, October 31, 2019 (in dollars per share)	$ 4.57	$ 4.44	4.57
Exercisable, October 31, 2019 (in dollars per share)	$ 3.78		$ 3.78
Stock Option Activity, Additional Disclosures
Options outstanding, weighted average remaining contractual term	2 years 10 months 24 days	2 years 10 months 24 days
Options outstanding, aggregate intrinsic value	$ 6,880,644	$ 6,880,644	$ 6,880,644
Options exercisable, weighted average remaining contractual term	1 year 10 months 9 days
Options exercisable, aggregate intrinsic value	$ 7,545,471		$ 7,545,471

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of All Options and Exercisable Options (Details)	3 Months Ended	6 Months Ended
	Oct. 31, 2019$ / sharesshares	Oct. 31, 2019$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercisable (in shares) | shares	1,902,579	1,902,579
$1.57 to $2.10
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Minimum exercise price (in dollars per share)	$ 1.57
Maximum exercise price (in dollars per share)	2.10
Weighted average exercise price (in dollars per share)	$ 1.99	$ 1.99
Outstanding (in shares) | shares	600,115	600,115
Weighted average exercise price (in dollars per share)	$ 1.99	$ 1.99
Weighted average remaining life in years		1 year 2 months 4 days
Exercisable (in shares) | shares	600,115	600,115
$2.28 to $2.76
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Minimum exercise price (in dollars per share)	$ 2.28
Maximum exercise price (in dollars per share)	2.76
Weighted average exercise price (in dollars per share)	$ 2.31	$ 2.31
Outstanding (in shares) | shares	392,780	392,780
Weighted average exercise price (in dollars per share)	$ 2.29	$ 2.29
Weighted average remaining life in years		10 months 13 days
Exercisable (in shares) | shares	400,486	400,486
$3.24 to $4.38
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Minimum exercise price (in dollars per share)	$ 3.24
Maximum exercise price (in dollars per share)	4.38
Weighted average exercise price (in dollars per share)	$ 3.90	$ 3.90
Outstanding (in shares) | shares	358,388	358,388
Weighted average exercise price (in dollars per share)	$ 3.93	$ 3.93
Weighted average remaining life in years		2 years
Exercisable (in shares) | shares	235,904	235,904
$4.50 to $5.20
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Minimum exercise price (in dollars per share)	$ 4.5
Maximum exercise price (in dollars per share)	5.20
Weighted average exercise price (in dollars per share)	$ 4.93	$ 4.93
Outstanding (in shares) | shares	711,459	711,459
Weighted average exercise price (in dollars per share)	$ 4.90	$ 4.90
Weighted average remaining life in years		2 years 6 months 10 days
Exercisable (in shares) | shares	336,611	336,611
$5.95 to $6.28
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Minimum exercise price (in dollars per share)	$ 5.95
Maximum exercise price (in dollars per share)	6.28
Weighted average exercise price (in dollars per share)	$ 6.07	$ 6.07
Outstanding (in shares) | shares	80,417	80,417
Weighted average exercise price (in dollars per share)	$ 6.13	$ 6.13
Weighted average remaining life in years		2 years 8 months 4 days
Exercisable (in shares) | shares	36,806	36,806
$7.17 to $7.55
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Minimum exercise price (in dollars per share)	$ 7.17
Maximum exercise price (in dollars per share)	7.55
Weighted average exercise price (in dollars per share)	$ 7.39	$ 7.39
Outstanding (in shares) | shares	660,972	660,972
Weighted average exercise price (in dollars per share)	$ 7.39	$ 7.39
Weighted average remaining life in years		3 years 8 months 23 days
Exercisable (in shares) | shares	220,324	220,324
$8.57 to $9.07
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Minimum exercise price (in dollars per share)	$ 8.57
Maximum exercise price (in dollars per share)	9.07
Weighted average exercise price (in dollars per share)	$ 8.98	$ 8.98
Outstanding (in shares) | shares	217,000	217,000
Weighted average exercise price (in dollars per share)	$ 8.98	$ 8.98
Weighted average remaining life in years		3 years 5 months 8 days
Exercisable (in shares) | shares	72,333	72,333

Revenue - Schedule of Disaggreg

Revenue - Schedule of Disaggregated Revenue (Details) - USD ($)	3 Months Ended		6 Months Ended
	Oct. 31, 2019	Oct. 31, 2018	Oct. 31, 2019	Oct. 31, 2018
Disaggregation of Revenue [Line Items]
Revenue	$ 12,085,965	$ 8,095,344	$ 22,443,947	$ 15,316,649
Tuition
Disaggregation of Revenue [Line Items]
Revenue	10,807,131	7,442,392	20,098,083	14,076,232
Course fees
Disaggregation of Revenue [Line Items]
Revenue	1,119,259	539,665	2,045,213	1,000,876
Book fees
Disaggregation of Revenue [Line Items]
Revenue	20,631	26,251	41,416	50,465
Exam fees
Disaggregation of Revenue [Line Items]
Revenue	55,415	43,600	115,515	95,840
Service fees
Disaggregation of Revenue [Line Items]
Revenue	$ 83,529	$ 43,436	$ 143,720	$ 93,236

Revenue (Details)

Revenue (Details) - USD ($)	3 Months Ended	6 Months Ended
	Oct. 31, 2019	Oct. 31, 2019	Oct. 31, 2018	Apr. 30, 2019
Disaggregation of Revenue [Line Items]
Deferred revenue	$ 5,509,861	$ 5,509,861		$ 2,456,865
Refunds due students	1,902,211	1,902,211		$ 1,174,501
Total revenue earned, deferred revenue	$ 2,700,000	$ 2,500,000
Revenue Benchmark | Non-US
Disaggregation of Revenue [Line Items]
Percentage of revenues from students outside the United States		1.32%	1.70%

Leases (Details)

Leases (Details) - USD ($)	3 Months Ended	6 Months Ended
	Oct. 31, 2019	Oct. 31, 2019	May 01, 2019
Lessee Disclosure [Abstract]
Lease expense	$ 669,459	$ 1,245,880
Right of use lease asset	7,953,283	7,953,283	$ 8,800,000
Cash paid for amounts included in operating lease liabilities	$ 600,000	$ 1,100,000

Leases - Future Minimum Payment

Leases - Future Minimum Payments Under Operating Leases (Details) - USD ($)	Oct. 31, 2019	May 01, 2019
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2020 (remaining)	$ 1,140,612
2021	2,293,382
2022	2,225,348
2023	1,663,434
2024	1,474,175
2025	1,134,718
2026 and beyond	779,287
Total future minimum lease payments	10,710,956
Less imputed interest	(2,757,673)
Present value of operating lease obligations	$ 7,953,283	$ 8,800,000

Leases - Schedule of Balance Sh

Leases - Schedule of Balance Sheet Information Related to Leases (Details) - USD ($)	Oct. 31, 2019	May 01, 2019
Operating leases
Operating lease obligations, current portion	$ 1,509,429
Operating lease liabilities, long-term	6,443,854
Present value of operating lease obligations	$ 7,953,283	$ 8,800,000

Leases - Schedule of Other Info

Leases - Schedule of Other Information Related to Leases (Details)	Oct. 31, 2019
Lessee Disclosure [Abstract]
Weighted average remaining lease term (in years)	5 years 1 month 6 days
Weighted average discount rate (percent)	12.06%

Commitments and Contingencies (

Commitments and Contingencies (Details)	6 Months Ended
	Oct. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Return of unearned funds, no later than (in days)	45 days

Subsequent Event (Details)

Subsequent Event (Details)	Dec. 15, 2019USD ($)shares	Dec. 02, 2019shares	Dec. 01, 2019shares	Dec. 24, 2018	Nov. 30, 2019subsidiaryshares
Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock issued (in shares)					26,050
Restricted Stock Units (RSUs) | Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of employees receiving grant | subsidiary					52
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock vesting period				36 months
Frank J. Cotroneo | Restricted Stock Units (RSUs) | Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares granted (in shares)		100,000
Restricted stock vesting period		3 years	3 years
RSUs vested in period (in shares)		15,000
Robert Alessi | Restricted Stock Units (RSUs) | Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares granted (in shares)			20,000
Joseph Severly | Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Salary continuation period (in months)	6 months
Salary continuation | $	$ 150,000
Joseph Severly | Restricted Stock | Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fully vested shares (in shares)	25,000
Amount of restricted stock vested	33.33%
Joseph Severly | Common Stock | Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fully vested shares (in shares)	25,000