- Second consecutive quarter of net income of $0.4 million
- Revenue increased to $11.4 million, led by growth from USU
- Disciplined cost controls deliver operating income of $0.7 million
- Positive Adjusted EBITDA of $1.9 million as compared to $0.4 million
- Third consecutive quarter of positive operating cash flow of $0.4 million
PHOENIX, Oct. 31, 2025 (GLOBE NEWSWIRE) -- Aspen Group, Inc. (OTCQB: ASPU) ("AGI" or the "Company"), an education technology holding company, today announced financial results for its first quarter of fiscal year 2026, ended July 31, 2025.
| First Quarter Fiscal Year 2026 Summary Results | |||||||
| Three Months Ended July 31, | |||||||
| $ in millions, except per share data | 2025 | 2024 | |||||
| Revenue | $ | 11.4 | $ | 11.3 | |||
| Gross Profit1 | $ | 8.4 | $ | 7.5 | |||
| Gross Margin (%)1 | 73 | % | 66 | % | |||
| Net Income (Loss) | $ | 0.4 | $ | (0.1 | ) | ||
| Earnings (Loss) per Share - Basic | $ | 0.01 | $ | (0.01 | ) | ||
| Earnings (Loss) per Share - Diluted | $ | 0.01 | $ | (0.01 | ) | ||
| EBITDA2 | $ | 1.4 | $ | 1.0 | |||
| Adjusted EBITDA2 | $ | 1.9 | $ | 0.4 | |||
_______________________
1 GAAP gross profit calculation includes marketing and promotional costs, instructional costs and services, and amortization expense of $0.4 million and $0.5 million, respectively for the three months ended July 31, 2025 and 2024.
2 Non-GAAP financial measures. See reconciliations of GAAP to non-GAAP financial measures under "Non-GAAP-Financial Measures" starting on page 4.
Michael Mathews, Chairman and CEO of AGI, stated: "This quarter, we continued to maintain revenue stability while also making further progress executing cost controls to strengthen Aspen Group's financial foundation. Our restructuring initiatives are expected to deliver additional quarterly general and administrative savings of approximately $1.5 million by the third quarter of Fiscal 2026. Our cost control initiatives also resulted in the continuation of positive operating cash flow, building from our success in Fiscal 2025."
Mr. Mathews added, "These actions enhance our liquidity and position us to strategically reinvest in marketing to boost enrollment. While the regulatory review of the merger between Aspen University and United States University continues, we remain confident in our ability to expand student resources and achieve positive operating cash flow in fiscal year 2026."
Fiscal Q1 2026 Financial and Operational Results (compared to Fiscal Q1 2025)
Revenue increased by 1% to $11.4 million compared to $11.3 million. The following table presents the Company's revenue, both per subsidiary and total:
| Three Months Ended July 31, | ||||||||||||
| 2025 | $ Change | % Change | 2024 | |||||||||
| AU | $ | 4,285,868 | $ | (506,036 | ) | (11 | )% | $ | 4,791,904 | |||
| USU | 7,154,598 | 617,665 | 9 | % | 6,536,933 | |||||||
| Revenue | $ | 11,440,466 | $ | 111,629 | 1 | % | $ | 11,328,837 | ||||
Aspen University's ("AU") revenue decline of $0.5 million, or 11%, is the result of lower post-licensure enrollments from the effect of decreased marketing spend initiated late in Q1 Fiscal 2023.
United States University ("USU") revenue was up 9% compared to the prior year period. MSN-FNP program enrollments increased sequentially due to strong organic leads during the quarter. Additionally, USU's performance was supported by strong demand from existing students returning from inactive status and higher revenue per student driven by more students entering their second year of the MSN-FNP program, which includes clinical rotations, and by tuition increases.
GAAP gross profit increased by $0.8 million to $8.4 million. Consolidated gross margin was 73% compared to 66%, AU's gross margin was 70% versus 61%, and USU's gross margin was 76% versus 71%. GAAP gross profit and gross margin increased primarily due to higher revenue at USU related to increased revenue per student combined with reduced cost of revenue at AU and USU driven by increased efficiencies in the use of faculty.
AU instructional costs and services represented 25% of AU revenue, and USU instructional costs and services represented 22% of USU revenue. AU marketing and promotional costs represented 1% of AU revenue, while USU marketing and promotional costs represented less than 1% of USU revenue.
The following tables present the Company's net income (loss), both per subsidiary and total:
| Three Months Ended July 31, 2025 | ||||||||||||
| Consolidated | AGI Corporate | AU | USU | |||||||||
| Net income (loss) | $ | 406,805 | $ | (2,457,170 | ) | $ | 323,725 | $ | 2,540,250 | |||
| Net income per share- Basic | $ | 0.01 | ||||||||||
| Net income per share - Diluted | $ | 0.01 | ||||||||||
| Three Months Ended July 31, 2024 | ||||||||||||||
| Consolidated | AGI Corporate | AU | USU | |||||||||||
| Net (loss) income | $ | (127,864 | ) | $ | (2,131,705 | ) | $ | (74,782 | ) | $ | 2,078,623 | |||
| Net loss per share - Basic | $ | (0.01 | ) | |||||||||||
| Net loss per share - Diluted | $ | (0.01 | ) | |||||||||||
The following tables present the Company's Non-GAAP measures, both per subsidiary and total. See reconciliations of GAAP to non-GAAP financial measures under "Non-GAAP-Financial Measures" starting on page 4.
| Three Months Ended July 31, 2025 | ||||||||||||||||
| Consolidated | AGI Corporate | AU | USU | |||||||||||||
| EBITDA | $ | 1,394,277 | $ | (2,078,673 | ) | $ | 777,955 | $ | 2,694,995 | |||||||
| EBITDA Margin | 12 | % | NM | 18 | % | 38 | % | |||||||||
| Adjusted EBITDA | $ | 1,876,457 | $ | (2,047,440 | ) | $ | 1,002,955 | $ | 2,920 942 | |||||||
| Adjusted EBITDA Margin | 16 | % | NM | 23 | % | 41 | % | |||||||||
| NM - Not meaningful | ||||||||||||||||
| Three Months Ended July 31, 2024 | ||||||||||||||||
| Consolidated | AGI Corporate | AU | USU | |||||||||||||
| EBITDA | $ | 1,039,102 | $ | (1,706,887 | ) | $ | 529,054 | $ | 2,216,935 | |||||||
| EBITDA Margin | 9 | % | NM | 11 | % | 34 | % | |||||||||
| Adjusted EBITDA | $ | 447,615 | $ | (2,322,995 | ) | $ | 316,446 | $ | 2,454,164 | |||||||
| Adjusted EBITDA Margin | 4 | % | NM | 7 | % | 38 | % | |||||||||
Adjusted EBITDA improved by $1.4 million primarily due to increased revenue per student at USU, increased instructional efficiencies at AU and USU and a decrease in general and administrative costs attributed to our restructurings.
Operating Metrics
New Student Enrollments
On a Company-wide basis, new student enrollments increased 6% year-over-year. Sequentially, new student enrollments increased due to continued strong organic lead flow, existing students returning from inactive status, and students enrolling in advance of Q2 Fiscal 2026 price increases. New student enrollments were negatively impacted by the on-going maintenance level of marketing spend. As a result of the restructurings and increased instructional efficiencies, we anticipate the resumption of marketing spend in the second half of Fiscal 2026 at a level necessary to provide enrollments needed to grow the student body and allow for the generation of positive operating cash flow.
New student enrollments for the past five quarters are shown below:
| Q1'25 | Q2'25 | Q3'25 | Q4'25 | Q1'26 | |||||
| Aspen University | 413 | 508 | 359 | 350 | 533 | ||||
| USU | 410 | 442 | 196 | 258 | 338 | ||||
| Total | 823 | 950 | 555 | 608 | 871 |
Total Active Student Body
AGI's active degree-seeking student body for the past five quarters, including AU and USU, is shown below:
| Q1'25 | Q2'25 | Q3'25 | Q4'25 | Q1'26 | |||||
| Aspen University | 4,145 | 3,827 | 3,564 | 3,375 | 3,140 | ||||
| USU | 2,477 | 2,560 | 2,475 | 2,434 | 2,369 | ||||
| Total | 6,622 | 6,387 | 6,039 | 5,809 | 5,509 |
Nursing Students
AGI's nursing student body for the past five quarters is shown below:
| Q1'25 | Q2'25 | Q3'25 | Q4'25 | Q1'26 | |||||
| Aspen University | 3,198 | 2,948 | 2,745 | 2,606 | 2,418 | ||||
| USU | 2,254 | 2,300 | 2,297 | 2,254 | 2,210 | ||||
| Total | 5,452 | 5,248 | 5,042 | 4,860 | 4,628 |
Liquidity
The Fiscal Q1 2026 ending unrestricted cash balance was $0.5 million. As of October 24, 2025, the Company had $0.6 million of unrestricted cash on hand. In Q2 Fiscal 2026, we implemented a fifth restructuring plan, that will result in additional cash benefits for the Company starting in Q3 Fiscal 2026. The restructuring resulted in the elimination of approximately 75 positions within AU and AGI. The resulting additional on-going quarterly compensation-related savings will be approximately $1.5 million beginning in Q3 Fiscal 2026.
Our restructuring efforts were designed to achieve positive annual operating cash flows, which will permit the resumption of marketing spend at a level that we expect will renew growth in our post-licensure nursing student body. In Fiscal Q1 2026, we had positive cash flow from operations of $0.4 million.
Cost reductions associated with the restructuring plans and other corporate cost reductions ensure that the Company will have sufficient cash to meet its working capital needs for the next 12 months.
Non-GAAP - Financial Measures
This press release includes both financial measures in accordance with Generally Accepted Accounting Principles, or GAAP, as well as non-GAAP financial measures. Generally, a non-GAAP financial measure is a numerical measure of a company's performance, financial position or cash flows that either excludes or includes amounts that are not normally included or excluded in the most directly comparable measure calculated and presented in accordance with GAAP. Non-GAAP financial measures should be viewed as supplemental to, and should not be considered as alternatives to net income (loss), operating income (loss), and cash flow from operating activities, liquidity or any other financial measures. They may not be indicative of the historical operating results of AGI nor are they intended to be predictive of potential future results. Investors should not consider non-GAAP financial measures in isolation or as substitutes for performance measures calculated in accordance with GAAP.
Our management uses and relies on EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin, which are non-GAAP financial measures. We believe that management, analysts, and shareholders benefit from referring to the following non-GAAP financial measures to evaluate and assess our core operating results from period-to-period after removing the impact of items that affect comparability. Our management recognizes that the non-GAAP financial measures have inherent limitations because of the excluded items described below.
We have included a reconciliation of our non-GAAP financial measures to the most comparable financial measures calculated in accordance with GAAP. We believe that providing the non-GAAP financial measures, together with the reconciliation to GAAP, helps investors make comparisons between AGI and other companies. In making any comparisons to other companies, investors need to be aware that companies use different non-GAAP measures to evaluate their financial performance. Investors should pay close attention to the specific definition being used and to the reconciliation between such measure and the corresponding GAAP measure provided by each company under applicable SEC rules.
AGI defines Adjusted EBITDA as EBITDA excluding: (1) provision for credit losses; (2) stock-based compensation; and (3) non-recurring charges. The following table presents a reconciliation of net income (loss) to EBITDA and Adjusted EBITDA and of net income (loss) margin to the Adjusted EBITDA margin:
| Three Months Ended July 31, | ||||||||
| 2025 | 2024 | |||||||
| Net income (loss) | $ | 406,805 | $ | (127,864 | ) | |||
| Interest expense, net | 310,391 | 347,170 | ||||||
| Tax expense (benefit) | 7,419 | (208 | ) | |||||
| Depreciation and amortization | 669,662 | 820,004 | ||||||
| EBITDA | 1,394,277 | 1,039,102 | ||||||
| Provision for credit losses | 450,000 | 450,000 | ||||||
| Stock-based compensation | 32,180 | 210,091 | ||||||
| Severance | - | 50,707 | ||||||
| Lease modifications | - | (523,298 | ) | |||||
| Change in fair value of put warrant liability | - | (820,987 | ) | |||||
| Non-recurring charges - Other | - | 42,000 | ||||||
| Adjusted EBITDA | $ | 1,876,457 | $ | 447,615 | ||||
| Net income (loss) Margin | 4 | % | (1 | )% | ||||
| EBITDA Margin | 12 | % | 9 | % | ||||
| Adjusted EBITDA Margin | 16 | % | 4 | % | ||||
The following tables present a reconciliation of net income (loss) to EBITDA and Adjusted EBITDA and of Net income (loss) margin to the Adjusted EBITDA margin by business unit:
| Three Months Ended July 31, 2025 | ||||||||||||
| Consolidated | AGI Corporate | AU | USU | |||||||||
| Net income (loss) | $ | 406,805 | $ | (2,457,170 | ) | $ | 323,725 | $ | 2,540,250 | |||
| Interest expense, net | 310,391 | 310,391 | - | - | ||||||||
| Taxes | 7,419 | 83 | 7,336 | - | ||||||||
| Depreciation and amortization | 669,662 | 68,023 | 446,894 | 154,745 | ||||||||
| EBITDA | 1,394,277 | (2,078,673 | ) | 777,955 | 2,694,995 | |||||||
| Provision for credit losses | 450,000 | - | 225,000 | 225,000 | ||||||||
| Stock-based compensation | 32,180 | 31,233 | - | 947 | ||||||||
| Adjusted EBITDA | $ | 1,876,457 | $ | (2,047,440 | ) | $ | 1,002,955 | $ | 2,920,942 | |||
| Net income Margin | 4 | % | NM | 8 | % | 36 | % | |||
| Adjusted EBITDA Margin | 16 | % | NM | 23 | % | 41 | % |
________________________________
NM - Not meaningful
| Three Months Ended July 31, 2024 | |||||||||||||||
| Consolidated | AGI Corporate | AU | USU | ||||||||||||
| Net income (loss) | $ | (127,864 | ) | $ | (2,131,705 | ) | $ | (74,782 | ) | $ | 2,078,623 | ||||
| Interest expense, net | 347,170 | 347,170 | - | - | |||||||||||
| Taxes | (208 | ) | 92 | - | (300 | ) | |||||||||
| Depreciation and amortization | 820,004 | 77,556 | 603,836 | 138,612 | |||||||||||
| EBITDA | 1,039,102 | (1,706,887 | ) | 529,054 | 2,216,935 | ||||||||||
| Provision for credit losses | 450,000 | - | 225,000 | 225,000 | |||||||||||
| Stock-based compensation | 210,091 | 201,754 | 6,865 | 1,472 | |||||||||||
| Severance | 50,707 | 3,125 | 36,825 | 10,757 | |||||||||||
| Lease modifications | (523,298 | ) | - | (523,298 | ) | - | |||||||||
| Change in fair value of put warrant liability | (820,987 | ) | (820,987 | ) | - | - | |||||||||
| Non-recurring charges - Other | 42,000 | - | 42,000 | - | |||||||||||
| Adjusted EBITDA | $ | 447,615 | $ | (2,322,995 | ) | $ | 316,446 | $ | 2,454,164 | ||||||
| Net income (loss) Margin | (1)% | NM | (2)% | 32 | % | |||||
| Adjusted EBITDA Margin | 4 | % | NM | 7 | % | 38 | % | |||
Definitions
Adjusted EBITDA Margin - is defined as Adjusted EBITDA divided by revenue. We believe Adjusted EBITDA margin is useful for management, analysts and investors as this measure allows for a more meaningful comparison between our performance and that of our competitors. Adjusted EBITDA margin has certain limitations in that it does not take into account the impact to our consolidated statement of operations of certain expenses.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including the expected general and administrative savings to be achieved by the third quarter of the fiscal year ending April 30, 2026 ("Fiscal 2026"), increased marketing spend, and achieving positive operating cash flow for Fiscal 2026. The words "believe," "may," "estimate," "continue," "anticipate," "intend," "should," "plan," "could," "target," "potential," "is likely," "will," "expect" and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Important factors that could cause actual results to differ from those in the forward-looking statements include the continued demand of nursing students for the new programs, student attrition, national and local economic factors including the impact of tariffs, competition from nursing schools in local markets, the competitive impact from the trend of major non-profit universities using online education and consolidation among our competitors, the impact, if any from the current U.S. government shutdown, and our ability to refinance our outstanding convertible debentures. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
About Aspen Group, Inc.
Aspen Group, Inc. 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.
Investor Relations Contact
Kim Rogers
Managing Director
Hayden IR
385-831-7337
Kim@HaydenIR.com
| GAAP Financial Statements | |||||||
| ASPEN GROUP, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS | |||||||
| July 31, 2025 | April 30, 2025 | ||||||
| (Unaudited) | |||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 480,581 | $ | 736,871 | |||
| Restricted cash | 338,002 | 338,002 | |||||
| Accounts receivable, net of allowance of $6,199,996 and $5,731,139, respectively | 16,896,190 | 17,167,346 | |||||
| Prepaid expenses | 373,052 | 443,366 | |||||
| Other current assets | 1,127,150 | 518,171 | |||||
| Total current assets | 19,214,975 | 19,203,756 | |||||
| Property and equipment: | |||||||
| Computer equipment and hardware | 897,124 | 894,251 | |||||
| Furniture and fixtures | 1,974,271 | 1,974,271 | |||||
| Leasehold improvements | 5,621,087 | 5,621,087 | |||||
| Instructional equipment | 529,299 | 529,299 | |||||
| Software | 7,704,341 | 7,527,066 | |||||
| 16,726,122 | 16,545,974 | ||||||
| Less: accumulated depreciation and amortization | (10,546,264 | ) | (9,907,309 | ) | |||
| Total property and equipment, net | 6,179,858 | 6,638,665 | |||||
| Goodwill | 5,011,432 | 5,011,432 | |||||
| Intangible assets, net | 7,900,000 | 7,900,000 | |||||
| Courseware and accreditation, net | 239,037 | 256,994 | |||||
| Long-term contractual accounts receivable | 21,068,679 | 19,846,823 | |||||
| Operating lease right-of-use assets, net | 6,882,871 | 7,250,407 | |||||
| Deposits and other assets | 654,403 | 657,850 | |||||
| Total assets | $ | 67,151,255 | $ | 66,765,927 | |||
(Continued)
| ASPEN GROUP, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (CONTINUED) | |||||||
| July 31, 2025 | April 30, 2025 | ||||||
| (Unaudited) | |||||||
| Liabilities and Stockholders' Equity | |||||||
| Liabilities: | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 2,735,862 | $ | 2,055,173 | |||
| Accrued expenses | 2,608,147 | 2,483,520 | |||||
| Advances on tuition | 1,730,416 | 2,235,332 | |||||
| Deferred tuition | 2,683,072 | 2,535,533 | |||||
| Due to students | 2,152,303 | 2,115,581 | |||||
| Current portion of long-term debt | 6,751,104 | 2,000,000 | |||||
| Operating lease obligations, current portion | 2,926,379 | 2,811,471 | |||||
| Other current liabilities | 713,245 | 185,296 | |||||
| Total current liabilities | 22,300,528 | 16,421,906 | |||||
| Long-term debt, net | - | 5,224,524 | |||||
| Operating lease obligations, less current portion | 11,630,856 | 12,398,678 | |||||
| Put warrants liabilities | 1,427,521 | 1,427,521 | |||||
| Other long-term liabilities | 327,402 | 327,402 | |||||
| Total liabilities | 35,686,307 | 35,800,031 | |||||
| Commitments and contingencies | |||||||
| Stockholders' equity: | |||||||
| Preferred stock, $0.001 par value; 1,000,000 shares authorized, | |||||||
| 10,000 issued and 10,000 outstanding at both July 31, 2025 and April 30, 2025 | 10 | 10 | |||||
| Common stock, $0.001 par value; 85,000,000 shares authorized, 29,080,778 and | |||||||
| 28,389,531 issued and outstanding at July 31, 2025 and April 30, 2025, respectively | 29,081 | 28,390 | |||||
| Additional paid-in capital | 122,244,089 | 122,152,533 | |||||
| Accumulated deficit | (90,808,232 | ) | (91,215,037 | ) | |||
| Total stockholders' equity | 31,464,948 | 30,965,896 | |||||
| Total liabilities and stockholders' equity | $ | 67,151,255 | $ | 66,765,927 | |||
| ASPEN GROUP, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) | |||||||
| Three Months Ended July 31, | |||||||
| 2025 | 2024 | ||||||
| (Unaudited) | (Unaudited) | ||||||
| Revenue | $ | 11,440,466 | $ | 11,328,837 | |||
| Operating expenses: | |||||||
| Cost of revenue (exclusive of depreciation and amortization shown separately below) | 2,685,052 | 3,347,225 | |||||
| General and administrative | 6,911,137 | 7,327,334 | |||||
| Provision for credit losses | 450,000 | 450,000 | |||||
| Depreciation and amortization | 669,662 | 820,004 | |||||
| Total operating expenses | 10,715,851 | 11,944,563 | |||||
| Operating income (loss) | 724,615 | (615,726 | ) | ||||
| Other income (expense): | |||||||
| Interest expense | (310,391 | ) | (347,170 | ) | |||
| Change in fair value of put warrant liability | - | 820,987 | |||||
| Other income, net | - | 13,837 | |||||
| Total other (expense) income, net | (310,391 | ) | 487,654 | ||||
| Income (loss) before income taxes | 414,224 | (128,072 | ) | ||||
| Income tax expense (benefit) | 7,419 | (208 | ) | ||||
| Net income (loss) | 406,805 | (127,864 | ) | ||||
| Dividends attributable to preferred stock | (42,345 | ) | (141,152 | ) | |||
| Net income (loss) available to common stockholders | $ | 364,460 | $ | (269,016 | ) | ||
| Net income (loss) per share attributable to common stockholders: | |||||||
| Basic | $ | 0.01 | $ | (0.01 | ) | ||
| Diluted | $ | 0.01 | $ | (0.01 | ) | ||
| Weighted average number of common stock outstanding: | |||||||
| Basic | 29,073,583 | 25,929,218 | |||||
| Diluted | 38,451,820 | 25,929,218 | |||||
| ASPEN GROUP, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OFCASH FLOWS (Unaudited) | |||||||
| Three Months Ended July 31, | |||||||
| 2025 | 2024 | ||||||
| (Unaudited) | (Unaudited) | ||||||
| Cash flows from operating activities: | |||||||
| Net income (loss) | $ | 406,805 | $ | (127,864 | ) | ||
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||
| Provision for credit losses | 450,000 | 450,000 | |||||
| Depreciation and amortization | 669,662 | 820,004 | |||||
| Stock-based compensation | 32,180 | 151,341 | |||||
| Change in fair value of put warrant liability | - | (820,987 | ) | ||||
| Amortization of warrant-based cost | - | 7,000 | |||||
| Amortization of debt issuance costs | 26,580 | - | |||||
| Non-cash lease benefit | (225,313 | ) | (124,497 | ) | |||
| Changes in operating assets and liabilities: | |||||||
| Accounts receivable | (1,400,700 | ) | 481,156 | ||||
| Prepaid expenses | 70,314 | (6,001 | ) | ||||
| Other current assets | (608,979 | ) | 368,529 | ||||
| Deposits and other assets | 3,447 | 19,419 | |||||
| Accounts payable | 680,689 | (196,066 | ) | ||||
| Accrued expenses | 124,627 | 219,262 | |||||
| Due to students | 36,722 | (138,529 | ) | ||||
| Advances on tuition and deferred tuition | (357,377 | ) | (1,267,356 | ) | |||
| Other current liabilities | 527,951 | 402,493 | |||||
| Net cash provided by operating activities | 436,608 | 237,904 | |||||
| Cash flows from investing activities: | |||||||
| Purchases of courseware and accreditation | (12,750 | ) | (20,580 | ) | |||
| Purchases of property and equipment | (180,148 | )) | (289,906 | ) | |||
| Net cash used in investing activities | (192,898 | ) | (310,486 | ) | |||
| Cash flows from financing activities: | |||||||
| Repayment of portion of 15% Senior Secured Debentures | (500,000 | ) | (150,000 | ) | |||
| Net cash used in financing activities | (500,000 | ) | (150,000 | ) | |||
(Continued)
| ASPEN GROUP, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED) (Unaudited) | |||||||
| Three Months Ended July 31, | |||||||
| 2025 | 2024 | ||||||
| (Unaudited) | (Unaudited) | ||||||
| Net decrease in cash, cash equivalents and restricted cash | $ | (256,290 | ) | $ | (222,582 | ) | |
| Cash, cash equivalents and restricted cash at beginning of period | 1,074,873 | 2,619,427 | |||||
| Cash, cash equivalents and restricted cash at end of period | $ | 818,583 | $ | 2,396,845 | |||
| Supplemental disclosure of cash flow information: | |||||||
| Cash paid for interest | $ | 310,391 | $ | 345,413 | |||
| Cash paid (refunds) for income taxes | $ | 7,419 | $ | (208 | ) | ||
| Supplemental disclosure of non-cash investing and financing activities: | |||||||
| Accrued dividends | $ | 42,345 | $ | 141,152 | |||
The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the accompanying consolidated balance sheet to the total amounts shown in the accompanying unaudited consolidated statements of cash flows:
| July 31, | |||||
| 2025 | 2024 | ||||
| (Unaudited) | (Unaudited) | ||||
| Cash and cash equivalents | $ | 480,581 | $ | 1,308,843 | |
| Restricted cash | 338,002 | 1,088,002 | |||
| Total cash, cash equivalents and restricted cash | $ | 818,583 | $ | 2,396,845 | |
