Market Newsdesk

TORONTO, Dec. 15, 2020 (GLOBE NEWSWIRE) — Wesdome Gold Mines Ltd. (TSX: WDO) (“Wesdome” or the “Company”) is pleased to announce an updated Mineral Resource Estimate (“MRE”) at its 100% owned Kiena Mine Complex, in Val d’Or, Québec. This estimate shall form the basis on which the Kiena Prefeasibility Study (“PFS”) is founded. The company plans to complete the PFS in H1 of 2021, and contingent upon those results, decide on the potential next steps and timing of the Kiena Mine restart.

HIGHLIGHTS

• Definition drilling increased Kiena Deep A Zones Indicated Resources by 77% from 405,100 ounces to 717,400 ounces of gold since 2019, at a similar cut-off grade of 3.0 g/t Au.
• Inferred Resources in the Kiena Deep A Zones of 120,400 ounces.
• Kiena Mine Complex Mineral Resources total 796,000 ounces of Indicated and 656,000 ounces of Inferred.

Mr. Duncan Middlemiss, President and CEO, commented, “We are pleased with our drilling efforts that have converted a large portion of the existing A Zones inferred resources to indicated resources in spite of the lower than planned drilling metres due to the operational disruptions attributed to the COVID-19 restrictions. Our focus changed to conversion of the A Zones inferred resources into indicated resources, as the timeliness of our restart decision is paramount to the company’s objective of adding another producing asset.

We are also pleased with the limited amount of exploration drilling that has extended the A Zones over 880 metres (“m”) down plunge. The A Zones remain open at depth and there exists additional potential to add ounces per vertical meter by exploring the adjacent VC and B Zones at depth as these would be accessible off the down ramp. Currently the deepest portion of the resource resides at the 1686m elevation and will be ramp accessible.

In addition to the update of the Kiena Deep and VC zones, all previous polygonal resources were converted to 3D block model during this MRE update in order to be consistent across the Kiena Mine Complex. This resulted in a small reduction of inferred ounces in some zones, but the total resources across the property are now more reflective of how these zones may be mined in the future.

We have restarted the Kiena mill to process the A Zone development material and assess the current resource estimate based on grade capping levels. The recent development and processing of the A Zone will be used to inform the ongoing prefeasibility study on aspects of the geological model, geomechanics, and milling parameters. The PFS is on schedule to be released in the first half of 2021.

With a large portion of the definition drilling completed, the underground drilling will continue with seven drills; however, the focus will be on near mine exploration and zone extensions, of which there are numerous targets. In addition, we are currently ramping up a large surface exploration program, with the aim of unlocking additional value on the Kiena property.”

Comparison of 2020 MRE vs 2019 MRE for Kiena Deep A Zones
	INDICATED			INFERRED
3.0 g/t cut-off	Tonnes	Gold Grade (g/t)	Gold Ounces	Tonnes	Gold Grade (g/t)	Gold Ounces
2019 MRE	679,200	18.6	405,100	676,300	15.3	332,000
2020 MRE	1,252,200	17.8	717,400	307,400	12.0	118,700
Difference	+84%	-4%	+77%	-55%	-22%	-64%

HIGHLIGHTS OF MINERAL RESOURCE ESTIMATE (“MRE”) – December 15, 2020

Kiena Deep A Zones Mineral Resource Estimate Sensitivity Table (namely zones ZA, ZA1, ZA2 and H1ZA)

	INDICATED			INFERRED
	Tonnes	Gold Grade  (g/t)	Gold Ounces	Tonnes	Gold Grade  (g/t)	Gold Ounces
4.5 g/t	1,056,500	20.4	694,000	239,500	14.4	110,600
4.0 g/t	1,115,300	19.6	702,000	258,700	13.6	113,200
3.5 g/t	1,182,100	18.7	710,100	281,700	12.8	116,000
3.0 g/t	1,252,200	17.8	717,400	307,400	12.0	118,700
2.8 g/t	1,279,400	17.5	719,900	325,700	11.5	120,400
2.5 g/t	1,330,700	16.9	724,300	341,900	11.1	121,800

 

Kiena Complex Mineral Resource Estimate by Area (2.8 g/t Au cut-off)

	INDICATED			INFERRED
AREA	Tonnes	Gold Grade (g/t)	Gold Ounces	Tonnes	Gold Grade (g/t)	Gold Ounces
Kiena Deep	1,279,400	17.5	719,900	325,700	11.5	120,400
S50	146,600	4.5	21,400	100,000	3.7	12,000
VC	137,700	4.8	21,200	169,500	5.3	28,600
ZB	–	–	–	74,000	4.1	9,800
South Zones	63,200	4.2	8,400	211,900	3.9	26,700
Presquile	–	–	–	255,600	6.7	55,100
Dubuisson	–	–	–	744,600	6.7	160,200
Martin	163,100	4.8	25,000	109,100	4.3	15,000
North West	–	–	–	285,800	4.0	37,100
Wesdome*	–	–	–	1,129,400	5.3	191,400
TOTAL	1,789,900	13.8	795,900	3,405,600	6.0	656,200
*Reported at 3.6 g/t Au cut-off

MINERAL RESOURCE UPDATE

The updated mineral resource estimate includes drill data as of September 18, 2020. It includes an additional 213 drill holes for a total of 60,865 m drilled since August 6, 2019 (close-out date for September 25, 2019 resource). Of which, an additional 122 new drill holes in Kiena Deep for a total of 35,280 m in the update of the Kiena Deep Zones. The drilling information was used to update the interpretation of the geologic model, geometry of the mineralized zones and domains resulting in a higher degree of confidence in the resource estimate.

The 2019 Preliminary Economic Assessment (“PEA”) has not been updated in light of the 2020 MRE. The 2020 MRE does not have a negative impact on or otherwise adversely affect the mineral resource inventory that formed the basis of the 2019 PEA.

Notes for Kiena Property Resource Estimate, October 31, 2020

(1) These mineral resources are not mineral reserves as they do not have demonstrated economic viability.
(2) The mineral resource estimate follows CIM definitions and guidelines for mineral resources.
(3) Results are presented in situ and undiluted and considered to have reasonable prospects for economic extraction, below a 100 m crown pillar.
(4) The resources include 46 zones with a minimum true thickness of 3.0 m (2.4 m for Wesdome zones) using the grade of the adjacent material when assayed or a value of zero when not assayed. High-grade capping varies from 20 to 265 g/t Au (when required) and was applied to composited assay grades for interpolation using an Ordinary Kriging interpolation method based on 1.0 m composite and block size of 5 m x 5 m x 5 m, with bulk density values of 2.8 (g/cm³). A three-step capping strategy was applied, where capping value decreased as interpolation search distance increased, in order to restrict high grade impact at greater distance. Indicated resources are manually defined and encloses areas where drill spacing is generally less than 30 m, blocks are informed by a minimum of three drill holes, and reasonable geological and grade continuity is shown.
(5) The estimate is reported for potential underground scenario at cut-off grades of 2.8 g/t Au (> 40 degree dip) and 3.6 g/t Au (< 40 degree dip, Wesdome zones only). The cut-off grades were calculated using a gold price of US$1,450 per ounce, a CAD:USD exchange rate of 1.32 (resulting in CAD$1,914 per ounce gold price); mining cost $100/t (>40 degree dip); $150/t (<40 degree dip); processing cost $40/t; G&A $25/t. The cut-off grades should be re-evaluated in light of future prevailing market conditions (metal prices, exchange rate, mining cost, etc.).
(6) The number of metric tonnes and ounces were rounded to the nearest hundred and the metal contents are presented in troy ounces (tonne x grade/31.10348).
(7) The QP is not aware of any known environmental, permitting, legal, title-related, taxation, socio-political or marketing issues, or any other relevant issue not reported in this Technical Report that could materially affect the mineral resource estimate.

QUALIFIED PERSONS AND TECHNICAL INFORMATION

The updated block model mineral resource estimate was prepared by Karine Brousseau P.Eng (OIQ #121871), Senior Engineer – Mineral Resources of the Company and a “Qualified Person” as defined in NI-43-101. The mineral resource estimate has been reviewed and audited by BBA Consulting. Pierre-Luc Richard P.Geo (OGQ #1119) of BBA Consulting, is a “Qualified Person” for the resource estimate as defined in NI-43-101 and is considered to be “independent” of Wesdome for purposes of NI-43-101.

The full technical report, which is being prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI-43-101”) by BBA Consulting, will be available on SEDAR (www.sedar.com) under the Company’s issuer profile within 45 days from this news release. The effective date of the current mineral resource estimate is October 31, 2020.

The technical and geoscientific content of this release has been compiled, reviewed and approved by Bruno Turcotte, P.Geo., (OGQ #453) Senior Project Geologist of the Company and a “Qualified Person” as defined in NI-43-101.

COVID-19

The health and safety of our employees, contractors, vendors, and consultants is the Company’s top priority. In response to the COVID-19 outbreak, Wesdome has adopted all public health guidelines regarding safety measures and protocols at all of its mine operations and corporate offices. In addition, our internal COVID-19 Taskforce continues to monitor developments and implement policies and programs intended to protect those who are engaged in business with the Company.

Through care and planning, to date the Company has successfully maintained operations, however there can be no assurance that this will continue despite our best efforts. Future conditions may warrant reduced or suspended production activities which could negatively impact our ability to maintain projected timelines and objectives. Consequently, the Company’s actual future production and production guidance is subject to higher levels of risk than usual. We are continuing to closely monitor the situation and will provide updates as they become available.

ABOUT WESDOME


Wesdome has had over 30 years of continuous gold mining operations in Canada. The Company is 100% Canadian focused with a pipeline of projects in various stages of development. The Company’s strategy is to build Canada’s next intermediate gold producer, producing 200,000+ ounces from two mines in Ontario and Québec. The Eagle River Complex in Wawa, Ontario is currently producing gold from two mines, the Eagle River Underground Mine and the Mishi Open pit, from a central mill. Wesdome is actively exploring its brownfields asset, the Kiena Complex in Val d’Or, Québec. The Kiena Complex is a fully permitted former mine with a 930-metre shaft and 2,000 tonne-per-day mill. The Company has further upside at its Moss Lake gold deposit, located 100 kilometres west of Thunder Bay, Ontario. The Company has approximately 138.9 million shares issued and outstanding and trades on the Toronto Stock Exchange under the symbol “WDO”.

Cautionary Statements Regarding Estimates of Mineral Resources

This news release uses the terms measured, indicated and inferred resources as a relative measure of the level of confidence in the resource estimate. Readers are cautioned that mineral resources are not economic mineral reserves and that the economic viability of resources that are not mineral reserves has not been demonstrated. The estimate of mineral resources may be materially affected by geology, environmental, permitting, legal, title, socio-political, marketing or other relevant issues. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to an indicated or measured mineral resource category. The mineral resource estimate is classified in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum’s “CIM Definition Standards on Mineral Resources and Mineral Reserves” incorporated by reference into NI 43-101. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies or economic studies except for Preliminary Assessment as defined under NI 43-101. Readers are cautioned not to assume that further work on the stated resources will lead to mineral reserves that can be mined economically.

Cautionary Note to United States Investors Concerning Estimates of Reserves and Resources

The mineral reserve and resource estimates reported in this news release were prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) as required by Canadian securities regulatory authorities. The United States Securities and Exchange Commission (the “SEC”) applies different standards in order to classify and report mineralization. This news release uses the terms “measured”, “indicated” and “inferred” mineral resources, as required by NI 43-101. Readers are advised that although such terms are recognized and required by Canadian securities regulations, the SEC does not recognize such terms. Canadian standards differ significantly from the requirements of the SEC. Readers are cautioned not to assume that any part or all of the mineral deposits in these categories constitute or will ever be converted into mineral reserves. In addition, “inferred” mineral resources have a great amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource exists, is economically or legally mineable or will ever be upgraded to a higher category of mineral resource.

For further information, please contact:

Duncan Middlemiss	or	Lindsay Carpenter Dunlop
President and CEO		VP Investor Relations
416-360-3743 ext. 2029		416-360-3743 ext. 2025
[email protected]		[email protected]

220 Bay St. East, Suite 1200
Toronto, ON, M5J 2W4
Toll Free: 1-866-4-WDO-TSX
Phone: 416-360-3743, Fax: 416-360-7620

This news release contains “forward-looking information” which may include, but is not limited to, statements with respect to the future financial or operating performance of the Company and its projects. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements contained herein are made as of the date of this press release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances, management’s estimates or opinions should change, except as required by securities legislation. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.

PDF available: http://ml.globenewswire.com/Resource/Download/f2f1b8e5-76f5-4cfc-8a85-5d6e4f21ba6a

CLEVELAND, Dec. 15, 2020 (GLOBE NEWSWIRE) — Lincoln Electric Holdings, Inc. (Nasdaq: LECO) (“Company”) today announced the promotion of Peter Pletcher to Senior Vice President, President International. In this role, Peter will be responsible for the Company’s business in Europe, Russia & Turkey, and will report to Steve Hedlund, Executive Vice President, President of the Americas and International Welding segments. Pletcher will also serve as a member of Lincoln Electric’s Management Committee.

“Peter’s strong leadership has been invaluable in advancing key growth initiatives at Lincoln Electric,” stated Christopher L. Mapes, Lincoln Electric’s Chairman, President and Chief Executive Officer. “Today’s announcement recognizes his achievements in successfully shaping our European region for long-term, competitive growth and value creation.”

Pletcher joined Lincoln Electric in 1995 and has held leadership positions in sales, applications engineering, marketing, product development and operations. Most recently, he has been leading the Company’s business in Europe. Prior to that, Pletcher led the Company’s Automation business. Pletcher holds a Bachelor of Science degree in Mechanical Engineering from LeTourneau University, an MBA from Rutgers University, and attended the Advanced Management Program at Harvard Business School.

About Lincoln Electric

Lincoln Electric is the world leader in the design, development and manufacture of arc welding products, automated joining, assembly and cutting systems, plasma and oxy-fuel cutting equipment, and has a leading global position in brazing and soldering alloys. Headquartered in Cleveland, Ohio, Lincoln Electric has 59 manufacturing locations in 18 countries and a worldwide network of distributors and sales offices covering more than 160 countries. For more information about Lincoln Electric and its products and services, visit the Company’s website at https://www.lincolnelectric.com.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/678ce1a6-f64d-495d-b455-68f215c291a7

Contact

Amanda Butler 
Vice President, Investor Relations & Communications 
Tel: 216.383.2534 
Email: [email protected]

HARRISBURG, Pa., Dec. 15, 2020 (GLOBE NEWSWIRE) — Ollie’s Bargain Outlet Holdings, Inc. (NASDAQ: OLLI) (the “Company”) today announced that its Board of Directors authorized an increase in its share buyback program up to $159.6 million. This includes the approximately $59.6 million remaining under its previously announced program that expires on March 26, 2021. The authorization of the additional $100 million expires on January 13, 2023, subject to extension or earlier termination by the Board of Directors at any time.

The shares may be purchased from time to time in open market transactions (including blocks), privately negotiated transactions, accelerated share repurchase programs or other derivative transactions, issuer self-tender offers or any combination of the foregoing. The timing of repurchases and the actual amount purchased will depend on a variety of factors including the market price of the Company’s shares, general market and economic conditions, and other corporate considerations.

Repurchases may be made pursuant to plans intended to comply with Rule 10b5-1 under the Securities Exchange Act of 1934, which could allow the Company to purchase its shares during periods when it otherwise might be prevented from doing so under insider trading laws or because of self-imposed trading blackout periods. Repurchases are expected to be funded from cash on hand or through the utilization of our revolving credit facility. The increased repurchase authorization does not require the purchase of a specific number of shares.

John Swygert, President and Chief Executive Officer, stated, “We are very pleased to be increasing our share buyback program and continuing to increase shareholder value. Our strong financial performance and cash flow, combined with our confidence in our future growth outlook, enabled us to increase this program while leaving us with ample liquidity to continue to execute our long-term strategy.”

About Ollie’s

We are a highly differentiated and fast growing, extreme value retailer of brand name merchandise at drastically reduced prices. We are known for our assortment of merchandise offered as Good Stuff Cheap®. We offer name brand products, Real Brands! Real Bargains!®, in every department, including housewares, food, books and stationery, bed and bath, floor coverings, toys, health and beauty aids and other categories. We currently operate 389 stores in 25 states throughout half of the United States. For more information, visit https://www.ollies.us/home.html.

Investor Contact:

Jean Fontana
ICR
646-277-1214
[email protected]

Media Contact:

Tom Kuypers
Senior Vice President – Marketing & Advertising
717-657-2300
[email protected]

Scottsdale, AZ, Dec. 15, 2020 (GLOBE NEWSWIRE) — Senior Connect Acquisition Corp. I (the “Company”) announced today the closing of its initial public offering of 41,400,000 units at a price of $10.00 per unit, including 5,400,000 units issued pursuant to the exercise by the underwriters of their over-allotment option in full. The units are listed on the Nasdaq Capital Market (“Nasdaq”) and began trading under the ticker symbol “SNRHU” on December 11, 2020.  Each unit consists of one share of Class A common stock and one-half of one redeemable warrant, with each whole warrant exercisable to purchase one share of Class A common stock at a price of $11.50 per share.  After the securities comprising the units begin separate trading, the shares of Class A common stock and warrants are expected to be listed on Nasdaq under the symbols “SNRH” and “SNRHW,” respectively.

The Company is a blank check company whose business purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.  While the Company may pursue an initial business combination with a company in any sector or geography, the Company intends to focus its search on businesses serving the senior market or capable of being repositioned to do so.

Citigroup Global Markets Inc. acted as the sole bookrunner for the offering.

A registration statement relating to these securities was declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on December 10, 2020. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

The offering is being made only by means of a prospectus. Copies of the prospectus relating to this offering may be obtained from Citigroup Global Markets Inc., Attention: Prospectus Department, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at (800) 831-9146.

Forward Looking Statements

This press release contains statements that constitute “forward-looking statements,” including with respect to the initial public offering and search for an initial business combination. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement for the initial public offering filed with the SEC. Copies are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Contacts

Investor Contact:

Ryan Burke
Senior Connect Acquisition Corp. I
(480) 948-9200

NEW YORK, Dec. 15, 2020 (GLOBE NEWSWIRE) — Aspen Group, Inc. (“Aspen Group” or “AGI”) (Nasdaq: ASPU), an education technology holding company, today announced financial results for its 2021 fiscal second quarter ended October 31, 2020.

Second Quarter and Year to Date Fiscal Year 2021 Summary Results

	Three Months Ended						Six Months Ended
$ in millions, except per share data (rounding differences may occur)	October 31, 2020			October 31, 2019			October 31, 2020			October 31, 2019
Revenue	$17.0			$12.1			$32.1			$22.4
GAAP Gross Profit1	$9.3			$7.6			$18.3			$13.4
GAAP Gross Margin (%)1		55%			63%			57%			60%
Operating Income (Loss)	($2.8		)	($0.3		)	($3.2		)	($2.0		)
Net Income (Loss)	($4.4		)	($0.6		)	($5.3		)	($2.7		)
Earnings (Loss) per Share	($0.19		)	($0.03		)	($0.23		)	($0.14		)
Adjusted Net Income (Loss)2	($1.2		)	($0.1		)	($1.1		)	($1.6		)
Adjusted Earnings (Loss) per Share2	($0.05		)	($0.01		)	($0.05		)	($ 0.08		)
EBITDA2	($2.3		)	$0.5			($2.3		)	($0.5		)
Adjusted EBITDA2	$0.2			$1.4			$1.5			$1.3

¹ GAAP gross profit calculation includes marketing and promotional costs, instructional costs & services, and amortization expense.
² See reconciliations of GAAP to Non-GAAP financial measures under “Non-GAAP–Financial Measures” below.

“Aspen Group’s consistent top-line performance is attributable to the focused execution of our growth strategy. Our high growth to date reflects our marketing spend prioritization to ramp enrollment in our high LTV degree programs. We have now begun executing our longer-term strategy of expanding our campus footprint into new metros with the successful launches of the Austin, Texas and Tampa, Florida pre-licensure campuses,” stated Michael Mathews, Chairman and CEO of AGI.

Mr. Mathews continued, “During the second quarter, we strategically increased our investments in marketing and completed the expansion of our enrollment center to support the anticipated enrollment growth of our highest LTV programs and the launch of new campuses in Austin, Texas, and Tampa, Florida. These investments, which precede revenue, reduced second quarter gross margin versus the prior quarter and year. Note that for the first time, revenue in the second quarter from USU (primarily MSN-FNP) and Aspen’s BSN Pre-Licensure, our two fastest-growing, highest LTV units, equaled 50% of total Company revenue. These two units are forecast to increase as a percentage of total company revenue in the coming quarters. As a result, we expect to meet or exceed historical gross margin levels as these new campuses mature and revenue from these units continues to grow.

On September 14, 2020, we announced that $10 million of secured convertible notes, issued by the Company on January 22, 2020, had achieved the conversion stock price threshold and converted into 1.4 million shares of common stock. As a result, Aspen Group removed $700,000 of annual interest expense from the P&L and is now debt-free. This quarter’s interest expense reflects the acceleration of the Original Issuance Discount on the convertible notes for a non-cash expense of $1.4 million. Also, as previously announced, the Company incurred stock compensation expense from the vesting of two tranches of performance-based equity grants, one in August and one in September 2020. This accelerated vesting resulted in a non-cash expense of $1.2 million reported in the quarter’s G&A expense line. Solid execution combined with the stock market rally since the March low lifted our share price to near all-time highs during the quarter and triggered the vesting.

Advertising spend quarter over quarter was an increase of $700,000. In the quarter, G&A was $11.3 million, and included, among other things, the non-cash charge related to the RSU vesting of $1.2 million, new campus costs, and growth opex. Growth opex G&A are expenses attributable to the new Enrollment Advisors, Academic and Financial Aid Advisors, and clinical operations personnel necessary to support future enrollment growth. Total costs related to the G&A growth spending for new campus costs and growth opex totaled $0.5 million. Should these charges and expenses be excluded, G&A grew at our stated goal of 50% of the revenue increase year-over-year. ³

In addition to increasing enrollment from two new campuses, we will be introducing double cohorts at our main Phoenix campus to reduce wait times for students entering the core BSN program. These added cohorts will increase the capacity by approximately 50% to 45 students each semester in the core program, for each of the six semester starts per year beginning in February 2021. Rising enrollment from larger cohorts is anticipated to increase our annual revenue run rate at our main campus by approximately $1.8 million starting in our fiscal fourth quarter.

Aspen Group is committed to supporting working adults and millennials in achieving their educational goals. Technology and innovation are at the core of our Company’s DNA and integral to our mission to make college affordable. With a vertically integrated EdTech platform featuring a proprietary CRM system, we experience the highest conversion rates and the lowest enrollment costs in the for-profit education sector. This allows Aspen Group to offer our students affordable tuition rates, monthly payment plans, and flexible on-campus class schedules. These competitive advantages, along with our operational expertise, are the underpinnings of our long-term growth strategy to open ten new campuses throughout the southern United States in the next five years, with the objective of increasing our high LTV revenue streams and improving shareholder value.”

Second Quarter Fiscal Year 2021 Financial and Operational Results vs. Second Quarter Fiscal Year 2020:

The table below shows, on a year-over-year basis, second quarter fiscal year 2021 Bookings increased 34% to $42.1 million, delivering a Company-wide average revenue per enrollment (ARPU) increase of 12% to $15,825.

Second Quarter Bookings



¹



and Average Revenue Per Enrollment (ARPU)



²

	Three Months Ended			Three Months Ended
$ in millions, except ARPU	October 31, 2020 Enrollments	October 31, 2020 Bookings		October 31, 2019 Enrollments	October 31, 2019 Bookings		Year-over-Year % Change of Total Bookings & ARPU
Aspen University	2,010	$30.5		1,823	$24.3
USU	649	$11.6		394	$7.0
Total	2,659	$42.1		2,217	$31.3		34	%
ARPU		$15,825			$14,125		12	%

¹Bookings are defined by multiplying LTV by new student enrollments for each operating unit.
²Average Revenue Per Enrollment (ARPU) is defined by dividing total Bookings by total new student enrollments for each operating unit.

Revenues increased 40% to $17.0 million for the Q2 fiscal 2021 as compared to $12.1 million in Q2 fiscal 2020. USU accounted for approximately 29% and Aspen University’s Pre-Licensure BSN program accounted for approximately 21% of overall Company revenues for Q2 fiscal 2021.

Gross profit increased to $9.3 million or 55% gross margin for Q2 fiscal 2021 versus $7.6 million or 63% gross margin. Aspen University gross profit represented 57% of Aspen University revenues for Q2 fiscal 2021, while USU gross profit equaled 56% of USU revenues for Q2 fiscal 2021. Aspen University instructional costs and services represented 20% of Aspen University revenues for Q2 fiscal 2021, while USU instructional costs and services equaled 26% of USU revenues for Q2 fiscal 2021. Aspen University marketing and promotional costs represented 20% of Aspen University revenues for Q2 fiscal 2021, while USU marketing and promotional costs equaled 18% of USU revenues for Q2 fiscal 2021.

For the second quarter of fiscal year 2021, net loss applicable to shareholders was ($4.4 million) or basic net loss per share of ($0.19) versus net loss applicable to shareholders of ($0.6 million) or basic net loss per share of ($0.03). Aspen University generated $2.2 million of net income for Q2 fiscal 2021, and USU generated $0.6 million of net income in Q2 fiscal 2021. AGI corporate incurred $5.6 million of operating expenses for Q2 fiscal 2021.

Adjusted Net Income (Loss), a non-GAAP financial measure, was ($1.2 million) for the second quarter of fiscal year 2021 as compared to Adjusted Net Loss of ($0.1 million) in the prior year period. Adjusted Earnings (Loss) Per Share, a non-GAAP financial measure, was ($0.05) for the second quarter of fiscal year 2021 as compared to Adjusted Loss per Share of ($0.01) in the prior year period.

EBITDA, a non-GAAP financial measure, was ($2.3 million) or (13%) margin in Q2 fiscal 2021 as compared to an EBITDA of $0.5 million or 4% margin in Q2 fiscal 2020. Adjusted EBITDA, a non-GAAP financial measure, was $0.2 million or 1% margin in Q2 fiscal 2021 as compared to an Adjusted EBITDA was $1.4 million or 11% margin in Q2 fiscal 2020.

Aspen University generated net income of $2.2 million, EBITDA of $2.7 million or 23% margin and Adjusted EBITDA of $3.4 million or 28% margin for Q2 fiscal 2021. Note that Aspen’s pre-licensure BSN program accounted for $1.1 million of the $2.7 million EBITDA generated at Aspen University, operating at an EBITDA margin of 31% — the highest margin unit of the Company. USU generated net income of $0.6 million, EBITDA of $0.6 million or 12% margin and $0.7 million of Adjusted EBITDA or 14% margin for Q2 fiscal 2021. AGI corporate generated net loss of $7.1 million, EBITDA of ($5.6 million) and Adjusted EBITDA of ($3.9 million) in Q2 fiscal 2021.

At October 31, 2020, the Company reported basic shares outstanding of approximately 24,416,000, an increase of approximately 2,056,000 shares from approximately 22,360,000 basic shares outstanding at the beginning of the quarter. This is a result of the conversion of $10 million of Convertible Notes into 1.4 million shares as well as other employee exercises.

Liquidity

For the quarter ended October 31, 2020, the Company reported cash and cash equivalents of $12.2 million and restricted cash of $4.6 million. The Company used cash of ($1.4 million) in operations in the second quarter of fiscal year 2021, as compared to using ($0.3 million) in same period last year.

Conference Call:

Aspen Group will host a conference call to discuss its second quarter fiscal year 2021 financial results and business outlook on Tuesday, December 15, 2020, at 4:30 p.m. (ET). Aspen Group will issue a press release reporting results after the market closes on that day. The conference call can be accessed by dialing toll-free (844) 452-6823 (U.S.) or (731) 256-5216 (international), passcode 9059076. Subsequent to the call, a transcript of the audiocast will be available from the Company’s website at ir.aspen.edu. There will also be a seven day dial-in replay which can be accessed by dialing toll-free (855) 859-2056 or (404) 537-3406 (international), passcode 9059076.

Non-GAAP

²

– 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 Adjusted Net Income (Loss), Adjusted Earnings (Loss) Per Share, EBITDA and Adjusted EBITDA, 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 Net Income (Loss) as net earnings (loss) from operations adding back non-recurring charges and stock-based compensation expense as reflected in the table below.   Q2 Fiscal 2021 includes –non-cash stock-based compensation expense of $1.2 million related to the accelerated amortization expense for the price vesting of the Executive RSUs and non-recurring charges of $1.4 million related to the accelerated amortization expense of the original issue discount for the automatic conversion of $10 million of Convertible Notes on September 14, 2020.

The following table presents a reconciliation of net loss and earnings (loss) per share to Adjusted Net Income (Loss) and Adjusted Earnings (Loss) Per Share:

	Three Months Ended October 31,										Six Months Ended October 31,
	2020					2019					2020					2019
Earnings (loss) per share	$	(0.19	)			$	(0.03	)			$	(0.23	)			$	(0.14	)
Weighted average number of common stock outstanding*	22,791,503					18,985,371					22,763,235					18,859,344
Net loss	$	(4,370,525	)			$	(638,168	)			$	(5,313,721	)			$	(2,713,450	)
Add back:
Stock-based compensation	1,831,548					492,130					2,318,658					990,547
Non-recurring charges	1,362,819					—					1,906,203					132,949
Adjusted Net (Loss)	$	(1,176,158	)			$	(146,038	)			$	(1,088,860	)			$	(1,589,954	)
Adjusted (Loss) per Share	$	(0.05	)			$	(0.01	)			$	(0.05	)			$	(0.08	)

________________
*Same share count used for GAAP and non-GAAP financial measures.

AGI defines Adjusted EBITDA as EBITDA excluding: (1) bad debt expense; (2) stock-based compensation; and (3) non-recurring charges such as stock based compensation and other items. Included in Q2 Fiscal 2021 is –non-cash stock-based compensation expense of $1.2 million related to the accelerated amortization expense for the price vesting of the Executive RSUs. The above items are excluded from our Adjusted EBITDA measure because these items are non-cash in nature. Adjusted EBITDA is an important measure of our operating performance because it allows management, analysts and investors to evaluate and assess our core operating results from period-to-period after removing the impact of items that affect comparability.

The following table presents a reconciliation of net loss to EBITDA and Adjusted EBITDA:

	Three Months Ended October 31,										Six Months Ended October 31,
	2020					2019					2020					2019
Net loss	$	(4,370,525	)			$	(638,168	)			$	(5,313,721	)			$	(2,713,450	)
Interest expense, net	1,529,517					426,694					1,984,740					846,761
Taxes	36,530					44,168					34,630					134,445
Depreciation and amortization	526,357					628,225					1,016,981					1,234,799
EBITDA	(2,278,121		)			460,919					(2,277,370		)			(497,445		)
Bad debt expense	632,000					407,759					1,032,000					648,658
Stock-based compensation	1,831,548					492,130					2,318,658					990,547
Non-recurring charges	—					—					419,437					132,949
Adjusted EBITDA	$	185,427				$	1,360,808				$	1,492,725				$	1,274,709

³The following table presents a reconciliation of net loss to net loss, excluding growth spend and non-cash items:

	Q2 Fiscal 2021
	Amounts					Earnings (Loss) Per Share
Net Loss, as reported	$	(4,370,525	)			$	(0.19	)
Add back:
Growth spend (includes advertising, growth opex and new campus costs)	1,347,330
Non-cash items	2,561,761
Subtotal	3,909,091
Net Loss, excluding growth spend and non-cash items	$	(461,434	)			$	(0.02	)

³See reconciliations of GAAP to Non-GAAP financial measures under “Non-GAAP–Financial Measures” above.

Definitions

Bookings – is defined by multiplying LTV by new student enrollments for each operating unit.

Lifetime Value (“LTV”) – is calculated as the weighted average total amount of tuition and fees paid by every new student that enrolls in the Company’s universities, after giving effect to attrition.

Average Revenue per Enrollment (“ARPU”) – is defined by dividing total bookings by total new student enrollments for each operating unit.

Marketing Efficiency Ratio (“MER”) – is defined as revenue per enrollment divided by cost per enrollment.

EBITDA Margin – is defined as EBITDA divided by revenues. We believe EBITDA margin is useful for management, analysts and investors as this measure allows a more meaningful comparison between our performance and that of our competitors. EBITDA margin has certain limitations in that it does not take into account the impact to our consolidated statement of operations of certain expenses.

Adjusted EBITDA Margin – is defined as Adjusted EBITDA divided by revenues. We believe Adjusted EBITDA margin is useful for management, analysts and investors as this measure allows 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.

NM – Not meaningful.

Subsequent to the call, a transcript of the audiocast will be available from the Company’s website at ir.aspen.edu.

For additional information on the financial statements and performance, please refer to the Aspen Group, Inc. Form 10-Q for the second quarter of fiscal year 2021 and Q2 2021 Financial Results Presentation published on our website.

Forward-Looking Statements:

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including our expected fiscal 2021 revenue growth, the anticipated enrollment growth, the expected revenue from our pre-licensure BSN and the MSN-FNP programs as a percentage of revenue, the planned introduction of double cohorts in the core BSN program and the expected effect of this increase on our revenue run rate at our main campus, our estimates as to Lifetime Value, the expected future impact of bookings, and ARPU. 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 effectiveness of the COVID-19 vaccine rollout on our class starts in the fiscal fourth quarter, and the competitive impact from the trend of major non-profit universities using online education and consolidation among our competitors. Other risks are included in our filings with the SEC including our Form 10-K for the year ended April 30, 2020, and prospectus supplement dated October 31, 2020. 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 
[email protected]

ASPEN GROUP, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

	October 31, 2020					April 30, 2020
	(Unaudited)
Assets
Current assets:
Cash and cash equivalents	$	12,237,710				$	14,350,554
Restricted cash	4,644,618					3,556,211
Accounts receivable, net of allowance of $2,523,293 and $1,758,920, respectively	17,995,485					14,326,791
Prepaid expenses	1,595,939					941,671
Other receivables	—					23,097
Other current assets	446,857					173,090
Total current assets	36,920,609					33,371,414
Property and equipment:
Computer equipment and hardware	755,972					649,927
Furniture and fixtures	1,013,103					1,007,099
Leasehold improvements	920,736					867,024
Instructional equipment	315,993					301,842
Software	7,373,655					6,162,770
Construction in progress	878,263					—
	11,257,722					8,988,662
Less accumulated depreciation and amortization	(3,830,290		)			(2,841,019		)
Total property and equipment, net	7,427,432					6,147,643
Goodwill	5,011,432					5,011,432
Intangible assets, net	7,900,000					7,900,000
Courseware, net	100,369					111,457
Accounts receivable, net of allowance of $625,963 and $625,963, respectively	45,329					45,329
Long term contractual accounts receivable	10,246,622					6,701,136
Debt issue cost, net	34,722					182,418
Operating lease right of use assets, net	7,809,489					6,412,851
Deposits and other assets	486,176					355,831
Total assets	$	75,982,180				$	66,239,511

(Continued)

ASPEN GROUP, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS (CONTINUED)

	October 31, 2020					April 30, 2020
	(Unaudited)
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	2,344,280				$	1,505,859
Accrued expenses	1,820,396					537,413
Deferred revenue	8,628,498					3,712,994
Due to students	2,070,225					2,371,844
Operating lease obligations, current portion	1,670,277					1,683,252
Other current liabilities	259,339					545,711
Total current liabilities	16,793,015					10,357,073
Convertible notes, net of discount of $0 and $1,550,854, respectively	—					8,449,146
Operating lease obligations, less current portion	7,094,948					5,685,335
Total liabilities	23,887,963					24,491,554
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.001 par value; 1,000,000 shares authorized,
0 issued and 0 outstanding at October 31, 2020 and April 30, 2020	—					—
Common stock, $0.001 par value; 40,000,000 shares authorized
24,416,539 issued and outstanding at October 31, 2020
21,770,520 issued and 21,753,853 outstanding at April 30, 2020	24,417					21,771
Additional paid-in capital	105,092,551					89,505,216
Treasury stock (0 and 16,667 shares at October 31, 2020 and April 30, 2020, respectively)	—					(70,000		)
Accumulated deficit	(53,022,751		)			(47,709,030		)
Total stockholders’ equity	52,094,217					41,747,957
Total liabilities and stockholders’ equity	$	75,982,180				$	66,239,511

ASPEN GROUP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

	Three Months Ended October 31,										Six Months Ended October 31,
	2020					2019					2020					2019
Revenues	$	16,971,045				$	12,085,965				$	32,136,607				$	22,443,947
Operating expenses:
Cost of revenues (exclusive of depreciation and amortization shown separately below)	7,324,780					4,188,056					13,172,303					8,541,114
General and administrative	11,285,155					7,193,700					20,078,911					13,989,951
Bad debt expense	632,000					407,759					1,032,000					648,658
Depreciation and amortization	526,357					628,225					1,016,981					1,234,799
Total operating expenses	19,768,292					12,417,740					35,300,195					24,414,522
Operating loss	(2,797,247		)			(331,775		)			(3,163,588		)			(1,970,575		)
Other income (expense):
Other (expense) income, net	(7,080		)			132,567					(130,378		)			155,369
Interest expense	(1,529,668		)			(428,960		)			(1,985,125		)			(852,649		)
Total other expense, net	(1,536,748		)			(296,393		)			(2,115,503		)			(697,280		)
Loss before income taxes	(4,333,995		)			(628,168		)			(5,279,091		)			(2,667,855		)
Income tax expense	36,530					10,000					34,630					45,595
Net loss	$	(4,370,525	)			$	(638,168	)			$	(5,313,721	)			$	(2,713,450	)
Net loss per share – basic and diluted	$	(0.19	)			$	(0.03	)			$	(0.23	)			$	(0.14	)
Weighted average number of common stock outstanding – basic and diluted	22,791,503					18,985,371					22,763,235					18,859,344

ASPEN GROUP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

Three Months Ended October 31, 2020 and 2019

(Unaudited)

	Common Stock									Additional Paid-In Capital					Treasury Stock					Accumulated Deficit					Total Stockholders’ Equity
	Shares				Amount
Balance at Balance at July 31, 2020	22,377,744				$	22,378				$	92,378,584				$	(70,000	)			$	(48,652,226	)			$	43,678,736
Stock-based compensation	—				—					1,831,548					—					—					1,831,548
Common stock issued for stock options exercised for cash	502,412				502					944,830					—					—					945,332
Common stock issued for cashless stock options exercised	22,339				22					(22		)			—					—					—
Common stock issued for conversion of Convertible Notes	1,398,602				1,399					9,998,601					—					—					10,000,000
Common stock issued for vested restricted stock units	132,109				132					(132		)			—					—					—
Amortization of warrant based cost	—				—					9,125					—					—					9,125
Cancellation of Treasury Stock	(16,667	)			(17		)			(69,983		)			70,000					—					—
Net loss	—				—					—					—					(4,370,525		)			(4,370,525		)
Balance at October 31, 2020	24,416,539				$	24,417				$	105,092,551				$	—				$	(53,022,751	)			$	52,094,217
	Common Stock									Additional Paid-In Capital					Treasury Stock					Accumulated Deficit					Total Stockholders’ Equity
	Shares				Amount
Balance at July 31, 2019	18,913,527				$	18,914				$	69,146,123				$	(70,000	)			$	(44,125,247	)			$	24,969,790
Stock-based compensation	—				—					391,067					—					—					391,067
Common stock issued for stock options exercised for cash	90,950				90					192,432					—					—					192,522
Common stock issued for cashless stock options exercised	80,313				80					(80		)			—					—					—
Common stock issued for cashless warrant exercise	57,526				58					(58		)			—					—					—
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		)
Balance at October 31, 2019	19,142,316				$	19,142				$	69,781,363				$	(70,000	)			$	(44,763,415	)			$	24,967,090

ASPEN GROUP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (CONTINUED)

Six Months Ended October 31, 2020 and 2019

(Unaudited)

	Common Stock									Additional Paid-In Capital					Treasury Stock					Accumulated Deficit					Total Stockholders’ Equity
	Shares				Amount
Balance at April 30, 2020	21,770,520				$	21,771				$	89,505,216				$	(70,000	)			$	(47,709,030	)			$	41,747,957
Stock-based compensation	—				—					2,318,658					—					—					2,318,658
Common stock issued for stock options exercised for cash	917,587				918					2,214,397					—					—					2,215,315
Common stock issued for cashless stock options exercised	22,339				22					(22		)			—					—					—
Common stock issued for conversion of Convertible Notes	1,398,602				1,399					9,998,601					—					—					10,000,000
Common stock issued for vested restricted stock units	132,109				132					(132		)			—					—					—
Common stock issued for warrants exercised for cash	192,049				192					1,081,600					—					—					1,081,792
Modification charge for warrants exercised	—				—					25,966					—					—					25,966
Amortization of warrant based cost	—				—					18,250					—					—					18,250
Cancellation of Treasury Stock	(16,667	)			(17		)			(69,983		)			70,000					—					—
Net loss	—				—					—					—					(5,313,721		)			(5,313,721		)
Balance at October 31, 2020	24,416,539				$	24,417				$	105,092,551				$	—				(53,022,751		)			$	52,094,217
	Common Stock									Additional Paid-In Capital					Treasury Stock					Accumulated Deficit					Total Stockholders’ Equity
	Shares				Amount
Balance at April 30, 2019	18,665,551				$	18,666				$	68,562,727				$	(70,000	)			$	(42,049,965	)			$	26,461,428
Stock-based compensation	—				—					889,484					—					—					889,484
Common stock issued for stock options exercised for cash	112,826				113					237,600					—					—					237,713
Common stock issued for cashless stock options exercised	182,207				182					(182		)			—					—					—
Common stock issued for cashless warrant exercise	76,929				77					(77		)			—					—					—
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	104,803				104					(104		)			—					—					—
Net loss	—				—					—					—					(2,713,450		)			(2,713,450		)
Balance at October 31, 2019	19,142,316				$	19,142				$	69,781,363				$	(70,000	)			$	(44,763,415	)			$	24,967,090

ASPEN GROUP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	Six Months Ended October 31,
	2020					2019
Cash flows from operating activities:
Net loss	$	(5,313,721	)			$	(2,713,450	)
Adjustments to reconcile net loss to net cash used in operating activities:
Bad debt expense	1,032,000					648,658
Depreciation and amortization	1,016,981					1,234,799
Stock-based compensation	2,318,658					889,484
Amortization of warrant based cost	18,250					18,565
Loss on asset disposition	—					3,918
Amortization of debt discounts	1,550,854					135,298
Amortization of debt issue costs	147,695					50,255
Modification charge for warrants exercised	25,966					—
Non-cash payments to investor relations firm	—					73,350
Changes in operating assets and liabilities:
Accounts receivable	(8,246,180		)			(5,211,195		)
Prepaid expenses	(654,268		)			(378,184		)
Other receivables	23,097					1,833
Other current assets	(273,767		)			(172,507		)
Deposits and other assets	(171,303		)			304,676
Accounts payable	838,421					(511,473		)
Accrued expenses	1,282,983					88,243
Deferred Rent	—					(25,902		)
Due to students	(301,619		)			727,710
Deferred revenue	4,915,504					3,052,996
Other current liabilities	(286,372		)			(242,181		)
Net cash used in operating activities	(2,076,821		)			(2,025,107		)
Cash flows from investing activities:
Purchases of courseware and accreditation	(11,375		)			(9,575		)
Purchases of property and equipment	(2,233,348		)			(1,244,078		)
Net cash used in investing activities	(2,244,723		)			(1,253,653		)
Cash flows from financing activities:
Proceeds from warrants exercised	1,081,792					—
Proceeds from stock options exercised	2,215,315					237,713
Net cash provided by financing activities	3,297,107					237,713

(Continued)

ASPEN GROUP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)

(Unaudited)

	Six Months Ended October 31,
	2020					2019
Net decrease in cash, cash equivalents and restricted cash	$	(1,024,437	)			$	(3,041,047	)
Cash, cash equivalents and restricted cash at beginning of period	17,906,765					9,967,752
Cash, cash equivalents and restricted cash at end of period	$	16,882,328				$	6,926,705
Supplemental disclosure cash flow information
Cash paid for interest	$	285,749				$	652,121
Cash paid for income taxes	$	38,608				$	49,595
Supplemental disclosure of non-cash investing and financing activities
Common stock issued for conversion of Convertible Notes	$	10,000,000				$	—
Right-of-use lease asset offset against operating lease obligations	$	851,733				$	7,469,167
Common stock issued for services	$	—				$	178,447

The following table provides a reconciliation of cash and restricted cash reported within the unaudited consolidated balance sheets that sum to the same such amounts shown in the unaudited consolidated statements of cash flows:

	October 31, 2020					October 31, 2019
Cash and cash equivalents	$	12,237,710				$	6,472,417
Restricted cash	4,644,618					454,288
Total cash, cash equivalents and restricted cash	$	16,882,328				$	6,926,705

 

NEW YORK, Dec. 15, 2020 (GLOBE NEWSWIRE) — Greystone, a leading national commercial real estate finance company, has provided a total of $25.9 million in Fannie Mae Delegated Underwriting and Servicing (DUS®) Green Rewards loans to refinance two multifamily properties in the San Francisco Bay Area. The transactions were originated by John Tilsch of Greystone’s San Francisco office, with Charlie Sosa of Suwannee Investments, Inc. acting as correspondent.

Borrowers who use Fannie Mae’s Green Rewards program commit to engaging in property upgrades that reduce water and energy consumption.

The first Fannie Mae financing, an $8,408,000 loan, has a fixed rate and 10-year term with a 30-year amortization. The non-recourse loan refinances 40 Glen Eyrie, a 34-unit garden-style apartment community in San Jose, California. Originally built in 1962, the pet-friendly property offers one- and two-bedroom units with amenities such as modern appliances, private outdoor living areas and on-site parking,

The second loan, for $17,500,000, features a fixed rate with a 10-year term and 30-year amortization, with three years of interest-only payments. The non-recourse loan refinances Skyline Vista Apartments, a pet-friendly garden style apartment community in Pacifica, California. The property, which was constructed in 1964, consists of 44 two-bedroom units that offer as modern appliances and upgraded finishes, in-unit washer/dryers, and private outdoor living spaces with views of the San Francisco Bay, as well as on-site parking,

“We strive to exceed our clients’ expectations on every transaction and we earn their trust by delivering exceptional terms and seamless service,” said Mr. Tilsch. “The breadth and depth of Greystone’s multifamily lending platform is unparalleled – time and again, we’re able to offer the right financing for borrowers who want to take advantage of the opportunities presented to them in the current market.”

About Greystone

Greystone is a private national commercial real estate finance company with an established reputation as a leader in multifamily and healthcare finance, having ranked as a top FHA, Fannie Mae, and Freddie Mac lender in these sectors. Loans are offered through Greystone Servicing Company LLC, Greystone Funding Company LLC and/or other Greystone affiliates. For more information, visit www.greystone.com.

PRESS CONTACT:

Karen Marotta
Greystone
212-896-9149
[email protected]

New York, Dec. 15, 2020 (GLOBE NEWSWIRE) —

WHAT: CommPRO.biz, (http:/www.commpro.biz)—a B2B digital community serving the public relations/investor relations, marketing, advertising and corporate communications industries— will offer a free webcast on Thursday, December 17, 2020 at 5 pm Eastern Time. ‘That Said with Michael Zeldin’ will feature two special guests from CNN: Abby Phillip, Political Correspondent, and Manu Raju, Senior Congressional Correspondent. Topics of discussion will include: 

• What to expect from the White House and Capitol Hill under Joe Biden’s Administration.
• A look into how this divided government can function, if at all.
• How the centers of powers will shift if the Democrats win the two Georgia Senate seats, win one, or lose both.

WHEN:   5 pm ET, December 17, 2020

WHERE: Registration: https://us02web.zoom.us

MEDIA:  Media are welcome to attend 

ABOUT: Michael Zeldin will host a discussion with CNN Political Correspondent Abby Phillip and CNN Senior Congressional Correspondent Manu Raju. For more information and to register, visit: https://us02web.zoom.us

Fay Shapiro
CommPRO.biz
[email protected]