Enrollment Statistics - As of September 30, 2024, High Desert Medical College had 1,885 students enrolled in its programs[117] - Central Coast College had 485 students enrolled in its programs as of September 30, 2024[119] - Integrity College of Health had 169 students enrolled in its programs as of September 30, 2024[120] - Revenue for the three months ended September 30, 2024, was approximately $14.0 million, an increase of approximately $3.6 million or 35.1% compared to $10.4 million for the same period in 2023, driven by a 25.4% increase in ending enrollment from 2,024 to 2,539[144] Program Offerings - The company plans to offer an emergency medical technician (EMT) program at both High Desert Medical College and Integrity College of Health starting in October 2024[117][120] Financial Performance - Net income for the three months ended September 30, 2024, was approximately $2.1 million, an increase of approximately $1.0 million or 95.5% compared to $1.1 million for the same period in 2023[149] - Educational services expense increased to approximately $7.2 million for the three months ended September 30, 2024, up by approximately $1.5 million or 25.7% from $5.7 million in the same period in 2023, primarily due to increased instructional and staffing costs[145] - General and administrative expense rose to approximately $4.0 million for the three months ended September 30, 2024, an increase of approximately $0.8 million or 25.7% from $3.2 million in the same period in 2023, mainly due to higher marketing expenses and professional fees[146] - Income tax expense increased to approximately $0.8 million for the three months ended September 30, 2024, up by approximately $0.4 million or 90.9% from $0.4 million in the same period in 2023, attributed to increased income[148] - Total costs and expenses as a percentage of revenue decreased to 80.9% for the three months ended September 30, 2024, from 86.7% in the same period in 2023, reflecting improved operational efficiency[144] Cash Flow and Liquidity - Cash and cash equivalents were approximately $21.5 million as of September 30, 2024, compared to $10.4 million as of September 30, 2023[149] - Net cash provided by operating activities was approximately $3.2 million for the three months ended September 30, 2024, an increase of approximately $1.0 million from $0.5 million in the same period in 2023[153] - Net cash provided by financing activities was approximately $8.2 million for the three months ended September 30, 2024, compared to net cash used of approximately $0.2 million in the same period in 2023, primarily due to net proceeds of $7.9 million from the initial public offering[155] - The company has no revolving line of credit or other debt facility, indicating a strong liquidity position to support ongoing operations and planned capital expenditures for at least the next 12 months[150] Taxation - The federal income tax rate for C-corporations is 21%, with a state tax rate of 8.84% applicable to net taxable income in California[139] - The company evaluates its tax positions and believes there are no uncertain positions that would require recognition of a liability in the financial statements[138] Seasonal Trends - The company experiences seasonal trends, with increased enrollments typically in the first and third quarters of the fiscal year[133] Asset Management - The company has not recorded any long-lived asset impairments as of September 30, 2024, and June 30, 2023[137] Business Transactions - The company entered into an asset purchase agreement with Contra Costa Medical Career College on October 22, 2024, which may affect its eligibility for Title IV Programs[121][122]