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Private company

ASPEN GROUP, INC.

ASPEN GROUP, INC. is an American educational services company based in New York, active since 1966.2

Last updated Oct 21, 2026.

Overview

$76.7MRevenue, fiscal 20223
-$9.6MNet income, fiscal 20223
  • IndustryServices-Educational Services2
  • HeadquartersRapid City, United States2
  • Incorporated inDE4
  • Business address276 Fifth Avenue, Suite 505, New York, Ny 100014
  • Filer categoryNon-accelerated filer, Smaller reporting company4
  • Legal formCorporation2
  • LEI98450068WC14506F0D882
  • StatusActive2
  • LEI statusIssued and current2
  • Registered address4956 5th Street, 57701 Rapid City, United States2
  • Registered withNational Credit Union Administration, 172242

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Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2022

-11.7%Operating margin3
-12.5%Net margin3
13.1%Revenue growth, 20223
-22.5%Return on equity3
0.35×Debt to equity3
-$15.4MFree cash flow3

Where the money goes

Where each dollar of revenue went, fiscal 2022

  • Cost of revenue46¢$35.3M
  • Other costs53¢$40.3M
  • Interest1¢$718.8K
  • Income tax1¢$427.4K

Out of $76.7M in revenue.3 The company lost money this year.

Financial statements

Revenue56789103$76.7M in 2022+1368% since 2015
0$20.0M$40.0M$60.0M$80.0M2015: $5.2M$5.2M20152016: $8.5M$8.5M2016+62%2017: $14.2M$14.2M2017+69%2018: $22.0M$22.0M2018+55%2019: $34.0M$34.0M2019+55%2020: $49.1M$49.1M2020+44%2021: $67.8M$67.8M2021+38%2022: $76.7M$76.7M2022+13%
Operating income56789103-$9.0M in 2022+164% since 2015
-$10.0M-$7.5M-$5.0M-$2.5M02015: -$3.4M-$3.4M20152016: -$2.1M-$2.1M2016−37%2017: -$782.1K-$782.1K2017−63%2018: -$5.3M-$5.3M2018+572%2019: -$9.1M-$9.1M2019+73%2020: -$4.0M-$4.0M2020−56%2021: -$8.2M-$8.2M2021+104%2022: -$9.0M-$9.0M2022+9%
Net income56789103-$9.6M in 2022+125% since 2015
-$15.0M-$10.0M-$5.0M02015: -$4.3M-$4.3M20152016: -$2.2M-$2.2M2016−47%2017: -$1.1M-$1.1M2017−51%2018: -$7.1M-$7.1M2018+539%2019: -$9.3M-$9.3M2019+31%2020: -$5.7M-$5.7M2020−39%2021: -$10.4M-$10.4M2021+85%2022: -$9.6M-$9.6M2022−8%
Fiscal year20152016201720182019202020212022
Revenue$5.2M5$8.5M6$14.2M7$22.0M8$34.0M9$49.1M10$67.8M3$76.7M3
Cost of revenue$2.2M5$3.6M6$5.1M7$9.9M8$16.0M9$19.1M10$29.5M3$35.3M3
Operating expenses$85.7M3
Operating income-$3.4M5-$2.1M6-$782.1K7-$5.3M8-$9.1M9-$4.0M10-$8.2M3-$9.0M3
Interest$421.7K5$121.3K6$337.5K7$2.0M8$444.7K9$1.8M10$2.1M3$718.8K3
Income before tax-$9.2M3
Income tax$09$51.8K10$32.6K3$427.4K3
Net income-$4.3M5-$2.2M6-$1.1M7-$7.1M8-$9.3M9-$5.7M10-$10.4M3-$9.6M3
Earnings per share-$0.2910-$0.443-$0.383
Earnings per share (diluted)-$0.2910-$0.443-$0.383
Shares (weighted, basic)25.0M shares3
Shares (weighted, diluted)25.0M shares3

Compare ASPEN GROUP, INC. with another company

Corporate structure

ASPEN GROUP, INC. sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of ASPEN GROUP, INC.

  • ASPEN GROUP, INC. Rapid City, South Dakota, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What ASPEN GROUP, INC. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$21.9M3 Apr 30, 2022$17.5M3 Apr 30, 2021+24.8%
Accumulated depreciation$8.4M3 Apr 30, 2022$4.9M3 Apr 30, 2021+71.6%
Property and equipment, net$13.5M3 Apr 30, 2022$12.7M3 Apr 30, 2021+6.7%
Operating-lease assets (leased space)$12.6M3 Apr 30, 2022$12.7M3 Apr 30, 2021−0.5%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$6.5M3 Apr 30, 2022$12.5M3 Apr 30, 2021−48.0%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$5.0M3 Apr 30, 2022$5.0M3 Apr 30, 20210%

Leadership

Who has led ASPEN GROUP, INC., and when. Pick a name to see everywhere that person has worked.

President

  1. Gerald Bruce Williams2013

Chief financial officer

  1. Michael D. Matte2013
  2. Janet Gill2014–2018
  3. Joseph L. Sevely2018–2019
  4. Frank J. Cotroneo2019–2020
  5. Matthew Lavay2021–2023

Chief operating officer

  1. Gerard Wendolowski2014–2021
201520202025
Board members and other officers (20)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • Executive Officer, DirectorMichael Mathews named Mar 28, 202245

Former names

  • Elite Nutritional Brands, Inc.Oct 11, 2011 to Mar 5, 20124
  • Hidden Ladder, Inc.Mar 25, 2010 to Sep 30, 20114

Timeline

  1. May 22, 20238-K Executive or director change46
  2. May 16, 20238-K Entered a material agreement; New debt or obligation; Unregistered sale of shares47
  3. May 8, 20238-K Executive or director change48
  4. Mar 27, 20238-K Financial statements and exhibits49
  5. Mar 15, 20238-K Other events50
  6. Feb 24, 20238-K Other events51
  7. Feb 17, 20238-K Other events52
  8. Feb 9, 20238-K Other events53
  9. Feb 3, 20238-K Other events54
  10. Jan 19, 20238-K Entered a material agreement55
  11. Dec 21, 20228-K Shareholder vote56
  12. Dec 13, 20228-K Results of operations57
  13. Jan 1, 1966Founded ASPEN GROUP, INC. is founded2

Calendar

When it reported results

  1. Dec 13, 2022Reported quarterly or annual results57
  2. Sep 13, 2022Reported quarterly or annual results58
  3. Jul 19, 2022Reported quarterly or annual results59
  4. May 26, 2022Reported quarterly or annual results60
  5. Mar 15, 2022Reported quarterly or annual results61
  6. Dec 14, 2021Reported quarterly or annual results62

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

96 filings to the SEC since October 2021: 2 annual reports, 5 quarterly reports, 33 major events, 30 insider forms, 11 large holders, 1 private raises, 14 other. The latest 20:

  1. Feb 14, 2024SC 13G/A EDGAR
  2. Oct 4, 20234 EDGAR
  3. Oct 2, 20234 EDGAR
  4. Sep 29, 20234 EDGAR
  5. Sep 28, 20234 EDGAR
  6. Sep 27, 20234 EDGAR
  7. Sep 21, 20234 EDGAR
  8. Sep 20, 20234 EDGAR
  9. Aug 30, 20234 EDGAR
  10. Jul 31, 2023NT 10-K EDGAR
  11. Jul 11, 20234 EDGAR
  12. Jul 11, 20234 EDGAR
  13. Jul 6, 202315-12G FORM 15 EDGAR
  14. May 22, 20238-K EDGAR
  15. May 16, 202310-Q EDGAR
  16. May 16, 20238-K EDGAR
  17. May 8, 20238-K EDGAR
  18. May 2, 2023EFFECT EDGAR
  19. May 2, 2023EFFECT EDGAR
  20. May 2, 2023EFFECT EDGAR

The 96 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

28 open-market trades by officers, directors and large owners since October 2021: 27 buys and 1 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 29, 2023KASS DOUGLASDirectorBuy25,000$0.18$4.5KForm 4
Sep 28, 2023KASS DOUGLASDirectorBuy14,500$0.18$2.6KForm 4
Sep 27, 2023KASS DOUGLASDirectorBuy500$0.18$90Form 4
Sep 26, 2023KASS DOUGLASDirectorBuy15,000$0.17$2.5KForm 4
Sep 25, 2023KASS DOUGLASDirectorBuy32,500$0.18$5.8KForm 4
Sep 20, 2023KASS DOUGLASDirectorBuy22,500$0.16$3.6KForm 4
Sep 19, 2023KASS DOUGLASDirectorBuy25,000$0.15$3.8KForm 4
Sep 18, 2023KASS DOUGLASDirectorBuy50,000$0.14$7.0KForm 4
Jan 3, 2023KASS DOUGLASDirectorBuy4,750$0.32$1.5KForm 4
Dec 30, 2022KASS DOUGLASDirectorBuy10,250$0.28$2.9KForm 4
Dec 29, 2022KASS DOUGLASDirectorBuy5,000$0.28$1.4KForm 4
Dec 28, 2022KASS DOUGLASDirectorBuy7,000$0.27$1.9KForm 4
Dec 27, 2022KASS DOUGLASDirectorBuy33,000$0.27$8.9KForm 4
Sep 27, 2022KASS DOUGLASDirectorBuy15,500$0.34$5.3KForm 4
Sep 26, 2022KASS DOUGLASDirectorBuy11,500$0.39$4.5KForm 4
Sep 23, 2022KASS DOUGLASDirectorBuy50,000$0.43$21.5KForm 4
Oct 15, 2021KASS DOUGLASDirectorBuy200$5.55$1.1KForm 4
Oct 14, 2021KASS DOUGLASDirectorBuy200$5.60$1.1KForm 4
Oct 14, 2021Alessi RobertChief Accounting OfficerSale3,147$5.52$17.4KForm 4
Oct 13, 2021KASS DOUGLASDirectorBuy2,350$5.47$12.9KForm 4

All 28 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Funding

Where the company's money came from, by calendar year: private offerings filed with the SEC, federal grants, loans, contracts and other assistance from USAspending.gov, and PPP loans from the SBA. Each bar links to the records below.

Money received by year$30.0M 2022–2022
Money received by yearMoney received by year, 2022–2022: $30.0M in all. Private raises (Form D) $30.0M.$0$10M$20M$30M2022 · Private raises (Form D): $30.0M2022
Figures by year
YearPrivate raises (Form D)Total
2022$30.0M$30.0M

Private raises

Private offerings the company reported to the SEC on Form D. The amount is what the latest filing says was sold so far, charted in the year of the first sale. Covers filings since Oct 1, 2021.

  1. Mar 14, 2022Raised $30 million in a private offering of debt45 Form D: 2 investors so far Form D

SEC filer profile

How ASPEN GROUP, INC. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARASPEN GROUP, INC.1
  • CIK0001487198
  • Employer ID (EIN)27-19335971
  • Filer statusNon-accelerated filer<br>smaller reporting company1
  • Incorporated inDelaware1
  • Fiscal year endsApril 301
  • Industry code (SIC)8200 Services-Educational Services1
  • SEC reviewing officeOffice of Trade & Services, Division of Corporation Finance1
  • Business address276 Fifth Avenue, Suite 505, New York, NY 100011
  • Phone646-448-51441
  • Shares outstanding25,462,316 as of May 12, 202313
  • Public float$112.0M as of Oct 29, 202117
  • On EDGAR sinceMar 25, 20101
  • Filings766 in all: 4 (283), 8-K (180), 10-Q (39), SC 13G/A (30), 3 (26), CORRESP (19), UPLOAD (16), EFFECT (15)1
    All 40 form types

    SC 13G (15), 424B3 (13), 10-K (12), D (10), DEF 14A (10), 10-K/A (9), S-1/A (9), 424B5 (8), 5 (8), 8-K/A (8), S-1 (7), 4/A (6), POS AM (6), PRE 14A (5), D/A (4), SC 13D (4), 10-Q/A (3), SC 13D/A (3), DEFA14A (2), NT 10-K (2), S-3 (2), S-8 (2), 10-KT (1), 15-12G (1), 25 (1), 8-A12B (1), 8-A12G (1), AW (1), CERTNAS (1), NT 10-Q (1), S-3/A (1), S-8 POS (1)

  • Latest filingsAnnual report (10-K) Jul 29, 2022
    Quarterly report (10-Q) May 16, 2023
    Proxy statement (DEF 14A) Nov 3, 2022
    Latest 8-K (8-K) May 22, 2023

Sources

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