Insight PA Cyber Charter School

The financial summary for Insight PA Cyber Charter School in September 2020 shows an increase in revenue primarily due to a forecasted enrollment surge. The expenses also saw a rise, especially in student and family services, resulting in a surplus. Enrollment projections and a comparison of full-year forecasts are provided, highlighting key financial data and funding sources. The document outlines action items and key deadlines for the board to consider.

• Financials
• Charter School
• September 2020
• Enrollment Projections
• Budget

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1. Insight PA Cyber Charter School September 2020 Financials

2. Financial Key Summary September 30, 2020 Revenue: Increase primarily due to 5% increase in forecasted enrollment. Board Budget - FY21 FY21 3+9 Forecast Variance Inc/(Dec) % Change Prior Forecast Expenses: Average Enrollment 2,749 3,736 3,917 181 5% Additional teachers, curriculum delivery and instruction materials Total Revenue 38,977,259 $ 52,727,115 $ 55,050,726 $ 2,323,612 $ 4% Total Expenditures 38,277,862 $ 49,208,929 $ 50,863,375 $ 1,654,446 $ 3% Increase in required student and family services Surplus/(Deficit) $ 699,397 $ 3,518,186 $ 4,187,351 $ 669,166 Increase in K12, school administration and overall governance expenses Action Items & Key Deadlines All expense increases are proportionate to the forecasted increase in enrollment. Board Financial Action Items: Board Acceptance of monthly Financial Statements Surplus forecasted $4.2M, increase of $669k Board Approval of K12 payment and Non-K12 disbursements COMPANY CONFIDENTIAL 2

3. Enrollment Projections ACTUAL FORECAST Oct-20 ADM Jul-20 Aug-20 Sep-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 K5 MS HS 1,079 818 1,160 1,620 943 1,177 2,209 1,070 1,260 1,835 921 1,090 1,859 956 1,140 1,844 952 1,135 1,803 933 1,110 1,762 926 1,113 1,715 922 1,134 1,726 930 1,145 1,719 925 1,123 1,719 925 1,123 1,830 948 1,139 Average Daily Membership 3,057 3,740 4,539 3,846 3,955 3,931 3,847 3,800 3,770 3,801 3,767 3,767 3,917 10/5 enrollment 4,539 22.6% Current Special Ed population COMPANY CONFIDENTIAL 3

4. 2020-21 Financial Summary Full Year Forecast Comparison September 30, 2020 Current Forecast % Inc/(Dec) over Prior Year 170.5% Variance Current v. Budget Inc./(Dec) 1,048 236 (116) 1,168 Variance Current v. Prior Forecast /Inc(Dec) 357 (145) (31) 181 Prior Year Actual/ADM 677 617 829 2,122 Full Year Budget 782 1,473 1,830 712 1,093 948 1,255 1,170 1,139 2,749 3,736 3,917 Prior Forecast Current Forecast % Variance to Budget 134.0% % Variance to Prior 24.3% -13.3% -2.7% 4.8% K-8 Ending Enrollment MS Ending Enrollment HS Ending Enrollment Total Ending Enrollment 53.7% 37.4% 84.6% 33.2% -9.3% 42.5% FUNDING SOURCES: Total Funding 30,784,957 $ 38,977,259 $ 52,727,115 $ 55,050,726 $ 78.8% 16,073,467 $ 41.2% 2,323,612 $ 4.4% INSTRUCTION 10,143,196 $ 7,979,284 1,051,431 19,173,910 $ 13,442,149 $ 11,170,121 2,128,308 26,740,578 $ 17,859,891 $ 15,279,592 2,657,093 35,796,577 $ 18,516,170 $ 16,007,765 2,739,692 37,263,628 $ 82.5% 100.6% 160.6% 94.3% 5,074,021 4,837,644 611,384 10,523,050 $ 37.7% 43.3% 28.7% 39.4% 656,279 728,173 82,599 1,467,052 $ 3.7% 4.8% 3.1% 4.1% Total Teachers Related Expenses Total Students Related Expenses Total Student and Family Services Total Instruction SUPPORT SERVICES Total Admin & Governance Total Technology Total Insurance/Facilities/Ops Total Support Services 7,399,927 $ 1,186,555 574,992 9,161,474 $ 9,433,742 $ 1,433,606 669,936 11,537,284 $ 10,815,665 $ 1,810,826 785,861 13,412,352 $ 10,942,124 $ 1,873,748 783,874 13,599,747 $ 47.9% 57.9% 36.3% 48.4% 1,508,382 440,142 113,938 2,062,463 $ 16.0% 30.7% 17.0% 17.9% 126,459 62,922 (1,986) 187,395 $ 1.2% 3.5% -0.3% 1.4% 28,335,384 $ Total School Expenditures This Period 38,277,862 $ 49,208,929 $ 50,863,375 $ 79.5% 12,585,513 $ 32.9% 1,654,446 $ 3.4% 2,449,573 $ Increase/(Decrease) to Fund Balance $ 699,397 3,518,186 $ 4,187,351 $ 70.9% $ 3,487,954 498.7% $ 669,166 19.0% Comparison to Original Budget: Revenue: Current Forecast $16.1M higher than budget due to increased enrollment and Title, ESSER/CARES Act grants. Expenses: Forecast $50.9M, 32.9% higher than original budget in direct relation to higher enrollment forecast. Surplus: Projected YE: $4.2M COMPANY CONFIDENTIAL 4

5. Cash Flow Projection Actual 20-Jul Actual 20-Aug Actual 20-Sep Budget 20-Oct Budget 20-Nov Budget 20-Dec Budget 21-Jan Budget 21-Feb Budget 21-Mar Budget 21-Apr Budget 21-May Budget 21-Jun Beginning cash balance Cash Received Tuition Deposits Other Funding - Cash Advance Total Funding Received 8,650,397 $ 9,226,866 $ 8,396,215 $ 8,022,363 $ 5,950,178 $ 6,760,191 $ 7,493,397 $ 8,460,844 $ 9,056,626 $ 9,326,936 $ 10,135,849 $ 10,971,259 $ 1,857,561 2,286,492 248,976 $ 2,535,468 $ 2,468,748 29,146 $ 2,497,894 $ 2,977,442 207,800 $ 3,185,241 $ 4,938,369 207,800 $ 5,146,168 $ 5,410,566 207,800 $ 5,618,365 $ 4,910,566 207,800 $ 5,118,365 $ 4,410,566 207,800 $ 4,618,365 $ 4,410,566 207,800 $ 4,618,365 $ 4,410,566 207,800 $ 4,618,365 $ 4,410,566 207,800 $ 4,618,365 $ 4,410,566 151,880 $ 4,562,446 $ 1,857,561 $ Payments - non K12 - Payroll - Psers Employer Funding - Rent - Other Payments - K12 Total Disbursements (656,633) $ (739,554) $ (860,722) $ (170,351) (37,620) (441,978) (1,361,076) $ (2,871,747) $ (941,271) $ (1,157,993) $ (1,157,993) $ (281,642) (37,568) (661,345) (2,746,611) $ (4,885,159) $ (1,157,993) $ (1,157,993) $ (1,157,993) $ (273,860) (37,568) (661,345) (2,217,290) $ (4,348,056) $ (1,157,993) $ (1,157,993) $ (1,157,993) $ (265,946) (37,568) (603,753) (1,863,717) $ (3,928,976) $ (36,900) (587,559) (38,027) (242,011) (2,346,527) (3,366,119) $ (37,568) (661,345) (3,617,242) $ (5,257,426) $ (37,568) (661,345) (2,479,249) $ (4,336,155) $ (37,568) (661,345) (2,294,013) $ (4,150,919) $ (37,568) (661,345) (2,165,677) $ (4,022,583) $ (37,568) (661,345) (1,952,546) $ (3,809,452) $ (37,568) (661,345) (1,926,049) $ (3,782,955) $ 0 (1,281,092) $ Ending cash balance - Current Ending cash balance - Prior Year 9,226,866 $ 5,819,155 $ 8,396,215 $ 4,090,080 $ 8,022,363 $ 5,475,004 $ 5,950,178 $ 5,380,901 $ 6,760,191 $ 5,600,674 $ 7,493,397 $ 6,097,256 $ 8,460,844 $ 7,481,621 $ 9,056,626 $ 8,206,525 $ 9,326,936 $ 8,272,404 $ 10,135,849 $ 7,771,944 $ 10,971,259 $ 8,025,936 $ 11,604,729 $ 8,650,397 $ Net Cash per Month - Current Net Cash per Month - Prior Year $ $ 576,469 446,000 (830,651) $ (1,729,075) $ (373,852) $ 1,384,924 $ (2,072,185) $ (94,103) $ $ $ 810,013 219,772 $ $ 733,206 496,582 $ 967,446 1,384,365 $ $ $ 595,782 724,904 $ $ 270,310 65,879 808,913 (500,460) $ $ $ $ 835,410 253,992 $ $ 633,469 624,461 Days Cash on Hand - Current Days Cash on Hand - Prior Year 140.9 67.0 108.0 67.0 97.1 48.1 47.1 45.3 49.4 203.5 47.1 30.4 57.6 71.5 63.1 86.0 67.8 81.3 75.7 82.0 83.6 96.5 91.7 67.0 Goal: Maintain 2-3 months of working capital at all times, approximately $5M to $6M Days Cash on Hand = current month ending cash/total disbursements COMPANY CONFIDENTIAL 5

6. Cash Flow 12-Month Historical Actual 19-Oct Actual 19-Nov Actual 19-Dec Actual 20-Jan Actual 20-Feb Actual 20-Mar Actual 20-Apr Actual 20-May Actual 20-Jun Actual 20-Jul Actual 20-Aug Actual 20-Sep Beginning cash balance Cash Received Tuition Deposits Other Funding - Cash Advance Total Funding Received 5,475,004 $ 5,380,901 $ 5,600,674 $ 6,097,256 $ 7,481,621 $ 8,206,525 $ 8,272,404 $ 7,771,944 $ 8,025,936 $ 8,650,397 $ 9,226,866 $ 8,396,215 $ 2,445,393 3,456,371 3,458,375 3,482,676 3,332,002 2,438,963 2,002,696 40,856 $ 2,043,552 $ 2,504,205 3,049,557 $ 3,050,283 $ 1,857,561 2,286,492 248,976 $ 2,535,468 $ 2,468,748 29,146 $ 2,497,894 $ 727 2,445,393 $ 3,456,371 $ 3,458,375 $ 3,482,676 $ 3,332,002 $ 2,438,963 $ 2,504,205 $ 1,857,561 $ Payments - non K12 - Payroll - Psers Employer Funding - Rent - Other Payments - K12 Total Disbursements (558,036) $ (565,307) $ (573,978) $ (161,421) (28,329) (660,758) (1,537,307) (2,961,793) $ (581,154) $ (571,658) $ (570,463) $ (161,116) (33,029) (385,807) (1,222,669) (2,373,084) $ (577,478) $ (573,225) $ (657,485) $ (154,711) (39,227) (317,702) (1,256,698) (2,425,823) $ (656,633) $ (739,554) $ (860,722) $ (170,351) (37,620) (441,978) (1,361,076) $ (2,871,747) $ (28,905) (482,299) (1,470,255) (2,539,496) $ (28,329) (832,984) (1,809,979) (3,236,598) $ (31,299) (165,425) (1,320,433) (2,098,311) $ (33,725) (593,574) (1,408,141) (2,607,098) $ (33,725) (375,772) (1,557,038) (2,544,012) $ (33,725) (309,113) (1,334,149) (2,250,213) $ (36,900) (587,559) (38,027) (242,011) (2,346,527) (3,366,119) $ 0 (1,281,092) $ Ending cash balance - Current Ending cash balance - Prior Year 5,380,901 $ 2,627,122 $ 5,600,674 $ 4,532,091 $ 6,097,256 $ 3,070,639 $ 7,481,621 $ 4,213,541 $ 8,206,525 $ 4,852,368 $ 8,272,404 $ 5,287,707 $ 7,771,944 $ 5,690,768 $ 8,025,936 $ 6,145,466 $ 8,650,397 $ 5,373,155 $ 9,226,866 $ 5,819,155 $ 8,396,215 $ 4,090,080 $ 8,022,363 $ 5,475,004 $ Net Cash per Month - Current Net Cash per Month - Prior Year $ $ (94,103) 176,750 219,772 1,904,969 $ $ $ 496,582 (1,461,452) $ 1,384,365 $ 1,142,902 $ $ $ 724,904 638,827 $ $ 65,879 435,339 (500,460) $ 403,061 $ $ $ 253,992 454,699 624,461 (772,311) $ $ $ $ 576,469 446,000 (830,651) $ (1,729,075) $ (373,852) $ 1,384,924 $ Days Cash on Hand - Current Days Cash on Hand - Prior Year 63.8 45.3 66.6 203.5 63.5 30.4 82.1 71.5 97.4 86.0 106.3 81.3 94.0 82.0 101.9 96.5 109.0 67.0 140.9 67.0 108.0 67.0 97.1 48.1 Goal: Maintain 2 - 3 months of working capital at all times, approximately $5M to $6M Days Cash on Hand = current month ending cash/total disbursements COMPANY CONFIDENTIAL 6

7. Disbursements September 2020 Date 09/23/20 09/30/20 09/09/20 09/09/20 09/23/20 09/30/20 09/30/20 09/30/20 09/23/20 09/09/20 09/23/20 09/02/20 09/02/20 09/23/20 09/09/20 09/16/20 09/23/20 09/02/20 09/30/20 09/02/20 09/02/20 09/30/20 Vendor K12 MANAGEMENT INC VIRTUAL TECHNOLOGIES GROUP Independence Blue Cross lIXL Learning, Inc SBH ASSOCIATES, L.P. NEARPOD Inc Country Road Holding Inc dba Clear COMM-CORE OFFICETEAM iHEART MEDIA METLIFE SMALL BUSINESS CENTER METLIFE SMALL BUSINESS CENTER Riverside Insights Explore Learning SHOW YOUR LOGO, INC. eFileCabinet, Inc. SMARTSHEET Inc. OFFICETEAM CHESTER COUNTY INTERMEDIATE UNIT LIBERATED CONSULTING LLC BrainPOP LLC SBH ASSOCIATES, L.P. Document No Amount 1,361,076 99,529 83,263 42,037 34,468 15,383 12,000 11,726 5,113 5,000 4,995 4,941 4,762 4,443 4,357 4,248 3,672 3,560 3,500 3,432 3,159 3,151 Date 09/09/20 09/09/20 09/16/20 09/09/20 09/09/20 09/30/20 09/16/20 09/09/20 09/30/20 09/09/20 09/23/20 09/23/20 09/09/20 09/16/20 09/09/20 09/23/20 09/16/20 09/16/20 09/30/20 09/02/20 09/16/20 09/09/20 Vendor LEARNING A-Z, LLC TRANSITION CURRICULUM INC. American United Life Insurance Company American United Life Insurance Company UNBOUNDED LEARNING, INC. OFFICETEAM THERAPY SOURCE VIRTUAL TECHNOLOGIES GROUP Virtual_Technologies Group Inc Verizon Wireless Zoom Video Communication, Inc. PenServ Plan Services, Inc. Adobe VIRTUAL TECHNOLOGIES GROUP Nippon Life Insurance Co of America VIRTUAL TECHNOLOGIES GROUP CENTURY LINK Global Online Language Services Inc. Multi service Technology Solutions Inc dba Best Buy Business Advantage account VIRTUAL TECHNOLOGIES GROUP DEVON HEALTHCARE GROUP Verizon Wireless Document No Amount 3,048 3,000 2,939 2,822 2,596 2,548 2,456 2,187 2,117 1,616 1,509 1,490 1,456 1,436 1,365 1,352 1,185 1,155 13093 13101 13107 13090 13103 13153 13122 13105 13159 13104 13144 13138 13089 13123 13095 13143 13108 13112 13151 13088 13109 13104 13158 13092 13094 13139 13152 13148 13147 13137 13091 13136 13084 13086 13130 13097 13110 13142 13085 13145 13082 13079 13155 900 816 792 786 COMPANY CONFIDENTIAL 7

8. Disbursements September 2020 Date 09/23/20 09/16/20 09/16/20 09/25/20 09/09/20 09/02/20 09/23/20 09/16/20 09/30/20 09/30/20 09/09/20 09/16/20 09/16/20 09/02/20 09/16/20 09/09/20 09/02/20 09/02/20 09/30/20 09/09/20 09/02/20 Vendor David A Surovec Maegan J Bregenser GLOBAL TELETHERAPY PITNEY BOWES GLOBAL FINANCIAL SERVICES LLC TransAmerica Employee Benefits Shannon L Surrec Amanda Thomas Mary S Manley Christan M Glennon DEVON HEALTHCARE GROUP ULINE INC. Wendy L Smith SUPPORT BRANDS LLC Houghton Mifflin Harcourt Publishing Co. GRATZ COLLEGE PA MEDIA GROUP Beryl Cohen Aarzu Ahmed Staples Staples Megan Miller Document No 13128 13118 13113 Amount Date Vendor Document No Amount 09/09/20 Tracy A Hockenberry 09/17/20 Kelly Bryniarski 09/23/20 Kari Miller 09/23/20 Joshua H Dorfzaun 09/16/20 Alicia Wilburne 09/16/20 INFINISOURCE BENEFIT SERVICES 09/16/20 LANGUAGE LINE SERVICES 09/02/20 Dawn K Trout 09/16/20 Jennifer L Detruf 09/23/20 Kristin Barrett 09/23/20 SCHOOL HEALTH CORPORATION 09/23/20 Heritage Business Systems, Inc. 09/16/20 ELIZABETH JONES 09/23/20 Caitlin D Klan 09/30/20 PA DEPARTMENT OF EDUCATION 09/30/20 ULINE INC. 09/23/20 Melissa B White 09/23/20 Elizabeth A Habbyshaw 09/16/20 Staples 09/30/20 INTEGRATION. INC 09/23/20 Shaquille Hager 13099 13125 13133 13132 13106 13115 13117 13080 13116 13134 13140 13131 13111 13127 13154 13157 13135 13129 13120 13150 13141 150 150 150 150 135 132 103 100 100 100 88 83 75 70 58 53 50 50 35 23 22 781 754 700 542 537 450 440 354 350 339 289 275 270 266 250 249 200 173 168 162 150 13100 13087 13126 13119 13146 13149 13102 13124 13121 13081 13114 13096 13078 13077 13156 13098 13083 Total for ISPA Checking 6682 1,766,961 COMPANY CONFIDENTIAL 8

9. K12 Invoice Aging Recommended Payment 1,867,216 1,022,780 3,617,242 $ Bill GL Posting Date 1-30 31-60 61-90 91- Total K12 MANAGEMENT ISPA 520006401 IST ISPA 200054160 PR MISC ISPA 200054174 M&T ISPA 200054190 MAT ISPA 200054191 COM ISPA 200054192 OLS ISPA 200054262 CM Total Payments for Board Approval 9/30/2020 9/30/2020 9/30/2020 9/30/2020 9/30/2020 9/30/2020 546 173,758 379,538 1,867,216 177,794 1,022,780 (4,390) $ 3,617,242 - - - - - - - - - - - - - - - - - 546 - 173,758 - 379,538 - 1,867,216 - 177,794 - 1,022,780 - (4,390) - $ 3,617,242 546 173,758 379,538 177,794 (4,390) COMPANY CONFIDENTIAL 9

10. 2020-2021 Top 10 AR Balances As of 9-30-20 Amounts Due Amounts Paid District Regular Ed Special Ed Total Due District UniPay - - - - 0 197,022 0 - 0 - 36,204 - 15,680 - 0 - 1,645,432 1,102,485 3,676,797.46 Refunds Total Paid Net Due Philadelphia City SD Reading SD Allentown City SD Harrisburg City SD Pittsburgh SD Southeast Delco SD Lancaster SD East Stroudsburg Area SD Wilkinsburg Borough SD Erie City SD All Other Districts Total 2,129,347 102,948 105,742 37,387 142,803 20,396 69,223 75,173 16,577 27,132 2,597,826 2,248,125 4,845,951 5,324,554.32 3,988,752.07 1,141,582 71,013 93,331 67,235 148,267 69,375 14,752 35,041 65,077 34,954 3,270,928 173,961 199,073 104,622 291,070 89,772 83,975 110,214 81,654 62,087 1,916,036 0 0 0 0 0 0 0 0 0 0 1,916,036 1,354,892 173,961 135,629 104,622 94,048 89,772 83,975 74,009 65,974 62,087 2,098,033 4,337,002 2,238,969 0 0 63,444 63,444 0 0 197,022 0 0 36,204 15,680 0 - 2,747,918 4,976,304.28 Total Top 10 Top 10 % 9,313,306.39 1,299,506.82 .00 52% COMPANY CONFIDENTIAL 10

11. 2019-2020 Top 10 AR Balances As of 9-30-20 Amounts Due Amounts Paid District Regular Ed Special Ed Total Due District UniPay Refunds Total Paid Net Due Chester-Upland SD Pittsburgh SD Hanover Area SD Southeast Delco SD Wilkes-Barre Area SD Panther Valley SD Sto-Rox SD Galeton Area SD Lancaster SD Mid Valley SD All Other Districts Total 162,102 572,499 88,300 78,464 183,616 28,746 13,802 30,226 307,362 27,149 15,612,721 17,104,987.94 380,872 473,978 159,128 180,191 87,346 80,216 23,063 542,975 1,046,477 247,428 258,655 270,961 108,962 36,865 30,226 366,372 119,362 26,804,417 29,832,700.28 230,347 0 0 0 0 0 0 0 0 0 0 0 230,347 1,004,544 205,731 217,866 230,993 74,069 3,899 312,628 41,933 41,697 40,789 39,969 34,893 32,966 30,226 27,499 27,267 -216,900 412,968 629,867 153% 0 0 1,004,544 205,731 217,866 0 0 0 230,993 74,069 1,950 1,950 0 0 0 0 0 59,009 92,213 338,872 338,872 92,095 27,021,317 29,419,732.62 Total Top 10 Top 10 % 0 92,095 5,545,875 7,155,256.33 11,191,696 12,727,712.34 21,525,593 22,314,627.72 50,151 50,151.43 COMPANY CONFIDENTIAL 11

12. Federal Funds As of 9-30-20 Program or Award Amount Total Received for the Program Expenditures Funds Remaining Remaining % Program Name Grant Period FY19 FY20 FY21 Title I GY19 Title I GY20 Title I GY21 08/30/18-09/30/20 08/29/19-09/30/20 08/29/20-09/30/21 607,524 599,162 726,863 138,331 599,162 379,511 228,013 535,439 35,311 (0) 0 0% 0% 91% 63,722 30,385 661,167 Title II GY19 Title II GY20 Title II GY21 08/30/18-09/30/19 08/29/19-09/30/20 08/29/20-09/30/21 64,105 58,777 71,092 16,046 29,389 27,070 37,035 4,010 0 0% 93% 100% 193 54,574 71,092 0 0 Title IV GY19 Title IV GY20 Title IV GY21 08/30/18-09/30/20 08/29/20-09/30/20 08/29/20-09/30/21 10,000 45,470 45,436 9,286 19,487 19,487 6,000 4,000 29,084 0 0% 34% 100% 1,071 15,316 45,436 - ESSER/ CARES Act 03/13/20-09/30/21 492,071 25,898 80,545 411,526 84% PCCD GY20 (*) 07/01/20-10/30/20 90,000 - 8,157 81,843 91% IDEA 611GY19 IDEA 611 GY20 IDEA 611 GY21 062-19-0024 062-20-0024 062-21-0024 76,969 263,143 363,159 76,969 203,590 74,982 1,987 242,982 27,849 (0) (0) 0% 0% 82% 20,161 38,556 - 296,755 IDEA 619 GY21 062-21-0024 208 - 208 100% GY19 GY20 GY21 758,598 1,056,552 $ 1,698,829 $ $ $ $ $ 240,632 851,628 45,386 $ $ $ 487,562 $ $ $ 271,036 811,515 63,160 $ $ 149,485 $ - $ 155,037 $ 843,391 $ (0) 0% 16% 47% TOTAL FEDERAL AWARDS - - 93,304 PA Smart Grant GY21 $ 35,000 $ - 35,000 0 0% (*) PCCD Grant Period Extended to 10/30/20 Carryover restrictions waived for FY20 due to Covid-19 Title year spend expires September 30, 2021 COMPANY CONFIDENTIAL 12

13. Personnel The following changes to staff occurred September 1, 2020 thru September 30, 2020: Employee Totals- September 30, 2020 Insight Employees 187 Hired 31 Separations 2 LOA - 1 K12 Employees 61 Total 248 Employee Type Teachers General Ed Teachers Special Ed Teacher Breakdown incl. Specialists Elementary (K-5) 102 54 45 7 7 Title I Interventionist & Inst Coach Guidance Counselors School Administration K12 Student Support Services K12 Administrative Services Middle School 48 17 46 15 High School 55 Specials Classes 8 COMPANY CONFIDENTIAL 13

14. Personnel The following changes to staff occurred September 1, 2020 thru September 30, 2020 New Hires Job Title Paraprofessional Teacher Gen Ed 1 Teacher Gen Ed 2 Teacher Gen Ed 3 Teacher Gen Ed 5 Teacher Gen Ed Elem Specials Classes Teacher Gen Ed HS ELA Teacher Gen Ed HS Math Teacher Gen Ed HS Science Teacher Gen Ed HS Specials Classes Teacher Gen Ed K Teacher Gen Ed MS Math Teacher Gen Ed MS Science Teacher Gen Ed MS Social Studies Teacher Interventionist HS Math Teacher Spec Ed Elem Teacher Spec Ed HS Teacher Spec Ed MS Grand Total Total Hired 5 1 1 1 3 1 1 2 1 2 3 1 1 1 1 2 2 2 Separated Employees First Name Last Name Job Title Debra-Ann Capone Teacher Spec Ed Elem Syieda Gery Teacher Spec Ed MS Leave of Absence First Name Last Name Job Title Leah Haney Teacher Gen Ed MS Math 31 COMPANY CONFIDENTIAL 14

15. Balance Sheet Assets Total Cash Total Fixed Assets Total Other Current Assets Total Assets Year To Date 6/30/2020 Year To Date 8/31/2020 Year To Date 9/30/2020 Change in Balance From Prev. Month Cash decreased primarily due to CFO approved payment of 60- and 30-day outstanding K-12 invoices. Actual 8,650,396 329,508 4,007,112 12,987,017 8,396,215 318,753 8,417,965 17,132,933 8,022,362 313,376 10,797,008 19,132,746 (373,852) (5,378) 2,379,043 1,999,813 Total Other Current Assets increased due to prepayment of annual licenses and $2.0M state funds receivable. Liabilities and Equity Liabilities Total Accounts Payable Total Other Current Liabilities Total Liabilities 2,404,131 3,728,277 6,132,408 1,383,082 4,627,214 6,010,296 3,617,240 4,236,579 7,853,820 2,234,158 (390,634) 1,843,523 Total Accounts Payable increased due to $3.6M K-12 invoice currently due, most of which is for materials & OLS net of reduction of 60- and 30-day prior invoices outstanding. (School commenced 9/8/20.) Equity Total Equity 6,854,609 11,122,637 11,278,927 156,290 12,987,017 Total Liabilities and Equity 17,132,933 19,132,746 1,999,813 For full Balance Sheet, see supporting detail. COMPANY CONFIDENTIAL 15