Second, we continue to benefit from cost controls implemented with the two restructurings in fiscal Q2 2023 and fiscal Q4 2023. Our year-over-year G&A expense is down 23%, and we generated positive operating cash flow in the quarter. Financial highlights for the quarter are as follows. Total revenue was $13.8 million versus $17.1 million or a decrease of 19%. $2.3 million of the decrease is attributed to the teach-out of the pre-licensure program, and the remainder of the decrease resulted from lower post-licensure enrollments from Q3 fiscal 2023 through Q1 fiscal 2024 due to the effect of the decreased marketing spend. Gross profit and gross margin were $8.7 million and 63% respectively versus $10.2 million and 60% respectively. The year-over-year gross margin improvement is primarily a function of lower marketing spend and lower instructional costs and services associated with the enrollment stoppage in the pre-licensure program.
Instructional costs for the quarter were $4.2 million or 31% of revenue, down from $5.5 million or 32% of revenue. The decrease in instructional cost as a percentage of revenue was primarily due to the decrease in students in the pre-licensure core curriculum as a result of the teach-out. The core curriculum of the pre-licensure program requires an increase in the ratio of instructors to students. Fewer students in the program disproportionately decrease overall instructional costs. Total marketing and promotional costs for the second quarter were $348,000 or less than 3% of total revenue, as compared to $824,000 or about 5% of revenue. The decrease in marketing as a percentage of revenue resulted from decreased advertising spend across all programs to maintenance levels.
We plan to resume marketing spend late in fiscal year 2024 to a quarterly targeted spend rate of $500,000. This level of spend is expected to provide the enrollments needed to resume growth of the student body in fiscal 2025 while allowing for the generation of positive operating cash flow. The quarter’s general and administrative costs were $8.4 million or 61% of total revenue compared to $10.9 million or 64% of total revenue. The year-over-year decrease in G&A spend is due to both the impact of the two restructurings initiated in fiscal 2023 and cost control designed to reduce G&A spend across all functions, mainly corporate AGI. Total net loss was $1.6 million or a loss of $0.06 per basic and diluted share, compared to a net loss of $2.3 million, or a loss of $0.09 per basic and diluted share.
From a unit perspective, Aspen University’s net income for the quarter was $582,000 compared with $1.1 million. USU’s net income was $1.6 million versus $1.8 million. Finally, AGI incurred a net loss of $3.8 million compared to a net loss of $5.2 million. Included in the AGI loss is interest expense of $1 million compared to $710,000. After the repayment of the $1.5 million of principal on our senior secured loan, our quarterly cash interest payments will be approximately $750,000. Turning to non-GAP financial measures, please see the reconciliation to GAAP contained in our press release issued today. Consolidated EBITDA for the quarter was positive $419,000 as compared to an EBITDA loss of $603,000. Again, strong post-licensure revenue, reduced marketing spend, and G&A cost control measures drove the improvement in EBITDA.
As Mike mentioned, we achieved our fourth consecutive quarter of positive EBITDA, and cumulative positive EBITDA over the past four quarters is approximately $2.7 million. Second quarter EBITDA compared to the prior year quarter for each of the three units was as follows. Aspen University generated $1.3 million compared to $1.9 million. USU generated $1.8 million compared to $1.9 million. AGI had an EBITDA loss of $2.7 million compared to an EBITDA loss of $4.4 million. Consolidated adjusted EBITDA was $1.1 million compared to $537,000. From a unit perspective, Aspen University generated adjusted EBITDA of $1.6 million compared to adjusted EBITDA of $2.1 million, and adjusted EBITDA margin was 22% as compared to 20%. USU generated adjusted EBITDA of $2 million compared to adjusted EBITDA of $2.1 million and adjusted EBITDA margin of 30% as compared to 32%.
Finally, AGI Corporate incurred an adjusted EBITDA loss of $2.5 million compared to an adjusted EBITDA loss of $3.7 million. Moving to the balance sheet, as of October 31, 2023, our unrestricted cash and cash equivalents were $1.9 million, and restricted cash was $4.1 million, compared to a balance of $1.4 million and $4.4 million respectively at April 30, 2023. Included in the unrestricted cash balance is the release of $1.5 million associated with the Second Amendment to the 15% Debentures. The 15% Debentures originally required the company to maintain $2 million of restricted cash and the Second Amendment decreased the requirement to $500,000. We plan to repay the $1.5 million as a reduction of principal prior to the end of January 2024.
