Annual report pursuant to Section 13 and 15(d)

Leases (Tables)

v3.20.2
Leases (Tables)
12 Months Ended
Apr. 30, 2020
Leases [Abstract]  
Future Minimum Payments Under Operating Leases
The following is a schedule by years of future minimum rental payments required under operating leases that have initial or remaining non-cancelable lease terms in excess of one year as of April 30, 2020 (a).
Maturity of Lease Obligations Lease Payments
2021    $ 2,409,191   
2022    2,250,755   
2023    1,686,197   
2024    1,488,839   
2025    1,136,640   
Thereafter 779,286   
Total 9,750,908   
Less Interest (2,382,321)  
Present value of operating lease obligations $ 7,368,587   
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(a) Lease payments exclude $4.3 million of legally binding minimum lease payments for the new Aspen University BSN Pre-Licensure campus location in Austin, Texas lease signed but not yet commenced. Prior to commencing its Austin campus operations, Aspen is required to obtain approvals from the Texas Board of Nursing.
Schedule of Balance Sheet Information Related to Leases
Balance Sheet Classification
Operating lease obligations, current $ 1,683,252   
Operating lease obligations, long-term 5,685,335   
Total operating lease obligations $ 7,368,587   
Other Information
Weighted average remaining lease term 4.6
Weighted average discount rate 12.06  %