Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

v3.21.2
Leases (Tables)
6 Months Ended
Oct. 31, 2021
Leases [Abstract]  
Schedule of Right-of-Use Assets and Operating Lease Liabilities
ROU assets are summarized below:
October 31, 2021 April 30, 2021
ROU assets - Operating facility leases $ 15,958,721  $ 14,308,296 
Less: accumulated reduction (2,448,065) (1,593,433)
Total ROU assets $ 13,510,656  $ 12,714,863 

Operating lease obligations, related to the ROU assets are summarized below:
October 31, 2021 April 30, 2021
Total lease liabilities $ 22,436,658  $ 19,946,229 
Reduction of lease liabilities (2,558,744) (1,617,600)
Total operating lease obligations $ 19,877,914  $ 18,328,629 
Future Minimum Payments Under Operating Leases
The following is a schedule by fiscal years of future minimum lease payments required under operating leases that have initial or remaining non-cancelable lease terms in excess of one year as of October 31, 2021 (a) (by fiscal year) .
Maturity of Lease Obligations Lease Payments
2022 (remaining) $ 2,179,605 
2023 4,142,637 
2024 4,018,977 
2025 3,802,959 
2026 3,908,722 
Thereafter 11,963,225 
Total future minimum lease payments 30,016,125 
    Less: imputed interest (10,138,211)
Present value of operating lease liabilities $ 19,877,914 
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(a) Lease payments exclude $3.7 million of legally binding minimum lease payments for the new BSN Pre-Licensure campus location in a Tier 1 metropolitan area lease signed but not yet commenced.
Schedule of Balance Sheet Information Related to Leases
Balance Sheet Classification October 31, 2021 April 30, 2021
Operating lease obligations, current portion $ 2,145,431  $ 2,029,821 
Operating lease obligations, less current portion 17,732,483  16,298,808 
Total operating lease liabilities $ 19,877,914  $ 18,328,629 
Schedule of Other Information Related to Leases
Other Information October 31, 2021
Weighted average remaining lease term (in years) 7.29
Weighted average discount rate 12  %