| Schedule of Balance Sheet Information |
ROU assets are summarized below:
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|
|
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|
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|
|
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|
April 30, |
|
|
2021 |
|
2020 |
| ROU assets - Operating facility leases |
|
$ |
14,308,296 |
|
|
$ |
8,998,825 |
|
| Less: accumulated reduction |
|
(1,593,433) |
|
|
(2,585,974) |
|
| Total ROU assets |
|
$ |
12,714,863 |
|
|
$ |
6,412,851 |
|
Operating lease obligations, related to the ROU assets are summarized below:
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|
April 30, |
|
|
2021 |
|
2020 |
| Total lease liabilities |
|
19,946,229 |
|
|
$ |
8,324,323 |
|
| Reduction of lease liabilities |
|
(1,617,600) |
|
|
(955,736) |
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| Total operating lease obligations |
|
$ |
18,328,629 |
|
|
$ |
7,368,587 |
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|
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| Balance Sheet Classification |
|
April 30, 2021 |
| Operating lease obligations, current portion |
|
$ |
2,029,821 |
|
| Operating lease obligations, less current portion |
|
16,298,808 |
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| Total operating lease obligations |
|
$ |
18,328,629 |
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|
|
|
|
|
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|
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| Other Information |
|
April 30, 2021 |
| Weighted average remaining lease term (in years) |
|
7.46 |
| Weighted average discount rate |
|
12 |
% |
|
| 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 April 30, 2021 (a) (by fiscal year).
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| Maturity of Lease Obligations |
|
Lease Payments |
| 2022 |
|
$ |
3,995,304 |
|
| 2023 |
|
3,647,737 |
|
| 2024 |
|
3,469,573 |
|
| 2025 |
|
3,332,672 |
|
| 2026 |
|
3,383,530 |
|
| Thereafter |
|
10,417,592 |
|
| Total future minimum lease payments |
|
28,246,408 |
|
| Less: imputed interest |
|
(9,917,779) |
|
| Present value of operating lease obligations |
|
$ |
18,328,629 |
|
____________________ (a) Lease payments exclude $3.2 million of legally binding minimum lease payments for the new BSN Pre-Licensure campus location in Nashville, Tennessee lease signed but not yet commenced.
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