Quarterly report pursuant to Section 13 or 15(d)

Leases

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Leases
 6 Months Ended
Oct. 31, 2020
Leases [Abstract]  
Leases Leases
We lease approximately 103,000 square feet of office and classroom space in the Phoenix (metropolitan area), San Diego, New York City, Denver, Austin, and Moncton, New Brunswick Canada.
Operating lease assets are right of use assets ("ROU assets"), which represent the right to use an underlying asset for the lease term. Operating lease liabilities represent the obligation to make lease payments arising from the lease. Operating leases are included in "Operating lease right of use asset, net", "Operating lease obligations, current portion" and "Operating lease obligations" in the consolidated balance sheet at October 31, 2020.  These assets and lease liabilities are recognized based on the present value of remaining lease payments over the lease term. When the lease does not provide an implicit interest rate, the Company uses an incremental borrowing rate of 12% to determine the present value of the lease payments. The right-of-use asset includes all lease payments made and excludes lease incentives. Lease expense for operating leases is recognized on a straight-line basis over the lease term. There are no variable lease payments. Lease expense for the three and six month period ended October 31, 2020 was $664,415 and $1,061,653, included in general and administrative expenses in the consolidated statements of operations, respectively.
ROU assets is summarized below:
October 31, 2020
Operating office leases $ 13,124,796 
Less accumulated reduction (5,315,307)
Balance of ROU assets as of October 31, 2020 $ 7,809,489 
Operating lease obligations, related to the ROU assets is summarized below:
October 31, 2020
Operating office leases $ 14,108,820 
Total lease liabilities 14,108,820 
Reduction of lease liabilities (5,343,595)
Total as of October 31, 2020 $ 8,765,225 

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, 2020 (a).
Maturity of Lease Obligations Lease Payments
2021 (remaining) $ 1,311,675 
2022 2,488,590 
2023 1,862,992 
2024 1,631,102 
2025 1,303,970 
2026 and beyond 4,075,303 
Total future minimum lease payments 12,673,632 
Less imputed interest (3,908,407)
Present value of operating lease obligations $ 8,765,225 
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(a) Lease payments exclude legally binding minimum lease payments for campus leases signed but not yet commenced for the following locations: $10.2 million in Tampa, Florida, $3.9 million in Phoenix, Arizona, and $4.3 million in Austin, Texas.

Balance Sheet Classification
Operating lease obligations, current $ 1,670,277 
Operating lease obligations, long-term 7,094,948 
Total operating lease obligations $ 8,765,225 

Other Information
Weighted average remaining lease term (in years) 6.29
Weighted average discount rate 12.00  %