Leases (Tables)
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3 Months Ended |
Jul. 31, 2021 |
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| Leases [Abstract] |
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| Schedule of Right-of-Use Assets and Operating Lease Liabilities |
ROU assets are summarized below:
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July 31, 2021 |
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April 30, 2021 |
| ROU assets - Operating facility leases |
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$ |
14,308,296 |
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$ |
14,308,296 |
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| Less: accumulated reduction |
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(2,065,840) |
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(1,593,433) |
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| Total ROU assets |
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$ |
12,242,456 |
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$ |
12,714,863 |
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Operating lease obligations, related to the ROU assets are summarized below:
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July 31, 2021 |
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April 30, 2021 |
| Total lease liabilities |
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$ |
19,946,229 |
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$ |
19,946,229 |
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| Reduction of lease liabilities |
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(1,995,109) |
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(1,617,600) |
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| Total operating lease obligations |
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$ |
17,951,120 |
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$ |
18,328,629 |
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| 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 July 31, 2021 (a) (by fiscal year) .
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| Maturity of Lease Obligations |
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Lease Payments |
| 2022 (remaining) |
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$ |
3,076,200 |
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| 2023 |
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3,647,737 |
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| 2024 |
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3,514,179 |
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| 2025 |
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3,288,066 |
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| 2026 |
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3,383,530 |
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| Thereafter |
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10,417,592 |
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| Total future minimum lease payments |
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27,327,304 |
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| Less: imputed interest |
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(9,376,184) |
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| Present value of operating lease liabilities |
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$ |
17,951,120 |
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_____________________
(a) Lease payments exclude $3.5 million of legally binding minimum lease payments for the new BSN Pre-Licensure campus location in Nashville, Tennessee lease signed but not yet commenced.
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| Schedule of Balance Sheet Information Related to Leases |
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| Balance Sheet Classification |
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July 31, 2021 |
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April 30, 2021 |
| Operating lease obligations, current portion |
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$ |
2,086,076 |
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$ |
2,029,821 |
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| Operating lease obligations, less current portion |
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15,865,044 |
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16,298,808 |
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| Total operating lease liabilities |
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$ |
17,951,120 |
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$ |
18,328,629 |
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| Schedule of Other Information Related to Leases |
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| Other Information |
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July 31, 2021 |
| Weighted average remaining lease term (in years) |
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7.29 |
| Weighted average discount rate |
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12 |
% |
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