Leases (Tables)
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6 Months Ended |
Oct. 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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October 31, 2021 |
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April 30, 2021 |
| ROU assets - Operating facility leases |
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$ |
15,958,721 |
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$ |
14,308,296 |
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| Less: accumulated reduction |
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(2,448,065) |
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(1,593,433) |
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| Total ROU assets |
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$ |
13,510,656 |
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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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October 31, 2021 |
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April 30, 2021 |
| Total lease liabilities |
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$ |
22,436,658 |
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$ |
19,946,229 |
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| Reduction of lease liabilities |
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(2,558,744) |
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(1,617,600) |
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| Total operating lease obligations |
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$ |
19,877,914 |
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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 October 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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$ |
2,179,605 |
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| 2023 |
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4,142,637 |
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| 2024 |
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4,018,977 |
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| 2025 |
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3,802,959 |
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| 2026 |
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3,908,722 |
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| Thereafter |
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11,963,225 |
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| Total future minimum lease payments |
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30,016,125 |
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| Less: imputed interest |
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(10,138,211) |
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| Present value of operating lease liabilities |
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$ |
19,877,914 |
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_____________________
(a) Lease payments exclude $3.7 million of legally binding minimum lease payments for the new BSN Pre-Licensure campus location in a Tier 1 metropolitan area lease signed but not yet commenced.
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| Schedule of Balance Sheet Information Related to Leases |
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| Balance Sheet Classification |
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October 31, 2021 |
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April 30, 2021 |
| Operating lease obligations, current portion |
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$ |
2,145,431 |
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$ |
2,029,821 |
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| Operating lease obligations, less current portion |
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17,732,483 |
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16,298,808 |
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| Total operating lease liabilities |
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$ |
19,877,914 |
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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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October 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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