Leases (Tables)
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3 Months Ended |
Jul. 31, 2022 |
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| Leases [Abstract] |
Ìý
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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, 2022 |
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April 30, 2022 |
| ROU assets - Operating facility leases |
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$ |
16,135,178Ìý |
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$ |
15,958,721Ìý |
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| Less: accumulated amortization |
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(3,773,471) |
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(3,312,771) |
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| Total ROU assets |
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$ |
12,361,707Ìý |
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$ |
12,645,950Ìý |
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Operating lease obligations, related to the ROU assets are summarized below:
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July 31, 2022 |
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April 30, 2022 |
| Total lease liabilities |
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$ |
22,693,812Ìý |
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$ |
22,517,355Ìý |
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| Reduction of lease liabilities |
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(4,290,574) |
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(3,671,466) |
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| Total operating lease obligations |
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$ |
18,403,238Ìý |
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$ |
18,845,889Ìý |
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| Future Minimum Payments Under Operating Leases |
The following is a schedule by future minimum lease payments required under operating leases that have initial or remaining non-cancelable lease terms in excess of one year as of JulyÌý31, 2022 (a) (by fiscal year).
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| Maturity of Lease Obligations |
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Lease Payments |
| 2023 (remaining) |
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$ |
3,150,097Ìý |
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| 2024 |
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4,021,638Ìý |
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| 2025 |
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3,805,716Ìý |
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| 2026 |
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3,911,083Ìý |
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| 2027 |
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3,991,386Ìý |
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| Thereafter |
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7,971,840Ìý |
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| Total future minimum lease payments |
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26,851,760Ìý |
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| ÌýÌýÌýÌýLess: imputed interest |
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(8,448,522) |
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| Present value of operating lease liabilities |
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$ |
18,403,238Ìý |
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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 Atlanta, Georgia and excludes $1.5Ìýmillion of legally binding lease payments for the new USU campus location in San Diego, California. Both leases were signed, but not yet commenced.
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| Schedule of Balance Sheet Information Related to Leases |
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| Balance Sheet Classification |
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July 31, 2022 |
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April 30, 2022 |
| Operating lease obligations, current portion |
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$ |
2,123,914Ìý |
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$ |
2,036,570Ìý |
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| Operating lease obligations, less current portion |
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16,279,324Ìý |
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16,809,319Ìý |
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| Total operating lease obligations |
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$ |
18,403,238Ìý |
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$ |
18,845,889Ìý |
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| Schedule of Other Information Related to Leases |
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| Other Information |
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July 31, 2022 |
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April 30, 2022 |
| Weighted average remaining lease term (in years) |
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6.58 |
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6.81 |
| Weighted average discount rate |
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12Ìý |
% |
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12Ìý |
% |
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