Leases |
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| Lessee Disclosure [Abstract] | Ìý | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases | LeasesOperating 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 the Operating Lease Assets, net, and Operating Lease Liabilities, Current and Long-term on the unaudited Consolidated Balance Sheet at JanuaryÌý31, 2020. ÌýThese 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 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 nine month period ended JanuaryÌý31, 2020 was $632,212 and $1,869,093, respectively. These costs are primarily related to long-term operating leases, but also include amounts for short-term leases with terms greater than 30 days that are not material.
The following is a schedule by years of future minimum rental payments required under operating leases that have initial or remaining non-cancelable lease terms in excess of one year as of JanuaryÌý31, 2020 (a).
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(a) Lease payments exclude $4.3Ìýmillion of legally binding minimum lease payments for the new Aspen University BSN Pre-Licensure campus location in Austin, Texas lease signed but not yet commenced. Prior to commencing its Austin campus operations, Aspen is required to obtain approvals from the Texas Board of Nursing, the Texas Higher Education Coordinating Board, and the Texas Workforce Commission.
Cash Flows
An initial right of use asset of approximately $8.8 million was recognized as a non-cash asset addition with the adoption of the standard. During the three months ended JanuaryÌý31, 2020, there was additional right of use assets recognized as non-cash assets additions related to a one year lease extension. Cash paid for amounts included in the present value of operating lease obligations at adoption and for the three and nine months ended JanuaryÌý31, 2020 was $0.6 million and $1.7 million, respectively, and is included in operating cash flows.
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