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Annual report pursuant to Section 13 and 15(d)

Leases

v3.20.2
Leases
12 Months Ended
Apr. 30, 2020
Leases [Abstract] Ìý
Leases Leases
Operating lease assets are 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 ROU assets, net, and Operating Lease Obligations, Current and Long-term on the Consolidated Balance Sheet at AprilÌý30, 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 year ended AprilÌý30, 2020 was $2,516,213 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 AprilÌý30, 2020 (a).
Maturity of Lease Obligations Lease Payments
2021Ìý Ìý $ 2,409,191Ìý Ìý
2022Ìý Ìý 2,250,755Ìý Ìý
2023Ìý Ìý 1,686,197Ìý Ìý
2024Ìý Ìý 1,488,839Ìý Ìý
2025Ìý Ìý 1,136,640Ìý Ìý
Thereafter 779,286Ìý Ìý
Total 9,750,908Ìý Ìý
Less Interest (2,382,321) Ìý
Present value of operating lease obligations $ 7,368,587Ìý Ìý
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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.

Balance Sheet Classification
Operating lease obligations, current $ 1,683,252Ìý Ìý
Operating lease obligations, long-term 5,685,335Ìý Ìý
Total operating lease obligations $ 7,368,587Ìý Ìý
Other Information
Weighted average remaining lease term 4.6
Weighted average discount rate 12.06Ìý %