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Quarterly report pursuant to Section 13 or 15(d)

Leases

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Leases
9 Months Ended
Jan. 31, 2021
Leases [Abstract] Ìý
Leases Leases
We lease approximately 142,968 square feet of office and classroom space in the Phoenix (metropolitan area), San Diego, New York City, Denver, Austin, Tampa Bay and Moncton, New Brunswick Canada. The space in Austin, Texas and a portion of Tampa Bay, Florida commenced in January 2021.
Operating 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 "Operating lease right of use assets, net", "Operating lease obligations, current portion" and "Operating lease obligations, less current portion" in the consolidated balance sheet at JanuaryÌý31, 2021. 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 of 12% to determine the present value of the lease payments. Lease incentives are deducted from the right of use assets. 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, 2021 was $717,664 and $1,779,317, included in general and administrative expenses in the consolidated statements of operations, respectively.
ROU assets is summarized below:
January 31, 2021
Operating office leases $ 16,659,886Ìý
Less accumulated reduction (5,545,120)
Total ROU assets $ 11,114,766Ìý

Operating lease obligations, related to the ROU assets is summarized below:
January 31, 2021
Operating office leases $ 17,673,056Ìý
Total lease liabilities 17,673,056Ìý
Reduction of lease liabilities (5,602,554)
Total operating lease obligations $ 12,070,502Ìý
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 JanuaryÌý31, 2021 (a).
Maturity of Lease Obligations Lease Payments
2021 (remaining) $ 801,080Ìý
2022 3,484,232Ìý
2023 2,867,030Ìý
2024 2,666,619Ìý
2025 2,371,491Ìý
2026 and beyond 9,286,125Ìý
Total future minimum lease payments 21,476,577Ìý
Less imputed interest (9,406,075)
Present value of operating lease obligations $ 12,070,502Ìý
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(a) Lease payments exclude legally binding minimum lease payments for campus leases signed but not yet commenced for the following locations: $5.2 million remaining in Tampa, Florida and $3.9 million in Phoenix, Arizona.

Balance Sheet Classification
Operating lease obligations, current $ 2,102,209Ìý
Operating lease obligations, long-term 9,968,293Ìý
Total operating lease obligations $ 12,070,502Ìý

Other Information
Weighted average remaining lease term (in years) 7.24
Weighted average discount rate 12.00Ìý %