| Property and Equipment |
Property and Equipment As property and equipment reach the end of their useful lives, the fully expired assets are written off against the associated accumulated depreciation and amortization.
When assets are disposed of before reaching the end of their useful lives, both the recorded cost of the fixed asset and the corresponding amount of accumulated depreciation is reversed. Any remaining difference between the two is recognized as either other income or expense.
Property and equipment consisted of the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
April 30, |
|
2022 |
|
2021 |
| ÌýÌýÌýComputer equipment and hardware |
$ |
1,516,475Ìý |
|
|
$ |
956,463Ìý |
|
| ÌýÌýÌýFurniture and fixtures |
2,193,261Ìý |
|
|
1,705,101Ìý |
|
| ÌýÌýÌýLeasehold improvements |
7,179,896Ìý |
|
|
5,729,324Ìý |
|
| ÌýÌýÌýInstructional equipment |
715,652Ìý |
|
|
421,039Ìý |
|
| ÌýÌýÌýSoftware |
10,285,096Ìý |
|
|
8,488,635Ìý |
|
| ÌýÌýÌýConstruction in progress |
2,100Ìý |
|
|
247,767Ìý |
|
|
21,892,480Ìý |
|
|
17,548,329Ìý |
|
| Accumulated depreciation and amortization |
(8,395,001) |
|
|
(4,892,987) |
|
| ÌýÌýÌýÌýÌýÌýProperty and equipment, net |
$ |
13,497,479Ìý |
|
|
$ |
12,655,342Ìý |
|
Software consisted of the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
April 30, |
|
2022 |
|
2021 |
Software |
$ |
10,285,096Ìý |
|
|
$ |
8,488,635Ìý |
|
| Accumulated amortization |
(5,170,943) |
|
|
(3,444,325) |
|
Software, net |
$ |
5,114,153Ìý |
|
|
$ |
5,044,310Ìý |
|
Depreciation and amortization expense for property and equipment and software is summarized below:
|
|
|
|
|
|
|
|
|
|
|
|
|
Years Ended April 30, |
|
2022 |
|
2021 |
| Depreciation and amortization expense: |
|
|
|
| Property and equipment, excluding software |
$ |
1,555,119Ìý |
|
|
$ |
975,900Ìý |
|
| Software amortization expense |
$ |
1,726,618Ìý |
|
|
$ |
1,405,756Ìý |
|
The following is a schedule of estimated future amortization expense of software at AprilÌý30, 2022 (by fiscal year):
|
|
|
|
|
|
|
Future Expense |
| 2023 |
$ |
1,763,621Ìý |
|
| 2024 |
1,473,045Ìý |
|
| 2025 |
1,070,781Ìý |
|
| 2026 |
610,861Ìý |
|
| 2027 |
195,845Ìý |
|
| Total |
$ |
5,114,153Ìý |
|
|