| 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. There is no expense impact for such write offs.
Property and equipment consisted of the following at OctoberÌý31, 2020 and AprilÌý30, 2020:
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October 31,
2020 |
|
April 30,
2020 |
| Computer equipment and hardware |
$ |
755,972Ìý |
|
|
$ |
649,927Ìý |
|
| Furniture and fixtures |
1,013,103Ìý |
|
|
1,007,099Ìý |
|
| Leasehold improvements |
920,736Ìý |
|
|
867,024Ìý |
|
| Instructional equipment |
315,993Ìý |
|
|
301,842Ìý |
|
| Software |
7,373,655Ìý |
|
|
6,162,770Ìý |
|
| Construction in Progress |
878,263Ìý |
|
|
—Ìý |
|
|
11,257,722Ìý |
|
|
8,988,662Ìý |
|
| Accumulated depreciation and amortization |
(3,830,290) |
|
|
(2,841,019) |
|
| Property and equipment, net |
$ |
7,427,432Ìý |
|
|
$ |
6,147,643Ìý |
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Software consisted of the following at OctoberÌý31, 2020 and AprilÌý30, 2020:
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October 31,
2020 |
|
April 30,
2020 |
| Software |
$ |
7,373,655Ìý |
|
|
$ |
6,162,770Ìý |
|
| Accumulated amortization |
(2,711,305) |
|
|
(2,049,809) |
|
| Software, net |
$ |
4,662,350Ìý |
|
|
$ |
4,112,961Ìý |
|
Depreciation and amortization expense for property and equipment as well as the portion for just software amortization is presented below for the three and six months ended OctoberÌý31, 2020 and 2019:
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Three Months Ended
October 31, |
Six Months Ended
October 31, |
|
2020 |
|
2019 |
2020 |
|
2019 |
| Depreciation and amortization expense |
$ |
515,841Ìý |
|
|
$ |
332,212Ìý |
|
$ |
994,518Ìý |
|
|
$ |
648,740Ìý |
|
|
|
|
|
|
|
|
| Software amortization expense |
$ |
346,653Ìý |
|
|
$ |
242,797Ìý |
|
$ |
661,760Ìý |
|
|
$ |
463,250Ìý |
|
The following is a schedule of estimated future amortization expense of software at OctoberÌý31, 2020 (by fiscal year):
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Future Expense |
| 2021 (remaining) |
|
$ |
698,932Ìý |
|
| 2022 |
|
1,338,300Ìý |
|
| 2023 |
|
1,177,419Ìý |
|
| 2024 |
|
889,634Ìý |
|
| 2025 |
|
479,929Ìý |
|
| Thereafter |
|
78,136Ìý |
|
| Total |
|
$ |
4,662,350Ìý |
|
|