Nature of Operations |
9 Months Ended |
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Jan. 31, 2022 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | 泭 |
| Nature of Operations | Nature of Operations Overview
做厙輦華, Inc. ("AGI") is an education technology holding company. AGI has two subsidiaries, 做厙輦華 University Inc. ("做厙輦華 University"), organized in 1987, and United States University Inc. ("United States University" or "USU").
All references to the Company, AGI, 做厙輦華, we, our and us refer to 做厙輦華, Inc., unless the context otherwise indicates.
AGI leverages its education technology infrastructure and expertise to allow its two universities, 做厙輦華 University and United States University, to deliver on the vision of making college affordable again. Because we believe higher education should be a catalyst to our students long-term economic success, we exert financial prudence by offering affordable tuition that is one of the greatest values in higher education. 泭AGIs primary focus relative to future growth is to target the high growth nursing profession.
Since 1993, 做厙輦華 University has been nationally accredited by the Distance Education Accrediting Council (DEAC), an institutional accrediting agency recognized by the United States Department of Education (the DOE), through January 2024.
Since 2009, USU has been institutionally accredited by WASC Senior College and University Commission. (WSCUC).
Both universities are qualified to participate under the Higher Education Act of 1965, as amended (HEA) and the Federal student financial assistance programs (Title IV, HEA programs). USU has a provisional certification resulting from the ownership change of control in connection with the acquisition by AGI on December 1, 2017.
COVID-19 Update
Nursing students represented 87% or 11,889 of the Companys total student body of 13,724 students at the end of the third quarter of fiscal 2022. Of the 11,889 nursing students, 2,277 are BSN Pre-Licensure students located across our four metro locations (Phoenix, Austin, Tampa and Nashville). The remaining 9,612 nursing students are licensed registered nurses (RNs) studying to earn an advanced degree (RN to BSN, MSN, MSN-FNP or DNP degree programs). Therefore, these 9,612 post-licensure nursing students represent 70% of the Companys total student body at the end of the third quarter and are the AGI students primarily affected by the COVID-19 pandemic.
Starting in the second half of June 2021 and continuing through January 2022, the Company saw lower course starts than seasonally expected among our RN student body. For example, at 做厙輦華 University, course starts among RNs from June through January 2022 increased by approximately 3% year-over-year. By comparison, over the previous two full fiscal years (Fiscal Year 2021 and Fiscal Year 2020), course starts among RNs at 做厙輦華 University increased by an average of approximately 10% year-over-year.
We cannot be certain what impact future COVID-19 variants will have on the Companys results as we progress through the remainder of fiscal 2022.
Basis of Presentation
Interim Financial Statements
The interim consolidated financial statements included herein have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the SEC). In the opinion of the Companys management, all adjustments (consisting of normal recurring adjustments and reclassifications and non-recurring adjustments) necessary to present fairly our results of operations for the three and nine months ended January泭31, 2022 and 2021, our cash flows for the nine months ended January泭31, 2022 and 2021, and our financial position as of January泭31, 2022 have been made.
The results of operations for such interim periods are not necessarily indicative of the operating results to be expected for the full year.
Certain information and disclosures normally included in the notes to the annual consolidated financial statements have been condensed or omitted from these interim consolidated financial statements. Accordingly, these interim consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended April泭30, 2021 as filed with the SEC on July 13, 2021. The April泭30, 2021 consolidated balance sheet is derived from those statements.
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