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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"><b>Impact of Adoption of ASC 606
– Revenue from Contracts with Customers</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 -40pt; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">On June 1, 2018, the Company adopted
Accounting Standards Codification (“ASC”) <i>Topic 606, Revenue from Contracts with Customers (“ASC Topic 606”)</i>,
which supersedes the revenue recognition requirements in <i>ASC Topic 605, Revenue Recognition (“ASC Topic 605”)</i>.
The Company elected to follow the modified retrospective adoption method. The new guidance was applied to all contracts that were
not completed as of the adoption date. Revenues and operating results for the reporting period beginning June 1, 2018 have been
presented under the accounting guidance included within <i>ASC Topic 606</i>, while prior period amounts have not been restated
to conform to the new guidance as permitted by the modified retrospective method of adoption.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 -40pt; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">As a result of the adoption of <i>ASC
Topic 606</i>, the Company recorded a net cumulative increase to accumulated deficit of $0.2 million and a corresponding increase
to deferred income within the Consolidated Balance Sheet as of June 1, 2018. The impact of adoption was primarily related to the
estimated adjustment for students who withdraw from classes for terms that were not complete at May 31, 2018. Prior to the adoption
of <i>ASC Topic 606</i>, these revenue adjustments were recognized when the student actually withdrew from classes. Compared to
the amounts under <i>ASC Topic 605</i>, for the nine months ended February 28, 2019, the net impact to revenues under <i>ASC Topic
606</i> was a reduction of revenues of $0.2 million, with a corresponding increase to deferred income.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 -40pt; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">The Company does not have any unsatisfied
performance obligations for contracts with customers that have an expected duration of more than one year.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 -40pt; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"><b>Revenue Recognition</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 -40pt; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">The following table presents the
Company’s revenues from contracts with customers disaggregated by material revenue category:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td colspan="2">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Nine months ended</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>February 28,</b></p></td>
<td> </td>
<td> </td>
<td colspan="2">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Three months ended</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>February 28,</b></p></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>2019</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>2019</b></font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 76%"><font style="font-size: 8pt">Academic revenue</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">39,060</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">10,501</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Auxiliary revenue</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">1,926</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">521</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Real estate revenue</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">1,840</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">601</font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Consolidated revenue</font></td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">42,826</font></td>
<td style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">11,623</font></td>
<td style="padding-bottom: 3pt"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">Revenues are recognized when control
of the promised goods or services are transferred to customers in an amount that reflects the consideration the Company expects
to be entitled to receive in exchange for those goods and services. The Company applies the five-step revenue model under <i>ASC
Topic 606</i> to determine when revenue is earned and recognized. The Company had no capitalizable costs associated with obtaining
and fulfilling a revenue contract.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"><i>Academic Revenue:</i> Academic
revenue consists of tuition revenue, other fee revenue and the revenue generated through NAU’s teaching relationships with
other non-related party institutions. The Company’s academic programs are typically offered on a three-month term basis that,
starting in November 2017, commence on a monthly basis. As a result, each of the Company’s financial reporting quarters include
the revenue of three months of the first term, two months of the second term, and one month of the third term.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">Tuition revenue represents amounts
charged for course instruction. For tuition revenue, the Company performs an assessment at the beginning of each student contract
and, subsequently thereafter, if new information indicates there has been a significant change in facts and circumstances. Each
student contract contains a single performance obligation that is the Company’s promise to the student to provide knowledge
and skills through course instruction, which may include any combination of classroom instruction, on-demand tutoring or on-line
instruction.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 -40pt; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">Tuition revenue is reported net of
adjustments for discounts, refunds and scholarships. Tuition rates per student vary by educational site, the number of credit hours
the student is enrolled in for the term, the program, and the degree level of the program. The portion of tuition and registration
fees received but not earned, less estimated student withdrawals, is recorded as deferred income and reflected as a current liability
in the Company’s consolidated balance sheets, as such amount represents revenue the Company expects to earn from terms that
are not complete as of the date of the financial statements.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 -40pt; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">Tuition revenue is deferred and recognized
as revenue ratably over the term of instruction (typically three months). Tuition revenue is recognized over time as the students
obtain control of the educational services provided by the Company subsequent to enrollment and on a ratable basis over the term
of the course beginning on the course start date through the last day of classes.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 -40pt; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">If a student withdraws prior to the
completion of the academic term, the respective portion of tuition and registration fees the Company already received and is not
entitled to retain are refunded back to the students and the Department of Education. Students are no longer entitled to a refund
once 60% of the term has been completed. For students that have withdrawn from all classes during an academic term, the Company
estimates the expected receivable balance due from such students and records a provision to reduce academic revenue for that amount,
less estimated collections calculated based on historical collection trends and adjusted for known current factors.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 -40pt; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"><i>Auxiliary Revenue:</i> Auxiliary
revenue primarily consists of revenues from the Company’s bookstore operations for the sale of books and other class materials.
Revenue is recognized when control of the books or class materials are transferred to the student. Auxiliary revenue is recorded
net of any applicable sales tax. There are no identified changes to revenue recognition from <i>ASC Topic 605</i> to <i>ASC Topic
606</i>.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 -40pt; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"><i>Real Estate Revenue:</i> Real
estate revenue includes monthly rental income, fees paid by members of owners’ associations managed by the Company and condominium
sales. Rental income and owners’ association fees are received from tenants or members. Significant amounts paid in advance
are included in deferred income on the Company’s consolidated balance sheets. Revenue related to the sales of the condominiums
is recognized at the closing of the transaction at the negotiated contract price. There are no identified changes to revenue recognition
from <i>ASC Topic 605</i> to <i>ASC Topic 606</i>.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">The following presents the Company’s
net revenue disaggregated based on the timing of revenue recognition:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Nine months ended</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>February 28,</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2019</b></p></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Three months ended</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>February 28,</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2019</b></p></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"><b>Services transferred over time:</b></font></td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 76%; text-indent: 0.25in"><font style="font-size: 8pt">Tuition revenue, net of adjustments</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">39,060</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">10,501</font></td>
<td style="width: 1%"> </td></tr>
<tr>
<td colspan="2" style="vertical-align: bottom">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt"> (transferred over the term of instruction)</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p></td>
<td style="vertical-align: bottom"> </td>
<td style="vertical-align: bottom"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom"> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 0.25in"><font style="font-size: 8pt">Rental income (transferred over the rental period)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">1,042</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">345</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"><b>Total</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">40,102</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">10,846</font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr>
<td colspan="2" style="vertical-align: bottom">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b>Goods or services transferred at a point in time:</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p></td>
<td style="vertical-align: bottom"> </td>
<td style="vertical-align: bottom"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom"> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 0.25in"><font style="font-size: 8pt">Auxiliary revenue</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">1,926</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">521</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 0.25in"><font style="font-size: 8pt">Other real estate income</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">152</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">49</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 0.25in"><font style="font-size: 8pt">Condominium sales</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">646</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">207</font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"><b>Total</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">2,724</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">777</font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"><b>Total revenue</b></font></td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">42,826</font></td>
<td style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">11,623</font></td>
<td style="padding-bottom: 3pt"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">Student accounts receivable is composed
primarily of amounts due related to tuition and educational services. Student receivables, net consist of the following as of the respective period ends:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td style="border-top: white 1pt solid; border-left: white 1pt solid"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>February 28,</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2019</b></p></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>May 31,</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2018</b></p></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 76%; border-left: white 1pt solid"><font style="font-size: 8pt">Student accounts receivable</font></td>
<td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="width: 1%; border-bottom: white 1pt solid"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">1,861</font></td>
<td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="width: 1%; border-bottom: white 1pt solid"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">3,480</font></td>
<td style="width: 1%; padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"><font style="font-size: 8pt">Less allowance for doubtful accounts</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(384</font></td>
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(587</font></td>
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid; text-indent: 27pt"><font style="font-size: 8pt">Student receivables, net</font></td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">1,477</font></td>
<td style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">2,893</font></td>
<td style="padding-bottom: 3pt"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">The following summarizes the activity in the allowance for
doubtful accounts for the respective periods:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td style="border-top: white 1pt solid; border-left: white 1pt solid"> </td>
<td> </td>
<td colspan="2">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Nine months ended</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>February 28,</b></p></td>
<td> </td>
<td> </td>
<td colspan="2">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Nine months ended</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>February 28,</b></p></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>2019</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>2018</b></font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: white 1pt solid; text-align: center"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: white 1pt solid; text-align: center"> </td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 76%; border-left: white 1pt solid"><font style="font-size: 8pt">Beginning allowance for doubtful accounts</font></td>
<td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="width: 1%; border-bottom: white 1pt solid"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">587</font></td>
<td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="width: 1%; border-bottom: white 1pt solid"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">1,195</font></td>
<td style="width: 1%; padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"><font style="font-size: 8pt">Provision for uncollectible accounts receivable</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">1,441</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">1,775</font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"><font style="font-size: 8pt">Write offs, net of Recoveries</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(1,644</font></td>
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(2,284</font></td>
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"><font style="font-size: 8pt">Ending allowance for doubtful accounts</font></td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">384</font></td>
<td style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">686</font></td>
<td style="padding-bottom: 3pt"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b> </b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">Long-lived assets are reviewed for
impairment when circumstances indicate the carrying value of an asset may not be recoverable. For assets that are held and used,
impairment exists when the estimated undiscounted cash flows associated with the asset or group of assets is less than carrying
value. If impairment exists, an adjustment is made to write the asset down to its fair value, and a loss is recorded as the difference
between the carrying and fair value. Fair values are determined based on quoted market values, discounted cash flows, or internal
and external appraisals, as applicable. Assets to be held for sale are carried at the lower of carrying value or fair value, less
cost to sell. All impairment charges are included in loss on impairment and disposition of property and equipment, within the
NAU segment, in the consolidated financial statements.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">During the quarter ended November 30,
2017, upon our review of our assets for impairment, we determined the estimated future undiscounted cash flows associated with
the assets of the Houston, Minnetonka, Bloomington, Brooklyn Center and Burnsville campuses were not sufficient to recover their
carrying value. Accordingly, the carrying values of the assets, primarily leasehold improvements, were reduced to their fair value,
which the Company believes to be minimal. An impairment charge of $1,009 related to these five locations was recorded. The impairment
charge is included in loss on impairment and disposition of property, within the NAU segment, in the condensed consolidated financial
statements.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">During the quarter ended August 31,
2018, the Company signed an early lease termination agreement without penalty for the Albuquerque East and Colorado Springs North
locations. The Company consolidated the students from these two locations to other local campuses during the second quarter. The
leases at the closed locations were terminated prior to the end of their terms. As a result of the early termination of the leases
at these two locations, the carrying values of their assets, primarily classroom and office equipment and leasehold improvements,
were reduced to their fair value, which the Company estimates to be minimal. An impairment charge of $555 related to the assets
at these locations was recorded during the three months ended August 31, 2018.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">During the quarter ended November 30,
2018, the Company incurred additional asset impairment as the result of the Board-Approved Operational Change to Online Operations.
See Note 7 below.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">There were no asset impairment charges recorded for the three months ended February 28, 2019.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 -40pt; text-align: justify">  </p>
<p style="margin: 0pt 0pt 0pt -40pt"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">On October 29, 2018, the Company’s
Board of Directors approved a strategic plan that focuses NAU’s growth strategies on online academic programs and expanding
its programming and services related to strategic security, counter-terrorism, and intelligence for the public and private sectors.
The Company remains committed to offering many of its current programs and maintaining its longstanding mission to assist students
in achieving their educational goals and preparing them for employment in a rapidly evolving and increasingly competitive employment
market.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">In alignment with its new strategic
plan, NAU suspended new student enrollment in 34 of its 128 programs effective November 1, 2018. NAU continues to serve active
students currently enrolled in these programs. To accelerate its operational change to online academic programs and to gain greater
efficiencies through the centralization of its student-facing services, the Company is implementing appropriate staff reductions
and other personnel actions. In addition, on March 22, 2019, the Company entered into both a Teach-Out and Transfer Agreement and
an Asset Transfer Agreement with Brookline College with respect to the students, programs and certain assets of the Albuquerque
West campus. The Company will continue to work with students to provide for completion of their programs with NAU or another institution.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">As a result, the Company determined
that the carrying value of all assets for the ground locations that were not previously impaired, should be impaired as of November
1, 2018. The Company incurred a charge of $5.9 million to account for these fixed asset impairments. In addition, future lease
obligations at the ground locations that were closed as of November 30, 2018, were accelerated, and a non-cash charge of $3.1 million
was incurred to recognize the acceleration of these lease obligations. This non-cash lease acceleration was calculated using the
present value of future payments and offset with estimated sublease income.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">During the three months ended February
28, 2019, the Company recorded an additional $1.1 million of accelerated lease acceleration related to the ground locations that
were closed during quarter. This non-cash lease acceleration was calculated using the present value of future payments and offset
with estimated sublease income.</p>
<p style="margin: 0pt 0pt 0pt -40pt"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The authorized capital stock for the Company
is 51,100,000 shares, consisting of (i) 50,000,000 shares of common stock, par value $0.0001 and (ii) 1,000,000 shares of preferred
stock, par value $0.0001, and (iii) 100,000 shares of class A common stock, par value $0.0001. Of the authorized shares, 24,650,083
and 24,344,122 shares of common stock were outstanding as of February 28, 2019 and May 31, 2018, respectively. No shares of preferred
stock or Class A common stock were outstanding at February 28, 2019 and May 31, 2018.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Stock-Based Compensation</i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under the 2009 Stock Option and Compensation
Plan (the “2009 Plan”) and the 2018 Stock Option and Compensation Plan (the “2018 Plan”), the Company may
grant restricted stock awards, restricted stock units and stock options to aid in recruiting and retaining employees, officers,
directors and other consultants. The Company has settled an advisor services contract and management compensation in stock that
totaled 176,455 shares valued at $19 for the quarter ended February 28, 2019 and 255,064 shares valued at $63 for the year to date
period ended February 28, 2019. These issuances of stock reduce the shares available for future grants. At February 28, 2019 the
Company had 11,050 shares and 1,623,545 available for future grants under its 2009 Plan and 2018 Plan, respectively.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In 2013, the Company adopted the 2013 Restricted
Stock Unit Plan (the “2013 Plan”) authorizing the issuance of up to 750,000 shares of the Company’s stock to
participants in the 2013 Plan. Termination of the 2013 Plan was approved by the stockholders of National American University
Holdings, Inc. at the 2018 Annual Meeting of Stockholders held October 9, 2018.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At the 2018 Annual Meeting of National American
University Holdings, Inc., the stockholders also approved the 2018 Stock Option and Compensation Plan (the
“2018 Plan”). The Plan authorizes 1,800,000 shares to aid the Company in recruiting and retaining employees and to
align the interests of employees, officers and directors with those of the Company’s stockholders. The Company may grant
restricted stock awards, restricted stock units, stock options, stock appreciation rights, stock awards and other stock-based awards.
The Plan expires ten years from its inception date.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Restricted stock</i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the quarter ended November 30, 2018, 47,615
restricted stock shares with a weighted average grant date fair value of $2.10 per share vested. The Company has 113,635 non-vested
restricted stock shares with a weighted average grant date fair value of $0.88 per share that were granted during the quarter ended
November 30, 2018 and remain outstanding at February 28, 2019. These shares vest one year from the issuance date. Unrecognized
compensation expense associated with these shares total $61 with a remaining amortization period of 0.6 year. Stock compensation
expense totaling $25 and $73, respectively, was recorded in the condensed consolidated statements of operations and comprehensive
loss during the quarter and year to date periods ended February 28, 2019.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Stock options</i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company accounts for stock option-based
compensation by estimating the fair value of options granted using a Black-Scholes option valuation model. The Company recognizes
the expense for grants of stock options on a straight-line basis in the consolidated statements of operations and comprehensive
income as operating expense based on their fair value over the requisite service period.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">During the quarter ended November
30, 2018, the Company granted stock options to purchase 50,000 shares of stock at a weighted average exercise price of $0.44 per
share. The granted stock options vest over a one to two-year period from the date issued. No stock options were issued during the
quarters ended August 31, 2018 and February 28, 2019. The following assumptions were used to determine the fair value of the stock
options awarded:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: bottom; width: 88%; border-bottom: black 1pt solid"><font style="font-size: 8pt"><b>Assumptions used:</b></font></td>
<td style="width: 1%"> </td>
<td style="vertical-align: top; width: 11%; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>For
the three months ended February 28, 2019</b></font></td></tr>
<tr>
<td style="vertical-align: top; text-align: justify"><font style="font-size: 8pt">Expected term (in years)</font></td>
<td> </td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt">5.75</font></td></tr>
<tr>
<td style="vertical-align: top; text-align: justify"><font style="font-size: 8pt">Weighted average expected volatility</font></td>
<td> </td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt">66.6%</font></td></tr>
<tr>
<td style="vertical-align: top; text-align: justify"><font style="font-size: 8pt">Range of expected volatility</font></td>
<td> </td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt">57.1% to 69.0%</font></td></tr>
<tr>
<td style="vertical-align: top; text-align: justify"><font style="font-size: 8pt">Weighted average risk-free interest rate</font></td>
<td> </td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt">3.11%</font></td></tr>
<tr>
<td style="vertical-align: top; text-align: justify"><font style="font-size: 8pt">Range of risk-free interest rates</font></td>
<td> </td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt">2.93% to 3.84%</font></td></tr>
<tr>
<td style="vertical-align: top; text-align: justify"><font style="font-size: 8pt">Weighted average expected dividend</font></td>
<td> </td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt">0.00%</font></td></tr>
<tr>
<td style="vertical-align: top; text-align: justify"><font style="font-size: 8pt">Weighted average fair value per share</font></td>
<td> </td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt">$0.27</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Stock options for 35,959 shares of common stock
with a weighted average exercise price of $3.56 were forfeited during the year to date period ended February 28, 2019. At February
28, 2019, stock options for 207,391 shares are outstanding with a weighted exercise price of $2.79 and a weighted average remaining
useful life of 5.9 years. Of the outstanding shares, 163,327 are exercisable with a weighted average exercise price of $3.43 and
a weighted average remaining useful life of 4.8 years. No intrinsic value was associated with the stock options at February 28,
2019. The Company recorded compensation expense for stock options of $1 and $4, respectively, for the three and nine months ended
February 28, 2019 in the consolidated statements of operations and comprehensive loss. Unamortized compensation associated with
stock options at February 28, 2019 is $11 with a remaining amortization term of 1.4 years.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i> </i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Dividends</i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">To reduce cash requirements, no dividends have
been declared or paid since October 6, 2017. The following table summarizes the Company’s fiscal 2018 dividend payments:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: bottom; width: 22%; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Date declared</b></font></td>
<td style="width: 1%; text-align: center"> </td>
<td style="vertical-align: bottom; width: 27%; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Record date</b></font></td>
<td style="width: 1%; text-align: center"> </td>
<td style="vertical-align: bottom; width: 24%; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Payment date</b></font></td>
<td style="width: 1%; text-align: center"> </td>
<td style="vertical-align: bottom; width: 24%; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Per share</b></font></td></tr>
<tr>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">April 13, 2017</font></td>
<td style="text-align: center"> </td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">June 30, 2017</font></td>
<td style="text-align: center"> </td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">July 7, 2017</font></td>
<td style="text-align: center"> </td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt"> $0.0450</font></td></tr>
<tr>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">August 4, 2017</font></td>
<td style="text-align: center"> </td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">September 30, 2017</font></td>
<td style="text-align: center"> </td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">October 6, 2017</font></td>
<td style="text-align: center"> </td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt"> $0.0450</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">As of February 28, 2019, the Company
had net operating loss (“NOL”) carryforwards of approximately $29,000, adjusted for certain other non-deductible items
available to reduce future taxable income, if any. The NOL carryforward has no expiration. In assessing the recovery of the deferred
tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not
be realized. The ultimate realization of deferred tax assets is dependent upon generation of future taxable income in the periods
in which those temporary differences become deductible. Management considers the scheduled reversals of future deferred tax liabilities,
projected future taxable income, and tax planning strategies in making this assessment. Because management is unable to determine
that it is more likely than not that the Company will realize the tax benefit related to the NOL carryforward, by having taxable
income, a full valuation allowance has been established to reduce the net tax benefit asset value to zero.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 -40pt"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">The loss before income taxes for
the nine months ended February 28, 2019, created a net tax benefit of approximately $4,609. As realization of this net tax benefit
is not assured, a full valuation allowance was recorded for this amount. As such, a full valuation allowance totaling $8,511 is
recorded at February 28, 2019, and is included in net deferred income taxes liability in the accompanying condensed consolidated
balance sheet.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 -40pt"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt">The Company’s effective tax rate was expense of
0.05% for the nine months ended February 28, 2019, as compared to expense of 2.3% for the corresponding period in 2018. The effective
tax rate varies from the statutory rate of 21% primarily due to the deferred tax asset valuation allowance, fluctuations in state
income taxes as a result of the Company’s net loss position, and nondeductible meals expense.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 -40pt"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">The Tax Cuts and Jobs Act of 2017
was signed into law on December 22, 2017. The law includes significant changes to the U.S. corporate income tax system, including
a Federal corporate rate reduction from 35% to 21%. The accounting for these changes was completed as of May 31, 2018.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 -40pt"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">Basic earnings per share (“EPS”)
is computed by dividing net income attributable to the Company by the weighted average number of shares of common stock outstanding
during the applicable period. Diluted earnings per share reflect the potential dilution that could occur assuming vesting, conversion
or exercise of all dilutive unexercised options and restricted stock.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">The following is a reconciliation
of the numerator and denominator for the basic and diluted EPS computations:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="6" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Nine months ended February 28,</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="6" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Three months ended February 28,</b></font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>2019</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>2018</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>2019</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>2018</b></font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Numerator:</font></td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 50%; text-indent: 0.25in"><font style="font-size: 8pt">Net loss attributable to National American University Holdings, Inc.</font></td>
<td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="width: 1%; border-bottom: black 1pt solid"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(20,826</font></td>
<td style="width: 1%; padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td>
<td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="width: 1%; border-bottom: black 1pt solid"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(11,312</font></td>
<td style="width: 2%; padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td>
<td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="width: 1%; border-bottom: black 1pt solid"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(4,565</font></td>
<td style="width: 1%; padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td>
<td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="width: 1%; border-bottom: black 1pt solid"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(3,707</font></td>
<td style="width: 2%; padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Denominator:</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 0.25in"><font style="font-size: 8pt">Weighted average shares outstanding used to compute basic</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 0.5in"><font style="font-size: 8pt">  net income per common share</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">24,369,869</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">24,222,864</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">24,465,124</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">24,269,158</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 0.25in"><font style="font-size: 8pt">Incremental shares issuable upon the assumed exercise of stock options</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 0.25in"><font style="font-size: 8pt">Incremental shares issuable upon the assumed vesting of restricted shares</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 0.25in"><font style="font-size: 8pt">Common shares used to compute diluted net income per share</font></td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt"></font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">24,369,869</font></td>
<td style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt"></font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">24,222,864</font></td>
<td style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt"></font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">24,465,124</font></td>
<td style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt"></font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">24,269,158</font></td>
<td style="padding-bottom: 3pt"> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Basic net loss per common share</font></td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">(0.85</font></td>
<td style="padding-bottom: 3pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">(0.47</font></td>
<td style="padding-bottom: 3pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">(0.19</font></td>
<td style="padding-bottom: 3pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">(0.15</font></td>
<td style="padding-bottom: 3pt"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Diluted net loss per common share</font></td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">(0.85</font></td>
<td style="padding-bottom: 3pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">(0.47</font></td>
<td style="padding-bottom: 3pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">(0.19</font></td>
<td style="padding-bottom: 3pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">(0.15</font></td>
<td style="padding-bottom: 3pt"><font style="font-size: 8pt">)</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"> A total of 207,391 and 200,600
shares of common stock subject to issuance upon exercise of stock options for the nine and three months ended February 28, 2019
and 2018, respectively, have been excluded from the calculation of diluted EPS as the effect would have been anti-dilutive.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 -40pt"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"> A total of 113,635 and 47,615
shares of common stock subject to issuance upon vesting of restricted shares for the nine and three months ended February 28, 2019
and 2018, respectively, have been excluded from the calculation of diluted EPS as the effect would have been anti-dilutive.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">The following table summarizes certain
information for assets and liabilities measured at fair value on a recurring basis:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"><font style="font-size: 8pt"><b> Quoted prices in active markets</b></font></td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"><font style="font-size: 8pt"><b> Other observable inputs</b></font></td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"><font style="font-size: 8pt"><b> Unobservable inputs</b></font></td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"><font style="font-size: 8pt"><b> Fair</b></font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b> (Level 1)</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b> (Level 2)</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b> (Level 3)</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>value</b></font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"><b>February 28, 2019</b></font></td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"> Investments:</font></td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 52%; text-indent: 0.25in"><font style="font-size: 8pt"> Restricted certificates of deposit</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">8,150</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">8,150</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"> Total assets at fair value</font></td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">8,150</font></td>
<td style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">8,150</font></td>
<td style="padding-bottom: 3pt"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"><b>May 31, 2018</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"> Investments:</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 0.25in"><font style="font-size: 8pt"> Restricted certificates of deposit</font></td>
<td> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td> </td>
<td> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">9,250</font></td>
<td> </td>
<td> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td> </td>
<td> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">9,250</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"> Total assets at fair value</font></td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">9,250</font></td>
<td style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">9,250</font></td>
<td style="padding-bottom: 3pt"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">Following is a summary of the valuation
techniques for assets and liabilities recorded in the consolidated balance sheets at fair value on a recurring basis:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 -40pt; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"><i>Certificates of deposit
(“CD’s”):</i> Market prices for certain CD’s are obtained from quoted prices for similar assets. The
Company classifies these investments as level 2. The certificates at February 28, 2019 and May 31, 2018 are restricted by an
$8,000 promissory note with Black Hills Community Bank, N.A. and the balance represents a $150 restricted certificate of
deposit held as collateral for the Great Western Bank purchasing card. See Note 14 to these Notes to Consolidated Financial
Statements for additional information regarding these certificates of deposit.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 -40pt; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"><i>Fair value of financial instruments:</i>
The Company’s financial instruments include cash and cash equivalents, CD’s, receivables and payables. The carrying
values approximated fair values for cash and cash equivalents, receivables, and payables because of the short term nature of these
instruments. CD’s are recorded at fair values as indicated in the preceding disclosures.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 -40pt; text-align: justify"> </p>
-5574000
-6301000
-10000000
600000
200000
1840000
601000
1042000
1042000
0
0
1049000
1049000
349000
0
349000
345000
0
345000
40102000
10846000
2724000
777000
384000
1195000
587000
686000
1644000
2284000
P5Y9M
.666
.571
.690
.0311
.0293
.0384
.00
.27
2017-10-06
2017-07-07
2017-09-30
2017-06-30
2017-08-04
2017-04-13
0.0450
0.0450
-4609000
8511000
.0005
.0230
0
0
0
0
0
0
0
0
207391
113635
200600
47615
200600
47615
207391
113635
-6692000
-286000
-6406000
-362000
41000
-321000
-1076000
-1076000
0
-254000
32000
-286000
-4215000
0
-4215000
-2112000
0
-2112000
0
0
0
-1116000
-1116000
0
176455
255064
73000
4000
25000
1000
19000
63000
47615
113635
.88
61000
P7M6D
50000
.44
35959
3.56
207391
2.79
P5Y10M24D
3.43
P4Y9M18D
11000
P1Y4M24D
0.045
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">The following table presents the
Company’s revenues from contracts with customers disaggregated by material revenue category:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td colspan="2">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Nine months ended</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>February 28,</b></p></td>
<td> </td>
<td> </td>
<td colspan="2">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Three months ended</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>February 28,</b></p></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>2019</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>2019</b></font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 76%"><font style="font-size: 8pt">Academic revenue</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">39,060</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">10,501</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Auxiliary revenue</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">1,926</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">521</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Real estate revenue</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">1,840</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">601</font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Consolidated revenue</font></td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">42,826</font></td>
<td style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">11,623</font></td>
<td style="padding-bottom: 3pt"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">The following presents the Company’s
net revenue disaggregated based on the timing of revenue recognition:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Nine months ended</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>February 28,</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2019</b></p></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Three months ended</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>February 28,</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2019</b></p></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"><b>Services transferred over time:</b></font></td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 76%; text-indent: 0.25in"><font style="font-size: 8pt">Tuition revenue, net of adjustments</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">39,060</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">10,501</font></td>
<td style="width: 1%"> </td></tr>
<tr>
<td colspan="2" style="vertical-align: bottom">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt"> (transferred over the term of instruction)</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p></td>
<td style="vertical-align: bottom"> </td>
<td style="vertical-align: bottom"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom"> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 0.25in"><font style="font-size: 8pt">Rental income (transferred over the rental period)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">1,042</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">345</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"><b>Total</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">40,102</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">10,846</font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr>
<td colspan="2" style="vertical-align: bottom">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><b>Goods or services transferred at a point in time:</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p></td>
<td style="vertical-align: bottom"> </td>
<td style="vertical-align: bottom"> </td>
<td style="vertical-align: bottom; text-align: right"> </td>
<td style="vertical-align: bottom"> </td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 0.25in"><font style="font-size: 8pt">Auxiliary revenue</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">1,926</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">521</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 0.25in"><font style="font-size: 8pt">Other real estate income</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">152</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">49</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 0.25in"><font style="font-size: 8pt">Condominium sales</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">646</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">207</font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"><b>Total</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">2,724</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">777</font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"><b>Total revenue</b></font></td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">42,826</font></td>
<td style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">11,623</font></td>
<td style="padding-bottom: 3pt"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">The following summarizes the activity in the allowance for
doubtful accounts for the respective periods:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td style="border-top: white 1pt solid; border-left: white 1pt solid"> </td>
<td> </td>
<td colspan="2">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Nine months ended</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>February 28,</b></p></td>
<td> </td>
<td> </td>
<td colspan="2">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Nine months ended</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>February 28,</b></p></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>2019</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>2018</b></font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: white 1pt solid; text-align: center"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: white 1pt solid; text-align: center"> </td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 76%; border-left: white 1pt solid"><font style="font-size: 8pt">Beginning allowance for doubtful accounts</font></td>
<td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="width: 1%; border-bottom: white 1pt solid"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">587</font></td>
<td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="width: 1%; border-bottom: white 1pt solid"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">1,195</font></td>
<td style="width: 1%; padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"><font style="font-size: 8pt">Provision for uncollectible accounts receivable</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">1,441</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">1,775</font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"><font style="font-size: 8pt">Write offs, net of Recoveries</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(1,644</font></td>
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(2,284</font></td>
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"><font style="font-size: 8pt">Ending allowance for doubtful accounts</font></td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">384</font></td>
<td style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">686</font></td>
<td style="padding-bottom: 3pt"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following assumptions were used to determine the fair value of the stock options
awarded:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: bottom; width: 88%; border-bottom: black 1pt solid"><font style="font-size: 8pt"><b>Assumptions used:</b></font></td>
<td style="width: 1%"> </td>
<td style="vertical-align: top; width: 11%; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>For
the three months ended February 28, 2019</b></font></td></tr>
<tr>
<td style="vertical-align: top; text-align: justify"><font style="font-size: 8pt">Expected term (in years)</font></td>
<td> </td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt">5.75</font></td></tr>
<tr>
<td style="vertical-align: top; text-align: justify"><font style="font-size: 8pt">Weighted average expected volatility</font></td>
<td> </td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt">66.6%</font></td></tr>
<tr>
<td style="vertical-align: top; text-align: justify"><font style="font-size: 8pt">Range of expected volatility</font></td>
<td> </td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt">57.1% to 69.0%</font></td></tr>
<tr>
<td style="vertical-align: top; text-align: justify"><font style="font-size: 8pt">Weighted average risk-free interest rate</font></td>
<td> </td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt">3.11%</font></td></tr>
<tr>
<td style="vertical-align: top; text-align: justify"><font style="font-size: 8pt">Range of risk-free interest rates</font></td>
<td> </td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt">2.93% to 3.84%</font></td></tr>
<tr>
<td style="vertical-align: top; text-align: justify"><font style="font-size: 8pt">Weighted average expected dividend</font></td>
<td> </td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt">0.00%</font></td></tr>
<tr>
<td style="vertical-align: top; text-align: justify"><font style="font-size: 8pt">Weighted average fair value per share</font></td>
<td> </td>
<td style="vertical-align: top; text-align: center"><font style="font-size: 8pt">$0.27</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table summarizes the Company’s fiscal 2018 dividend payments:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: bottom; width: 22%; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Date declared</b></font></td>
<td style="width: 1%; text-align: center"> </td>
<td style="vertical-align: bottom; width: 27%; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Record date</b></font></td>
<td style="width: 1%; text-align: center"> </td>
<td style="vertical-align: bottom; width: 24%; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Payment date</b></font></td>
<td style="width: 1%; text-align: center"> </td>
<td style="vertical-align: bottom; width: 24%; border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Per share</b></font></td></tr>
<tr>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">April 13, 2017</font></td>
<td style="text-align: center"> </td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">June 30, 2017</font></td>
<td style="text-align: center"> </td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">July 7, 2017</font></td>
<td style="text-align: center"> </td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt"> $0.0450</font></td></tr>
<tr>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">August 4, 2017</font></td>
<td style="text-align: center"> </td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">September 30, 2017</font></td>
<td style="text-align: center"> </td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt">October 6, 2017</font></td>
<td style="text-align: center"> </td>
<td style="vertical-align: bottom; text-align: center"><font style="font-size: 8pt"> $0.0450</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">The following table summarizes certain
information for assets and liabilities measured at fair value on a recurring basis:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"><font style="font-size: 8pt"><b> Quoted prices in active markets</b></font></td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"><font style="font-size: 8pt"><b> Other observable inputs</b></font></td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"><font style="font-size: 8pt"><b> Unobservable inputs</b></font></td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"><font style="font-size: 8pt"><b> Fair</b></font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b> (Level 1)</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b> (Level 2)</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b> (Level 3)</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>value</b></font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"><b>February 28, 2019</b></font></td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"> Investments:</font></td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 52%; text-indent: 0.25in"><font style="font-size: 8pt"> Restricted certificates of deposit</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">8,150</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 8pt">8,150</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"> Total assets at fair value</font></td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">8,150</font></td>
<td style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">8,150</font></td>
<td style="padding-bottom: 3pt"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"><b>May 31, 2018</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"> Investments:</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 0.25in"><font style="font-size: 8pt"> Restricted certificates of deposit</font></td>
<td> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td> </td>
<td> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">9,250</font></td>
<td> </td>
<td> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td> </td>
<td> </td>
<td><font style="font-size: 8pt">$</font></td>
<td style="text-align: right"><font style="font-size: 8pt">9,250</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt"> Total assets at fair value</font></td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">9,250</font></td>
<td style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">9,250</font></td>
<td style="padding-bottom: 3pt"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"> </p>
1100000
900000
11050
1623545
2.10
163327
1000000
1250000
250000
150000
.04
750000
150000
29000000
1800000
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">Operating segments are defined as
business areas or lines of an enterprise about which financial information is available and evaluated on a regular basis by the
chief operating decision maker, or decision-making groups, in deciding how to allocate capital and other resources to such lines
of business.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">The Company has two reportable segments:
NAU and Other. The NAU segment contains the revenues and expenses associated with the University operations. The Company considers
each location to be an operating segment, and they are aggregated into the NAU segment for financial reporting purposes, as the
locations have similar economic and other conditions. The Other segment contains primarily real estate. General administrative
costs of the Company are allocated to specific divisions of the Company. The following table presents the reportable segment financial
information, in thousands:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td style="border-top: white 1pt solid; border-left: white 1pt solid"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="10" style="border-bottom: white 1pt solid; text-align: center"><font style="font-size: 8pt"><b> Nine months ended February 28,</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="10" style="border-bottom: white 1pt solid; text-align: center"><font style="font-size: 8pt"><b> Nine months ended February 28,</b></font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="10" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>2019</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="10" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>2018</b></font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b> NAU</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b> Other</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b> Consolidated</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b> NAU</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b> Other</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b> Consolidated</b></font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"><font style="font-size: 8pt"><b> Revenue:</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: white 1pt solid; text-align: center"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: white 1pt solid; text-align: center"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: white 1pt solid; text-align: center"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: white 1pt solid; text-align: center"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: white 1pt solid; text-align: center"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: white 1pt solid; text-align: center"> </td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 36%; border-left: white 1pt solid"><font style="font-size: 8pt">   Academic</font></td>
<td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="width: 1%; border-bottom: white 1pt solid"><font style="font-size: 8pt">$</font></td>
<td style="width: 7%; border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">39,060</font></td>
<td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="width: 1%; border-bottom: white 1pt solid"><font style="font-size: 8pt">$</font></td>
<td style="width: 7%; border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="width: 1%; border-bottom: white 1pt solid"><font style="font-size: 8pt">$</font></td>
<td style="width: 7%; border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">39,060</font></td>
<td style="width: 3%; padding-bottom: 1.5pt"> </td>
<td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="width: 1%; border-bottom: white 1pt solid"><font style="font-size: 8pt">$</font></td>
<td style="width: 7%; border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">53,607</font></td>
<td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="width: 1%; border-bottom: white 1pt solid"><font style="font-size: 8pt">$</font></td>
<td style="width: 7%; border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="width: 1%; border-bottom: white 1pt solid"><font style="font-size: 8pt">$</font></td>
<td style="width: 7%; border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">53,607</font></td>
<td style="width: 3%; padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"><font style="font-size: 8pt">   Auxiliary</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">1,926</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">1,926</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">2,930</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">2,930</font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"><font style="font-size: 8pt">   Rental income apartments</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">1,042</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">1,042</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">1,049</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">1,049</font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"><font style="font-size: 8pt">   Condominium sales</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">646</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">646</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">455</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">455</font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"><font style="font-size: 8pt">   Other real estate income</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">152</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">152</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"><font style="font-size: 8pt"><b> Total revenue</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">40,986</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">1,840</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">42,826</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">56,537</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">1,504</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">58,041</font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"><font style="font-size: 8pt"><b> Operating expenses:</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"><font style="font-size: 8pt">   Cost of educational services</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">16,754</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">16,754</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">19,545</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">19,545</font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"><font style="font-size: 8pt">   Selling, general & administrative</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">31,668</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">1,589</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">33,257</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">43,166</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">1,467</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">44,633</font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"><font style="font-size: 8pt">   Auxiliary</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">1,324</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">1,324</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">2,079</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">2,079</font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"><font style="font-size: 8pt">   Cost of condominium sales</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">507</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">507</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">427</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">427</font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"><font style="font-size: 8pt">   Loss on lease termination</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">4,215</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">4,215</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">2,112</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">2,112</font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid; padding-bottom: 1pt"><font style="font-size: 8pt">   Loss (gain) on disp/impairment of property</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">6,406</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">286</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">6,692</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">362</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(41</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">321</font></td>
<td style="padding-bottom: 1pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"><font style="font-size: 8pt"><b> Total operating expenses</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">60,367</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">2,382</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">62,749</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">67,264</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">1,853</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">69,117</font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"><font style="font-size: 8pt"> Loss from operations</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(19,381</font></td>
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(542</font></td>
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(19,923</font></td>
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(10,727</font></td>
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(349</font></td>
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(11,076</font></td>
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"><font style="font-size: 8pt"><b> Other income (expense):</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"><font style="font-size: 8pt">   Interest income</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">25</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">75</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">100</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">58</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">5</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">63</font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"><font style="font-size: 8pt">   Interest expense</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">(604</font></td>
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">(394</font></td>
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">(998</font></td>
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">(628</font></td>
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">(628</font></td>
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"><font style="font-size: 8pt">   Other income (loss) - net</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">48</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">48</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">(49</font></td>
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">144</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">95</font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"><font style="font-size: 8pt"><b> Total other (expense)income</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(531</font></td>
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(319</font></td>
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(850</font></td>
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(619</font></td>
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">149</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(470</font></td>
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"><font style="font-size: 8pt"><b> Loss before taxes</b></font></td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">(19,912</font></td>
<td style="padding-bottom: 3pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">(861</font></td>
<td style="padding-bottom: 3pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">(20,773</font></td>
<td style="padding-bottom: 3pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">(11,346</font></td>
<td style="padding-bottom: 3pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">(200</font></td>
<td style="padding-bottom: 3pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">(11,546</font></td>
<td style="padding-bottom: 3pt"><font style="font-size: 8pt">)</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="10" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b> As of February 28, 2019</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="10" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b> As of February 28, 2018</b></font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b> NAU</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b> Other</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b> Consolidated</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b> NAU</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b> Other</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b> Consolidated</b></font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 36%; border-left: white 1pt solid"><font style="font-size: 8pt"> Total assets</font></td>
<td style="width: 1%; padding-bottom: 3pt"> </td>
<td style="width: 1%; border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="width: 7%; border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">20,058</font></td>
<td style="width: 1%; padding-bottom: 3pt"> </td>
<td style="width: 1%; padding-bottom: 3pt"> </td>
<td style="width: 1%; border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="width: 7%; border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">12,131</font></td>
<td style="width: 1%; padding-bottom: 3pt"> </td>
<td style="width: 1%; padding-bottom: 3pt"> </td>
<td style="width: 1%; border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="width: 7%; border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">32,189</font></td>
<td style="width: 3%; padding-bottom: 3pt"> </td>
<td style="width: 1%; padding-bottom: 3pt"> </td>
<td style="width: 1%; border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="width: 7%; border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">31,851</font></td>
<td style="width: 1%; padding-bottom: 3pt"> </td>
<td style="width: 1%; padding-bottom: 3pt"> </td>
<td style="width: 1%; border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="width: 7%; border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">11,404</font></td>
<td style="width: 1%; padding-bottom: 3pt"> </td>
<td style="width: 1%; padding-bottom: 3pt"> </td>
<td style="width: 1%; border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="width: 7%; border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">43,255</font></td>
<td style="width: 3%; padding-bottom: 3pt"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td style="border-top: white 1pt solid; border-left: white 1pt solid"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="10" style="border-bottom: white 1pt solid; text-align: center"><font style="font-size: 8pt"><b> Three months ended February 28,</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="10" style="border-bottom: white 1pt solid; text-align: center"><font style="font-size: 8pt"><b> Three months ended February 28,</b></font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="10" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">    <b>2019</b>    </font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="10" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">    <b>2018</b>    </font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b> NAU</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b> Other</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b> Consolidated</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b> NAU</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b> Other</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b> Consolidated</b></font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"><font style="font-size: 8pt"><b> Revenue:</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: white 1pt solid; text-align: center"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: white 1pt solid; text-align: center"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: white 1pt solid; text-align: center"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: white 1pt solid; text-align: center"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: white 1pt solid; text-align: center"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: white 1pt solid; text-align: center"> </td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 36%; border-left: white 1pt solid"><font style="font-size: 8pt">   Academic</font></td>
<td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="width: 1%; border-bottom: white 1pt solid"><font style="font-size: 8pt">$</font></td>
<td style="width: 7%; border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">10,501</font></td>
<td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="width: 1%; border-bottom: white 1pt solid"><font style="font-size: 8pt">$</font></td>
<td style="width: 7%; border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="width: 1%; border-bottom: white 1pt solid"><font style="font-size: 8pt">$</font></td>
<td style="width: 7%; border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">10,501</font></td>
<td style="width: 3%; padding-bottom: 1.5pt"> </td>
<td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="width: 1%; border-bottom: white 1pt solid"><font style="font-size: 8pt">$</font></td>
<td style="width: 7%; border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">16,923</font></td>
<td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="width: 1%; border-bottom: white 1pt solid"><font style="font-size: 8pt">$</font></td>
<td style="width: 7%; border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="width: 1%; border-bottom: white 1pt solid"><font style="font-size: 8pt">$</font></td>
<td style="width: 7%; border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">16,923</font></td>
<td style="width: 3%; padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"><font style="font-size: 8pt">   Auxiliary</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">521</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">521</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">955</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">955</font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"><font style="font-size: 8pt">   Rental income apartments</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">345</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">345</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">349</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">349</font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"><font style="font-size: 8pt">   Condominium sales</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">207</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">207</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"><font style="font-size: 8pt">   Other real estate income</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">49</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">49</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"><font style="font-size: 8pt"><b> Total revenue</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">11,022</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">601</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">11,623</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">17,878</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">349</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">18,227</font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"><font style="font-size: 8pt"><b> Operating expenses:</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"><font style="font-size: 8pt">   Cost of educational services</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">4,987</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">4,987</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">6,234</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">6,234</font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"><font style="font-size: 8pt">   Selling, general & administrative</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">8,510</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">542</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">9,052</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">13,386</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">431</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">13,817</font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"><font style="font-size: 8pt">   Auxiliary</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">352</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">352</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">686</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">686</font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"><font style="font-size: 8pt">   Cost of condominium sales</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">153</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">153</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"><font style="font-size: 8pt">   Loss on lease termination</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">1,116</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">1,116</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid; padding-bottom: 1pt"><font style="font-size: 8pt">   Loss (gain) on disp/impairment of property</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(32</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">286</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">254</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">1,076</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">1,076</font></td>
<td style="padding-bottom: 1pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"><font style="font-size: 8pt"><b> Total operating expenses</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">14,933</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">981</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">15,914</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">21,382</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">431</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">21,813</font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"><font style="font-size: 8pt"> Loss from operations</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(3,911</font></td>
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(380</font></td>
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(4,291</font></td>
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(3,504</font></td>
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(82</font></td>
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(3,586</font></td>
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"><font style="font-size: 8pt"><b> Other income (expense):</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"><font style="font-size: 8pt">   Interest income</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">13</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">24</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">37</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">14</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">14</font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"><font style="font-size: 8pt">   Interest expense</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">(200</font></td>
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">(233</font></td>
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">(433</font></td>
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">(211</font></td>
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">(211</font></td>
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"><font style="font-size: 8pt">   Other income (loss) - net</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">130</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">130</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">(40</font></td>
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">48</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">8</font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"><font style="font-size: 8pt"><b> Total other (expense)income</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(57</font></td>
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(209</font></td>
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(266</font></td>
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(237</font></td>
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">48</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(189</font></td>
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"><font style="font-size: 8pt"><b> Loss before taxes</b></font></td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">(3,968</font></td>
<td style="padding-bottom: 3pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">(589</font></td>
<td style="padding-bottom: 3pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">(4,557</font></td>
<td style="padding-bottom: 3pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">(3,741</font></td>
<td style="padding-bottom: 3pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">(34</font></td>
<td style="padding-bottom: 3pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">(3,775</font></td>
<td style="padding-bottom: 3pt"><font style="font-size: 8pt">)</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">NAU is regionally accredited, proprietary institution of higher learning,
offering associates, bachelors and master's degrees in many disciplines of study. Beginning June 2019, courses will be offered
through online instruction only. NAU consists of a group of educators dedicated to serving its students to achieve success in attaining
their educational goals to advance their career opportunities.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">In addition to the university operations, the Company owns and operates
a real estate business known as Fairway Hills Developments, or Fairway Hills. The real estate business rents apartment units and
develops and sells condominium units in the Fairway Hills Planned Development area of Rapid City, South Dakota.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">In May 2014, the Financial Accounting
Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2014-09, <i>Revenue from Contracts
with Customers (Topic 606)</i>, which removes inconsistencies and weaknesses in revenue requirements, provides a more robust framework
for addressing revenue issues, improves comparability of revenue recognition practices across entities, provides more useful information
to users of the consolidated financial statements through improved disclosure requirements, and simplifies the preparation of the
consolidated financial statements by reducing the number of requirements to which an entity must refer. The ASU outlines five steps
to achieve proper revenue recognition: (1) identify the contract with the customer; (2) identify the performance obligations in
the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract;
and (5) recognize revenue when (or as) the entity satisfies the performance obligation. This standard is effective for public entities
for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. This standard
is effective for the Company’s fiscal year 2019, and was implemented in the first quarter ended August 31, 2018, using the
modified retrospective method of adoption. The adoption of this guidance did not have a material impact on the Company’s
financial statements during the nine months ended February 28, 2019. The primary impact of adopting the new standard has been modifications
to the timing of revenue recognition for certain revenue streams. A net cumulative increase to accumulated deficit and a corresponding
increase to deferred revenue in the amount of $0.2 million as of June 1, 2018 was recorded as a result of the adoption of this
guidance. The Company has provided expanded disclosures pertaining to revenue recognition in <i>Note 4 – Revenues</i>.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 -40pt; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">In February 2016, the FASB issued
ASU 2016-02, <i>Leases (Topic 842)</i>, which supersedes FASB ASC Topic 840, <i>Leases</i> and provides principles for the recognition,
measurement, presentation and disclosure of leases for both lessees and lessors. The new standard requires lessees to apply a dual
approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively
financed or purchased by the lessee. This classification will determine whether lease expense is recognized based on an effective
interest method or on a straight-line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use
asset and a lease liability for all leases with a term of greater than twelve months regardless of classification. If the available
accounting election is made, leases with a term of twelve months or less can be accounted for similar to existing guidance for
operating leases. The standard will be effective for the Company’s fiscal year 2020 and will be implemented in the first
quarter ending August 31, 2019. The Company is currently evaluating and has not yet determined the impact implementation will have
on the Company’s consolidated financial statements.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 -40pt"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">In May 2017, the FASB issued ASU
2017-09, <i>Scope of Modification Accounting</i>, which is intended to reduce diversity in practice and the complexity in applying
existing guidance related to changing terms or conditions of share-based payment awards. The standard clarifies that modification
accounting is required unless the fair value, vesting conditions, and classification as an equity or liability instrument of the
modified award are the same as that of the original award immediately prior to the modification. The new standard is effective
for annual periods beginning after December 15, 2017 and interim periods within those years. The Company adopted this standard
for the fiscal year beginning June 1, 2018, and it did not have an effect on the consolidated financial statements. ASU 2017-09
will be applied prospectively to any awards modified on or after the adoption date.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 -40pt"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 -40pt; text-align: justify"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">In August 2018, the FASB issued ASU
2018-13, <i>Changes to Disclosure Requirements for Fair Value Measurements</i>, which will improve the effectiveness of disclosure
requirements for recurring and nonrecurring fair value measurements. The standard removes, modifies, and adds certain disclosure
requirements, and is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019.
The Company has not evaluated the impact this standard will have on the Company’s consolidated financial statements.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">The following is a reconciliation
of the numerator and denominator for the basic and diluted EPS computations:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="6" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Nine months ended February 28,</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="6" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>Three months ended February 28,</b></font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>2019</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>2018</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>2019</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>2018</b></font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Numerator:</font></td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 50%; text-indent: 0.25in"><font style="font-size: 8pt">Net loss attributable to National American University Holdings, Inc.</font></td>
<td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="width: 1%; border-bottom: black 1pt solid"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(20,826</font></td>
<td style="width: 1%; padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td>
<td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="width: 1%; border-bottom: black 1pt solid"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(11,312</font></td>
<td style="width: 2%; padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td>
<td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="width: 1%; border-bottom: black 1pt solid"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(4,565</font></td>
<td style="width: 1%; padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td>
<td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="width: 1%; border-bottom: black 1pt solid"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(3,707</font></td>
<td style="width: 2%; padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Denominator:</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 0.25in"><font style="font-size: 8pt">Weighted average shares outstanding used to compute basic</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 0.5in"><font style="font-size: 8pt">  net income per common share</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">24,369,869</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">24,222,864</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">24,465,124</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">24,269,158</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 0.25in"><font style="font-size: 8pt">Incremental shares issuable upon the assumed exercise of stock options</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 8pt">-</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 0.25in"><font style="font-size: 8pt">Incremental shares issuable upon the assumed vesting of restricted shares</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: 0.25in"><font style="font-size: 8pt">Common shares used to compute diluted net income per share</font></td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt"></font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">24,369,869</font></td>
<td style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt"></font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">24,222,864</font></td>
<td style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt"></font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">24,465,124</font></td>
<td style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">24,269,158</font></td>
<td style="padding-bottom: 3pt"> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Basic net loss per common share</font></td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">(0.85</font></td>
<td style="padding-bottom: 3pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">(0.47</font></td>
<td style="padding-bottom: 3pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">(0.19</font></td>
<td style="padding-bottom: 3pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">(0.15</font></td>
<td style="padding-bottom: 3pt"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 8pt">Diluted net loss per common share</font></td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">(0.85</font></td>
<td style="padding-bottom: 3pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">(0.47</font></td>
<td style="padding-bottom: 3pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">(0.19</font></td>
<td style="padding-bottom: 3pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">(0.15</font></td>
<td style="padding-bottom: 3pt"><font style="font-size: 8pt">)</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">The following table presents the reportable segment financial
information, in thousands:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td style="border-top: white 1pt solid; border-left: white 1pt solid"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="10" style="border-bottom: white 1pt solid; text-align: center"><font style="font-size: 8pt"><b> Nine months ended February 28,</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="10" style="border-bottom: white 1pt solid; text-align: center"><font style="font-size: 8pt"><b> Nine months ended February 28,</b></font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="10" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>2019</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="10" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b>2018</b></font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b> NAU</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b> Other</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b> Consolidated</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b> NAU</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b> Other</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b> Consolidated</b></font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"><font style="font-size: 8pt"><b> Revenue:</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: white 1pt solid; text-align: center"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: white 1pt solid; text-align: center"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: white 1pt solid; text-align: center"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: white 1pt solid; text-align: center"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: white 1pt solid; text-align: center"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: white 1pt solid; text-align: center"> </td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 36%; border-left: white 1pt solid"><font style="font-size: 8pt">   Academic</font></td>
<td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="width: 1%; border-bottom: white 1pt solid"><font style="font-size: 8pt">$</font></td>
<td style="width: 7%; border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">39,060</font></td>
<td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="width: 1%; border-bottom: white 1pt solid"><font style="font-size: 8pt">$</font></td>
<td style="width: 7%; border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="width: 1%; border-bottom: white 1pt solid"><font style="font-size: 8pt">$</font></td>
<td style="width: 7%; border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">39,060</font></td>
<td style="width: 3%; padding-bottom: 1.5pt"> </td>
<td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="width: 1%; border-bottom: white 1pt solid"><font style="font-size: 8pt">$</font></td>
<td style="width: 7%; border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">53,607</font></td>
<td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="width: 1%; border-bottom: white 1pt solid"><font style="font-size: 8pt">$</font></td>
<td style="width: 7%; border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="width: 1%; border-bottom: white 1pt solid"><font style="font-size: 8pt">$</font></td>
<td style="width: 7%; border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">53,607</font></td>
<td style="width: 3%; padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"><font style="font-size: 8pt">   Auxiliary</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">1,926</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">1,926</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">2,930</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">2,930</font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"><font style="font-size: 8pt">   Rental income apartments</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">1,042</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">1,042</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">1,049</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">1,049</font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"><font style="font-size: 8pt">   Condominium sales</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">646</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">646</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">455</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">455</font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"><font style="font-size: 8pt">   Other real estate income</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">152</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">152</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"><font style="font-size: 8pt"><b> Total revenue</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">40,986</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">1,840</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">42,826</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">56,537</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">1,504</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">58,041</font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"><font style="font-size: 8pt"><b> Operating expenses:</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"><font style="font-size: 8pt">   Cost of educational services</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">16,754</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">16,754</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">19,545</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">19,545</font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"><font style="font-size: 8pt">   Selling, general & administrative</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">31,668</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">1,589</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">33,257</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">43,166</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">1,467</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">44,633</font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"><font style="font-size: 8pt">   Auxiliary</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">1,324</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">1,324</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">2,079</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">2,079</font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"><font style="font-size: 8pt">   Cost of condominium sales</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">507</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">507</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">427</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">427</font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"><font style="font-size: 8pt">   Loss on lease termination</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">4,215</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">4,215</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">2,112</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">2,112</font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid; padding-bottom: 1pt"><font style="font-size: 8pt">   Loss (gain) on disp/impairment of property</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">6,406</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">286</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">6,692</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">362</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(41</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">321</font></td>
<td style="padding-bottom: 1pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"><font style="font-size: 8pt"><b> Total operating expenses</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">60,367</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">2,382</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">62,749</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">67,264</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">1,853</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">69,117</font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"><font style="font-size: 8pt"> Loss from operations</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(19,381</font></td>
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(542</font></td>
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(19,923</font></td>
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(10,727</font></td>
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(349</font></td>
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(11,076</font></td>
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"><font style="font-size: 8pt"><b> Other income (expense):</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"><font style="font-size: 8pt">   Interest income</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">25</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">75</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">100</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">58</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">5</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">63</font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"><font style="font-size: 8pt">   Interest expense</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">(604</font></td>
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">(394</font></td>
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">(998</font></td>
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">(628</font></td>
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">(628</font></td>
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"><font style="font-size: 8pt">   Other income (loss) - net</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">48</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">48</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">(49</font></td>
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">144</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">95</font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"><font style="font-size: 8pt"><b> Total other (expense)income</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(531</font></td>
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(319</font></td>
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(850</font></td>
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(619</font></td>
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">149</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(470</font></td>
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"><font style="font-size: 8pt"><b> Loss before taxes</b></font></td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">(19,912</font></td>
<td style="padding-bottom: 3pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">(861</font></td>
<td style="padding-bottom: 3pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">(20,773</font></td>
<td style="padding-bottom: 3pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">(11,346</font></td>
<td style="padding-bottom: 3pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">(200</font></td>
<td style="padding-bottom: 3pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">(11,546</font></td>
<td style="padding-bottom: 3pt"><font style="font-size: 8pt">)</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="10" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b> As of February 28, 2019</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="10" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b> As of February 28, 2018</b></font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b> NAU</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b> Other</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b> Consolidated</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b> NAU</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b> Other</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b> Consolidated</b></font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 36%; border-left: white 1pt solid"><font style="font-size: 8pt"> Total assets</font></td>
<td style="width: 1%; padding-bottom: 3pt"> </td>
<td style="width: 1%; border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="width: 7%; border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">20,058</font></td>
<td style="width: 1%; padding-bottom: 3pt"> </td>
<td style="width: 1%; padding-bottom: 3pt"> </td>
<td style="width: 1%; border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="width: 7%; border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">12,131</font></td>
<td style="width: 1%; padding-bottom: 3pt"> </td>
<td style="width: 1%; padding-bottom: 3pt"> </td>
<td style="width: 1%; border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="width: 7%; border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">32,189</font></td>
<td style="width: 3%; padding-bottom: 3pt"> </td>
<td style="width: 1%; padding-bottom: 3pt"> </td>
<td style="width: 1%; border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="width: 7%; border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">31,851</font></td>
<td style="width: 1%; padding-bottom: 3pt"> </td>
<td style="width: 1%; padding-bottom: 3pt"> </td>
<td style="width: 1%; border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="width: 7%; border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">11,404</font></td>
<td style="width: 1%; padding-bottom: 3pt"> </td>
<td style="width: 1%; padding-bottom: 3pt"> </td>
<td style="width: 1%; border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="width: 7%; border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">43,255</font></td>
<td style="width: 3%; padding-bottom: 3pt"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td style="border-top: white 1pt solid; border-left: white 1pt solid"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="10" style="border-bottom: white 1pt solid; text-align: center"><font style="font-size: 8pt"><b> Three months ended February 28,</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="10" style="border-bottom: white 1pt solid; text-align: center"><font style="font-size: 8pt"><b> Three months ended February 28,</b></font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="10" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">    <b>2019</b>    </font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="10" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt">    <b>2018</b>    </font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b> NAU</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b> Other</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b> Consolidated</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b> NAU</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b> Other</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 8pt"><b> Consolidated</b></font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"><font style="font-size: 8pt"><b> Revenue:</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: white 1pt solid; text-align: center"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: white 1pt solid; text-align: center"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: white 1pt solid; text-align: center"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: white 1pt solid; text-align: center"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: white 1pt solid; text-align: center"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: white 1pt solid; text-align: center"> </td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 36%; border-left: white 1pt solid"><font style="font-size: 8pt">   Academic</font></td>
<td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="width: 1%; border-bottom: white 1pt solid"><font style="font-size: 8pt">$</font></td>
<td style="width: 7%; border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">10,501</font></td>
<td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="width: 1%; border-bottom: white 1pt solid"><font style="font-size: 8pt">$</font></td>
<td style="width: 7%; border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="width: 1%; border-bottom: white 1pt solid"><font style="font-size: 8pt">$</font></td>
<td style="width: 7%; border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">10,501</font></td>
<td style="width: 3%; padding-bottom: 1.5pt"> </td>
<td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="width: 1%; border-bottom: white 1pt solid"><font style="font-size: 8pt">$</font></td>
<td style="width: 7%; border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">16,923</font></td>
<td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="width: 1%; border-bottom: white 1pt solid"><font style="font-size: 8pt">$</font></td>
<td style="width: 7%; border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="width: 1%; border-bottom: white 1pt solid"><font style="font-size: 8pt">$</font></td>
<td style="width: 7%; border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">16,923</font></td>
<td style="width: 3%; padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"><font style="font-size: 8pt">   Auxiliary</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">521</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">521</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">955</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">955</font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"><font style="font-size: 8pt">   Rental income apartments</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">345</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">345</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">349</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">349</font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"><font style="font-size: 8pt">   Condominium sales</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">207</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">207</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"><font style="font-size: 8pt">   Other real estate income</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">49</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">49</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"><font style="font-size: 8pt"><b> Total revenue</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">11,022</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">601</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">11,623</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">17,878</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">349</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">18,227</font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"><font style="font-size: 8pt"><b> Operating expenses:</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"><font style="font-size: 8pt">   Cost of educational services</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">4,987</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">4,987</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">6,234</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">6,234</font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"><font style="font-size: 8pt">   Selling, general & administrative</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">8,510</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">542</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">9,052</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">13,386</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">431</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">13,817</font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"><font style="font-size: 8pt">   Auxiliary</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">352</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">352</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">686</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">686</font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"><font style="font-size: 8pt">   Cost of condominium sales</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">153</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">153</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"><font style="font-size: 8pt">   Loss on lease termination</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">1,116</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">1,116</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid; padding-bottom: 1pt"><font style="font-size: 8pt">   Loss (gain) on disp/impairment of property</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(32</font></td>
<td style="padding-bottom: 1pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">286</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">254</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">1,076</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">1,076</font></td>
<td style="padding-bottom: 1pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"><font style="font-size: 8pt"><b> Total operating expenses</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">14,933</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">981</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">15,914</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">21,382</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">431</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">21,813</font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"><font style="font-size: 8pt"> Loss from operations</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(3,911</font></td>
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(380</font></td>
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(4,291</font></td>
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(3,504</font></td>
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(82</font></td>
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(3,586</font></td>
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"><font style="font-size: 8pt"><b> Other income (expense):</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"> </td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"><font style="font-size: 8pt">   Interest income</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">13</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">24</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">37</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">14</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">14</font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"><font style="font-size: 8pt">   Interest expense</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">(200</font></td>
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">(233</font></td>
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">(433</font></td>
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">(211</font></td>
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">(211</font></td>
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"><font style="font-size: 8pt">   Other income (loss) - net</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">130</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">130</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">(40</font></td>
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">48</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: white 1pt solid"> </td>
<td style="border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">8</font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"><font style="font-size: 8pt"><b> Total other (expense)income</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(57</font></td>
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(209</font></td>
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(266</font></td>
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(237</font></td>
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">48</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(189</font></td>
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"><font style="font-size: 8pt"><b> Loss before taxes</b></font></td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">(3,968</font></td>
<td style="padding-bottom: 3pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">(589</font></td>
<td style="padding-bottom: 3pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">(4,557</font></td>
<td style="padding-bottom: 3pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">(3,741</font></td>
<td style="padding-bottom: 3pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">(34</font></td>
<td style="padding-bottom: 3pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">(3,775</font></td>
<td style="padding-bottom: 3pt"><font style="font-size: 8pt">)</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">From time to time, the Company is
a party to various claims, lawsuits or other proceedings relating to the conduct of its business. Although the outcome of
litigation cannot be predicted with certainty and some claims, lawsuits or other proceedings may be disposed of unfavorably, management
believes, based on facts presently known, that the outcome of such legal proceedings and claims, lawsuits or other proceedings
will not have a material effect on the Company’s consolidated financial position, cash flows or future results of operations.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 -40pt; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">In April 2017, a former NAU employee
filed a <i>qui tam</i> suit against NAU, NAUH, and Dlorah, Inc., alleging certain violations of the Higher Education Act and Title
IV program requirements, including (1) alleged misrepresentations to a programmatic accrediting agency, (2) alleged miscalculation
of percentage of revenues derived from Title IV program funds under the 90/10 Rule, and (3) alleged noncompliance with the incentive
compensation prohibition. The U.S. government decided to not intervene in the lawsuit at that time, and the complaint was then
unsealed by the court in January 2018, with an amended complaint being filed on April 24, 2018. The U.S. government reserved the
right to intervene at a later time. The case is styled <i>U.S. ex rel. Brian Gravely v. National American University, et al., Case
No. 5:17-cv-05032-JLV</i>, and remains pending in the U.S. District Court for the District of South Dakota. NAU, NAUH, and Dlorah,
Inc., have filed an answer to the amended complaint, denying any legal wrongdoing or liability. We cannot predict the outcome of
this litigation, nor its ability to harm our reputation, impose litigation costs, or materially adversely affect our business,
financial condition, and results of operations. The amount or range of reasonably possible losses cannot be determined and, accordingly,
no liability has been accrued for this matter.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">In December 2018, NAU was served
with a lawsuit (Summons and Petition) commenced by two former students of NAU, Shayanne Bowman and Jackquelynn Mortenson (Plaintiffs),
in Missouri state court, alleging claims of fraud and misrepresentations as to the quality and value of the educational degrees
that were being pursued by the two Plaintiffs, and also a claim under the Missouri Merchandising Practices Act. The Petition (Complaint)
does not specify the damages being sought by Plaintiffs in the lawsuit. The case is styled Shayanne Bowman and Jackquelynn Mortenson
v. Dlorah, Inc., d/b/a National American University, et al., Case No. 1816-cv30104, and is pending in Jackson County Circuit Court
(MO). Three individual defendants, also included in the lawsuit, were all former employees of NAU. The Company served and filed,
on January 2, 2019, a formal response to the Petition in the form of a motion to dismiss the Petition. The Company simultaneously
filed papers seeking to remove the lawsuit to federal court. The Company’s response to the lawsuit denied any legal wrongdoing
or liability. The Company intends to vigorously defend the lawsuit. We cannot predict the outcome of this litigation, nor its ability
to harm our reputation, impose litigation costs, or materially adversely affect our business, financial condition, and results
of operations. The amount or range of reasonably possible losses cannot be determined at this time and, accordingly, no liability
has been accrued for this matter.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 -40pt"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">On December 1, 2016 , KLE Construction,
LLC (“KLE”) filed a mechanic's lien against Dlorah, Inc., in connection with the construction of a retaining wall and
associated work at the Arrowhead View Addition project of Fairway Hills in Rapid City, SD, in the amount of $9 million. KLE subsequently
commenced an action to foreclose the mechanic's lien. In a separate proceeding involving this dispute, on July 17, 2017, the District
Court for South Dakota, Western Division, issued an Order staying Dlorah, lnc.'s action against KLE and referring the matter to
arbitration. On March 12, 2019, the arbitrator issued a Final Award in favor of KLE and against Dlorah, Inc., in the amount of
$.8 million, which includes principal, prejudgment interest, attorneys' fees, and costs through March 1, 2019. The parties subsequently
entered into a Post-Arbitration Agreement, in which they agreed, among other things, that KLE would take no collection efforts
before June 1, 2019. If payment is not made by that date, then KLE may file a Confession of Judgment signed by Dlorah, Inc. and
a Judgment of Foreclosure would be entered against the real estate subject to KLE's mechanic's lien.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 -40pt; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">During the year ended May 31, 2018,
the Company entered into an irrevocable letter of credit with Great Western Bank for $1,000. The letter of credit was required
by the state of New Mexico in an amount set by the New Mexico Department of Higher Education. The agreement expired December 19,
2018. This $1,000 letter of credit and the Company’s purchasing card account were secured by a restricted certificate of
deposit totaling $1,250. The certificate of deposit matured on December 19, 2018. Great Western Bank had restricted the $1,250
certificate of deposit as collateral for the $1,000 letter of credit and the Company’s purchasing card account that carried
a credit limit of $250.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 -40pt; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">The Company replaced the $1,000 letter
of credit required by the State of New Mexico by submitting an acceptable bond in place of the letter of credit. The bond has no
collateral requirements and, as a result, the restriction was released by the bank and the Company restored $1,100 of this restricted
cash to unrestricted operating cash effective December 19, 2018. A $150 newly-created restricted certificate of deposit secures
the Company’s purchasing card account that currently carries a reduced credit limit of $150.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 -40pt; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">On May 17, 2018, Dlorah and the Company
jointly and severally issued to Black Hills Community Bank, N.A. (“Bank”) a promissory note in the principal amount
of $8,000 (the “Note”), which is secured by a mortgage granted by Dlorah to the Bank on certain real property located
in Pennington County, South Dakota, pursuant to a collateral real estate mortgage (the “Mortgage,” and together with
the Note, the “Loan Agreements”) entered into between Dlorah and the Bank on the same date as the Note, and certain
related rents, as well as a security interest in certain deposit accounts, to include restricted certificates of deposit totaling
$8,000. These certificates of deposit are also restricted by the Bank and are not available for spending.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 -40pt; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 -40pt; text-align: justify"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">The Loan Agreements provide for an
$8,000 five-year term loan (the “Loan”). The Loan carries a fixed interest rate of 4% (the “Interest Rate”)
and is payable as follows: beginning June 17, 2018, 59 consecutive monthly interest-only payments based on the unpaid principal
balance of the Loan at the Interest Rate; beginning May 17, 2019, four consecutive annual principal payments of $800 each, during
which interest will continue to accrue on the unpaid principal balance of the Loan at the Interest Rate; and on May 17, 2023, one
payment of the remaining principal balance and one month of accrued interest of the Loan in the amount of $4,816. The Company and
Dlorah may prepay the Loan at any time without penalty unless the Note is refinanced with proceeds derived from another lender,
in which case the Bank will be entitled to a prepayment penalty of 1%. The Loan Agreements also contain various affirmative and
negative covenants, including financial covenants and events of default. As of February 28, 2019, the Company is in compliance
with the covenants included in the Loan Agreements.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">The restricted cash balance on the
balance sheet includes the $8,000 cash held as restricted certificates of deposit for the promissory note, and $150 held as a certificate
of deposit by Great Western Bank to collateralize the company’s purchasing card.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"><i>Financial Responsibility Composite
Score</i></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 -40pt; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">To participate in Title IV programs,
the U.S. Department of Education (the “Department”) regulations specify that an eligible institution of higher education
must satisfy specific measures of financial responsibility prescribed by the Department, or post a letter of credit in favor of
the Department and accept other conditions on its participation in Title IV programs. Pursuant to the Title IV program regulations,
each eligible institution must satisfy a measure of financial responsibility that is based on a weighted average of the following
three annual ratios which assess the financial condition of the institution:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellpadding="0" style="width: 100%">
<tr>
<td style="vertical-align: top; width: 48px; padding-left: 0.25in; font: 12pt Times New Roman, Times, Serif"><font style="font-size: 8pt">●</font></td>
<td style="padding: 0.75pt; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 8pt">Primary Reserve Ratio – measure of an institution’s financial viability and liquidity;</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellpadding="0" style="width: 100%">
<tr>
<td style="vertical-align: top; width: 48px; padding-left: 0.25in; font: 12pt Times New Roman, Times, Serif"><font style="font-size: 8pt">●</font></td>
<td style="padding: 0.75pt; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 8pt">Equity Ratio – measure of an institution’s capital resources and its ability to borrow; and</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellpadding="0" style="width: 100%">
<tr>
<td style="vertical-align: top; width: 48px; padding-left: 0.25in; font: 12pt Times New Roman, Times, Serif"><font style="font-size: 8pt">●</font></td>
<td style="padding: 0.75pt; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 8pt">Net Income Ratio – measure of an institution’s profitability.</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">These ratios provide three individual
scores which are converted into a single composite score. The maximum composite score is 3.0. If an institution’s composite
score is at least 1.5, it is considered financially responsible. If an institution’s composite score is less than 1.5 but
is 1.0 or higher, it is still considered financially responsible, and the institution may continue to participate as a financially
responsible institution for up to three years under the Department’s “zone” alternative. Under the zone alternative,
the Department may subject the institution to various operating or other requirements. These requirements may include (1) being
transferred from the “advance” method of payment of Title IV program funds to the heightened cash monitoring payment
method under which the institution is required to make Title IV disbursements to eligible students and parents before it requests
or receives funds from the Department for the amount of those disbursements, or (2) being transferred to the more onerous reimbursement
payment method under which an institution must submit to the Department documentation demonstrating the eligibility for each Title
IV disbursement and wait for the Department’s approval before drawing down Title IV funds.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 -40pt; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">If an institution does not achieve
a composite score of at least 1.0, it is subject to additional requirements in order to continue its participation in the Title
IV programs. This includes (1) submitting to the Department a letter of credit in an amount equal to at least ten percent, and
at the Department’s discretion up to 50%, of the Title IV funds received by the institution during its most recently completed
fiscal year, and (2) being placed on provisional certification status, under which the institution must receive Department approval
before implementing new locations or educational programs and comply with other restrictions, including reduced due process rights
in subsequent proceedings before the Department.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">In addition, under regulations that
took effect on July 1, 2016, institutions placed on either the heightened cash monitoring payment method or the reimbursement payment
method must pay Title IV credit balances to students or parents before requesting Title IV funds from the Department and may not
hold Title IV credit balances on behalf of students or parents, even if such balances are expected to be applied to future tuition
payments.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 -40pt; text-align: justify"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">Our audited financial statements
for the fiscal years ended May 31, 2017 and 2016 indicated our composite scores for such fiscal years were 1.8 and 1.8, respectively,
which are sufficient to be deemed financially responsible under the Department of Education’s requirements. Our audited financial
statements for the fiscal year ended May 31, 2018 indicate our composite score is 1.3; however, on March 8, 2019, NAU received
a letter from the Department of Education indicating that it determined our composite score for the fiscal year ended May 31, 2018
to be 1.1. The Department of Education letter of March 8, 2019 also noted several financial matters described in the footnotes
to the Company’s audited financial statements for the fiscal year ended May 31, 2018 and the Company’s Form 10-Q filed
with the SEC on January 22, 2019, and the Company’s delisting from the Nasdaq and relisting on the OTCQB, and determined
that NAU did not meet its financial responsibility standards for institutions that participate in Title IV programs. As a result,
the Department of Education’s letter of March 8, 2019 imposed additional reporting requirements on NAU with respect to its
financial condition including bi-weekly cash balance submissions and monthly submissions of actual and projected cash flow statements,
and notification requirements regarding certain enumerated events should they occur in the future; required NAU to process Title
IV program funds under the heightened cash monitoring method of payment;and informed NAU that it could continue to participate
in Title IV programs by either (1) posting a letter of credit to the Department of Education in the amount of $36,652,785, representing
50% of the Title IV program funds awarded during the Company’s fiscal year ended May 31, 2018, or (2) posting a letter of
credit to the Department of Education in the amount of $10,995,835, representing 15% of the Title IV program funds awarded during
the Company’s fiscal year ended May 31, 2018, accompanied by the provisional form of certification to participate in Title
IV programs. On March 22, 2019, the Company submitted a request to the Department of Education for reconsideration of its imposition
of the letter of credit, as well as the amount and timing for any required letter of credit.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify">Student receivables, net consist of the following as of the respective period ends:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td style="border-top: white 1pt solid; border-left: white 1pt solid"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>February 28,</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2019</b></p></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1pt solid">
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>May 31,</b></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2018</b></p></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 76%; border-left: white 1pt solid"><font style="font-size: 8pt">Student accounts receivable</font></td>
<td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="width: 1%; border-bottom: white 1pt solid"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">1,861</font></td>
<td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="width: 1%; padding-bottom: 1.5pt"> </td>
<td style="width: 1%; border-bottom: white 1pt solid"><font style="font-size: 8pt">$</font></td>
<td style="width: 9%; border-bottom: white 1pt solid; text-align: right"><font style="font-size: 8pt">3,480</font></td>
<td style="width: 1%; padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid"><font style="font-size: 8pt">Less allowance for doubtful accounts</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(384</font></td>
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(587</font></td>
<td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom">
<td style="border-left: white 1pt solid; text-indent: 27pt"><font style="font-size: 8pt">Student receivables, net</font></td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">1,477</font></td>
<td style="padding-bottom: 3pt"> </td>
<td style="padding-bottom: 3pt"> </td>
<td style="border-bottom: black 1pt double"><font style="font-size: 8pt">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right"><font style="font-size: 8pt">2,893</font></td>
<td style="padding-bottom: 3pt"> </td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The accompanying unaudited condensed
financial statements are presented on a consolidated basis and include the accounts of National American University Holdings, Inc.,
its subsidiary, Dlorah, Inc. (“Dlorah”), and its divisions, National American University (“NAU” or the
“University”), Fairway Hills, the Fairway Hills Park and Recreational Association, the Park West Owners’ Association,
the Vista Park Owners’ Association (“Fairway Hills”), and the Company’s interest in Fairway Hills Section
III Partnership (the “Partnership”), collectively the “Company.”</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The accompanying unaudited consolidated
financial statements have been prepared on a basis substantially consistent with the Company’s audited financial statements
and in accordance with the requirements of the Securities and Exchange Commission (“SEC”) for interim financial reporting.
As permitted under these rules, certain footnotes and other financial information that are normally required by accounting principles
generally accepted in the United States of America (“U.S. GAAP”) can be condensed or omitted. The information in the
condensed consolidated balance sheet as of May 31, 2018 was derived from the audited consolidated financial statements of the Company
for the year then ended. Accordingly, these financial statements should be read in conjunction with the Company’s annual
financial statements, which were included in the Company’s Annual Report on Form 10-K for the year ended May 31, 2018, filed
on September 14, 2018. Furthermore, the results of operations and cash flows for the nine month periods ended February 28, 2019
and 2018 are not necessarily indicative of the results that may be expected for the full year. These financial statements include
consideration of subsequent events through issuance.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">In the opinion of management, the accompanying
condensed consolidated financial statements contain all adjustments necessary for a fair presentation as prescribed by U.S. GAAP.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Throughout the notes to the condensed
consolidated financial statements, amounts in tables are in thousands of dollars, except for per share data or otherwise designated.
The Company’s fiscal year end is May 31. All intercompany transactions and balances have been eliminated in consolidation.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Unless the context otherwise requires,
the terms “we”, “us”, “our” and the “Company” used throughout this document refer
to National American University Holdings, Inc. and its wholly owned subsidiary, Dlorah, Inc., which owns and operates National
American University and Fairway Hills.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Estimates</b> — The preparation
of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts
and disclosures reported in the financial statements. On an ongoing basis, the Company evaluates the estimates and assumptions,
including those related to bad debts, income taxes and certain accruals. Actual results could differ from those estimates.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify"><b>Financial Condition and Liquidity</b>
— For the nine months ended February 28, 2019, cash used in operating activities was $5.6 million and unrestricted cash and
cash equivalents decreased by $4.9 million from May 31, 2018. As of February 28, 2019, the Company had $0.4 million of unrestricted
cash and cash equivalent, working capital deficiency of $10 million, and a negative total stockholder’s equity of $4 million.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt">On March 8, 2019, the Company received a letter from the
Department of Education, in which it determined that NAU did not meet its financial responsibility standards for institutions that
participate in Title IV programs. As a result, the letter required, among other things, NAU to either (1) post a letter of credit
to the Department of Education in the amount of $36,652,785, representing 50% of the Title IV program funds awarded during the
Company’s fiscal year ended May 31, 2018, or (2) post a letter of credit to the Department of Education in the amount of
$10,995,835, representing 15% of the Title IV program funds awarded during the Company’s fiscal year ended May 31, 2018,
to be accompanied by the provisional form of certification to participate in Title IV programs. On March 22, 2019, NAU submitted
a request to the Department of Education for reconsideration of the letter of credit requirement, as well as the amount and timing
for any required letter of credit. The result of the Company’s request was unknown as of the issuance date of these financial
statements.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt">Considering the Company’s financial position as
of February 28, 2019 and the requirement to post a letter of credit to the Department of Education as described above if such requirement
if not subsequently reconsidered or amended by the Department of Education, the Company believes that there is substantial doubt
about its ability to continue as a going concern for at least twelve months following the issuance of these financial statements.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt"> </p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0pt">During the quarter ended February 28, 2019, the Company
continued to implement actions to address its liquidity needs as follows:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellpadding="0" style="width: 100%">
<tr>
<td style="vertical-align: top; width: 72px; padding-left: 0.5in; font: 12pt Times New Roman, Times, Serif"><font style="font-size: 8pt">●</font></td>
<td style="padding: 0.75pt; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 8pt">During the quarter ended February 28, 2019, the Company continued to implement an operational plan that focuses on online academic programs and expanding its programming and services related to strategic security, counter-terrorism, and intelligence for the public and private sectors. In alignment with this new operational change, NAU suspended new student enrollment in 34 of its 128 programs and is in the process of closing its ground-based locations. This operational change may put additional pressure on the Company’s revenue in the immediate future. However, the Company expects a significant decrease in expenses with a lesser impact on revenue in the long run. See note 7 for further details on the Company’s operational change.</font></td></tr>
</table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellpadding="0" style="width: 100%">
<tr>
<td style="vertical-align: top; width: 72px; padding-left: 0.5in; font: 12pt Times New Roman, Times, Serif"><font style="font-size: 8pt">●</font></td>
<td style="padding: 0.75pt; font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 8pt">The Company sold one out of two aircrafts for proceeds of $0.6 million on January 25, 2019. The estimated proceeds from the other aircraft, as well as the savings from the related maintenance and operating costs, are approximately $0.9 million. The Company has been actively marketing and advertising to sell the second aircraft, which management expects will be completed within the next few quarters.</font></td></tr>
</table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellpadding="0" style="width: 100%">
<tr>
<td style="padding: 0.75pt"> </td></tr>
</table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellpadding="0" style="width: 100%">
<tr>
<td style="padding: 0.75pt"> </td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 36pt"></td><td style="width: 22.5pt">●</td><td style="text-align: justify">Management is actively pursuing mortgage financing of approximately $5 million with a portion of
the company’s real estate serving as collateral. Also, the company is considering the sale of its real estate condominium
holdings for approximately $4 million.</td></tr></table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>