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<p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">National
American University Holdings, Inc., formerly known as Camden Learning Corporation, was incorporated in the State of Delaware on
April 10, 2007. On November 23, 2009, Dlorah became a wholly-owned subsidiary of the Company pursuant to an Agreement and Plan
of Reorganization between the Company and Dlorah.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">The
Company’s common stock was listed as NAUH on Nasdaq Global Market through January 17, 2019, at which time it voluntarily
delisted and transferred its listing to the Over the Counter Quotation Bureau (OTCQB) Market. The delisting and transfer was the
result of the Company’s market value of publicly held shares no longer meeting the requirement to maintain a minimum Market
Value of Publicly Held Shares of $5,000, as set forth in Nasdaq Listing Rule 5450(b)(1)(C), as well as consideration of the probability
of regaining compliance, the common stock’s current trading volume and price, and the costs of maintaining eligibility to
list the Company’s common stock on the Nasdaq Global Market. As of June 5, 2019, the Company ceased being a reporting company
under the Securities and Exchange Act of 1934, as amended, and now reports under the OTCQB Market’s Alternative Reporting
Standards. </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">NAU
is a regionally accredited, proprietary institution of higher learning, offering associate, bachelors and master’s degree
programs 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. A substantial portion of NAU’s academic income is dependent upon federal student financial aid programs,
employer tuition assistance, and contracts to provide online course development, hosting and technical assistance to other educational
institutions. To maintain eligibility for financial aid programs, NAU must comply with U.S. Department of Education requirements,
including the maintenance of certain financial ratios.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">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.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Approximately
92% of the Company’s total revenues for each of the years ended May 31, 2019 and 2018, were derived from NAU’s
academic revenue.</font></p>
<p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p>
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-0.01
-0.69
-0.01
-0.69
-0.49
-0.33
-12111000
50000
-12161000
-25045000
48000
-25093000
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Cash
and Cash Equivalents</b> - The Company considers all highly liquid debt instruments with original maturities of three months
or less to be cash equivalents. Cash is held in bank accounts that periodically exceed insured limits; however, no losses have
occurred, and the Company does not believe the risk of loss is significant.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Investments</b> -
The Company’s investments consist of certificates of deposit, certain of which are brokered and classified
as “available-for-sale.” Available-for-sale securities represent securities carried at fair value in
the consolidated balance sheets. Certain of the Company’s investments have maturity dates greater than one year.
However, these certificates of deposit can be accessed at any time and are convertible to cash on demand. Unrealized gains
and losses deemed to be temporary are reported net of taxes and included in other comprehensive income within
stockholders’ equity. Realized gains and losses and declines in value deemed to be other-than-temporary on
available-for-sale securities are included in other expense– net in the consolidated statements of operations and
comprehensive loss. Fair value of the securities is based upon quoted market prices in active markets or estimated fair value
when quoted market prices are not available. The cost basis for realized gains and losses on available-for-sale securities is
determined on a specific identification basis. Proceeds from available for sale investments totaled $0, and $4,668
for the years ended May 31, 2019 and 2018, respectively.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">  </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 27pt"><font style="font: 8pt Times New Roman, Times, Serif">The
Company’s investments were comprised of the following at May 31:</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="4" style="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>2019
</b> <b> </b>  </font></td>
<td colspan="4" style="vertical-align: bottom; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>2018</b></font></td>
<td colspan="24" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Gross
 </b></font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Gross
 </b></font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Gross
 </b></font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Gross</b></font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Gross
 </b></font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Unrealized
 </b></font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Unrealized
 </b></font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Unrealized
  </b></font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Unrealized
 </b></font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Amortized
 </b></font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Holding</b></font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Holding</b></font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Fair</b></font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Amortized</b></font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Holding</b></font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Holding</b></font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Fair</b></font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Cost</b></font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Gains</b></font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Losses</b></font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Value</b></font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Cost</b></font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Gains</b></font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Losses</b></font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Value</b></font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="width: 20%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Restricted
Certificates of deposit</font></td>
<td style="width: 1%; padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 7%; border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">15,625</font></td>
<td style="width: 1%; padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 7%; border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
<td style="width: 1%; padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 7%; border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
<td style="width: 1%; padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 7%; border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">15,625</font></td>
<td style="width: 1%; padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 7%; border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">9,250</font></td>
<td style="width: 1%; padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 7%; border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
<td style="width: 1%; padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 7%; border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
<td style="width: 1%; padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 7%; border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">9,250</font></td>
<td style="width: 1%; padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Declines
in the fair value of individual securities classified as available-for-sale below their amortized cost that are determined to
be other than temporary result in write-downs of the individual securities to their fair value, with the resulting write-downs
included in current earnings as realized losses. Unrealized losses that may occur are generally due to changes in interest rates
and, as such, are considered by the Company to be temporary. Management evaluates securities for other-than-temporary impairment
on at least a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. Consideration is
given to (1) length of time and the extent to which the fair value has been less than cost, (2) the financial condition
and near-term prospects of the issuer, and (3) the intent and ability of the Company to retain its investments in the issuer
for a period of time sufficient to allow for any anticipated recovery in fair value. The Company had no impairments during the
years ended May 31, 2019 and 2018.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Student
Receivables</b>  - Student receivables are recorded at estimated net realizable value and are revised periodically based
on estimated future collections. Interest and service charges are applied to all past due student receivables; however, collections
are first applied to principal balances until such time that the entire principal balance has been received. Student accounts
are charged off only when reasonable collection means are exhausted. Bad debt expense is included in selling, general and administrative
cost on the consolidated statements of operations and comprehensive loss.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Other
Receivables</b>  - Other receivables consist primarily of financial aid amounts due from the federal government, and the
current portion of institutional receivables, which are amounts due from students and are stated at net realizable value. Long-term
portion of these institutional receivables are included in other assets.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Property
and Equipment</b>  - Property and equipment are stated at cost. Renewals and improvements exceeding five hundred dollars
with an expected life of greater than one year are capitalized, while repairs and maintenance are expensed when incurred. Upon
the retirement, sale or disposition of assets, costs and related accumulated depreciation are eliminated from the accounts and
any gain or loss is reflected in loss on impairment and disposition of property. For financial statement purposes, depreciation
includes the depreciation of the capital lease asset in the amount of $530 for each of the fiscal years 2019 and 2018. The depreciation
expense for property and equipment was $2,789 and $4,309 for the fiscal years 2019 and 2018, respectively. Depreciation is computed
using the straight-line method over the following estimated useful lives:</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">  </font></p>
<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Years</b></font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="width: 88%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Buildings
and building improvements</font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 9%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">19-40</font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Land
improvements</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">10-20</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Furniture,
vehicles, and equipment</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">5-15</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">For
tax purposes, depreciation is computed using the straight-line and accelerated methods.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Property
and equipment — net consists of the following as of May 31:</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>2019</b></font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>2018</b></font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="width: 76%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Land</font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 9%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">211</font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 9%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">211</font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Land
improvements</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">1,018</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">691</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Construction
in progress</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">945</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Building
under capital lease</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">10,600</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">10,600</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Buildings
and building improvements</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">10,257</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">23,871</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Furniture,
vehicles, and equipment</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">13,429</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">27,435</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Total
gross property and equipment</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">35,515</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">63,753</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Less
capital lease accumulated depreciation</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(4,019</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(3,489</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Less
other accumulated depreciation</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(15,620</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(35,036</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Total
net property and equipment</font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">15,876</font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">25,228</font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Condominium
Inventory</b> - Condominium inventory is stated at cost (including capitalized interest). Condominium construction costs
are accumulated on a specific identification basis. Under the specific identification basis, cost of revenues includes all applicable
land acquisition, land development and specific construction costs (including direct and indirect costs) of each condominium paid
to third parties. Land acquisition, land development and condominium construction costs do not include employee related benefit
costs. The specific construction and allocated land costs of each condominium, including models, are included in direct construction.
Allocated land acquisition and development costs are estimated based on the total costs expected in a project. Direct construction
also includes amounts paid through the closing date of the condominium for construction materials and contractor costs. Should
any condominium be leased while awaiting sale, the accumulated depreciation is a reduction of the carrying value. Condominium
inventory is recorded as a long term asset due to the normal operating cycle being greater than one year.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Capitalized
Course Development Costs</b> - The University internally develops curriculum and electronic instructional materials for certain
courses. The curriculum is primarily developed by employees and contractors. The curriculum is integral to the learning system.
Customers do not acquire the curriculum or future rights to it.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
Company capitalizes course development costs. Costs that qualify for capitalization are external direct costs, payroll, and payroll-related
costs. Costs related to general and administrative functions are not capitalizable and are expensed as incurred. Capitalization
ends at such time that the course and/or material is available for general use by faculty and students. After becoming available
for general use, the costs are amortized on a course-by-course basis over a period of three to five years. After the amortization
period commences, the cost of maintenance and support is expensed as incurred, because it does not provide future benefit. If
it is determined that the curriculum will not be used, the capitalized curriculum costs are written off and expensed in the period
of this determination. The amortization of capitalized course development costs was $455 and $311 for the fiscal years 2019 and
2018, respectively.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Goodwill
and Intangible Assets</b> - Goodwill represents the excess of the acquisition cost over the fair value of the net assets
acquired and is not subject to amortization. Other identified intangible assets are amortized over their estimated useful lives
of four to five years. Goodwill and other intangible assets are evaluated annually for impairment or when events or circumstances
indicate potential impairment.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Impairment
of Long-Lived Assets</b> -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. 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. All impairment charges are recorded within loss on
impairment and disposition of property and equipment and as a component of net loss from discontinued operations, in the consolidated
financial statements.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Deferred
Income Taxes</b> - Deferred income taxes are provided using the asset and liability method whereby deferred tax assets and
deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the
carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. We recognize
a valuation allowance if, based on the weight of available evidence, it is more likely than not that some portion, or all, of
a deferred tax asset will not be realized.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Non-Controlling
Interest</b> - The non-controlling interest presented on the consolidated statements of operations and comprehensive loss
represents the individual owners’ share of the Partnership’s income or loss. The consolidated balance sheet amount
“Non-controlling interest” represents the individual owners’ share of the Partnership obligations in excess
of Partnership assets or vice versa. The Company has determined the non-controlling owners have a legal obligation to fund such
deficits and believes it is fully collectable at May 31, 2019.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Leases</b> -
Leases are evaluated and classified as either operating or capital leases. Leased property and equipment meeting certain criteria
would be capitalized, and the present value of the related lease payments is recognized as a liability on the consolidated balance
sheets. Amortization of capitalized leased assets is computed on the straight-line method over the term of the lease or the life
of the related assets, whichever is shorter. Leasehold improvements are depreciated over the depreciable lives of the corresponding
fixed asset or the related lease term, whichever is shorter.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Rental
Expense</b> - The University accounts for rent expense under its long-term operating leases using the straight-line method.
Certain of the University’s operating leases contain rent escalator provisions. Accordingly, a current deferred rent and
tenant improvement liability of $92 and $850 at May 31, 2019 and 2018, respectively, a long term accrued rent liability of $189
and $1,020 at May 31, 2019 and 2018, respectively, and a long term accrued tenant improvement liability of $206 and $1,668 at May
31, 2019 and 2018, respectively, are recorded in accrued and other liabilities, other long-term liabilities, and long-term liabilities
of discontinued operations on the consolidated balance sheets.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></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 27pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Advertising</b> -
The University follows the policy of expensing the cost of advertising as incurred. Advertising costs of approximately $3,586
and $8,707 for 2019 and 2018, respectively, are included in selling, general, and administrative expenses on the consolidated
statements of operations and comprehensive loss.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">In
May 2014, the Financial Accounting Standards Board 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 for the year ended May 31, 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 Note 5 below.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">  </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">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.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<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 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
strategic and operational shift from ground locations to online programs affects management’s estimate of the impact of
the implementation of ASU 842 on the Company’s financial statements. As of May 31, 2019, five ground campus locations continue
to be operational, and the Company expects the operating leases associated with four of these locations will be accelerated during
fiscal year ending May 31, 2020, once these campus operations are discontinued. </font>As such, although the asset and liability
related to these locations will be recorded on the balance sheet after ASU 842 is implemented, we do not expect the asset and
liability will exist for the year ending May 31, 2020. The fifth remaining operational lease is a lease for business equipment,
copiers, and printers, and the impact of the implementation of ASU 842 on this lease on the financial statements is expected to
be immaterial.</p>
<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; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">In
March 2016, the FASB issued ASU 2016-09, <i>Improvements to Employee Share-Based Payment Accounting</i>, which is intended to
simplify various aspects of share-based accounting. Specifically, the standard (1) requires all excess tax benefits and deficiencies
to be recognized as income tax expense/benefit in the income statement as discrete items in the reporting period in which they
occur, with no charges to additional paid-in capital; (2) requires excess tax benefits to be classified as operating cash flows;
(3) allows an accounting election to account for forfeitures when they occur, instead of when they are expected to vest; (4) allows
awards settled in cash to qualify for equity classification if withholding is up to the maximum statutory tax rates in the applicable
jurisdictions; (5) clarifies that the cash paid by an employer to taxing authorities when directly withholding shares for tax-withholding
purposes should be classified as a financing activity in the cash flow statement. This standard became effective in the first
quarter ending August 31, 2017. The Company elected to account for forfeitures when they occur, instead of when they are expected
to vest. The Company has determined that the impact of implementation on the Company’s consolidated financial statements
is minimal.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">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.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">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 will be evaluating the impact this standard will have on the Company’s consolidated
financial statements.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Impact
of Adoption of ASC 606 – Revenue from Contracts with Customers</b></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">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.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">  </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">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</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">classes.
Compared to the amounts under <i>ASC Topic 605</i>, for the year ended May 31, 2019, the net impact to revenues under <i>ASC</i></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"><i>Topic
606</i> was a reduction of revenues of $0.2 million, with a corresponding increase to deferred income. The Company does not have
any unsatisfied performance obligations for contracts with customers that have an expected duration of more than one year.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"><b>Revenue
Recognition</b></font></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 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">The
following table presents the Company's revenues from contracts with customers, from our continuing operations, dissagregated by
material revenue category:</font></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; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Year
ended</b></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>May
31, 2019</b></font></p></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Year
ended</b></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>May
31, 2018</b></font></p></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="width: 76%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Academic
revenue</font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 9%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">33,232</font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 9%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">26,692</font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Auxiliary
revenue</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">1,798</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">1,858</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Real
Estate revenue</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,235</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,414</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Consolidated
revenue</font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">37,265</font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">30,964</font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">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.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><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.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">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.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">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</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">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.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">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.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">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</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">revenue
for that amount, less estimated collections calculated based on historical collection trends and adjusted for known current factors.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"><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>.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"><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>.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">  </font></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 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">The
following presents the Company’s net revenue from continuing operations disaggregated based on the timing of revenue recognition:</font></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; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Year
ended</b></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>May
31, 2019</b></font></p></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Year
ended</b></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>May
31, 2018</b></font></p></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Services
transferred over time:</b></font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="width: 76%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Academic
revenue (transferred over academic term)</font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 9%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">33,232</font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 9%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">26,692</font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Rental
income (transferred over rental period)</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,386</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,404</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">34,618</font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">28,096</font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">  </font></p>
<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Services
transferred at a point in time:</b></font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="width: 76%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Auxiliary
revenue</font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 9%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">1,798</font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 9%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">1,858</font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Other
real estate income</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">203</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">193</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Condominium
sales</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">646</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">817</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,647</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,868</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Total
revenue</font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">37,265</font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">30,964</font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Student
accounts receivable is composed primarily of amounts due related to tuition and educational services. Student receivables, net,
from continuing operations, consist of the following as of the respective period ends:</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"></p>
<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="text-align: center; width: 49%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-bottom: Black 0.5pt solid; text-align: center; width: 22%"><font style="font: 8pt Times New Roman, Times, Serif"> May
31, 2019</font></td>
<td style="text-align: center; width: 7%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-bottom: Black 0.5pt solid; text-align: center; width: 22%"><font style="font: 8pt Times New Roman, Times, Serif"> May
31, 2018</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="vertical-align: middle; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Student
accounts receivable</font></td>
<td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                         866</font></td>
<td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                      1,703</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Less
allowance for doubtful accounts</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                        (251)</font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                        (301)</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">     Student
receivables, net</font></td>
<td style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $                      615</font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $                   1,402</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">  </font></p>
<p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">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. All impairment charges are recorded within loss on impairment
and disposition of property and equipment and as a component of net loss from discontinued operations, in the consolidated financial
statements.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Upon
management’s review of assets for impairment, an impairment charge of $2,235 was recorded for the year ended May 31, 2018.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">As
a result of the operational shift to online operations approved by the Company’s Board of Directors, an impairment charge
of $6,793 was recorded for the year ended May 31, 2019. See Note 8 below for further details on our operational shift. </font>Impairment
charge is recorded within loss on impairment and disposition of property and equipment line item and as a component of Loss from
discontinued operations.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"></font></p>
<p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p>
<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 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">On
October 29, 2018, the Company’s Board of Directors approved an operational 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.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">In
alignment with its new operational plan, the Company executed an orderly exit of ground-based programs and locations. As of May
31, 2019, NAU successfully exited all ground-based locations, except for five locations across the states of Colorado, Indiana,
Kansas, and Texas. We expect the operations of these campuses to be discontinued during the year ending May 31, 2020. The Company
will continue to work with students to provide for completion of their programs with NAU or another institution.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<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 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
Company’s operational plan qualifies as a material strategic shift. The financial information related to all ground-based
locations for which the operations were discontinued as of May 31, 2019 is presented as discontinued operations in the consolidated
financial statements. As the result of this strategic shift, an impairment charge of $6,793 and a loss related to lease acceleration
of $8,564 were recorded during the year ended May 31, 2019.</font></p>
<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 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
following table presents the aggregate carrying amounts of the assets and liabilities of discontinued operations:</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"></p>
<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center; width: 66%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center; width: 2%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-bottom: Black 0.5pt solid; text-align: center; width: 15%"><font style="font: 8pt Times New Roman, Times, Serif">May
31, 2019</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center; width: 2%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-bottom: Black 0.5pt solid; text-align: center; width: 15%"><font style="font: 8pt Times New Roman, Times, Serif">May
31, 2018</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">(in
thousands)</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">(in
thousands)</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 9px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Student
receivables, net of allowance</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                  185</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">               1,491</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 9px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Prepaid
and other current assets</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">                    69</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">                  318</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 27px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Total
current assets of discontinued operations</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">                  254</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">               1,809</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 9px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Property
and equipment - net</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                     -   </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">               6,415</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 9px; text-align: left; font: 8pt Times New Roman, Times, Serif">Course Development </td>
<td style="font: 8pt Times New Roman, Times, Serif"> </td>
<td style="font: 8pt Times New Roman, Times, Serif; text-align: right">-   </td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"> </td>
<td style="font: 8pt Times New Roman, Times, Serif; text-align: right"> 126</td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 9px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Other</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">                    69</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">                  180</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 27px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Total
long-term assets of discontinued operations</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">                    69</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">               6,721</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 27px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Total
assets classified as discontinued operations</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $               323</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $            8,530</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 9px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Current
portion of lease acceleration payable</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">               2,792</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                     -   </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 9px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Accounts
payable</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">               1,928</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                  495</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 9px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Deferred
income</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                  492</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">               1,732</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 9px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Accrued
and other liabilities</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">                  174</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">               1,568</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 27px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Total
current liabilities of discontinued operations</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: Black; border-top-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">               5,386</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: Black; border-top-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">               3,795</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 9px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Other
long-term liabilities</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                     -   </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">               2,183</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 9px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Long-term
lease acceleration payable, net of current portion</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">               5,861</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">                     -   </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 27px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Total
long-term liabilities of discontinued operations</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: Black; border-top-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">               5,861</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: Black; border-top-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">               2,183</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Total
liabilities classified as discontinued operations</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $          11,247</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $            5,978</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="margin-top: 0; margin-bottom: 0; font: 8pt Times New Roman, Times, Serif"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
discontinued operation's financial results are presented as loss from discontinued operations, net of income taxes in our consolidated
statement of income. The following table presents those financial results:</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"></p>
<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: bold 8pt Times New Roman, Times, Serif; width: 62%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 3%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-bottom: Black 0.5pt solid; text-align: center; width: 16%"><font style="font: 8pt Times New Roman, Times, Serif">2019</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center; width: 3%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-bottom: Black 0.5pt solid; text-align: center; width: 16%"><font style="font: 8pt Times New Roman, Times, Serif">2018</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: bottom"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">(in
thousands)</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">(in
thousands)</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Revenue:</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 18px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Academic
revenue</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                   15,284</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                   44,193</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 18px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Auxiliary
revenue</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                        550</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                     2,027</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 36px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Total
revenue</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">                   15,834</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">                   46,220</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Operating
Expenses:</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 18px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Cost
of educational services</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                     8,718</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                   17,041</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 18px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Selling,
general and administrative</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                     9,407</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                   25,653</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 18px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Auxiliary
expense</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                        403</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                     1,503</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 18px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Loss
on lease termination and acceleration</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                     8,564</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                        362</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 18px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Loss
on impairment and disposition of property and equipment</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                     5,656</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                     1,880</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 36px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Total
operating expenses</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">                   32,748</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">                   46,439</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Operating
Loss from discontinued operations</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">                 (16,914)</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">                      (219)</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: bold 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 18px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Interest
and other - net</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">                        (37)</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">                          -   </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Loss
from discontinued operations before income tax</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                 (16,951)</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                      (219)</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 18px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Income
Tax (Expense)</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">                          -   </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">                        (39)</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Net
loss from discontinued operations</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">                 (16,951)</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">                      (258)</font></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 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="margin-top: 0; margin-bottom: 0; font: 8pt Times New Roman, Times, Serif"></p>
<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 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">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.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<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 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">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 Great Western
Bank. A $150 newly-created restricted certificate of deposit secures the Company’s purchasing card account that currently
carries a reduced credit limit of $150.</font></p>
<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; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">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 Great Western
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 $8,100 and $8,000 at May 31, 2019 and 2018, respectively. The Company’s Board of Directors requested
the certificates of deposit be restricted, and not available for spending, pending the achievement of budgeted financial targets
in the current fiscal year. These certificates of deposit are also restricted by the Bank and are not available for spending.
On May 6, 2019, the mortgage and assignment of related rents was released as collateral on the promissory note.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
Loan Agreements provide for a $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 monthly consecutive 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 principal balance and accrued interest of the Loan in the amount of $4,816. On May
6, 2019, the agreement was revised and now requires three consecutive annual principal payments of $800 each beginning May 17,
2020, with all remaining amounts due on May 17, 2023. The Company and Dlorah may prepay the Loan at any time without penalty unless
the Note is refinanced with proceeds derived from another lender, in which case the Bank will be entitled to a prepayment penalty
of 1%. The Loan Agreements also contain various affirmative and negative covenants, including financial covenants and events of
default. As of May 31, 2019, the Company is in compliance with the covenants included in the Loan Agreements. Proceeds from the
Agreements are being used to augment the Company’s cash position to support the Company’s pursuit of growth opportunities.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Future
maturities are as follows as of May 31, 2019:</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="width: 88%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">2020</font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 9%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">800</font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">2021</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">800</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">2022</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">800</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">2023</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">5,600</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">8,000</font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></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 0.25in; text-align: justify"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">On
May 10, 2019, Dlorah entered into a long-term loan agreement with Center for Excellence in Higher Education, Inc. for $8,500.
The loan is secured by a mortgage granted by Dlorah to on certain real property located in Pennington County, South Dakota, pursuant
to a collateral real estate mortgage entered into between the parties on the same date as the loan agreement, along with security
agreements covering two aircraft, assignment of leases and rents, and a partnership security agreement granting a security interest
in the Partnership. The Company paid a non-refundable loan origination fee of $250 upon entering into the agreement. Monthly payments
of accrued and unpaid interest are required beginning July 1, 2019, with a final payment of all outstanding principal and interest
due on October 15, 2020. The primary purpose of the loan is to provide a source of cash collateral to secure a letter of credit
issued by Black Hills Community Bank N.A. for the benefit of the United States Department of Education in the amount of $7,331.
The letter of credit was issued on May 10, 2019. It is secured by a restricted certificate of deposit totaling $7,375 (See note
17).</font></p>
<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 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></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 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">At
May 31, 2019 and 2018, the restricted cash balance on the balance sheet includes $150 and $250, respectively, held as a certificate
of deposit by Great Western Bank to collateralize the Company’s purchasing card; $0 and $1,000, respectively, held as a
certificate of deposit for the Great Western Bank letter of credit; $8,100 and $8,000, respectively, held as multiple certificates
of deposit for the Black Hills Community Bank N.A. promissory note; and $7,375 and $0, respectively, held as a certificate of
deposit for the Black Hills Community Bank N.A. letter of credit.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 27pt"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">The
University leases building facilities for branch operations and equipment for classroom operations under operating leases with
various terms and conditions. Total rent expense for the years ended May 31, 2019 and 2018, was $4,208 and $5,482, respectively,
which is included in selling, general, and administrative expenses for continuing operations and in loss from discontinued operations
for discontinued operations, on the consolidated statements of operations and comprehensive loss. Future minimum lease payments
on non-cancelable operating leases for the future fiscal years ending May 31 are as follows:</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="width: 88%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">2020</font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 9%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">3,252</font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">2021</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">2,607</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">2022</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">2,099</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">2023</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">1,617</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">2024</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">930</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Thereafter</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">1,921</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Effective
November 1, 2011, the Company entered into a 20-year capital lease arrangement for additional space that houses the corporate
headquarters, distance learning operations, and the Rapid City campus operations. The Company is obligated to make future payments
under the capital lease obligation, which totaled $16.8 million and $18.0 million as of May 31, 2019 and 2018, respectively; had
a net present value of $10.9 million and $11.2 million as of May 31, 2019 and 2018, respectively; and was recognized as current
and non-current capital lease payable of $432 and $10,425 at May 31, 2019 and $380 and $10,857 at May 31, 2018, respectively.
The asset totals $10,600, and accumulated depreciation totals $4,019 and $3,489 at May 31, 2019 and 2018, respectively. The net
amount is included in net property and equipment in the consolidated balance sheets.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
following is a schedule of future minimum commitments under the capital lease obligation as of May 31, 2019:</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="width: 88%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">2020</font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 9%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">1,207</font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">2021</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">1,231</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">2022</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">1,255</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">2023</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">1,280</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">2024</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">1,306</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Thereafter
(through October 2031)</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">10,530</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Total
future minimum lease obligation</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">16,809</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Less:
Imputed interest on capital leases</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(5,952</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Net
present value of lease obligations</font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">10,857</font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">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 May 31, 2019
and 2018, respectively. No shares of preferred stock or Class A common stock were outstanding at May 31, 2019 and 2018.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><i>Stock-Based
Compensation</i></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">In
December 2009, the Company adopted the 2009 Stock Option and Compensation Plan (the “2009 Plan”), pursuant to which
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. Restricted stock awards accrue dividends that are paid when the shares vest. Restricted
stock unit awards do not accrue dividends prior to vesting. Grants are issued at prices determined by the compensation committee,
generally equal to the closing price of the stock on the date of the grant, vest over various terms (generally two years), and
expire ten years from the date of the grant. The 2009 Plan allows vesting based upon performance criteria. Certain option and
share awards provide for accelerated vesting if there is a change in control of the Company (as defined by the 2009 Plan). The
fair value of stock options granted is calculated using the Black-Scholes option pricing model. Share options issued under the
2009 Plan may be incentive stock options or nonqualified stock options. At May 31, 2019 and 2018, all stock options issued have
been nonqualified stock options. A total of 1,300,000 shares were authorized by the 2009 Plan. Shares forfeited or canceled are
eligible for reissuance under the 2009 Plan. At May 31, 2019, no shares of common stock remain available under the 2009 Plan.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">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. The 2013 Plan terminated upon the stockholders approval
of the 2018 Plan (as defined below) at the Company’s 2018 annual meeting of stockholders held on October 9, 2018.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">At
the Company’s 2018 annual meeting of stockholders, the stockholders also approved the 2018 Stock Option and Compensation
Plan (the “2018 Plan”). The 2018 Plan designates 1,800,000 shares of the Company’s common stock 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 2018 Plan expires ten years from its inception date. At May 31 2019, 1,558,889
shares of common stock remain available for issuance under the 2018 Plan.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><i>Restricted
stock</i></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
fair value of restricted stock awards was calculated using the Company’s stock price as of the associated grant date, and
the expense is accrued ratably over the vesting period of the award.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">During
the year ended May 31, 2018, the Company awarded 52,615 restricted stock awards with time-based vesting at a grant date fair value
of $2.10 per share to members of the board of directors; 5,000 shares vested on the issuance date, October 3, 2017. The remaining
47,615 shares vested one year from grant date.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">During
the year ended May 31, 2019, the Company awarded 113,635 restricted stock awards with time-based vesting at a grant date fair
value of $0.88 per share to members of the board of directors. These shares vest one year from the October 9, 2018 grant date
and require board service for the entire year.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Compensation
expense associated with restricted stock awards totaled $98, $112, and $91 for the years ended May 31, 2019 and 2018, respectively.
At May 31, 2019, unamortized compensation cost of restricted stock awards totaled $36. The unamortized cost is expected to be
recognized over a weighted-average period of 0.4 years as of May 31, 2019.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">A
summary of restricted share awards activity as of May 31, 2019 and 2018, and the changes during the years then ended is presented
below:</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Restricted
Shares</b></font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Shares</b></font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Weighted
Average Grant Date Fair Value</b></font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="width: 76%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Non-vested
shares at May 31, 2017</font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 9%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">46,945</font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 9%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">1.96</font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Granted</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">52,615</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">2.1</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Vested</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">-51,945</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">1.97</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Forfeited</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">0</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">0</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Non-vested
shares at May 31, 2018</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">47,615</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">2.10</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Granted</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">113,635</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">0.88</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Vested</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">-47,615</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">2.1</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Forfeited</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">0</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">0</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Non-vested
shares at May 31, 2019</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">113,635</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">0.88</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><i>Unrestricted
stock</i></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Unrestricted
stock is issued to certain employees in settlement of a portion of their salaries and bonuses. Compensation expense in the consolidated
statement of activities and comprehensive loss associated with these unrestricted stock issuances totaled $70, and $121, for the
years ended May 31, 2019 and 2018, respectively.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><i>Stock
options</i></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">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 loss as selling, general and administrative expense based on their fair value over the requisite
service period.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">For
stock options issued during the years ended May 31, 2019 and 2018, the following assumptions were used to determine fair value:</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Assumptions
used:</b></font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>2019</b></font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>2018</b></font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="width: 76%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Expected
term (in years)</font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 9%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">5.75</font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 9%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">5.75</font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Weighted
average expected volatility</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">74.01</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">%</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">48.75</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">%</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Expected
volatility range</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">57.06-86.3</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">%</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">48.15-49.14</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">%</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Weighted
average risk-free interest rate</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">2.85</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">%</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">2.29</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">%</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Risk-free
interest rate range</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">2.41-3.84</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">%</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">2.11-2.57</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">%</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Weighted
average expected divident</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">0.00</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">%</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">0.00</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">%</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Expected
dividend range</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">0.00-0.00</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">%</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">0.00-0.00</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">%</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Weighted
average fair value per share</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">0.184</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">0.720</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<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 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Expected
volatilities are based on historic volatilities from the Company’s traded shares. The expected term of options granted follows
the plain vanilla method The risk-free interest rate for periods matching the contractual life of the option is based on the U.S.
Treasury yield curve in effect at the time of grant. Expected dividend is based on the historic dividend of the Company. </font></p>
<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; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">A
summary of option activity under the Plan as of May 31, 2019 and 2018, and changes during the years then ended is presented below:</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Stock
Options</b></font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b> Shares</b></font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Weighted
average exercise price</b></font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Weighted
average remaining contractual life (in years)</b></font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Aggregate
intrinsic value</b></font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="text-indent: 27pt; font: 8pt Times New Roman, Times, Serif; width: 52%"><font style="font: 8pt Times New Roman, Times, Serif">Outstanding
at May 31, 2018</font></td>
<td style="font: 8pt Times New Roman, Times, Serif; width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif; width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif; width: 9%"><font style="font: 8pt Times New Roman, Times, Serif">193,350</font></td>
<td style="font: 8pt Times New Roman, Times, Serif; width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif; width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif; width: 1%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif; width: 9%"><font style="font: 8pt Times New Roman, Times, Serif">3.54</font></td>
<td style="font: 8pt Times New Roman, Times, Serif; width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif; width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif; width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif; width: 9%"><font style="font: 8pt Times New Roman, Times, Serif">6.9</font></td>
<td style="font: 8pt Times New Roman, Times, Serif; width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif; width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif; width: 1%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif; width: 9%"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
<td style="font: 8pt Times New Roman, Times, Serif; width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="text-indent: 27pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Exercisable
at May 31, 2018</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">189,350</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">3.59</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">6.9</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"> </td>
<td style="font: 8pt Times New Roman, Times, Serif"> </td>
<td style="font: 8pt Times New Roman, Times, Serif"> </td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"> </td>
<td style="font: 8pt Times New Roman, Times, Serif"> </td>
<td style="font: 8pt Times New Roman, Times, Serif"> </td>
<td style="font: 8pt Times New Roman, Times, Serif"> </td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"> </td>
<td style="font: 8pt Times New Roman, Times, Serif"> </td>
<td style="font: 8pt Times New Roman, Times, Serif"> </td>
<td style="font: 8pt Times New Roman, Times, Serif"> </td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"> </td>
<td style="font: 8pt Times New Roman, Times, Serif"> </td>
<td style="font: 8pt Times New Roman, Times, Serif"> </td>
<td style="font: 8pt Times New Roman, Times, Serif"> </td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"> </td>
<td style="font: 8pt Times New Roman, Times, Serif"> </td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="text-indent: 27pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Outstanding
at May 31, 2019</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">162,204</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">2.87</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">6.7</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">0.6</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="text-indent: 27pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Exercisable
at May 31, 2019</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">132,203</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">3.51</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">6.0</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
Company recorded compensation expense for stock options of $3 and $12, for the years ended May 31, 2019 and 2018, respectively,
in the consolidated statements of operations and comprehensive loss. As of May 31, 2019, there is unrecognized compensation cost
of $1 related to unvested stock option-based compensation arrangements granted under the Plan. The unamortized cost is expected
to be recognized over a weighted-average period of 1.7 years as of May 31, 2019.</font></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; text-align: justify"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
Company plans to issue new shares as settlement of options exercised. There were no options exercised during the years ended May
31, 2019 or 2018, respectively.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><i>Dividends</i></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
following table presents details of the Company’s fiscal year 2018 dividend payment:</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="border-top: white 1pt solid; border-left: white 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b><u>Date
declared</u></b></font></td>
<td style="border-top: white 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b><u>Record
date</u></b></font></td>
<td style="border-top: white 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b><u>Payment
date</u></b></font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b><u>Per
share</u></b></font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="width: 27%; border-left: white 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">August
4, 2017</font></td>
<td style="width: 25%; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">September
30, 2017</font></td>
<td style="width: 25%; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">October
6, 2017</font></td>
<td style="width: 2%; padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; border-bottom: white 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 18%; border-bottom: white 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">0.0450</font></td>
<td style="width: 2%; padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td colspan="3" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: white 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: white 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">No
dividend was declared in fiscal year 2019.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Employee
Benefit Plan Payable</b> - The Company sponsors a 401(k) plan for its University employees, which provides for a discretionary
match, net of forfeitures, of up to 5%. The University uses certain consistently applied operating ratios to determine contributions.
The University’s matching contributions paid were $0 during each of the years ended May 31, 2019 and 2018, respectively.
At May 31, 2019 and 2018, there were no accruals for the University’s 401(k) match.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">  </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><b>Compensation
Plans</b> - The Company has entered into an employment agreement, as amended, with Dr. Ronald Shape, Chief Executive Officer
that requires, among other things, an annual incentive payment as defined in the agreement. There were no incentive payments made
for 2019 and 2018. In addition, as part of the Chief Executive Officer Compensation plan, $100 annually is scheduled to be paid
in equal monthly installments converted to the Company’s common stock shares based on the closing price on the last day
of the month. In the fall of 2016, the Board of Directors voted to temporarily reduce the Chief Executive Officer compensation
by $67 by suspending the monthly stock payments from October 2016 through May 2017. For the 2018 year, stock payments at the $100
per year resumed, but for the last two months, Dr. Shape elected to forgo the awards. In addition, the Company has an approved
Named Executive Officer Compensation Plan.  The compensation plan has a base salary component, quarterly achievement
award component and an annual achievement award component as defined in the agreements.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
Company maintains a self-insured health insurance plan for employees. Under this plan, the Company pays a monthly fee to its administrator,
as well as claims submitted by its participants. As there generally is a lag between the time a claim is incurred by a participant
and the time the claim is submitted, the Company has recorded a liability for outstanding claims of $265 and $375 at May 31, 2019
and 2018, respectively. Such liability is reported with accrued and other liabilities in the consolidated balance sheets.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">Components
of the provision for income taxes for the years ended May 31, 2019 and 2018, were as follows:</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>2019</b></font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>2018</b></font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Current
tax expense (benefit)</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="width: 76%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">     Federal</font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 9%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 9%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(96</font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">     State</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">31</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">18</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">31</font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(78</font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Deferred
tax expense (benefit)</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">     Federal</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(181</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">     State</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(12</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(193</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Total
tax expense (benefit)</font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">31</font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(271</font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
effective tax rate varies from the statutory federal income tax rate for the following reasons:</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"></p>
<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: middle; background-color: white; font: 8pt Times New Roman, Times, Serif">
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: left; width: 46%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left; width: 2%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-bottom: Black 0.5pt solid; text-align: center; width: 19%"><font style="font: 8pt Times New Roman, Times, Serif">2019</font></td>
<td style="text-align: left; width: 2%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-bottom: Black 0.5pt solid; text-align: center; width: 19%"><font style="font: 8pt Times New Roman, Times, Serif">2018</font></td></tr>
<tr style="vertical-align: middle; background-color: white; font: 8pt Times New Roman, Times, Serif">
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: middle; background-color: white; font: 8pt Times New Roman, Times, Serif">
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Statutory</font></td>
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">-21.0%</font></td>
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">-29.2%</font></td></tr>
<tr style="vertical-align: middle; background-color: white; font: 8pt Times New Roman, Times, Serif">
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Tax
effect of U.S. tax reform</font></td>
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">0.0%</font></td>
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">17.3%</font></td></tr>
<tr style="vertical-align: middle; background-color: white; font: 8pt Times New Roman, Times, Serif">
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">State
income taxes - net of federal benefit</font></td>
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">0.1%</font></td>
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">0.0%</font></td></tr>
<tr style="vertical-align: middle; background-color: white; font: 8pt Times New Roman, Times, Serif">
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Deferred
tax valuation allowance</font></td>
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">20.8%</font></td>
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">10.6%</font></td></tr>
<tr style="vertical-align: middle; background-color: white; font: 8pt Times New Roman, Times, Serif">
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Permanent
differences and other</font></td>
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">0.2%</font></td>
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">-0.9%</font></td></tr>
<tr style="vertical-align: middle; background-color: white; font: 8pt Times New Roman, Times, Serif">
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Effective
income tax rate</font></td>
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">0.1%</font></td>
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">-2.2%</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">  </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Deferred
income taxes reflect the tax effects of temporary differences between the carrying amounts of assets and liabilities for financial
reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred assets
(liabilities) as of May 31 were as follows:</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>2019</b></font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>2018</b></font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Deferred
income tax assets:</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="width: 76%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">     Account
receivable allowances</font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 9%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">107</font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 9%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">165</font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">     Bad
debt write-offs</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">567</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">793</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">     Other</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">93</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">73</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">     Revenue
recognition</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">57</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">     Accrued
salaries</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">220</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">360</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">     Start
up costs</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">104</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">123</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">     Capital
lease obligations</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">2,660</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">2,753</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">     Net
operating loss carryforwards - expires 2021-2037</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">6,602</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">3,071</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">     Deferred
rent</font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,106</font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">867</font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">          Total
deferred income tax assets</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">12,516</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">8,205</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">     Valuation
allowance</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(9,664</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(3,444</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">          Net
deferred income tax assets</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,852</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">4,761</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Deferred
income tax liabilities:</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">     Fixed
assets and course development</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(2,655</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(4,406</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">     Prepaid
expenses</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(197</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(355</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">     Other</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">          Total
deferred income tax liabilities</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(2,852</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(4,761</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Net
deferred income tax assets (liabilities)</font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<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 6pt 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">As
of May 31, 2019, the Company had net operating loss (“NOL”) carryforwards of approximately $27 million federal and
$16 million state. As of May 31, 2018, the Company had NOL carryforwards of approximately $12 million federal and $10 million
state. The federal NOL carryforwards have no expiration.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
change in the valuation allowance for deferred tax assets for the years ended May 31, 2019 and 2018 was $6.2 million and $2.2
million, respectively. 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. As a result, management determined it was more likely than not that the deferred tax assets would not
be realized as of May 31, 2019 and 2018, and recorded a full valuation allowance.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">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 has been completed.
The Company has recorded an income tax expense of $1,125 due to a re-measurement of deferred tax assets and liabilities; however,
this has been offset by the valuation allowance noted above.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
Company follows the guidance of ASC Topic 740, <i>Income Taxes</i>, <i>Accounting for Uncertainty in Income Taxes – an interpretation
of FASB Statement No. 109, </i>which requires that income tax positions must be more likely than not to be sustained based solely
on their technical merits in order to be recognized. The Company has recorded no liability for uncertain tax positions. In the
event the Company had uncertain tax positions, the Company would elect to record interest and penalties from unrecognized tax
benefits in the tax provision.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
Company files income tax returns in the U.S. federal jurisdiction and various states. The Company is generally no longer subject
to U.S. federal income tax or state and local tax examinations for years before 2016.</font></p>
<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 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">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.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">  </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
following is a reconciliation of the numerator and denominator for the basic and diluted EPS computations:</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"></p>
<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: middle; background-color: white; font: 8pt Times New Roman, Times, Serif">
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="font: bold 8pt Times New Roman, Times, Serif; border-bottom: Black 0.5pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">For
the year ended May 31,</font></td></tr>
<tr style="vertical-align: middle; background-color: white; font: 8pt Times New Roman, Times, Serif">
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: left; width: 77%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt; width: 10%"><font style="font: 8pt Times New Roman, Times, Serif">2019</font></td>
<td style="text-align: center; width: 3%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt; width: 10%"><font style="font: 8pt Times New Roman, Times, Serif">2018</font></td></tr>
<tr style="vertical-align: middle; background-color: white; font: 8pt Times New Roman, Times, Serif">
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Numerator:</font></td>
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="background-color: white; font: 8pt Times New Roman, Times, Serif">
<td style="vertical-align: middle; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">     Net
loss for Continuing Operations attributable to National American University Holdings, Inc.</font></td>
<td style="vertical-align: middle; border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $        (7,152)</font></td>
<td style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: middle; border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $      (10,949)</font></td></tr>
<tr style="background-color: white; font: 8pt Times New Roman, Times, Serif">
<td style="vertical-align: middle; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">     Net
loss for Discontinued Operations attributable to National American University Holdings, Inc.</font></td>
<td style="vertical-align: middle; border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $      (17,893)</font></td>
<td style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: middle; border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $        (1,162)</font></td></tr>
<tr style="vertical-align: middle; background-color: white; font: 8pt Times New Roman, Times, Serif">
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Denominator:</font></td>
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: middle; background-color: white; font: 8pt Times New Roman, Times, Serif">
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">     Weighted
average shares outstanding used to compute basic</font></td>
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: middle; background-color: white; font: 8pt Times New Roman, Times, Serif">
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">          net
income per common share</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">    24,421,461</font></td>
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">    24,239,888</font></td></tr>
<tr style="vertical-align: middle; background-color: white; font: 8pt Times New Roman, Times, Serif">
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">     Incremental
shares issuable upon the assumed exercise of stock options</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">                   -   </font></td>
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">                   -   </font></td></tr>
<tr style="vertical-align: middle; background-color: white; font: 8pt Times New Roman, Times, Serif">
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">     Incremental
shares issuable upon the assumed vesting of restricted shares</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">                   -   </font></td>
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">                   -   </font></td></tr>
<tr style="vertical-align: middle; background-color: white; font: 8pt Times New Roman, Times, Serif">
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">     Common
shares used to compute diluted net income per share</font></td>
<td style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $
24,421,461</font></td>
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $
24,239,888</font></td></tr>
<tr style="background-color: white; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: middle; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: middle; background-color: white; font: 8pt Times New Roman, Times, Serif">
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Basic
net loss per common share - Continuing Operations</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> $          (0.29)</font></td>
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> $          (0.45)</font></td></tr>
<tr style="vertical-align: middle; background-color: white; font: 8pt Times New Roman, Times, Serif">
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Diluted
net loss per common share - Continuing Operations</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> $          (0.29)</font></td>
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> $          (0.45)</font></td></tr>
<tr style="background-color: white; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: middle; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: middle; background-color: white; font: 8pt Times New Roman, Times, Serif">
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Basic
net loss per common share - Discontinued Operations</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> $          (0.73)</font></td>
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> $          (0.05)</font></td></tr>
<tr style="vertical-align: middle; background-color: white; font: 8pt Times New Roman, Times, Serif">
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Diluted
net loss per common share - Discontinued Operations</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> $          (0.73)</font></td>
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> $          (0.05)</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">  </font></p>
<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 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">A
total of 162,204 and 189,350 shares of common stock subject to issuance upon exercise of stock options for the year ended May
31, 2019 and 2018, respectively, have been excluded from the calculation of diluted EPS as the effect would have been anti-dilutive.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">A
total of 113,635 and 99,560 shares of common stock subject to issuance upon vesting of restricted shares for year ended May 31,
2019 and 2018, respectively, have been excluded from the calculation of diluted EPS as the effect would have been anti-dilutive.</font></p>
<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 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
University extends unsecured credit to a portion of the students who are enrolled throughout the campuses for tuition and other
educational costs. A substantial portion of credit extended to students is repaid through the students’ participation in
various federal financial aid programs authorized by Title IV Higher Education Act of 1965, as amended (the “Higher
Education Act” or “HEA”). The University is required under 34 CFR 600.5(d) to maintain at least 10%
of its revenues (calculated on a cash basis) from non-Title IV program funds, commonly referred to as the “90/10 Rule”.
An institution is subject to loss of eligibility to participate in Title IV programs if it fails to meet the 10% threshold for
two consecutive fiscal years. If the University were to violate the 90/10 Rule, it would become ineligible to participate in Title
IV programs as of the first day of the fiscal year following the second consecutive fiscal year in which we exceeded the 90% Title
IV program funds threshold and would be unable to regain eligibility for two fiscal years thereafter. The University believes
it is in compliance with this requirement for the fiscal years ended May 31, 2019 and 2018, as shown in the underlying calculation:</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"></p>
<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="font: bold 8pt Times New Roman, Times, Serif; text-decoration: underline; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">2019</font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="font: bold 8pt Times New Roman, Times, Serif; text-decoration: underline; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">2018</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left; width: 33%"><font style="font: 8pt Times New Roman, Times, Serif">Title
IV HEA<br />
funds received</font></td>
<td style="font: 8pt Times New Roman, Times, Serif; width: 4%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; width: 13%"><font style="font: 8pt Times New Roman, Times, Serif"> $
39,555</font></td>
<td rowspan="2" style="text-align: center; font: 8pt Times New Roman, Times, Serif; width: 4%"><font style="font: 8pt Times New Roman, Times, Serif">=</font></td>
<td rowspan="2" style="text-align: center; font: 8pt Times New Roman, Times, Serif; width: 11%"><font style="font: 8pt Times New Roman, Times, Serif">78.21%</font></td>
<td style="font: 8pt Times New Roman, Times, Serif; width: 7%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; width: 13%"><font style="font: 8pt Times New Roman, Times, Serif"> $
62,444</font></td>
<td rowspan="2" style="text-align: center; font: 8pt Times New Roman, Times, Serif; width: 4%"><font style="font: 8pt Times New Roman, Times, Serif">=</font></td>
<td rowspan="2" style="text-align: center; font: 8pt Times New Roman, Times, Serif; width: 11%"><font style="font: 8pt Times New Roman, Times, Serif">82.06%</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Academic
revenue<br />
(cash basis)</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> $
50,578</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> $
76,097</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">  </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">To
participate in Title IV Programs, a school must be authorized to offer its programs of instruction by relevant state education
agencies, be accredited by an accrediting commission recognized by the U.S. Department of Education (the “Department”),
and be certified as an eligible institution by the Department. For this reason, educational institutions are subject to extensive
regulatory requirements imposed by all of these entities. After an educational institution receives the required certifications
by the appropriate entities, the educational institution must demonstrate compliance with the Department’s regulations pertaining
to Title IV Programs on an ongoing basis. Included in these regulations is the requirement that the Company must satisfy
specific standards of financial responsibility.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><i>Financial
Responsibility Composite Score</i></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
Department of Education evaluates educational institutions for compliance with these standards each year, based upon an educational
institution’s annual audited financial statements, as well as following any changes in ownership.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">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:</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<table cellpadding="0" style="width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="vertical-align: top; width: 48px; padding-left: 0.25in; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">●</font></td>
<td style="padding: 0.75pt; text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">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"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<table cellpadding="0" style="width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="vertical-align: top; width: 48px; padding-left: 0.25in; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">●</font></td>
<td style="padding: 0.75pt; text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">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"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<table cellpadding="0" style="width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="vertical-align: top; width: 48px; padding-left: 0.25in; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">●</font></td>
<td style="padding: 0.75pt; text-align: justify; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Net
Income Ratio – measure of an institution’s profitability.</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">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 require an institution to comply with various additional operating,
monitoring or other requirements, agree to receive Title IV program funds under an arrangement other than the Department of Education’s
standard advance funding arrangement, such as the reimbursement method of payment or heightened cash monitoring, or comply with
or accept other limitations on the institution’s ability to increase the number of programs it offers or the number of students
it enrolls.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">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, including 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 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.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">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.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Additionally,
as part of the 2016 Borrower Defense Final Rule, the Department of Education revised its general standards of financial responsibility
to include various actions and events that would require institutions to provide the Department of Education with irrevocable
letters of credit. On March 8, 2019, NAU received a letter from the Department of Education which noted several financial matters
described in the footnotes to our audited financial statements for the fiscal year ended May 31, 2018 and our Form 10-Q filed
with the Securities and Exchange Commission on January 22, 2019, and the Company’s delisting from Nasdaq Global Market and
transfer of shares to the OTCQB Market, 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 Type 111 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 $36,653, 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 $10,996, 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 the Title IV programs. On March 22, 2019, we 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. In response to our request, the Department of Education provided two additional options for a letter of credit accompanied
by provisional certification: (1) posting of an irrevocable letter of credit in the amount of $7,331, representing 10% of Title
IV program funds for its fiscal year ended May 31, 2018, or (2) placement on the Heightened Cash Monitoring Type 2 payment method,
with a percentage of each payment withheld until an account equal to the required letter of credit amount can be funded. On April
30, 2019, the Company responded to the Department’s letter and selected the posting of an irrevocable letter of credit in
the amount of $7,331 for the benefit of the Department. The letter of credit was issued on May 10, 2019.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Our
audited financial statements for the fiscal year ended May 31, 2019 indicate our most recent composite score is 1.1. This
score is subject to a final determination by the Department of Education once it receives and reviews our consolidated
audited financial statements for the 2019 fiscal year. We believe it is likely that the Department of Education will
determine that our institutions are “in the zone” and that we will be required to continue operating under the
requirements imposed by the March 8, 2019 letter, including the letter of credit issued to the Department of Education on May
10, 2019, as well as any other requirements that the Department of Education might impose in its discretion. If we are unable
to meet the minimum composite score or to comply with the other standards of financial responsibility, and could not post a
required letter of credit or comply with the alternative bases for establishing financial responsibility, then our students
could lose their access to Title IV program funding.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Finally,
to remain eligible to participate in Title IV programs, an educational institution’s student loan cohort default rates must
remain below certain specified levels. An educational institution loses eligibility to participate in Title IV programs if its
cohort default rate equals or exceeds 40% for any given year or 30% for three consecutive years. Our official cohort default rates
for federal fiscal years 2015 and 2014 are 23.7% and 24.1%, respectively.  Our draft cohort rate for federal fiscal
year 2016 is 20.1%. </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">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.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">In
April 2017, a former NAU employee filed a qui tam suit against NAU, NAUH, and Dlorah, Inc., alleging certain violations of the
Higher Education Act and Title IV program requirements, including alleged misrepresentations to a programmatic accrediting agency,
alleged miscalculating its percentage of revenues derived from Title IV program funds under the 90/10 Rule, and 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 U.S. ex rel. Brian Gravely v. National American University,
et al., No. 5:17-cv-05032-JLV, 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, deny 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 reasonably estimated and,
accordingly, no liability has been accrued for this matter. </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The University leases building facilities for branch operations under operating leases with various terms
and conditions. As it implements the strategic and operational shift from ground locations to online programs, it has discontinued
operations at several of these leased facilities. While the University is communicating with the lessors of these facilities, certain
lessors have commenced litigation related to the lease agreements. We cannot predict the outcome of this litigation, nor whether
these actions will materially adversely affect our business or financial condition. The amount or range of reasonably possible
losses cannot be reasonably estimated and, accordingly, no liability has been accrued for these matters. </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">On
March 21, 2018, the Company acquired substantially all of the assets of Henley-Putnam University (“HPU”), a for profit
postsecondary educational institution that offers 100% online programs focused in the field of strategic security, for a cash
payment of $1,933. Excluded from the transaction are real estate leases, server and certain other technology and equipment, and
related items. The results of HPU’s operations have been included in the consolidated statements of operations and comprehensive
loss since March 21, 2018. HPU’s service areas complement the Company’s current educational offerings and locations.
Within the last five years, HPU has invested in the expansion of its curriculum, programs, and student services, as well as cultivating
its relationship with parts of the armed forces. Because the institution elected not to pursue Title IV eligibility, its ability
to recruit students and support is efforts was limited. Upon review of HPU’s programs and operations, the Company found
that acquiring HPU was in alignment with its strategic initiative to expand academic offerings and support services to the Company’s
armed forces student population; approximately 25% of the University’s student population are active-duty service members,
veterans, or dependents of active-duty service members or veterans.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
total purchase price was allocated to the fair values of the assets acquired and the liabilities assumed as follows:</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="width: 88%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Cash
equivalents</font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 9%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">664</font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Student
receivables - net</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">157</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Prepaid
and other current assets</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">17</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Course
Development</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">1,067</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Goodwill</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">363</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Other
intangibles</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">229</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Accounts
payable</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(63</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Deferred
income</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(272</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Accrued
and other liabilities</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(229</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Total
fair value of net assets acquired</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">1,933</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Less
cash acquired</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(664</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Total
consideration for acquisition, less cash acquired</font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,269</font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Course
development costs are being amortized on a straight-line basis over five years. Goodwill is calculated as the excess of the purchase
price paid over the net assets recognized. The goodwill recorded as part of the acquisition primarily reflects the assembled workforce
and a proven ability to generate new products and services to drive future revenue.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
purchased intangible assets consist of student relationships and the Henley-Putnam brand name. These assets are being amortized
on a straight-line basis over four and five years, respectively. Net intangible assets consist of the following at May 31:</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b> Accumulated</b></font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b> Net
Carrying</b></font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b> Cost</b></font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b> Amortization</b></font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b> Amount</b></font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>2019</b></font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="width: 64%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> Student
relationships</font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 9%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">157</font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 9%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(47</font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 9%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">110</font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> Brand
name</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">72</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(17</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">55</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">229</font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(64</font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">165</font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>2018</b></font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> Student
relationships</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">157</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(18</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">139</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> Brand
name</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">72</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(4</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">68</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">229</font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(22</font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">207</font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">  </font></p>
<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 8pt Times New Roman, Times, Serif">
<td colspan="2" style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Future
amortization expense is as follows as of May 31, 2019:</font></td>
<td colspan="3" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="width: 88%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">FY
2020</font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 9%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">54</font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">FY
2021</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">54</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">FY
2022</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">34</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">FY
2023</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">23</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">165</font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Fair
value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in
the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on
the measurement date. Following is a description of each category in the fair value hierarchy and the financial assets and liabilities
of the Company that are included in each category at May 31, 2019 and 2018:</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><i>Level
1</i> – Quoted prices in active markets for identical assets or liabilities. The types of assets and liabilities included
in Level 1 are highly liquid and actively traded instruments with quoted market prices.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><i>Level
2 –</i> Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices
in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially
the full term of the assets or liabilities. The type of assets and liabilities included in Level 2 are typically either comparable
to actively traded securities or contracts or priced with models using observable inputs. Level 2 assets consist of certificates
of deposit that are valued at cost, which approximates fair value. Level 2 instruments require more management judgment and subjectivity
as compared to Level 1 instruments. For instance:</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<table cellpadding="0" style="width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="vertical-align: top; width: 84px; padding-left: 45pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">●</font></td>
<td style="padding: 0.75pt; font: 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Determining
which instruments are most similar to the instrument being priced requires management to identify a sample of similar securities
based on the coupon rates, maturity, issuer, credit rating and instrument type, and subjectively selecting an individual security
or multiple securities that are deemed most similar to the security being priced; and</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<table cellpadding="0" style="width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="vertical-align: top; width: 84px; padding-left: 45pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">●</font></td>
<td style="padding: 0.75pt; font: 8pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Determining
whether a market is considered active requires management judgment.</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><i>Level
3 –</i> Unobservable inputs that are supported by little or no market activity and that are significant to the fair value
of the assets or liabilities. The type of assets and liabilities included in Level 3 are those with inputs requiring significant
management judgment or estimation. The Company does not have any Level 3 assets or liabilities.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
following table summarizes certain information for assets and liabilities measured at fair value on a recurring basis:</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="border-top: white 1pt solid; border-left: white 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b> Quoted
prices in active markets (level 1)</b></font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b> Other
observable inputs</b></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>(level
2)</b></font></p></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b> Unobservable
inputs</b></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>(level
3)</b></font></p></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b> Fair
value</b></font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="border-left: white 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>May
31, 2019</b></font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: white 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: white 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: white 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: white 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="border-left: white 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b> Investments:</b></font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: white 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: white 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: white 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: white 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="width: 52%; border-left: white 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> Restricted
certificates of deposit</font></td>
<td style="width: 1%; padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 9%; border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
<td style="width: 1%; padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 9%; border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">15,625</font></td>
<td style="width: 1%; padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 9%; border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
<td style="width: 1%; padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 9%; border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">15,625</font></td>
<td style="width: 1%; padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="border-left: white 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> Total
assets at fair value</font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">15,625</font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">15,625</font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="border-left: white 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: white 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: white 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: white 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: white 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: white 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: white 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: white 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: white 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="border-left: white 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>May
31, 2018</b></font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: white 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: white 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: white 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: white 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: white 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: white 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: white 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: white 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="border-left: white 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b> Investments:</b></font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: white 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: white 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: white 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: white 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: white 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: white 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: white 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: white 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="border-left: white 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> Restricted
certificates of deposit</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">9,250</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">9,250</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="border-left: white 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> Total
assets at fair value</font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">9,250</font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">9,250</font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">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:</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><i>Certificates
of deposit (“CDs”):</i> Market prices for certain CDs are obtained from quoted prices for similar assets.
The Company classifies these investments as level 2. The certificates of deposit at May 31, 2019 and 2018 are restricted by borrowing
arrangements. See further information in Note 10 to these consolidated financial statements.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><i>Fair
value of financial instruments:</i> The Company’s financial instruments include cash and cash equivalents, CDs, 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. CDs are recorded at fair values as indicated in the preceding disclosures.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">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.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
Company has two reportable segments: NAU and Other. The NAU segment contains the revenues and expenses associated with the University
operations. 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:</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<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 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="border: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="5" style="font: bold 8pt Times New Roman, Times, Serif; border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> Fiscal
Year Ended May 31, </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="5" style="font: bold 8pt Times New Roman, Times, Serif; border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> Fiscal
Year Ended May 31, </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-left: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-top-width: 0.5pt; width: 40%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-decoration: underline; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt; width: 8%"><font style="font: 8pt Times New Roman, Times, Serif"><u> </u></font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-decoration: underline; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt; width: 2%"><font style="font: 8pt Times New Roman, Times, Serif"><u> </u></font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt; width: 8%"><font style="font: 8pt Times New Roman, Times, Serif">2019</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt; width: 2%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-decoration: underline; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt; width: 8%"><font style="font: 8pt Times New Roman, Times, Serif"><u> </u></font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt; width: 2%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-decoration: underline; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt; width: 8%"><font style="font: 8pt Times New Roman, Times, Serif"><u> </u></font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-decoration: underline; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt; width: 2%"><font style="font: 8pt Times New Roman, Times, Serif"><u> </u></font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt; width: 8%"><font style="font: 8pt Times New Roman, Times, Serif">2018</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt; width: 2%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-decoration: underline; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt; width: 10%"><font style="font: 8pt Times New Roman, Times, Serif"><u> </u></font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-left: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-top-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-left: white 0.5pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; border-right: white 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: white; border-top-width: 0.5pt; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> NAU </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; border-right: white 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: white; border-top-width: 0.5pt; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; border-right: white 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: white; border-top-width: 0.5pt; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> Other </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; border-right: white 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: white; border-top-width: 0.5pt; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; border-right: white 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: white; border-top-width: 0.5pt; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> Consolidated </font></td>
<td style="vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; border-right: white 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: white; border-top-width: 0.5pt; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> NAU </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; border-right: white 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: white; border-top-width: 0.5pt; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; border-right: white 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: white; border-top-width: 0.5pt; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> Other </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; border-right: white 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: white; border-top-width: 0.5pt; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; border-right: white 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: white; border-top-width: 0.5pt; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> Consolidated </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: bold 8pt Times New Roman, Times, Serif; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-left: white 0.5pt solid; border-top-color: white; border-top-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> Revenue: </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="vertical-align: middle; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">   Academic </font></td>
<td style="vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-left: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-top-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> $       33,232</font></td>
<td style="vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> $               -   </font></td>
<td style="vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> $       33,232</font></td>
<td style="vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> $       26,692</font></td>
<td style="vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> $               -   </font></td>
<td style="vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> $           26,692</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="border: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">   Auxiliary  </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">            1,798</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">                  -   </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">            1,798</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">            1,858</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">                  -   </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">                1,858</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-left: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; border-top-color: white; border-top-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">   Rental
income apartments </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">                  -   </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">            1,386</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">            1,386</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">                  -   </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">            1,404</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">                1,404</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-left: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; border-top-color: white; border-top-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">   Condominium
sales </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">                  -   </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">               646</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">               646</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">                  -   </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">               817</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">                   817</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-left: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; border-top-color: white; border-top-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">   Other
real estate income </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-top-width: 0.5pt; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">                  -   </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-top-width: 0.5pt; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">               203</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-top-width: 0.5pt; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">               203</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-top-width: 0.5pt; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">                  -   </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-top-width: 0.5pt; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">               193</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-top-width: 0.5pt; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">                   193</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 18px; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-left: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left; border-top-color: white; border-top-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> Total
revenue </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">          35,030</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">            2,235</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">          37,265</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">          28,550</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">            2,414</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">              30,964</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-left: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-top-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: bold 8pt Times New Roman, Times, Serif; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-left: white 0.5pt solid; border-top-color: white; border-top-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> Operating
expenses: </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-left: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; border-top-color: white; border-top-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">   Cost
of educational services </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">          11,208</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">                  -   </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">          11,208</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">            9,105</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">                  -   </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">                9,105</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-left: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; border-top-color: white; border-top-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">   Selling,
general & administrative </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">          28,045</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">            2,213</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">          30,258</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">          28,640</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">            1,890</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">              30,530</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-left: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; border-top-color: white; border-top-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">   Auxiliary
expense </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">            1,169</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">                  -   </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">            1,169</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">            1,238</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">                  -   </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">                1,238</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-left: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; border-top-color: white; border-top-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">   Cost
of condominium sales </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">                  -   </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">               507</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">               507</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">                  -   </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">               709</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">                   709</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-left: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; border-top-color: white; border-top-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">   Loss
on course development impairment </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">                  -   </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">                  -   </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">                  -   </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">               286</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">                  -   </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">                   286</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-left: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; border-top-color: white; border-top-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">   Loss
on impairment and disposition of property </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-top-width: 0.5pt; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">               869</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-top-width: 0.5pt; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">               145</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-top-width: 0.5pt; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">            1,014</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-top-width: 0.5pt; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">               370</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-top-width: 0.5pt; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">                   8</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-top-width: 0.5pt; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">                   378</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 18px; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-left: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left; border-top-color: white; border-top-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> Total
operating expenses </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">          41,291</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">            2,865</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">          44,156</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">          39,639</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">            2,607</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">              42,246</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-left: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-top-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-top-width: 0.5pt; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-top-width: 0.5pt; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-top-width: 0.5pt; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-top-width: 0.5pt; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-top-width: 0.5pt; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 36px; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-left: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left; border-top-color: white; border-top-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> Operating
Loss </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">          (6,261)</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">             (630)</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">          (6,891)</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">        (11,089)</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">             (193)</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">             (11,282)</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-left: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-top-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-top-width: 0.5pt; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-top-width: 0.5pt; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-top-width: 0.5pt; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-top-width: 0.5pt; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-top-width: 0.5pt; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: bold 8pt Times New Roman, Times, Serif; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-left: white 0.5pt solid; border-top-color: white; border-top-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> Other
income (expense): </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-left: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; border-top-color: white; border-top-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">   Interest
income </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">                 36</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">               100</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">               136</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">                 65</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">                 11</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">                     76</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-left: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; border-top-color: white; border-top-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">   Interest
expense </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">             (801)</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">             (490)</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">          (1,291)</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">             (833)</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">               (13)</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">                  (846)</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="border-right: white 0.5pt solid; border-left: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; border-top-color: white; border-top-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">   Other
expense - net </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">               (17)</font></td>
<td style="border-right: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">                  -   </font></td>
<td style="border-right: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">               (17)</font></td>
<td style="border-right: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">               (72)</font></td>
<td style="border-right: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">                  -   </font></td>
<td style="border-right: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">                    (72)</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 18px; border-right: White 0.5pt solid; border-bottom: white 0.5pt solid; border-left: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> Total
other expense </font></td>
<td style="border-right: White 0.5pt solid; border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">             (782)</font></td>
<td style="border-right: White 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: White 0.5pt solid; border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">             (390)</font></td>
<td style="border-right: White 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: White 0.5pt solid; border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">          (1,172)</font></td>
<td style="border-right: White 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: White 0.5pt solid; border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">             (840)</font></td>
<td style="border-right: White 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: White 0.5pt solid; border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">                 (2)</font></td>
<td style="border-right: White 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: White 0.5pt solid; border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">                  (842)</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-left: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; border-top-color: white; border-top-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> Loss
from continuing operations before income taxes </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: Black; border-top-width: 0.5pt; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> $       (7,043)</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: Black; border-top-width: 0.5pt; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> $       (1,020)</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: Black; border-top-width: 0.5pt; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> $       (8,063)</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: Black; border-top-width: 0.5pt; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> $     (11,929)</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: Black; border-top-width: 0.5pt; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> $          (195)</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: Black; border-top-width: 0.5pt; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> $          (12,124)</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-left: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; border-top-color: white; border-top-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> Loss
from discontinued operations before income taxes </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">        (16,951)</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">                  -   </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">        (16,951)</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">             (219)</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">                  -   </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">                  (219)</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-left: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-top-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-top-width: 0.5pt; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-top-width: 0.5pt; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-top-width: 0.5pt; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-top-width: 0.5pt; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-top-width: 0.5pt; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: bold 8pt Times New Roman, Times, Serif; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-left: white 0.5pt solid; border-top-color: white; border-top-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> Loss
before income taxes </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: Black 2pt double; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">       (23,994)</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: Black 2pt double; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">         (1,020)</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: Black 2pt double; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">       (25,014)</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: Black 2pt double; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">       (12,148)</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: Black 2pt double; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">            (195)</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: Black 2pt double; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">           (12,343)</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-left: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-top-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-left: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-top-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-left: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-top-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="5" style="font: bold 8pt Times New Roman, Times, Serif; border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> As
of and for Year Ended May 31, 2019 </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="5" style="font: bold 8pt Times New Roman, Times, Serif; border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> As
of and for Year Ended May 31, 2018 </font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-left: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-top-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> NAU </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> Other </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> Consolidated </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> NAU </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> Other </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> Consolidated </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-left: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; border-top-color: white; border-top-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> Total
assets </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: Black 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-top-width: 0.5pt; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> $       26,647</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: Black 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-top-width: 0.5pt; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> $       11,398</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: Black 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-top-width: 0.5pt; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> $       38,045</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: Black 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-top-width: 0.5pt; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> $       35,363</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: Black 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-top-width: 0.5pt; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> $       13,444</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: Black 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-top-width: 0.5pt; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> $           48,807</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-left: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; border-top-color: white; border-top-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> Expenditures
for long-lived assets </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: Black 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> $            114</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: Black 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> $            681</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: Black 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> $            795</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: Black 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> $         1,016</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: Black 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> $            749</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: Black 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> $             1,765</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-left: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; border-top-color: white; border-top-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> Depreciation
and amortization </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: Black 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> $         2,675</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: Black 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> $            624</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: Black 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> $         3,299</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: Black 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> $         3,965</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: Black 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> $            677</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: Black 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> $             4,642</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-left: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-top-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td colspan="12" style="font: italic 8pt Times New Roman, Times, Serif; border: white 0.5pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> Note:
Includes assets from discontinued operations of $323 and $8,656 and liabilities of $11,247 and $5,978 as of 05/31/19 and 05/31/18
respectively. </font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<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 0.25in; text-align: justify"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">The Company considers all
highly liquid debt instruments with original maturities of three months or less to be cash equivalents. Cash is held in bank accounts
that periodically exceed insured limits; however, no losses have occurred, and the Company does not believe the risk of loss is
significant.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">The Company’s
investments consist of certificates of deposit, certain of which are brokered and classified as
“available-for-sale.” Available-for-sale securities represent securities carried at fair value in the
consolidated balance sheets. Certain of the Company’s investments have maturity dates greater than one year. However,
these certificates of deposit can be accessed at any time and are convertible to cash on demand. Unrealized gains and losses
deemed to be temporary are reported net of taxes and included in other comprehensive income within stockholders’
equity. Realized gains and losses and declines in value deemed to be other-than-temporary on available-for-sale securities
are included in other expense– net in the consolidated statements of operations and comprehensive loss. Fair value of
the securities is based upon quoted market prices in active markets or estimated fair value when quoted market prices are not
available. The cost basis for realized gains and losses on available-for-sale securities is determined on a
specific identification basis. Proceeds from available for sale investments totaled $0, and $4,668 for the years ended May
31, 2019 and 2018, respectively.</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 0 0 27pt">The Company’s investments were comprised of
the following at May 31:</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr>
<td style="vertical-align: bottom; line-height: 107%"> </td>
<td colspan="4" style="vertical-align: bottom; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>2019 </b> <b> </b>  </font></td>
<td colspan="4" style="vertical-align: bottom; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>2018</b></font></td>
<td colspan="24" style="line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td colspan="2" style="text-align: center; line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td colspan="2" style="text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Gross  </b></font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td colspan="2" style="text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Gross  </b></font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td colspan="2" style="text-align: center; line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td colspan="2" style="text-align: center; line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Gross  </b></font></td>
<td style="text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Gross</b></font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td colspan="2" style="text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Gross  </b></font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td colspan="2" style="text-align: center; line-height: 107%"> </td>
<td style="line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td colspan="2" style="text-align: center; line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td colspan="2" style="text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Unrealized  </b></font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td colspan="2" style="text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Unrealized  </b></font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td colspan="2" style="text-align: center; line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td colspan="2" style="text-align: center; line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td colspan="2" style="text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Unrealized   </b></font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td colspan="2" style="text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Unrealized  </b></font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td colspan="2" style="text-align: center; line-height: 107%"> </td>
<td style="line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td colspan="2" style="text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Amortized  </b></font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td colspan="2" style="text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Holding</b></font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td colspan="2" style="text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Holding</b></font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td colspan="2" style="text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Fair</b></font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td colspan="2" style="text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Amortized</b></font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td colspan="2" style="text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Holding</b></font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td colspan="2" style="text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Holding</b></font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td colspan="2" style="text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Fair</b></font></td>
<td style="line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td colspan="2" style="text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Cost</b></font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td colspan="2" style="text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Gains</b></font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td colspan="2" style="text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Losses</b></font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td colspan="2" style="text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Value</b></font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td colspan="2" style="text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Cost</b></font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td colspan="2" style="text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Gains</b></font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td colspan="2" style="text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Losses</b></font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td colspan="2" style="text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Value</b></font></td>
<td style="line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 20%; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Restricted Certificates of deposit</font></td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 1%; border-bottom: black 1pt solid; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 7%; border-bottom: black 1pt solid; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">15,625</font></td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 1%; border-bottom: black 1pt solid; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 7%; border-bottom: black 1pt solid; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 1%; border-bottom: black 1pt solid; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 7%; border-bottom: black 1pt solid; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 1%; border-bottom: black 1pt solid; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 7%; border-bottom: black 1pt solid; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">15,625</font></td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 1%; border-bottom: black 1pt solid; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 7%; border-bottom: black 1pt solid; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">9,250</font></td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 1%; border-bottom: black 1pt solid; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 7%; border-bottom: black 1pt solid; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 1%; border-bottom: black 1pt solid; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 7%; border-bottom: black 1pt solid; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 1%; border-bottom: black 1pt solid; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 7%; border-bottom: black 1pt solid; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">9,250</font></td>
<td style="width: 1%; line-height: 107%"> </td></tr>
<tr>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td></tr>
</table>
<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 0 0 27pt; text-align: justify">Declines in the fair value of
individual securities classified as available-for-sale below their amortized cost that are determined to be other than temporary
result in write-downs of the individual securities to their fair value, with the resulting write-downs included in current earnings
as realized losses. Unrealized losses that may occur are generally due to changes in interest rates and, as such, are considered
by the Company to be temporary. Management evaluates securities for other-than-temporary impairment on at least a quarterly basis,
and more frequently when economic or market concerns warrant such evaluation. Consideration is given to (1) length of time
and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the
issuer, and (3) the intent and ability of the Company to retain its investments in the issuer for a period of time sufficient
to allow for any anticipated recovery in fair value. The Company had no impairments during the years ended May 31, 2019 and 2018.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">Student receivables are recorded
at estimated net realizable value and are revised periodically based on estimated future collections. Interest and service charges
are applied to all past due student receivables; however, collections are first applied to principal balances until such time that
the entire principal balance has been received. Student accounts are charged off only when reasonable collection means are exhausted.
Bad debt expense is included in selling, general and administrative cost on the consolidated statements of operations and comprehensive
loss.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">Other receivables consist primarily
of financial aid amounts due from the federal government, and the current portion of institutional receivables, which are amounts
due from students and are stated at net realizable value. Long-term portion of these institutional receivables are included in
other assets.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Property
and equipment are stated at cost. Renewals and improvements exceeding five hundred dollars with an expected life of greater than
one year are capitalized, while repairs and maintenance are expensed when incurred. Upon the retirement, sale or disposition of
assets, costs and related accumulated depreciation are eliminated from the accounts and any gain or loss is reflected in loss
on impairment and disposition of property. For financial statement purposes, depreciation includes the depreciation of the capital
lease asset in the amount of $530 for each of the fiscal years 2019 and 2018. The depreciation expense for property and equipment
was $2,789 and $4,309 for the fiscal years 2019 and 2018, respectively. Depreciation is computed using the straight-line method
over the following estimated useful lives:</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify"></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">  </font></p>
<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: black 1pt solid; font: 8pt/107% Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Years</b></font></td>
<td style="font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="width: 89%; font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Buildings
and building improvements</font></td>
<td style="width: 1%; font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 8%; text-align: right; font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">19-40</font></td>
<td style="width: 1%; font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Land
improvements</font></td>
<td style="font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">10-20</font></td>
<td style="font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Furniture,
vehicles, and equipment</font></td>
<td style="font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">5-15</font></td>
<td style="font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">For
tax purposes, depreciation is computed using the straight-line and accelerated methods.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Property
and equipment — net consists of the following as of May 31:</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: black 1pt solid; font: 8pt/107% Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>2019</b></font></td>
<td style="font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: black 1pt solid; font: 8pt/107% Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>2018</b></font></td>
<td style="font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="width: 78%; font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Land</font></td>
<td style="width: 1%; font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 8%; text-align: right; font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">211</font></td>
<td style="width: 1%; font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 8%; text-align: right; font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">211</font></td>
<td style="width: 1%; font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Land
improvements</font></td>
<td style="font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right; font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">1,018</font></td>
<td style="font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right; font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">691</font></td>
<td style="font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Construction
in progress</font></td>
<td style="font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right; font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
<td style="font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right; font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">945</font></td>
<td style="font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Building
under capital lease</font></td>
<td style="font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right; font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">10,600</font></td>
<td style="font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right; font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">10,600</font></td>
<td style="font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Buildings
and building improvements</font></td>
<td style="font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right; font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">10,257</font></td>
<td style="font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right; font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">23,871</font></td>
<td style="font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Furniture,
vehicles, and equipment</font></td>
<td style="font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1pt solid; font: 8pt/107% Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">13,429</font></td>
<td style="font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1pt solid; font: 8pt/107% Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">27,435</font></td>
<td style="font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Total
gross property and equipment</font></td>
<td style="font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right; font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">35,515</font></td>
<td style="font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right; font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">63,753</font></td>
<td style="font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Less
capital lease accumulated depreciation</font></td>
<td style="font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right; font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(4,019</font></td>
<td style="font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
<td style="font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right; font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(3,489</font></td>
<td style="font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Less
other accumulated depreciation</font></td>
<td style="font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1pt solid; font: 8pt/107% Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(15,620</font></td>
<td style="font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
<td style="font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1pt solid; font: 8pt/107% Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(35,036</font></td>
<td style="font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Total
net property and equipment</font></td>
<td style="font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt double; font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1pt double; font: 8pt/107% Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">15,876</font></td>
<td style="font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt double; font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1pt double; font: 8pt/107% Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">25,228</font></td>
<td style="font: 8pt/107% Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">Condominium inventory is stated
at cost (including capitalized interest). Condominium construction costs are accumulated on a specific identification basis. Under
the specific identification basis, cost of revenues includes all applicable land acquisition, land development and specific construction
costs (including direct and indirect costs) of each condominium paid to third parties. Land acquisition, land development and condominium
construction costs do not include employee related benefit costs. The specific construction and allocated land costs of each condominium,
including models, are included in direct construction. Allocated land acquisition and development costs are estimated based on
the total costs expected in a project. Direct construction also includes amounts paid through the closing date of the condominium
for construction materials and contractor costs. Should any condominium be leased while awaiting sale, the accumulated depreciation
is a reduction of the carrying value. Condominium inventory is recorded as a long term asset due to the normal operating cycle
being greater than one year.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">The University internally develops
curriculum and electronic instructional materials for certain courses. The curriculum is primarily developed by employees and contractors.
The curriculum is integral to the learning system. Customers do not acquire the curriculum or future rights to it.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">The Company capitalizes course
development costs. Costs that qualify for capitalization are external direct costs, payroll, and payroll-related costs. Costs
related to general and administrative functions are not capitalizable and are expensed as incurred. Capitalization ends at such
time that the course and/or material is available for general use by faculty and students. After becoming available for general
use, the costs are amortized on a course-by-course basis over a period of three to five years. After the amortization period commences,
the cost of maintenance and support is expensed as incurred, because it does not provide future benefit. If it is determined that
the curriculum will not be used, the capitalized curriculum costs are written off and expensed in the period of this determination.
The amortization of capitalized course development costs was $455 and $311 for the fiscal years 2019 and 2018, respectively.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify"></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">Goodwill represents the excess
of the acquisition cost over the fair value of the net assets acquired and is not subject to amortization. Other identified intangible
assets are amortized over their estimated useful lives of four to five years. Goodwill and other intangible assets are evaluated
annually for impairment or when events or circumstances indicate potential impairment.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt 22.5pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">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. 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. All impairment charges are recorded within loss on impairment and disposition of property and equipment
and as a component of net loss from discontinued operations, in the consolidated financial statements.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify"></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">Deferred income taxes are provided
using the asset and liability method whereby deferred tax assets and deferred tax liabilities are recognized for taxable temporary
differences. Temporary differences are the differences between the carrying amount of assets and liabilities for financial reporting
purposes and the amounts used for income tax purposes. We recognize a valuation allowance if, based on the weight of available
evidence, it is more likely than not that some portion, or all, of a deferred tax asset will not be realized.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">The non-controlling interest
presented on the consolidated statements of operations and comprehensive loss represents the individual owners’ share of
the Partnership’s income or loss. The consolidated balance sheet amount “Non-controlling interest” represents
the individual owners’ share of the Partnership obligations in excess of Partnership assets or vice versa. The Company has
determined the non-controlling owners have a legal obligation to fund such deficits and believes it is fully collectable at May 31,
2019.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">Leases are evaluated and classified
as either operating or capital leases. Leased property and equipment meeting certain criteria would be capitalized, and the present
value of the related lease payments is recognized as a liability on the consolidated balance sheets. Amortization of capitalized
leased assets is computed on the straight-line method over the term of the lease or the life of the related assets, whichever is
shorter. Leasehold improvements are depreciated over the depreciable lives of the corresponding fixed asset or the related lease
term, whichever is shorter.</p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 6pt 22.5pt; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The University accounts for rent expense under its long-term operating leases using the straight-line method.
Certain of the University’s operating leases contain rent escalator provisions. Accordingly, a current deferred rent and
tenant improvement liability of $92 and $850 at May 31, 2019 and 2018, respectively, a long term accrued rent liability of $189
and $1,020 at May 31, 2019 and 2018, respectively, and a long term accrued tenant improvement liability of $206 and $1,668 at May
31, 2019 and 2018, respectively, are recorded in accrued and other liabilities, other long-term liabilities, and long-term liabilities
of discontinued operations on the consolidated balance sheets.</font></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify"></p>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">The University follows the policy
of expensing the cost of advertising as incurred. Advertising costs of approximately $3,586 and $8,707 for 2019 and 2018, respectively,
are included in selling, general, and administrative expenses on the consolidated statements of operations and comprehensive loss.</p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr>
<td style="vertical-align: bottom; line-height: 107%"> </td>
<td colspan="4" style="vertical-align: bottom; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>2019 </b> <b> </b>  </font></td>
<td colspan="4" style="vertical-align: bottom; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>2018</b></font></td>
<td colspan="24" style="line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td colspan="2" style="text-align: center; line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td colspan="2" style="text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Gross  </b></font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td colspan="2" style="text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Gross  </b></font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td colspan="2" style="text-align: center; line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td colspan="2" style="text-align: center; line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Gross  </b></font></td>
<td style="text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Gross</b></font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td colspan="2" style="text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Gross  </b></font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td colspan="2" style="text-align: center; line-height: 107%"> </td>
<td style="line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td colspan="2" style="text-align: center; line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td colspan="2" style="text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Unrealized  </b></font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td colspan="2" style="text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Unrealized  </b></font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td colspan="2" style="text-align: center; line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td colspan="2" style="text-align: center; line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td colspan="2" style="text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Unrealized   </b></font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td colspan="2" style="text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Unrealized  </b></font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td colspan="2" style="text-align: center; line-height: 107%"> </td>
<td style="line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td colspan="2" style="text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Amortized  </b></font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td colspan="2" style="text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Holding</b></font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td colspan="2" style="text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Holding</b></font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td colspan="2" style="text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Fair</b></font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td colspan="2" style="text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Amortized</b></font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td colspan="2" style="text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Holding</b></font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td colspan="2" style="text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Holding</b></font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td colspan="2" style="text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Fair</b></font></td>
<td style="line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td colspan="2" style="text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Cost</b></font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td colspan="2" style="text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Gains</b></font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td colspan="2" style="text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Losses</b></font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td colspan="2" style="text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Value</b></font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td colspan="2" style="text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Cost</b></font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td colspan="2" style="text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Gains</b></font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td colspan="2" style="text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Losses</b></font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td colspan="2" style="text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Value</b></font></td>
<td style="line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 20%; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Restricted Certificates of deposit</font></td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 1%; border-bottom: black 1pt solid; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 7%; border-bottom: black 1pt solid; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">15,625</font></td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 1%; border-bottom: black 1pt solid; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 7%; border-bottom: black 1pt solid; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 1%; border-bottom: black 1pt solid; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 7%; border-bottom: black 1pt solid; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 1%; border-bottom: black 1pt solid; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 7%; border-bottom: black 1pt solid; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">15,625</font></td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 1%; border-bottom: black 1pt solid; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 7%; border-bottom: black 1pt solid; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">9,250</font></td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 1%; border-bottom: black 1pt solid; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 7%; border-bottom: black 1pt solid; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 1%; border-bottom: black 1pt solid; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 7%; border-bottom: black 1pt solid; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 1%; border-bottom: black 1pt solid; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 7%; border-bottom: black 1pt solid; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">9,250</font></td>
<td style="width: 1%; line-height: 107%"> </td></tr>
<tr>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr style="vertical-align: bottom">
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Years</b></font></td>
<td style="line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 89%; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Buildings and building improvements</font></td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 8%; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">19-40</font></td>
<td style="width: 1%; line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Land improvements</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">10-20</font></td>
<td style="line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Furniture, vehicles, and equipment</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">5-15</font></td>
<td style="line-height: 107%"> </td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
<tr style="vertical-align: bottom">
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>2019</b></font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>2018</b></font></td>
<td style="line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="width: 78%; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Land</font></td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 1%; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 8%; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">211</font></td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 1%; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 8%; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">211</font></td>
<td style="width: 1%; line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Land improvements</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">1,018</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">691</font></td>
<td style="line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Construction in progress</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">945</font></td>
<td style="line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Building under capital lease</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">10,600</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">10,600</font></td>
<td style="line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Buildings and building improvements</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">10,257</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">23,871</font></td>
<td style="line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Furniture, vehicles, and equipment</font></td>
<td style="line-height: 107%"> </td>
<td style="border-bottom: black 1pt solid; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">13,429</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="border-bottom: black 1pt solid; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">27,435</font></td>
<td style="line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Total gross property and equipment</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">35,515</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">63,753</font></td>
<td style="line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Less capital lease accumulated depreciation</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(4,019</font></td>
<td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(3,489</font></td>
<td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom">
<td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Less other accumulated depreciation</font></td>
<td style="line-height: 107%"> </td>
<td style="border-bottom: black 1pt solid; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(15,620</font></td>
<td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
<td style="line-height: 107%"> </td>
<td style="border-bottom: black 1pt solid; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1pt solid; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(35,036</font></td>
<td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom">
<td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Total net property and equipment</font></td>
<td style="line-height: 107%"> </td>
<td style="border-bottom: black 1pt double; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">15,876</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="border-bottom: black 1pt double; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1pt double; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">25,228</font></td>
<td style="line-height: 107%"> </td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Year
ended</b></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>May
31, 2019</b></font></p></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Year
ended</b></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>May
31, 2018</b></font></p></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="width: 76%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Academic
revenue</font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 9%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">33,232</font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 9%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">26,692</font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Auxiliary
revenue</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">1,798</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">1,858</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Real
Estate revenue</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,235</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,414</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Consolidated
revenue</font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">37,265</font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">30,964</font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Year
ended</b></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>May
31, 2019</b></font></p></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Year
ended</b></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>May
31, 2018</b></font></p></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Services
transferred over time:</b></font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="width: 76%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Academic
revenue (transferred over academic term)</font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 9%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">33,232</font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 9%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">26,692</font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Rental
income (transferred over rental period)</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,386</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,404</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">34,618</font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">28,096</font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">  </font></p>
<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Services
transferred at a point in time:</b></font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="width: 76%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Auxiliary
revenue</font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 9%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">1,798</font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 9%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">1,858</font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Other
real estate income</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">203</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">193</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Condominium
sales</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">646</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">817</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,647</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,868</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Total
revenue</font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">37,265</font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">30,964</font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p>
<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="text-align: center; width: 49%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-bottom: Black 0.5pt solid; text-align: center; width: 22%"><font style="font: 8pt Times New Roman, Times, Serif"> May
31, 2019</font></td>
<td style="text-align: center; width: 7%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-bottom: Black 0.5pt solid; text-align: center; width: 22%"><font style="font: 8pt Times New Roman, Times, Serif"> May
31, 2018</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="vertical-align: middle; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Student
accounts receivable</font></td>
<td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                         866</font></td>
<td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                      1,703</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Less
allowance for doubtful accounts</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                        (251)</font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                        (301)</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">     Student
receivables, net</font></td>
<td style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $                      615</font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $                   1,402</font></td></tr>
</table>
<p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p>
<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="width: 88%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">2020</font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 9%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">800</font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">2021</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">800</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">2022</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">800</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">2023</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">5,600</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">8,000</font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="width: 88%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">2020</font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 9%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">3,252</font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">2021</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">2,607</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">2022</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">2,099</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">2023</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">1,617</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">2024</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">930</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Thereafter</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">1,921</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="width: 88%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">2020</font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 9%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">1,207</font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">2021</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">1,231</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">2022</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">1,255</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">2023</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">1,280</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">2024</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">1,306</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Thereafter
(through October 2031)</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">10,530</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Total
future minimum lease obligation</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">16,809</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Less:
Imputed interest on capital leases</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(5,952</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Net
present value of lease obligations</font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">10,857</font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Restricted
Shares</b></font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Shares</b></font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Weighted
Average Grant Date Fair Value</b></font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="width: 76%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Non-vested
shares at May 31, 2017</font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 9%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">46,945</font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 9%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">1.96</font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Granted</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">52,615</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">2.1</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Vested</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">-51,945</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">1.97</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Forfeited</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">0</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">0</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Non-vested
shares at May 31, 2018</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">47,615</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">2.10</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Granted</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">113,635</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">0.88</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Vested</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">-47,615</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">2.1</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Forfeited</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">0</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">0</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Non-vested
shares at May 31, 2019</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">113,635</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">0.88</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Assumptions
used:</b></font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>2019</b></font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>2018</b></font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="width: 76%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Expected
term (in years)</font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 9%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">5.75</font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 9%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">5.75</font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Weighted
average expected volatility</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">74.01</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">%</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">48.75</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">%</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Expected
volatility range</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">57.06-86.3</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">%</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">48.15-49.14</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">%</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Weighted
average risk-free interest rate</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">2.85</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">%</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">2.29</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">%</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Risk-free
interest rate range</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">2.41-3.84</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">%</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">2.11-2.57</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">%</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Weighted
average expected divident</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">0.00</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">%</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">0.00</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">%</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Expected
dividend range</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">0.00-0.00</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">%</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">0.00-0.00</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">%</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Weighted
average fair value per share</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">0.184</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">0.720</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="border-top: white 1pt solid; border-left: white 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b><u>Date
declared</u></b></font></td>
<td style="border-top: white 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b><u>Record
date</u></b></font></td>
<td style="border-top: white 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b><u>Payment
date</u></b></font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b><u>Per
share</u></b></font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="width: 27%; border-left: white 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">August
4, 2017</font></td>
<td style="width: 25%; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">September
30, 2017</font></td>
<td style="width: 25%; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">October
6, 2017</font></td>
<td style="width: 2%; padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; border-bottom: white 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 18%; border-bottom: white 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">0.0450</font></td>
<td style="width: 2%; padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td colspan="3" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: white 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: white 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p>
<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: middle; background-color: white; font: 8pt Times New Roman, Times, Serif">
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: left; width: 46%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left; width: 2%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-bottom: Black 0.5pt solid; text-align: center; width: 19%"><font style="font: 8pt Times New Roman, Times, Serif">2019</font></td>
<td style="text-align: left; width: 2%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-bottom: Black 0.5pt solid; text-align: center; width: 19%"><font style="font: 8pt Times New Roman, Times, Serif">2018</font></td></tr>
<tr style="vertical-align: middle; background-color: white; font: 8pt Times New Roman, Times, Serif">
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: middle; background-color: white; font: 8pt Times New Roman, Times, Serif">
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Statutory</font></td>
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">-21.0%</font></td>
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">-29.2%</font></td></tr>
<tr style="vertical-align: middle; background-color: white; font: 8pt Times New Roman, Times, Serif">
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Tax
effect of U.S. tax reform</font></td>
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">0.0%</font></td>
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">17.3%</font></td></tr>
<tr style="vertical-align: middle; background-color: white; font: 8pt Times New Roman, Times, Serif">
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">State
income taxes - net of federal benefit</font></td>
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">0.1%</font></td>
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">0.0%</font></td></tr>
<tr style="vertical-align: middle; background-color: white; font: 8pt Times New Roman, Times, Serif">
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Deferred
tax valuation allowance</font></td>
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">20.8%</font></td>
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">10.6%</font></td></tr>
<tr style="vertical-align: middle; background-color: white; font: 8pt Times New Roman, Times, Serif">
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Permanent
differences and other</font></td>
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">0.2%</font></td>
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">-0.9%</font></td></tr>
<tr style="vertical-align: middle; background-color: white; font: 8pt Times New Roman, Times, Serif">
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Effective
income tax rate</font></td>
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">0.1%</font></td>
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">-2.2%</font></td></tr>
</table>
<p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p>
<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>2019</b></font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>2018</b></font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Deferred
income tax assets:</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="width: 76%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">     Account
receivable allowances</font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 9%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">107</font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 9%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">165</font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">     Bad
debt write-offs</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">567</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">793</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">     Other</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">93</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">73</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">     Revenue
recognition</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">57</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">     Accrued
salaries</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">220</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">360</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">     Start
up costs</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">104</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">123</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">     Capital
lease obligations</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">2,660</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">2,753</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">     Net
operating loss carryforwards - expires 2021-2037</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">6,602</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">3,071</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">     Deferred
rent</font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,106</font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">867</font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">          Total
deferred income tax assets</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">12,516</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">8,205</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">     Valuation
allowance</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(9,664</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(3,444</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">          Net
deferred income tax assets</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">2,852</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">4,761</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Deferred
income tax liabilities:</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">     Fixed
assets and course development</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(2,655</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(4,406</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">     Prepaid
expenses</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(197</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(355</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">     Other</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">          Total
deferred income tax liabilities</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(2,852</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(4,761</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Net
deferred income tax assets (liabilities)</font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p>
<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: middle; background-color: white; font: 8pt Times New Roman, Times, Serif">
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="font: bold 8pt Times New Roman, Times, Serif; border-bottom: Black 0.5pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">For
the year ended May 31,</font></td></tr>
<tr style="vertical-align: middle; background-color: white; font: 8pt Times New Roman, Times, Serif">
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: left; width: 77%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt; width: 10%"><font style="font: 8pt Times New Roman, Times, Serif">2019</font></td>
<td style="text-align: center; width: 3%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt; width: 10%"><font style="font: 8pt Times New Roman, Times, Serif">2018</font></td></tr>
<tr style="vertical-align: middle; background-color: white; font: 8pt Times New Roman, Times, Serif">
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Numerator:</font></td>
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="background-color: white; font: 8pt Times New Roman, Times, Serif">
<td style="vertical-align: middle; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">     Net
loss for Continuing Operations attributable to National American University Holdings, Inc.</font></td>
<td style="vertical-align: middle; border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $        (7,152)</font></td>
<td style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: middle; border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $      (10,949)</font></td></tr>
<tr style="background-color: white; font: 8pt Times New Roman, Times, Serif">
<td style="vertical-align: middle; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">     Net
loss for Discontinued Operations attributable to National American University Holdings, Inc.</font></td>
<td style="vertical-align: middle; border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $      (17,893)</font></td>
<td style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: middle; border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $        (1,162)</font></td></tr>
<tr style="vertical-align: middle; background-color: white; font: 8pt Times New Roman, Times, Serif">
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Denominator:</font></td>
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: middle; background-color: white; font: 8pt Times New Roman, Times, Serif">
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">     Weighted
average shares outstanding used to compute basic</font></td>
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: middle; background-color: white; font: 8pt Times New Roman, Times, Serif">
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">          net
income per common share</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">    24,421,461</font></td>
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">    24,239,888</font></td></tr>
<tr style="vertical-align: middle; background-color: white; font: 8pt Times New Roman, Times, Serif">
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">     Incremental
shares issuable upon the assumed exercise of stock options</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">                   -   </font></td>
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">                   -   </font></td></tr>
<tr style="vertical-align: middle; background-color: white; font: 8pt Times New Roman, Times, Serif">
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">     Incremental
shares issuable upon the assumed vesting of restricted shares</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">                   -   </font></td>
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">                   -   </font></td></tr>
<tr style="vertical-align: middle; background-color: white; font: 8pt Times New Roman, Times, Serif">
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">     Common
shares used to compute diluted net income per share</font></td>
<td style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $
24,421,461</font></td>
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $
24,239,888</font></td></tr>
<tr style="background-color: white; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: middle; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: middle; background-color: white; font: 8pt Times New Roman, Times, Serif">
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Basic
net loss per common share - Continuing Operations</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> $          (0.29)</font></td>
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> $          (0.45)</font></td></tr>
<tr style="vertical-align: middle; background-color: white; font: 8pt Times New Roman, Times, Serif">
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Diluted
net loss per common share - Continuing Operations</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> $          (0.29)</font></td>
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> $          (0.45)</font></td></tr>
<tr style="background-color: white; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: middle; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: middle; background-color: white; font: 8pt Times New Roman, Times, Serif">
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Basic
net loss per common share - Discontinued Operations</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> $          (0.73)</font></td>
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> $          (0.05)</font></td></tr>
<tr style="vertical-align: middle; background-color: white; font: 8pt Times New Roman, Times, Serif">
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Diluted
net loss per common share - Discontinued Operations</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> $          (0.73)</font></td>
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> $          (0.05)</font></td></tr>
</table>
<p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p>
<p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p>
<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="font: bold 8pt Times New Roman, Times, Serif; text-decoration: underline; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">2019</font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="3" style="font: bold 8pt Times New Roman, Times, Serif; text-decoration: underline; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">2018</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left; width: 33%"><font style="font: 8pt Times New Roman, Times, Serif">Title
IV HEA<br />
funds received</font></td>
<td style="font: 8pt Times New Roman, Times, Serif; width: 4%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; width: 13%"><font style="font: 8pt Times New Roman, Times, Serif"> $
39,555</font></td>
<td rowspan="2" style="text-align: center; font: 8pt Times New Roman, Times, Serif; width: 4%"><font style="font: 8pt Times New Roman, Times, Serif">=</font></td>
<td rowspan="2" style="text-align: center; font: 8pt Times New Roman, Times, Serif; width: 11%"><font style="font: 8pt Times New Roman, Times, Serif">78.21%</font></td>
<td style="font: 8pt Times New Roman, Times, Serif; width: 7%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; width: 13%"><font style="font: 8pt Times New Roman, Times, Serif"> $
62,444</font></td>
<td rowspan="2" style="text-align: center; font: 8pt Times New Roman, Times, Serif; width: 4%"><font style="font: 8pt Times New Roman, Times, Serif">=</font></td>
<td rowspan="2" style="text-align: center; font: 8pt Times New Roman, Times, Serif; width: 11%"><font style="font: 8pt Times New Roman, Times, Serif">82.06%</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Academic
revenue<br />
(cash basis)</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> $
50,578</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> $
76,097</font></td></tr>
</table>
<p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p>
<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="width: 88%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Cash
equivalents</font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 9%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">664</font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Student
receivables - net</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">157</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Prepaid
and other current assets</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">17</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Course
Development</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">1,067</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Goodwill</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">363</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Other
intangibles</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">229</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Accounts
payable</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(63</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Deferred
income</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(272</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Accrued
and other liabilities</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(229</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Total
fair value of net assets acquired</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">1,933</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Less
cash acquired</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(664</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Total
consideration for acquisition, less cash acquired</font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">1,269</font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b> Accumulated</b></font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b> Net
Carrying</b></font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b> Cost</b></font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b> Amortization</b></font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b> Amount</b></font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>2019</b></font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="width: 64%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> Student
relationships</font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 9%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">157</font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 9%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(47</font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 9%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">110</font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> Brand
name</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">72</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(17</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">55</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">229</font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(64</font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">165</font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>2018</b></font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> Student
relationships</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">157</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(18</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">139</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> Brand
name</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">72</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(4</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">68</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">229</font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(22</font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">207</font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 8pt Times New Roman, Times, Serif">
<td colspan="2" style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Future
amortization expense is as follows as of May 31, 2019:</font></td>
<td colspan="3" style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="width: 88%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">FY
2020</font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 9%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">54</font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">FY
2021</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">54</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">FY
2022</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">34</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">FY
2023</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">23</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">165</font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="border-top: white 1pt solid; border-left: white 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b> Quoted
prices in active markets (level 1)</b></font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b> Other
observable inputs</b></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>(level
2)</b></font></p></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b> Unobservable
inputs</b></font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>(level
3)</b></font></p></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b> Fair
value</b></font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="border-left: white 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>May
31, 2019</b></font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: white 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: white 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: white 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: white 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="border-left: white 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b> Investments:</b></font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: white 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: white 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: white 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: white 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="width: 52%; border-left: white 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> Restricted
certificates of deposit</font></td>
<td style="width: 1%; padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 9%; border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
<td style="width: 1%; padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 9%; border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">15,625</font></td>
<td style="width: 1%; padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 9%; border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
<td style="width: 1%; padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 9%; border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">15,625</font></td>
<td style="width: 1%; padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="border-left: white 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> Total
assets at fair value</font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">15,625</font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">15,625</font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="border-left: white 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: white 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: white 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: white 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: white 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: white 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: white 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: white 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: white 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="border-left: white 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>May
31, 2018</b></font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: white 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: white 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: white 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: white 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: white 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: white 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: white 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: white 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="border-left: white 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b> Investments:</b></font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: white 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: white 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: white 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: white 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: white 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: white 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: white 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: white 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="border-left: white 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> Restricted
certificates of deposit</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">9,250</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">9,250</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="border-left: white 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> Total
assets at fair value</font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">9,250</font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">9,250</font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
1921000
286000
0
378000
1014000
25228000
15876000
800000
800000
800000
5600000
8000000
.045
-11000000
8500000
.07
1402000
615000
1703000
866000
1558889
1800000
2200000
1404000
1386000
0.201
644000
157000
17000
1067000
363000
229000
63000
272000
229000
1913000
644000
1269000
-12111000
-25045000
-3691000
-3772000
-3814000
-834000
-4261000
-4937000
-11297000
-4550000
-12343000
-195000
-12148000
-25014000
-1020000
-23994000
<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 0.25in; text-align: justify"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
following table presents the aggregate carrying amounts of the assets and liabilities of discontinued operations:</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"> </p>
<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center; width: 66%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center; width: 2%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-bottom: Black 0.5pt solid; text-align: center; width: 15%"><font style="font: 8pt Times New Roman, Times, Serif">May
31, 2019</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center; width: 2%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-bottom: Black 0.5pt solid; text-align: center; width: 15%"><font style="font: 8pt Times New Roman, Times, Serif">May
31, 2018</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">(in
thousands)</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">(in
thousands)</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 9px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Student
receivables, net of allowance</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                  185</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">               1,491</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 9px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Prepaid
and other current assets</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">                    69</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">                  318</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 27px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Total
current assets of discontinued operations</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">                  254</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">               1,809</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 9px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Property
and equipment - net</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                     -   </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">               6,415</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 9px; text-align: left; font: 8pt Times New Roman, Times, Serif">Course Development </td>
<td style="font: 8pt Times New Roman, Times, Serif"> </td>
<td style="font: 8pt Times New Roman, Times, Serif; text-align: right">-   </td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"> </td>
<td style="font: 8pt Times New Roman, Times, Serif; text-align: right"> 126</td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 9px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Other</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">                    69</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">                  180</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 27px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Total
long-term assets of discontinued operations</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">                    69</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">               6,721</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 27px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Total
assets classified as discontinued operations</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $               323</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $            8,530</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 9px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Current
portion of lease acceleration payable</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">               2,792</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                     -   </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 9px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Accounts
payable</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">               1,928</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                  495</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 9px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Deferred
income</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                  492</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">               1,732</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 9px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Accrued
and other liabilities</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">                  174</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">               1,568</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 27px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Total
current liabilities of discontinued operations</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: Black; border-top-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">               5,386</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: Black; border-top-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">               3,795</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 9px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Other
long-term liabilities</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                     -   </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">               2,183</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 9px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Long-term
lease acceleration payable, net of current portion</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">               5,861</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">                     -   </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 27px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Total
long-term liabilities of discontinued operations</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: Black; border-top-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">               5,861</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: Black; border-top-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">               2,183</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Total
liabilities classified as discontinued operations</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $          11,247</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $            5,978</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">  </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
discontinued operation's financial results are presented as loss from discontinued operations, net of income taxes in our consolidated
statement of income. The following table presents those financial results:</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"></p>
<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: bold 8pt Times New Roman, Times, Serif; width: 62%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 3%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-bottom: Black 0.5pt solid; text-align: center; width: 16%"><font style="font: 8pt Times New Roman, Times, Serif">2019</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center; width: 3%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-bottom: Black 0.5pt solid; text-align: center; width: 16%"><font style="font: 8pt Times New Roman, Times, Serif">2018</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: bottom"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">(in
thousands)</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">(in
thousands)</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Revenue:</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 18px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Academic
revenue</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                   15,284</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                   44,193</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 18px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Auxiliary
revenue</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                        550</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                     2,027</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 36px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Total
revenue</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">                   15,834</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">                   46,220</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Operating
Expenses:</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 18px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Cost
of educational services</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                     8,718</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                   17,041</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 18px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Selling,
general and administrative</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                     9,407</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                   25,653</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 18px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Auxiliary
expense</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                        403</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                     1,503</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 18px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Loss
on lease terminiation and acceleration</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                     8,564</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                        362</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 18px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Loss
on impairment and disposition of property and equipment</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                     5,656</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                     1,880</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 36px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Total
operating expenses</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">                   32,748</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">                   46,439</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Operating
Loss from discontinued operations</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">                 (16,914)</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">                      (219)</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: bold 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 18px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Interest
and other - net</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">                        (37)</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">                          -   </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Loss
from discontinued operations before income tax</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                 (16,951)</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                      (219)</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 18px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Income
Tax (Expense)</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">                          -   </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">                        (39)</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Net
loss from discontinued operations</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">                 (16,951)</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">                      (258)</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">  </font></p>
<p style="margin-top: 0; margin-bottom: 0; font: 8pt Times New Roman, Times, Serif"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"></p>
185000
1491000
69000
318000
0
6415000
69000
6721000
323000
8530000
492000
1732000
174000
1568000
2792000
0
0
2183000
1928000
495000
11247000
5978000
5861000
0
286000
0
286000
0
0
0
8564000
362000
-16914000
-219000
-37000
0
2235000
6793000
200000
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><font style="font: 8pt Times New Roman, Times, Serif">The
following table sets forth selected unaudited quarterly financial information for the last eight quarters.</font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="4" style="font: bold 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Quarter</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="width: 64%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-decoration: underline; text-align: center; width: 9%"><font style="font: 8pt Times New Roman, Times, Serif">First</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-decoration: underline; text-align: center; width: 9%"><font style="font: 8pt Times New Roman, Times, Serif">Second</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-decoration: underline; text-align: center; width: 9%"><font style="font: 8pt Times New Roman, Times, Serif">Third</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-decoration: underline; text-align: center; width: 9%"><font style="font: 8pt Times New Roman, Times, Serif">Fourth</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: bold 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Fiscal
Year Ended May 31, 2019</font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 9px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Revenue</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> $        9,093</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> $        9,239</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> $        9,649</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> $        9,284</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 9px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Operating
expenses</font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">         11,325</font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">         11,244</font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">         11,167</font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">         10,420</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 27px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Operating
loss</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">         (2,232)</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">         (2,005)</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">         (1,518)</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">         (1,136)</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 9px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Other
expense</font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">            (259)</font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">            (343)</font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">            (259)</font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">            (311)</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Loss
from Continuing Operations before Income Taxes</font></td>
<td style="vertical-align: middle; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">         (2,491)</font></td>
<td style="vertical-align: middle; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">         (2,348)</font></td>
<td style="vertical-align: middle; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">         (1,777)</font></td>
<td style="vertical-align: middle; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">         (1,447)</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 9px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Income
Tax (Expense) Benefit</font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">                 -   </font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">                 -   </font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">                 -   </font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">              (31)</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Net
loss from continuing operations</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">         (2,491)</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">         (2,348)</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">         (1,777)</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">         (1,478)</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Net
loss from discontinued operations</font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">         (2,446)</font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">         (8,949)</font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">         (2,773)</font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">         (2,783)</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 9px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Net
Loss</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">         (4,937)</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">       (11,297)</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">         (4,550)</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">         (4,261)</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 9px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Net
loss attributable to Non-Controlling Interest</font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                 -   </font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                 -   </font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                 -   </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">              (48)</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 9px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Unrealized
losses on investments, net of tax benefit</font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">                 -   </font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Comprehensive
loss attributable to National American University Holdings, Inc.</font></td>
<td style="border-bottom: Black 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $      (4,937)</font></td>
<td style="border-bottom: Black 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $    (11,297)</font></td>
<td style="border-bottom: Black 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $      (4,550)</font></td>
<td style="border-bottom: Black 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $      (4,309)</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
<td colspan="2" style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Basic
and Diluted net loss attributable to National American University Holdings, Inc.:</font></td>
<td style="vertical-align: middle; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: middle; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: middle; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">         Continuing
Operations</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">  $      (0.10)</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">  $      (0.10)</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">  $      (0.07)</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">  $      (0.06)</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">         Discontinued
Operations</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">  $      (0.10)</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">  $      (0.37)</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">  $      (0.11)</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">  $      (0.11)</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Net
income per share - basic and diluted</font></td>
<td style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">  $      (0.20)</font></td>
<td style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">  $      (0.46)</font></td>
<td style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">  $      (0.19)</font></td>
<td style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">  $      (0.17)</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: middle; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: middle; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: middle; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: middle; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Basic
and diluted weighted average shares outstanding</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">  24,298,761</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">  24,389,841</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">  24,465,124</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">  24,574,556</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: bold 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Fiscal
Year Ended May 31, 2018</font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 9px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Revenue</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> $        6,740</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> $        7,189</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> $        7,303</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> $        9,732</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 9px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Operating
expenses</font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">           9,317</font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">           9,670</font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">           9,754</font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">         13,505</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 27px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Operating
loss</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">         (2,577)</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">         (2,481)</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">         (2,451)</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">         (3,773)</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 9px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Other
expense</font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">                96</font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">            (192)</font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">            (106)</font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">            (640)</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Loss
from Continuing Operations before Income Taxes</font></td>
<td style="vertical-align: middle; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">         (2,481)</font></td>
<td style="vertical-align: middle; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">         (2,673)</font></td>
<td style="vertical-align: middle; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">         (2,557)</font></td>
<td style="vertical-align: middle; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">         (4,413)</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 9px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Income
Tax (Expense) Benefit</font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">                 -   </font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">                 -   </font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">                 -   </font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">              271</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Net
loss from continuing operations</font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: Black; border-top-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">         (2,481)</font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: Black; border-top-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">         (2,673)</font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: Black; border-top-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">         (2,557)</font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: Black; border-top-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">         (4,142)</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Loss
from Discontinued Operations before Income Taxes</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">         (1,333)</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">         (1,099)</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">         (1,134)</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">           3,347</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 9px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Income
Tax (Expense) Benefit from Discontinued Operations</font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">                 -   </font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">                 -   </font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">                 -   </font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">              (39)</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Net
loss from discontinued operations</font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">         (1,333)</font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">         (1,099)</font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">         (1,134)</font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">           3,308</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 9px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Net
Loss</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">         (3,814)</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">         (3,772)</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">         (3,691)</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">            (834)</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 9px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Net
loss attributable to Non-Controlling Interest</font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                 -   </font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                 -   </font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                 -   </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">              (50)</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 9px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Unrealized
losses on investments, net of tax benefit</font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">                  4</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Comprehensive
loss attributable to National American University Holdings, Inc.</font></td>
<td style="border-bottom: Black 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $      (3,814)</font></td>
<td style="border-bottom: Black 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $      (3,772)</font></td>
<td style="border-bottom: Black 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $      (3,691)</font></td>
<td style="border-bottom: Black 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $         (880)</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
<td colspan="2" style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Basic
and Diluted net loss attributable to National American University Holdings, Inc.:</font></td>
<td style="vertical-align: middle; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: middle; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: middle; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">         Continuing
Operations</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">  $      (0.10)</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">  $      (0.11)</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">  $      (0.11)</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">  $      (0.17)</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">         Discontinued
Operations</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">  $      (0.06)</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">  $      (0.05)</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">  $      (0.05)</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">  $        0.14  </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Net
income per share - basic and diluted</font></td>
<td style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">  $      (0.16)</font></td>
<td style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">  $      (0.16)</font></td>
<td style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">  $      (0.16)</font></td>
<td style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">  $      (0.03)</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: middle; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: middle; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: middle; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: middle; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Basic
and diluted weighted average shares outstanding</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">  24,181,440</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">  24,219,884</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">  24,269,158</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">  24,290,404</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
-11853000
-8094000
-2557000
-2673000
-2481000
-4142000
-1478000
-2491000
-2348000
-1777000
-0.16
-0.16
-0.16
-0.03
-0.17
-0.20
-0.46
-0.19
-0.05
-0.05
-0.06
0.14
-0.11
-0.10
-0.37
-0.11
-0.11
-0.11
-0.10
-0.17
-0.06
-0.10
-0.10
-0.07
850000
92000
1020000
189000
1668000
206000
306000
69000
1597000
13849000
-2309000
42000
69000
180000
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="4" style="font: bold 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">Quarter</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="width: 64%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-decoration: underline; text-align: center; width: 9%"><font style="font: 8pt Times New Roman, Times, Serif">First</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-decoration: underline; text-align: center; width: 9%"><font style="font: 8pt Times New Roman, Times, Serif">Second</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-decoration: underline; text-align: center; width: 9%"><font style="font: 8pt Times New Roman, Times, Serif">Third</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-decoration: underline; text-align: center; width: 9%"><font style="font: 8pt Times New Roman, Times, Serif">Fourth</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: bold 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Fiscal
Year Ended May 31, 2019</font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 9px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Revenue</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> $        9,093</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> $        9,239</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> $        9,649</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> $        9,284</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 9px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Operating
expenses</font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">         11,325</font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">         11,244</font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">         11,167</font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">         10,420</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 27px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Operating
loss</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">         (2,232)</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">         (2,005)</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">         (1,518)</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">         (1,136)</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 9px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Other
expense</font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">            (259)</font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">            (343)</font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">            (259)</font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">            (311)</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Loss
from Continuing Operations before Income Taxes</font></td>
<td style="vertical-align: middle; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">         (2,491)</font></td>
<td style="vertical-align: middle; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">         (2,348)</font></td>
<td style="vertical-align: middle; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">         (1,777)</font></td>
<td style="vertical-align: middle; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">         (1,447)</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 9px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Income
Tax (Expense) Benefit</font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">                 -   </font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">                 -   </font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">                 -   </font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">              (31)</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Net
loss from continuing operations</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">         (2,491)</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">         (2,348)</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">         (1,777)</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">         (1,478)</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Net
loss from discontinued operations</font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">         (2,446)</font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">         (8,949)</font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">         (2,773)</font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">         (2,783)</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 9px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Net
Loss</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">         (4,937)</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">       (11,297)</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">         (4,550)</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">         (4,261)</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 9px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Net
loss attributable to Non-Controlling Interest</font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                 -   </font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                 -   </font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                 -   </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">              (48)</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 9px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Unrealized
losses on investments, net of tax benefit</font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">                 -   </font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Comprehensive
loss attributable to National American University Holdings, Inc.</font></td>
<td style="border-bottom: Black 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $      (4,937)</font></td>
<td style="border-bottom: Black 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $    (11,297)</font></td>
<td style="border-bottom: Black 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $      (4,550)</font></td>
<td style="border-bottom: Black 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $      (4,309)</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
<td colspan="2" style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Basic
and Diluted net loss attributable to National American University Holdings, Inc.:</font></td>
<td style="vertical-align: middle; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: middle; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: middle; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">         Continuing
Operations</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">  $      (0.10)</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">  $      (0.10)</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">  $      (0.07)</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">  $      (0.06)</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">         Discontinued
Operations</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">  $      (0.10)</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">  $      (0.37)</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">  $      (0.11)</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">  $      (0.11)</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Net
income per share - basic and diluted</font></td>
<td style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">  $      (0.20)</font></td>
<td style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">  $      (0.46)</font></td>
<td style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">  $      (0.19)</font></td>
<td style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">  $      (0.17)</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: middle; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: middle; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: middle; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: middle; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Basic
and diluted weighted average shares outstanding</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">  24,298,761</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">  24,389,841</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">  24,465,124</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">  24,574,556</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: bold 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Fiscal
Year Ended May 31, 2018</font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 9px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Revenue</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> $        6,740</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> $        7,189</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> $        7,303</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> $        9,732</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 9px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Operating
expenses</font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">           9,317</font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">           9,670</font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">           9,754</font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">         13,505</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 27px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Operating
loss</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">         (2,577)</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">         (2,481)</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">         (2,451)</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">         (3,773)</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 9px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Other
expense</font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">                96</font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">            (192)</font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">            (106)</font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">            (640)</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Loss
from Continuing Operations before Income Taxes</font></td>
<td style="vertical-align: middle; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">         (2,481)</font></td>
<td style="vertical-align: middle; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">         (2,673)</font></td>
<td style="vertical-align: middle; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">         (2,557)</font></td>
<td style="vertical-align: middle; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">         (4,413)</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 9px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Income
Tax (Expense) Benefit</font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">                 -   </font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">                 -   </font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">                 -   </font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">              271</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Net
loss from continuing operations</font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: Black; border-top-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">         (2,481)</font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: Black; border-top-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">         (2,673)</font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: Black; border-top-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">         (2,557)</font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: Black; border-top-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">         (4,142)</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Loss
from Discontinued Operations before Income Taxes</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">         (1,333)</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">         (1,099)</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">         (1,134)</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">           3,347</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 9px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Income
Tax (Expense) Benefit from Discontinued Operations</font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">                 -   </font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">                 -   </font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif">                 -   </font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">              (39)</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Net
loss from discontinued operations</font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">         (1,333)</font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">         (1,099)</font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">         (1,134)</font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">           3,308</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 9px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Net
Loss</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">         (3,814)</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">         (3,772)</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">         (3,691)</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">            (834)</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 9px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Net
loss attributable to Non-Controlling Interest</font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                 -   </font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                 -   </font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">                 -   </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">              (50)</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 9px; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Unrealized
losses on investments, net of tax benefit</font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">                  4</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Comprehensive
loss attributable to National American University Holdings, Inc.</font></td>
<td style="border-bottom: Black 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $      (3,814)</font></td>
<td style="border-bottom: Black 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $      (3,772)</font></td>
<td style="border-bottom: Black 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $      (3,691)</font></td>
<td style="border-bottom: Black 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> $         (880)</font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
<td colspan="2" style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Basic
and Diluted net loss attributable to National American University Holdings, Inc.:</font></td>
<td style="vertical-align: middle; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: middle; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: middle; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">         Continuing
Operations</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">  $      (0.10)</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">  $      (0.11)</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">  $      (0.11)</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">  $      (0.17)</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">         Discontinued
Operations</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">  $      (0.06)</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">  $      (0.05)</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">  $      (0.05)</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">  $        0.14  </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Net
income per share - basic and diluted</font></td>
<td style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">  $      (0.16)</font></td>
<td style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">  $      (0.16)</font></td>
<td style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">  $      (0.16)</font></td>
<td style="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">  $      (0.03)</font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: middle; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: middle; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: middle; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: middle; text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: middle; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Basic
and diluted weighted average shares outstanding</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">  24,181,440</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">  24,219,884</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">  24,269,158</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">  24,290,404</font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>
0
126000
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 8pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="border: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="5" style="font: bold 8pt Times New Roman, Times, Serif; border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> Fiscal
Year Ended May 31, </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="5" style="font: bold 8pt Times New Roman, Times, Serif; border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> Fiscal
Year Ended May 31, </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-left: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-top-width: 0.5pt; width: 40%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-decoration: underline; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt; width: 8%"><font style="font: 8pt Times New Roman, Times, Serif"><u> </u></font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-decoration: underline; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt; width: 2%"><font style="font: 8pt Times New Roman, Times, Serif"><u> </u></font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt; width: 8%"><font style="font: 8pt Times New Roman, Times, Serif">2019</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt; width: 2%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-decoration: underline; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt; width: 8%"><font style="font: 8pt Times New Roman, Times, Serif"><u> </u></font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt; width: 2%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-decoration: underline; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt; width: 8%"><font style="font: 8pt Times New Roman, Times, Serif"><u> </u></font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-decoration: underline; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt; width: 2%"><font style="font: 8pt Times New Roman, Times, Serif"><u> </u></font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt; width: 8%"><font style="font: 8pt Times New Roman, Times, Serif">2018</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt; width: 2%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; text-decoration: underline; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt; width: 10%"><font style="font: 8pt Times New Roman, Times, Serif"><u> </u></font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-left: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-top-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-left: white 0.5pt solid; text-align: right; border-top-color: white; border-top-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; border-right: white 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: white; border-top-width: 0.5pt; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> NAU </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; border-right: white 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: white; border-top-width: 0.5pt; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; border-right: white 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: white; border-top-width: 0.5pt; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> Other </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; border-right: white 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: white; border-top-width: 0.5pt; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; border-right: white 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: white; border-top-width: 0.5pt; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> Consolidated </font></td>
<td style="vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; border-right: white 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: white; border-top-width: 0.5pt; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> NAU </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; border-right: white 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: white; border-top-width: 0.5pt; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; border-right: white 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: white; border-top-width: 0.5pt; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> Other </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; border-right: white 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: white; border-top-width: 0.5pt; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; border-right: white 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: white; border-top-width: 0.5pt; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> Consolidated </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: bold 8pt Times New Roman, Times, Serif; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-left: white 0.5pt solid; border-top-color: white; border-top-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> Revenue: </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="vertical-align: middle; text-align: left; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">   Academic </font></td>
<td style="vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-left: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-top-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> $       33,232</font></td>
<td style="vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> $               -   </font></td>
<td style="vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> $       33,232</font></td>
<td style="vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> $       26,692</font></td>
<td style="vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> $               -   </font></td>
<td style="vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> $           26,692</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="border: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">   Auxiliary  </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">            1,798</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">                  -   </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">            1,798</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">            1,858</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">                  -   </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">                1,858</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-left: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; border-top-color: white; border-top-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">   Rental
income apartments </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">                  -   </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">            1,386</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">            1,386</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">                  -   </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">            1,404</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">                1,404</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-left: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; border-top-color: white; border-top-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">   Condominium
sales </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">                  -   </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">               646</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">               646</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">                  -   </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">               817</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">                   817</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-left: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; border-top-color: white; border-top-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">   Other
real estate income </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-top-width: 0.5pt; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">                  -   </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-top-width: 0.5pt; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">               203</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-top-width: 0.5pt; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">               203</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-top-width: 0.5pt; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">                  -   </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-top-width: 0.5pt; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">               193</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-top-width: 0.5pt; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">                   193</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 18px; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-left: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left; border-top-color: white; border-top-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> Total
revenue </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">          35,030</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">            2,235</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">          37,265</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">          28,550</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">            2,414</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">              30,964</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-left: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-top-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: bold 8pt Times New Roman, Times, Serif; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-left: white 0.5pt solid; border-top-color: white; border-top-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> Operating
expenses: </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-left: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; border-top-color: white; border-top-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">   Cost
of educational services </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">          11,208</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">                  -   </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">          11,208</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">            9,105</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">                  -   </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">                9,105</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-left: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; border-top-color: white; border-top-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">   Selling,
general & administrative </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">          28,045</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">            2,213</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">          30,258</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">          28,640</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">            1,890</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">              30,530</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-left: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; border-top-color: white; border-top-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">   Auxiliary
expense </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">            1,169</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">                  -   </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">            1,169</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">            1,238</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">                  -   </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">                1,238</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-left: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; border-top-color: white; border-top-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">   Cost
of condominium sales </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">                  -   </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">               507</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">               507</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">                  -   </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">               709</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">                   709</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-left: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; border-top-color: white; border-top-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">   Loss
on course development impairment </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">                  -   </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">                  -   </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">                  -   </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">               286</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">                  -   </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">                   286</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-left: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; border-top-color: white; border-top-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">   Loss
on impairment and disposition of property </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-top-width: 0.5pt; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">               869</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-top-width: 0.5pt; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">               145</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-top-width: 0.5pt; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">            1,014</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-top-width: 0.5pt; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">               370</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-top-width: 0.5pt; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">                   8</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-top-width: 0.5pt; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">                   378</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 18px; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-left: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left; border-top-color: white; border-top-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> Total
operating expenses </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">          41,291</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">            2,865</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">          44,156</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">          39,639</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">            2,607</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">              42,246</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-left: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-top-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-top-width: 0.5pt; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-top-width: 0.5pt; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-top-width: 0.5pt; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-top-width: 0.5pt; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-top-width: 0.5pt; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 36px; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-left: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left; border-top-color: white; border-top-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> Operating
Loss </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">          (6,261)</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">             (630)</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">          (6,891)</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">        (11,089)</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">             (193)</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">             (11,282)</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-left: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-top-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-top-width: 0.5pt; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-top-width: 0.5pt; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-top-width: 0.5pt; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-top-width: 0.5pt; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-top-width: 0.5pt; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: bold 8pt Times New Roman, Times, Serif; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-left: white 0.5pt solid; border-top-color: white; border-top-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> Other
income (expense): </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-left: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; border-top-color: white; border-top-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">   Interest
income </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">                 36</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">               100</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">               136</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">                 65</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">                 11</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">                     76</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-left: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; border-top-color: white; border-top-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">   Interest
expense </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">             (801)</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">             (490)</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">          (1,291)</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">             (833)</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">               (13)</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">                  (846)</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="border-right: white 0.5pt solid; border-left: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; border-top-color: white; border-top-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">   Other
expense - net </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">               (17)</font></td>
<td style="border-right: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">                  -   </font></td>
<td style="border-right: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">               (17)</font></td>
<td style="border-right: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">               (72)</font></td>
<td style="border-right: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">                  -   </font></td>
<td style="border-right: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">                    (72)</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="padding-left: 18px; border-right: White 0.5pt solid; border-bottom: white 0.5pt solid; border-left: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font: 8pt Times New Roman, Times, Serif"> Total
other expense </font></td>
<td style="border-right: White 0.5pt solid; border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">             (782)</font></td>
<td style="border-right: White 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: White 0.5pt solid; border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">             (390)</font></td>
<td style="border-right: White 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: White 0.5pt solid; border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">          (1,172)</font></td>
<td style="border-right: White 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: White 0.5pt solid; border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">             (840)</font></td>
<td style="border-right: White 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: White 0.5pt solid; border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">                 (2)</font></td>
<td style="border-right: White 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: White 0.5pt solid; border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">                  (842)</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-left: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; border-top-color: white; border-top-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> Loss
from continuing operations before income taxes </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: Black; border-top-width: 0.5pt; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> $       (7,043)</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: Black; border-top-width: 0.5pt; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> $       (1,020)</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: Black; border-top-width: 0.5pt; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> $       (8,063)</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: Black; border-top-width: 0.5pt; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> $     (11,929)</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: Black; border-top-width: 0.5pt; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> $          (195)</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: Black; border-top-width: 0.5pt; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> $          (12,124)</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-left: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; border-top-color: white; border-top-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> Loss
from discontinued operations before income taxes </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">        (16,951)</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">                  -   </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">        (16,951)</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">             (219)</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">                  -   </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: Black 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">                  (219)</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-left: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-top-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-top-width: 0.5pt; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-top-width: 0.5pt; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-top-width: 0.5pt; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-top-width: 0.5pt; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-top-width: 0.5pt; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: bold 8pt Times New Roman, Times, Serif; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-left: white 0.5pt solid; border-top-color: white; border-top-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> Loss
before income taxes </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: Black 2pt double; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">       (23,994)</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: Black 2pt double; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">         (1,020)</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: Black 2pt double; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">       (25,014)</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: Black 2pt double; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">       (12,148)</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: Black 2pt double; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">            (195)</font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: Black 2pt double; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif">           (12,343)</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-left: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-top-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-left: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-top-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-left: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-top-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="5" style="font: bold 8pt Times New Roman, Times, Serif; border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> As
of and for Year Ended May 31, 2019 </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="5" style="font: bold 8pt Times New Roman, Times, Serif; border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> As
of and for Year Ended May 31, 2018 </font></td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
<td style="vertical-align: bottom; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-left: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-top-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> NAU </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> Other </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> Consolidated </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> NAU </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> Other </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: bold 8pt Times New Roman, Times, Serif; vertical-align: middle; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; text-align: center; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> Consolidated </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-left: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; border-top-color: white; border-top-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> Total
assets </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: Black 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-top-width: 0.5pt; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> $       26,647</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: Black 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-top-width: 0.5pt; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> $       11,398</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: Black 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-top-width: 0.5pt; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> $       38,045</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: Black 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-top-width: 0.5pt; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> $       35,363</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: Black 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-top-width: 0.5pt; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> $       13,444</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: Black 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-top-width: 0.5pt; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> $           48,807</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-left: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; border-top-color: white; border-top-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> Expenditures
for long-lived assets </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: Black 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> $            114</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: Black 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> $            681</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: Black 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> $            795</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: Black 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> $         1,016</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: Black 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> $            749</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: Black 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> $             1,765</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-left: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; border-top-color: white; border-top-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> Depreciation
and amortization </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: Black 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> $         2,675</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: Black 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> $            624</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: Black 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> $         3,299</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: Black 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> $         3,965</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: Black 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> $            677</font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: Black 2pt double; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> $             4,642</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; border-left: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-top-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-top-color: white; border-left-color: white; border-top-width: 0.5pt; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-top: white 0.5pt solid; border-right: white 0.5pt solid; border-bottom: white 0.5pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right; border-left-color: white; border-left-width: 0.5pt"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td colspan="12" style="font: italic 8pt Times New Roman, Times, Serif; border: white 0.5pt solid; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"> Note:
Includes assets from discontinued operations of $323 and $8,656 and liabilities of $11,247 and $5,978 as of 05/31/19 and 05/31/18
respectively. </font></td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<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 0.25in; text-align: justify"></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
4642000
677000
3965000
3299000
624000
2675000
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">The accompanying 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.” The Partnership is 50% owned by Dlorah and 50% owned by individual family members, most
of whom are either direct or indirect stockholders of the Company.</p>
<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 0.25in; text-align: justify">The Partnership is deemed to be a
variable interest entity (“VIE”) under Financial Accounting Standards Board (“FASB”) Accounting Standards
Codification (“ASC”) Topic 810-10<i>, Consolidation</i>. The Company determines whether it is the primary beneficiary
of an entity subject to consolidation based on a qualitative assessment of the purpose and design of the VIE, the risks that the
VIE was designed to create and pass along to other entities, the activities of the VIE that most significantly impact the VIE’s
economic performance and which entity could direct those activities. The Company assesses its VIE determination with respect to
an entity on an ongoing basis and has not identified any additional VIEs in which it holds a significant interest.</p>
<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 0.25in; text-align: justify">The Company has determined that the
Partnership qualifies as a VIE and that the Company is the primary beneficiary of the Partnership. Accordingly, the Company consolidated
assets, liabilities, and net income of the Partnership within its consolidated balance sheets and statements of operations and
comprehensive loss and appropriately presented the balances as non-controlling interest within the consolidated balance sheets
and statements of operations and comprehensive loss. As of May 31, 2019 and 2018, the consolidated balance sheets include Partnership
assets of $403 and $472, respectively, and Partnership liabilities of $92 and $88, respectively. The consolidated statements of
operations and comprehensive loss include Partnership net income of $96 and $99, for the years ended May 31, 2019 and 2018, respectively.</p>
<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 0.25in; text-align: justify">The accompanying consolidated financial
statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S.
GAAP”). Throughout the notes to the consolidated financial statements, amounts in tables are in thousands of dollars, except
for share and per share data or as otherwise designated. The Company’s fiscal year end is May 31. These financial statements
include consideration of subsequent events through issuance. All intercompany transactions and balances have been eliminated in
consolidation.</p>
<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 0.25in; 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, which owns and operates National American
University and Fairway Hills.</p>
<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 0.25in; text-align: justify">Estimates - 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 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 0.25in; text-align: justify">Financial Condition and Liquidity
- For the year ended May 31, 2019, cash used in operating activities was $5.5 million and unrestricted cash and cash equivalents
decreased by $4.0 million from May 31, 2018. As of May 31, 2019, the Company had $1.3 million of unrestricted cash and cash equivalents,
working capital deficiency of $11.0 million, and a negative total stockholder’s equity of $8.2 million. Considering the Company’s
current financial position, there is concern that NAU will not have sufficient cash resources to fund forecasted operating requirements,
without additional financing or other actions by management. The planned actions by management that occurred after May 31, 2019,
the results of which management believes are probable of occurring and will be sufficient to meet its forecasted liquidity needs
for the next twelve months from the issuance of the Company’s financial statements are as follows:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style="font: 8pt Symbol">·</font></td><td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The Company sold its real
estate holdings in the Park West holdings to a related party for a proceed, net of taxes and fees, of $2.1 million.</font></td></tr></table>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style="font: 8pt Symbol">·</font></td><td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The Company estimated
a decrease of approximately $5.2 million in annual payroll and operating expenses by eliminating contracts or renegotiating
contract rate reductions with third-party vendors, by eliminating positions throughout the organization, reducing its payroll
rate, and implementing mandatory employee furlough.</font></td></tr></table>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style="font: 8pt Symbol">·</font></td><td style="text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The Company decided to
divest one aircraft, a non-revenue producing asset, to support its liquidity needs. The estimated proceeds from the aircraft sale
is approximately $750 thousand.</font></td></tr></table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt"> </font></p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"><font style="font-size: 8pt"></font>During the year ended May 31, 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 had suspended new student
enrollment in 34 of its 128 programs effective November 2018, and as previously mentioned, is in the process of closing its remaining
physical ground-based locations. As of May 31, 2019, five ground campuses remained that were being used to instruct students.
The Company expects a significant decrease in expenses with a lesser impact on revenue in the long run.</p>
<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>2019</b></font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>2018</b></font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Current
tax expense (benefit)</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="width: 76%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">     Federal</font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 9%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 9%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(96</font></td>
<td style="width: 1%; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">     State</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">31</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">18</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">31</font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(78</font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Deferred
tax expense (benefit)</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">     Federal</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">(181</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">     State</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(12</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(193</font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Total
tax expense (benefit)</font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">31</font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 1pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font: 8pt Times New Roman, Times, Serif">(271</font></td>
<td style="padding-bottom: 3pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td></tr>
</table>
<p style="font: 12pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><font style="font-size: 8pt"><i>Park West
Condo Sale</i></font><br />
<br />
<font style="font-size: 8pt">On September 12, 2019, the Company sold the Park West Condominium to Park West LLC, a South Dakota
limited liability company, owned by the majority shareholder, the Chairman of the Board, and CEO of the Company, for a purchase
price of $3 million. The Company received the cash payment before the financial statements were issued.</font></p>
<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="text-align: center; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"><b>Stock
Options</b></font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b> Shares</b></font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Weighted
average exercise price</b></font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Weighted
average remaining contractual life (in years)</b></font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font: 8pt Times New Roman, Times, Serif"><b>Aggregate
intrinsic value</b></font></td>
<td style="padding-bottom: 1.5pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="text-indent: 27pt; font: 8pt Times New Roman, Times, Serif; width: 52%"><font style="font: 8pt Times New Roman, Times, Serif">Outstanding
at May 31, 2018</font></td>
<td style="font: 8pt Times New Roman, Times, Serif; width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif; width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif; width: 9%"><font style="font: 8pt Times New Roman, Times, Serif">193,350</font></td>
<td style="font: 8pt Times New Roman, Times, Serif; width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif; width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif; width: 1%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif; width: 9%"><font style="font: 8pt Times New Roman, Times, Serif">3.54</font></td>
<td style="font: 8pt Times New Roman, Times, Serif; width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif; width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif; width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif; width: 9%"><font style="font: 8pt Times New Roman, Times, Serif">6.9</font></td>
<td style="font: 8pt Times New Roman, Times, Serif; width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif; width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif; width: 1%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif; width: 9%"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
<td style="font: 8pt Times New Roman, Times, Serif; width: 1%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="text-indent: 27pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Exercisable
at May 31, 2018</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">189,350</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">3.59</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">6.9</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"> </td>
<td style="font: 8pt Times New Roman, Times, Serif"> </td>
<td style="font: 8pt Times New Roman, Times, Serif"> </td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"> </td>
<td style="font: 8pt Times New Roman, Times, Serif"> </td>
<td style="font: 8pt Times New Roman, Times, Serif"> </td>
<td style="font: 8pt Times New Roman, Times, Serif"> </td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"> </td>
<td style="font: 8pt Times New Roman, Times, Serif"> </td>
<td style="font: 8pt Times New Roman, Times, Serif"> </td>
<td style="font: 8pt Times New Roman, Times, Serif"> </td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"> </td>
<td style="font: 8pt Times New Roman, Times, Serif"> </td>
<td style="font: 8pt Times New Roman, Times, Serif"> </td>
<td style="font: 8pt Times New Roman, Times, Serif"> </td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"> </td>
<td style="font: 8pt Times New Roman, Times, Serif"> </td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="text-indent: 27pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Outstanding
at May 31, 2019</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">162,204</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">2.87</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">6.7</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">0.6</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
<td style="text-indent: 27pt; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">Exercisable
at May 31, 2019</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">132,203</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">3.51</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">6.0</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif">-</font></td>
<td style="font: 8pt Times New Roman, Times, Serif"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
193350
162204
189350
132203
3.54
2.87
3.59
3.51
0
6000
0
0