National American University (NAUH) 10-Q 8 Jan 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Nov. 30, 2015	Dec. 31, 2015
Document And Entity Information [Abstract]
Entity Registrant Name	National American University Holdings, Inc.
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Nov. 30, 2015
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Trading Symbol	NAUH
Entity Central Index Key	1,399,855
Current Fiscal Year End Date	--05-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		24,121,879

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEET - USD ($) $ in Thousands	Nov. 30, 2015	May. 31, 2015
CURRENT ASSETS:
Cash and cash equivalents	$ 21,961	$ 23,300
Available for sale investments	4,115	4,102
Student receivables — net of allowance of $1,345 and $1,583 at November 30, 2015 and May 31, 2015, respectively	5,032	14,358
Other receivables	1,617	1,195
Income taxes receivable	2,772	0
Deferred income taxes	2,300	2,335
Prepaid and other current assets	2,451	2,151
Total current assets	40,248	47,441
Total property and equipment - net	34,195	36,390
OTHER ASSETS:
Condominium inventory	621	385
Land held for future development	312	312
Course development — net of accumulated amortization of $2,907 and $2,760 at November 30, 2015 and May 31, 2015, respectively	756	804
Other	1,063	1,212
Total other assets	2,752	2,713
TOTAL	77,195	86,544
CURRENT LIABILITIES:
Current portion of capital lease payable	265	244
Accounts payable	3,205	3,246
Dividends payable	1,100	1,139
Income taxes payable	201	1
Deferred income	788	1,459
Accrued and other liabilities	5,235	6,746
Total current liabilities	10,794	12,835
DEFERRED INCOME TAXES	3,283	3,283
OTHER LONG-TERM LIABILITIES	5,728	6,047
CAPITAL LEASE PAYABLE, NET OF CURRENT PORTION	11,717	11,853
STOCKHOLDERS' EQUITY:
Common stock, $0.0001 par value (50,000,000 authorized; 28,417,499 issued and 24,324,391 outstanding as of November 30, 2015; 28,262,241 issued and 25,191,414 outstanding as of May 31, 2015)	3	3
Additional paid-in capital	58,692	58,336
Retained earnings	9,036	13,751
Treasury stock, at cost (4,093,108 shares at November 30, 2015 and 3,070,827 shares at May 31, 2015)	(21,965)	(19,455)
Accumulated other comprehensive loss, net of taxes - unrealized loss on available for sale securities	(4)	(1)
Total National American University Holdings, Inc. stockholders' equity	45,762	52,634
Non-controlling interest	(89)	(108)
Total stockholders' equity	45,673	52,526
TOTAL	$ 77,195	$ 86,544

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($) $ in Thousands	Nov. 30, 2015	May. 31, 2015
Statement of Financial Position [Abstract]
Allowance for student receivables	$ 1,345	$ 1,583
Accumulated amortization of course development	$ 2,907	$ 2,760
Common stock, par value	$ .0001	$ .0001
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	28,417,499	28,262,241
Common stock, shares outstanding	24,324,391	25,191,414
Treasury stock, shares	4,093,108	3,070,827

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Nov. 30, 2015	Nov. 30, 2014	Nov. 30, 2015	Nov. 30, 2014
REVENUE:
Academic revenue	$ 23,593	$ 28,133	$ 46,251	$ 54,809
Auxiliary revenue	1,865	2,212	3,581	4,093
Rental income - apartments	281	293	556	593
Condominium sales	0	0	0	447
Total revenue	25,739	30,638	50,388	59,942
OPERATING EXPENSES:
Cost of educational services	6,832	7,077	13,128	14,210
Selling, general and administrative	18,805	17,301	37,808	35,943
Auxiliary expense	1,397	1,562	2,663	2,865
Cost of condominium sales	0	0	0	368
Loss (gain) on disposition of property	63	0	63	(1,678)
Total operating expenses	27,097	25,940	53,662	51,708
OPERATING (LOSS) INCOME	(1,358)	4,698	(3,274)	8,234
OTHER INCOME (EXPENSE):
Interest income	25	12	44	111
Interest expense	(218)	(222)	(437)	(451)
Other income - net	46	42	88	100
Total other expense	(147)	(168)	(305)	(240)
(LOSS) INCOME BEFORE INCOME TAXES	(1,505)	4,530	(3,579)	7,994
INCOME TAX BENEFIT (EXPENSE)	335	(1,690)	1,111	(2,986)
NET (LOSS) INCOME	(1,170)	2,840	(2,468)	5,008
NET (INCOME) LOSS ATTRIBUTABLE TO NON-CONTROLLING INTEREST	(8)	(14)	(19)	(12)
NET INCOME ATTRIBUTABLE TO NATIONAL AMERICAN UNIVERSITY HOLDINGS, INC. AND SUBSIDIARIES	(1,178)	2,826	(2,487)	4,996
OTHER COMPREHENSIVE (LOSS) INCOME - Unrealized (losses) gains on investments, net of tax	(2)	6	(3)	1
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO NATIONAL AMERICAN UNIVERSITY HOLDINGS, INC.	$ (1,180)	$ 2,832	$ (2,490)	$ 4,997
Basic net (loss) earnings attributable to National American University Holdings, Inc.	$ (0.05)	$ 0.11	$ (0.10)	$ 0.20
Diluted net (loss) earnings attributable to National American University Holdings, Inc.	$ (0.05)	$ 0.11	$ (0.10)	$ 0.20
Basic weighted average shares outstanding	25,164,128	25,151,291	25,177,155	25,136,778
Diluted weighted average shares outstanding	25,164,128	25,166,940	25,177,155	25,157,424

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock	Additional Paid-In Capital	Retained Earnings	Treasury Stock	Accumulated Other Comprehensive Income / Loss	Noncontrolling Interest	Total
Beginning Balance at May. 31, 2014	$ 3	$ 59,191	$ 11,573	$ (19,423)	$ (3)	$ (146)	$ 51,195
Purchase of shares common stock for the treasury	0	0	0	(19)	0	0	(19)
Share based compensation expense	0	(978)	0	0	0	0	(978)
Dividends declared	0	0	(2,267)	0	0	0	(2,267)
Net income	0	0	4,996	0	0	12	5,008
Other comprehensive income/loss, net of tax	0	0	0	0	1	0	1
Ending Balance at Nov. 30, 2014	3	58,213	14,302	(19,442)	(2)	(134)	52,940
Beginning Balance at May. 31, 2015	3	58,336	13,751	(19,455)	(1)	(108)	52,526
Purchase of shares common stock for the treasury	0	0	0	(2,510)	0	0	(2,510)
Share based compensation expense	0	356	0	0	0	0	356
Dividends declared	0	0	(2,228)	0	0	0	(2,228)
Net income	0	0	(2,487)	0	0	19	(2,468)
Other comprehensive income/loss, net of tax	0	0	0	0	(3)	0	(3)
Ending Balance at Nov. 30, 2015	$ 3	$ 58,692	$ 9,036	$ (21,965)	$ (4)	$ (89)	$ 45,673

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	6 Months Ended
	Nov. 30, 2015	Nov. 30, 2014
Statement of Stockholders' Equity [Abstract]
Number of common shares for treasury	1,022,281	6,224
Dividends declared, per share	$ .045	$ .045

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Nov. 30, 2015	Nov. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income	$ (2,468)	$ 5,008
Adjustments to reconcile net (loss) income to net cash flows provided by operating activities:
Depreciation and amortization	2,843	3,115
Loss (gain) on disposition of property and equipment	63	(1,678)
Provision for uncollectable tuition	3,160	2,063
Noncash compensation expense	356	(978)
Deferred income taxes	35	352
Changes in assets and liabilities:
Student and other receivables	5,744	10,513
Prepaid and other current assets	(300)	(200)
Condominium inventory	(236)	367
Other assets	135	(21)
Income tax receivable/payable	(2,572)	594
Accounts payable	(192)	295
Deferred income	(671)	(71)
Accrued and other liabilities	(1,514)	302
Other long-term liabilities	(319)	(240)
Net cash flows provided by operating activities	4,064	19,421
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of available for sale investments	(3,648)	(22,141)
Proceeds from sale of available for sale investments	3,632	25,232
Purchases of property and equipment	(417)	(1,040)
Proceeds from sale of property and equipment	4	3,464
Course development	(99)	(60)
Payments received on contract for deed	3	157
Payments received on note receivable	0	1,390
Other	14	9
Net cash flows (used in) provided by investing activities	(511)	7,011
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of capital lease payable	(115)	(97)
Purchase of treasury stock	(2,510)	(19)
Dividends paid	(2,267)	(2,266)
Net cash flows used in financing activities	(4,892)	(2,382)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(1,339)	24,050
CASH AND CASH EQUIVALENTS - Beginning of year	23,300	4,154
CASH AND CASH EQUIVALENTS - End of period	21,961	28,204
SUPPLEMENTAL DISCLOSURE OF CASH FLOW AND NON-CASH INFORMATION:
Cash paid for income taxes	1,426	2,041
Cash paid for interest	437	444
Property and equipment purchases included in accounts payable	175	0
Dividends declared and unpaid	$ 1,100	$ 1,135

1. STATEMENT PRESENTATION AND B

1. STATEMENT PRESENTATION AND BASIS OF CONSOLIDATION	6 Months Ended
	Nov. 30, 2015
Accounting Policies [Abstract]
STATEMENT PRESENTATION AND BASIS OF CONSOLIDATION	The accompanying unaudited condensed financial statements are presented on a consolidated basis. The accompanying financial statements include the accounts of National American University Holdings, Inc. (the “Company”), its subsidiary, Dlorah, Inc. (“Dlorah”), and its divisions, National American University (“NAU” or the “University”), and Fairway Hills. The accompanying unaudited condensed consolidated financial statements have been prepared on a basis substantially consistent with the Company’s audited financial statements and in accordance with the requirements of the Securities and Exchange Commission (“SEC”) for interim financial reporting. As permitted under these rules, certain footnotes and other financial information that are normally required by accounting principles generally accepted in the United States (“U.S. GAAP”) can be condensed or omitted. The information in the condensed consolidated balance sheet as of May 31, 2015, was derived from the audited consolidated financial statements for the Company for the year then ended. Accordingly, these financial statements should be read in conjunction with the Company’s annual financial statements which were included in the Company’s Annual Report Form 10-K for the year ended May 31, 2015, filed on August 7, 2015. Furthermore, the results of operations and cash flows for the six month periods ended November 30, 2015 and 2014 are not necessarily indicative of the results that may be expected for the full year. These financial statements include consideration of subsequent events through issuance. In the opinion of management, the accompanying condensed consolidated financial statements contain all adjustments necessary for a fair presentation as prescribed by U.S. GAAP. Unless the context otherwise requires, the terms “we”, “us”, “our” and the “Company” used throughout this document refer to National American University Holdings, Inc. and its wholly owned subsidiary, Dlorah, Inc., which owns and operates National American University, sometimes referred to as “NAU” or the “University”. Estimates

2. NATURE OF OPERATIONS

2. NATURE OF OPERATIONS	6 Months Ended
	Nov. 30, 2015
Accounting Policies [Abstract]
NATURE OF OPERATIONS	The Company, through Dlorah, owns and operates National American University. NAU is a regionally accredited, proprietary, multi-campus institution of higher learning, offering associate, bachelors, masters and doctoral degree programs in allied health, legal studies, education, business, accounting and information technology. The Company, through Dlorah’s Fairway Hills real estate division, also manages apartment units and develops and sells multi-family residential real estate in the Rapid City, South Dakota area.

3. RECENTLY ADOPTED AND NEW ACC

3. RECENTLY ADOPTED AND NEW ACCOUNTING PRONOUNCEMENTS	6 Months Ended
	Nov. 30, 2015
Accounting Changes and Error Corrections [Abstract]
RECENTLY ADOPTED AND NEW ACCOUNTING PRONOUNCEMENTS	In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers (Topic 606) In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern In February 2015, the FASB issued ASU No. 2015-02, Amendments to the Consolidation Analysis In November 2015, the FASB issued ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes

4. CONTRACT FOR DEED

4. CONTRACT FOR DEED	6 Months Ended
	Nov. 30, 2015
Contractors [Abstract]
CONTRACT FOR DEED	The Company signed a contract for deed on its former Rapid City campus on March 28, 2013 for $4,000 (see Note 5 for capital lease on new campus). The sale did not meet the accounting requirements to be consummated and was not recorded at this time. On July 11, 2014, the contract for deed was settled. The Company collected the outstanding proceeds, which included $3,230 principal and $85 of interest that was offset by $59 of lease-back payments and maintenance expenses related to the long-term operating lease. All remaining liens on the property were released and deemed sold, resulting in a gain of $1,743.

5. CAPITAL LEASE OBLIGATION

5. CAPITAL LEASE OBLIGATION	6 Months Ended
	Nov. 30, 2015
Leases [Abstract]
CAPITAL LEASE OBLIGATION	As part of ongoing operations, the Company entered into a capital lease arrangement for additional space that houses the corporate headquarters, distance learning operations, and the new Rapid City campus operations (see Note 4). During the year ended May 31, 2014, the Company increased its capital lease obligation by $2,000 to account for tenant improvements. The Company initially paid for the improvements and reached an agreement with the lessor to be reimbursed for the amount under the terms of a $2,000 note receivable. The note receivable required monthly payments of $14 at 6% that directly offset the monthly payments to the lessor under the capital lease obligation. In June 2014, the landlord of the property paid the $1,390 remaining balance of the note receivable.

6. STOCKHOLDERS' EQUITY

6. STOCKHOLDERS' EQUITY	6 Months Ended
	Nov. 30, 2015
Equity [Abstract]
STOCKHOLDERS' EQUITY	The authorized capital stock for the Company is 51,100,000, 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, 24,324,391 and 25,191,414 shares of common stock were outstanding as of November 30, 2015 and May 31, 2015, respectively. No shares of preferred stock or Class A common stock were outstanding at November 30, 2015. Stock Repurchase Plan On August 6, 2015, the Company’s Board of Directors authorized the repurchase of up to 350,000 shares of the Company’s outstanding common stock in both open market and privately negotiated transactions, for aggregate consideration not to exceed $1.25 million. The plan is authorized for a period of one year from August 10, 2015. The timing and actual number of shares purchased depends on a variety of factors such as price, corporate and regulatory requirements, and other prevailing market conditions. During the three and six months ended November 30, 2015, the Company repurchased 121,062 shares for $332 and 151,069 shares for $416, respectively, under this authorization. In addition, during the three months ended November 30, 2015, the Company repurchased 853,073 shares of its outstanding common stock for $2,039 from a single unrelated shareholder. This repurchase was approved by the Company’s Board of Directors and was separate from the August 6, 2015 repurchase authorization. During the six months ended November 30, 2015 and 2014, $55 and $19, respectively, of additions to treasury stock resulted from the settlement of stock-based compensation. During the three months ended November 30, 2015 and 2014, $52 and $12, respectively, of additions to treasury stock resulted from the settlement of stock-based compensation. Stock-Based Compensation In December 2009, the Company adopted the 2009 Stock Option and Compensation Plan (the “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. A total of 1,300,000 shares were authorized by the Plan. At November 30, 2015, 465,027 shares of common stock remain available for issuance under the Plan. In October 2013, the Company’s Board of Directors 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. At November 30, 2015, 596,500 shares of common stock remain available for issuance under the 2013 Plan. Restricted stock During the three months ended November 30, 2015, the Company awarded 40,485 restricted stock awards with time based vesting at a grant date fair value of $2.47 per share to members of the board of directors. Shares vest one year from the grant date and require board service for the entire year. Compensation expense in the consolidated statements of operations associated with restricted stock awards totaled $33 and $66, respectively, for the three and six month periods ended November 30, 2015. At November 30, 2015, the unamortized compensation cost of these restricted stock awards totaled $86. The unamortized cost is expected to be recognized over a weighted-average period of 0.9 years as of November 30, 2015. A summary of restricted share awards activity as of November 30, 2015 and the changes during the six months then ended is presented below: Restricted Shares Shares Weighted Average Grant Date Fair Value Non-vested shares at May 31, 2015 42,155 $ 3.11 Granted 40,485 2.47 Vested (42,155) 3.11 Forfeited - - Non-vested shares at November 30, 2015 40,485 $ 2.47 In addition to the restricted stock awards with time vesting above, during the three months ended November 30, 2015, the Company, under the 2013 Plan, issued 187,500 restricted stock units (“RSUs”) with performance based vesting. The number of shares to be earned is determined by the Company’s profitability during the fiscal year ending May 31, 2016. The grant date fair value of the restricted stock units is $3.06 per share with a total fair value of $574. Management at this time believes the performance objectives will not be attained and, as a result, no compensation cost has been recorded in the consolidated statements of operations. Unrestricted stock Unrestricted stock is issued to certain employees in settlement of a portion of their salaries and bonuses. Compensation expense in the consolidated statements of operations associated with these unrestricted stock issuances totaled $190 and $217, respectively, for the three and six month periods ended November 30, 2015. Stock options During the three months ended November 30, 2015, the Company granted stock options to purchase 148,475 shares of stock; 50% of the stock options vested on the issuance date and the remaining 50% vests at the end of the current fiscal year. The following assumptions were used to determine fair value of the stock options awarded: Assumptions used: For the three and six months ended November 30, 2015 Expected term (in years) 5.75 Expected volatility 50.40 % Weighted average risk free interest rate 1.54 % Weighted average risk free interest rate range 1.54 % Weighted average expected dividend 5.92 % Weighted average expected dividend range 5.92 % Weighted average fair value $ 0.84 A summary of option activity under the Plan as of November 30, 2015 and changes during the six months then ended is presented below: Stock Options Shares Weighted average exercise price Weighted average remaining contractual life (in years) Aggregate intrinsic value Outstanding at May 31, 2015 78,750 $ 6.34 7.1 $ 0 Granted 148,475 3.06 Exercised 0 0 Forfeited or canceled (13,875 ) 3.95 Outstanding at November 30, 2015 213,350 $ 4.21 8.8 $ 0 Exercisable at November 30, 2015 144,113 $ 4.77 8.2 $ 0 The Company recorded compensation expense for stock options of $73 for the three and six month periods ended November 30, 2015, in the consolidated statements of operations. As of November 30, 2015, there was $52 of unrecognized compensation cost related to unvested stock option based compensation arrangements granted under the Plan to be amortized over 0.5 years. The Company plans to issue new shares as settlement of options exercised. Dividends The following table presents details of the Company’s fiscal 2016 and 2015 dividend payments: Date declared Record date Payment date Per share April 7, 2014 June 30, 2014 July 11, 2014 $ 0.0450 August 11, 2014 September 30, 2014 October 10, 2014 $ 0.0450 October 6, 2014 December 31, 2014 January 16, 2015 $ 0.0450 January 24, 2015 March 31, 2015 April 17, 2015 $ 0.0450 April 13, 2015 June 30, 2015 July 10, 2015 $ 0.0450 August 10, 2015 September 30, 2015 October 9, 2015 $ 0.0450 October 5, 2015 December 31, 2015 (est) January 15, 2016 $ 0.0450

7. EARNINGS PER SHARE

7. EARNINGS PER SHARE	6 Months Ended
	Nov. 30, 2015
Earnings Per Share [Abstract]
EARNINGS PER SHARE	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. The following is a reconciliation of the numerator and denominator for the basic and diluted EPS computations: Six months ended Three months ended November 30, November 30, 2015 2014 2015 2014 Numerator: Net (loss) income attributable to National American University Holdings, Inc. $ (2,487 ) $ 4,996 $ (1,178 ) $ 2,826 Denominator: Weighted average shares outstanding used to compute basic net income per common share 25,177,155 25,136,778 25,164,128 25,151,291 Incremental shares issuable upon the assumed exercise of stock options 0 0 0 0 Incremental shares issuable upon the assumed exercise of restricted shares 0 20,646 0 15,649 Common shares used to compute diluted net income per share 25,177,155 25,157,424 25,164,128 25,166,940 Basic net income per common share $ (0.10 ) $ 0.20 $ (0.05 ) $ 0.11 Diluted net income per common share $ (0.10 ) $ 0.20 $ (0.05 ) $ 0.11 A total of 213,350 shares of common stock for the three and six months ended November 30, 2015 and 85,250 shares of common stock for the three and six months ended November 30, 2014 subject to issuance upon exercise of stock options have been excluded from the calculation of diluted EPS as the effect would have been anti-dilutive. A total of 82,640 shares of common stock subject to vesting of restricted stock for the three and six months ended November 30, 2015 (19,522 and 23,686 of these shares had potential dilutive impact for the three and six months ended November 30, 2015, respectively) have been excluded from the calculation of diluted EPS as the effect would have been anti-dilutive. A total of 42,155 shares of common stock subject to vesting of restricted stock for the three and six months ended November 30, 2014 have been excluded from the calculation of diluted EPS as the effect would have been anti-dilutive.

8. INCOME TAXES

8. INCOME TAXES	6 Months Ended
	Nov. 30, 2015
Income Taxes
INCOME TAXES	The Company’s effective tax rate was 31.0% for the six months ended November 30, 2015, as compared to 37.4% for the corresponding period in 2014. The effective tax rate varies from the statutory rate primarily due to the fluctuation in state income taxes as a result of the Company’s net loss position, nondeductible meals, and stock compensation.

9. COMMITMENTS AND CONTINGENCIE

9. COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Nov. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	From time to time, NAU 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.

10. FAIR VALUE MEASUREMENTS

10. FAIR VALUE MEASUREMENTS	6 Months Ended
	Nov. 30, 2015
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	The following table summarizes certain information for assets and liabilities measured at fair value on a recurring basis: Quoted prices in active markets (level 1) Other observable inputs (level 2) Unobservable inputs (level 3) Fair value November 30, 2015 Investments: Certificates of deposit $ 0 $ 4,115 $ 0 $ 4,115 Money market accounts included in cash equivalents 265 0 0 265 Total assets at fair value $ 265 $ 4,115 $ 0 $ 4,380 May 31, 2015 Investments: Certificates of deposit $ 244 $ 3,858 $ 0 $ 4,102 Money market accounts included in cash equivalents 269 0 0 269 Total assets at fair value $ 513 $ 3,858 $ 0 $ 4,371 Following is a summary of the valuation techniques for assets and liabilities recorded in the consolidated condensed balance sheets at fair value on a recurring basis: Certificates of Deposit (“CD’s”) and money market accounts: Fair value of financial instruments:

11. SEGMENT REPORTING

11. SEGMENT REPORTING	6 Months Ended
	Nov. 30, 2015
Segment Reporting [Abstract]
SEGMENT REPORTING	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 makers, or decision-making groups, in deciding how to allocate capital and other resources to such lines of business. The Company operates two operating and reportable segments: NAU and other. The NAU segment contains the revenues and expenses associated with the University operations and the allocated portion of corporate overhead. The other segment contains primarily real estate. These operating segments are divisions of the Company for which separate financial information is available and evaluated regularly by executive management in deciding how to allocate resources and in assessing performance. 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: Six months ended November 30, 2015 Six months ended November 30, 2014 Consolidated Consolidated NAU Other Total NAU Other Total Revenue: Academic revenue $ 46,251 $ 0 $ 46,251 $ 54,809 $ 0 $ 54,809 Auxiliary revenue 3,581 0 3,581 4,093 0 4,093 Rental income — apartments 0 556 556 0 593 593 Condominium sales 0 0 0 0 447 447 Total revenue 49,832 556 50,388 58,902 1,040 59,942 Operating expenses: Cost of educational services 13,128 0 13,128 14,210 0 14,210 Selling, general &administrative 37,035 773 37,808 35,060 883 35,943 Auxiliary expense 2,663 0 2,663 2,865 0 2,865 Cost of condominium sales 0 0 0 0 368 368 Loss (gain) on disposition of property 67 (4 ) 63 113 (1,791 ) (1,678 ) Total operating expenses (income) 52,893 769 53,662 52,248 (540 ) 51,708 (Loss) income from operations (3,061 ) (213 ) (3,274 ) 6,654 1,580 8,234 Other income (expense): Interest income 39 5 44 18 93 111 Interest expense (437 ) 0 (437 ) (443 ) (8 ) (451 ) Other income - net 0 88 88 0 100 100 Total other (expense) income (398 ) 93 (305 ) (425 ) 185 (240 ) (Loss) income before income taxes $ (3,459 ) $ (120 ) $ (3,579 ) $ 6,229 $ 1,765 $ 7,994 As of November 30, 2015 As of November 30, 2014 Consolidated Consolidated NAU Other Total NAU Other Total Total assets $ 68,435 $ 8,760 $ 77,195 $ 79,672 $ 10,625 $ 90,297 Three months ended November 30, 2015 Three months ended November 30, 2014 Consolidated Consolidated NAU Other Total NAU Other Total Revenue: Academic revenue $ 23,593 $ 0 $ 23,593 $ 28,133 $ 0 $ 28,133 Auxiliary revenue 1,865 0 1,865 2,212 0 2,212 Rental income — apartments 0 281 281 0 293 293 Condominium sales 0 0 0 0 0 0 Total revenue 25,458 281 25,739 30,345 293 30,638 Operating expenses: Cost of educational services 6,832 0 6,832 7,077 0 7,077 Selling, general &administrative 18,410 395 18,805 16,927 374 17,301 Auxiliary expense 1,397 0 1,397 1,562 0 1,562 Cost of condominium sales 0 0 0 0 0 0 Loss (gain) on disposition of property 67 (4 ) 63 0 0 0 Total operating expenses 26,706 391 27,097 25,566 374 25,940 (Loss) income from operations (1,248 ) (110 ) (1,358 ) 4,779 (81 ) 4,698 Other income (expense): Interest income 21 4 25 8 4 12 Interest expense (218 ) 0 (218 ) (222 ) 0 (222 ) Other income - net 0 46 46 0 42 42 Total other (expense) income (197 ) 50 (147 ) (214 ) 46 (168 ) (Loss) income before income taxes $ (1,445 ) $ (60 ) $ (1,505 ) $ 4,565 $ (35 ) $ 4,530

12. SUBSEQUENT EVENTS

12. SUBSEQUENT EVENTS	6 Months Ended
	Nov. 30, 2015
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	In December 2015, the Company completed the share repurchase plan that was authorized by the Board of Directors in August 2015. The authorized 350,000 shares were purchased at an average of $2.45 per share. 151,069 of those shares were repurchased through November 30, 2015 and the remaining 198,931 shares were repurchased in December 2015. In January 2016, the Company announced the planned closure of two physical locations effective March 1, 2016: Weldon Spring, Missouri and Tigard, Oregon. 100% of the students at these two locations took their classes online. These closures could have a material impact on the financial statements and we are currently evaluating the impact.

6. STOCKHOLDERS' EQUITY (Tables

6. STOCKHOLDERS' EQUITY (Tables)	6 Months Ended
	Nov. 30, 2015
Equity [Abstract]
Summary of Restricted Shares Activity	Restricted Shares Shares Weighted Average Grant Date Fair Value Non-vested shares at May 31, 2015 42,155 $ 3.11 Granted 40,485 2.47 Vested (42,155) 3.11 Forfeited - - Non-vested shares at November 30, 2015 40,485 $ 2.47
Summary of Stock Options Assumptions	Assumptions used: For the three and six months ended November 30, 2015 Expected term (in years) 5.75 Expected volatility 50.40 % Weighted average risk free interest rate 1.54 % Weighted average risk free interest rate range 1.54 % Weighted average expected dividend 5.92 % Weighted average expected dividend range 5.92 % Weighted average fair value $ 0.84
Summary of Option Activity	Stock Options Shares Weighted average exercise price Weighted average remaining contractual life (in years) Aggregate intrinsic value Outstanding at May 31, 2015 78,750 $ 6.34 7.1 $ 0 Granted 148,475 3.06 Exercised 0 0 Forfeited or canceled (13,875 ) 3.95 Outstanding at November 30, 2015 213,350 $ 4.21 8.8 $ 0 Exercisable at November 30, 2015 144,113 $ 4.77 8.2 $ 0
Summary of Dividend Payments	Date declared Record date Payment date Per share April 7, 2014 June 30, 2014 July 11, 2014 $ 0.0450 August 11, 2014 September 30, 2014 October 10, 2014 $ 0.0450 October 6, 2014 December 31, 2014 January 16, 2015 $ 0.0450 January 24, 2015 March 31, 2015 April 17, 2015 $ 0.0450 April 13, 2015 June 30, 2015 July 10, 2015 $ 0.0450 August 10, 2015 September 30, 2015 October 9, 2015 $ 0.0450 October 5, 2015 December 31, 2015 (est) January 15, 2016 $ 0.0450

7. EARNINGS PER SHARE (Tables)

7. EARNINGS PER SHARE (Tables)	6 Months Ended
	Nov. 30, 2015
Earnings Per Share [Abstract]
Reconciliation of Numerator and Denominator for Basic and Diluted EPS Computations	Six months ended Three months ended November 30, November 30, 2015 2014 2015 2014 Numerator: Net (loss) income attributable to National American University Holdings, Inc. $ (2,487 ) $ 4,996 $ (1,178 ) $ 2,826 Denominator: Weighted average shares outstanding used to compute basic net income per common share 25,177,155 25,136,778 25,164,128 25,151,291 Incremental shares issuable upon the assumed exercise of stock options 0 0 0 0 Incremental shares issuable upon the assumed exercise of restricted shares 0 20,646 0 15,649 Common shares used to compute diluted net income per share 25,177,155 25,157,424 25,164,128 25,166,940 Basic net income per common share $ (0.10 ) $ 0.20 $ (0.05 ) $ 0.11 Diluted net income per common share $ (0.10 ) $ 0.20 $ (0.05 ) $ 0.11

10. FAIR VALUE MEASUREMENTS (Ta

10. FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Nov. 30, 2015
Fair Value Disclosures [Abstract]
Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis	Quoted prices in active markets (level 1) Other observable inputs (level 2) Unobservable inputs (level 3) Fair value November 30, 2015 Investments: Certificates of deposit $ 0 $ 4,115 $ 0 $ 4,115 Money market accounts included in cash equivalents 265 0 0 265 Total assets at fair value $ 265 $ 4,115 $ 0 $ 4,380 May 31, 2015 Investments: Certificates of deposit $ 244 $ 3,858 $ 0 $ 4,102 Money market accounts included in cash equivalents 269 0 0 269 Total assets at fair value $ 513 $ 3,858 $ 0 $ 4,371

11. SEGMENT REPORTING (Tables)

11. SEGMENT REPORTING (Tables)	6 Months Ended
	Nov. 30, 2015
Segment Reporting [Abstract]
Financial Information of Reportable Segment	Six months ended November 30, 2015 Six months ended November 30, 2014 Consolidated Consolidated NAU Other Total NAU Other Total Revenue: Academic revenue $ 46,251 $ 0 $ 46,251 $ 54,809 $ 0 $ 54,809 Auxiliary revenue 3,581 0 3,581 4,093 0 4,093 Rental income — apartments 0 556 556 0 593 593 Condominium sales 0 0 0 0 447 447 Total revenue 49,832 556 50,388 58,902 1,040 59,942 Operating expenses: Cost of educational services 13,128 0 13,128 14,210 0 14,210 Selling, general &administrative 37,035 773 37,808 35,060 883 35,943 Auxiliary expense 2,663 0 2,663 2,865 0 2,865 Cost of condominium sales 0 0 0 0 368 368 Loss (gain) on disposition of property 67 (4 ) 63 113 (1,791 ) (1,678 ) Total operating expenses (income) 52,893 769 53,662 52,248 (540 ) 51,708 (Loss) income from operations (3,061 ) (213 ) (3,274 ) 6,654 1,580 8,234 Other income (expense): Interest income 39 5 44 18 93 111 Interest expense (437 ) 0 (437 ) (443 ) (8 ) (451 ) Other income - net 0 88 88 0 100 100 Total other (expense) income (398 ) 93 (305 ) (425 ) 185 (240 ) (Loss) income before income taxes $ (3,459 ) $ (120 ) $ (3,579 ) $ 6,229 $ 1,765 $ 7,994 As of November 30, 2015 As of November 30, 2014 Consolidated Consolidated NAU Other Total NAU Other Total Total assets $ 68,435 $ 8,760 $ 77,195 $ 79,672 $ 10,625 $ 90,297 Three months ended November 30, 2015 Three months ended November 30, 2014 Consolidated Consolidated NAU Other Total NAU Other Total Revenue: Academic revenue $ 23,593 $ 0 $ 23,593 $ 28,133 $ 0 $ 28,133 Auxiliary revenue 1,865 0 1,865 2,212 0 2,212 Rental income — apartments 0 281 281 0 293 293 Condominium sales 0 0 0 0 0 0 Total revenue 25,458 281 25,739 30,345 293 30,638 Operating expenses: Cost of educational services 6,832 0 6,832 7,077 0 7,077 Selling, general &administrative 18,410 395 18,805 16,927 374 17,301 Auxiliary expense 1,397 0 1,397 1,562 0 1,562 Cost of condominium sales 0 0 0 0 0 0 Loss (gain) on disposition of property 67 (4 ) 63 0 0 0 Total operating expenses 26,706 391 27,097 25,566 374 25,940 (Loss) income from operations (1,248 ) (110 ) (1,358 ) 4,779 (81 ) 4,698 Other income (expense): Interest income 21 4 25 8 4 12 Interest expense (218 ) 0 (218 ) (222 ) 0 (222 ) Other income - net 0 46 46 0 42 42 Total other (expense) income (197 ) 50 (147 ) (214 ) 46 (168 ) (Loss) income before income taxes $ (1,445 ) $ (60 ) $ (1,505 ) $ 4,565 $ (35 ) $ 4,530

4. CONTRACT FOR DEED - Addition

4. CONTRACT FOR DEED - Additional Information (Details Narrative) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended		6 Months Ended
	Jul. 31, 2014	Mar. 31, 2013	Nov. 30, 2015	Nov. 30, 2014	Nov. 30, 2015	Nov. 30, 2014
Contract For Deed - Additional Information Details Narrative
Property, sales price		$ 4,000
Proceeds From Principal Received	$ 3,230
Proceed from interest received	85
(Gain) loss on disposition of property	1,743		$ (63)	$ 0	$ (63)	$ 1,678
Sale lease back monthly rental payment	$ 59

5. CAPITAL LEASE OBLIGATION - A

5. CAPITAL LEASE OBLIGATION - Additional Information (Details Narrative) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Jun. 30, 2014	May. 31, 2014
Notes receivable amount		$ 2,000
Notes receivable per month		$ 14
Notes receivable interest rate percentage		6.00%
Payment received on a note receivable	$ 1,390
Capital Lease
Capital lease additions		$ 2,000

6. STOCKHOLDERS EQUITY - Summar

6. STOCKHOLDERS EQUITY - Summary of Restricted Shares (Details)	6 Months Ended
	Nov. 30, 2015$ / sharesshares
Number of options
Outstanding, beginning | shares	42,155
Granted | shares	40,485
Vested | shares	(42,155)
Forfeited | shares	0
Outstanding, ending | shares	40,485
Weighted average grant date fair value
Outstanding, beginning | $ / shares	$ 3.11
Granted | $ / shares	2.47
Vested | $ / shares	3.11
Forfeited | $ / shares	0
Outstanding, ending | $ / shares	$ 2.47

6. STOCKHOLDERS EQUITY - Stock

6. STOCKHOLDERS EQUITY - Stock Option Assumptions (Details) - $ / shares	3 Months Ended	6 Months Ended
	Nov. 30, 2015	Nov. 30, 2015
Stockholders Equity - Stock Option Assumptions Details
Expected term (in years)	5 years 9 months	5 years 9 months
Expected volatility	50.40%	50.40%
Weighted average risk free interest rate	1.54%	1.54%
Weighted average risk free interest rate range	1.54%	1.54%
Weighted average expected dividend	5.92%	5.92%
Weighted average expected dividend range	5.92%	5.92%
Weighted average fair value	$ .84	$ 0.84

6. STOCKHOLDERS EQUITY - Summ28

6. STOCKHOLDERS EQUITY - Summary of Option Activity (Details) $ / shares in Units, $ in Thousands	6 Months Ended
	Nov. 30, 2015USD ($)$ / sharesshares
Number of options
Outstanding, beginning | shares	78,750
Granted | shares	148,475
Exercised | shares	0
Forfeited or expired | shares	(13,875)
Outstanding, ending | shares	213,350
Exercisable | shares	144,113
Weighted average exercise price
Outstanding, beginning | $ / shares	$ 6.34
Granted | $ / shares	3.06
Exercised | $ / shares	0
Forfeited or expired | $ / shares	3.95
Outstanding, ending | $ / shares	4.21
Exercisable | $ / shares	$ 4.77
Weighted average remaining contractual term
Outstanding, beginning	7 years 1 month 6 days
Outstanding, ending	8 years 9 months 18 days
Exercisable	8 years 2 months 12 days
Approximate aggregate intrinsic value
Outstanding, beginning | $	$ 0
Outstanding, ending | $	0
Exercisable | $	$ 0

6. STOCKHOLDERS EQUITY - Summ29

6. STOCKHOLDERS EQUITY - Summary of Dividend Payments (Details)	6 Months Ended
	Nov. 30, 2015$ / shares
Period 1 [Member]
Dividends Payable [Line Items]
Date declared	Apr. 7, 2014
Record date	Jun. 30, 2014
Payment date	Jul. 11, 2014
Per share	$ 0.0450
Period 2 [Member]
Dividends Payable [Line Items]
Date declared	Aug. 11, 2014
Record date	Sep. 30, 2014
Payment date	Oct. 10, 2014
Per share	$ 0.0450
Period 3 [Member]
Dividends Payable [Line Items]
Date declared	Oct. 6, 2014
Record date	Dec. 31, 2014
Payment date	Jan. 16, 2015
Per share	$ 0.0450
Period 4 [Member]
Dividends Payable [Line Items]
Date declared	Jan. 24, 2015
Record date	Mar. 31, 2015
Payment date	Apr. 17, 2015
Per share	$ 0.0450
Period 5 [Member]
Dividends Payable [Line Items]
Date declared	Apr. 13, 2015
Record date	Jun. 30, 2015
Payment date	Jul. 10, 2015
Per share	$ 0.0450
Period 6 [Member]
Dividends Payable [Line Items]
Date declared	Aug. 10, 2015
Record date	Sep. 30, 2015
Payment date	Oct. 9, 2015
Per share	$ 0.0450
Period 7 [Member]
Dividends Payable [Line Items]
Date declared	Oct. 5, 2015
Record date	Dec. 31, 2015
Payment date	Jan. 15, 2016	[1]
Per share	$ 0.0450
[1]	Estimated

6. STOCKHOLDERS EQUITY - Additi

6. STOCKHOLDERS EQUITY - Additional Information (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		3 Months Ended		4 Months Ended	5 Months Ended	6 Months Ended
	Dec. 31, 2015	Aug. 31, 2015	Nov. 30, 2015	Nov. 30, 2014	Nov. 30, 2015	Dec. 31, 2015	Nov. 30, 2015	Nov. 30, 2014
Total repurchase authorizations, shares		350,000
Total repurchase authorization		$ 1,250
Repurchase of common shares	198,931		121,062		151,069	350,000	151,069
Special repurchase of common shares			853,073
Special repurchase of common shares, amount			$ 2,039
Additions to treasury stock							$ 2,510	$ 19
Unrecognized compensation cost related to unvested stock option			$ 52		$ 52		$ 52
Unrecognized compensation cost related to unvested stock option weighted average period			6 months
2009 Plan
Shares authorized under stock based compensation plan			1,300,000		1,300,000		1,300,000
Shares available for future issuance			465,027		465,027		465,027
2013 Plan
Shares authorized under stock based compensation plan			750,000		750,000		750,000
Shares available for future issuance			596,500		596,500		596,500
August 2015 Repurchase Plan
Additions to treasury stock			$ 332				$ 416
Restricted Stock [Member]
Stock compensation expense			33				66
Unamortized compensation expense of restricted shares			$ 86		$ 86		86
Unamortized compensation expense weighted average period			10 months 24 days
Stock Option
Stock compensation expense			$ 73				73
Unrestricted Stock [Member]
Stock compensation expense			190				217
Share Based Compensation [Member]
Additions to treasury stock			$ 52	$ 12			$ 55	$ 19
Restricted Stock Units [Member]
Restricted stock units issued			187,500		187,500		187,500
Grant date fair value of the restricted stock units			$ 3.06
Total fair value of the restricted stock units			$ 574

7. EARNINGS PER SHARE - Reconci

7. EARNINGS PER SHARE - Reconciliation of Numerator and Denominator for Basic and Diluted EPS Computations (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Nov. 30, 2015	Nov. 30, 2014	Nov. 30, 2015	Nov. 30, 2014
Numerator:
Net income (loss) attributable to National American University Holdings, Inc.	$ (1,178)	$ 2,826	$ (2,487)	$ 4,996
Denominator:
Weighted average shares outstanding used to compute basic net income per common share	25,164,128	25,151,291	25,177,155	25,136,778
Incremental shares issuable upon the assumed exercise of stock options	0	0	0	0
Incremental shares issuable upon the assumed vesting of restricted shares	0	15,649	0	20,646
Common shares used to compute diluted net income per share	25,164,128	25,166,940	25,177,155	25,157,424
Basic net income per common share	$ (0.05)	$ 0.11	$ (0.10)	$ 0.20
Diluted net income per common share	$ (0.05)	$ 0.11	$ (0.10)	$ 0.20

7. EARNINGS PER SHARE - Additio

7. EARNINGS PER SHARE - Additional Information (Details Narrative) - shares	3 Months Ended		6 Months Ended
	Nov. 30, 2015	Nov. 30, 2014	Nov. 30, 2015	Nov. 30, 2014
Equity Option [Member]
Computation Of Earnings Per Share Line Items [Line Items]
Number of shares excluded from calculation of diluted EPS	213,350	85,250	213,350	85,250
Restricted Stock [Member]
Computation Of Earnings Per Share Line Items [Line Items]
Number of shares excluded from calculation of diluted EPS	82,640	42,155	82,640	42,155
Number of shares with potentially diluted impact	19,522		23,686

8. INCOME TAXES (Details Narrat

8. INCOME TAXES (Details Narrative)	6 Months Ended
	Nov. 30, 2015	Nov. 30, 2014
Income Taxes Details Narrative
Effective tax rate	31.00%	37.40%

10. FAIR VALUE MEASUREMENTS - S

10. FAIR VALUE MEASUREMENTS - Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands	Nov. 30, 2015	May. 31, 2015
Investments
Total assets at fair value	$ 4,380	$ 4,371
Fair Value, Inputs, Level 1 [Member]
Investments
Total assets at fair value	265	513
Fair Value, Inputs, Level 2 [Member]
Investments
Total assets at fair value	4,115	3,858
Fair Value, Inputs, Level 3 [Member]
Investments
Total assets at fair value	0	0
Certificate of Deposit [Member]
Investments
Total assets at fair value	4,115	4,102
Certificate of Deposit [Member] | Fair Value, Inputs, Level 1 [Member]
Investments
Total assets at fair value	0	244
Certificate of Deposit [Member] | Fair Value, Inputs, Level 2 [Member]
Investments
Total assets at fair value	4,115	3,858
Certificate of Deposit [Member] | Fair Value, Inputs, Level 3 [Member]
Investments
Total assets at fair value	0	0
Money Market Funds [Member]
Investments
Total assets at fair value	265	269
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member]
Investments
Total assets at fair value	265	269
Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member]
Investments
Total assets at fair value	0	0
Money Market Funds [Member] | Fair Value, Inputs, Level 3 [Member]
Investments
Total assets at fair value	$ 0	$ 0

10. FAIR VALUE MEASUREMENTS - A

10. FAIR VALUE MEASUREMENTS - Additional Information (Details Narrative) - USD ($) $ in Thousands	Nov. 30, 2015	May. 31, 2015
Fair Value Measurements - Additional Information Details Narrative
Estimated fair value of capital lease obligations	$ 11,982	$ 12,097

11. SEGMENT REPORTING - Financi

11. SEGMENT REPORTING - Financial Information of Reportable Segment (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Jul. 31, 2014	Nov. 30, 2015	Nov. 30, 2014	Nov. 30, 2015	Nov. 30, 2014	May. 31, 2015
REVENUE:
Academic revenue		$ 23,593	$ 28,133	$ 46,251	$ 54,809
Auxiliary revenue		1,865	2,212	3,581	4,093
Rental income - apartments		281	293	556	593
Condominium sales		0	0	0	447
Total revenue		25,739	30,638	50,388	59,942
OPERATING EXPENSES:
Cost of educational services		6,832	7,077	13,128	14,210
Selling, general & administrative		18,805	17,301	37,808	35,943
Auxiliary expense		1,397	1,562	2,663	2,865
Cost of condominium sales		0	0	0	368
Loss (gain) on disposition of property	$ (1,743)	63	0	63	(1,678)
Total operating expenses (income)		27,097	25,940	53,662	51,708
Loss (income) from operations		(1,358)	4,698	(3,274)	8,234
OTHER INCOME (EXPENSE):
Interest income		25	12	44	111
Interest expense		(218)	(222)	(437)	(451)
Other income - net		46	42	88	100
Total other (expense) income		(147)	(168)	(305)	(240)
Income (loss) before taxes		(1,505)	4,530	(3,579)	7,994
Total assets		77,195	90,297	77,195	90,297	$ 86,544
Nau [Member]
REVENUE:
Academic revenue		23,593	28,133	46,251	54,809
Auxiliary revenue		1,865	2,212	3,581	4,093
Rental income - apartments		0	0	0	0
Condominium sales		0	0	0	0
Total revenue		25,458	30,345	49,832	58,902
OPERATING EXPENSES:
Cost of educational services		6,832	7,077	13,128	14,210
Selling, general & administrative		18,410	16,927	37,035	35,060
Auxiliary expense		1,397	1,562	2,663	2,865
Cost of condominium sales		0	0	0	0
Loss (gain) on disposition of property		67	0	67	113
Total operating expenses (income)		26,706	25,566	52,893	52,248
Loss (income) from operations		(1,248)	4,779	(3,061)	6,654
OTHER INCOME (EXPENSE):
Interest income		21	8	39	18
Interest expense		(218)	(222)	(437)	(443)
Other income - net		0	0	0	0
Total other (expense) income		(197)	(214)	(398)	(425)
Income (loss) before taxes		(1,445)	4,565	(3,459)	6,229
Total assets		68,435	79,672	68,435	79,672
Other Segments [Member]
REVENUE:
Academic revenue		0	0	0	0
Auxiliary revenue		0	0	0	0
Rental income - apartments		281	293	556	593
Condominium sales		0	0	0	447
Total revenue		281	293	556	1,040
OPERATING EXPENSES:
Cost of educational services		0	0	0	0
Selling, general & administrative		395	374	773	883
Auxiliary expense		0	0	0	0
Cost of condominium sales		0	0	0	368
Loss (gain) on disposition of property		(4)	0	(4)	(1,791)
Total operating expenses (income)		391	374	769	(540)
Loss (income) from operations		(110)	(81)	(213)	1,580
OTHER INCOME (EXPENSE):
Interest income		4	4	5	93
Interest expense		0	0	0	(8)
Other income - net		46	42	88	100
Total other (expense) income		50	46	93	185
Income (loss) before taxes		(60)	(35)	(120)	1,765
Total assets		$ 8,760	$ 10,625	$ 8,760	$ 10,625

12. SUBSEQUENT EVENTS (Details

12. SUBSEQUENT EVENTS (Details Narrative) - $ / shares	1 Months Ended	3 Months Ended	4 Months Ended	5 Months Ended	6 Months Ended
	Dec. 31, 2015	Nov. 30, 2015	Nov. 30, 2015	Dec. 31, 2015	Nov. 30, 2015
Subsequent Events Details Narrative
Shares repurchased	198,931	121,062	151,069	350,000	151,069
Shares repurchased price				$ 2.45