National American University (NAUH) 10-Q 7 Apr 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Feb. 28, 2017	Apr. 04, 2017
Document And Entity Information [Abstract]
Entity Registrant Name	National American University Holdings, Inc.
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Feb. 28, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
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		24,224,924

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEET - USD ($) $ in Thousands	Feb. 28, 2017	May 31, 2016
CURRENT ASSETS:
Cash and cash equivalents	$ 9,591	$ 21,713
Available for sale investments	6,184	4,117
Student receivables — net of allowance of $1,184 and $723 at February 28, 2017 and May 31, 2016, respectively	3,336	3,011
Other receivables	801	375
Income taxes receivable	2,684	2,780
Prepaid and other current assets	2,601	2,078
Total current assets	25,197	34,074
Total property and equipment - net	31,744	31,273
OTHER ASSETS:
Condominium inventory	621	621
Land held for future development	229	312
Course development — net of accumulated amortization of $3,254 and $3,051 at February 28, 2017 and May 31, 2016, respectively	1,086	817
Deferred income taxes	0	431
Other	745	998
Total other assets	2,681	3,179
TOTAL	59,622	68,526
CURRENT LIABILITIES:
Current portion of capital lease payable	319	285
Accounts payable	2,580	2,913
Dividends payable	1,093	1,090
Income taxes payable	92	110
Deferred income	1,590	1,649
Accrued and other liabilities	5,673	5,861
Total current liabilities	11,347	11,908
DEFERRED INCOME TAXES	943	0
OTHER LONG-TERM LIABILITIES	4,081	4,686
CAPITAL LEASE PAYABLE, NET OF CURRENT PORTION	11,324	11,567
STOCKHOLDERS' EQUITY:
Common stock, $0.0001 par value (50,000,000 authorized; 28,557,968 issued and 24,224,924 outstanding as of February 28, 2017; 28,472,129 issued and 24,140,972 outstanding as of May 31, 2016)	3	3
Additional paid-in capital	59,036	58,893
Retained earnings	(4,602)	4,012
Treasury stock, at cost (4,333,044 shares at February 28, 2017 and 4,331,157 shares at May 31, 2016)	(22,481)	(22,477)
Accumulated other comprehensive loss, net of taxes - unrealized loss on available for sale securities	(4)	(2)
Total National American University Holdings, Inc. stockholders' equity	31,952	40,429
Non-controlling interest	(25)	(64)
Total stockholders' equity	31,927	40,365
TOTAL	$ 59,622	$ 68,526

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($) $ in Thousands	Feb. 28, 2017	May 31, 2016
Statement of Financial Position [Abstract]
Allowance for student receivables	$ 1,184	$ 723
Accumulated amortization of course development	$ 3,254	$ 3,051
Common stock, par value	$ 0.0001	$ .0001
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	28,557,968	28,472,129
Common stock, shares outstanding	24,224,924	24,140,972
Treasury stock, shares	4,333,044	4,331,157

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Feb. 28, 2017	Feb. 29, 2016	Feb. 28, 2017	Feb. 29, 2016
REVENUE:
Academic revenue	$ 20,158	$ 21,130	$ 59,872	$ 67,381
Auxiliary revenue	891	1,273	3,699	4,854
Rental income - apartments	282	275	873	831
Total revenue	21,331	22,678	64,444	73,066
OPERATING EXPENSES:
Cost of educational services	7,629	6,252	20,594	19,380
Selling, general and administrative	15,321	17,672	47,228	55,480
Auxiliary expense	591	927	2,694	3,590
Loss on disposition of property and equipment	2	671	8	734
Total operating expenses	23,543	25,522	70,524	79,184
OPERATING LOSS	(2,212)	(2,844)	(6,080)	(6,118)
OTHER INCOME (EXPENSE):
Interest income	28	18	77	62
Interest expense	(211)	(217)	(639)	(654)
Other income - net	14	45	83	133
Total other expense	(169)	(154)	(479)	(459)
LOSS BEFORE INCOME TAXES	(2,381)	(2,998)	(6,559)	(6,577)
INCOME TAX BENEFIT (PROVISION)	(143)	1,123	1,254	2,234
NET LOSS	(2,524)	(1,875)	(5,305)	(4,343)
NET INCOME ATTRIBUTABLE TO NON-CONTROLLING INTEREST	(12)	(16)	(39)	(35)
NET LOSS ATTRIBUTABLE TO NATIONAL AMERICAN UNIVERSITY HOLDINGS, INC. AND SUBSIDIARIES	(2,536)	(1,891)	(5,344)	(4,378)
OTHER COMPREHENSIVE (LOSS) GAIN — Unrealized (losses) gains on investments, net of tax	3	0	(2)	(3)
COMPREHENSIVE LOSS ATTRIBUTABLE TO NATIONAL AMERICAN UNIVERSITY HOLDINGS, INC.	$ (2,533)	$ (1,891)	$ (5,346)	$ (4,381)
Basic net (loss) earnings per share attributable to National American University Holdings, Inc.	$ (0.10)	$ (0.08)	$ (0.22)	$ (0.18)
Diluted net (loss) earnings per share attributable to National American University Holdings, Inc.	$ (0.10)	$ (0.08)	$ (0.22)	$ (0.18)
Basic weighted average shares outstanding	24,177,979	24,152,228	24,146,643	24,836,759
Diluted weighted average shares outstanding	24,177,979	24,152,228	24,146,643	24,836,759

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, 2015	$ 3	$ 58,336	$ 13,751	$ (19,455)	$ (1)	$ (108)	$ 52,526
Purchase of shares common stock for the treasury				(2,961)			(2,961)
Stock based compensation expense		429					429
Dividends declared			(3,305)				(3,305)
Net (loss) income			(4,378)			35	(4,343)
Other comprehensive loss, net of tax					(3)		(3)
Ending Balance at Feb. 29, 2016	3	58,765	6,068	(22,416)	(4)	(73)	42,343
Beginning Balance at May. 31, 2016	3	58,893	4,012	(22,477)	(2)	(64)	40,365
Purchase of shares common stock for the treasury				(4)			(4)
Stock based compensation expense		143					143
Dividends declared			(3,270)				(3,270)
Net (loss) income			(5,344)			39	(5,305)
Other comprehensive loss, net of tax					(2)		(2)
Ending Balance at Feb. 28, 2017	$ 3	$ 59,036	$ (4,602)	$ (22,481)	$ (4)	$ (25)	$ 31,927

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	9 Months Ended
	Feb. 28, 2017	Feb. 29, 2016
Statement of Stockholders' Equity [Abstract]
Number of common shares for treasury	1,887	1,224,793
Dividends declared, per share	$ 0.045	$ 0.045

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Feb. 28, 2017	Feb. 29, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income	$ (5,305)	$ (4,343)
Adjustments to reconcile net (loss) income to net cash flows provided by operating activities:
Depreciation and amortization	3,857	4,242
Loss on disposition of property and equipment	8	734
Provision for uncollectable tuition	2,822	4,332
Noncash compensation expense	143	429
Deferred income taxes	1,374	(35)
Changes in assets and liabilities:
Student and other receivables	(3,573)	7,630
Prepaid and other current assets	(523)	(195)
Condominium inventory	0	(236)
Other assets	211	123
Income tax receivable/payable	78	(3,716)
Accounts payable	(553)	(20)
Deferred income	(59)	382
Accrued and other liabilities	(193)	(2,279)
Other long-term liabilities	(605)	(452)
Net cash flows (used in) provided by operating activities	(2,318)	6,596
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of available for sale investments	(5,985)	(3,897)
Proceeds from sale of available for sale investments	3,916	3,881
Purchases of property and equipment	(3,834)	(768)
Proceeds from sale of property and equipment	0	75
Course development	(472)	(149)
Payments received on contract for deed	5	5
Other	46	13
Net cash flows (used in) provided by investing activities	(6,324)	(840)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of capital lease payable	(209)	(179)
Purchase of treasury stock	(4)	(2,961)
Dividends paid	(3,267)	(3,352)
Net cash flows used in financing activities	(3,480)	(6,492)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(12,122)	(736)
CASH AND CASH EQUIVALENTS - Beginning of year	21,713	23,300
CASH AND CASH EQUIVALENTS - End of period	9,591	22,564
SUPPLEMENTAL DISCLOSURE OF CASH FLOW AND NON-CASH INFORMATION:
Cash (received) paid for income taxes	(2,706)	1,517
Cash paid for interest	641	661
Property and equipment purchases included in accounts payable	283	0
Dividends declared and unpaid	$ 1,093	$ 1,092

1. STATEMENT PRESENTATION AND B

1. STATEMENT PRESENTATION AND BASIS OF CONSOLIDATION	9 Months Ended
	Feb. 28, 2017
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, 2016 was derived from the audited consolidated financial statements of the Company for the year then ended. Accordingly, these financial statements should be read in conjunction with the Company’s annual financial statements which were included in the Company’s Annual Report on Form 10-K for the year ended May 31, 2016, filed on August 5, 2016, as amended on September 13, 2016 and March 6, 2017. Furthermore, the results of operations and cash flows for the nine month periods ended February 28, 2017 and February 29, 2016 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 and Fairway Hills. 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.

2. NATURE OF OPERATIONS

2. NATURE OF OPERATIONS	9 Months Ended
	Feb. 28, 2017
Accounting Policies [Abstract]
NATURE OF OPERATIONS	The Company 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 owns and operates Fairway Hills. Fairway Hills 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	9 Months Ended
	Feb. 28, 2017
Accounting Changes and Error Corrections [Abstract]
RECENTLY ADOPTED AND NEW ACCOUNTING PRONOUNCEMENTS	In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) No. 2014-09, Revenue from Contracts with Customers (Topic 606), 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: identify the contract with the customer, identify the performance obligations in the contract, determine the transaction price, allocate the transaction price to the performance obligations in the contract, and 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 will be effective for the Company’s fiscal year 2019 in the first quarter ending August 31, 2018. The Company is currently evaluating and has not yet determined the impact implementation will have on the Company’s consolidated financial statements. In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, that explicitly requires management to assess an entity’s ability to continue as a going concern, and to provide related footnote disclosures in certain circumstances. This standard was effective for the Company’s fiscal year 2017 in the first quarter ended August 31, 2016. The implementation of this standard did not have a significant impact on the Company’s condensed consolidated financial statements. In February 2015, the FASB issued ASU No. 2015-02, Amendments to the Consolidation Analysis, which requires reevaluation of all legal entities under a revised consolidation model. The standard specifically affects limited partnerships and similar legal entities, the evaluation of fees paid to a decision maker or a service provider as a variable interest, the effect of fee arrangements and related parties on the primary beneficiary determination, and certain investment funds. This standard was effective for the Company’s fiscal year 2017 in the first quarter ended August 31, 2016. The Company reassessed its relationship with Fairway Hills Section III Partnership and made no change to the resulting variable interest entity determination. In November 2015, The FASB issued ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes, which no longer requires an entity to separate deferred income tax liabilities and assets into current and noncurrent amounts in a classified statement of financial position. Instead, deferred tax liabilities and assets will be classified as noncurrent. Under this amendment, deferred tax liabilities and assets would be offset and presented as a single amount. For public business entities, this update is effective for financial statements issued for annual periods beginning after December 15, 2016, and for interim periods within those annual periods. Early adoption of the amendments is permitted and may be applied prospectively or retrospectively. The Company has elected early adoption and implemented the accounting update for the Company’s fiscal year 2017 in the first quarter ending August 31, 2016. The retrospective change resulted in reclassifying $2,621 of current deferred tax assets and $(2,190) of long-term deferred tax liabilities to a net $431 deferred tax asset for the year ended May 31, 2016. In January 2016, the FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities, which addresses written aspects of recognition, measurement, presentation and disclosure of financial instruments. This standard will be effective for the Company’s fiscal year 2019 in the first quarter ending August 31, 2018. The Company is currently evaluating and has not yet determined the impact implementation will have on the Company’s consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which supersedes FASB ASC Topic 840, Leases 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 a financed 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 in the first quarter ending August 31, 2019. The Company is currently evaluating and has not yet determined the impact implementation will have on the Company’s consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting, 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 maximum statutory tax rates in the applicable jurisdictions; and (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 will be effective for the Company’s fiscal year 2018, in the first quarter ending August 31, 2017. The Company is currently evaluating and has not yet determined the impact implementation will have on the Company’s consolidated financial statements.

4. CONSTRUCTION IN PROGRESS

4. CONSTRUCTION IN PROGRESS	9 Months Ended
	Feb. 28, 2017
Contractors [Abstract]
CONSTRUCTION IN PROGRESS	In June and July 2016, Dlorah, Inc. entered into construction contracts totaling approximately $4.7 million on a 24-unit apartment building and a new administrative building. Construction will be funded through operations and is expected to be complete in June 2017. Total construction in progress included in property and equipment on the condensed consolidated balance sheet at February 28, 2017 is approximately $3.4 million.

5. STOCKHOLDERS' EQUITY

5. STOCKHOLDERS' EQUITY	9 Months Ended
	Feb. 28, 2017
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, 24,224,924 and 24,140,972 shares of common stock were outstanding as of February 28, 2017 and May 31, 2016, respectively. No shares of preferred stock or class A common stock were outstanding at February 28, 2017 and May 31, 2016, respectively. 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 February 28, 2017, 347,059 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 February 28, 2017, 468,750 shares of common stock remain available for issuance under the 2013 Plan. In addition, the Company settled a portion of the compensation of certain employees in stock, which totaled $0 and $71 for the three and nine months ended February 28, 2017. These issuances reduce the shares available for future grants under the plans. Restricted stock During the nine months ended February 28, 2017, the Company awarded 46,945 restricted stock awards with time based vesting at a grant date fair value of $1.96 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 condensed consolidated statements of operations and comprehensive income associated with restricted stock awards totaled $23 and $68 respectively, for the three and nine month periods ended February 28, 2017. At February 28, 2017, the unamortized compensation cost of these restricted stock awards totaled $59. The unamortized cost is expected to be recognized over a weighted-average period of 0.6 years as of February 28, 2017. A summary of restricted share awards activity as of February 28, 2017 and the changes during the nine months then ended is presented below: Weighted Average Grant Date Restricted Shares Shares Fair Value Non-vested shares at May 31, 2016 40,485 $ 2.47 Granted 46,945 1.96 Vested (40,485 ) 2.47 Forfeited 0 0 Non-vested shares at February 28, 2017 46,945 $ 1.96 Performance-based restricted stock units During the quarter ended August 31, 2016, the Company issued 281,250 performance based restricted stock units (“RSUs”) with a weighted average grant date fair value of $1.93 per share. All RSUs issued remain outstanding at February 28, 2017. Up to 100% of the RSUs issued will vest on October 20, 2017, based on the annual operating income attained during the 2017 fiscal year. Stock compensation expense totaling $36 was recorded during the three months ended August 31, 2016 was reversed in the condensed consolidated statements of operations and comprehensive income during the quarter ended November 30, 2016. For the nine months ended February 28, 2017, no expense is recorded in the condensed consolidated statements of operations and comprehensive income as the Company currently believes the required annual operating income will not be attained. Stock options During the three months ended November 30, 2016, the Company granted stock options to purchase 12,500 shares of stock at an exercise price of $1.96 per share. 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 nine months ended February 28, 2017 Expected volatility 50.65 % Weighted average risk free interest rate 1.37 % Weighted average risk free interest rate range 1.37 % Weighted average expected dividend 8.60 % Weighted average expected dividend range 8.60 % Weighted average fair value $ 0.41 A summary of option activity under the Plan as of February 28, 2017 and changes during the nine 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, 2016 192,350 $ 4.11 8.4 $ 0 Granted 12,500 1.96 Exercised 0 0 Forfeited or canceled (14,000 ) 5.80 Outstanding at February 28, 2017 190,850 $ 3.85 7.8 $ 8 Exercisable at February 28, 2017 184,600 $ 3.91 7.8 $ 4 The Company recorded compensation expense for the stock options of $1 and $4 for the three and nine month periods ended February 28, 2017, in the condensed consolidated statements of operations and comprehensive income. As of February 28, 2017, there was $1 of unrecognized compensation cost related to unvested stock option based compensation arrangements under the Plan to be amortized over 0.3 years. Dividends The following table presents details of the Company’s fiscal 2017 and 2016 dividend payments: Date declared Record date Payment date Per share 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 January 15, 2016 $ 0.0450 January 23, 2016 March 31, 2016 April 8, 2016 $ 0.0450 April 4, 2016 June 30, 2016 July 8, 2016 $ 0.0450 August 8, 2016 September 30, 2016 October 7, 2016 $ 0.0450 October 3, 2016 December 30, 2016 January 13, 2017 $ 0.0450 January 28, 2017 March 31, 2017 (est) April 7, 2017 $ 0.0450

6. INCOME TAXES

6. INCOME TAXES	9 Months Ended
	Feb. 28, 2017
Income Taxes
INCOME TAXES	During the quarter ended February 28, 2017, the Company determined that it is more likely than not that it will not realize its deferred tax asset. As such, a valuation allowance totaling $1,035 was recorded at February 28, 2017 which was included in deferred income taxes liability in the accompanying condensed consolidated balance sheet. A primary factor in the assessment of this non-cash charge is that the Company is in a cumulative loss position over the three-year period ended February 28, 2017. The Company’s effective tax rate was 19.1% for the nine months ended February 28, 2017 as compared to 34.0% for the corresponding period in 2016. The effective rate varies from the statutory rate primarily due to the deferred tax asset valuation allowance. In addition, there is a fluctuation in state income taxes as a result of the Company’s net loss position, as well as nondeductible meals.

7. EARNINGS PER SHARE

7. EARNINGS PER SHARE	9 Months Ended
	Feb. 28, 2017
Earnings Per Share [Abstract]
EARNINGS PER SHARE	Basic earnings per share (“EPS”) is computed by dividing net income attributable to National American University Holdings, Inc. 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: Nine Months Ended Three Months Ended February 28, 2017 February 29, 2016 February 28, 2017 February 29, 2016 Numerator: Net loss attributable to National American University Holdings, Inc. (5,344 ) $ (4,378 ) (2,536 ) $ (1,891 ) Denominator: Weighted average shares outstanding used to compute basic net income per common share 24,146,643 24,836,759 24,177,979 24,152,228 Incremental shares issuable upon the assumed exercise of stock options - - - - Incremental shares issuable upon the assumed vesting of restricted shares - - - - Common shares used to compute diluted net income per share 24,146,643 24,836,759 24,177,979 24,152,228 Basic net loss per common share $ (0.22 ) $ (0.18 ) $ (0.10 ) $ (0.08 ) Diluted net loss per common share $ (0.22 ) $ (0.18 ) $ (0.10 ) $ (0.08 ) A total of 190,850 and 193,350 shares of common stock subject to issuance upon exercise of stock options for the three and nine months ended February 28, 2017 and February 28, 2016, respectively, have been excluded from the calculation of diluted EPS as the effect would have been anti-dilutive. A total of 328,195 and 82,640 shares of common stock subject to vesting of restricted shares for the three and nine months ended February 28, 2017 and February 29, 2016, respectively, have been excluded from the calculation of diluted EPS as the effect would have been anti-dilutive.

8. COMMITMENTS AND CONTINGENCIE

8. COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Feb. 28, 2017
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	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.

9. FAIR VALUE MEASUREMENTS

9. FAIR VALUE MEASUREMENTS	9 Months Ended
	Feb. 28, 2017
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 February 28, 2017 Investments: Certificates of deposit $ - $ 3,191 $ - $ 3,191 US treasury bills and notes 2,993 - - 2,993 Money market accounts included in cash equivalents 991 - - 991 Total assets at fair value $ 3,984 $ 3,191 $ - $ 7,175 May 31, 2016 Investments: Certificates of deposit $ - $ 4,117 $ - $ 4,117 Money market accounts included in cash equivalents 38 - - 38 Total assets at fair value $ 38 $ 4,117 $ - $ 4,155 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: Investments which have closing prices readily available from an active market are used as being representative of fair value. The Company classifies these investments as level 1. Market prices for certain CD’s are obtained from quoted prices for similar assets. The Company classifies these investments as level 2. U.S. treasury bills and notes: U.S. treasury bills and notes are traded with sufficient frequency and volume to enable us to obtain pricing information on a consistent basis. As such, the Company classifies these investments as level 1. Fair value of financial instruments: The Company’s financial instruments include cash and cash equivalents, CD’s and money market accounts, US treasury bills and notes, receivables, payables, and capital lease payables. The carrying values approximated fair values for cash and cash equivalents, receivables, and payables because of the short term nature of these instruments. CD’s, money market accounts and U.S. treasury bills and notes are recorded at fair values as indicated in the preceding disclosures. The estimated fair value of the capital lease obligations is $11,643 and $11,852 at February 28, 2017 and May 31, 2016, respectively, which approximates book value.

10. SEGMENT REPORTING

10. SEGMENT REPORTING	9 Months Ended
	Feb. 28, 2017
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. The Company considers each campus location to be an operating segment, and they are aggregated into the NAU segment for financial reporting purposes. 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: Nine months ended February 28, 2017 Nine months ended February 29, 2016 Consolidated Consolidated NAU Other Total NAU Other Total Revenue: Academic revenue $ 59,872 $ - $ 59,872 $ 67,381 $ - $ 67,381 Auxiliary revenue 3,699 - 3,699 4,854 - 4,854 Rental income — apartments - 873 873 - 831 831 Total revenue 63,571 873 64,444 72,235 831 73,066 Operating expenses: Cost of educational services 20,594 - 20,594 19,380 - 19,380 Selling, general and administrative 46,155 1,073 47,228 54,404 1,076 55,480 Auxiliary expense 2,694 - 2,694 3,590 - 3,590 Loss (gain) on disposition of property 8 - 8 809 (75 ) 734 Total operating expenses 69,451 1,073 70,524 78,183 1,001 79,184 Loss from operations (5,880 ) (200 ) (6,080 ) (5,948 ) (170 ) (6,118 ) Other income (expense): Interest income 56 21 77 57 5 62 Interest expense (639 ) - (639 ) (654 ) - (654 ) Other (expense) income - net (60 ) 143 83 - 133 133 Total other (expense) income (643 ) 164 (479 ) (597 ) 138 (459 ) Loss before income taxes $ (6,523 ) $ (36 ) $ (6,559 ) $ (6,545 ) $ (32 ) $ (6,577 ) As of February 28, 2017 As of February 29, 2016 Consolidated Consolidated NAU Other Total NAU Other Total Total assets $ 46,978 $ 12,644 $ 59,622 $ 64,594 $ 9,165 $ 73,759 Three months ended February 28, 2017 Three months ended February 29, 2016 Consolidated Consolidated NAU Other Total NAU Other Total Revenue: Academic revenue $ 20,158 $ - $ 20,158 $ 21,130 $ - $ 21,130 Auxiliary revenue 891 - 891 1,273 - 1,273 Rental income — apartments - 282 282 - 275 275 Total revenue 21,049 282 21,331 22,403 275 22,678 Operating expenses: Cost of educational services 7,629 - 7,629 6,252 - 6,252 Selling, general and administrative 14,980 341 15,321 17,369 303 17,672 Auxiliary expense 591 - 591 927 - 927 Loss (gain) on disposition of property 2 - 2 742 (71 ) 671 Total operating expenses 23,202 341 23,543 25,290 232 25,522 Loss from operations (2,153 ) (59 ) (2,212 ) (2,887 ) 43 (2,844 ) Other income (expense): Interest income 20 8 28 18 - 18 Interest expense (211 ) - (211 ) (217 ) - (217 ) Other (expense) income - net (35 ) 49 14 - 45 45 Total other (expense) income (226 ) 57 (169 ) (199 ) 45 (154 ) Loss before income taxes $ (2,379 ) $ (2 ) $ (2,381 ) $ (3,086 ) $ 88 $ (2,998 )

11. SUBSEQUENT EVENTS

11. SUBSEQUENT EVENTS	9 Months Ended
	Feb. 28, 2017
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	We evaluated subsequent events after the balance sheet date through the date the condensed consolidated financial statements were available to be issued. We did not identify any additional material events or transactions occurring during this subsequent event reporting period that required further recognition or disclosure in these condensed consolidated financial statements.

5. STOCKHOLDERS' EQUITY (Tables

5. STOCKHOLDERS' EQUITY (Tables)	9 Months Ended
	Feb. 28, 2017
Equity [Abstract]
Summary of Restricted Shares Activity	Weighted Average Grant Date Restricted Shares Shares Fair Value Non-vested shares at May 31, 2016 40,485 $ 2.47 Granted 46,945 1.96 Vested (40,485 ) 2.47 Forfeited 0 0 Non-vested shares at February 28, 2017 46,945 $ 1.96
Summary of Stock Options Assumptions	Assumptions used: For the three and nine months ended February 28, 2017 Expected volatility 50.65 % Weighted average risk free interest rate 1.37 % Weighted average risk free interest rate range 1.37 % Weighted average expected dividend 8.60 % Weighted average expected dividend range 8.60 % Weighted average fair value $ 0.41
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, 2016 192,350 $ 4.11 8.4 $ 0 Granted 12,500 1.96 Exercised 0 0 Forfeited or canceled (14,000 ) 5.80 Outstanding at February 28, 2017 190,850 $ 3.85 7.8 $ 8 Exercisable at February 28, 2017 184,600 $ 3.91 7.8 $ 4
Summary of Dividend Payments	Date declared Record date Payment date Per share 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 January 15, 2016 $ 0.0450 January 23, 2016 March 31, 2016 April 8, 2016 $ 0.0450 April 4, 2016 June 30, 2016 July 8, 2016 $ 0.0450 August 8, 2016 September 30, 2016 October 7, 2016 $ 0.0450 October 3, 2016 December 30, 2016 January 13, 2017 $ 0.0450 January 28, 2017 March 31, 2017 (est) April 7, 2017 $ 0.0450

7. EARNINGS PER SHARE (Tables)

7. EARNINGS PER SHARE (Tables)	9 Months Ended
	Feb. 28, 2017
Earnings Per Share [Abstract]
Reconciliation of Numerator and Denominator for Basic and Diluted EPS Computations	Nine Months Ended Three Months Ended February 28, 2017 February 29, 2016 February 28, 2017 February 29, 2016 Numerator: Net loss attributable to National American University Holdings, Inc. (5,344 ) $ (4,378 ) (2,536 ) $ (1,891 ) Denominator: Weighted average shares outstanding used to compute basic net income per common share 24,146,643 24,836,759 24,177,979 24,152,228 Incremental shares issuable upon the assumed exercise of stock options - - - - Incremental shares issuable upon the assumed vesting of restricted shares - - - - Common shares used to compute diluted net income per share 24,146,643 24,836,759 24,177,979 24,152,228 Basic net loss per common share $ (0.22 ) $ (0.18 ) $ (0.10 ) $ (0.08 ) Diluted net loss per common share $ (0.22 ) $ (0.18 ) $ (0.10 ) $ (0.08 )

9. FAIR VALUE MEASUREMENTS (Tab

9. FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Feb. 28, 2017
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 February 28, 2017 Investments: Certificates of deposit $ - $ 3,191 $ - $ 3,191 US treasury bills and notes 2,993 - - 2,993 Money market accounts included in cash equivalents 991 - - 991 Total assets at fair value $ 3,984 $ 3,191 $ - $ 7,175 May 31, 2016 Investments: Certificates of deposit $ - $ 4,117 $ - $ 4,117 Money market accounts included in cash equivalents 38 - - 38 Total assets at fair value $ 38 $ 4,117 $ - $ 4,155

10. SEGMENT REPORTING (Tables)

10. SEGMENT REPORTING (Tables)	9 Months Ended
	Feb. 28, 2017
Segment Reporting [Abstract]
Financial Information of Reportable Segment	Nine months ended February 28, 2017 Nine months ended February 29, 2016 Consolidated Consolidated NAU Other Total NAU Other Total Revenue: Academic revenue $ 59,872 $ - $ 59,872 $ 67,381 $ - $ 67,381 Auxiliary revenue 3,699 - 3,699 4,854 - 4,854 Rental income — apartments - 873 873 - 831 831 Total revenue 63,571 873 64,444 72,235 831 73,066 Operating expenses: Cost of educational services 20,594 - 20,594 19,380 - 19,380 Selling, general and administrative 46,155 1,073 47,228 54,404 1,076 55,480 Auxiliary expense 2,694 - 2,694 3,590 - 3,590 Loss (gain) on disposition of property 8 - 8 809 (75 ) 734 Total operating expenses 69,451 1,073 70,524 78,183 1,001 79,184 Loss from operations (5,880 ) (200 ) (6,080 ) (5,948 ) (170 ) (6,118 ) Other income (expense): Interest income 56 21 77 57 5 62 Interest expense (639 ) - (639 ) (654 ) - (654 ) Other (expense) income - net (60 ) 143 83 - 133 133 Total other (expense) income (643 ) 164 (479 ) (597 ) 138 (459 ) Loss before income taxes $ (6,523 ) $ (36 ) $ (6,559 ) $ (6,545 ) $ (32 ) $ (6,577 ) As of February 28, 2017 As of February 29, 2016 Consolidated Consolidated NAU Other Total NAU Other Total Total assets $ 46,978 $ 12,644 $ 59,622 $ 64,594 $ 9,165 $ 73,759 Three months ended February 28, 2017 Three months ended February 29, 2016 Consolidated Consolidated NAU Other Total NAU Other Total Revenue: Academic revenue $ 20,158 $ - $ 20,158 $ 21,130 $ - $ 21,130 Auxiliary revenue 891 - 891 1,273 - 1,273 Rental income — apartments - 282 282 - 275 275 Total revenue 21,049 282 21,331 22,403 275 22,678 Operating expenses: Cost of educational services 7,629 - 7,629 6,252 - 6,252 Selling, general and administrative 14,980 341 15,321 17,369 303 17,672 Auxiliary expense 591 - 591 927 - 927 Loss (gain) on disposition of property 2 - 2 742 (71 ) 671 Total operating expenses 23,202 341 23,543 25,290 232 25,522 Loss from operations (2,153 ) (59 ) (2,212 ) (2,887 ) 43 (2,844 ) Other income (expense): Interest income 20 8 28 18 - 18 Interest expense (211 ) - (211 ) (217 ) - (217 ) Other (expense) income - net (35 ) 49 14 - 45 45 Total other (expense) income (226 ) 57 (169 ) (199 ) 45 (154 ) Loss before income taxes $ (2,379 ) $ (2 ) $ (2,381 ) $ (3,086 ) $ 88 $ (2,998 )

4. CONSTRUCTION IN PROGRESS (De

4. CONSTRUCTION IN PROGRESS (Details Narrative) $ in Thousands	9 Months Ended
	Feb. 28, 2017USD ($)
Construction In Progress Details Narrative
Construction contracts, value	$ 4,700
Construction contracts, units	24
Construction in progress	$ 3,400

5. STOCKHOLDERS EQUITY - Summar

5. STOCKHOLDERS EQUITY - Summary of Restricted Shares (Details) - Restricted Stock [Member]	9 Months Ended
	Feb. 28, 2017$ / sharesshares
Number of restricted shares
Outstanding, beginning | shares	40,485
Granted | shares	46,945
Vested | shares	(40,485)
Forfeited | shares	0
Outstanding, ending | shares	46,945
Weighted average grant date fair value
Outstanding, beginning | $ / shares	$ 2.47
Granted | $ / shares	1.96
Vested | $ / shares	2.47
Forfeited | $ / shares	0
Outstanding, ending | $ / shares	$ 1.96

5. STOCKHOLDERS EQUITY - Stock

5. STOCKHOLDERS EQUITY - Stock Option Assumptions (Details)	9 Months Ended
	Feb. 28, 2017$ / shares
Stockholders Equity - Stock Option Assumptions Details
Expected volatility	50.65%
Weighted average risk free interest rate	1.37%
Weighted average risk free interest rate range, minimum	1.37%
Weighted average risk free interest rate range, maximum	1.37%
Weighted average expected dividend	8.60%
Weighted average expected dividend range, minimum	8.60%
Weighted average expected dividend range, maximum	8.60%
Weighted average fair value	$ 0.41

5. STOCKHOLDERS EQUITY - Summ26

5. STOCKHOLDERS EQUITY - Summary of Option Activity (Details) $ / shares in Units, $ in Thousands	9 Months Ended
	Feb. 28, 2017USD ($)$ / sharesshares
Number of options
Outstanding, beginning | shares	192,350
Granted | shares	12,500
Exercised | shares	0
Forfeited or canceled | shares	(14,000)
Outstanding, ending | shares	190,850
Exercisable | shares	184,600
Weighted average exercise price
Outstanding, beginning | $ / shares	$ 4.11
Granted | $ / shares	1.96
Exercised | $ / shares	0
Forfeited or canceled | $ / shares	5.80
Outstanding, ending | $ / shares	3.85
Exercisable | $ / shares	$ 3.91
Weighted average remaining contractual term
Outstanding, beginning	8 years 4 months 24 days
Outstanding, ending	7 years 9 months 18 days
Exercisable	7 years 9 months 18 days
Approximate aggregate intrinsic value
Outstanding, beginning | $	$ 0
Outstanding, ending | $	8
Exercisable | $	$ 4

5. STOCKHOLDERS EQUITY - Summ27

5. STOCKHOLDERS EQUITY - Summary of Dividend Payments (Details)	9 Months Ended
	Feb. 28, 2017$ / shares
Period 1 [Member]
Dividends Payable [Line Items]
Date declared	Apr. 13, 2015
Record date	Jun. 30, 2015
Payment date	Jul. 10, 2015
Per share	$ 0.045
Period 2 [Member]
Dividends Payable [Line Items]
Date declared	Aug. 10, 2015
Record date	Sep. 30, 2015
Payment date	Oct. 9, 2015
Per share	$ 0.045
Period 3 [Member]
Dividends Payable [Line Items]
Date declared	Oct. 5, 2015
Record date	Dec. 31, 2015
Payment date	Jan. 15, 2016
Per share	$ 0.045
Period 4 [Member]
Dividends Payable [Line Items]
Date declared	Jan. 23, 2016
Record date	Mar. 31, 2016
Payment date	Apr. 8, 2016
Per share	$ 0.045
Period 5 [Member]
Dividends Payable [Line Items]
Date declared	Apr. 4, 2016
Record date	Jun. 30, 2016
Payment date	Jul. 8, 2016
Per share	$ 0.045
Period 6 [Member]
Dividends Payable [Line Items]
Date declared	Aug. 8, 2016
Record date	Sep. 30, 2016
Payment date	Oct. 7, 2016
Per share	$ 0.045
Period 7 [Member]
Dividends Payable [Line Items]
Date declared	Oct. 3, 2016
Record date	Dec. 30, 2016
Payment date	Jan. 13, 2017
Per share	$ 0.045
Period 8 [Member]
Dividends Payable [Line Items]
Date declared	Jan. 28, 2017
Record date	Mar. 31, 2017
Payment date	Apr. 7, 2017	[1]
Per share	$ 0.045
[1]	(estimated)

5. STOCKHOLDERS EQUITY (Details

5. STOCKHOLDERS EQUITY (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended			9 Months Ended
	Feb. 28, 2017	Nov. 30, 2016	Aug. 31, 2016	Feb. 28, 2017	May 31, 2016
Total Authorized Capital Stock	51,100,000			51,100,000	51,100,000
Common Stock Authorized	50,000,000			50,000,000	50,000,000
Common Stock Par Value	$ 0.0001			$ 0.0001	$ .0001
Common stock, shares outstanding	24,224,924			24,224,924	24,140,972
Preferred Stock Authorized	1,000,000			1,000,000	1,000,000
Preferred Stock Par Value	$ .0001			$ .0001	$ 0.0001
Class A Common Stock [Member]
Common Stock Authorized	100,000			100,000	100,000
Common Stock Par Value	$ 0.0001			$ 0.0001	$ 0.0001
2009 Plan
Shares authorized for future grants under its stock-based compensation plans	1,300,000			1,300,000
Shares available for future grants under its stock-based compensation plans	347,059			347,059
2013 Plan
Shares authorized for future grants under its stock-based compensation plans	750,000			750,000
Shares available for future grants under its stock-based compensation plans	468,750			468,750
Cash-Based Compensation Settled in Stock [Member
Share based compensation	$ 0			$ 71
Restricted Stock [Member]
Share based compensation	$ 23			$ 68
Non-vested restricted stock shares				46,945
Non-vested restricted stock shares, weighted average grant date fair value	$ 1.96			$ 1.96
Unrecognized compensation expense	$ 59			$ 59
Non-vested restricted stock shares, remaining amortization life				7 months 6 days
Equity Option [Member]
Share based compensation	1			$ 4
Unrecognized compensation expense	$ 1			$ 1
Non-vested restricted stock shares, remaining amortization life	3 months 18 days
Stock options granted		12,500
Stock options vested upon issuance		50.00%
Stock options vesting at the end of the current fiscal year		50.00%
Stock options granted, weighted average exercise price		$ 1.96
Performance-Based RSU's [Member]
Share based compensation		$ (36)	$ 36
RSUs issued			281,250
RSUs, weighted average grant date fair value			$ 1.93

6. INCOME TAXES - Additional In

6. INCOME TAXES - Additional Information (Details Narrative) - USD ($)	9 Months Ended
	Feb. 28, 2017	Feb. 29, 2016
Income Taxes - Additional Information Details Narrative
Effective tax rate	19.10%	34.00%
Valuation allowance	$ 1,035

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		9 Months Ended
	Feb. 28, 2017	Feb. 29, 2016	Feb. 28, 2017	Feb. 29, 2016
Numerator:
Net (loss) income attributable to National American University Holdings, Inc.	$ (2,536)	$ (1,891)	$ (5,344)	$ (4,378)
Denominator:
Weighted average shares outstanding used to compute basic net income per common share	24,177,979	24,152,228	24,146,643	24,836,759
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	0	0	0
Common shares used to compute diluted net income per share	24,177,979	24,152,228	24,146,643	24,836,759
Basic net (loss) income per common share	$ (0.10)	$ (0.08)	$ (0.22)	$ (0.18)
Diluted net (loss) income per common share	$ (0.10)	$ (0.08)	$ (0.22)	$ (0.18)

7. EARNINGS PER SHARE - Additio

7. EARNINGS PER SHARE - Additional Information (Details Narrative) - shares	3 Months Ended		9 Months Ended
	Feb. 28, 2017	Feb. 29, 2016	Feb. 28, 2017	Feb. 29, 2016
Equity Option [Member]
Computation Of Earnings Per Share Line Items [Line Items]
Number of shares excluded from calculation of diluted EPS	190,850	193,350	190,850	193,350
Restricted Stock [Member]
Computation Of Earnings Per Share Line Items [Line Items]
Number of shares with potentially diluted impact	328,195	82,640	328,195	82,640

9. FAIR VALUE MEASUREMENTS - Su

9. FAIR VALUE MEASUREMENTS - Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands	Feb. 28, 2017	May 31, 2016
Investments
Total assets at fair value	$ 7,175	$ 4,155
Fair Value, Inputs, Level 1 [Member]
Investments
Total assets at fair value	3,984	38
Fair Value, Inputs, Level 2 [Member]
Investments
Total assets at fair value	3,191	4,117
Fair Value, Inputs, Level 3 [Member]
Investments
Total assets at fair value	0	0
Certificate of Deposit [Member]
Investments
Total assets at fair value	3,191	4,117
Certificate of Deposit [Member] | Fair Value, Inputs, Level 1 [Member]
Investments
Total assets at fair value	0	0
Certificate of Deposit [Member] | Fair Value, Inputs, Level 2 [Member]
Investments
Total assets at fair value	3,191	4,117
Certificate of Deposit [Member] | Fair Value, Inputs, Level 3 [Member]
Investments
Total assets at fair value	0	0
US Treasury Securities [Member]
Investments
Total assets at fair value	2,993
US Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Investments
Total assets at fair value	2,993
US Treasury Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Investments
Total assets at fair value	0
US Treasury Securities [Member] | Fair Value, Inputs, Level 3 [Member]
Investments
Total assets at fair value	0
Money Market Funds [Member]
Investments
Total assets at fair value	991	38
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member]
Investments
Total assets at fair value	991	38
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

9. FAIR VALUE MEASUREMENTS - Ad

9. FAIR VALUE MEASUREMENTS - Additional Information (Details Narrative) - USD ($) $ in Thousands	Feb. 28, 2017	May 31, 2016
Fair Value Measurements - Additional Information Details Narrative
Estimated fair value of capital lease obligations	$ 11,643	$ 11,852

10. SEGMENT REPORTING - Financi

10. SEGMENT REPORTING - Financial Information of Reportable Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Feb. 28, 2017	Feb. 29, 2016	Feb. 28, 2017	Feb. 29, 2016	May 31, 2016
REVENUE:
Academic revenue	$ 20,158	$ 21,130	$ 59,872	$ 67,381
Auxiliary revenue	891	1,273	3,699	4,854
Rental income - apartments	282	275	873	831
Total revenue	21,331	22,678	64,444	73,066
OPERATING EXPENSES:
Cost of educational services	7,629	6,252	20,594	19,380
Selling, general & administrative	15,321	17,672	47,228	55,480
Auxiliary expense	591	927	2,694	3,590
Loss (gain) on disposition of property and equipment	2	671	8	734
Total operating expenses (income)	23,543	25,522	70,524	79,184
Loss from operations	(2,212)	(2,844)	(6,080)	(6,118)
OTHER INCOME (EXPENSE):
Interest income	28	18	77	62
Interest expense	(211)	(217)	(639)	(654)
Other (expense) income - net	14	45	83	133
Total other (expense) income	(169)	(154)	(479)	(459)
(Loss) income before taxes	(2,381)	(2,998)	(6,559)	(6,577)
Total assets	59,622	73,759	59,622	73,759	$ 68,526
Nau [Member]
REVENUE:
Academic revenue	20,158	21,130	59,872	67,381
Auxiliary revenue	891	1,273	3,699	4,854
Rental income - apartments	0	0	0	0
Total revenue	21,049	22,403	63,571	72,235
OPERATING EXPENSES:
Cost of educational services	7,629	6,252	20,594	19,380
Selling, general & administrative	14,980	17,369	46,155	54,404
Auxiliary expense	591	927	2,694	3,590
Loss (gain) on disposition of property and equipment	2	742	8	809
Total operating expenses (income)	23,202	25,290	69,451	78,183
Loss from operations	(2,153)	(2,887)	(5,880)	(5,948)
OTHER INCOME (EXPENSE):
Interest income	20	18	56	57
Interest expense	(211)	(217)	(639)	(654)
Other (expense) income - net	(35)	0	(60)	0
Total other (expense) income	(226)	(199)	(643)	(597)
(Loss) income before taxes	(2,379)	(3,086)	(6,523)	(6,545)
Total assets	46,978	64,594	46,978	64,594
Other Segments [Member]
REVENUE:
Academic revenue	0	0	0	0
Auxiliary revenue	0	0	0	0
Rental income - apartments	282	275	873	831
Total revenue	282	275	873	831
OPERATING EXPENSES:
Cost of educational services	0	0	0	0
Selling, general & administrative	341	303	1,073	1,076
Auxiliary expense	0	0	0	0
Loss (gain) on disposition of property and equipment	0	(71)	0	(75)
Total operating expenses (income)	341	232	1,073	1,001
Loss from operations	(59)	43	(200)	(170)
OTHER INCOME (EXPENSE):
Interest income	8	0	21	5
Interest expense	0	0	0	0
Other (expense) income - net	49	45	143	133
Total other (expense) income	57	45	164	138
(Loss) income before taxes	(2)	88	(36)	(32)
Total assets	$ 12,644	$ 9,165	$ 12,644	$ 9,165

10. SEGMENT REPORTING - Additio

10. SEGMENT REPORTING - Additional Information (Details)	9 Months Ended
	Feb. 28, 2017Units
Segment Reporting [Abstract]
Number of reportable segments	2