National American University (NAUH) 10-K 14 Sep 18 2018 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Thousands	12 Months Ended
	May 31, 2018	Jul. 31, 2018	Nov. 30, 2017
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	May 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	FY
Trading Symbol	NAUH
Entity Registrant Name	National American University Holdings, Inc.
Entity Central Index Key	1,399,855
Current Fiscal Year End Date	--05-31
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		24,348,425
Entity Public Float			$ 16,100,000

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	May 31, 2018	May 31, 2017
CURRENT ASSETS:
Cash and cash equivalents	$ 5,324	$ 11,974
Available for sale investments	0	4,183
Student receivables — net of allowance of $587 and $1,195 at May 31, 2018 and May 31, 2017, respectively	2,893	2,895
Other receivables	563	458
Income taxes receivable	105	2,301
Prepaid and other current assets	1,552	1,649
Total current assets	10,437	23,460
Total property and equipment - net	25,228	31,318
OTHER ASSETS:
Restricted certificates of deposit	9,250	0
Condominium inventory	512	621
Land held for future development	414	229
Course development — net of accumulated amortization of $3,577 and $3,322 at May 31, 2018 and May 31, 2017, respectively	1,841	1,111
Goodwill	363	0
Other intangibles, net of accumulated amortization of $22 and $0 at May 31, 2018 and May 31, 2017, respectively	207	0
Other	555	853
Total other assets	13,142	2,814
TOTAL	48,807	57,592
CURRENT LIABILITIES:
Current portion of capital lease payable	380	331
Current portion of long-term debt	800	0
Accounts payable	1,991	3,076
Dividends payable	0	1,094
Income taxes payable	70	113
Deferred income	3,758	1,691
Accrued and other liabilities	4,090	5,906
Total current liabilities	11,089	12,211
DEFERRED INCOME TAXES	0	194
OTHER LONG-TERM LIABILITIES	2,688	4,010
CAPITAL LEASE PAYABLE, NET OF CURRENT PORTION	10,857	11,237
LONG-TERM DEBT, NET OF CURRENT PORTION	7,200	0
COMMITMENTS AND CONTINGENCIES (Note 15)
STOCKHOLDERS' EQUITY:
Common stock, $0.0001 par value (50,000,000 authorized; 28,685,195 issued and 24,344,122 outstanding as of May 31, 2018; 28,557,968 issued and 24,224,924 outstanding as of May 31, 2017)	3	3
Additional paid-in capital	59,305	59,060
Accumulated deficit	(19,873)	(6,622)
Treasury stock, at cost (4,341,073 shares at May 31, 2018 and 4,333,044 shares at May 31, 2017)	(22,496)	(22,481)
Accumulated other comprehensive loss, net of taxes - unrealized loss on available for sale securities	0	(4)
Total National American University Holdings, Inc. stockholders' equity	16,939	29,956
Non-controlling interest	34	(16)
Total stockholders' equity	16,973	29,940
TOTAL	$ 48,807	$ 57,592

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	May 31, 2018	May 31, 2017
Statement of Financial Position [Abstract]
Allowance for student receivables	$ 587	$ 1,195
Accumulated amortization of course development	3,577	3,322
Accumulated amortization of other intangibles	$ 22	$ 0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	28,685,195	28,557,968
Common stock, shares outstanding	24,344,122	24,224,924
Treasury stock, shares	4,341,073	4,333,044

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	May 31, 2018	May 31, 2017	May 31, 2016
REVENUE:
Academic revenue	$ 70,885	$ 80,595	$ 88,697
Auxiliary revenue	3,885	4,832	6,306
Rental income - apartments	1,404	1,160	1,110
Condominium sales	817	0	0
Other real estate income	193	0	0
Total revenue	77,184	86,587	96,113
OPERATING EXPENSES:
Cost of educational services	26,146	27,657	26,093
Selling, general and administrative	56,183	61,639	72,211
Auxiliary expense	2,741	3,477	4,667
Cost of condominium sales	709	0	0
Loss on course development impairment	286	0	0
Loss on lease termination and acceleration	362	285	0
Loss on impairment and disposition of property and equipment	2,258	767	735
Total operating expenses	88,685	93,825	103,706
OPERATING LOSS	(11,501)	(7,238)	(7,593)
OTHER INCOME (EXPENSE):
Interest income	76	102	87
Interest expense	(846)	(850)	(870)
Other income - net	(72)	209	178
Total other expense	(842)	(539)	(605)
LOSS BEFORE INCOME TAXES	(12,343)	(7,777)	(8,198)
INCOME TAX BENEFIT	232	1,550	2,894
NET LOSS	(12,111)	(6,227)	(5,304)
NET INCOME ATTRIBUTABLE TO NON-CONTROLLING INTEREST	(50)	(48)	(44)
NET LOSS ATTRIBUTABLE TO NATIONAL AMERICAN UNIVERSITY HOLDINGS, INC. AND SUBSIDIARIES	(12,161)	(6,275)	(5,348)
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX
Unrealized gains (losses) on investments, net of tax benefit (expense) Income tax benefit related to items of other comprehensive loss	4	(2)	(1)
COMPREHENSIVE INCOME ATTRIBUTABLE TO NATIONAL AMERICAN UNIVERSITY HOLDINGS, INC.	$ (12,157)	$ (6,277)	$ (5,349)
Basic net loss attributable to National American University Holdings, Inc.	$ (.50)	$ (0.26)	$ (0.22)
Diluted net loss attributable to National American University Holdings, Inc.	$ (.50)	$ (0.26)	$ (0.22)
Basic weighted average shares outstanding	24,239,888	24,154,541	24,651,521
Diluted weighted average shares outstanding	24,239,888	24,154,541	24,651,521

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common stock	Additional paid-in capital	Retained earnings	Treasury Stock	Accumulated other comprehensive loss	Non-controlling interest	Total
Balance at May. 31, 2015	$ 3	$ 58,336	$ 13,751	$ (19,455)	$ (1)	$ (108)	$ 52,526
Purchase of shares common stock for the treasury				(3,022)			(3,022)
Share based compensation expense		557					557
Dividends declared			(4,391)				(4,391)
Net (loss) income			(5,348)			44	(5,304)
Other comprehensive income (loss), net of tax					(1)		(1)
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)
Share based compensation expense		167					167
Dividends declared			(4,359)				(4,359)
Net (loss) income			(6,275)			48	(6,227)
Other comprehensive income (loss), net of tax					(2)		(2)
Balance at May. 31, 2017	3	59,060	(6,622)	(22,481)	(4)	(16)	29,940
Purchase of shares common stock for the treasury				(15)			(15)
Share based compensation expense		245					245
Dividends declared			(1,090)				(1,090)
Net (loss) income			(12,161)			50	(12,111)
Other comprehensive income (loss), net of tax					4		4
Balance at May. 31, 2018	$ 3	$ 59,305	$ (19,873)	$ (22,496)	$ 0	$ 34	$ 16,973

CONSOLIDATED STATEMENTS OF STO6

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - shares	12 Months Ended
	May 31, 2018	May 31, 2017	May 31, 2016
Statement of Stockholders' Equity [Abstract]
Number of common shares for treasury	8,029	1,887	1,260,330

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	May 31, 2018	May 31, 2017	May 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (12,111)	$ (6,227)	$ (5,304)
Adjustments to reconcile net (loss) income to net cash flows provided by operating activities:
Depreciation and amortization	4,642	5,086	5,596
Loss on course development impairment	286	0	0
Loss on lease terminations and accelerations	362	285	0
Payments for lease terminations	(1,010)	0	0
Loss (gain) on disposition of property and equipment	2,258	767	735
Realized loss on sale of available-for-sale investments	16	0	0
Provision for uncollectable tuition	2,152	3,740	5,403
Noncash compensation expense	245	167	557
Deferred income taxes	(194)	625	(1,379)
Changes in assets and liabilities:
Student and other receivables	(2,098)	(3,707)	6,764
Prepaid and other current assets	114	429	73
Condominium inventory	713	0	(236)
Other long-term assets	271	235	202
Income tax receivable/payable	2,153	482	(2,671)
Accounts payable	(698)	(224)	(372)
Deferred income	1,795	42	190
Accrued and other liabilities	(1,106)	6	(891)
Other long-term liabilities	(1,586)	(890)	(1,361)
Net cash flows (used in) provided by operating activities	(3,796)	816	7,306
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of investments	(9,747)	(7,721)	(3,897)
Proceeds from sale of available for sale investments	4,668	7,652	3,881
Net cash paid for acquisition	(1,269)	0	0
Purchases of property and equipment	(1,765)	(5,547)	(959)
Proceeds from sale of property and equipment	26	215	75
Course development	(260)	(565)	(304)
Other	23	54	17
Net cash flows used in investing activities	(8,324)	(5,912)	(1,187)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of capital lease payable	(331)	(284)	(244)
Borrowings of long-term debt	8,000	0	0
Purchase of treasury stock	(15)	(4)	(3,022)
Dividends paid	(2,184)	(4,355)	(4,440)
Net cash flows provided by (used in) financing activities	5,470	(4,643)	(7,706)
NET DECREASE IN CASH AND CASH EQUIVALENTS	(6,650)	(9,739)	(1,587)
CASH AND CASH EQUIVALENTS - Beginning of year	11,974	21,713	23,300
CASH AND CASH EQUIVALENTS - End of year	5,324	11,974	21,713
SUPPLEMENTAL DISCLOSURE OF CASH FLOW AND NON-CASH INFORMATION:
Cash (received) paid for income taxes	(2,192)	(2,658)	1,156
Cash paid for interest	835	851	871
Property and equipment sold under contract for deed	0	171	0
Property and equipment purchases included in accounts payable	0	450	63
Dividends declared and unpaid at May 31, 2018, 2017, and 2016	$ 0	$ 1,094	$ 1,090

STATEMENT PRESENTATION AND BASI

STATEMENT PRESENTATION AND BASIS OF CONSOLIDATION	12 Months Ended
	May 31, 2018
Accounting Policies [Abstract]
STATEMENT PRESENTATION AND BASIS OF CONSOLIDATION	The accompanying financial statements are presented on a consolidated basis and 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”), Fairway Hills, the Fairway Hills Park and Recreational Association, the Park West Owners’ Association, the Vista Park Owners’ Association (“Fairway Hills”), and the Company’s interest in Fairway Hills Section III Partnership (the “Partnership”), collectively the “Company.” The Partnership is 50% owned by Dlorah and 50% owned by individual family members, most of whom are either direct or indirect stockholders of the Company. The Partnership is deemed to be a variable interest entity (“VIE”) under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810-10, Consolidation. The Company has determined that the Partnership qualifies as a VIE and that the Company is the primary beneficiary of the Partnership. Accordingly, the Company consolidated assets, liabilities, and net income of the Partnership within its consolidated balance sheets and statements of operations and comprehensive loss and appropriately presented the balances as non-controlling interest within the consolidated balance sheets and statements of operations and comprehensive loss. As of May 31, 2018 and 2017, the consolidated balance sheets include Partnership assets of $472 and $543, respectively, and Partnership liabilities of $88 and $90, respectively. The consolidated statements of operations and comprehensive loss include Partnership net income of $99, $97, and $88, for the years ended May 31, 2018, 2017, and 2016, respectively. The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Throughout the notes to consolidated financial statements, amounts in tables are in thousands of dollars, except for share and per share data as otherwise designated. The Company’s fiscal year end is May 31. These financial statements include consideration of subsequent events through issuance. All intercompany transactions and balances have been eliminated in consolidation. 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 Financial Condition and Liquidity For the year ended May 31, 2018, our cash used in operating activities was $3.7 million. As of May 31, 2018, the Company had $5.3 million of unrestricted cash and cash equivalents and negative working capital of $652 thousand, which may not be sufficient to fund our forecasted operating and cash requirements without additional financing or other actions by management. The following management actions occurred after May 31, 2018, the results of which management believes are probable of occurring and will be sufficient to meet its forecasted liquidity needs for the next twelve months from the issuance of the Company’s financial statements: · The Company has identified certain, non-revenue producing assets, specifically two aircraft that it will divest in order to further reduce operating expenses and support its liquidity needs. The estimated proceeds from the sale of the assets as well as the savings from the related maintenance and operating costs are approximately $2.3 million. · The Company estimates a $3 million decrease in payroll expenses by eliminating positions through the reorganization of our enrollment function, which is now under one leadership team to provide transparency and accountability.

NATURE OF OPERATIONS

NATURE OF OPERATIONS	12 Months Ended
	May 31, 2018
Accounting Policies [Abstract]
NATURE OF OPERATIONS	National American University Holdings, Inc., formerly known as Camden Learning Corporation, was incorporated in the State of Delaware on April 10, 2007. On November 23, 2009, Dlorah, Inc., a South Dakota corporation (“Dlorah”), became a wholly-owned subsidiary of the Company pursuant to an Agreement and Plan of Reorganization between the Company and Dlorah. The Company’s common stock is listed as NAUH on the NASDAQ Global Market. The Company, through Dlorah, owns and operates National American University. NAU is a regionally accredited, proprietary, multi-campus institution of higher learning, offering associate, bachelor’s, master’s and doctoral degree programs in business-related disciplines, such as accounting, management, business administration, and information technology; in healthcare-related disciplines, such as occupational therapy, medical assisting, nursing, surgical technology, and healthcare information and management; in legal-related disciplines, such as paralegal, criminal justice, and professional legal studies; and in higher education. Courses are offered through educational sites and online. On March 21, 2018, the Company acquired substantially all of the net assets of Henley-Putnam University, a for-profit post-secondary educational institution that offers 100% online programs focused in the field of strategic security. During the fiscal year ended May 31, 2018, operations include educational sites located in Colorado, Indiana, Kansas, Minnesota, Missouri, Nebraska, New Mexico, Oklahoma, South Dakota, and Texas. Distance learning operations and central administration offices operate from Rapid City, South Dakota. A substantial portion of NAU’s academic income is dependent upon federal student financial aid programs, employer tuition assistance, and contracts to provide online course development, hosting and technical assistance to other educational institutions. To maintain eligibility for financial aid programs, NAU must comply with U.S. Department of Education requirements, including the maintenance of certain financial ratios. In addition to the university operations, the Company owns and operates a real estate business known as Fairway Hills Developments, or Fairway Hills. The real estate business rents apartment units and develops and sells condominium units in the Fairway Hills Planned Development area of Rapid City, South Dakota. Approximately 92% of the Company’s total revenues for each of the years ended May 31, 2018, 2017, and 2016 were derived from NAU’s academic revenue.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	May 31, 2018
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Cash and Cash Equivalents Investments The Company’s investments were comprised of the following at May 31: 2018 2017 Gross Gross Gross Gross Unrealized Unrealized Unrealized Unrealized Amortized Holding Holding Fair Amortized Holding Holding Fair Cost Gains Losses Value Cost Gains Losses Value Certificates of deposit $ - $ - $ - $ - $ 4,187 $ - $ (4 ) $ 4,183 Restricted certificates of deposit $ 9,250 $ - $ - $ 9,250 $ - $ - $ - $ - Declines in the fair value of individual securities classified as available-for-sale below their amortized cost that are determined to be other than temporary result in write-downs of the individual securities to their fair value, with the resulting write-downs included in current earnings as realized losses. Unrealized losses that may occur are generally due to changes in interest rates and, as such, are considered by the Company to be temporary. Management evaluates securities for other-than-temporary impairment on at least a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. Consideration is given to (1) length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, and (3) the intent and ability of the Company to retain its investments in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. The Company had no impairments during the years ended May 31, 2018, 2017, and 2016. Student Receivables Other Receivables Property and Equipment Years Buildings and building improvements 19–40 Land improvements 10–20 Furniture, vehicles, and equipment 5–15 For tax purposes, depreciation is computed using the straight-line and accelerated methods. Property and equipment — net consists of the following as of May 31: 2018 2017 Land $ 211 $ 119 Land improvements 691 23 Construction in progress 945 5,118 Building under capital lease 10,600 10,600 Buildings and building improvements 23,871 26,724 Furniture, vehicles, and equipment 27,435 28,708 Total gross property and equipment 63,753 71,292 Less capital lease accumulated depreciation (3,489 ) (2,959 ) Less other accumulated depreciation (35,036 ) (37,015 ) Total net property and equipment $ 25,228 $ 31,318 Condominium Inventory Capitalized Course Development Costs The Company capitalizes course development costs. Costs that qualify for capitalization are external direct costs, payroll, and payroll-related costs. Costs related to general and administrative functions are not capitalizable and are expensed as incurred. Capitalization ends at such time that the course and/or material is available for general use by faculty and students. After becoming available for general use, the costs are amortized on a course-by-course basis over a period of three to five years. After the amortization period commences, the cost of maintenance and support is expensed as incurred, because it does not provide future benefit. If it is determined that the curriculum will not be used, the capitalized curriculum costs are written off and expensed in the period of this determination. The amortization of capitalized course development costs was $311, $271 and $291 for the fiscal years 2018, 2017 and 2016, respectively. Goodwill and Other Intangible Assets Impairment of Long-Lived Assets In November 2017, upon review of assets for impairment, management determined the estimated future undiscounted cash flows associated with the assets of the Houston, Minnetonka, Bloomington, Brooklyn Center and Burnsville locations, as the result of continued decline in financial performance, are not sufficient to recover their carrying value. Accordingly, the carrying values of the assets, primarily leasehold improvements, were reduced to their fair value, which the Company believed to be minimal. An impairment charge of $1,009 related to these five locations was recorded during the year ended May 31, 2018. In February 2018, ten locations (including Houston and the four Minnesota locations above) were consolidated into other locations. The five other locations consolidated were Albuquerque West, Colorado Springs South, Lewisville, Richardson and Watertown. The Wichita West location was closed down as the result of a fire. An additional impairment charge of $790 was recorded during the year ended May 31, 2018, for this location. In addition, upon our fourth quarter review for impairment, we determined that the estimated future undiscounted cash flows associated with the assets of two other locations (Zona Rosa and Indianapolis), as the result of continued decline in financial performance, were not projected to be sufficient to recover their carrying value. Accordingly, their carrying values were reduced to their fair values. An impairment charge of $436 related to these two locations was recorded during the fourth quarter of fiscal year 2018. In February 2017, the Company announced the closure of our Allen and Austin South locations. In addition, upon our review for impairment, we determined that the estimated future undiscounted cash flows associated with the assets of two other campuses (Bellevue and Mesquite), as the result of continued decline in financial performance, were not projected to be sufficient to recover their carrying value. Accordingly, their carrying values were reduced to their fair values. An impairment charge of $852 related to these four locations was recorded during the year ended May 31, 2017. During November 2015, the Company announced the closure of the Denver campus, effective February 29, 2016. In January 2016, the Company announced the closure of two additional campuses: Weldon Spring, Missouri and Tigard, Oregon, both effective March 1, 2016. Due to the closure of these three campuses, undepreciated leasehold improvements and other fixed assets of $85, $328 and $394, respectively, were fully written off during the year ended May 31, 2016. Deferred Income Taxes Non-Controlling Interest Leases Academic Revenue Recognition Auxiliary Revenue Rental Income Other Real Estate Income Rental Expense Advertising Accrued and other liabilities .

RECENTLY ADOPTED AND NEW ACCOUN

RECENTLY ADOPTED AND NEW ACCOUNTING PRONOUNCEMENTS	12 Months Ended
	May 31, 2018
Accounting Changes and Error Corrections [Abstract]
RECENTLY ADOPTED AND NEW ACCOUNTING PRONOUNCEMENTS	In May 2014, the Financial Accounting Standards Board issued Accounting Standard Update (ASU) No. 2014-09, Revenue from Contracts with Customers (Topic 606) Revenue Recognition In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) Leases In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting In May 2017, the FASB issued ASU 2017-09, Scope of Modification Accounting

REGULATORY MATTERS

REGULATORY MATTERS	12 Months Ended
	May 31, 2018
Text Block [Abstract]
REGULATORY MATTERS	The University extends unsecured credit to a portion of the students who are enrolled throughout the campuses for tuition and other educational costs. A substantial portion of credit extended to students is repaid through the students’ participation in various federal financial aid programs authorized by Title IV Higher Education Act of 1965, as amended (the “Higher Education Act” or “HEA”). The University is required under 34 CFR 600.5(d) to maintain at least 10% of its revenues (calculated on a cash basis) from non-Title IV program funds, commonly referred to as the “90/10 Rule”. An institution is subject to loss of eligibility to participate in Title IV programs if it fails to meet the 10% threshold for two consecutive fiscal years. If the Company were to violate the 90/10 Rule, it would become ineligible to participate in Title IV programs as of the first day of the fiscal year following the second consecutive fiscal year in which we exceeded the 90% Title IV program funds threshold and would be unable to regain eligibility for two fiscal years thereafter. The University believes they are in compliance with this requirement for the years ended May 31, 2018, 2017 and 2016, as shown in the underlying calculation: 2018 2017 2016 Title IV HEA funds received $ 62,444 $ 69,900 $ 90,238 Academic revenue $ 76,097 =82.06% $ 84,600 =82.62% $ 103,904 =86.85% (cash basis) To participate in Title IV Programs, a school must be authorized to offer its programs of instruction by relevant state education agencies, be accredited by an accrediting commission recognized by the U.S. Department of Education (the “Department”), and be certified as an eligible institution by the Department. For this reason, educational institutions are subject to extensive regulatory requirements imposed by all of these entities. After an educational institution receives the required certifications by the appropriate entities, the educational institution must demonstrate compliance with the Department’s regulations pertaining to Title IV Programs on an ongoing basis. Included in these regulations is the requirement that the Company must satisfy specific standards of financial responsibility. Financial Responsibility Composite Score The Department of Education evaluates educational institutions for compliance with these standards each year, based upon an educational institution’s annual audited financial statements, as well as following any changes in ownership. Department regulations specify that an eligible institution of higher education must satisfy specific measures of financial responsibility prescribed by the Department, or post a letter of credit in favor of the Department and accept other conditions on its participation in Title IV programs. Pursuant to the Title IV program regulations, each eligible institution must satisfy a measure of financial responsibility that is based on a weighted average of the following three annual ratios which assess the financial condition of the institution: ● Primary Reserve Ratio – measure of an institution’s financial viability and liquidity; ● Equity Ratio – measure of an institution’s capital resources and its ability to borrow; and ● Net Income Ratio – measure of an institution’s profitability. These ratios provide three individual scores which are converted into a single composite score. The maximum composite score is 3.0. If an institution’s composite score is at least 1.5, it is considered financially responsible. If an institution’s composite score is less than 1.5 but is 1.0 or higher, it is still considered financially responsible, and the institution may continue to participate in the Title IV programs as a financially responsible institution for up to three years under the Department of Education’s “zone” alternative. Under the zone alternative, the Department of Education may subject the institution to various operating or other requirements, which may include complying with additional Department of Education monitoring requirements, agreeing to receive Title IV program funds under an arrangement other than the Department of Education’s standard advance funding arrangement, such as the reimbursement method of payment or heightened cash monitoring, or complying with or accepting other limitations on the institution’s ability to increase the number of programs it offers or the number of students it enrolls. If an institution does not achieve a composite score of at least 1.0, it is subject to additional requirements in order to continue its participation in the Title IV programs, including submitting to the Department a letter of credit in an amount equal to at least ten percent, and at the Department’s discretion up to 50%, of the Title IV funds received by the institution during its most recently completed fiscal year, and being placed on provisional certification status, under which the institution must receive Department approval before implementing new locations or educational programs and comply with other restrictions, including reduced due process rights in subsequent proceedings before the Department. In addition, under regulations that took effect on July 1, 2016, institutions placed on either the heightened cash monitoring payment method or the reimbursement payment method must pay Title IV credit balances to students or parents before requesting Title IV funds from the Department and may not hold Title IV credit balances on behalf of students or parents, even if such balances are expected to be applied to future tuition payments. Our audited financial statements for the fiscal year ended May 31, 2017 and May 31, 2016 indicated our composite score for both years was 1.8, which is sufficient to be deemed financially responsible under the Department of Education’s requirements. Our audited financial statements for the fiscal year ended May 31, 2018 indicate our composite score is 1.3. This score is subject to a final determination by the Department of Education once it receives and reviews our consolidated audited financial statements for the 2018 fiscal year, but we believe it is likely that the Department of Education will determine that we are “in the zone” and that we will be required to operate under the “zone alternative” requirements as well as any other requirements that the Department of Education might impose in its discretion. While the Company’s operations are typically consistent with “zone alternative” requirements, new requirements imposed as a result of being “in the zone” could have a negative impact on the Company’s liquidity. Finally, to remain eligible to participate in Title IV programs, an educational institution’s student loan cohort default rates must remain below certain specified levels. An educational institution loses eligibility to participate in Title IV programs if its cohort default rate equals or exceeds 40% for any given year or 30% for three consecutive years. Our official cohort default rates for federal fiscal years 2014 and 2013 are 24.1% and 23.4%, respectively. The draft cohort rate for federal fiscal year 2015 is 23.7%. The University’s current certification to participate in the Title IV programs, which is not provisional, was effective in June 2013 and extends through March 31, 2019.

STUDENT RECEIVABLES, NET

STUDENT RECEIVABLES, NET	12 Months Ended
	May 31, 2018
Accounts Receivable, Net [Abstract]
STUDENT RECEIVABLES, NET	Student receivables, net consist of the following as of the respective period ends: May 31, May 31, 2018 2017 Student accounts receivable $ 3,480 $ 4,090 Less allowance for doubtful accounts (587 ) (1,195 ) Student receivables, net $ 2,893 $ 2,895 Student accounts receivable is composed primarily of amounts due related to tuition and educational services. The following summarizes the activity in the allowance for doubtful accounts for the years ended May 31: 2018 2017 2016 Beginning allowance for doubtful accounts $ 1,195 $ 723 $ 1,026 Provisions for uncollectible accounts receivable 2,152 3,740 5,403 Write offs (3,585 ) (4,082 ) (6,569 ) Recoveries 825 814 863 Ending allowance for doubtful accounts $ 587 $ 1,195 $ 723

CONDOMINIUM PROJECT

CONDOMINIUM PROJECT	12 Months Ended
	May 31, 2018
Text Block [Abstract]
CONDOMINIUM PROJECT	The Company built 24 condominium units called Vista Park to be sold to the general public. Four condo units were sold in the year ended May 31, 2018, two in 2017, and none in 2016. As of May 31, 2018 and 2017, three and seven units, respectively, remained unsold. The remaining condominium units are accounted for within condominium inventory on the consolidated balance sheets. The sales of the units are recorded within condominium sales and their cost is recorded within cost of condominium sales on the consolidated statements of operations and comprehensive loss.

LETTER OF CREDIT AND LONG-TERM

LETTER OF CREDIT AND LONG-TERM DEBT	12 Months Ended
	May 31, 2018
Debt Disclosure [Abstract]
LETTER OF CREDIT AND LONG-TERM DEBT	During the year ended May 31, 2018, the Company entered into an irrevocable letter of credit with Great Western Bank for $1,000. The agreement expires December 19, 2018, bears interest at 0.5% over the prime rate, and is secured by a restricted certificate of deposit totaling $1,250 at May 31, 2018. The letter of credit was required by the state of New Mexico in an amount set by the New Mexico Department of Higher Education. Great Western Bank has restricted the $1,250 Certificate of Deposit as collateral for the $1,000 Letter Of Credit and the Company’s purchasing card account. The $1,000 bonding requirement in New Mexico has been satisfied through a bond and the State has released the Letter of Credit. This $1,000 of restricted cash will become unrestricted cash. On May 17, 2018, Dlorah and the Company jointly and severally issued to Black Hills Community Bank, N.A. (the “Bank”) a promissory note in the principal amount of $8,000 (the “Note”), which is secured by a mortgage granted by Dlorah to the Bank on certain real property located in Pennington County, South Dakota, pursuant to a collateral real estate mortgage (the “Mortgage,” and together with the Note, the “Loan Agreements”) entered into between Dlorah and the Bank on the same date as the Note, and certain related rents, as well as a security interest in certain deposit accounts, to include restricted certificates of deposit totaling $8,000 at May 31, 2018. The Company's Board of Directors requested the $8,000 in Certificates of Deposit be restricted, and not available for spending, pending the achievement of budgeted financial targets in the current fiscal year. These Certificates of Deposit are also restricted by the Bank and are not available for spending. The Loan Agreements provide for an $8,000 five-year term loan (the “Loan”). The Loan carries a fixed interest rate of 4% (the “Interest Rate”) and is payable as follows: beginning June 17, 2018, 59 monthly consecutive interest-only payments based on the unpaid principal balance of the Loan at the Interest Rate; beginning May 17, 2019, four consecutive annual principal payments of $800 each, during which interest will continue to accrue on the unpaid principal balance of the Loan at the Interest Rate; and on May 17, 2023, one payment of the remaining principal balance and one month of accrued interest on the Loan in the amount of $4,816. The Company and Dlorah may prepay the Loan at any time without penalty unless the Note is refinanced with proceeds derived from another lender, in which case the Bank will be entitled to a prepayment penalty of 1%. The Loan Agreements also contain various affirmative and negative covenants, including financial covenants and events of default. Future principal maturities are as follows as of May 31, 2018: 2019 $ 800 2020 800 2021 800 2022 800 2023 4,800 $ 8,000

LEASES

LEASES	12 Months Ended
	May 31, 2018
Leases [Abstract]
LEASES	The University leases building facilities for branch operations and equipment for classroom operations under operating leases with various terms and conditions. Total rent expense for the years ended May 31, 2018, 2017 and 2016, was $5,482, $5,919, and $5,737, respectively, which is included in selling, general, and administrative expenses on the consolidated statements of operations and comprehensive income. Future minimum lease payments on noncancelable operating leases for the future fiscal years ending May 31 are as follows: 2018 2018 2019 $ 5,590 2020 4,835 2021 3,718 2022 2,874 2023 2,222 Thereafter 4,019 $ 23,258 Effective November 1, 2011, the Company entered into a 20-year capital lease arrangement for space that houses the corporate headquarters, distance learning operations, and the Rapid City campus operations. The Company is obligated to make future payments under the capital lease obligation, which totaled $18.0 million and $19.2 million as of May 31, 2018 and 2017, respectively; had a net present value of $11.2 million and $11.6 million as of May 31, 2018 and 2017, respectively; and was recognized as current and non-current capital lease payable of $380 and $10,857 at May 31, 2018 and $331 and $11,237 at May 31, 2017, respectively. The capital lease asset totals $10,600, and accumulated depreciation totals $3,489 and $2,959 at May 31, 2018 and 2017, respectively. The net amount is included in net property and equipment in the consolidated balance sheets. The following is a schedule of future minimum commitments under the capital lease obligation as of May 31, 2018: 2019 $ 1,183 2020 1,207 2021 1,231 2022 1,255 2023 1,280 Thereafter (through October 2031) 11,836 Total future minimum lease obligation $ 17,992 Less: Imputed interest on capital leases (6,755 ) Net present value of lease obligations $ 11,237

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	12 Months Ended
	May 31, 2018
Equity [Abstract]
STOCKHOLDERS' EQUITY	The authorized capital stock for the Company is 51,100,000 shares, consisting of (i) 50,000,000 shares of common stock, par value $0.0001 and (ii) 1,000,000 shares of preferred stock, par value $0.0001, and (iii) 100,000 shares of class A common stock, par value $0.0001. Of the authorized shares, 24,344,122 and 24,224,924 shares of common stock were outstanding as of May 31, 2018 and 2017, respectively. No shares of preferred stock or Class A common stock were outstanding at May 31, 2018 and 2017. 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. Restricted stock awards accrue dividends that are paid when the shares vest. Restricted stock unit awards do not accrue dividends prior to vesting. Grants are issued at prices determined by the compensation committee, generally equal to the closing price of the stock on the date of the grant, vest over various terms (generally two years), and expire ten years from the date of the grant. The Plan allows vesting based upon performance criteria. Certain option and share awards provide for accelerated vesting if there is a change in control of the Company (as defined in the Plan). The fair value of stock options granted is calculated using the Black-Scholes option pricing model. Share options issued under the Plan may be incentive stock options or nonqualified stock options. At May 31, 2018, all stock options issued have been nonqualified stock options. A total of 1,300,000 shares were authorized by the Plan. Shares forfeited or canceled are eligible for reissuance under the Plan. At May 31, 2018, 217,335 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. The Company may grant restricted stock awards or restricted stock units to aid in recruiting and retaining employees, officers, directors and other consultants. Restricted stock awards accrue dividends that are paid when the shares vest. Restricted stock unit awards do not accrue dividends prior to vesting. Restricted stock grants are issued at prices determined by the compensation committee, generally equal to the closing price of the stock on the date of the grant and vest over various terms. Shares forfeited or canceled are eligible for reissuance under the Plan. At May 31, 2018, 750,000 shares of common stock remain available for issuance under the 2013 Plan. The Company’s board of directors has approved the termination of the 2013 Plan subject to the approval by the stockholders of the National American University Holdings, Inc. 2018 Stock Option and Compensation Plan at the 2018 Annual Meeting of Stockholders. Restricted Stock The fair value of restricted stock awards was calculated using the Company’s stock price as of the associated grant date, and the expense is accrued ratably over the vesting period of the award. During the year ended May 31, 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 October 20, 2016 grant date and require board service for the entire year. During the year ended May 31, 2018, the Company awarded 52,615 restricted stock awards with time based vesting at a grant date fair value of $2.10 per share to members of the board of directors. 5,000 shares vested upon issuance on October 3, 2017 and 47,615 shares vest one year from the October 3, 2017 grant date and require board service for the entire year. Compensation expense associated with restricted stock awards, totaled $112, $91 and $116 for the years ended May 31, 2018, 2017 and 2016, respectively. At May 31, 2018, unamortized compensation cost of restricted stock awards totaled $34. The unamortized cost is expected to be recognized over a weighted-average period of 0.3 years as of May 31, 2018. A summary of restricted share awards activity as of May 31, 2018 and 2017, and the changes during the years then ended is presented below: Restricted Shares Shares Weighted Average Grant Date 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 May 31, 2017 46,945 $ 1.96 Granted 52,615 2.10 Vested (51,945 ) 1.97 Forfeited 0 0 Non-vested shares at May 31, 2018 47,615 $ 2.10 Restricted Stock Units During the quarter ended August 31, 2016, the Company issued 281,250 restricted stock units (“RSUs”) with performance-based vesting under the 2013 Plan. The number of shares to be earned was determined by the Company’s profitability and other operating metrics during the year ended May 31, 2017. The grant date fair value of the RSUs was $1.93 per share. No expense was recorded as targeted profitability and operating metrics were not attained and all shares were canceled on May 31, 2017. During the quarter ended August 31, 2017, the Company issued 281,250 restricted stock units with performance-based vesting under the 2013 Plan. The number of shares to be earned was determined by the Company’s profitability and other operating metrics during the year ended May 31, 2018. The grant date fair value of the RSUs was $2.38 per share. No expense was recorded as targeted profitability and operating metrics were not attained and all shares were canceled on May 31, 2018. 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 and comprehensive loss associated with these unrestricted stock issuances totaled $121, $60 and $320, respectively, for the years ended May 31, 2018, 2017, and 2016. Stock Options The Company accounts for stock option-based compensation by estimating the fair value of options granted using a Black-Scholes option valuation model. The Company recognizes the expense for grants of stock options on a straight-line basis in the consolidated statements of operations and comprehensive income as selling, general and administrative expense based on their fair value over the requisite service period. For stock options issued during the years ended May 31, 2018 and 2017, the following assumptions were used to determine fair value: Assumptions used: 2018 2017 Expected term (in years) 5.75 5.75 Weighted average expected volatility 48.75 % 50.65 % Expected volatility range 48.15-49.14 % 50.65-50.65 % Weighted average risk free interest rate 2.29 % 1.37 % Risk free interest rate range 2.11 – 2.57 % 1.37 - 1.37 % Weighted average expected dividend 0.00 % 8.60 % Expected dividend range 0.00 – 0.00 % 8.60 – 8.60 % Weighted average fair value $ 0.72 $ 0.41 Expected volatilities are based on historic volatilities from the Company’s traded shares. The expected term of options granted is the safe harbor period. The risk-free interest rate for periods matching the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. Expected dividend is based on the historic dividend of the Company. A summary of option activity under the Plan as of May 31, 2018 and 2017, and changes during the years 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 May 31, 2017 190,850 $ 3.85 7.6 $ 7 Exercisable at May 31, 2017 190,850 $ 3.85 7.6 $ 7 Outstanding at May 31, 2017 190,850 $ 3.85 7.6 $ 7 Granted 20,500 1.51 Exercised 0 0 Forfeited or canceled (18,000 ) 3.83 Outstanding at May 31, 2018 193,350 $ 3.54 6.9 $ 0 Exercisable at May 31, 2018 189,350 $ 3.59 6.9 $ 0 The Company recorded compensation expense for stock options of $12, $5 and $121, for the years ended May 31, 2018, 2017 and 2016, respectively, in the consolidated statements of operations and comprehensive loss. As of May 31, 2018, there is unrecognized compensation cost of $2 related to unvested stock option-based compensation arrangements granted under the Plan. The unamortized cost is expected to be recognized over a weighted-average period of 1.0 year as of May 31, 2018. The Company plans to issue new shares as settlement of options exercised. There were no options exercised during the years ended May 31, 2018 or 2017. Dividends The following table presents details of the Company’s fiscal 2018 and 2017 dividend payments: Date declared Record date Payment date Per share 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 31, 2016 January 13, 2017 $ 0.0450 January 28, 2017 March 31, 2017 April 7, 2017 $ 0.0450 April 13, 2017 June 30, 2017 July 7, 2017 $ 0.0450 August 4, 2017 September 30, 2017 October 6, 2017 $ 0.0450

EMPLOYEE COMPENSATION PLANS

EMPLOYEE COMPENSATION PLANS	12 Months Ended
	May 31, 2018
Postemployment Benefits [Abstract]
EMPLOYEE COMPENSATION PLANS	Employee Benefit Plan Payable Compensation Plans In addition, the Company has an approved Named Executive Officer Compensation Plan. The compensation plan has a base salary component, quarterly achievement award component and an annual achievement award component as defined in the agreements.

SELF-INSURED HEALTH INSURANCE

SELF-INSURED HEALTH INSURANCE	12 Months Ended
	May 31, 2018
Text Block [Abstract]
SELF-INSURED HEALTH INSURANCE	The Company maintains a self-insured health insurance plan for employees. Under this plan, the Company pays a monthly fee to its administrator, as well as claims submitted by its participants. As there generally is a lag between the time a claim is incurred by a participant and the time the claim is submitted, the Company has recorded a liability for outstanding claims of $375 and $399 at May 31, 2018 and 2017, respectively. Such liability is reported with accrued and other liabilities in the consolidated balance sheets.

INCOME TAXES

INCOME TAXES	12 Months Ended
	May 31, 2018
Income Tax Disclosure [Abstract]
INCOME TAXES	Components of the provision for income taxes for the years ended May 31, 2018, 2017 and 2016, were as follows: 2018 2017 2016 Current tax (benefit) expense: Federal $ (96 ) $ (2,270 ) $ (1,579 ) State 57 95 64 (39 ) (2,175 ) (1,515 ) Deferred tax (benefit) expense: Federal (181 ) 733 (1,183 ) State (12 ) (108 ) (196 ) (193 ) 625 (1,379 ) Total tax (benefit) expense $ (232 ) $ (1,550 ) $ (2,894 ) The effective tax rate varies from the statutory federal income tax rate for the following reasons: 2018 2017 2016 Statutory (29.2 )% (34.0 )% (34.0 )% Tax Effect of US Tax Reform 17.3 % 0.0 % 0.0 % State income taxes — net of federal benefit 0.3 (0.6 ) (1.9 ) Deferred tax valuation allowance 10.6 15.6 0.0 Permanent differences and other 0.9 (0.9 ) 0.6 Effective income tax rate (1.9 )% (19.9 )% (35.3 )% Deferred income taxes reflect the tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred assets (liabilities) as of May 31 were as follows: 2018 2017 Deferred income tax assets: Account receivable allowances $ 165 $ 493 Bad debt write-offs 793 1,521 Other 73 32 Accrued salaries 360 612 Start up costs 123 217 Capital lease obligations 2,753 4,338 Net operating loss carryforwards - expires 2021-2037 3,071 243 Deferred rent 867 1,841 Total deferred income tax assets 8,205 9,297 Valuation allowance (3,444 ) (1,222 ) Net deferred income tax assets 4,761 8,075 Deferred income tax liabilities: Fixed assets and course development (4,406 ) (7,689 ) Prepaid expenses (355 ) (564 ) Other 0 (16 ) Total deferred income tax liabilities (4,761 ) (8,269 ) Net deferred income tax assets (liabilities) $ 0 $ (194 ) As of May 31, 2018 and 2017, the Company had net operating loss (NOL) carryforwards of approximately $12 million and $0, respectively, adjusted for certain other non-deductible items available to reduce future taxable income, if any. The NOL carryforward has no expiration . Because management is unable to determine that it is more likely than not that the Company will realize the tax benefit related to the NOL carryforward, by having taxable income, a valuation allowance has been established as of May 31, 2018 and 2017 to reduce the tax benefit asset value to zero. The change in the valuation allowance for deferred tax assets for the years ended May 31, 2018 and 2017 was $2.2 million and $1.2 million, respectively. In assessing the recovery of the deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income in the periods in which those temporary differences become deductible. Management considers the scheduled reversals of future deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. As a result, management determined it was more likely than not the deferred tax assets would not be realized as of May 31, 2018 and 2017, and recorded a full valuation allowance. The Tax Cuts and Jobs Act of 2017 was signed into law on December 22, 2017. The law includes significant changes to the U.S. corporate income tax system, including a Federal corporate rate reduction from 35% to 21%. The accounting for these changes has been completed. The Company has recorded an income tax expense of $1,125 due to a re-measurement of deferred tax assets and liabilities; however, this has been offset by the valuation allowance noted above. The Company follows the guidance of ASC Topic 740, Income Taxes Accounting for Uncertainty in Income Taxes – an interpretation of FASB Statement No. 109, The Company files income tax returns in the U.S. federal jurisdiction and various states. Because of closure of an Internal Revenue Service examination, the Company is generally no longer subject to U.S. federal income tax or state and local tax examinations for years before 2014.

EARNINGS PER SHARE

EARNINGS PER SHARE	12 Months Ended
	May 31, 2018
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: For the year ended May 31, 2018 2017 2016 Numerator: Net loss attributable to National American University Holdings, Inc. $ (12,157 ) $ (6,277 ) $ (5,349 ) Denominator: Weighted average shares outstanding used to compute basic net income per common share 24,239,888 24,154,541 24,651,521 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 24,239,888 24,154,541 24,651,521 Basic net loss per common share $ (0.50 ) $ (0.26 ) $ (0.22 ) Diluted net loss per common share $ (0.50 ) $ (0.26 ) $ (0.22 ) A total of 189,350, 190,850 and 192,350 shares of common stock subject to issuance upon exercise of stock options for the year ended May 31, 2018, 2017 and 2016, respectively, have been excluded from the calculation of diluted EPS as the effect would have been anti-dilutive. A total of 99,560, 87,430, and 82,640 shares of common stock subject to issuance upon vesting of restricted shares for the year ended May 31, 2018, 2017 and 2016, respectively, have been excluded from the calculation of diluted EPS as the effect would have been anti-dilutive.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	May 31, 2018
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. In April 2017, a former NAU employee filed a qui tam suit against NAU, NAUH, and Dlorah, Inc., alleging certain violations of the Higher Education Act and Title IV program requirements, including alleged misrepresentations to a programmatic accrediting agency, alleged miscalculating its percentage of revenues derived from Title IV program funds under the 90/10 Rule, and alleged noncompliance with the incentive compensation prohibition. The U.S. government decided to not intervene in the lawsuit at that time, and the complaint was then unsealed by the court in January 2018, with an amended complaint being filed on April 24, 2018. The U.S. government reserved the right to intervene at a later time. The case is styled U.S. ex rel. Brian Gravely v. National American University, et al., No. 5:17-cv-05032-JLV, and remains pending in the U.S. District Court for the District of South Dakota. NAU, NAUH, and Dlorah, Inc., have filed an answer to the amended complaint, deny any legal wrongdoing or liability. We cannot predict the outcome of this litigation, nor its ability to harm our reputation, impose litigation costs, or materially adversely affect our business, financial condition, and results of operations. The amount or range of reasonably possible losses cannot be determined and, accordingly, no liability has been accrued for this matter.

BUSINESS ACQUISITION AND INTANG

BUSINESS ACQUISITION AND INTANGIBLE ASSETS	12 Months Ended
	May 31, 2018
Composite Score
BUSINESS ACQUISITION AND INTANGIBLE ASSETS	On March 21, 2018, the Company acquired substantially all of the assets of Henley-Putnam University (“HPU”), a for-profit post-secondary educational institution that offers 100% online programs focused in the field of strategic security, for a cash payment of $1,933. Excluded from the transaction are leases on real estate, server and certain other technology and equipment, and related items. The results of HPU’s operations have been included in the consolidated statements of operations and comprehensive loss since March 21, 2018. HPU’s service areas complement the Company’s current educational offerings and locations. Within the last five years, HPU has invested in the expansion of its curriculum, programs, and student services, as well as cultivating its relationship with parts of the armed forces. Because the institution elected not to pursue Title IV eligibility, its ability to recruit students and support its efforts was limited. Upon review of HPU’s programs and operations, the Company found that acquiring HPU was in alignment with its strategic initiative to expand academic offerings and support services to the Company’s armed forces student population; approximately 25% of the University’s student population are active-duty service members, veterans, or dependents of an active-duty service members or veterans. The total purchase price was allocated to the fair values of the assets acquired and the liabilities assumed as follows: Cash and cash equivalents $ 664 Student receivables - net 157 Prepaid and other current assets 17 Course development 1,067 Goodwill 363 Other intangibles 229 Accounts payable (63 ) Deferred income (272 ) Accrued and other liabilities (229 ) Total fair value of net assets acquired 1,933 Less cash acquired (664 ) Total consideration for acquisition, less cash acquired $ 1,269 NAU has enrolled approximately 200 hundred students from HPU in the programs now offered under the Henley-Putnam School of Strategic Studies at NAU. The students are enrolled in bachelor’s programs (approximately 80 students), master’s programs (approximately 65 students) doctoral programs (approximately 55 students), and certificate programs. Approximately 230 courses were purchased from HPU for offering to NAU students. Twelve HPU employees were hired by the Company along with 58 adjunct faculty to teach the courses. Course development costs are being amortized on a straight-line basis over five years. Goodwill is calculated as the excess of the purchase price paid over the net assets recognized. The goodwill recorded as part of the acquisition primarily reflects the assembled workforce and a proven ability to generate new products and services to drive future revenue. The purchased intangible assets consist of student relationships and the Henley-Putnam brand name. These assets are being amortized on a straight-line basis over four and five years, respectively. Net intangible assets consist of the following at May 31, 2018: Accumulated Net Carrying Cost Amortization Amount Student relationships $ 157 $ (18 ) $ 139 Brand name 72 (4 ) 68 $ 229 $ (22 ) $ 207 Future amortization expense is as follows as of May 31, 2018: FY 2019 $ 54 FY 2020 54 FY 2021 54 FY 2022 34 FY 2023 11 $ 207 The results of HPU’s operations have been included in the consolidated statements of operations and comprehensive income since March 21, 2018. Below are the results of operations from March 21, 2018 through May 31, 2018. Proforma information is not presented as the effects are immaterial. Academic revenue $ 235 Auxilary revenue 6 Total revenue 241 Cost of educational services 176 Selling, general and administrative 180 Auxilary expense 5 Total operating expenses 361 Operating income (loss) $ (120 )

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	May 31, 2018
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Following is a description of each category in the fair value hierarchy and the financial assets and liabilities of the Company that are included in each category at May 31, 2018 and 2017: Level 1 Level 2 – ● Determining which instruments are most similar to the instrument being priced requires management to identify a sample of similar securities based on the coupon rates, maturity, issuer, credit rating and instrument type, and subjectively selecting an individual security or multiple securities that are deemed most similar to the security being priced; and ● Determining whether a market is considered active requires management judgment. Level 3 – 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 May 31, 2018 Investments Restricted certificates of deposit $ - $ 9,250 $ - $ 9,250 Total assets at fair value $ - $ 9,250 - $ 9,250 May 31, 2017 Investments Certificates of deposit - $ 4,183 - $ 4,183 Money market accounts included in cash equivalents $ 9 - - 9 Total assets at fair value $ 9 $ 4,183 - $ 4,192 Following is a summary of the valuation techniques for assets and liabilities recorded in the consolidated balance sheets at fair value on a recurring basis: Certificates of deposit (“CD’s”) and money market accounts: Fair value of financial instruments:

SEGMENT REPORTING

SEGMENT REPORTING	12 Months Ended
	May 31, 2018
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 maker, or decision-making groups, in deciding how to allocate capital and other resources to such lines of business. The Company has two reportable segments: NAU and Other. The NAU segment contains the revenues and expenses associated with the University operations. The Company considers each location to be an operating segment, and they are aggregated into the NAU segment for financial reporting purposes, as the locations have similar economic and other conditions. The Other segment contains primarily real estate. General administrative costs of the Company are allocated to specific divisions of the Company. The following table presents the reportable segment financial information, in thousands: For the year ended May 31, For the year ended May 31, For the year ended May 31, 2018 2017 2016 Consolidated Consolidated Consolidated NAU Other Total NAU Other Total NAU Other Total Revenue: Academic $ 70,885 $ - $ 70,885 $ 80,595 $ - $ 80,595 $ 88,697 $ - $ 88,697 Auxiliary 3,885 - 3,885 4,832 - 4,832 6,306 - 6,306 Rental income - apartments - 1,404 1,404 - 1,160 1,160 - 1,110 1,110 Condominium sales - 817 817 - - - - - - Other real estate income - 193 193 - - - - - - Total revenue 74,770 2,414 77,184 85,427 1,160 86,587 95,003 1,110 96,113 Operating expenses: Cost of educational services 26,146 - 26,146 27,657 - 27,657 26,093 - 26,093 Selling, general and administrative 54,293 1,890 56,183 60,171 1,468 61,639 70,819 1,392 72,211 Auxiliary expense 2,741 - 2,741 3,477 - 3,477 4,667 - 4,667 Cost of condominium sales - 709 709 - - Loss on course development impairment 286 - 286 - - - - - - Loss on lease termination and acceleration 362 - 362 285 - 285 - - - Loss (gain) on impairment and disposition of property 2,250 8 2,258 862 (95 ) 767 810 (75 ) 735 Total operating expenses 86,078 2,607 88,685 92,452 1,373 93,825 102,389 1,317 103,706 Operating loss (11,308 ) (193 ) (11,501 ) (7,025 ) (213 ) (7,238 ) (7,386 ) (207 ) (7,593 ) Other income (expense): Interest income 65 11 76 78 24 102 80 7 87 Interest expense (833 ) (13 ) (846 ) (850 ) - (850 ) (870 ) - (870 ) Other income (expense) - net (72 ) - (72 ) - 209 209 - 178 178 Total other (expense) income - net (840 ) (2 ) (842 ) (772 ) 233 (539 ) (790 ) 185 (605 ) (Loss) income before taxes $ (12,148 ) $ (195 ) $ (12,343 ) $ (7,797 ) $ 20 $ (7,777 ) $ (8,176 ) $ (22 ) $ (8,198 ) As of and for the Year Ended As of and for the Year Ended As of and for the Year Ended May 31, 2018 May 31, 2017 May 31, 2016 Consolidated Consolidated Consolidated NAU Other Total NAU Other Total NAU Other Total Total assets $ 35,363 $ 13,444 $ 48,807 $ 44,422 $ 13,170 $ 57,592 $ 60,614 $ 7,912 $ 68,526 Expenditures for long-lived assets $ 1,016 $ 749 $ 1,765 $ 1,136 $ 4,411 $ 5,547 $ 710 $ 249 $ 959 Depreciation and amortization $ 3,965 $ 677 $ 4,642 $ 4,548 $ 538 $ 5,086 $ 5,058 $ 538 $ 5,596

SUMMARIZED QUARTERLY FINANCIAL

SUMMARIZED QUARTERLY FINANCIAL DATA (UNAUDITED)	12 Months Ended
	May 31, 2018
Quarterly Financial Information Disclosure [Abstract]
SUMMARIZED QUARTERLY FINANCIAL DATA (UNAUDITED)	The following table sets forth selected unaudited quarterly financial information for the last eight quarters. Quarter First Second Third Fourth Fiscal Year Ended May 31, 2018 Revenues $ 19,796 $ 20,018 $ 18,227 $ 19,143 Operating (loss) income (3,910 ) (3,580 ) (3,586 ) (425 ) Net loss (3,814 ) (3,772 ) (3,692 ) (833 ) Net loss attributable to NAUH and Subsidiaries (3,828 ) (3,777 ) (3,707 ) (849 ) Net loss per share (common): Basic (0.16 ) (0.16 ) (0.15 ) (0.03 ) Diluted (0.16 ) (0.16 ) (0.15 ) (0.03 ) Basic and Diluted weighted average shares outstanding 24,181,440 24,219,884 24,269,158 24,290,404 Fiscal Year Ended May 31, 2017 Revenues $ 21,130 $ 21,983 $ 21,331 $ 22,143 Operating loss (2,875 ) (993 ) (2,212 ) (1,158 ) Net loss (2,039 ) (742 ) (2,524 ) (922 ) Net loss attributable to NAUH and Subsidiaries (2,056 ) (752 ) (2,536 ) (931 ) Net loss per share (common): Basic (0.09 ) (0.03 ) (0.10 ) (0.04 ) Diluted (0.09 ) (0.03 ) (0.10 ) (0.04 ) Basic and Diluted weighted average shares outstanding 24,114,294 24,148,355 24,177,979 24,177,979

SUMMARY OF SIGNIFICANT ACCOUN27

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	May 31, 2018
Cash and Cash Equivalents	The Company considers all highly liquid debt instruments with original maturities of three months or less to be cash equivalents. Cash is held in bank accounts that periodically exceed insured limits; however, no losses have occurred, and the Company does not believe the risk of loss is significant.
Investments	The Company’s investments consist of certificates of deposit, certain of which are brokered and classified as “available-for-sale.” Available-for-sale securities represent securities carried at fair value in the consolidated balance sheets. Certain of the Company’s investments have maturity dates greater than one year. However, these certificates of deposit can be accessed at any time and are convertible to cash on demand. As such, the Company has classified these amounts as current assets in the consolidated balance sheets. Unrealized gains and losses deemed to be temporary are reported net of taxes and included in other comprehensive income within stockholders’ equity. Realized gains and losses and declines in value deemed to be other-than-temporary on available-for-sale securities are included in other (expense) income – net in the consolidated statements of operations and comprehensive loss. Fair value of the securities is based upon quoted market prices in active markets or estimated fair value when quoted market prices are not available. The cost basis for realized gains and losses on available-for-sale securities is determined on a specific identification basis. Proceeds from the sale or call of investments totaled $4,668, $7,652 and $3,881 for the years ended May 31, 2018, 2017 and 2016, respectively. The Company’s investments were comprised of the following at May 31: 2018 2017 Gross Gross Gross Gross Unrealized Unrealized Unrealized Unrealized Amortized Holding Holding Fair Amortized Holding Holding Fair Cost Gains Losses Value Cost Gains Losses Value Certificates of deposit $ - $ - $ - $ - $ 4,187 $ - $ (4 ) $ 4,183 Restricted certificates of deposit $ 9,250 $ - $ - $ 9,250 $ - $ - $ - $ - Declines in the fair value of individual securities classified as available-for-sale below their amortized cost that are determined to be other than temporary result in write-downs of the individual securities to their fair value, with the resulting write-downs included in current earnings as realized losses. Unrealized losses that may occur are generally due to changes in interest rates and, as such, are considered by the Company to be temporary. Management evaluates securities for other-than-temporary impairment on at least a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. Consideration is given to (1) length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, and (3) the intent and ability of the Company to retain its investments in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. The Company had no impairments during the years ended May 31, 2018, 2017, and 2016.
Student Receivables	Student receivables are recorded at estimated net realizable value and are revised periodically based on estimated future collections. Interest and service charges are applied to all past due student receivables; however, collections are first applied to principal balances until such time that the entire principal balance has been received. Student accounts are charged off only when reasonable collection means are exhausted. Bad debt expense is included in selling, general and administrative cost on the consolidated statements of operations and comprehensive loss.
Other Receivables	Other receivables consist primarily of financial aid amounts due from the federal government, and the current portion of institutional receivables, which are amounts due from students and are stated at net realizable value. Long-term portion of these institutional receivables are included in other assets.
Property and Equipment	Property and equipment are stated at cost. Renewals and improvements exceeding five hundred dollars and with an expected life greater than one year are capitalized, while repairs and maintenance are expensed when incurred. Upon the retirement, sale or disposition of assets, costs and related accumulated depreciation are eliminated from the accounts and any gain or loss is reflected in loss on impairment and disposition of property. For financial statement purposes, depreciation includes the depreciation of the capital lease asset in the amount of $530 for each of the fiscal years 2018, 2017 and 2016. The depreciation expense for property and equipment was $4,309, $4,815, and $5,305 for the fiscal years 2018, 2017 and 2016, respectively. Depreciation is computed using the straight-line method over the following estimated useful lives: Years Buildings and building improvements 19–40 Land improvements 10–20 Furniture, vehicles, and equipment 5–15 For tax purposes, depreciation is computed using the straight-line and accelerated methods. Property and equipment — net consists of the following as of May 31: 2018 2017 Land $ 211 $ 119 Land improvements 691 23 Construction in progress 945 5,118 Building under capital lease 10,600 10,600 Buildings and building improvements 23,871 26,724 Furniture, vehicles, and equipment 27,435 28,708 Total gross property and equipment 63,753 71,292 Less capital lease accumulated depreciation (3,489 ) (2,959 ) Less other accumulated depreciation (35,036 ) (37,015 ) Total net property and equipment $ 25,228 $ 31,318
Condominium Inventory	Condominium inventory is stated at cost (including capitalized interest). Condominium construction costs are accumulated on a specific identification basis. Under the specific identification basis, cost of revenues includes all applicable land acquisition, land development and specific construction costs (including direct and indirect costs) of each condominium paid to third parties. Land acquisition, land development and condominium construction costs do not include employee related benefit costs. The specific construction and allocated land costs of each condominium, including models, are included in direct construction. Allocated land acquisition and development costs are estimated based on the total costs expected in a project. Direct construction also includes amounts paid through the closing date of the condominium for construction materials and contractor costs. Should any condominium be leased while awaiting sale, the accumulated depreciation is a reduction of the carrying value. Condominium inventory is recorded as a long term asset due to the normal operating cycle being greater than one year.
Capitalized Course Development Costs	The University internally develops curriculum and electronic instructional materials for certain courses. The curriculum is primarily developed by employees and contractors. In fiscal year 2018 the Company purchased $1,157 in curriculum in the acquisition of Henley-Putnam University. The curriculum is integral to the learning system. Customers do not acquire the curriculum or future rights to it. The Company capitalizes course development costs. Costs that qualify for capitalization are external direct costs, payroll, and payroll-related costs. Costs related to general and administrative functions are not capitalizable and are expensed as incurred. Capitalization ends at such time that the course and/or material is available for general use by faculty and students. After becoming available for general use, the costs are amortized on a course-by-course basis over a period of three to five years. After the amortization period commences, the cost of maintenance and support is expensed as incurred, because it does not provide future benefit. If it is determined that the curriculum will not be used, the capitalized curriculum costs are written off and expensed in the period of this determination. The amortization of capitalized course development costs was $311, $271 and $291 for the fiscal years 2018, 2017 and 2016, respectively.
Goodwill and Other Intangible Assets	Goodwill represents the excess of the acquisition cost over the fair value of the net assets acquired and is not subject to amortization. Other identified intangible assets are amortized over their estimated useful lives of four to five years. Goodwill and other intangible assets are evaluated annually for impairment or when events or circumstances indicate potential impairment.
Impairment of Long-Lived Assets	In November 2017, upon review of assets for impairment, management determined the estimated future undiscounted cash flows associated with the assets of the Houston, Minnetonka, Bloomington, Brooklyn Center and Burnsville locations, as the result of continued decline in financial performance, are not sufficient to recover their carrying value. Accordingly, the carrying values of the assets, primarily leasehold improvements, were reduced to their fair value, which the Company believed to be minimal. An impairment charge of $1,009 related to these five locations was recorded during the year ended May 31, 2018. In February 2018, ten locations (including Houston and the four Minnesota locations above) were consolidated into other locations. The five other locations consolidated were Albuquerque West, Colorado Springs South, Lewisville, Richardson and Watertown. The Wichita West location was closed down as the result of a fire. An additional impairment charge of $790 was recorded during the year ended May 31, 2018, for this location. In addition, upon our fourth quarter review for impairment, we determined that the estimated future undiscounted cash flows associated with the assets of two other locations (Zona Rosa and Indianapolis), as the result of continued decline in financial performance, were not projected to be sufficient to recover their carrying value. Accordingly, their carrying values were reduced to their fair values. An impairment charge of $436 related to these two locations was recorded during the fourth quarter of fiscal year 2018. In February 2017, the Company announced the closure of our Allen and Austin South locations. In addition, upon our review for impairment, we determined that the estimated future undiscounted cash flows associated with the assets of two other campuses (Bellevue and Mesquite), as the result of continued decline in financial performance, were not projected to be sufficient to recover their carrying value. Accordingly, their carrying values were reduced to their fair values. An impairment charge of $852 related to these four locations was recorded during the year ended May 31, 2017. During November 2015, the Company announced the closure of the Denver campus, effective February 29, 2016. In January 2016, the Company announced the closure of two additional campuses: Weldon Spring, Missouri and Tigard, Oregon, both effective March 1, 2016. Due to the closure of these three campuses, undepreciated leasehold improvements and other fixed assets of $85, $328 and $394, respectively, were fully written off during the year ended May 31, 2016.
Deferred Income Taxes	Deferred income taxes are provided using the asset and liability method whereby deferred tax assets and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. We recognize a valuation allowance if, based on the weight of available evidence, it is more likely than not that some portion, or all, of a deferred tax asset will not be realized.
Non-Controlling Interest
Leases
Rental Income	Rental income is primarily obtained from tenants of four apartment complexes under short-term operating leases. One of these apartment complexes was recently constructed, with operations beginning June 1, 2017. Tenants are required to pay rent on a monthly basis. Rent not paid by the end of the month is considered past due, while significant amounts paid in advance are included in deferred income on the consolidated balance sheets. If a tenant becomes 60 days past due, eviction procedures are started.
Other Real Estate Income	This income is primarily obtained from members of Owners Associations who pay monthly dues. Special assessments are also charged when significant work is done on owner-occupied buildings, like exterior painting. Amounts not paid by the end of the month are considered past due.
Rental Expense	The University accounts for rent expense under its long-term operating leases using the straight-line method. Certain of the University’s operating leases contain rent escalator provisions. Accordingly, a deferred rent and tenant improvement liability of $3,538 and $4,910, at May 31, 2018 and 2017, respectively, is recorded in accrued and other liabilities, and other long-term liabilities on the consolidated balance sheets. The 2017 liability amount also includes accelerated lease liability totaling $285 due to the closure of the Allen campus.
Advertising	The University follows the policy of expensing the cost of advertising as incurred. Advertising costs of $8,707, $9,125 and $10,734 for 2018, 2017 and 2016, respectively, are included in selling, general, and administrative expenses on the consolidated statements of operations and comprehensive income.
Accrued and other liabilities	Accrued and other liabilities consisted primarily of payroll and related benefits of $2,447 and $4,160 and the current portion of the long-term deferred rent and tenant improvement liabilities of $850 and $900, for 2018 and 2017, respectively .
Academic [Member]
Revenue	Academic revenue represents tuition revenue and the revenue generated through NAU’s teaching relationships with other non-related party institutions. Tuition revenue and affiliate revenue is recorded ratably over the length of the respective courses. Academic revenue also includes certain fees and charges assessed at the start of each term. The portion of tuition and registration fees payments received but not earned is recorded as deferred income and reflected as a current liability on the consolidated balance sheets, as such amount represents revenue the Company expects to earn within the next year. Academic revenue is reported net of adjustments for refunds and scholarships. If a student withdraws prior to the completion of the academic term, the respective portion of tuition and registration fees that the Company already received and is not entitled to are refunded back to the students and the Department of Education. Refunds and scholarships are recorded during the respective terms. For students that have withdrawn from all classes during an academic term, the University estimates the expected receivable balance that is due from such students and records a provision to reduce academic revenue for that amount calculated based on historical collection trends and adjusted for known current factors. The amount is then recognized as academic revenue at the time the receivable is collected (e.g. cash basis).
Auxiliary [Member]
Revenue	Auxiliary revenue represents primarily revenues from the University’s bookstore operations. Revenue is recognized as items are sold and is recorded net of any applicable sales tax. The Company does not have book inventory because the book operation is outsourced to a third party vendor. Since the Company has the discrete ability to set book prices and maintains inventory and credit risk, we utilize gross reporting of revenue and expenses. Book sales revenue is recorded as auxiliary revenue and the related costs are recorded as auxiliary expense.

SUMMARY OF SIGNIFICANT ACCOUN28

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	May 31, 2018
Accounting Policies [Abstract]
Investments	2018 2017 Gross Gross Gross Gross Unrealized Unrealized Unrealized Unrealized Amortized Holding Holding Fair Amortized Holding Holding Fair Cost Gains Losses Value Cost Gains Losses Value Certificates of deposit $ - $ - $ - $ - $ 4,187 $ - $ (4 ) $ 4,183 Restricted certificates of deposit $ 9,250 $ - $ - $ 9,250 $ - $ - $ - $ -
Property Plant and Equipment Useful Life	Years Buildings and building improvements 19–40 Land improvements 10–20 Furniture, vehicles, and equipment 5–15
Components of Property, Plant and Equipment, Net	2018 2017 Land $ 211 $ 119 Land improvements 691 23 Construction in progress 945 5,118 Building under capital lease 10,600 10,600 Buildings and building improvements 23,871 26,724 Furniture, vehicles, and equipment 27,435 28,708 Total gross property and equipment 63,753 71,292 Less capital lease accumulated depreciation (3,489 ) (2,959 ) Less other accumulated depreciation (35,036 ) (37,015 ) Total net property and equipment $ 25,228 $ 31,318

REGULATORY MATTERS (Tables)

REGULATORY MATTERS (Tables)	12 Months Ended
	May 31, 2018
Text Block [Abstract]
Revenues Source	2018 2017 2016 Title IV HEA funds received $ 62,444 $ 69,900 $ 90,238 Academic revenue $ 76,097 =82.06% $ 84,600 =82.62% $ 103,904 =86.85% (cash basis)

STUDENT RECEIVABLES, NET (Table

STUDENT RECEIVABLES, NET (Tables)	12 Months Ended
	May 31, 2018
Student Receivables Net
Schedule of Student Receivables	May 31, May 31, 2018 2017 Student accounts receivable $ 3,480 $ 4,090 Less allowance for doubtful accounts (587 ) (1,195 ) Student receivables, net $ 2,893 $ 2,895
Summary of the Student Receivables Allowance for Doubtful Accounts Activity	2018 2017 2016 Beginning allowance for doubtful accounts $ 1,195 $ 723 $ 1,026 Provisions for uncollectible accounts receivable 2,152 3,740 5,403 Write offs (3,585 ) (4,082 ) (6,569 ) Recoveries 825 814 863 Ending allowance for doubtful accounts $ 587 $ 1,195 $ 723

LETTER OF CREDIT AND LONG-TER31

LETTER OF CREDIT AND LONG-TERM DEBT (Tables)	12 Months Ended
	May 31, 2018
Period Seven [Member]
Future principal maturities	2019 $ 800 2020 800 2021 800 2022 800 2023 4,800 $ 8,000

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	May 31, 2018
Leases [Abstract]
Future Minimum Lease Payments on Non-cancelable Operating Leases	2018 2018 2019 $ 5,590 2020 4,835 2021 3,718 2022 2,874 2023 2,222 Thereafter 4,019 $ 23,258
Schedule of Future Minimum Commitments Under Revised Capital Lease Obligation	2019 $ 1,183 2020 1,207 2021 1,231 2022 1,255 2023 1,280 Thereafter (through October 2031) 11,836 Total future minimum lease obligation $ 17,992 Less: Imputed interest on capital leases (6,755 ) Net present value of lease obligations $ 11,237

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	12 Months Ended
	May 31, 2018
Equity [Abstract]
Summary of Restricted Shares Activity	Restricted Shares Shares Weighted Average Grant Date 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 May 31, 2017 46,945 $ 1.96 Granted 52,615 2.10 Vested (51,945 ) 1.97 Forfeited 0 0 Non-vested shares at May 31, 2018 47,615 $ 2.10
Summary of Stock Options Issued	Assumptions used: 2018 2017 Expected term (in years) 5.75 5.75 Weighted average expected volatility 48.75 % 50.65 % Expected volatility range 48.15-49.14 % 50.65-50.65 % Weighted average risk free interest rate 2.29 % 1.37 % Risk free interest rate range 2.11 – 2.57 % 1.37 - 1.37 % Weighted average expected dividend 0.00 % 8.60 % Expected dividend range 0.00 – 0.00 % 8.60 – 8.60 % Weighted average fair value $ 0.72 $ 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 May 31, 2017 190,850 $ 3.85 7.6 $ 7 Exercisable at May 31, 2017 190,850 $ 3.85 7.6 $ 7 Outstanding at May 31, 2017 190,850 $ 3.85 7.6 $ 7 Granted 20,500 1.51 Exercised 0 0 Forfeited or canceled (18,000 ) 3.83 Outstanding at May 31, 2018 193,350 $ 3.54 6.9 $ 0 Exercisable at May 31, 2018 189,350 $ 3.59 6.9 $ 0
Summary of Dividend Payments	Date declared Record date Payment date Per share 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 31, 2016 January 13, 2017 $ 0.0450 January 28, 2017 March 31, 2017 April 7, 2017 $ 0.0450 April 13, 2017 June 30, 2017 July 7, 2017 $ 0.0450 August 4, 2017 September 30, 2017 October 6, 2017 $ 0.0450

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	May 31, 2018
Income Tax Disclosure [Abstract]
Components of Provision for Income Taxes	2018 2017 2016 Current tax (benefit) expense: Federal $ (96 ) $ (2,270 ) $ (1,579 ) State 57 95 64 (39 ) (2,175 ) (1,515 ) Deferred tax (benefit) expense: Federal (181 ) 733 (1,183 ) State (12 ) (108 ) (196 ) (193 ) 625 (1,379 ) Total tax (benefit) expense $ (232 ) $ (1,550 ) $ (2,894 )
Summary of Effective Income Tax Rate	2018 2017 2016 Statutory (29.2 )% (34.0 )% (34.0 )% Tax Effect of US Tax Reform 17.3 % 0.0 % 0.0 % State income taxes — net of federal benefit 0.3 (0.6 ) (1.9 ) Deferred tax valuation allowance 10.6 15.6 0.0 Permanent differences and other 0.9 (0.9 ) 0.6 Effective income tax rate (1.9 )% (19.9 )% (35.3 )%
Significant Components of Deferred Tax Assets and Liabilities	2018 2017 Deferred income tax assets: Account receivable allowances $ 165 $ 493 Bad debt write-offs 793 1,521 Other 73 32 Accrued salaries 360 612 Start up costs 123 217 Capital lease obligations 2,753 4,338 Net operating loss carryforwards - expires 2021-2037 3,071 243 Deferred rent 867 1,841 Total deferred income tax assets 8,205 9,297 Valuation allowance (3,444 ) (1,222 ) Net deferred income tax assets 4,761 8,075 Deferred income tax liabilities: Fixed assets and course development (4,406 ) (7,689 ) Prepaid expenses (355 ) (564 ) Other 0 (16 ) Total deferred income tax liabilities (4,761 ) (8,269 ) Net deferred income tax assets (liabilities) $ 0 $ (194 )

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	12 Months Ended
	May 31, 2018
Earnings Per Share [Abstract]
Reconciliation of Numerator and Denominator for Basic and Diluted EPS Computations	For the year ended May 31, 2018 2017 2016 Numerator: Net loss attributable to National American University Holdings, Inc. $ (12,157 ) $ (6,277 ) $ (5,349 ) Denominator: Weighted average shares outstanding used to compute basic net income per common share 24,239,888 24,154,541 24,651,521 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 24,239,888 24,154,541 24,651,521 Basic net loss per common share $ (0.50 ) $ (0.26 ) $ (0.22 ) Diluted net loss per common share $ (0.50 ) $ (0.26 ) $ (0.22 )

BUSINESS ACQUISITION AND INTA36

BUSINESS ACQUISITION AND INTANGIBLE ASSETS (Tables)	12 Months Ended
	May 31, 2018
Business Acquisition And Intangible Assets
Assets acquired and liabilities assumed	Cash and cash equivalents $ 664 Student receivables - net 157 Prepaid and other current assets 17 Course development 1,067 Goodwill 363 Other intangibles 229 Accounts payable (63 ) Deferred income (272 ) Accrued and other liabilities (229 ) Total fair value of net assets acquired 1,933 Less cash acquired (664 ) Total consideration for acquisition, less cash acquired $ 1,269
Net intangible assets	Accumulated Net Carrying Cost Amortization Amount Student relationships $ 157 $ (18 ) $ 139 Brand name 72 (4 ) 68 $ 229 $ (22 ) $ 207
Future amortization expense	FY 2019 $ 54 FY 2020 54 FY 2021 54 FY 2022 34 FY 2023 11 $ 207
Results of operations	Academic revenue $ 235 Auxilary revenue 6 Total revenue 241 Cost of educational services 176 Selling, general and administrative 180 Auxilary expense 5 Total operating expenses 361 Operating income (loss) $ (120 )

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
	May 31, 2018
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 May 31, 2018 Investments Restricted certificates of deposit $ - $ 9,250 $ - $ 9,250 Total assets at fair value $ - $ 9,250 - $ 9,250 May 31, 2017 Investments Certificates of deposit - $ 4,183 - $ 4,183 Money market accounts included in cash equivalents $ 9 - - 9 Total assets at fair value $ 9 $ 4,183 - $ 4,192

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	12 Months Ended
	May 31, 2018
Segment Reporting [Abstract]
Financial Information of Reportable Segment	For the year ended May 31, For the year ended May 31, For the year ended May 31, 2018 2017 2016 Consolidated Consolidated Consolidated NAU Other Total NAU Other Total NAU Other Total Revenue: Academic $ 70,885 $ - $ 70,885 $ 80,595 $ - $ 80,595 $ 88,697 $ - $ 88,697 Auxiliary 3,885 - 3,885 4,832 - 4,832 6,306 - 6,306 Rental income - apartments - 1,404 1,404 - 1,160 1,160 - 1,110 1,110 Condominium sales - 817 817 - - - - - - Other real estate income - 193 193 - - - - - - Total revenue 74,770 2,414 77,184 85,427 1,160 86,587 95,003 1,110 96,113 Operating expenses: Cost of educational services 26,146 - 26,146 27,657 - 27,657 26,093 - 26,093 Selling, general and administrative 54,293 1,890 56,183 60,171 1,468 61,639 70,819 1,392 72,211 Auxiliary expense 2,741 - 2,741 3,477 - 3,477 4,667 - 4,667 Cost of condominium sales - 709 709 - - Loss on course development impairment 286 - 286 - - - - - - Loss on lease termination and acceleration 362 - 362 285 - 285 - - - Loss (gain) on impairment and disposition of property 2,250 8 2,258 862 (95 ) 767 810 (75 ) 735 Total operating expenses 86,078 2,607 88,685 92,452 1,373 93,825 102,389 1,317 103,706 Operating loss (11,308 ) (193 ) (11,501 ) (7,025 ) (213 ) (7,238 ) (7,386 ) (207 ) (7,593 ) Other income (expense): Interest income 65 11 76 78 24 102 80 7 87 Interest expense (833 ) (13 ) (846 ) (850 ) - (850 ) (870 ) - (870 ) Other income (expense) - net (72 ) - (72 ) - 209 209 - 178 178 Total other (expense) income - net (840 ) (2 ) (842 ) (772 ) 233 (539 ) (790 ) 185 (605 ) (Loss) income before taxes $ (12,148 ) $ (195 ) $ (12,343 ) $ (7,797 ) $ 20 $ (7,777 ) $ (8,176 ) $ (22 ) $ (8,198 ) As of and for the Year Ended As of and for the Year Ended As of and for the Year Ended May 31, 2018 May 31, 2017 May 31, 2016 Consolidated Consolidated Consolidated NAU Other Total NAU Other Total NAU Other Total Total assets $ 35,363 $ 13,444 $ 48,807 $ 44,422 $ 13,170 $ 57,592 $ 60,614 $ 7,912 $ 68,526 Expenditures for long-lived assets $ 1,016 $ 749 $ 1,765 $ 1,136 $ 4,411 $ 5,547 $ 710 $ 249 $ 959 Depreciation and amortization $ 3,965 $ 677 $ 4,642 $ 4,548 $ 538 $ 5,086 $ 5,058 $ 538 $ 5,596

SUMMARIZED QUARTERLY FINANCIA39

SUMMARIZED QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables)	12 Months Ended
	May 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Financial Information	Quarter First Second Third Fourth Fiscal Year Ended May 31, 2018 Revenues $ 19,796 $ 20,018 $ 18,227 $ 19,143 Operating (loss) income (3,910 ) (3,580 ) (3,586 ) (425 ) Net loss (3,814 ) (3,772 ) (3,692 ) (833 ) Net loss attributable to NAUH and Subsidiaries (3,828 ) (3,777 ) (3,707 ) (849 ) Net loss per share (common): Basic (0.16 ) (0.16 ) (0.15 ) (0.03 ) Diluted (0.16 ) (0.16 ) (0.15 ) (0.03 ) Basic and Diluted weighted average shares outstanding 24,181,440 24,219,884 24,269,158 24,290,404 Fiscal Year Ended May 31, 2017 Revenues $ 21,130 $ 21,983 $ 21,331 $ 22,143 Operating loss (2,875 ) (993 ) (2,212 ) (1,158 ) Net loss (2,039 ) (742 ) (2,524 ) (922 ) Net loss attributable to NAUH and Subsidiaries (2,056 ) (752 ) (2,536 ) (931 ) Net loss per share (common): Basic (0.09 ) (0.03 ) (0.10 ) (0.04 ) Diluted (0.09 ) (0.03 ) (0.10 ) (0.04 ) Basic and Diluted weighted average shares outstanding 24,114,294 24,148,355 24,177,979 24,177,979

STATEMENT PRESENTATION AND BA40

STATEMENT PRESENTATION AND BASIS OF CONSOLIDATION (Details Narrative) $ in Thousands	3 Months Ended								12 Months Ended
	May 31, 2018USD ($)	Feb. 28, 2018USD ($)	Nov. 30, 2017USD ($)	Aug. 31, 2017USD ($)	May 31, 2017USD ($)	Feb. 28, 2017USD ($)	Nov. 30, 2016USD ($)	Aug. 31, 2016USD ($)	May 31, 2018USD ($)	May 31, 2017USD ($)	May 31, 2016USD ($)
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Assets	$ 48,807				$ 57,592				$ 48,807	$ 57,592	$ 68,526
Net income	(849)	$ (3,707)	$ (3,777)	$ (3,828)	(931)	$ (2,536)	$ (752)	$ (2,056)	(12,161)	(6,275)	(5,348)
Cash, cash equivalents, and marketable investments	5,324				16,157				5,324	16,157
Cash used in operating activities									3,796	(816)	(7,306)
Revenues	$ 19,143	$ 18,227	$ 20,018	$ 19,796	$ 22,143	$ 21,331	$ 21,983	$ 21,130	77,184	86,587	96,113
Operating expenses									88,685	93,825	103,706
Depreciation and amortization									4,642	5,086	5,596
Loss on impairment and disposition of property and equipment									2,258	767	735
Lease termination and acceleration expenses									(362)	(285)	0
Course development impairment									(286)	0	0
Total operating expenses									88,685	$ 93,825	103,706
Reduction in operating expenses									$ 6,994
Variable Interest Entity Primary Beneficiary [Member]
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Percentage of partnership	50.00%				50.00%				50.00%	50.00%
Percentage by family members									0.50	0.50
Assets	$ 472				$ 543				$ 472	$ 543
Liabilities	$ 88				$ 90				88	90
Net income									$ 99	$ 97	$ 88

NATURE OF OPERATIONS (Details N

NATURE OF OPERATIONS (Details Narrative)	12 Months Ended
	May 31, 2018	May 31, 2017	May 31, 2016
Sales Revenue Net [Member] | Nau [Member]
Nature Of Operations [Line Items]
Total revenues that were derived from NAU's academic revenue	92.00%	92.00%	92.00%

SUMMARY OF SIGNIFICANT ACCOUN42

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Thousands	May 31, 2018	May 31, 2017
Available For Sale Investments [Line Items]
Fair Value	$ 0	$ 4,183
Certificates Of Deposit [Member]
Available For Sale Investments [Line Items]
Amortized Cost	0	4,187
Gross Unrealized Holding Gains	0	0
Gross Unrealized Holding Losses	0	(4)
Fair Value	0	4,183
Restricted Certificates Of Deposit [Member]
Available For Sale Investments [Line Items]
Amortized Cost	9,250	0
Gross Unrealized Holding Gains	0	0
Gross Unrealized Holding Losses	0	0
Fair Value	$ 9,250	$ 0

SUMMARY OF SIGNIFICANT ACCOUN43

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1)	12 Months Ended
	May 31, 2018
Building And Building Improvements [Member] | Minimum [Member]
Property Plant And Equipment Estimated Useful Life [Line Items]
Property plant and equipment useful life	19 years
Building And Building Improvements [Member] | Maximum [Member]
Property Plant And Equipment Estimated Useful Life [Line Items]
Property plant and equipment useful life	40 years
Land Improvements [Member] | Minimum [Member]
Property Plant And Equipment Estimated Useful Life [Line Items]
Property plant and equipment useful life	10 years
Land Improvements [Member] | Maximum [Member]
Property Plant And Equipment Estimated Useful Life [Line Items]
Property plant and equipment useful life	20 years
Furniture Vehicles And Equipment [Member] | Minimum [Member]
Property Plant And Equipment Estimated Useful Life [Line Items]
Property plant and equipment useful life	5 years
Furniture Vehicles And Equipment [Member] | Maximum [Member]
Property Plant And Equipment Estimated Useful Life [Line Items]
Property plant and equipment useful life	15 years

SUMMARY OF SIGNIFICANT ACCOUN44

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2) - USD ($) $ in Thousands	May 31, 2018	May 31, 2017
Property and equipment - net
Land	$ 211	$ 119
Land improvements	691	23
Construction in progress	945	5,118
Building under capital lease	10,600	10,600
Buildings and building improvements	23,871	26,724
Furniture, vehicles, and equipment	27,435	28,708
Total gross property and equipment	63,753	71,292
Less capital lease accumulated depreciation	(3,489)	(2,959)
Less accumulated depreciation	(35,036)	(37,015)
Total net property and equipment	$ 25,228	$ 31,318

SUMMARY OF SIGNIFICANT ACCOUN45

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	May 31, 2018	May 31, 2017	May 31, 2016
Basis Of Presentation [Line Items]
Proceeds from sale of available for sale investments	$ 4,668	$ 7,652	$ 3,881
Depreciation expense	4,642	5,086	5,596
Depreciation expense for property and equipment	4,309	4,815	5,305
Impairment of long lived-assets	1,799	852	807
Deferred rent and tenant improvement liability	3,538	4,910
Accelerated lease liability		285
Advertising cost	8,707	9,125	10,734
Amortization related to development cost	311	271	291
Purchase of courseware	(260)	(565)	(304)
Denver
Basis Of Presentation [Line Items]
Impairment of long lived-assets			85
Weldon Springs
Basis Of Presentation [Line Items]
Impairment of long lived-assets			328
Tigard
Basis Of Presentation [Line Items]
Impairment of long lived-assets			394
Capital Lease Asset [Member]
Basis Of Presentation [Line Items]
Depreciation expense	530	$ 530	$ 530
HPU Member
Basis Of Presentation [Line Items]
Purchase of courseware	$ 1,517

REGULATORY MATTERS (Details)

REGULATORY MATTERS (Details) - USD ($) $ in Thousands	12 Months Ended
	May 31, 2018	May 31, 2017	May 31, 2016
Regulatory Requirements [Line Items]
Academic revenue	$ 70,885	$ 80,595	$ 88,697
Percentage of revenue collected from funds under title IV programs	82.06%	82.62%	86.85%
Cash Basis Method [Member]
Regulatory Requirements [Line Items]
Academic revenue	$ 76,097	$ 84,600	$ 103,904
United States Department Of Education Student Financial Aid Under Title I V Programs [Member]
Regulatory Requirements [Line Items]
Title IV HEA funds received	$ 62,444	$ 69,900	$ 90,238

REGULATORY MATTERS (Details Nar

REGULATORY MATTERS (Details Narrative) - Point	12 Months Ended
	May 31, 2018	May 31, 2017	May 31, 2016
Regulatory Requirements [Line Items]
Minimum revenues percentage under 34 CFR 600.5(d)	10.00%	10.00%	10.00%
Minimum composite score	(1)	(1)	(1)
Maximum composite score	3	3	3
Composite score	1.3	1.8	1.8
Title IV Eligibility Description	An educational institution loses eligibility to participate in Title IV programs if its cohort default rate equals or exceeds 40% for any given year or 30% for three consecutive years.
Federal Fiscal Year 2014 [Member]
Regulatory Requirements [Line Items]
Cohort default rates	0.241
Federal Fiscal Year 2013 [Member]
Regulatory Requirements [Line Items]
Cohort default rates	0.234
Federal Fiscal Year 2015 [Member]
Regulatory Requirements [Line Items]
Draft Cohort Default Rate	0.237

STUDENT RECEIVABLES, NET (Detai

STUDENT RECEIVABLES, NET (Details) - USD ($) $ in Thousands	May 31, 2018	May 31, 2017
Accounts Receivable, Net [Abstract]
Student accounts receivable	$ 3,480	$ 4,090
Less allowance for doubtful accounts	(587)	(1,195)
Student receivables, net	$ 2,893	$ 2,895

STUDENT RECEIVABLES, NET (Det49

STUDENT RECEIVABLES, NET (Details 1) - USD ($) $ in Thousands	12 Months Ended
	May 31, 2018	May 31, 2017	May 31, 2016
Accounts Receivable, Net [Abstract]
Beginning allowance for doubtful accounts	$ 1,195	$ 723	$ 1,026
Provisions for uncollectible accounts receivable	2,152	3,740	5,403
Write-offs, net of recoveries	(3,585)	(4,082)	(6,569)
Recoveries	825	814	863
Ending allowance for doubtful accounts	$ 587	$ 1,195	$ 723

LETTER OF CREDIT AND LONG-TER50

LETTER OF CREDIT AND LONG-TERM DEBT (Details) $ in Thousands	May 31, 2018USD ($)
Letter Of Credit And Longterm Debt Details Abstract
2,019	$ 800
2,020	800
2,021	800
2,022	800
2,023	4,800
Total	$ 8,000
Interest rate	0.04

LETTER OF CREDIT AND LONG-TER51

LETTER OF CREDIT AND LONG-TERM DEBT (Details Narrative) - Unsecured Revolving Line Of Credit [Member] $ in Thousands	12 Months Ended
	May 31, 2017USD ($)
Line of Credit Facility [Line Items]
Line of credit maximum borrowing capacity	$ 1,000
Line of credit maturity date	Dec. 19, 2018
Prime interest rate on line of credit	0.50%
Line of credit security	$ 1,250

LEASES (Details)

LEASES (Details) $ in Thousands	May 31, 2018USD ($)
Leases [Abstract]
2,019	$ 5,590
2,020	4,835
2,021	3,718
2,022	2,874
2,023	2,222
Thereafter	4,019
Total	$ 23,258

LEASES (Details 1)

LEASES (Details 1) - USD ($) $ in Thousands	May 31, 2018	May 31, 2017
Leases [Abstract]
2,019	$ 1,183
2,020	1,207
2,021	1,231
2,022	1,255
2,023	1,280
Thereafter (through October 2031)	11,836
Total future minimum lease obligation	17,992	$ 19,200
Less: Imputed interest on capital leases	(6,755)
Net present value of lease obligations	$ 11,237	$ 11,600

LEASES (Details Narrative)

LEASES (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	May 31, 2018	May 31, 2017	May 31, 2016
Lease Liability [Line Items]
Operating lease rent expense	$ 5,482	$ 5,919	$ 5,737
Reduction in operating lease liability	7,986
Future payments due under capital lease obligation	17,992	19,200
Net present value of capital lease obligation	11,237	11,600
Capital lease payable, current	380	331
Capital lease payable, non-current	10,857	11,237
Capital lease assets	10,600	10,600
Capital lease assets, accumulated depreciation	3,489	2,959
Allen Campus
Lease Liability [Line Items]
Lease liability		$ 285
Cash payment	190
Tigard
Lease Liability [Line Items]
Cash payment	$ 820

STOCKHOLDERS' EQUITY (Details)

STOCKHOLDERS' EQUITY (Details) - Restricted Stock [Member] - $ / shares	12 Months Ended
	May 31, 2018	May 31, 2017
Restricted Shares
Shares, non-vested shares, beginning balance	46,945	40,485
Shares, granted	52,615	46,495
Shares, vested	(51,945)	(40,485)
Shares, forfeited	0	0
Shares, non-vested shares, ending balance	47,615	46,945
Weighted average grant date fair value
Weighted average grant date fair value, non-vested shares, beginning balance	$ 1.96	$ 2.47
Weighted average grant date fair value, granted	2.10	1.96
Weighted average grant date fair value, vested	1.97	2.47
Weighted average grant date fair value,forfeited	0	0
Weighted average grant date fair value, Non-vested shares, Ending balance	$ 2.10	$ 1.96

STOCKHOLDERS' EQUITY (Details 1

STOCKHOLDERS' EQUITY (Details 1) - Stock Option [Member] - $ / shares	12 Months Ended
	May 31, 2018	May 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	5 years 9 months	5 years 9 months
Expected volatility	48.75%	50.65%
Expected volatility, minimum	48.15%
Expected volatility, maximum	49.14%
Weighted average risk free interest rate	2.29%	1.37%
Weighted average risk free interest rate range, minimum	2.11%	1.37%
Weighted average risk free interest rate range, maximum	2.57%	1.37%
Weighted average expected dividend	0.00%	8.60%
Weighted average expected dividend range, minimum	0.00%	8.60%
Weighted average expected dividend range, maximum	0.00%	8.60%
Weighted average fair value	$ 0.72	$ 0.41

STOCKHOLDERS' EQUITY (Details 2

STOCKHOLDERS' EQUITY (Details 2) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	May 31, 2018	May 31, 2017	May 31, 2016
Shares
Outstanding Shares, Beginning Balance	190,850	192,350
Shares, Granted	20,500	12,500
Shares, Exercised	0	0
Shares, Forfeited or canceled	(18,000)	(14,000)
Outstanding Shares, Ending Balance	193,350	190,850	192,350
Exercisable Shares, At The End of Period	189,350	190,850
Weighted Average Exercise Price
Weighted Average Exercise Price, Beginning balance	$ 3.85	$ 4.11
Weighted Average Exercise Price, Granted	1.51	1.96
Weighted Average Exercise Price, Exercised	0	0
Weighted Average Exercise Price, Forfeited or canceled	3.83	5.80
Weighted Average Exercise Price, Ending balance	3.54	3.85	$ 4.11
Weighted Average Exercise Price, Ending balance exercisable	$ 3.59	$ 3.85
Weighted Average Remaining Contractual Life (in years)
Weighted Average Remaining Contractual Life (in years), Outstanding	6 years 10 months 24 days	7 years 7 months 6 days	8 years 4 months 24 days
Weighted Average Remaining Contractual Life (in years), Exercisable	6 years 10 months 24 days	7 years 7 months 6 days
Aggregate Intrinsic Value
Aggregate Intrinsic Value, Ending Balance	$ 0	$ 7	$ 0
Aggregate Intrinsic Value, Exercisable at the end of Period	$ 0	$ 7

STOCKHOLDERS' EQUITY (Details 3

STOCKHOLDERS' EQUITY (Details 3)	12 Months Ended
	May 31, 2018$ / shares
Period One [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 Two [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 Three [Member]
Dividends Payable [Line Items]
Date declared	Oct. 3, 2016
Record date	Dec. 31, 2016
Payment date	Jan. 13, 2017
Per share	$ 0.045
Period Four [Member]
Dividends Payable [Line Items]
Date declared	Jan. 28, 2017
Record date	Mar. 31, 2017
Payment date	Apr. 7, 2017
Per share	$ 0.045
Period Five [Member]
Dividends Payable [Line Items]
Date declared	Apr. 13, 2017
Record date	Jun. 30, 2017
Payment date	Jul. 7, 2017
Per share	$ 0.045
Period Six [Member]
Dividends Payable [Line Items]
Date declared	Aug. 4, 2017
Record date	Sep. 30, 2017
Payment date	Oct. 6, 2017
Per share	$ 0.045

STOCKHOLDERS' EQUITY (Details N

STOCKHOLDERS' EQUITY (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Aug. 31, 2017	Aug. 31, 2016	May 31, 2018	May 31, 2017	May 31, 2016
Common stock, shares outstanding			24,344,122	24,224,924
Compensation expenses restricted stock award			$ 112	$ 91	$ 116
Compensation expense of stock options			12	5	121
Unrestricted stock compensation expense			$ 121	$ 60	$ 320
Restricted shares, vested immediately			5,000
Restricted shares, vested over one year			47,615
Common Stock Authorized			50,000,000	50,000,000
Common Stock Par Value			$ 0.0001	$ 0.0001
Preferred Stock Authorized			1,000,000	1,000,000
Preferred Stock Par Value			$ 0.0001	$ 0.0001
Total Authorized Capital Stock			51,100,000	51,100,000
Restricted Stock Units
Restricted stock units issued	281,250	281,250
Grant date fair value	$ 2.38	$ 1.93
Restricted Stock [Member]
Restricted stock units issued			52,615	46,495
Grant date fair value			$ 2.10	$ 1.96
Restricted stock units cancelled			0	0
Unamortized compensation cost of restricted stock			$ 34
Unamortized compensation cost weighted average period			3 months 18 days
2013 Plan [Member]
Shares authorized for issuance			750,000
Common stock remain available for issuance			750,000
2009 Stock Option and Compensation Plan [Member]
Shares authorized for issuance			1,300,000
Common stock remain available for issuance			217,335
Common Class A [Member]
Common Stock Authorized				100,000
Common Stock Par Value				$ 0.0001

EMPLOYEE COMPENSATION PLANS (De

EMPLOYEE COMPENSATION PLANS (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	May 31, 2018	May 31, 2017	May 31, 2016
401(k) Benefit Plan
Defined Benefit Plan Disclosure [Line Items]
Employer discretionary contribution amount	$ 0	$ 0	$ 514
Employer contribution matching percentage		0.00%	5.00%
Compensation Plans
Defined Benefit Plan Disclosure [Line Items]
Annual compensation paid in common stock	100
Reduction in CEO common stock compensation	$ 67

SELF-INSURED HEALTH INSURANCE (

SELF-INSURED HEALTH INSURANCE (Details Narrative) - USD ($) $ in Thousands	May 31, 2018	May 31, 2017
Self-insured Health Insurance
Claims outstanding	$ 375	$ 399

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	12 Months Ended
	May 31, 2018	May 31, 2017	May 31, 2016
Current tax (benefit) expense:
Federal	$ (96)	$ (2,270)	$ (1,579)
State	57	95	64
Total current tax (benefit) expense	(39)	(2,175)	(1,515)
Deferred tax (benefit) expense:
Federal	(181)	733	(1,183)
State	(12)	(108)	(196)
Total deferred tax (benefit) expense	(193)	625	(1,379)
Total tax (benefit) expense	$ (232)	$ (1,550)	$ (2,894)

INCOME TAXES (Details 1)

INCOME TAXES (Details 1)	12 Months Ended
	May 31, 2018	May 31, 2017	May 31, 2016
Income Tax Disclosure [Abstract]
Statutory	(29.20%)	(34.00%)	(34.00%)
Tax Effect of US Tax Reform	17.30%	0.00%	0.00%
State income taxes - net of federal benefit	0.30%	(0.60%)	(1.90%)
Deferred tax valuation allowance	10.60%	15.60%	0.00%
Permanent differences and other	0.90%	(0.90%)	0.60%
Effective income tax rate	(1.90%)	(19.90%)	(35.30%)

INCOME TAXES (Details 2)

INCOME TAXES (Details 2) - USD ($) $ in Thousands	12 Months Ended
	May 31, 2018	May 31, 2017
Deferred income tax assets:
Account receivable allowances	$ 165	$ 493
Bad debt write-offs	793	1,521
Other	73	32
Accrued salaries	360	612
Start up costs	123	217
Capital lease obligations	2,753	4,338
Net operating loss carryforwards	$ 3,071	243
Net operating loss carryforward expiration	2021-2037
Deferred rent	$ 867	1,841
Total deferred income tax assets	8,205	9,297
Valuation allowance	(3,444)	(1,222)
Total deferred income tax assets	4,761	8,075
Deferred income tax liabilities:
Fixed assets and course development	(4,406)	(7,689)
Prepaid expenses	(355)	(564)
Other	0	(16)
Total deferred income tax liabilities	(4,761)	(8,269)
Net deferred income tax (liabilities) assets	$ 0	$ (194)

INCOME TAXES (Details Narrative

INCOME TAXES (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	May 31, 2018	May 31, 2017
Income Taxes
Net operating loss carryforwards	$ 12,000	$ 0
Valuation allowance	2,200	$ 1,200
Income tax benefit due to federal corporate rate reduction.	$ 1,125

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	May 31, 2018	Feb. 28, 2018	Nov. 30, 2017	Aug. 31, 2017	May 31, 2017	Feb. 28, 2017	Nov. 30, 2016	Aug. 31, 2016	May 31, 2018	May 31, 2017	May 31, 2016
Numerator:
Net (loss) income attributable to National American University Holdings, Inc.									$ (12,157)	$ (6,277)	$ (5,349)
Denominator:
Weighted average shares outstanding used to compute basic net income per common share									24,239,888	24,154,541	24,651,521
Incremental shares issuable upon the assumed exercise of stock options									0	0	0
Incremental shares issuable upon the assumed vesting of restricted shares									0	0	0
Common shares used to compute diluted net income per share									24,239,888	24,154,541	24,651,521
Basic net income per common share	$ (.03)	$ (0.15)	$ (0.16)	$ (0.16)	$ (0.04)	$ (0.10)	$ (0.03)	$ (0.09)	$ (.50)	$ (0.26)	$ (0.22)
Diluted net income per common share	$ (.03)	$ (0.15)	$ (0.16)	$ (0.16)	$ (0.04)	$ (0.10)	$ (0.03)	$ (0.09)	$ (.50)	$ (0.26)	$ (0.22)

EARNINGS PER SHARE (Details Nar

EARNINGS PER SHARE (Details Narrative) - shares	12 Months Ended
	May 31, 2018	May 31, 2017	May 31, 2016
Stock Option [Member]
Computation Of Earnings Per Share [Line Items]
Number of shares excluded from calculation of diluted EPS	189,350	190,850	192,350
Restricted Stock [Member]
Computation Of Earnings Per Share [Line Items]
Gross restricted shares outstanding	99,560	87,430	82,640

BUSINESS ACQUISITION AND INTA68

BUSINESS ACQUISITION AND INTANGIBLE ASSETS (Details) $ in Thousands	12 Months Ended
	May 31, 2018USD ($)
Condominiums [Member]
Cash and cash equivalents	$ 664
Student receivables - net	157
Prepaid and other current assets	17
Course development	1,067
Goodwill	363
Other intangibles	229
Accounts payable	(63)
Deferred income	(272)
Accrued and other liabilities	(229)
Total fair value of net assets acquired	1,933
Less cash acquired	(664)
Total consideration for acquisition, less cash acquired	$ 1,269

BUSINESS ACQUISITION AND INTA69

BUSINESS ACQUISITION AND INTANGIBLE ASSETS (Details 1) $ in Thousands	12 Months Ended
	May 31, 2018USD ($)
Cost	$ 229
Accumulated Amortization	(22)
Net Carrying Amount	207
Student relationships
Cost	157
Accumulated Amortization	(18)
Net Carrying Amount	139
Brand name
Cost	72
Accumulated Amortization	(4)
Net Carrying Amount	$ 68

BUSINESS ACQUISITION AND INTA70

BUSINESS ACQUISITION AND INTANGIBLE ASSETS (Details 2) $ in Thousands	May 31, 2018USD ($)
Condominium Project [Text Block]
FY 2,019	$ 54
FY 2,020	54
FY 2,021	54
FY 2,022	31
FY 2,023	11
Total	$ 207

BUSINESS ACQUISITION AND INTA71

BUSINESS ACQUISITION AND INTANGIBLE ASSETS (Details 3) - USD ($) $ in Thousands	2 Months Ended	3 Months Ended								12 Months Ended
	May 31, 2018	May 31, 2018	Feb. 28, 2018	Nov. 30, 2017	Aug. 31, 2017	May 31, 2017	Feb. 28, 2017	Nov. 30, 2016	Aug. 31, 2016	May 31, 2018	May 31, 2017	May 31, 2016
Auxiliary revenue										$ 3,885	$ 4,832	$ 6,306
Total revenue		$ 19,143	$ 18,227	$ 20,018	$ 19,796	$ 22,143	$ 21,331	$ 21,983	$ 21,130	77,184	86,587	96,113
Cost of educational services										26,146	27,657	26,093
Selling, general and administrative										56,183	61,639	72,211
Auxiliary expense										2,741	3,477	4,667
Total operating expenses										88,685	93,825	103,706
Operating income (loss)		$ (425)	$ (3,586)	$ (3,580)	$ (3,910)	$ (1,158)	$ (2,212)	$ (993)	$ (2,875)	$ (11,501)	$ (7,238)	$ (7,593)
HPU Member
Academic revenue	$ 235
Auxiliary revenue	6
Total revenue	241
Cost of educational services	176
Selling, general and administrative	180
Auxiliary expense	5
Total operating expenses	361
Operating income (loss)	$ (120)

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - Fair Value Measurements Recurring [Member] - USD ($) $ in Thousands	May 31, 2018	May 31, 2017
Investments
Total assets at fair value	$ 9,250	$ 4,192
Restricted Certificates of Deposit [Member]
Investments
Total assets at fair value	9,250
Money market accounts included in cash equivalents [Member]
Investments
Total assets at fair value		9
Certificates of Deposit [Member]
Investments
Total assets at fair value		4,183
Fair Value Inputs Level 1 [Member]
Investments
Total assets at fair value	0	9
Fair Value Inputs Level 1 [Member] | Restricted Certificates of Deposit [Member]
Investments
Total assets at fair value	0
Fair Value Inputs Level 1 [Member] | Money market accounts included in cash equivalents [Member]
Investments
Total assets at fair value		9
Fair Value Inputs Level 1 [Member] | Certificates of Deposit [Member]
Investments
Total assets at fair value		0
Fair Value Inputs Level 2 [Member]
Investments
Total assets at fair value	9,250	4,183
Fair Value Inputs Level 2 [Member] | Restricted Certificates of Deposit [Member]
Investments
Total assets at fair value	9,250
Fair Value Inputs Level 2 [Member] | Money market accounts included in cash equivalents [Member]
Investments
Total assets at fair value		0
Fair Value Inputs Level 2 [Member] | Certificates of Deposit [Member]
Investments
Total assets at fair value		4,183
Fair Value, Inputs, Level 3 [Member]
Investments
Total assets at fair value	0	0
Fair Value, Inputs, Level 3 [Member] | Restricted Certificates of Deposit [Member]
Investments
Total assets at fair value	$ 0
Fair Value, Inputs, Level 3 [Member] | Money market accounts included in cash equivalents [Member]
Investments
Total assets at fair value		0
Fair Value, Inputs, Level 3 [Member] | Certificates of Deposit [Member]
Investments
Total assets at fair value		$ 0

FAIR VALUE MEASUREMENTS (Deta73

FAIR VALUE MEASUREMENTS (Details Narrative) $ in Thousands	May 31, 2018USD ($)
Fair Value Measurements
Letter of credit	$ 1,000
Promissory note	$ 8,000

SEGMENT REPORTING (Details)

SEGMENT REPORTING (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	May 31, 2018	Feb. 28, 2018	Nov. 30, 2017	Aug. 31, 2017	May 31, 2017	Feb. 28, 2017	Nov. 30, 2016	Aug. 31, 2016	May 31, 2018	May 31, 2017	May 31, 2016
Revenue:
Academic									$ 70,885	$ 80,595	$ 88,697
Auxiliary									3,885	4,832	6,306
Rental income apartments									1,404	1,160	1,110
Condominium sales									817	0	0
Other real estate income									193	0	0
Total revenue	$ 19,143	$ 18,227	$ 20,018	$ 19,796	$ 22,143	$ 21,331	$ 21,983	$ 21,130	77,184	86,587	96,113
Operating expenses:
Cost of educational services									26,146	27,657	26,093
Selling, general & administrative									56,183	61,639	72,211
Auxiliary expense									2,741	3,477	4,667
Cost of condominium sales									709	0	0
Loss on course development impairment									286	0	0
Loss on lease termination and acceleration									362	285	0
Loss on impairment and disposition of property and equipment									2,258	767	735
Total operating expenses									88,685	93,825	103,706
Operating loss	(425)	$ (3,586)	$ (3,580)	$ (3,910)	(1,158)	$ (2,212)	$ (993)	$ (2,875)	(11,501)	(7,238)	(7,593)
Other income (expense):
Interest income									76	102	87
Interest expense									(846)	(850)	(870)
Other income (expense) - net									(72)	209	178
Total other (expense) income									(842)	(539)	(605)
(Loss) income before taxes									(12,343)	(7,777)	(8,198)
Total assets	48,807				57,592				48,807	57,592	68,526
Expenditures for for long-lived assets									1,765	5,547	959
Depreciation & amortization									4,642	5,086	5,596
Nau [Member]
Revenue:
Academic									70,885	80,595	88,697
Auxiliary									3,885	4,832	6,306
Rental income apartments									0	0	0
Condominium sales									0	0	0
Other real estate income									0	0	0
Total revenue									74,770	85,427	95,003
Operating expenses:
Cost of educational services									26,146	27,657	26,093
Selling, general & administrative									54,293	60,171	70,819
Auxiliary expense									2,741	3,477	4,667
Cost of condominium sales									0	0	0
Loss on course development impairment									286
Loss on lease termination and acceleration									362	285
Loss on impairment and disposition of property and equipment									2,250	862	810
Total operating expenses									86,078	92,452	102,389
Operating loss									(11,308)	(7,025)	(7,386)
Other income (expense):
Interest income									65	78	80
Interest expense									(833)	(850)	(870)
Other income (expense) - net									(72)	0	0
Total other (expense) income									(840)	(772)	(790)
(Loss) income before taxes									(12,148)	(7,797)	(8,176)
Total assets	35,363				44,422				35,363	44,422	60,614
Expenditures for for long-lived assets									1,016	1,136	710
Depreciation & amortization									3,965	4,548	5,058
Other [Member]
Revenue:
Academic									0	0	0
Auxiliary									0	0	0
Rental income apartments									1,404	1,160	1,110
Condominium sales									817	0	0
Other real estate income									193	0	0
Total revenue									2,414	1,160	1,110
Operating expenses:
Cost of educational services									0	0	0
Selling, general & administrative									1,890	1,468	1,392
Auxiliary expense									0	0	0
Cost of condominium sales									709	0	0
Loss on course development impairment									0
Loss on lease termination and acceleration									0
Loss on impairment and disposition of property and equipment									8	(95)	(75)
Total operating expenses									2,607	1,373	1,317
Operating loss									(193)	(213)	(207)
Other income (expense):
Interest income									11	24	7
Interest expense									(13)	0	0
Other income (expense) - net									0	209	178
Total other (expense) income									(2)	233	185
(Loss) income before taxes									(195)	20	(22)
Total assets	$ 13,444				$ 13,170				13,444	13,170	7,912
Expenditures for for long-lived assets									749	4,411	249
Depreciation & amortization									$ 677	$ 538	$ 538

SUMMARIZED QUARTERLY FINANCIA75

SUMMARIZED QUARTERLY FINANCIAL DATA (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	May 31, 2018	Feb. 28, 2018	Nov. 30, 2017	Aug. 31, 2017	May 31, 2017	Feb. 28, 2017	Nov. 30, 2016	Aug. 31, 2016	May 31, 2018	May 31, 2017	May 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Revenues	$ 19,143	$ 18,227	$ 20,018	$ 19,796	$ 22,143	$ 21,331	$ 21,983	$ 21,130	$ 77,184	$ 86,587	$ 96,113
Operating (loss) income	(425)	(3,586)	(3,580)	(3,910)	(1,158)	(2,212)	(993)	(2,875)	(11,501)	(7,238)	(7,593)
Net loss	(833)	(3,692)	(3,772)	(3,814)	(922)	(2,524)	(742)	(2,039)	(12,111)	(6,227)	(5,304)
Net loss attributable to NAUH and Subsidiaries	$ (849)	$ (3,707)	$ (3,777)	$ (3,828)	$ (931)	$ (2,536)	$ (752)	$ (2,056)	$ (12,161)	$ (6,275)	$ (5,348)
Net (loss) income per share (common):
Basic	$ (.03)	$ (0.15)	$ (0.16)	$ (0.16)	$ (0.04)	$ (0.10)	$ (0.03)	$ (0.09)	$ (.50)	$ (0.26)	$ (0.22)
Diluted	$ (.03)	$ (0.15)	$ (0.16)	$ (0.16)	$ (0.04)	$ (0.10)	$ (0.03)	$ (0.09)	$ (.50)	$ (0.26)	$ (0.22)
Basic and Diluted weighted average shares outstanding	24,290,404	24,269,158	24,219,884	24,181,440	24,177,979	24,177,979	24,148,355	24,114,294