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Discontinued Operations and Assets Held for Sale (Tables) | 9 Months Ended
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Sep. 30, 2021
Discontinued Operations and Disposal Groups [Abstract] |
Summary of major classes of assets and liabilities reclassified to held for sale | Summarized operating results and cash flows of the Discontinued Operations are presented in the following tables:
For the three months ended September 30, | 2021 |  | 2020
Revenues | $ | 70,787 |  |  | $ | 459,442 |
Depreciation and amortization expense | — |  |  | (13,656) |
Share-based compensation expense | (371) |  |  | (1,045) |
Other direct costs | (58,123) |  |  | (340,657) |
Loss on impairment of assets | — |  |  | (10,275) |
Other non-operating expense | (4,938) |  |  | (14,731) |
Gain (loss) on sale of discontinued operations before taxes, net | 612,010 |  |  | (488,674) |
Pretax income (loss) of discontinued operations | 619,365 |  |  | (409,596) |
Income tax expense | (248,838) |  |  | (103,794) |
Income (loss) from discontinued operations, net of tax | $ | 370,527 |  |  | $ | (513,390) |
For the nine months ended September 30, | 2021 |  | 2020
Revenues | $ | 542,650 |  |  | $ | 1,342,298 |
Depreciation and amortization expense | — |  |  | (60,168) |
Share-based compensation expense | (1,198) |  |  | (2,378) |
Other direct costs | (430,789) |  |  | (1,070,362) |
Loss on impairment of assets | (1,268) |  |  | (431,587) |
Other non-operating expense | (20,489) |  |  | (79,807) |
Gain (loss) on sale of discontinued operations before taxes, net | 625,304 |  |  | (523,667) |
Pretax income (loss) of discontinued operations | 714,210 |  |  | (825,671) |
Income tax expense | (257,440) |  |  | (95,568) |
Income (loss) from discontinued operations, net of tax | $ | 456,770 |  |  | $ | (921,239) |
Operating cash flows of discontinued operations | $ | 16,420 |  |  | $ | 248,972 |
Investing cash flows of discontinued operations | $ | (11,161) |  |  | $ | (40,578) |
Financing cash flows of discontinued operations | $ | (18,054) |  |  | $ | 8,725 |
The carrying amounts of the major classes of assets and liabilities that were classified as held for sale are presented in the following tables:
| September 30, 2021 |  | December 31, 2020
Assets of Discontinued Operations |  |  |
Cash and cash equivalents | $ | 3,157 |  |  | $ | 270,164 |
Receivables, net | 1,000 |  |  | 113,386 |
Property and equipment, net | 8,645 |  |  | 259,471 |
Goodwill and Tradenames | — |  |  | 1,202,496 |
Operating lease right-of-use assets, net | 6,892 |  |  | 136,806 |
Other assets | 569 |  |  | 183,742 |
Valuation allowance on held-for-sale disposal groups | — |  |  | (248,630) |
Total assets held for sale | $ | 20,263 |  |  | $ | 1,917,435 |
Liabilities of Discontinued Operations |  |  |
Deferred revenue and student deposits | $ | 198 |  |  | $ | 87,793 |
Operating leases, including current portion | 12,034 |  |  | 151,413 |
Long-term debt, seller notes and finance leases, including current portion | — |  |  | 171,451 |
Other liabilities | 4,388 |  |  | 291,599 |
Total liabilities held for sale | $ | 16,620 |  |  | $ | 702,256 |

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