We previously sold our corporate headquarters campus located in Salt Lake City, Utah, and entered into a 20-year master lease agreement with the purchaser, an unrelated private investment group. The 20-year master lease agreement expires in June 2025 and contains six additional five-year renewal options that allow us to maintain our operations at the current location for up to 50 years at our sole discretion. Although the corporate headquarters facility was sold and we have no legal ownership of the property, the applicable accounting guidance prohibited us from recording the transaction as a sale since we subleased a significant portion of the property that was sold. In transition to the lease accounting guidance in ASC 842, we reassessed whether the contract met the sale criteria under the new leasing standard. Based on this assessment, we determined that the sale criteria under the new leasing standard was not met and we have continued to account for the corporate campus lease as a financing obligation on our consolidated balance sheet.

The financing obligation on our corporate campus was comprised of the following (in thousands):



AUGUST 31,		2024		2023
Financing obligation payable in
monthly installments of $341 at
August 31, 2024, including
principal and interest, with 2%
annual increases (imputed
interest at 7.7%), through
June 2025	$	4,424	$	7,962
Less current portion		(3,112)		(3,538)
Total financing obligation,
less current portion	$	1,312	$	4,424

Our remaining future minimum payments under the financing obligation in the initial 20-year lease term are as follows (in thousands):



YEAR ENDING
AUGUST 31,
2025	$	3,301
Thereafter		-
Total future minimum financing
obligation payments		3,301
Less interest		(189)
Present value of future minimum
financing obligation payments	$	3,112

The $1.3 million difference between the carrying value of the financing obligation and the present value of the future minimum financing obligation payments represents the carrying value of the land sold in the financing transaction, which is not depreciated. At the conclusion of the master lease agreement, the remaining financing obligation and carrying value