BusinessOur Continuing Operations include Mexico and Peru. As a result, the private sector plays a large and growing role in higher education. Increasing Role of the Private Sector in Higher Education. Expand Online and Hybrid Education Programs. Public institutions tend to be less expensive, if not free, but limited in capacity. REVOEs are granted for each program taught at each campus. The law also promotes continuous improvement of quality at Peruvian universities. The specific requirements of such programs were determined by regulations in August 2017. HEIs with a maximum CI score equal to 5 can create up to 250 new polos per year. Students enrolled in undergraduate programs take the ENADE every three years. As of the date of this filing, all states except California participate in NC-SARA. These regulations became effective on July 1, 2020. Implementing new educational programs and increasing enrollment. Each of our institutions has worked hard to establish the value of its individual brand. In 2020, essentially all of our revenues originated outside the United States. As a result, our revenues and results of operations may be materially adversely affected. See "Item 3—Legal Proceedings. We currently utilize some of these exemptions and intend to continue to do so.
