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Quarterly report pursuant to Section 13 or 15(d)

Acquisition of USU (Tables)

v3.8.0.1
Acquisition of USU (Tables)
 9 Months Ended
Jan. 31, 2018
Business Combinations [Abstract]  
Summary of Estimated Fair Value of Assets Acquired and Liabilities Assumed

The following is a summary of the estimated fair value of the assets acquired and liabilities assumed at the date of acquisition:


 

 

Purchase Price Allocation

 

 

Useful Life

 

Cash and cash equivalents

 

$

—

 

 

 

 

Current assets acquired

 

 

244,465

 

 

 

 

 

Other assets acquired

 

 

176,667

 

 

 

 

 

Intangible assets

 

 

 

 

 

 

 

 

Accreditation and regulatory approvals

 

 

6,200,000

 

 

 

 

 

Trade name and trademarks

 

 

1,700,000

 

 

 

 

 

Student relationships

 

 

2,000,000

 

 

2 years

 

Curriculum

 

 

200,000

 

 

1 year

 

Goodwill

 

 

5,011,432

 

 

 

 

 

Less: Current liabilities assumed

 

 

(727,601

)

 

 

 

 

Total purchase price

 

$

14,804,963

 

 

 

 
Supplemental Unaudited Pro Forma Combined Information Assumes Acquisition

The following supplemental unaudited pro forma combined information assumes that the acquisitions had occurred as of the beginning of each period present:


 

 

For the Year Ended
April 30,
2017

 

 

For the Nine Months Ended
October 31,
2017

 

 

 

(unaudited)

 

 

(unaudited)

 

Revenue

 

$

18,038,474

 

 

$

10,719,546

 

Net Loss 

 

$

(5,444,205

)

 

$

(3,521,086

)

Loss per common share- basic and diluted

 

$

(0.47

)

 

 

$(0.26

)