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Quarterly report pursuant to Section 13 or 15(d)

Acquisition of USU (Tables)

v3.10.0.1
Acquisition of USU (Tables)
6 Months Ended
Oct. 31, 2018
Business Combinations [Abstract] Ìý
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:


Ìý

Ìý

Purchase Price Allocation

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Ìý

Useful Life

Ìý

Cash and cash equivalents

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$

—

Ìý

Ìý

Ìý

Ìý

Current assets acquired

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Ìý

244,465

Ìý

Ìý

Ìý

Ìý

Ìý

Other assets acquired

Ìý

Ìý

176,667

Ìý

Ìý

Ìý

Ìý

Ìý

Intangible assets

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Accreditation and regulatory approvals

Ìý

Ìý

6,200,000

Ìý

Ìý

Ìý

Ìý

Ìý

Trade name and trademarks

Ìý

Ìý

1,700,000

Ìý

Ìý

Ìý

Ìý

Ìý

Student relationships

Ìý

Ìý

2,000,000

Ìý

Ìý

2 years

Ìý

Curriculum

Ìý

Ìý

200,000

Ìý

Ìý

1 year

Ìý

Goodwill

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Ìý

5,011,432

Ìý

Ìý

Ìý

Ìý

Ìý

Less: Current liabilities assumed

Ìý

Ìý

(727,601

)

Ìý

Ìý

Ìý

Ìý

Total purchase price

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$

14,804,963

Ìý

Ìý

Ìý

Ìý

Ìý

Schedule of Intangible Assets

Intangible assets consisted of the following at October 31, 2018 and April 30, 2018,


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Ìý

October Ìý31,

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Ìý

April 30,

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Ìý

Ìý

2018

Ìý

Ìý

2018

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Intangible assets

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$

10,100,000

Ìý

Ìý

$

10,100,000

Ìý

Accumulated amortization

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Ìý

(1,008,333

)

Ìý

Ìý

(458,333

)

Net intangible assets

Ìý

$

9,091,667

Ìý

Ìý

$

9,641,667

Ìý