Quarterly report pursuant to Section 13 or 15(d)

Acquisition of USU (Tables)

v3.19.1
Acquisition of USU (Tables)
9 Months Ended
Jan. 31, 2019
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

 

 

 

 

 

Schedule of Intangible Assets

Intangible assets consisted of the following at January 31, 2019 and April 30, 2018,


 

 

January 31,

 

 

April 30,

 

 

 

2019

 

 

2018

 

 

 

 

 

 

 

 

Intangible assets

 

$

10,100,000

 

 

$

10,100,000

 

Accumulated amortization

 

 

(1,283,333

)

 

 

(458,333

)

Net intangible assets

 

$

8,816,667

 

 

$

9,641,667