|3 Months Ended|
Jul. 31, 2018
|Related Party Transactions [Abstract]|
Note 9. Related party
On July 19, 2018, AGI in simultaneous transactions repurchased 1,000,000 shares of common stock (the Shares) at $7.40 per share and re-sold the shares to a large well-known institutional money manager (the Purchaser) at $7.40 per share. The Shares were purchased by the Company from ESL pursuant to a Securities Purchase Agreement dated July 18, 2018. The Shares were sold to the Purchaser through Craig-Hallum Capital Group, LLC (Craig Hallum). Craig-Hallum acted as a dealer in this transaction and received an ordinary brokerage commission from the Purchaser.
The Purchaser initiated the transaction by contacting the Company seeking to buy a large block of common stock. The Company approached ESL which had acquired the Shares on December 1, 2017 when it sold United States University to the Company. Ms. Oksana Malysheva, the sole manager of ESL, became a director of the Company as part of the purchase of United States University and remains a director today.
The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef