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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] 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:


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Purchase Price Allocation

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Useful Life

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Cash and cash equivalents

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$

—

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Current assets acquired

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244,465

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Ìý

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Other assets acquired

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176,667

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Intangible assets

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Ìý

Ìý

Ìý

Ìý

Ìý

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Accreditation and regulatory approvals

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6,200,000

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Ìý

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Trade name and trademarks

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1,700,000

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Ìý

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Student relationships

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2,000,000

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2 years

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Curriculum

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200,000

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1 year

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Goodwill

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5,011,432

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Less: Current liabilities assumed

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(727,601

)

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Total purchase price

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$

14,804,963

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Schedule of Intangible Assets

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


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January 31,

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April 30,

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2019

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2018

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Intangible assets

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$

10,100,000

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$

10,100,000

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Accumulated amortization

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(1,283,333

)

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(458,333

)

Net intangible assets

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$

8,816,667

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$

9,641,667

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