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Annual report pursuant to Section 13 and 15(d)

Acquisition of USU (Tables)

v3.10.0.1
Acquisition of USU (Tables)
 12 Months Ended
Apr. 30, 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

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


 

 

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

)