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Annual report pursuant to Section 13 and 15(d)

USU Goodwill and Intangibles (Tables)

v3.19.2
USU Goodwill and Intangibles (Tables)
12 Months Ended
Apr. 30, 2019
Goodwill and Intangible Assets Disclosure [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

Ìý

Ìý

Useful Life

Ìý

Cash and cash equivalents

Ìý

$

—

Ìý

Ìý

Ìý

Ìý

Current assets acquired

Ìý

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

Ìý

Ìý

5,011,432

Ìý

Ìý

Ìý

Ìý

Ìý

Less: Current liabilities assumed

Ìý

Ìý

(727,601

)

Ìý

Ìý

Ìý

Ìý

Total purchase price

Ìý

$

14,804,963

Schedule of Intangible Assets

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


Ìý

Ìý

April 30,

Ìý

Ìý

April 30,

Ìý

Ìý

Ìý

2019

Ìý

Ìý

2018

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Ìý

Intangible assets

Ìý

$

10,100,000

Ìý

Ìý

$

10,100,000

Ìý

Accumulated amortization

Ìý

Ìý

(1,558,333

)

Ìý

Ìý

(458,333

)

Net intangible assets

Ìý

$

8,541,667

Ìý

Ìý

$

9,641,667