Amortizable Intangible Assets

9 Months Ended

Sep. 30, 2023

Amortizable Intangible Assets

Amortizable Intangible Assets

6. Amortizable Intangible Assets

In January 2019, GCE completed the Acquisition. The Acquisition was accounted for in accordance with the acquisition method of accounting. Under this method the cost of the target is allocated to the identifiable assets acquired and liabilities assumed based on their estimated fair values at the date of acquisition. Identified intangible assets of $210,280 consisted primarily of university partner relationships that were valued at $210,000. The fair value of university partner relationships was determined using the multiple-period excess earnings method.

Amortizable intangible assets consist of the following as of:

	September 30, 2023
	Estimated	Gross				Net
	Average Useful	Carrying		Accumulated		Carrying
	Life (in years)	Amount		Amortization		Amount
University partner relationships	25	$	210,000	$	(39,515)	$	170,485
Trade names	1		280		(280)		—
Total amortizable intangible assets, net		$	210,280	$	(39,795)	$	170,485

Amortization expense for university partner relationships and trade names for the years ending December 31:

2023	$	2,104
2024		8,419
2025		8,419
2026		8,419
2027		8,419
Thereafter		134,705
	$	170,485