Goodwill and Intangible Assets

9 Months Ended

Jan. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Note 4. Goodwill and Intangible Assets

In connection with our acquisitions of the Washington mini-casinos on May 12, 2009, July 23, 2010 and July 18, 2011, we have goodwill and intangible assets of $16,322,702, net of amortization for intangible assets with finite lives. Goodwill represents the excess of the purchase price over the fair market value of net assets acquired.

The change in the carrying amount of goodwill and other intangible assets for the nine months ended January 31, 2019, is as follows:

	Total			Goodwill		Other Intangibles, net
Balance as of April 30, 2018	$	16,381,639		$	14,092,154	$	2,289,485
Write off Club Fortune registration		(43,956	)		-		(43,956	)
Current year amortization		(14,981	)		-		(14,981	)
Balance as of January 31, 2019	$	16,322,702		$	14,092,154	$	2,230,548

Goodwill and net intangibles assets by segment as of January 1, 2019, are as follows:

	Total		Goodwill		Other Intangibles, net
Washington	$	15,954,154	$	14,092,154	$	1,862,000
Corporate		368,548		-		368,548
Total	$	16,322,702	$	14,092,154	$	2,230,548

Intangible assets are generally amortized on a straight line basis over the useful lives of the assets. State gaming registration and trade names are not amortizable. A summary of intangible assets and accumulated amortization as of January 31, 2019, are as follows:

	Gross Carrying Amount		Accumulated Amortization			Net
Customer relationships	$	6,753,321	$	(6,753,321	)	$	-
Non-compete agreements		1,018,000		(1,018,000	)		-
State gaming registration		368,548		-			368,548
Trade names		1,862,000		-			1,862,000
Total	$	10,001,869	$	(7,771,321	)	$	2,230,548