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The Group paid US$10,000 in August 2019.</div><div style="margin: 6pt 0in 0.0001pt 0.78in; font-family: &quot;times new roman&quot;, serif; font-size: 10pt;">On August 16, 2019, the Group entered into a purchase agreement with Tianjin Qiancheng Xiangyu Technology Limited Partnership to acquire its 49% equity interest in Dongfang Youbo for a cash consideration of approximately US$13,000. Dongfang Youbo is a subsidiary of the VIEs in the Group. Upon the completion of the acquisition, Dongfang Youbo is wholly owned by the Group. 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font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="background-color: rgb(204, 238, 255); width: 5%; vertical-align: bottom; padding: 0in;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, times, serif; margin-bottom: 0px; margin-top: 0px; line-height: normal; background: none;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="padding: 0in; white-space: nowrap; background-color: rgb(204, 238, 255); width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; margin-bottom: 0px; margin-top: 0px; line-height: normal; background: none;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; 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line-height: normal; background: none;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="padding: 0in; white-space: nowrap; background-color: rgb(204, 238, 255); width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; margin-bottom: 0px; margin-top: 0px; line-height: normal; background: none;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="padding: 0in; white-space: nowrap; background-color: rgb(204, 238, 255); width: 4%; text-align: right; vertical-align: bottom;">145,881</td><td style="padding: 0in; white-space: nowrap; background-color: rgb(204, 238, 255); width: 1%; 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vertical-align: bottom;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; margin-bottom: 0px; margin-top: 0px; line-height: normal; background: none;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="padding: 0in; white-space: nowrap; background-color: rgb(204, 238, 255); width: 3%; text-align: right; vertical-align: bottom;">224,760</td><td style="padding: 0in; white-space: nowrap; background-color: rgb(204, 238, 255); width: 0.5%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; margin-bottom: 0px; margin-top: 0px; line-height: normal; background: none;"><div style="font-family: &quot;times new roman&quot;, times, serif; 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white-space: nowrap; background-color: rgb(255, 255, 255); width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1pt solid black;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; margin-bottom: 0px; margin-top: 0px; line-height: normal; background: none;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="padding-top: 0in; padding-right: 0in; padding-left: 0in; white-space: nowrap; background-color: rgb(255, 255, 255); width: 5.5%; vertical-align: bottom; border-bottom: 1pt solid black;"><div style="text-align: right; line-height: normal; font-size: 10pt; white-space: nowrap; font-family: &quot;times new roman&quot;, times, serif; margin-right: 0in;">&#8212;</div></td><td style="padding: 0in 0in 0.5pt; white-space: nowrap; background-color: rgb(255, 255, 255); width: 1%; text-align: left; vertical-align: bottom;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; margin-bottom: 0px; margin-top: 0px; line-height: normal; background: none;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="background-color: rgb(255, 255, 255); width: 5%; vertical-align: bottom; padding: 0in 0in 0.5pt;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, times, serif; margin-bottom: 0px; margin-top: 0px; line-height: normal; background: none;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="padding-top: 0in; padding-right: 0in; padding-left: 0in; white-space: nowrap; background-color: rgb(255, 255, 255); width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1pt solid black;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; margin-bottom: 0px; margin-top: 0px; line-height: normal; background: none;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="padding-top: 0in; padding-right: 0in; padding-left: 0in; white-space: nowrap; background-color: rgb(255, 255, 255); width: 4%; text-align: right; vertical-align: bottom; border-bottom: 1pt solid black;"><div style="text-align: right; line-height: normal; font-size: 10pt; white-space: nowrap; font-family: &quot;times new roman&quot;, times, serif; margin-right: 0in;">15,150</div></td><td style="padding: 0in 0in 0.5pt; white-space: nowrap; background-color: rgb(255, 255, 255); width: 1%; text-align: left; 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width: 1%; text-align: left; vertical-align: bottom; border-bottom: 1pt solid black;"><div style="font-size: 10pt; font-family: &quot;times new roman&quot;, times, serif; margin-left: 0in; text-indent: 0in; text-align: left; white-space: nowrap; margin-bottom: 0px; margin-top: 0px; line-height: normal; background: none;"><div style="font-family: &quot;times new roman&quot;, times, serif; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="padding-top: 0in; padding-right: 0in; padding-left: 0in; white-space: nowrap; background-color: rgb(255, 255, 255); width: 3%; text-align: right; vertical-align: bottom; border-bottom: 1pt solid black;"><div style="text-align: right; line-height: normal; font-size: 10pt; white-space: nowrap; font-family: &quot;times new roman&quot;, times, serif; margin-right: 0in;">15,150</div></td><td style="padding: 0in 0in 0.5pt; white-space: nowrap; background-color: rgb(255, 255, 255); width: 0.5%; 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All transaction and balances between the Group and Haiwei Career are eliminated since then.</div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-spacing: 0px;;width:100%;"><tr style="page-break-inside: avoid;"><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:left;;vertical-align:top;;width:4%;">(4)</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;">The amount due from Weixue Mingri in 2017 represented the non-interest bearing loans provided by the Group to support its daily operation and the outstanding loans were fully written off by the Group in fiscal year 2017. 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border-top: 3px double rgb(0, 0, 0); line-height: normal; background: none;"><div style="text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom; background-color: rgba(255, 255, 255, 0); width: 3.5%;"><div style="margin-top: 0px; margin-bottom: 0px; border-top: 3px double rgb(0, 0, 0); line-height: normal; background: none;"><div style="text-decoration: none; color: rgb(0, 0, 0); background: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom; background-color: rgba(255, 255, 255, 0); width: 0.5%;">&#160;</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; vertical-align: bottom; background-color: rgba(255, 255, 255, 0); width: 1%;">&#160;</td><td style="padding-left: 0px; padding-top: 0px; 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Results for the year ended May&#160;31, 2019 are presented under Topic 606, while revenues for the years ended May&#160;31, 2017 and 2018 are not adjusted and continue to be reported under ASC Topic 605, Revenue Recognition (&#8220;Topic 605&#8221;).</div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;">Revenue is recognized when control of promised goods or services is transferred to the Group&#8217;s customers in an amount of consideration to which the Group expects to be entitled to in exchange for those goods or services. 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The financial records of the Company&#8217;s subsidiaries located in Hong Kong are maintained in U.S. dollars, which is the functional currency of these entities. The financial records of the Company&#8217;s subsidiaries located in United Kingdom are maintained in their local currency, the Great&#160;Britain Pound (&#8220;GBP&#8221;), which is the functional currency of these entities. The financial records of the Company&#8217;s subsidiary located in Australia are maintained in its local currency, the Australian Dollar (&#8220;AUD&#8221;), which is the functional currency of the entity. 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The State Administration for Foreign Exchange, under the authority of the People&#8217;s Bank of China, controls the conversion of RMB into other currencies. The value of RMB is subject to changes in central government policies and to international economic and political developments affecting supply and demand in the China Foreign Exchange Trading System market. 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Authoritative literature provides a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. 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The Group carries its available-for-sale investments and equity securities with readily determinable fair values at fair value and carries equity securities without readily determinable fair values at cost, less impairment, plus or minus observable price changes in a similar transaction. The Group carries its contingent consideration in acquisitions at fair value which is determined based on the best estimation from the managements. The carrying amounts of the long-term loan approximate fair value as its interest rates are at the same level of current market yield for comparable debts. The carrying amounts of other financial instruments approximate their fair values due to the short-term maturities of these instruments.</div><div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; margin-left: 4%;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="text-decoration:underline;display:inline;">Net income per share </div> </div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;">Basic net income per share is computed by dividing net income attributable to the holders of common shareholders by the weighted average number of common shares outstanding during the year. Diluted net income per share reflects the potential dilution that could occur if securities or other contracts to issue common shares were exercised into common shares. Common share equivalents are excluded from the computation of the diluted net income per share in years when their effect would be anti-dilutive. The Group has share options and NES which could potentially dilute basic earnings per share in the future. To calculate the number of shares for diluted net income per share, the effect of the share options and NES is computed using the treasury stock method. The effect of mezzanine equity is computed using the if-converted method.</div><div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; margin-left: 4%;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="text-decoration:underline;display:inline;">Income taxes </div> </div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The Group accounts for income taxes using the asset and liability approach. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial reporting and tax basis of assets and liabilities, net of operating loss carry forwards and credits, by applying enacted tax rates that will be in effect for the period in which the differences are expected to reverse. The effect on deferred taxes of a change in tax rates is recognized in the consolidated statements of operations in the period of change. Deferred tax assets are reduced by a valuation allowance when it is considered more likely than not that some portion or all of the deferred tax assets will not be realized. </div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The Group accounts for uncertain tax positions by reporting a liability for unrecognized tax benefits resulting from uncertain tax positions taken or expected to be taken in a tax return. Tax benefits are recognized from uncertain tax positions when the Group believes that it is more likely than not that the tax position will be sustained on examination by the tax authorities based on the technical merits of the position. The Group recognizes interest and penalties, if any, related to unrecognized tax benefits in income tax expenses. </div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; margin-left: 4%;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="text-decoration:underline;display:inline;">Comprehensive income </div> </div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 10pt; margin-left: 4%; line-height: 12pt;">Comprehensive income includes net income, unrealized gain or loss on <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">available-for-sale</div></div> securities and foreign currency translation adjustments. Comprehensive income is reported in the consolidated statements of comprehensive income.</div><div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; margin-left: 4%;"><div style="text-decoration:underline;display:inline;">Share-based compensation </div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;">Share-based payments to employees and directors are measured based on the grant-date fair value of the equity instrument issued and recognized as compensation expenses net of forfeitures on a straight-line basis over the requisite service period, with a corresponding addition to the additional paid-in capital. The Group uses the binomial option pricing model to measure the fair value of options granted, and the quoted market price of the common shares or the fair value of underlying ordinary shares of Koolearn Holding before its IPO by using the discounted cash flow method, to measure the fair value of options and NES granted to employees at each measurement date. The binomial option pricing model is adopted because the Group believes that considering the possibility of exercise an option over the life of the option, as affected by the reality of changing stock prices and non-constant risk free rates,&#160;would better reflect the measurement objective of relevant accounting literature.</div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;">The amount of compensation expenses recognized at any date is at least equal to the portion of the fair value of the awards that are vested as of that date. 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Accounts receivable are typically unsecured and are derived from revenues earned from customers in the PRC. The Group performs periodic credit evaluations and provides an allowance for doubtful accounts to reduce the accounts receivable balance to its net realizable value. The Group did not have any customers constituting 10% or more of the consolidated net revenues and accounts receivable in the fiscal years 2017, 2018 and 2019, respectively. </div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-left: 4%; line-height: 12pt;"><div style="text-decoration:underline;display:inline;">Recent accounting pronouncements adopted </div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;">In May 2014, the FASB issued ASU 2014-09, &#8220;Revenue from Contracts with Customers (Topic 606).&#8221; (&#8220;Topic 606&#8221; or &#8220;ASU 2014-09&#8221;) ASU 2014-09 requires revenue recognition to depict the transfer of goods or services to customers in an amount that reflects the consideration that a company expects to be entitled to in exchange for the goods or services. To achieve this principle, a company must apply five steps including identifying the contract with a customer, identifying the performance obligations in the contract, determining the transaction price, allocating the transaction price to the performance obligations, and recognizing revenue when (or as) the company satisfies the performance obligations. Additional quantitative and qualitative disclosure to enhance the understanding about the nature, amount, timing, and uncertainty of revenue and cash flows is also required. ASU 2014-09 is effective for fiscal years, and interim periods within those years, beginning after December&#160;15, 2017. In April 2016, the FASB issued ASU 2016-10, &#8220;Identifying Performance Obligations and Licensing.&#8221; ASU 2016-10 clarifies the following two aspects of ASU 2014-09: identifying performance obligations and licensing implementation guidance. The effective date of ASU 2016-10 is the same as the effective date of ASU 2014-09.</div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;">The Group adopted this ASU on June&#160;1, 2018 and utilized the modified retrospective method. The adoption did not have a material impact on the Group&#8217;s financial position or results of operations for all revenue streams except for the consulting services which include variable consideration. The Group assessed the variable consideration included in its consulting services and recognizes it over the respective milestone once achieved. The cumulative effect of initially applying the new standard amounted to US$1,101, which was recorded as an adjustment to the opening balance of retained earnings upon adoption. In addition, reclassification was made from deferred revenue to refund liability recorded as accrued expenses and other current liabilities for tuition collected that is expected to be refunded to the customers in the future if students withdraw from a course for any remaining classes.</div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;">In January 2016, the FASB issued a new pronouncement ASU 2016-01. The ASU requires equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income. The ASU also requires an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments.</div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;">ASU 2016-01 was further amended in February 2018 by ASU 2018-03, &#8220;Technical Corrections and Improvements to Financial Instruments&#8212;Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities&#8221;. This update was issued to clarify certain narrow aspects of guidance concerning the recognition of financial assets and liabilities established in ASU 2016-01. This includes an amendment to clarify that an entity measuring an equity security using the measurement alternative may change its measurement approach to a fair valuation method in accordance with Topic 820, Fair Value Measurement, through an irrevocable election that would apply to that security and all identical or similar investments of the same issued.</div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;">ASU 2016-01 and ASU 2018-03 are effective for public companies for fiscal years beginning after December&#160;15, 2017, including interim periods within those fiscal years. Adoption of the amendment must be applied by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption, except for amendments related to equity instruments that do not have readily determinable fair values which should be applied prospectively. The Group applied the new standard on June&#160;1, 2018. For investments in equity securities without readily determinable fair values, the Group elected to use the measurement alternative defined at cost, minus impairment, if any, plus or minus changes resulting from observable price changes. For investments in equity securities with readily determinable fair values, the Group accounts them at fair value change through earnings. The Group recorded a cumulative effect of adjustment amounting to US$97,929 to the opening balance of retained earnings upon adoption.</div><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-left: 4%;">In November 2016, the FASB issued ASU 2016-18: Statement of Cash Flows (Topic 230): Restricted Cash. The amendments in this update require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The amendments in this update do not provide a definition of restricted cash or restricted cash equivalents. The amendments in this update are effective for public business entities for fiscal years beginning after December&#160;15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. The amendments in this update should be applied using a retrospective transition method to each period presented. The Group adopted this standard on June 1, 2018 and applied a retrospective transition method on its consolidated statements of cash flows for the years ended May 31, 2017 and 2018, respectively, and included restricted cash as part of cash and cash equivalent in its consolidated statements of cash flows for all the periods presented. As of May 31, 2017 and 2018, restricted cash of approximately US$3,652 and US$3,446, respectively, were included in cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the consolidated statement of cash flows.</div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%; line-height: 12pt;">In January 2017, the FASB issued ASU 2017-01: Business Combinations (Topic 805): Clarifying the Determination of Business. The update requires that when substantially all of the fair value of the gross assets acquired (or dispose of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. The screen mentioned in ASU 2017-01 reduces the number of transactions that need to be further evaluated. If the screen is not met, the amendments in this ASU (1)&#160;require that to be considered a business, a set must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create output and (2)&#160;remove the evaluation of whether a market participant could replace missing elements. Public business entities should apply the amendments in this update to annual periods beginning after December&#160;15, 2017, including interim period within those periods. Early adoption of the amendments in this update is allowed. The amendments in this update should be applied prospectively on or after the effective date. No disclosure are required at transition. The Group adopted this standard on June 1, 2018 and the adoption did not have a material impact on the Group&#8217;s financial position or results of operations.</div><div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; margin-left: 4%;"><div style="text-decoration:underline;display:inline;">Recently issued accounting pronouncements not yet adopted</div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;">In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). The guidance supersedes existing guidance on accounting for leases with the main difference being that operating leases are to be recorded in the statement of financial position as right-of-use assets and lease liabilities, initially measured at the present value of the lease payments. For operating leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election not to recognize lease assets and liabilities. For public business entities, the guidance is effective for fiscal years beginning after December&#160;15, 2018, including interim periods within those fiscal years. Early application of the guidance is permitted. In July 2018, ASU 2016-02 was updated with ASU 2018-11, Targeted Improvements to ASC 842, which provides entities with relief from the costs of implementing certain aspects of the new leasing standard. Specifically, under the amendments in ASU 2018-11, (1) entities may elect not to recast the comparative periods presented when transitioning to ASC 842 and (2)&#160;lessors may elect not to separate lease and nonlease components when certain conditions are met. Before ASU 2018-11 was issued, transition to the new lease standard required application of the new guidance at the beginning of the earliest comparative period presented in the financial statements. The Group has assessed all potential impacts of the new guidance and has determined that this guidance will have an impact on the consolidated financial statements, including significant new disclosures about leasing activities. The most significant impact relates to the Group&#8217;s operating leases and the related recognition of right-of-use assets and lease liabilities on the consolidated balance sheets. The adoption of this new guidance will not have a material impact on the Group&#8217;s consolidated statements of operations, cash flows or changes in equity. The Group will adopt this new guidance on June&#160;1, 2019 using the transition method provided by ASU 2018-11. On adoption, the Group will elect the package of practical expedients.</div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;">In June 2016, the FASB issued ASU 2016-13, Financial Instruments &#8212; Credit Losses (Topic 326), Measurement of Credit Losses on Financial Statements. This ASU requires a financial asset (or group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset. This ASU affects entities holding financial assets and net investment in leases that are not accounted for at fair value through net income. The amendments affect loans, debt securities, trade receivables, net investments in leases, off balance sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual rights to receive cash. For public business entities, the amendments in this Update are effective for fiscal years beginning after December&#160;15, 2019, including interim periods within those fiscal years. All entities may adopt the amendments in this Update through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (that is, a modified-retrospective approach). In April&#160;25, 2019, ASU 2016-13 was updated with ASU 2019-04, which clarifies certain aspects of accounting for credit losses, hedging activities, and financial instruments. ASU 2019-04 provides certain alternatives for the measurement of the allowance for credit losses (ACL) on accrued interest receivable (AIR). These measurement alternatives include (1)&#160;measuring an ACL on AIR separately, (2)&#160;electing to provide separate disclosure of the AIR component of amortized cost as a practical expedient, and (3)&#160;making accounting policy elections to simplify certain aspects of the presentation and measurement of such AIR. For entities that have adopted ASU 2016-13, the amendments in ASU 2019-04 related to ASU 2016-13 are effective for fiscal years beginning after December&#160;15, 2019, and interim periods therein. An entity may early adopt ASU 2019-04 in any interim period after its issuance if the entity has adopted ASU 2016-13. The Group is in the process of evaluating the impact of the adoption of this pronouncement on its consolidated financial statements.</div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;">In January 2017, the FASB issued ASU 2017-04: Intangibles&#8212;Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. To simplify the subsequent measurement of goodwill, the FASB eliminated Step 2 from the goodwill impairment test. Under the amendments in this update, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit&#8217;s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. An entity should apply the amendments in this ASU on update on a prospective basis. An entity is required to disclose the nature of and reason for the change in accounting principle upon transition. A public business entity that is a SEC filer should adopt the amendments in this update for its annual or any interim goodwill impairment tests in fiscal years beginning after December&#160;15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January&#160;1, 2017. The Group is in the process of evaluating the impact of the adoption of this pronouncement on its consolidated financial statements.</div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;">In August 2018, the FASB issued ASU 2018-13, &#8220;Fair Value Measurement (Topic 820): Disclosure Framework&#8212;Changes to the Disclosure Requirements for Fair Value&#8221;. ASU 2018-13 removes and modifies existing disclosure requirements on fair value measurement, namely regarding transfers between levels of the fair value hierarchy and the valuation processes for Level&#160;3 fair value measurements. Additionally, ASU 2018-13 adds further disclosure requirements for Level&#160;3 fair value measurements, specifically changes in unrealized gains and losses and other quantitative information. ASU 2018-13 is effective for fiscal years and interim periods within those fiscal years, beginning after December&#160;15, 2019, with early adoption permitted. The Group is in the process of evaluating the impact of the adoption of this pronouncement on its consolidated financial statements.</div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;">In October 2018, the FASB issued ASU 2018-17, Consolidation (Topic 810): Targeted Improvements to the Related Party Guidance for Variable Interest Entities. ASU 2018-17 changes how entities evaluate decision-making fees under the variable interest entity guidance. To determine whether decision-making fees represent a variable interest, an entity considers indirect interests held through related parties under common control on a proportional basis, rather than in their entirety. This guidance will be adopted using a retrospective approach and is effective for the Company on January&#160;1, 2020. The Group is in the process of evaluating the impact of the adoption of this pronouncement on its consolidated financial statements.</div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="text-decoration:underline;display:inline;">Basis of presentation </div> </div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The consolidated financial statements of the Group have been prepared in accordance with the accounting principles generally accepted in the United States of America (&#8220;US GAAP&#8221;). </div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; margin-left: 4%;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="text-decoration:underline;display:inline;">Basis of consolidation </div> </div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The consolidated financial statements include the financial statements of the Company, its subsidiaries, its VIEs and the VIEs&#8217; subsidiaries and schools. The Company and its WFOEs have entered into contractual arrangements with the VIEs and its shareholders, which enable the Company to (1)&#160;have power to direct activities that most significantly affect the economic performance of the VIEs, and (2)&#160;receive the economic benefits of the VIEs that could be significant to the VIEs. Accordingly, the Company is considered the primary beneficiary of the VIEs and has consolidated the VIEs&#8217; financial results of operations, assets and liabilities in the Company&#8217;s consolidated financial statements. All inter-company transactions and balances have been eliminated upon consolidation. </div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; margin-left: 4%; line-height: 12pt;"><div style="text-decoration:underline;display:inline;">Use of estimates </div></div><div><div><div style="margin: 6pt 0in 0.0001pt 0.79in; font-family: &quot;times new roman&quot;, serif; font-size: 10pt;">The preparation of the consolidated financial statements in conformity with US&#160;GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, related disclosures of contingent liabilities at the balance sheet date, and revenue and expenses in the consolidated financial statements and accompanying notes. Significant accounting estimates reflected in the Group&#8217;s consolidated financial statements include the purchase price allocation relating to business acquisitions, the valuation allowance for deferred tax assets, economic lives and impairment of property and equipment, impairment of goodwill, intangible assets, long-lived assets and long-term investments, fair value assessment of long-term investments, allowance for doubtable accounts, contingent consideration payable, refund liability, fair value of underlying ordinary shares of Koolearn Holding before its IPO and mezzanine equity. Actual results could differ from those estimates.</div></div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; margin-left: 4%;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="text-decoration:underline;display:inline;">Business combinations </div> </div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;">Business combinations are recorded using the acquisition method of accounting. The purchase price of the acquisition is allocated to the tangible assets, liabilities, identifiable intangible assets acquired and non-controlling interest, if any, based on their estimated fair values as of the acquisition date. The excess of the purchase price over those fair values is recorded as goodwill. Acquisition-related expenses and restructuring costs are expensed as incurred.</div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;">Consideration transferred in a business combinations is measured at the fair value as of the date of acquisition. Where the consideration in an acquisition includes contingent consideration, and the payment of which depends on the achievement of certain specified conditions post-acquisition, the contingent consideration is recognized and measured at its fair value at the acquisition date and is recorded as a liability. It is subsequently carried at fair value with changes in fair value reflected in earnings.</div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;">In a business combination achieved in stages, the Group remeasures the previously held equity interest in the acquiree immediately before obtaining control at its acquisition-date fair value and the remeasurement gain or loss, if any, is recognized in the consolidated statements of operations.</div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; margin-left: 4%;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="text-decoration:underline;display:inline;">Cash and cash equivalents </div> </div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Cash and cash equivalents consist of cash on hand and highly liquid investments which are unrestricted as to withdrawal or use, and which have original maturities of three months or less when purchased. </div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; margin-left: 4%;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="text-decoration:underline;display:inline;">Restricted cash </div> </div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;">Restricted cash represents Renminbi (&#8220;RMB&#8221;) deposit in bank accounts as deposits for establishing new subsidiaries and schools. Restricted cash is classified as either current or <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">non-current</div> based on when the funds will be released in accordance with the terms of the respective agreement.</div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; margin-left: 4%; line-height: 12pt;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="text-decoration:underline;display:inline;">Term deposits </div> </div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Term deposits consist of deposits placed with financial institutions with original maturities of greater than three months and less than one year. </div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; margin-left: 4%;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="text-decoration:underline;display:inline;">Short-term investments </div> </div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;">The Group&#8217;s short-term <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">held-to-maturity</div></div> investments are classified as short-term investments on the consolidated balance sheets based on their contractual maturity dates which are less than one year and are stated at their amortized costs.</div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;">The Group reviews its <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">held-to-maturity</div></div> investments for other-than-temporary impairment (&#8220;OTTI&#8221;) based on the specific identification method. The Group considers available quantitative and qualitative evidence in evaluating the potential impairment of its short-term investments. If the cost of an investment exceeds the investment&#8217;s fair value, the Group considers, among other factors, general market conditions, expected future performance of the investees, the duration and the extent to which the fair value of the investment is less than the cost, and the Group&#8217;s intent and ability to hold the investments. 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The Group did not record any impairment losses on long-lived assets during the years ended May&#160;31, 2017, 2018 and 2019. </div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; margin-left: 4%;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="text-decoration:underline;display:inline;">Goodwill,&#160;net</div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Goodwill represents the excess of the purchase price over the fair value of identifiable net assets acquired in business combinations. Goodwill is not amortized but is tested for impairment annually or more frequently if events or changes in circumstances indicate that it might be impaired. </div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Goodwill is tested for impairment at the reporting unit level on an annual basis (May 31 for the Group) and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. These events or circumstances could include a significant change in the stock prices, business climate, legal factors, operating performance indicators, competition, or sale or disposition of a significant portion of a reporting unit. </div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Application of the goodwill impairment test requires judgment, including the identification of reporting units, assignment of assets and liabilities to reporting units, assignment of goodwill to reporting units, and determination of the fair value of each reporting unit. The estimation of fair value of each reporting unit using a discounted cash flow methodology also requires significant judgments, including estimation of future cash flows, which is dependent on internal forecasts, estimation of the long-term rate of growth for the Group&#8217;s business, estimation of the useful life over which cash flows will occur, and determination of the Group&#8217;s weighted average cost of capital. The estimates used to calculate the fair value of a reporting unit change from year to year based on operating results and market conditions. Changes in these estimates and assumptions could materially affect the determination of fair value and goodwill impairment for the reporting unit. </div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;">In order to test goodwill for impairment, the Group first assesses qualitative factors to determine whether it is &#8220;more likely than not&#8221; that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">two-step</div> goodwill impairment test. If it is more likely than not that the fair value of a reporting unit is less than its carrying amount, goodwill is then tested following a <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">two-step</div> process. The first step compares the fair value of each reporting unit to its carrying amount, including goodwill. If the fair value of each reporting unit exceeds its carrying amount, goodwill is not considered to be impaired and the second step will not be required. If the carrying amount of a reporting unit exceeds its fair value, the second step compares the implied fair value of goodwill to the carrying value of a reporting unit&#8217;s goodwill.</div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The implied fair value of goodwill is determined in a manner similar to accounting for a business combination with the allocation of the assessed fair value determined in the first step to the assets and liabilities of the reporting unit. The excess of the fair value of the reporting unit over the amounts assigned to the assets and liabilities is the implied fair value of goodwill. </div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">An impairment loss is recognized for any excess in the carrying value of goodwill over the implied fair value of goodwill. The Group recorded US$1,682, nil and US$5,245 impairment losses during the years ended May&#160;31, 2017, 2018 and 2019, respectively. </div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> 10567000 42128000 10959000 <div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; margin-left: 4%;"><div style="text-decoration:underline;display:inline;">Non-controlling interests and redeemable non-controlling interests</div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;">The Group&#8217;s consolidated financial statements include entities in which the Company has a controlling financial interest. Earnings or losses attributable to minority shareholders of the consolidated affiliated company are classified separately as &#8220;non-controlling interests&#8221; in the Company&#8217;s consolidated statements of operations.</div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;">Non-controlling interests in subsidiaries that are redeemable outside of the Company&#8217;s control for cash or other assets are classified outside of permanent equity at the redemption value. If the redemption event is probable to occur, the Company adjusts the redeemable non-controlling interests to the redemption value on each balance sheet date with the changes recognized as an adjustment to retained earnings, or in the absence of retained earnings, as an adjustment to additional paid-in capital.</div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; margin-left: 4%; line-height: 12pt;"><div style="text-decoration:underline;display:inline;">Value added tax (&#8220;VAT&#8221;) </div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;">Pursuant to the PRC tax laws, in case of any product sales, generally the VAT rate is 3% of the gross sales for small scale VAT payer and 16% (or 13% starting April 1, 2019) of the gross sales for general VAT payer. Most of the subsidiaries of the Company are considered as general VAT payers for the sales of guidance materials and the intercompany sales of self-developed software. For general VAT payer, VAT on sales is calculated at 16% (or 13% starting April 1, 2019) on revenue from product sales and paid after deducting input VAT on purchases. The net VAT balance between input VAT and output VAT is recorded as accrued expenses in the Group&#8217;s consolidated financial statements.</div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;">The new enrollment system development services and other operating services, which were previously subject to business taxes, are now subject to VAT at the rate of 6% of revenue. The non-academic educational programs and services in short-term training schools may choose the applicable simple VAT collection method and apply for a 3% VAT rate. The intercompany sales of self-developed software are subject to VAT at the rate of 13% and the part in excess of 3% applied refund upon collection. The intercompany services related to self-developed software are subject to VAT at the rate of 6%. The sales of books are subject to VAT at the rate of 11% since July&#160;1, 2017, decreased to 10% since May&#160;1, 2018 and further decreased to 9% since April&#160;1, 2019.</div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> 23096000 0.123 <div style="font-family: &quot;times new roman&quot;; margin-top: 12pt; margin-bottom: 0pt; margin-left: 4%; font-size: 10pt;"><div style="font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-family: &quot;times new roman&quot;, times, serif; letter-spacing: 0px; top: 0px;;display:inline;"><div style="text-decoration:underline;display:inline;">Operating leases</div></div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;">Leases where substantially all the rewards and risks of ownership of assets remain with the leasing company are accounted for as operating leases. Payments made under operating leases are charged to the consolidated statements of operations on a straight-line basis over the shorter of the lease term or estimated economic life.</div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; margin-left: 4%;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="text-decoration:underline;display:inline;">Advertising costs </div> </div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The Group expenses advertising costs as they incurred. Total advertising expenses were US$41,498, US$55,936 and US$72,386, for the years ended May&#160;31, 2017, 2018 and 2019, respectively, and have been included as part of selling and marketing expenses. </div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; margin-left: 4%;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="text-decoration:underline;display:inline;">Government subsidies </div> </div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The Group recognizes government subsidies as miscellaneous income when they are received because they are not subject to any past or future conditions, there are no performance conditions or conditions of use, and they are not subject to future return. Government subsidies received and recognized as miscellaneous income totaled US$1,325, US$2,945 and US$3,684, for the years ended May&#160;31, 2017, 2018 and 2019, respectively. </div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-left: 4%; line-height: 12pt;"><div style="text-decoration:underline;display:inline;">Foreign currency translation </div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;">The Company&#8217;s functional and reporting currency is the United States dollars (&#8220;U.S. dollars&#8221;). The financial records of the Company&#8217;s subsidiaries, the VIEs, the VIEs&#8217; subsidiaries and schools located in the PRC are maintained in Renminbi (&#8220;RMB&#8221;), which is the functional currency of these entities. The financial records of the Company&#8217;s subsidiaries located in Hong Kong are maintained in U.S. dollars, which is the functional currency of these entities. The financial records of the Company&#8217;s subsidiaries located in United Kingdom are maintained in their local currency, the Great&#160;Britain Pound (&#8220;GBP&#8221;), which is the functional currency of these entities. The financial records of the Company&#8217;s subsidiary located in Australia are maintained in its local currency, the Australian Dollar (&#8220;AUD&#8221;), which is the functional currency of the entity. All financial records of the other entities are maintained in U.S. dollars, which is the functional currency of those entities.</div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;">Monetary assets and liabilities denominated in currencies other than the applicable functional currencies are translated into the functional currencies at the prevailing rates of exchange at the balance sheet date. Nonmonetary assets and liabilities are remeasured into the applicable functional currencies at historical exchange rates. Transactions in currencies other than the applicable functional currencies during the year are converted into the functional currencies at the applicable rates of exchange prevailing at the transaction dates. Transaction gains and losses are recognized in the consolidated statements of operations.</div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;">For translating to the functional currency of the Company, assets and liabilities are translated into the reporting currency at the rates of exchange ruling at the balance sheet date. Equity accounts are translated at historical exchange rates. Revenues, expenses, gain and loss are translated using the average rate of exchange in effect during the reporting period. Translation adjustments are reported and shown as a separate component of other comprehensive income in the consolidated statements of changes in equity and the consolidated statements of comprehensive income.</div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;">Transactions in currencies other than the functional currencies during the year are converted into the applicable functional currencies at the applicable rates of exchange prevailing at the dates of the transactions.</div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; margin-left: 4%;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="text-decoration:underline;display:inline;">Foreign currency risk </div> </div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;">RMB is not a freely convertible currency. The State Administration for Foreign Exchange, under the authority of the People&#8217;s Bank of China, controls the conversion of RMB into other currencies. The value of RMB is subject to changes in central government policies and to international economic and political developments affecting supply and demand in the China Foreign Exchange Trading System market. The Group&#8217;s cash and cash equivalents, restricted cash, and term deposits denominated in RMB amounted to US$989,070 and US$ 1,105,190 as of May&#160;31, 2018 and 2019, respectively.</div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> 33156000 <div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; margin-left: 4%;"><div style="text-decoration:underline;display:inline;">Fair value </div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;">Fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when valuing the asset or liability. Authoritative literature provides a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The level in the hierarchy within which the fair value measurement in its entirety falls is based upon the lowest level of input that is significant to the fair value measurement as follows:</div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;">Level&#160;1</div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;">Level&#160;1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.</div><div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; margin-left: 4%;">Level&#160;2</div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;">Level&#160;2 applies to assets or liabilities for which there are inputs other than quoted prices included within Level&#160;1 that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.</div><div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; margin-left: 4%;">Level&#160;3</div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;">Level&#160;3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.</div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt; margin-left: 4%; line-height: 12pt;"><div style="text-decoration:underline;display:inline;">Fair value of financial instruments </div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;">The Group&#8217;s financial instruments consist primarily of cash and cash equivalents, restricted cash, term deposit, short-term investments, accounts receivable, short-term amounts due from/to related parties, available-for-sale investments, equity security with/without readily determinable fair values, accounts payable, contingent consideration in acquisitions, income tax payable and long-term loan. The Group carries its available-for-sale investments and equity securities with readily determinable fair values at fair value and carries equity securities without readily determinable fair values at cost, less impairment, plus or minus observable price changes in a similar transaction. The Group carries its contingent consideration in acquisitions at fair value which is determined based on the best estimation from the managements. The carrying amounts of the long-term loan approximate fair value as its interest rates are at the same level of current market yield for comparable debts. The carrying amounts of other financial instruments approximate their fair values due to the short-term maturities of these instruments.</div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; margin-left: 4%;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="text-decoration:underline;display:inline;">Net income per share </div> </div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;">Basic net income per share is computed by dividing net income attributable to the holders of common shareholders by the weighted average number of common shares outstanding during the year. Diluted net income per share reflects the potential dilution that could occur if securities or other contracts to issue common shares were exercised into common shares. Common share equivalents are excluded from the computation of the diluted net income per share in years when their effect would be anti-dilutive. The Group has share options and NES which could potentially dilute basic earnings per share in the future. To calculate the number of shares for diluted net income per share, the effect of the share options and NES is computed using the treasury stock method. The effect of mezzanine equity is computed using the if-converted method.</div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; margin-left: 4%;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="text-decoration:underline;display:inline;">Income taxes </div> </div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The Group accounts for income taxes using the asset and liability approach. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial reporting and tax basis of assets and liabilities, net of operating loss carry forwards and credits, by applying enacted tax rates that will be in effect for the period in which the differences are expected to reverse. The effect on deferred taxes of a change in tax rates is recognized in the consolidated statements of operations in the period of change. Deferred tax assets are reduced by a valuation allowance when it is considered more likely than not that some portion or all of the deferred tax assets will not be realized. </div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The Group accounts for uncertain tax positions by reporting a liability for unrecognized tax benefits resulting from uncertain tax positions taken or expected to be taken in a tax return. Tax benefits are recognized from uncertain tax positions when the Group believes that it is more likely than not that the tax position will be sustained on examination by the tax authorities based on the technical merits of the position. The Group recognizes interest and penalties, if any, related to unrecognized tax benefits in income tax expenses. </div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; margin-left: 4%;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="text-decoration:underline;display:inline;">Comprehensive income </div> </div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 10pt; margin-left: 4%; line-height: 12pt;">Comprehensive income includes net income, unrealized gain or loss on <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">available-for-sale</div></div> securities and foreign currency translation adjustments. Comprehensive income is reported in the consolidated statements of comprehensive income.</div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; margin-left: 4%;"><div style="text-decoration:underline;display:inline;">Share-based compensation </div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;">Share-based payments to employees and directors are measured based on the grant-date fair value of the equity instrument issued and recognized as compensation expenses net of forfeitures on a straight-line basis over the requisite service period, with a corresponding addition to the additional paid-in capital. The Group uses the binomial option pricing model to measure the fair value of options granted, and the quoted market price of the common shares or the fair value of underlying ordinary shares of Koolearn Holding before its IPO by using the discounted cash flow method, to measure the fair value of options and NES granted to employees at each measurement date. The binomial option pricing model is adopted because the Group believes that considering the possibility of exercise an option over the life of the option, as affected by the reality of changing stock prices and non-constant risk free rates,&#160;would better reflect the measurement objective of relevant accounting literature.</div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;">The amount of compensation expenses recognized at any date is at least equal to the portion of the fair value of the awards that are vested as of that date. Forfeitures are recognized as they occur.</div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; margin-left: 4%;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="text-decoration:underline;display:inline;">Concentration of credit risk </div> </div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Financial instruments that potentially expose the Group to significant concentration of credit risk consist primarily of cash and cash equivalents, term deposits, restricted cash, short-term investments and accounts receivable. As of May&#160;31, 2019, substantially all of the Group&#8217;s cash and cash equivalents, term deposits, restricted cash and short-term investments were deposited with financial institutions with high-credit ratings and quality. Accounts receivable are typically unsecured and are derived from revenues earned from customers in the PRC. The Group performs periodic credit evaluations and provides an allowance for doubtful accounts to reduce the accounts receivable balance to its net realizable value. The Group did not have any customers constituting 10% or more of the consolidated net revenues and accounts receivable in the fiscal years 2017, 2018 and 2019, respectively. </div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> <div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; margin-left: 4%;"><div style="text-decoration:underline;display:inline;">Recently issued accounting pronouncements not yet adopted</div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;">In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). The guidance supersedes existing guidance on accounting for leases with the main difference being that operating leases are to be recorded in the statement of financial position as right-of-use assets and lease liabilities, initially measured at the present value of the lease payments. For operating leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election not to recognize lease assets and liabilities. For public business entities, the guidance is effective for fiscal years beginning after December&#160;15, 2018, including interim periods within those fiscal years. Early application of the guidance is permitted. In July 2018, ASU 2016-02 was updated with ASU 2018-11, Targeted Improvements to ASC 842, which provides entities with relief from the costs of implementing certain aspects of the new leasing standard. Specifically, under the amendments in ASU 2018-11, (1) entities may elect not to recast the comparative periods presented when transitioning to ASC 842 and (2)&#160;lessors may elect not to separate lease and nonlease components when certain conditions are met. Before ASU 2018-11 was issued, transition to the new lease standard required application of the new guidance at the beginning of the earliest comparative period presented in the financial statements. The Group has assessed all potential impacts of the new guidance and has determined that this guidance will have an impact on the consolidated financial statements, including significant new disclosures about leasing activities. The most significant impact relates to the Group&#8217;s operating leases and the related recognition of right-of-use assets and lease liabilities on the consolidated balance sheets. The adoption of this new guidance will not have a material impact on the Group&#8217;s consolidated statements of operations, cash flows or changes in equity. The Group will adopt this new guidance on June&#160;1, 2019 using the transition method provided by ASU 2018-11. On adoption, the Group will elect the package of practical expedients.</div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;">In June 2016, the FASB issued ASU 2016-13, Financial Instruments &#8212; Credit Losses (Topic 326), Measurement of Credit Losses on Financial Statements. This ASU requires a financial asset (or group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset. This ASU affects entities holding financial assets and net investment in leases that are not accounted for at fair value through net income. The amendments affect loans, debt securities, trade receivables, net investments in leases, off balance sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual rights to receive cash. For public business entities, the amendments in this Update are effective for fiscal years beginning after December&#160;15, 2019, including interim periods within those fiscal years. All entities may adopt the amendments in this Update through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (that is, a modified-retrospective approach). In April&#160;25, 2019, ASU 2016-13 was updated with ASU 2019-04, which clarifies certain aspects of accounting for credit losses, hedging activities, and financial instruments. ASU 2019-04 provides certain alternatives for the measurement of the allowance for credit losses (ACL) on accrued interest receivable (AIR). These measurement alternatives include (1)&#160;measuring an ACL on AIR separately, (2)&#160;electing to provide separate disclosure of the AIR component of amortized cost as a practical expedient, and (3)&#160;making accounting policy elections to simplify certain aspects of the presentation and measurement of such AIR. 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Under the amendments in this update, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit&#8217;s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. An entity should apply the amendments in this ASU on update on a prospective basis. An entity is required to disclose the nature of and reason for the change in accounting principle upon transition. A public business entity that is a SEC filer should adopt the amendments in this update for its annual or any interim goodwill impairment tests in fiscal years beginning after December&#160;15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January&#160;1, 2017. The Group is in the process of evaluating the impact of the adoption of this pronouncement on its consolidated financial statements.</div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;">In August 2018, the FASB issued ASU 2018-13, &#8220;Fair Value Measurement (Topic 820): Disclosure Framework&#8212;Changes to the Disclosure Requirements for Fair Value&#8221;. ASU 2018-13 removes and modifies existing disclosure requirements on fair value measurement, namely regarding transfers between levels of the fair value hierarchy and the valuation processes for Level&#160;3 fair value measurements. Additionally, ASU 2018-13 adds further disclosure requirements for Level&#160;3 fair value measurements, specifically changes in unrealized gains and losses and other quantitative information. 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This guidance will be adopted using a retrospective approach and is effective for the Company on January&#160;1, 2020. 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In addition, reclassification was made from deferred revenue to refund liability recorded as accrued expenses and other current liabilities for tuition collected that is expected to be refunded to the customers in the future if students withdraw from a course for any remaining classes.</div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;">In January 2016, the FASB issued a new pronouncement ASU 2016-01. The ASU requires equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income. 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The Company also believes that the minimum amount of consideration permitted by the applicable PRC law to exercise the option does not represent a financial barrier or disincentive for the Company to currently exercise its rights under the exclusive option agreement. A simple majority vote of the Company&#8217;s board of directors is required to pass a resolution to exercise the Company&#8217;s rights under the exclusive option agreement, for which Mr.&#160;Michael Minhong Yu (&#8220;Mr.&#160;Yu&#8221;)&#8217;s consent is not required. The Company&#8217;s rights under the exclusive option agreement give the Company the power to control the shareholders of New Oriental China and thus the power to direct the activities that most significantly impact the schools&#8217; economic performance given that New Oriental China has the power to direct the activities of the schools via its sponsorship interest. 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Beijing Decision has entered into new enrollment system development service agreements with the schools of New Oriental China, under which Beijing Decision agreed to provide new enrollment system development and regular maintenance services to those schools of New Oriental China for a fee equal to the applicable fee rate multiplied by the number of new student enrollments. 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Eight WFOEs, namely Beijing Hewstone, Beijing Pioneer, Beijing Smart Wood, Beijing Joy Tend, Beijing Magnificence, Beijing Top, Beijng Shenghe and Beijing Jinghong, entered into agreements whereby the WFOEs sell various self-developed educational software to the subsidiaries or schools of New Oriental China. Except for four agreements that are silent on renewal, these agreements provide unlimited <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">two-year</div> automatic renewal terms, and the subsidiaries and schools of New Oriental China cannot terminate the agreements without the consent of the WFOEs in China.</div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px; background: none;"></div><div style="font-size: 1px; margin-top: 0px; margin-bottom: 0px; background: none;"><div style="color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%; line-height: 12pt;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Master exclusive service agreement.</div></div> On September&#160;19, 2014, Beijing Pioneer entered into a master exclusive service agreement with New Oriental China to enable the Company&#8217;s wholly owned subsidiaries in China to receive substantially all of the economic benefits of New Oriental China and its subsidiaries and schools. Under the master exclusive service agreement, Beijing Pioneer has the exclusive rights to provide or designate any entities affiliated with it to provide New Oriental China and its subsidiaries and schools the technical and business support services, including new enrollment system development service, sale of educational software and other operating services. Each service provider specified in the service agreement (iv)&#160;has the rights to determine the fees associated with the services it provides based on the technical difficulty and complexity of the services and the actual labor costs it incurs for providing the services during the relevant period. The term of this agreement is&#160;<div style="letter-spacing: 0px; top: 0px;;display:inline;">ten years</div>&#160;and will be automatically extended upon expiration. Beijing Pioneer may terminate the agreement at any time with a <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">30</div>-day</div> prior written notice to New Oriental China, whereas none of New Oriental China and its subsidiaries and schools can terminate this agreement. The various existing service agreements mentioned in service agreements (i)~(iv) will remain effective after the inclusion of the master exclusive service agreement; however, if they have any conflict with the terms and conditions of the master exclusive service agreement, the master exclusive service agreement will prevail. The master exclusive service agreement was effective on September&#160;19, 2014.</div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Equity pledge agreements</div></div>. Pursuant to the equity pledge agreements dated May&#160;25, 2006 among New Oriental China, all of the shareholders of New Oriental China, Beijing Hewstone and Beijing Decision, each shareholder of New Oriental China agreed to pledge his or its equity interest in New Oriental China to Beijing Hewstone and Beijing Decision to secure the performance of the VIEs&#8217; obligations under the existing service agreements and any such agreements to be entered into in the future. The shareholders of New Oriental China agreed not to transfer, sell, pledge, dispose of or otherwise create any encumbrance on their equity interests in New Oriental China without the prior written consent of Beijing Hewstone and Beijing Decision. </div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">In January 2012, ten former shareholders of New Oriental China completed the transfer, for no consideration, of all of their equity interests in New Oriental China to Beijing Century Friendship Education Investment Co., Ltd. (&#8220;Century Friendship&#8221;), a PRC domestic enterprise controlled by the Company&#8217;s founder and chairman, Mr.&#160;Yu. Prior to the transfer, Century Friendship had held <div style="letter-spacing: 0px; top: 0px;;display:inline;">53</div>% of the equity interests in New Oriental China while the ten former shareholders of New Oriental China held the remaining equity interests. In connection to the transfer, <div style="letter-spacing: 0px; top: 0px;;display:inline;">five</div> new equity pledge agreements dated April&#160;23, 2012 were entered into among New Oriental China, Century Friendship and five WFOEs, whereby Century Friendship has agreed to pledge all of its equity interests in New Oriental China to the WFOEs to secure the VIEs&#8217; performance of their obligations under the trademark license agreements, new enrollment system development service agreements, other operating service agreements and sale of educational software agreements. Century Friendship has agreed not to transfer, sell, pledge, dispose of or otherwise create any encumbrance on its equity interests in New Oriental China without the prior written consents of the WFOEs. The terms of the April 2012 equity pledge agreements are substantially the same as the 2006 equity pledge agreements. </div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">In February 2017, as part of efforts to streamline the corporate structure, the Group removed Shanghai Smart Words as a party to the contractual arrangements with New Oriental China and its subsidiaries and schools and the shareholders. The rights and obligations of Shanghai Smart Words under these contractual arrangements have been assumed by Beijing Decision. The April 2012 equity pledge agreements have been amended to reflect the foregoing change while the terms of these agreements remain unchanged. The equity pledges of Century Friendship under the amended agreements have been registered with the Haidian District, Beijing branch of the State Administration of Industry and Commerce (the &#8220;SAIC&#8221;). </div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Exclusive option agreements</div></div>. Pursuant to the exclusive option agreements entered into on various dates, as amended on May&#160;25, 2006, among the Company, New Oriental China and its shareholders, the shareholders of New Oriental China are obligated to sell to the Company, and the Company has an exclusive, irrevocable and unconditional rights to purchase, or cause the shareholders of New Oriental China to sell to the Company&#8217;s designated party, in the Company&#8217;s sole discretion, part or all of the shareholders&#8217; equity interests in New Oriental China when and to the extent that applicable PRC law permits the Company to own part or all of such equity interests in New Oriental China. In addition, pursuant to the exclusive option agreements, the Company has an exclusive, irrevocable and unconditional right to request any existing shareholders of New Oriental China to transfer all or part of the equity interest in New Oriental China held by such shareholder to another PRC person or entity designated by the Company at any time in the discretion. The price to be paid by the Company or a PRC person or entity designated by the WFOEs will be the minimum amount of consideration permitted by applicable PRC law at the time when such share transfer occurs. As a result of the ten former shareholders of New Oriental China transferring all of their equity interests in New Oriental China to Century Friendship in January 2012, Century Friendship executed a new option agreement with Shanghai Smart Words and New Oriental China on April&#160;23, 2012. The terms of this new option agreement are substantially the same as the 2006 exclusive option agreements. </div></div><div style="font-size: 1px; margin-top: 0px; margin-bottom: 0px; background: none;"><div style="color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">&#160;</div></div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%; line-height: 12pt;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">On February&#160;16, 2017, Beijing Decision entered into a new option agreement with Century Friendship and New Oriental China, replacing the previous option agreement dated April&#160;23, 2012. Pursuant to the current option agreement, Century Friendship is obligated to sell to Beijing Decision, and Beijing Decision has an exclusive, irrevocable and unconditional rights to purchase from Century Friendship, in its sole discretion, part or of all of Century Friendship&#8217;s equity interests in New Oriental China when and to the extent that applicable PRC law permits it to own part or all of the equity interest in New Oriental China. In addition, Beijing Decision has an exclusive option to require Century Friendship to transfer all or part of Century Friendship&#8217;s equity interest in New Oriental China to another PRC person or entity designated by Beijing Decision at any time in its discretion. The purchase price to be paid by Beijing Decision will be the minimum amount of consideration permitted by applicable PRC law at the time when such share transfer occurs. </div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Power of Attorney.</div></div> On December&#160;3, 2012, Century Friendship, in the capacity of the sole shareholder of New Oriental China, executed a proxy agreement and power of attorney with Beijing Pioneer, which is one of the Company&#8217;s wholly owned subsidiaries in China, and New Oriental China, whereby Century Friendship irrevocably appoints and constitutes Beijing Pioneer as its <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">attorney-in-fact</div></div> to exercise on Century Friendship&#8217;s behalf any and all rights that Century Friendship has in respect of its equity interests in New Oriental China. This proxy agreement and power of attorney became effective on December&#160;3, 2012 and replaces the powers of attorney executed by Century Friendship on April&#160;23, 2012. The proxy agreement and power of attorney will remain effective as long as New Oriental China exists. Century Friendship does not have the rights to terminate the proxy agreement and power of attorney or revoke the appointment of the <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">attorney-in-fact</div></div> without the prior written consent of Beijing Pioneer.</div><div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt; margin-left: 4%;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">VIE Arrangements between Dexin Dongfang and Xuncheng</div></div></div><div style="margin: 6pt 0in 0.0001pt 4%;font-family: &quot;times new roman&quot;, serif;font-size: 10pt;">On May&#160;10, 2018, Dexin Dongfang, a wholly-owned subsidiary of Koolearn Holding, entered into certain contractual arrangements (the &#8220;Contractual Arrangements&#8221;) with Xuncheng and the shareholders of Xuncheng, which enable Koolearn Holding to obtain control over Xuncheng, Beijing Kuxue Huisi Network Technology Co., Ltd. (&#8220;Kuxue Huisi&#8221;) and Dongfang Youbo (together the &#8220;Xuncheng VIE entities&#8221;).</div><div style="margin: 6pt 0in 0.0001pt 4%;font-family: &quot;times new roman&quot;, serif;font-size: 10pt;">The Contractual Arrangements include an Exclusive Management Consultancy and Business Cooperation Agreement, an Exclusive Call Option Agreement, an Equity Pledge Agreement, a Powers of Attorney and Dispute resolution and Letters of undertaking. The terms of these contractual agreements between Dexin Dongfang and Xuncheng are substantially similar to those agreements of New Oriental China described in the preceding paragraphs.</div><div style="margin: 6pt 0in 0.0001pt 4%;font-family: &quot;times new roman&quot;, serif;font-size: 10pt;">Through these Contractual Agreements, Dexin Dongfang has the ability to (1)&#160;expose, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over Xuncheng VIE entities; (2)&#160;exercise equity holders&#8217; controlling voting rights of Xuncheng VIE entities; (3)&#160;receive substantially all of the economic benefits of Xuncheng VIE entities in consideration for the business support, technical and consulting services provided by Dexin Dongfang; (4)&#160;obtain an irrevocable and exclusive right to purchase all or part of equity interests in Xuncheng VIE entities from the respective equity holders at nil consideration or a minimum purchase price permitted under the PRC Laws; (5)&#160;obtain a pledge over the entire equity interest of Xuncheng from their equity holders as collateral security for all of Xuncheng VIE entities&#8217; payments.</div><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 14pt; margin-bottom: 0pt; margin-left: 4%; line-height: 12pt;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Risks in relation to the VIE structure </div></div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The Company believes that the contractual arrangements with its VIEs and their respective shareholders are in compliance with the PRC laws and regulations and are legally enforceable. 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In July 2016, the Group converted all of the convertible bonds into redeemable preferred shares of Sunlands for a 4.9% equity interests. Additionally, the Group also invested an additional US$12,205 redeemable preferred shares for another 4.9% equity interest in Sunlands during July 2016. Subsequent to the additional investment, the Group holds 9.8% equity interest in Sunlands.</div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 0.79in;;text-align:left;;vertical-align:top;"><div>&#160;</div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:left;;vertical-align:top;"><div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;times new roman&quot;; line-height: normal;">On March&#160;23, 2018, Sunlands was listed in the New York Stock Exchange Market. All of the preferred shares were converted to 529,426 Class&#160;A ordinary shares immediately upon the completion of the listing. Subsequent to the listing, the Group invested an additional US$10,000 and obtained 34,783 Class&#160;A ordinary shares in April, 2018 and held 8% aggregate equity interests in Sunlands. Unrealized gains of US$8,129 and US$101,779 was reported in other comprehensive income for the years ended May&#160;31, 2017 and 2018, respectively. Upon the adoption of ASU&#160;2016-01,&#160;the investment was reclassified from&#160;available-for-sale&#160;investment to equity security with readily determinable fair value on June&#160;1, 2018, and losses of US$ 96,621 were recorded in loss from fair value change of long-term investments during the year ended May&#160;31, 2019 on the Group&#8217;s consolidated statements of operations.</div></td></tr><tr style="break-inside:avoid"><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 0.79in;;text-align:left;;vertical-align:top;">(b)</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:left;;vertical-align:top;"><div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;times new roman&quot;; line-height: normal;">In April 2015, the Group acquired 18% equity interest in Beijing ROBOROBO Technology Co., Ltd. (&#8220;ROBOROBO&#8221;) for a cash consideration of US$4,356. Roborobo is a company applying various robots build training course for kids with different ages. In February 2017, the Group disposed all of the ownership in ROBOROBO, in exchange for 1.87% common shares issued by Shengtong, which is a listed&#160;<div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">A-share</div>&#160;company in China. Realized gain of US$7,086 was recognized during the year ended May&#160;31, 2017. The equity interests acquired in Shengtong were classified as equity security with readily determinable fair value. Unrealized gain of US$423 and loss of US$1,450 was reported in other comprehensive income for the years ended May&#160;31, 2017 and 2018, respectively. Upon the adoption of ASU&#160;<div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">2016-01,</div>&#160;the investment was reclassified from&#160;<div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">available-for-sale</div></div>&#160;investment to equity security with readily determinable fair value on June&#160;1, 2019, loss of US$1,605 was recorded in loss from fair value change of long-term investments for the year ended May&#160;31, 2019.</div></td></tr><tr style="break-inside:avoid"><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 0.79in;;text-align:left;;vertical-align:top;">(c)</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:left;;vertical-align:top;"><div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;times new roman&quot;; line-height: normal;">In March 2014, the Group invested US$13,500 in Tarena, a NASDAQ listed company that provides IT professional education services in China, for 3% equity interests. In July 2017, the Group sold 1% equity interest in Tarena to third parties and the realized gain of US$4,545 was recognized in investment income for the year ended May&#160;31, 2018. Unrealized gain of US$9,750 and loss of US$7,040 was reported in other comprehensive income for the years ended May&#160;31, 2017 and 2018, respectively. Upon the adoption of ASU&#160;<div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">2016-01,</div>&#160;the investment was reclassified from&#160;<div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">available-for-sale</div></div>&#160;investment to equity security with readily determinable fair value on June&#160;1, 2019, loss of US$6,410 was recorded in loss from fair value change of long-term investments for the year ended May&#160;31, 2019.</div></td></tr><tr style="break-inside:avoid"><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 0.79in;;text-align:left;;vertical-align:top;">(d)</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:left;;vertical-align:top;"><div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;times new roman&quot;; line-height: normal;">In April 2017, the Group acquired 10% equity interest in EEO, a company engaged in the business of developing&#160;<div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">on-line</div>&#160;classroom product which were accounted for using the cost method because it is not&#160;<div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">in-substance</div>&#160;common share for the years ended May&#160;31, 2017 and 2018, respectively. After the adoption of ASU&#160;<div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">2016-01,</div>&#160;the Group accounted for the equity investments using the measurement alternative when the equity method is not applicable and there is no readily determinable fair value for the investments. For the years ended May&#160;31, 2017, 2018 and 2019, no impairment loss was recorded in regard to the investment.</div></td></tr><tr style="break-inside:avoid"><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 0.79in;;text-align:left;;vertical-align:top;">(e)</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;">In February 2018, the Group invested US$15,516, for 10% equity interests in Yuxueyuan, a company engaging in providing professional childcare and medical services for children aging from 1 to 6. The investment consists of two tranches. The first tranche was to obtain 8,490,642 series B-1 preferred shares at US$6,200 and the other tranche was to obtain 11,073,049 series C+ preferred shares at US$9,316. The investment in series B-1 preferred shares was classified as a cost method investment before the adoption of ASU 2016-01 because the series B-1 preferred shares were not in-substance common due to substantive liquidation preference rights. Upon the adoption of ASU2016-01, these shares were classified as equity security without readily determinable fair value. The investment in series C+ preferred shares was classified as available-for-sale investment as the Group determined that the investment represented a debt security due to redemption and liquidation preference rights and measured the investment subsequently at fair value. Unrealized gains of nil and US$903 were recorded in other comprehensive (loss) income for the years ended May&#160;31, 2018 and 2019, respectively.</div></td></tr><tr style="break-inside:avoid"><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 0.79in;;text-align:left;;vertical-align:top;">(f)</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:left;;vertical-align:top;"><div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;times new roman&quot;; line-height: normal;">The Group holds several insignificant investments in third-party private companies and has no ability to exercise significant influence over the investees, which were accounted for using the cost method prior to the adoption of ASU&#160;<div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">2016-01.</div>&#160;After the adoption of ASU&#160;<div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">2016-01,</div>&#160;the Group accounted for these equity investments using the measurement alternative when equity method is not applicable and there is no readily determinable fair value for the investments. No impairment loss was recorded during the years ended May&#160;31, 2017, 2018 and 2019, respectively.</div></td></tr><tr style="break-inside:avoid"><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 0.79in;;text-align:left;;vertical-align:top;">(g)</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:left;;vertical-align:top;"><div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;times new roman&quot;; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">In July 2018, Education Industry Fund was established with the total committed capital of US$224,000 by an entity controlled by Mr.&#160;Yu. The Group participates in Education Industry Fund as a limited partner and invested US$75,000 in Education Industry Fund. The Group accounts for the investment under the equity method in accordance with ASC 323 because the Group is a limited partner and owns 33% interest in Education Industry Fund. Gain of US$1,395 was recorded as gain from equity method investments for the year ended May&#160;31, 2019.</div></div></td></tr><tr style="break-inside:avoid"><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 0.79in;;text-align:left;;vertical-align:top;">(h)</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:left;;vertical-align:top;"><div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;times new roman&quot;; line-height: normal;">The Group holds 6.86% to 50% equity interests in other 14 third-party companies through investments in their common shares or&#160;<div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">in-substance</div>&#160;common shares. Majority of the long-term investments are engaged in educational services. The Group accounts for these investment under the equity method because the Group has the ability to exercise significant influence but does not have control over the investees, even though the Group holds less than 20% equity interests in some of the investees. Loss of US$3,289, US$379 and US$3,551 was recorded as loss from equity method investments for the years ended May&#160;31, 2017, 2018 and 2019, respectively.</div></td></tr><tr style="break-inside:avoid"><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 0.79in;;text-align:left;;vertical-align:top;">(i)</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:left;;vertical-align:top;"><div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;times new roman&quot;; line-height: normal;">In April and November 2015, the Group invested US$3,398 and US$11,437, respectively, in Golden Finance, a company engaged in training programs associated with finance and business management, for 19.5% equity interests. During the year ended May&#160;31, 2019, the Group disposed of 7.2% equity interest in Golden Finance with total consideration of US$33,156, and the remaining shares were diluted to 12.3%. Gain of US$23,096 was recognized as realized gain from long-term investments in consolidated statements of operations for the year ended May&#160;31, 2019. The Group accounted for the investment as&#160;<div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">available-for-sale</div></div>&#160;investments since the investee&#8217;s preferred shares held are determined to be debt securities and measured at fair value. Unrealized gains of US$10,567, US$42,128 and US$10,959 were recorded in other comprehensive (loss) income for the years ended May&#160;31, 2017, 2018 and 2019, respectively.</div></td></tr><tr style="break-inside:avoid"><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 0.79in;;text-align:left;;vertical-align:top;">(j)</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:left;;vertical-align:top;"><div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;times new roman&quot;; line-height: normal;">In May 2015, the Group invested US$460 in Uhozz, a company providing oversea rental agency services, for 10% equity interests with redemption and liquidation preference. In March 2018, the Group further subscribed 15.18% series B preferred shares with a cash consideration of US$9,000. The Group accounted for the investment as&#160;<div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">available-for-sale</div></div>&#160;investments since the investee&#8217;s preferred shares held are determined to be debt securities and measured them at fair value. Unrealized gain of US$4,838, loss of US$5,726 and gain of US$3,524 were recorded in other comprehensive (loss) income for the years ended May&#160;31, 2017, 2018 and 2019, respectively.</div></td></tr><tr style="break-inside:avoid"><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 0.79in;;text-align:left;;vertical-align:top;">(k)</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:left;;vertical-align:top;"><div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;times new roman&quot;; line-height: normal;">In April 2018, the Group paid US$15,000 in Boxfish, an online educational institution in China focusing on&#160;<div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">K-12</div>&#160;English training, for 6.52% series C preferred shares. The preferred shares acquired in Boxfish were classified as&#160;<div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">available-for-sale</div></div>&#160;investment as the Group determined the interests were debt security and measured at fair value. No fair value change was recognized for the year ended May&#160;31, 2019.</div></td></tr><tr style="break-inside:avoid"><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 0.79in;;text-align:left;;vertical-align:top;">(l)</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:left;;vertical-align:top;"><div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;times new roman&quot;; line-height: normal;">In March&#160;5, 2012, the Group acquired a convertible promissory note from Alo7.com for US$1,000, which entitled the Group to automatically convert the note into equity security upon certain conditions were met. On July&#160;1, 2012, the Group converted the US$1,000 promissory note into convertible redeemable preferred shares for a 3.4% equity interests in Alo7.com on an&#160;<div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">as-converted</div>&#160;basis.</div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 0.79in;;text-align:left;;vertical-align:top;"><div>&#160;</div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:left;;vertical-align:top;"><div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;times new roman&quot;; line-height: normal;">In March, June and September 2014, the Group further invested US$2,576, US$300 and US$10,000 of redeemable preferred shares into Alo7.com. As of May&#160;31, 2019, the Company held a 14.3% equity interests in Alo7.com. 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line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">In January 2016, the Group invested US$12,310 in Sunlands, a company engaged in online education specific to vocational qualification training, for subscribing the convertible bonds. In July 2016, the Group converted all of the convertible bonds into redeemable preferred shares of Sunlands for a 4.9% equity interests. Additionally, the Group also invested an additional US$12,205 redeemable preferred shares for another 4.9% equity interest in Sunlands during July 2016. Subsequent to the additional investment, the Group holds 9.8% equity interest in Sunlands.</div></div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 0.79in;;text-align:left;;vertical-align:top;"><div>&#160;</div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:left;;vertical-align:top;"><div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;times new roman&quot;; line-height: normal;">On March&#160;23, 2018, Sunlands was listed in the New York Stock Exchange Market. All of the preferred shares were converted to 529,426 Class&#160;A ordinary shares immediately upon the completion of the listing. Subsequent to the listing, the Group invested an additional US$10,000 and obtained 34,783 Class&#160;A ordinary shares in April, 2018 and held 8% aggregate equity interests in Sunlands. Unrealized gains of US$8,129 and US$101,779 was reported in other comprehensive income for the years ended May&#160;31, 2017 and 2018, respectively. Upon the adoption of ASU&#160;2016-01,&#160;the investment was reclassified from&#160;available-for-sale&#160;investment to equity security with readily determinable fair value on June&#160;1, 2018, and losses of US$ 96,621 were recorded in loss from fair value change of long-term investments during the year ended May&#160;31, 2019 on the Group&#8217;s consolidated statements of operations.</div></td></tr><tr style="break-inside:avoid"><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 0.79in;;text-align:left;;vertical-align:top;">(b)</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:left;;vertical-align:top;"><div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;times new roman&quot;; line-height: normal;">In April 2015, the Group acquired 18% equity interest in Beijing ROBOROBO Technology Co., Ltd. (&#8220;ROBOROBO&#8221;) for a cash consideration of US$4,356. Roborobo is a company applying various robots build training course for kids with different ages. In February 2017, the Group disposed all of the ownership in ROBOROBO, in exchange for 1.87% common shares issued by Shengtong, which is a listed&#160;<div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">A-share</div>&#160;company in China. Realized gain of US$7,086 was recognized during the year ended May&#160;31, 2017. The equity interests acquired in Shengtong were classified as equity security with readily determinable fair value. Unrealized gain of US$423 and loss of US$1,450 was reported in other comprehensive income for the years ended May&#160;31, 2017 and 2018, respectively. Upon the adoption of ASU&#160;<div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">2016-01,</div>&#160;the investment was reclassified from&#160;<div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">available-for-sale</div></div>&#160;investment to equity security with readily determinable fair value on June&#160;1, 2019, loss of US$1,605 was recorded in loss from fair value change of long-term investments for the year ended May&#160;31, 2019.</div></td></tr><tr style="break-inside:avoid"><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 0.79in;;text-align:left;;vertical-align:top;">(c)</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:left;;vertical-align:top;"><div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;times new roman&quot;; line-height: normal;">In March 2014, the Group invested US$13,500 in Tarena, a NASDAQ listed company that provides IT professional education services in China, for 3% equity interests. In July 2017, the Group sold 1% equity interest in Tarena to third parties and the realized gain of US$4,545 was recognized in investment income for the year ended May&#160;31, 2018. Unrealized gain of US$9,750 and loss of US$7,040 was reported in other comprehensive income for the years ended May&#160;31, 2017 and 2018, respectively. Upon the adoption of ASU&#160;<div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">2016-01,</div>&#160;the investment was reclassified from&#160;<div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">available-for-sale</div></div>&#160;investment to equity security with readily determinable fair value on June&#160;1, 2019, loss of US$6,410 was recorded in loss from fair value change of long-term investments for the year ended May&#160;31, 2019.</div></td></tr><tr style="break-inside:avoid"><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 0.79in;;text-align:left;;vertical-align:top;">(d)</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:left;;vertical-align:top;"><div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;times new roman&quot;; line-height: normal;">In April 2017, the Group acquired 10% equity interest in EEO, a company engaged in the business of developing&#160;<div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">on-line</div>&#160;classroom product which were accounted for using the cost method because it is not&#160;<div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">in-substance</div>&#160;common share for the years ended May&#160;31, 2017 and 2018, respectively. After the adoption of ASU&#160;<div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">2016-01,</div>&#160;the Group accounted for the equity investments using the measurement alternative when the equity method is not applicable and there is no readily determinable fair value for the investments. For the years ended May&#160;31, 2017, 2018 and 2019, no impairment loss was recorded in regard to the investment.</div></td></tr><tr style="break-inside:avoid"><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 0.79in;;text-align:left;;vertical-align:top;">(e)</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:left;;vertical-align:top;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; line-height: normal;">In February 2018, the Group invested US$15,516, for 10% equity interests in Yuxueyuan, a company engaging in providing professional childcare and medical services for children aging from 1 to 6. The investment consists of two tranches. The first tranche was to obtain 8,490,642 series B-1 preferred shares at US$6,200 and the other tranche was to obtain 11,073,049 series C+ preferred shares at US$9,316. The investment in series B-1 preferred shares was classified as a cost method investment before the adoption of ASU 2016-01 because the series B-1 preferred shares were not in-substance common due to substantive liquidation preference rights. Upon the adoption of ASU2016-01, these shares were classified as equity security without readily determinable fair value. The investment in series C+ preferred shares was classified as available-for-sale investment as the Group determined that the investment represented a debt security due to redemption and liquidation preference rights and measured the investment subsequently at fair value. Unrealized gains of nil and US$903 were recorded in other comprehensive (loss) income for the years ended May&#160;31, 2018 and 2019, respectively.</div></td></tr><tr style="break-inside:avoid"><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 0.79in;;text-align:left;;vertical-align:top;">(f)</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:left;;vertical-align:top;"><div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;times new roman&quot;; line-height: normal;">The Group holds several insignificant investments in third-party private companies and has no ability to exercise significant influence over the investees, which were accounted for using the cost method prior to the adoption of ASU&#160;<div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">2016-01.</div>&#160;After the adoption of ASU&#160;<div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">2016-01,</div>&#160;the Group accounted for these equity investments using the measurement alternative when equity method is not applicable and there is no readily determinable fair value for the investments. No impairment loss was recorded during the years ended May&#160;31, 2017, 2018 and 2019, respectively.</div></td></tr><tr style="break-inside:avoid"><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 0.79in;;text-align:left;;vertical-align:top;">(g)</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:left;;vertical-align:top;"><div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;times new roman&quot;; line-height: normal;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">In July 2018, Education Industry Fund was established with the total committed capital of US$224,000 by an entity controlled by Mr.&#160;Yu. The Group participates in Education Industry Fund as a limited partner and invested US$75,000 in Education Industry Fund. The Group accounts for the investment under the equity method in accordance with ASC 323 because the Group is a limited partner and owns 33% interest in Education Industry Fund. Gain of US$1,395 was recorded as gain from equity method investments for the year ended May&#160;31, 2019.</div></div></td></tr><tr style="break-inside:avoid"><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 0.79in;;text-align:left;;vertical-align:top;">(h)</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:left;;vertical-align:top;"><div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;times new roman&quot;; line-height: normal;">The Group holds 6.86% to 50% equity interests in other 14 third-party companies through investments in their common shares or&#160;<div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">in-substance</div>&#160;common shares. Majority of the long-term investments are engaged in educational services. The Group accounts for these investment under the equity method because the Group has the ability to exercise significant influence but does not have control over the investees, even though the Group holds less than 20% equity interests in some of the investees. Loss of US$3,289, US$379 and US$3,551 was recorded as loss from equity method investments for the years ended May&#160;31, 2017, 2018 and 2019, respectively.</div></td></tr><tr style="break-inside:avoid"><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 0.79in;;text-align:left;;vertical-align:top;">(i)</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:left;;vertical-align:top;"><div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;times new roman&quot;; line-height: normal;">In April and November 2015, the Group invested US$3,398 and US$11,437, respectively, in Golden Finance, a company engaged in training programs associated with finance and business management, for 19.5% equity interests. During the year ended May&#160;31, 2019, the Group disposed of 7.2% equity interest in Golden Finance with total consideration of US$33,156, and the remaining shares were diluted to 12.3%. Gain of US$23,096 was recognized as realized gain from long-term investments in consolidated statements of operations for the year ended May&#160;31, 2019. The Group accounted for the investment as&#160;<div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">available-for-sale</div></div>&#160;investments since the investee&#8217;s preferred shares held are determined to be debt securities and measured at fair value. Unrealized gains of US$10,567, US$42,128 and US$10,959 were recorded in other comprehensive (loss) income for the years ended May&#160;31, 2017, 2018 and 2019, respectively.</div></td></tr><tr style="break-inside:avoid"><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 0.79in;;text-align:left;;vertical-align:top;">(j)</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:left;;vertical-align:top;"><div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;times new roman&quot;; line-height: normal;">In May 2015, the Group invested US$460 in Uhozz, a company providing oversea rental agency services, for 10% equity interests with redemption and liquidation preference. In March 2018, the Group further subscribed 15.18% series B preferred shares with a cash consideration of US$9,000. The Group accounted for the investment as&#160;<div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">available-for-sale</div></div>&#160;investments since the investee&#8217;s preferred shares held are determined to be debt securities and measured them at fair value. Unrealized gain of US$4,838, loss of US$5,726 and gain of US$3,524 were recorded in other comprehensive (loss) income for the years ended May&#160;31, 2017, 2018 and 2019, respectively.</div></td></tr><tr style="break-inside:avoid"><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 0.79in;;text-align:left;;vertical-align:top;">(k)</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:left;;vertical-align:top;"><div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;times new roman&quot;; line-height: normal;">In April 2018, the Group paid US$15,000 in Boxfish, an online educational institution in China focusing on&#160;<div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">K-12</div>&#160;English training, for 6.52% series C preferred shares. The preferred shares acquired in Boxfish were classified as&#160;<div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">available-for-sale</div></div>&#160;investment as the Group determined the interests were debt security and measured at fair value. No fair value change was recognized for the year ended May&#160;31, 2019.</div></td></tr><tr style="break-inside:avoid"><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 0.79in;;text-align:left;;vertical-align:top;">(l)</td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:left;;vertical-align:top;"><div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;times new roman&quot;; line-height: normal;">In March&#160;5, 2012, the Group acquired a convertible promissory note from Alo7.com for US$1,000, which entitled the Group to automatically convert the note into equity security upon certain conditions were met. On July&#160;1, 2012, the Group converted the US$1,000 promissory note into convertible redeemable preferred shares for a 3.4% equity interests in Alo7.com on an&#160;<div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">as-converted</div>&#160;basis.</div></td></tr><tr><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px; width: 0.79in;;text-align:left;;vertical-align:top;"><div>&#160;</div></td><td style="padding-left: 0px; padding-top: 0px; padding-bottom: 0px;;text-align:left;;vertical-align:top;"><div style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; font-family: &quot;times new roman&quot;; line-height: normal;">In March, June and September 2014, the Group further invested US$2,576, US$300 and US$10,000 of redeemable preferred shares into Alo7.com. As of May&#160;31, 2019, the Company held a 14.3% equity interests in Alo7.com. 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The aggregate amount of cash dividend paid was US$71,153, which was funded by retained earnings. The dividend was fully paid on October 6, 2017 to shareholders of record at the close of business on September 1, 2017. In January 2016, the Group invested US$12,310 in Sunlands, a company engaged in online education specific to vocational qualification training, for subscribing the convertible bonds. In July 2016, the Group converted all of the convertible bonds into redeemable preferred shares of Sunlands for a 4.9% equity interests. Additionally, the Group also invested an additional US$12,205 redeemable preferred shares for another 4.9% equity interest in Sunlands during July 2016. Subsequent to the additional investment, the Group holds 9.8% equity interest in Sunlands. On March 23, 2018, Sunlands was listed in the New York Stock Exchange Market. All of the preferred shares were converted to 529,426 Class A ordinary shares immediately upon the completion of the listing. Subsequent to the listing, the Group invested an additional US$10,000 and obtained 34,783 Class A ordinary shares in April, 2018 and held 8% aggregate equity interests in Sunlands. Unrealized gains of US$8,129 and US$101,779 was reported in other comprehensive income for the years ended May 31, 2017 and 2018, respectively. Upon the adoption of ASU 2016-01, the investment was reclassified from available-for-sale investment to equity security with readily determinable fair value on June 1, 2018, and losses of US$ 96,621 were recorded in loss from fair value change of long-term investments during the year ended May 31, 2019 on the Group’s consolidated statements of operations. In April 2015, the Group acquired 18% equity interest in Beijing ROBOROBO Technology Co., Ltd. (“ROBOROBO”) for a cash consideration of US$4,356. Roborobo is a company applying various robots build training course for kids with different ages. In February 2017, the Group disposed all of the ownership in ROBOROBO, in exchange for 1.87% common shares issued by Shengtong, which is a listed A-share company in China. Realized gain of US$7,086 was recognized during the year ended May 31, 2017. The equity interests acquired in Shengtong were classified as equity security with readily determinable fair value. Unrealized gain of US$423 and loss of US$1,450 was reported in other comprehensive income for the years ended May 31, 2017 and 2018, respectively. Upon the adoption of ASU 2016-01, the investment was reclassified from available-for-sale investment to equity security with readily determinable fair value on June 1, 2019, loss of US$1,605 was recorded in loss from fair value change of long-term investments for the year ended May 31, 2019. In March 2014, the Group invested US$13,500 in Tarena, a NASDAQ listed company that provides IT professional education services in China, for 3% equity interests. In July 2017, the Group sold 1% equity interest in Tarena to third parties and the realized gain of US$4,545 was recognized in investment income for the year ended May 31, 2018. Unrealized gain of US$9,750 and loss of US$7,040 was reported in other comprehensive income for the years ended May 31, 2017 and 2018, respectively. Upon the adoption of ASU 2016-01, the investment was reclassified from available-for-sale investment to equity security with readily determinable fair value on June 1, 2019, loss of US$6,410 was recorded in loss from fair value change of long-term investments for the year ended May 31, 2019. In April 2017, the Group acquired 10% equity interest in EEO, a company engaged in the business of developing on-line classroom product which were accounted for using the cost method because it is not in-substance common share for the years ended May 31, 2017 and 2018, respectively. After the adoption of ASU 2016-01, the Group accounted for the equity investments using the measurement alternative when the equity method is not applicable and there is no readily determinable fair value for the investments. For the years ended May 31, 2017, 2018 and 2019, no impairment loss was recorded in regard to the investment. The Group holds several insignificant investments in third-party private companies and has no ability to exercise significant influence over the investees, which were accounted for using the cost method prior to the adoption of ASU 2016-01. After the adoption of ASU 2016-01, the Group accounted for these equity investments using the measurement alternative when equity method is not applicable and there is no readily determinable fair value for the investments. No impairment loss was recorded during the years ended May 31, 2017, 2018 and 2019, respectively. In July 2018, Education Industry Fund was established with the total committed capital of US$224,000 by an entity controlled by Mr. Yu. The Group participates in Education Industry Fund as a limited partner and invested US$75,000 in Education Industry Fund. The Group accounts for the investment under the equity method in accordance with ASC 323 because the Group is a limited partner and owns 33% interest in Education Industry Fund. Gain of US$1,395 was recorded as gain from equity method investments for the year ended May 31, 2019. The Group holds 6.86% to 50% equity interests in other 14 third-party companies through investments in their common shares or in-substance common shares. Majority of the long-term investments are engaged in educational services. The Group accounts for these investment under the equity method because the Group has the ability to exercise significant influence but does not have control over the investees, even though the Group holds less than 20% equity interests in some of the investees. Loss of US$3,289, US$379 and US$3,551 was recorded as loss from equity method investments for the years ended May 31, 2017, 2018 and 2019, respectively. In April and November 2015, the Group invested US$3,398 and US$11,437, respectively, in Golden Finance, a company engaged in training programs associated with finance and business management, for 19.5% equity interests. During the year ended May 31, 2019, the Group disposed of 7.2% equity interest in Golden Finance with total consideration of US$33,156, and the remaining shares were diluted to 12.3%. Gain of US$23,096 was recognized as realized gain from long-term investments in consolidated statements of operations for the year ended May 31, 2019. The Group accounted for the investment as available-for-sale investments since the investee’s preferred shares held are determined to be debt securities and measured at fair value. Unrealized gains of US$10,567, US$42,128 and US$10,959 were recorded in other comprehensive (loss) income for the years ended May 31, 2017, 2018 and 2019, respectively. In May 2015, the Group invested US$460 in Uhozz, a company providing oversea rental agency services, for 10% equity interests with redemption and liquidation preference. In March 2018, the Group further subscribed 15.18% series B preferred shares with a cash consideration of US$9,000. The Group accounted for the investment as available-for-sale investments since the investee’s preferred shares held are determined to be debt securities and measured them at fair value. Unrealized gain of US$4,838, loss of US$5,726 and gain of US$3,524 were recorded in other comprehensive (loss) income for the years ended May 31, 2017, 2018 and 2019, respectively. In April 2018, the Group paid US$15,000 in Boxfish, an online educational institution in China focusing on K-12 English training, for 6.52% series C preferred shares. The preferred shares acquired in Boxfish were classified as available-for-sale investment as the Group determined the interests were debt security and measured at fair value. No fair value change was recognized for the year ended May 31, 2019. Other available-for-sale represent several insignificant individual investments classified as available-for-sale investments as of May 31, 2018 and 2019. Unrealized gain of US$649, US$11,602 and US$7,331 were recorded in other comprehensive (loss) income for the years ended May 31, 2017, 2018 and 2019, respectively. Realized gain of nil, US$2,821 and US$3,283 were recorded in realized gain from long-term investments for the years ended May 31, 2017, 2018 and 2019, respectively. The Group recognized impairment losses from long-term investments amounting to US$2,338, US$980 and US$5,919 for the years ended May 31, 2017, 2018 and 2019, respectively, as the Group believes the carrying value of these investments were no longer recoverable. Since April 2010, the Group began renting a large portion of a building owned by Metropolis for office space. In March 2012, Metropolis was acquired by a company wholly-owned by Mr. Yu, the Group’s executive chairman. As a result, Metropolis became a related party of the Group. As of May 31, 2019, the current and non-current amounts due from Metropolis were US$15,581 and US$1,204, respectively, which represented prepaid rent and deposit for the building and the unpaid cash consideration for acquiring Dongfang Heli. The amount of the rental payments was determined based on the prevailing market rates and was duly approved by the Group’s board of directors. As of May 31, 2018 and 2019, the balance in “others” included the current receivables from long-term investees. In April 2016, the Group sold 51% of the equity interest of its fully-owned subsidiary Dianshi Jingwei and Dianshi Jingwei became an equity method investee of the Group. As of May 31, 2019, there were four outstanding loans provided by the Group to Dianshi Jingwei with annual interest rate of 10% and an outstanding balance of US$15,211. The original period of these loans were 180 days which initially expired and the Group extended US$5,794 loan to October 9, 2019 and extended US$9,417 loan to December 30, 2019. During the year ended of May 31, 2019, no interests were received by the Group. The extended loans were personally guaranteed by Mr. Yu and Mr. Yunhai Jia (“Mr. Jia”), the chief executive officer of Dianshi Jingwei. According to the loan agreements, if Dianshi Jingwei defaults on the loan payments and interests, the Group has the right to convert the unpaid loans into Dianshi Jingwei’s equity. In addition, a total of US$45,944 loans were borrowed and repaid Dianshi Jingwei within a short period of time during the year ended May 31, 2019. Subsequent to May 31, 2019, another RMB50 million was extended to Dianshi Jingwei with the extended maturity date on December 31, 2019. As of May 31, 2019, the balance in “others” included the revenue and cost from long-term investees. In February 2018, the Group invested US$15,516, for 10% equity interests in Yuxueyuan, a company engaging in providing professional childcare and medical services for children aging from 1 to 6. The investment consists of two tranches. The first tranche was to obtain 8,490,642 series B-1 preferred shares at US$6,200 and the other tranche was to obtain 11,073,049 series C+ preferred shares at US$9,316. The investment in series B-1 preferred shares was classified as a cost method investment before the adoption of ASU 2016-01 because the series B-1 preferred shares were not in-substance common due to substantive liquidation preference rights. Upon the adoption of ASU2016-01, these shares were classified as equity security without readily determinable fair value. The investment in series C+ preferred shares was classified as available-for-sale investment as the Group determined that the investment represented a debt security due to redemption and liquidation preference rights and measured the investment subsequently at fair value. Unrealized gains of nil and US$903 were recorded in other comprehensive (loss) income for the years ended May 31, 2018 and 2019, respectively. In March 5, 2012, the Group acquired a convertible promissory note from Alo7.com for US$1,000, which entitled the Group to automatically convert the note into equity security upon certain conditions were met. On July 1, 2012, the Group converted the US$1,000 promissory note into convertible redeemable preferred shares for a 3.4% equity interests in Alo7.com on an as-converted basis. In March, June and September 2014, the Group further invested US$2,576, US$300 and US$10,000 of redeemable preferred shares into Alo7.com. As of May 31, 2019, the Company held a 14.3% equity interests in Alo7.com. Unrealized losses of US$8,678, US$2,975 and unrealized gain of US$135 were recorded in other comprehensive (loss) income for the years ended May 31, 2017, 2018 and 2019, respectively. In September 2015, the Group invested US$8,500 in Lele, a company providing online learning and tutoring services for students from kindergarten through 12nd grade, to acquire 48,796,296 convertible redeemable preferred shares for a 8.5% equity interests. In December 2018, the Group further invested US$2,000 of series C preferred shares in Lele. As of May 31, 2019, the Group held a 7.8% equity interests in Lele. The investment was classified as available-for-sale investment as the Group determined the interests were debt security due to substantive redemption right and measured the investment at fair value. Unrealized gains of US$605, US$52 and US$94 were recorded in other comprehensive (loss) income for the years ended May 31, 2017, 2018 and 2019, respectively. In February 2018, the Group invested US$15,516 in Yuxueyuan, a company engaging in providing professional childcare and medical services for children aging from 1 to 6, for 10% equity interests. The investment consists of two tranches. The first tranche was to obtain 8,490,642 series B-1 preferred shares at US$6,200 and the other tranche was to obtain 11,073,049 series C+ preferred shares at US$9,316. The investment in series B-1 preferred shares was classified as a cost method investment before the adoption of ASU 2016-01 because the series B-1 preferred shares were not in-substance common due to substantive liquidation preference rights. Upon the adoption of ASU2016-01, these shares were classified as equity security without readily determinable fair value. The investment in series C+ preferred shares was classified as available-for-sale investment as the Group determined that the investment represented a debt security due to redemption and liquidation preference rights and measured the investment subsequently at fair value. Unrealized gains of nil and US$903 were recorded in other comprehensive (loss) income for the years ended May 31, 2018 and 2019, respectively. The refund liability is recognized for variable amount of the considerations received from clients and recorded as refund liability due to the adoption of ASC Topic 606. The balance of payable for investments and acquisitions as of May 31, 2019 mainly includes the unpaid cash consideration for the acquisition of Suzhou Hongyi amounting to US$15,150. Amounts reimbursable to employees include traveling and the related expenses. Refundable fees received from students represent (1) the miscellaneous expenses other than tuition fees received from students which will be paid out on their behalf; and (2) tuition fees refundable to students for classes withdrawn. Refundable deposits represent student deposits for dormitory or other fees that will be refunded upon graduation and student security deposits refunded upon completion of the study tour. Royalty fees payable relate to payments to content providers for on-line learning programs and those to counterparties for copyrights and resource sharing. Others primarily include transportation expenses, utility fees, property management fees and other miscellaneous expenses payable. In October 2014, Haiwei Career formed a joint venture with the Group. As a result, Haiwei Career became a related party of the Group. In 2018, Haiwei Career was consolidated by the Group through business acquistion. All transaction and balances between the Group and Haiwei Career are eliminated since then. Staff advances were provided to staff for traveling and related use and are expensed as incurred. Others primarily included prepaid maintenance fees, other receivables and other miscellaneous prepayments. The amount due from Weixue Mingri in 2017 represented the non-interest bearing loans provided by the Group to support its daily operation and the outstanding loans were fully written off by the Group in fiscal year 2017. Weixue Mingri was a long-term investment under equity method and carrying amount of such investment was nil.