Acquisitions The Company evaluates each set of assets and activities it acquires to determine if the set meets the definition of a business according to FASB ASC Topic 805-10-55. Acquisitions meeting the definition of a business are accounted for as a business combination while all other acquisitions are accounted for as an asset purchase. The following table sets forth the acquisition activity of the Company for the years ended March 31, 2020, 2019, and 2018: 2020 2019 2018 Number of branches acquired through business combinations 38 17 5 Number of asset purchases 140 88 34 Total acquisitions 178 105 39 Purchase price $ 61,555,973 $ 44,145,787 $ 17,574,172 Tangible assets: Loans receivable, net 47,026,694 33,920,847 15,583,411 Property and equipment 74,000 1,500 3,000 47,100,694 33,922,347 15,586,411 Excess of purchase prices over fair value of net tangible assets $ 14,455,279 $ 10,223,440 $ 1,987,761 Customer lists $ 13,228,951 $ 9,688,440 $ 815,518 Non-compete agreements 890,000 535,000 205,000 Goodwill 336,328  967,243 Acquisitions that are accounted for as business combinations typically result in one or more new branches. In such cases, the Company typically retains the existing employees and the branch location from the acquisition. The purchase price is allocated to the tangible assets and intangible assets acquired based upon their estimated fair values at the acquisition date. The remainder is allocated to goodwill. The following table describes the Company's business combination activity for the year ended March 31, 2020. No. Acquiree Name Acquiree State(s) Date 1 Western Shamrock Corporation (11 branches) GA 4/29/2019 2 Western Shamrock Corporation (7 branches) SC 5/9/2019 3 Western Shamrock Corporation (3 branches) AL 5/14/2019 4 Loyal Loans (7 branches) UT 8/27/2019 5 Courtesy Loans (1 branch) IL 8/28/2019 6 Courtesy Loans (8 branches) MO, LA 9/6/2019 7 Eagle Financial Services (1 branch) TN 2/27/2020 Acquisitions that are accounted for as asset purchases are typically limited to acquisitions of loan portfolios. The purchase price is allocated to the tangible assets and intangible assets acquired based upon their estimated fair values at the acquisition date. In an asset purchase, no goodwill is recorded. The Companys acquisitions include tangible assets (generally loans and furniture and equipment) and intangible assets (generally non-compete agreements, customer lists, and goodwill), both of which are recorded at their fair values, which are estimated pursuant to the processes described below. Acquired loans are valued at the net loan balance. Given the short-term nature of these loans, generally eight months, and that these loans are priced at current rates, management believes the net loan balances approximate their fair value. Furniture and equipment are valued at the specific purchase price as agreed to by both parties at the time of acquisition, which management believes approximates their fair values. Non-compete agreements are valued at the stated amount paid to the other party for these agreements, which the Company believes approximates the fair value. Customer lists are valued with a valuation model that utilizes the Companys historical data to estimate the value of any acquired customer lists. Customer lists are allocated at a branch level and are evaluated for impairment at a branch level when a triggering event occurs in accordance with FASB ASC Topic 360-10-05. If a triggering event occurs, the impairment loss to the customer list is generally the remaining unamortized customer list balance. In most acquisitions, the original fair value of the customer list allocated to an office is less than $100,000, and management believes that in the event a triggering event were to occur, the impairment loss to an unamortized customer list would be immaterial. The results of all acquisitions have been included in the Companys Consolidated Financial Statements since the respective acquisition date. The pro forma impact of these branches as though they had been acquired at the beginning of the periods presented would not have a material effect on the results of operations as reported.