Company: LGCY
Filing Date: 2025-02-13
Form Type: 10-Q
Source: 0001493152-25-006418
Chunk: 21

Company: Legacy Education Inc.
Filing Date: 2025-02-13
Form: 10-Q
Item: Part I, Item 1
Chunk 21
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acquisitions of CCC and Integrity. Although
the ACCET accreditation has an indefinite life, the accreditation requires renewal every five years. CCC’s ACCET accreditation
was most recently renewed in April 2020 and its next renewal is in April 2025. The Company recognized $1,253
and $2,506
in amortization expense for the three and six months ended December 31, 2024. The Company recognized $1,753
and $3,006
in amortization expense for the three and six months ended December 31, 2023. Although
the Accrediting Bureau of Health Education Schools (“ABHES”) has an indefinite life, the accreditation requires renewal
every five years. Integrity’s next ABHES accreditation renewal is in February 2026. 100%
of goodwill is expected to be deductible for federal income tax purposes and will be amortized over 15
years on a straight-line basis.

    F-13

Legacy
Education Inc.

Notes
to Consolidated Financial Statements

For
The Three and Six Months ended December 31, 2024 and 2023

(Unaudited)

Note
5 - Property and Equipment

Property
and equipment consist of the following:

 Schedule
of Property and Equipment

    December
    31, 2024  
    June
    30, 2024 
  
    Leasehold improvements 
    $1,059,193  
    $561,108 
  
    Machinery and equipment 
     1,262,057  
     1,032,286 
  
    Computer equipment 
     860,078  
     704,846 
  
    Furniture, fixtures and other equipment 
     334,145  
     266,923 
  
    Total 
     3,515,473  
     2,565,163 
  
    Less accumulated depreciation
    and amortization 
     (1,748,253) 
     (1,575,211)
  
    Property and equipment,
    net 
    $1,767,220  
    $989,952 

Depreciation
and amortization expense associated with property and equipment totaled $88,313 and $168,196 for the three and six months ended December
31, 2024, respectively. Depreciation and amortization expense associated with property and equipment totaled $62,050 and $118,656 for
the three and six months