Company: LGCY
Filing Date: 2025-02-13
Form Type: 10-Q
Source: 0001493152-25-006418
Chunk: 12

Company: Legacy Education Inc.
Filing Date: 2025-02-13
Form: 10-Q
Item: Part I, Item 1
Chunk 12
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 Company’s refund policy and additional charges if a student requires
additional hours to complete the program beyond the contracted end date. The Company believes that its experience with these situations
is of little predictive value because the future performance of students is dependent on each individual and the amount of variable consideration
is highly susceptible to factors outside of the Company’s influence. Accordingly, no variable consideration has been included in
the transaction price or recognized as income until the constraint has been eliminated. Revenue is allocated to each performance obligation
based on its standalone selling price. Any discounts within the contract are allocated across all performance obligations unless observable
evidence exists that the discount relates to a specific performance obligation or obligations in the contract. The Company generally
determines standalone selling prices based on prices charged to students.

The
Company excludes from revenue taxes assessed by a governmental authority as these are agency transactions collected on their behalf from
the customer. Significant judgments include the allocation of the contract price across performance obligations, the methodology for
earning tuition ratably over the instruction period, estimates for the amount of variable consideration included in the transaction price
as well as the determination of the impact of the constraints preventing the variable consideration from being recognized in revenue.

Disaggregation
of Revenue

The
tuition and related revenue consist of the following during the three and six months ended December 31, 2024 and 2023:

Schedule of Disaggregation of Revenue 

    2024  
    2023  
    2024  
    2023 

    For
                                            the Three Months Ended December
                                            31,  
    For
                                            the Six Months Ended December
                                            31, 

    2024  
    2023  
    2024  
    2023 
  
    Tuition and lab fees (recognized
    over time) 
    $12,477,378  
    $8,980,760  
    $24,598,235  
    $17,454,675 
  
    Books, registration and other fees (recognized
    at a point in time) 
     1,157,756  
     1,570,537  
     3,041,990  
     3,463,556 
  
    Total revenue 
    $13,635,134  
    $10,551,297  
    $27,640,225  
    $20,918,231