Company: LGCY
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010844
Chunk: 123

Company: Legacy Education Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part II, Item 8
Chunk 123
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    shares outstanding, diluted 
     13,528,144  
     9,691,149  
     12,460,555  
     9,691,149 

    Net
    income per share 

    Basic 
    $0.23  
    $0.19  
    $0.56  
    $0.45 
  
    Diluted 
    $0.21  
    $0.19  
    $0.51  
    $0.43 

Recent
Accounting Pronouncements

In
June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial
Instruments (“ASU 2016-13”). ASU 2016-13 provides guidance for recognizing credit losses on financial instruments based on
an estimate of current expected credit losses model. The amendments are effective for fiscal years beginning after December 15, 2019.
Recently, the FASB issued the final ASU to delay adoption for smaller reporting companies for fiscal years beginning after December 15,
2022. We adopted ASU 2016-13 on July 1, 2023 and it did not have a material impact on our consolidated financial statements and related
disclosures.

In
August 2020, the FASB issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives
and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts
in an Entity’s Own Equity. This ASU amends the guidance on convertible instruments and the derivatives scope exception for contracts
in an entity’s own equity, and also improves and amends the related earnings per share guidance for both Subtopics. The Company
adopted ASU 2020-06 on July 1, 2024 and it did not have a material impact on our consolidated financial statements and related disclosures.

In
November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting—Improvements to Reportable Segment Disclosures
(“ASU 2023-07”), which requires incremental disclosures related to a public entity’s reportable segments. Required
disclosures include, on an annual and interim basis, significant segment expenses that are