Company: LGCY
Filing Date: 2025-09-25
Form Type: 10-K
Source: 0001493152-25-014945
Chunk: 161

Company: Legacy Education Inc.
Filing Date: 2025-09-25
Form: 10-K
Item: Item 1
Chunk 161
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 to the
Reorganization Merger became the 100%
owners of Legacy Education Inc. immediately following the Reorganization Merger.

HDMC
offers instruction in thirty-three programs including ultrasound technician, ultrasound technician associate of applied science degree,
medical billing and coding, vocational nursing, clinical medical assisting, pharmacy technician, dental assisting, medical administrative
vocational nursing associate of applied science degree and registered nursing.

CCC,
a wholly-owned subsidiary of HDMC, offers instruction in healthcare career training programs, and veterinary career training.

Integrity,
a wholly-owned subsidiary of HDMC, is an accredited college offering instruction in medical assisting, vocational nursing, medical insurance
coding and billing, diagnostic medical sonography (ultrasound technician) and Bachelors of Science in nursing (RN to BSN).

CCMCC,
a wholly owned subsidiary of HDMC effective as of December 18, 2024, is accredited by ACCET and has been granted temporary approval to
participate in the Financial Student Aid programs by the Department of Education (“ED”) following the consummation of the
transaction discussed below in Note 3. CCMCC offers vocational nursing, surgical technology, sterile processing technician, medical assisting,
diagnostic medical sonography, EKG/ECG technician, and medical administrative assistant/billing and coding specialist programs.

The
accompanying consolidated financial statements, and all per share information contained herein, have been retroactively adjusted to reflect
the reverse stock split described in Note 13.

    F-7

Legacy
Education Inc.

Notes to Consolidated Financial Statements

For Fiscal Years ended June 30, 2025 and 2024

Note
2 – Summary of Significant Accounting Principals

Principal
of Consolidation

The
audited consolidated financial statements include the accounts of HDMC and its wholly-owned subsidiaries, CCC, Integrity and CCMCC.
All significant intercompany balances and transactions have been eliminated in consolidation.

Use
of Estimates

The
preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”)
requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent
assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting
period. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include the assumptions
used in the evaluation of the Company’s distinct performance obligations, the valuation of equity instruments and allowance for