Company: LGCY
Filing Date: 2025-02-13
Form Type: 10-Q
Source: 0001493152-25-006418
Chunk: 30

Company: Legacy Education Inc.
Filing Date: 2025-02-13
Form: 10-Q
Item: Part I, Item 1
Chunk 30
---
 terms of the APA.

No
shares were issued during the six months ended December 31, 2023.

As
of December 31, 2024 and June 30, 2024 the Company had 12,373,112 and 9,291,149 shares of common stock outstanding, respectively, and
no shares of preferred stock issued and outstanding.

Note
14 - Share-Based Compensation Plans

Stock
Options

The
Company utilizes ASC 718, Stock Compensation, related to accounting for share-based payments and, accordingly, records compensation
expense for share-based awards based upon an assessment of the grant date fair value for stock options and restricted stock awards. The
Black Scholes option pricing model was used to estimate the fair value of the options granted. This option pricing model requires a number
of assumptions, of which the most significant are: expected stock price volatility, the expected pre-vesting forfeiture rate, and the
expected option term (the amount of time from the grant date until the options are exercised or expire). The Company estimated a volatility
factor utilizing a weighted average of comparable published volatilities of its peers. The Company applied the simplified method to determine
the expected term of stock-based compensation grants.

    F-18

Legacy
Education Inc.

Notes
to Consolidated Financial Statements

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

(Unaudited)

In
prior years, the Company had granted time vested options to purchase shares of common stock with exercise prices ranging from $0.52 -
$1.80 on the date of grant by the Board. These options vest ratably over a period of three years and expire ten years from the date of
grant and the fair value of these options were calculated using the Black-Scholes Merton model.

On
April 1, 2024, the Company granted stock options to purchase an aggregate of 1,425,171 shares of its common stock at an exercise price
of $3.74 per share to employees, directors, consultants and non-employee service providers pursuant to its 2021 Equity Incentive Plan.

On
September 27, 2024, the Company granted stock options to purchase an aggregate of 250,000 shares of its common stock at an exercise price
of $4.00 per share to employees, directors, consultants and non-employee service providers pursuant to its 2021 Equity Incentive Plan.
These options vest ratab