Company: LGCY
Filing Date: 2025-09-25
Form Type: 10-K
Source: 0001493152-25-014945
Chunk: 12

Company: Legacy Education Inc.
Filing Date: 2025-09-25
Form: 10-K
Item: Item 1
Chunk 12
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 various states, our permissible activities, or our costs of doing business. We cannot predict with certainty
how all of the requirements applied by our regulators will be interpreted or whether our institutions will be able to comply with these
requirements in the future. Given the complex nature of these requirements and the fact that they are subject to interpretation, it is
possible that we may inadvertently violate these laws, regulations, standards, or policies. If we are found to have violated any applicable
regulations, laws, standards or policies, we may be subject to liabilities, sanctions, and other consequences. See “Risk Factor
- If our institutions fail to comply with the extensive educational regulatory requirements applicable to our business, we could incur
financial penalties, restrictions on our operations, loss of federal and state financial aid funding for our students, loss of accreditation,
or loss of our authorization to operate our institutions or our educational programs.”

12

Under
the provisions of the Higher Education Act (“HEA”), an institution must apply to ED for continued certification to participate
in the Title IV Programs at least every six years or when it undergoes a change in ownership resulting in a change of control. ED defines
an institution to consist of both a main campus and its additional locations, if any. Under this definition, for ED purposes, we operate
the following four institutions, collectively consisting of four main campuses and two additional locations: HDMC with locations in Lancaster,
Bakersfield, and Temecula, CCC with a location in Salinas, Integrity with a location in Pasadena, and CCMCC with a location in Antioch.
Generally, the recertification process includes a review by ED of an institution’s educational programs and locations, administrative
capability, financial responsibility and other oversight categories. The current expiration date of the program participation agreements
for HDMC and CCC is September 30, 2026. Integrity and CCMCC are currently participating in the Title IV Programs under a temporary provisional
program participation agreement in connection with their change in ownership and control resulting from our acquisition of the institutions.
The CCMCC temporary provisional program participation agreement had an expiration date of January 31, 2025 and the Integrity temporary
provisional program participation agreement had an expiration date of November 30, 2020, but each temporary provisional program participation
agreement continues on a month-to-month basis thereafter based on the institution’s submission to ED of certain required documentation
and remains in effect until the conclusion of ED’s review of Integrity’s and C