Company: LGCY
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001493152-25-022296
Chunk: 168

Company: Legacy Education Inc.
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 2
Chunk 168
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2024

Operating
activities

Net
cash provided by operating activities was approximately $1.1 million and $3.2 million for the three months ended September 30, 2025,
and 2024, respectively. The decrease of approximately $2.1 million is primarily attributable to increase to accounts receivable, prepaid
expenses and other receivables, offset by an increase in income taxes payable and a reduction to deferred unearned tuition.

Investing
activities

Net
cash used in investing activities remained constant and was approximately $0.2 million for the three months ended September 30, 2025,
and approximately $0.2 million for the three months ended September 30, 2024 with cash used for purchases of property and equipment in
each of the respective reporting periods.

Financing
activities

Net
cash used by financing activities was approximately $0.5 million for the three months ended September 30, 2025, as compared to net cash
provided by financing activities of approximately $8.2 million for the three months ended September 30, 2024. Cash used in the three
months ended June 30, 2025 was predominantly related to the reduction of debt and lease payments, offset by proceeds from the exercise
of stock options. Cash provided by financing activities in the three months ended September 30, 2024 was predominantly related to proceeds
from the Company’s IPO, net of offering costs, offset by the reduction of debt and lease payments.

Financings

    ●
    From
    July 2021 to September 2021, the Company issued 108,333 shares of common stock to investors at a purchase price of $3.00 per share
    for total proceeds of $325,000.

    ●
    From
    July 2022 to June 2023, the Company issued dividends of $929,116

    ●
    From
    July 2024 to September 2024, the Company issued 2,500,000 shares of common stock as part of its IPO at a price of $4.00 per share
    for gross proceeds of $10,000,000

    ●
    From
    October 2024 to December 2024, the Company issued 375,000 shares of common stock pursuant to the exercise of the over-allotment option
    by the underwriters to the IPO, at a price of $4.00 per share for gross proceeds of