Company: LGCY
Filing Date: 2025-02-13
Form Type: 10-Q
Source: 0001493152-25-006418
Chunk: 19

Company: Legacy Education Inc.
Filing Date: 2025-02-13
Form: 10-Q
Item: Part I, Item 1
Chunk 19
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 year. The working capital adjustment is required to equal zero on the transaction date and includes certain acquired
assets and assumed liabilities. As of the date of this report, the net working capital adjustment has been determined to be $466,920
for a total purchase price of $7,533,080.

The
acquisition was accounted for in accordance with the acquisition method of accounting. Under this method, the cost of the target is
allocated to the identifiable assets acquired and liabilities assumed based on their estimated fair values at the date of
acquisition. The excess estimated fair values of the identifiable net assets over the amount paid was $7,296,057,
which has been allocated between goodwill and other intangible assets and is included on the accompanying consolidated balance
sheet.

The
following is a summary of the estimated fair values of the assets acquired and liabilities assumed at the date of the acquisition:

 Schedule of Assets and Liabilities Acquisition

    Current and other assets 
    $682,689 
  
    Property and equipment 
     483,036 
  
    Total assets acquired 
     1,165,725 
  
    Liabilities assumed (excluding debt - see Note
    9) 
     (928,702)
  
    Net assets acquired 
    $237,023 

    Purchase price 
    $7,533,080 

    Trade name 
    $1,900,000 

    Accreditation 

    200,000

    Course Curriculum

    500,000

    Goodwill

    4,696,057

    Total excess purchase price 
     
    $
    7,296,057

    F-12

Legacy
Education Inc.

Notes
to Consolidated Financial Statements

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

(Unaudited)

The
amounts recorded above related to the acquisition are subject to adjustment as the Company has not yet completed the final allocation
of the purchase price. The Company has one year from the date of acquisition to complete its valuation of assets and liabilities assumed.

Following
are the supplemental consolidated financial results of the Company and CCMCC on an unaudited pro forma basis, as if the acquisitions
had been consummated as of the beginning of the fiscal year 2024 (i.e., July 1, 2023). 

 Schedule of Revenue and Net Income from Subsidiary

    2024  
    202