Company: LGCY
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010844
Chunk: 22

Company: Legacy Education Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 22
---
2025 and June 30, 2024, no impairment of the Company’s goodwill, nor other intangibles with an indefinite life was
required related to its previous acquisitions of CCC and Integrity. Although the ACCET accreditation has an indefinite life, the accreditation
requires renewal every five years. CCC’s ACCET accreditation was most recently renewed in April 2020 and its next renewal is in
April 2025. The Company recognized $1,253 and $3,759 in amortization expense for the three and nine months ended March 31, 2025. The
Company recognized $1,253 and $4,259 in amortization expense for the three and nine months ended March 31, 2024. Although the Accrediting
Bureau of Health Education Schools (“ABHES”) has an indefinite life, the accreditation requires renewal every five years.
Integrity’s next ABHES accreditation renewal is in February 2026. 100% of goodwill is expected to be deductible for federal income
tax purposes and will be amortized over 15 years on a straight-line basis.

Note
5 - Property and Equipment

Property
and equipment consist of the following:

 Schedule
of Property and Equipment

    March
    31, 2025  
    June
    30, 2024 
  
    Leasehold
    improvements 
    $1,296,975  
    $561,108 
  
    Machinery
    and equipment 
     1,320,199  
     1,032,286 
  
    Computer
    equipment 
     886,311  
     704,846 
  
    Furniture,
    fixtures and other equipment 
     334,144  
     266,923 
  
    Total 
     3,837,629  
     2,565,163 
  
    Less
    accumulated depreciation and amortization 
     (1,868,656) 
     (1,575,211)
  
    Property
    and equipment, net 
    $1,968,973  
    $989,952 

Depreciation
and amortization expense associated with property and equipment totaled $125,254 and $293,450 for the three and nine months ended March
31, 2025, respectively. Depreciation and amortization expense associated with property and equipment totaled $62,050 and $118,656 for
the three and nine months ended March