Company: LGCY
Filing Date: 2025-09-25
Form Type: 10-K
Source: 0001493152-25-014945
Chunk: 528

Company: Legacy Education Inc.
Filing Date: 2025-09-25
Form: 10-K
Item: Item 1B
Chunk 528
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 and fees from eligible programs to not more than 90% from Title IV programs and other federal educational assistance funds
(the “90/10 revenue test”). If an institution fails to satisfy the test for one year, its participation status becomes provisional
for two consecutive fiscal years. If the test is not satisfied for two consecutive years, eligibility to participate in Title IV programs
is lost for at least two fiscal years. Using ED’s cash-basis, regulatory formula under the 90/10 revenue test, as in effect for
its 2024 fiscal year, HDMC, CCC and ICH derived  87.55%, 79.51% and 84.19% for its 90/10 revenue from Title IV program and other federal
educational assistance funds, respectively, for the fiscal year ended June 30, 2024. The 90/10 calculations for fiscal year ended June
30, 2025, for each of our institutions are due to ED on December 31, 2025.

Litigation

The
Company is unaware of any other pending or threatened litigation arising from services currently or formerly performed by the Company.
The Company is unaware of any possible claiming that could have a material adverse effect on the Company’s business, results of
operations or financial condition.

Note
18 – Subsequent Events

The Company has evaluated subsequent events and transactions that occurred up to the date the consolidated financial statements were issued.
Based upon this review, the Company did not identify any subsequent events that would have required adjustment or disclosure in the consolidated
financial statements.

F-23

ITEM
9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

None.

ITEM
9A. CONTROLS AND PROCEDURES.

Evaluation
of Disclosure Controls

Our
principal executive officer and principal financial officer evaluated the effectiveness of our “disclosure controls and procedures”
as of June 30, 2025, the end of the period covered by this Annual Report on Form 10-K. The term “disclosure controls and procedures”
as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, means controls and other procedures of a company that are designed
to ensure that information required to be disclosed by a company in the reports that it files under the Exchange Act is recorded, processed,
summarized and reported, within the time periods specified in the SEC’s rules and forms. Disclosure controls