Company: LGCY
Filing Date: 2025-09-25
Form Type: 10-K
Source: 0001493152-25-014945
Chunk: 733

Company: Legacy Education Inc.
Filing Date: 2025-09-25
Form: 10-K
Item: Item 4
Chunk 733
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 the increase in enrollments as well as increased rent and externship fees and our investments
in our RN program offset by a decrease in non-cash compensation charge of $1.3 million.

General and administrative expense. Our general
and administrative expense was approximately $19.3 million in fiscal 2025, compared to approximately $13.0 million in fiscal 2024, an
increase of approximately $6.3 million, or approximately 48.2%. The increase was primarily attributable to an increase in marketing expense,
professional fees and bad debt expense. Of the total general and administrative expense, $4.7 million and $4.1 million relate to marketing
expenses for fiscal 2025 and 2024, respectively.

Depreciation
and amortization. Our depreciation and amortization expense was approximately $0.4 million in fiscal 2025 as compared to approximately
$0.3 million in fiscal 2024.

Interest
expense. Our interest expense was approximately $0.1 million in fiscal 2025 as compared to approximately $0.1 million in fiscal 2024.

Income
tax expense. Our income tax expense was approximately $3.5 million in fiscal 2025 compared to an approximately $1.9 million expense
in fiscal 2024. The increase is primarily due to the increase in income.

Net Income. We had net income of approximately
$7.5 million in fiscal 2025 compared to approximately $5.1 million in fiscal 2024, an increase of approximately $2.4 million, due to reasons
mentioned above.

Liquidity
and Capital Resources

Our
cash and cash equivalents were approximately $20.3 million and $10.4 million as of June 30, 2025 and June 30, 2024, respectively.

We
are not party to a revolving line of credit or other debt facility.

Based
on our current level of operations and anticipated growth, we believe that our cash flow from operations, the proceeds from our initial
public offering and other sources of liquidity, including cash and cash equivalents, will provide adequate funds for ongoing operations,
planned capital expenditures and working capital requirements for at least the next 12 months.

Capital
expenditures were approximately $0.8 million and $0.4 million for fiscal year 2025 and fiscal year 2024, respectively.

Title
IV and other government funding

A
significant portion of our revenue is derived from student tuition payments funded by the