Company: LGCY
Filing Date: 2025-09-25
Form Type: 10-K
Source: 0001493152-25-014945
Chunk: 149

Company: Legacy Education Inc.
Filing Date: 2025-09-25
Form: 10-K
Item: Item 1
Chunk 149
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 million in fiscal year 2025 and approximately $0.4 million in fiscal year 2024,
an increase of approximately $6.6 million due primarily to cash paid for the acquisition of CCMCC.

Financing
activities

Net
cash used provided by financing activities was approximately $9.1 million in fiscal year 2025 primarily due to proceeds from the Company’s
IPO. Net cash used in financing activities was approximately $0.2 million in fiscal year 2024 due to repayments of debt.

Financings

    ●
     
    From
    July 2024 to September 2024, the Company issued 2,500,000 shares of common stock in its initial public offering 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 in connection with the initial public offering at a price of $4.00 per share for gross proceeds of $1,500,000.

Impact
of Inflation

We
believe that inflation has not had a material impact on our results of operations for the fiscal years ended 2025 and 2024. There can
be no assurance that future inflation will not have an adverse impact on our operating results and financial condition.

Segment
Information

We
operate in one reportable segment as a single educational delivery operation using a core infrastructure that serves the curriculum and
educational delivery needs of our institution’s students regardless of geography. Our chief operating decision maker, our CEO and
President, manages our operations as a whole, and our chief operating decision maker does not evaluate expenses or operating income information
on a component level.

Recent
Accounting Pronouncements

In
June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments - Credit Losses (Topic
326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 provides guidance for recognizing
credit losses on financial instruments based on an estimate of current expected credit losses model. The amendments are effective for
fiscal years beginning after December 15, 2019. Subsequently, the FASB issued the final ASU to delay