Company: LGCY
Filing Date: 2025-02-13
Form Type: 10-Q
Source: 0001493152-25-006418
Chunk: 52

Company: Legacy Education Inc.
Filing Date: 2025-02-13
Form: 10-Q
Item: Part I, Item 1
Chunk 52
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2016, the FASB issued 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.
Recently, the FASB issued the final ASU to delay adoption for smaller reporting companies for fiscal years beginning after December 15,
2022. We adopted ASU 2016-13 on July 1, 2023 and it did not have a material impact on our consolidated financial statements and related
disclosures.

In
August 2020, the FASB issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts
in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity.
This ASU amends the guidance on convertible instruments and the derivatives scope exception for contracts in an entity’s own equity,
and also improves and amends the related earnings per share guidance for both Subtopics. The ASU will be effective for smaller reporting
companies for annual reporting periods beginning after December 15, 2023 and interim periods within those annual periods and early adoption
is permitted. We adopted 2020-06 on July 1, 2024 and it did not have a material impact on our consolidated financial statements and related
disclosures. 

In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment
Reporting—Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which requires incremental disclosures
related to a public entity’s reportable segments. Required disclosures include, on an annual and interim basis, significant segment
expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit
or loss, an amount for other segment items (which is the difference between segment revenue less segment expenses and less segment profit
or loss) and a description of its composition, the title and position of the CODM, and an explanation of how the CODM uses the reported
measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate