Company: LGCY
Filing Date: 2025-02-13
Form Type: 10-Q
Source: 0001493152-25-006418
Chunk: 155

Company: Legacy Education Inc.
Filing Date: 2025-02-13
Form: 10-Q
Item: Part II, Item 8
Chunk 155
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General
and administrative expense. Our general and administrative expense was approximately $8.3 million for the six months ended December
31, 2024 compared to approximately $6.4 million for the six months ended December 31, 2023, an increase of approximately $1.9 million,
or approximately 29.2%. The increase was primarily attributable to an increase in marketing expense, professional fees and bad debt expense.
Of the total general and administrative expense, $2.3 million and $2.1 million relate to marketing expense relate for the first six months
of fiscal 2025 and 2024, respectively.

Depreciation
and amortization. Our depreciation and amortization expense was approximately $0.2 million for the six months ended December 31,
2024 compared to approximately $0.1 million for the six months ended December 31, 2023.

Interest
expense. Our interest expense was approximately $0.1 for the six months ended December 31, 2024 compared to approximately $0.1 for
the six months ended December 31, 2023.

Income
tax expense. Our income tax expense was approximately $1.3 million for the six months ended December 31, 2024 compared to approximately
$0.9 million for the six months ended December 31, 2023, an increase of approximately $0.4 million, or approximately 45.9%. The increase
is primarily attributable to the increase in income.

Net
Income. Our net income was approximately $3.5 million for the six months ended December 31, 2024 compared to approximately $2.4 million
for the six months ended December 31, 2023, an increase of approximately $1.1 million, or approximately 47.9%, due to the reasons mentioned
above.

7

Liquidity
and Capital Resources

Our
cash and cash equivalents were approximately $16.9 million and $10.4 million as of December 31, 2024, 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