Company: LGCY
Filing Date: 2025-09-25
Form Type: 10-K
Source: 0001493152-25-014945
Chunk: 550

Company: Legacy Education Inc.
Filing Date: 2025-09-25
Form: 10-K
Item: Item 1C
Chunk 550
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 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 adoption for smaller reporting companies
for fiscal years beginning after December 15, 2022. The Company adopted ASU 2016-13 on July 1, 2023 and it did not have a material impact
on its consolidated financial statements and related disclosures.

88

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 EPS guidance for both Subtopics. The Company
adopted ASU 2020-06 on July 1, 2024 and it did not have a material impact on its consolidated financial statements and related
disclosures.

In
November 2023, the FASB issued ASU 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
(“CODM”) 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