Company: LGCY
Filing Date: 2025-02-13
Form Type: 10-Q
Source: 0001493152-25-006418
Chunk: 153

Company: Legacy Education Inc.
Filing Date: 2025-02-13
Form: 10-Q
Item: Part II, Item 8
Chunk 153
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 and staffing required to support the increase in enrollments
as well as increased rent and externship fees and public company costs and our investments in our RN program.

General
and administrative expense. Our general and administrative expense was approximately $4.3 million for the three months ended December
31, 2024 compared to approximately $3.2 million for the three months ended December 31, 2023, an increase of approximately $1.1 million,
or approximately 32.5%. The increase was primarily attributable to an increase in marketing expense, professional fees and bad debt expense.
Of the total general and administrative expense, $1.15 million and $1.0 million relate to marketing expense for the first quarter
of fiscal 2025 and 2024, respectively.

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

Interest
expense. Our interest expense was approximately $0.0 for the three months ended December 31, 2024 compared to approximately $0.0
for the three months ended December 31, 2023.

Income
tax expense. Our income tax expense was approximately $0.5 million for the three months ended December 31, 2024 compared to approximately
$0.5 million for the three months ended December 31, 2023.

Net
Income. Our net income was approximately $1.4 million for the three months ended December 31, 2024 compared to approximately $1.3
million for the three months ended December 31, 2023, an increase of approximately $0.1 million, or approximately 8.5%, due to the reasons
mentioned above.

6

Six
Months Ended December 31, 2024 Compared to Six Months Ended December 31, 2023

The
following table sets forth our consolidated statements of income data as a percentage of revenue for the six months ended December 31,
2024 and 2023:

    Six months ended December 31, 
    Percentage Change

    2024 
    2023 
    (decrease)
  
    Revenue 
     100% 
     100% 

    Costs and expenses: 

    Educational services 
     53.1% 
     53.8% 
     -0