Company: LGCY
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010844
Chunk: 19

Company: Legacy Education Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 19
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 exception for contracts
in an entity’s own equity, and also improves and amends the related earnings per share guidance for both Subtopics. The Company
adopted ASU 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 resources. The standard also permits disclosure of more than one measure of segment profit. ASU 2023-07
is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15,
2024. We expect to adopt this policy effective for the fiscal year ended June 30, 2025 and are currently evaluating the impact of adopting
ASU 2023-07 on our financial statements.

    F-12

Legacy
Education Inc.

Notes
to Condensed Consolidated Financial Statements

For
The Three and Nine Months ended March 31, 2025 and 2024

(Unaudited)

Note
3: Acquisition

On
December 18, 2024, Antioch completed its acquisition of CCMCC for a base purchase price of $8,000,000. Under the asset purchase agreement,
Antioch acquired certain assets and assumed certain liabilities of CCMCC. Under the terms of the APA as consideration for the sale, Antioch
is to pay Sellers $6,600,000 subject to a working capital adjustment, enter into a $400,000 promissory note, described in Note 10, and
issuance of 118,906 shares of HDMC’s common stock with a combined value equivalent to $1,000,000 held