Company: LGCY
Filing Date: 2025-02-13
Form Type: 10-Q
Source: 0001493152-25-006418
Chunk: 139

Company: Legacy Education Inc.
Filing Date: 2025-02-13
Form: 10-Q
Item: Part II, Item 8
Chunk 139
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 for its 90/10 revenue from Title IV program funds, respectively, for the fiscal year ended June 30, 2024.

Litigation

The
Company is unaware of any other pending or threatened litigation arising from services currently or formerly performed by the Company.
The Company is unaware of any possible claiming that could have a material adverse effect on the Company’s business, results of
operations or financial condition.

Note
16 – Subsequent Events

A total of 7,445 stock options were exercised in February
2025 at $3.74 per share.

On February 1, 2025 the Company entered into a lease extension agreement
with a lessor for a property located in Temecula, CA under which a lease originally entered into in January 2018 and expiring in January
2026 was extended for a further two (2) years, expiring on January 31, 2028. Under the terms of lease extension agreement, the Company
will pay base rent of a cumulative $46,004 commencing February 1, 2026 and $47,155 commencing February 1, 2027 and shall receive and abatement
for each of months 12 and 14 of the term. The lease may be further extended for up to three (3) additional 12-month terms no later than
12 months prior to the lease expiration. All other terms and conditions of he original lease remain in effect during the extension term.

F-21

ITEM
2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

You
should read the following discussion and analysis of our financial condition and results of operations together with our financial statements
and the related notes appearing elsewhere in this Quarterly Report on Form 10-Q. In addition to historical information, this discussion
and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. Our actual results may differ materially
from those discussed below. Factors that could cause or contribute to such differences include, but are not limited to, those identified
below, and those discussed in the section titled “Risk Factors” included in our Annual Report on Form 10-K for the fiscal
year ended June 30, 2024 as may be amended, supplemented or superseded from time to time by other reports we file with the SEC. All amounts
in this report are in U.S. dollars, unless otherwise noted.

Throughout
this Quarterly Report on Form 10-Q references to “we,” “