Company: LGCY
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001493152-25-022296
Chunk: 99

Company: Legacy Education Inc.
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 1
Chunk 99
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 non-cash compensation charge. 

General and administrative expense.
Our general and administrative expense was approximately $6.1 million for the three months ending September 30, 2025 compared to
approximately $4.0 million for the three months ended September 30, 2024, an increase of approximately $2.1 million, or approximately
54%. The increase was primarily attributable to increases in marketing costs, professional fees,
bad debt and insurance costs. Of the total general and administrative expense
$1.6 million and $1.2 million relate to marketing expenses for fiscal 2026 and 2025, respectively.

Depreciation
and amortization. Our depreciation and amortization expense was approximately $0.12 for the three months ended September 30, 2025
compared to approximately $0.08 million for the three months ended September 30, 2024.

Interest
expense. Our interest expense was approximately $0.0 million for the three months ended September 30, 2025 compared to approximately
$0.0 million for the three months ended September 30, 2024.

Income
tax expense. Our income tax expense was approximately $0.8 million for the three months ended September 30, 2025 compared to approximately
$0.8 million for the three months ended September 30, 2024.

Net
Income. Our net income was approximately $2.2 million for the three months ended September 30, 2025 compared to approximately $2.1
million for the three months ended September 30, 2024, an increase of approximately $0.1 million, or approximately 0.05%, due to the
reasons mentioned above.

Liquidity
and Capital Resources

Our
cash and cash equivalents were approximately $20.6 million and $21.5 million as of September 30, 2025 and 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.

Capital
expenditures were approximately $0.2 million and $0.2 million for the three months ended September 30, 2025 and