Company: LGCY
Filing Date: 2025-09-25
Form Type: 10-K
Source: 0001493152-25-014945
Chunk: 446

Company: Legacy Education Inc.
Filing Date: 2025-09-25
Form: 10-K
Item: Item 1A
Chunk 446
---
 of Basic and Diluted 

    2025  
    2024 
  
    Numerator 

    Net income 
    $7,534,232  
    $5,114,852 

    Denominator 

    Weighted-average shares outstanding, basic 
     11,581,383  
     9,291,149 
  
    Common stock warrants 
     55,583  
     - 
  
    Dilutive impact of share-based instruments 
     1,048,070  
     400,000 
  
    Weighted-average shares outstanding, diluted 
     12,685,036  
     9,691,149 

    Net income per share 

    Basic 
    $0.65  
    $0.55 
  
    Diluted 
    $0.59  
    $0.53 

Recent
Accounting Pronouncements

In
June 2016, the 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.

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