Company: LGCY
Filing Date: 2025-09-25
Form Type: 10-K
Source: 0001493152-25-014945
Chunk: 14

Company: Legacy Education Inc.
Filing Date: 2025-09-25
Form: 10-K
Item: Item 1
Chunk 14
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to convert to nonprofit status following a change in ownership. The revised certification regulations are expansive, complex and could
be difficult for our institutions to comply with their applicable requirements as interpreted by ED. If ED finds that any of our institutions
do not fully satisfy all required eligibility and certification standards, ED could limit, condition, suspend, terminate, revoke, or
decline to renew our institutions’ participation in the Title IV Programs or impose liabilities or other sanctions. Continued Title
IV Program eligibility is critical to the operation of our business. If our institutions become ineligible to participate in the Title
IV Programs, or have that participation significantly conditioned, we may be unable to conduct our business as it is currently conducted
which would have a material adverse effect on our business, financial condition, results of operations and cash flows.

13

State
Authorization. Our institutions are subject to the educational laws and regulations of the State of California where our physical
campuses are located. We also may be subject to the educational laws of other states if we acquire a new institution in the state or
if one of our institutions adds a new campus in the state or otherwise conducts other operations in the state covered by applicable state
educational law including, but not limited to, student recruitment, advertising, or certain types of distance education. State educational
laws establish standards and requirements for, among other things, student instruction, faculty qualifications, campuses and facilities,
educational programs, financial stability, administrative staff, marketing and recruiting, distribution of information to current and
prospective students, payment of refunds to students who withdraw, private and institutional loans, distance education, student services,
student complaints, student admissions, transfer of academic credits, substantive changes, acquisitions, and policies and minimum graduation
and job placement outcomes for institutions and/or their individual educational programs. Our institutions are authorized to operate
by the California Bureau for Private Postsecondary Education (“BPPE”). We also may be required to obtain approvals and comply
with requirements of state agencies that regulate certain occupational educational programs such as, for example, VN and phlebotomy.
The California Board of Registered Nurses approves the Associate degree of Nursing program at HDMC. The VN programs at HDMC, Integrity
and CCMCC are approved by BVNPT. The phlebotomy programs at HDMC and CCC are approved by California Department of Public Health. In addition,
we are subject to state consumer protection laws.

Attorneys
general in many states have become more active in enforcing consumer protection laws,