Company: LGCY
Filing Date: 2025-02-13
Form Type: 10-Q
Source: 0001493152-25-006418
Chunk: 105

Company: Legacy Education Inc.
Filing Date: 2025-02-13
Form: 10-Q
Item: Part I, Item 8
Chunk 105
---
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 earnings per share guidance for both Subtopics. The ASU will be effective for smaller reporting
companies for annual reporting periods beginning after December 15, 2023 and interim periods within those annual periods and early adoption
is permitted. We adopted 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.

9

JOBS
Act

On
April 5, 2012, the JOBS Act was enacted. Section 107 of the JOBS Act provides that an “emerging growth company” can take
advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act, for complying with new or revised accounting
standards. In other words, an “emerging growth company” can delay the