Company: LGCY
Filing Date: 2025-09-25
Form Type: 10-K
Source: 0001493152-25-014945
Chunk: 438

Company: Legacy Education Inc.
Filing Date: 2025-09-25
Form: 10-K
Item: Item 1A
Chunk 438
---
 over the lease
term. See Note 12 for more information about the Company’s lease-related obligations.

Goodwill
and Intangibles

The
Company has implemented the Business Combinations Topic FASB ASC 350, Intangibles - Goodwill and Other. Goodwill represents
the excess of the purchase price over the fair market value of the net assets (including intangibles) acquired on December 31, 2019,
January 15, 2019 and on December 18, 2024.

Goodwill,
tradename, and accreditation are deemed to have an indefinite life, and course curriculum has a definite life of approximately 18 years.
Goodwill and indefinite life intangible assets are not amortized but are subject to, at a minimum, annual impairment tests. The Company
expenses costs to maintain or extend intangible assets as incurred.

    F-8

 Legacy
Education Inc.

Notes to Consolidated Financial Statements

For Fiscal Years ended June 30, 2025 and 2024

The
Company reviews intangible assets (with a definite life), excluding goodwill, accreditation and tradenames, for impairment when events
or changes in circumstances indicate the carrying amount may not be recoverable. The Company measures the recoverability of these assets
by comparing the carrying amounts to the future undiscounted cash flows that the assets are expected to generate. If the carrying value
of the assets are not recoverable, the impairment recognized is measured as the amount by which the carrying value of the asset exceeds
its fair value. There were no impairments for the periods presented.

The
Company tests goodwill, accreditation and trade names for impairment at least annually, or more frequently if events or changes in circumstances
indicate that the asset may be impaired. There were no goodwill, accreditation or trade names impairments for the periods presented.

The
Company amortizes intangible assets with definite lives on a straight-line basis.

Long-Lived
Assets

The
Company evaluates the recoverability of its long-lived assets for impairment, other than goodwill, whenever events or changes in circumstances
indicate that the carrying amount of an asset may not be recoverable. The recoverability of assets to be held and used is measured by
a comparison of the carrying amount of an asset to undiscounted future net cash flows expected to be generated by the assets. If such
assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets
exceeds