Company: LGCY
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010844
Chunk: 17

Company: Legacy Education Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 17
---
JOBS Act”).
Included with this election, the Company has also elected to use the provisions within the JOBS Act that allow companies that go public
to continue to use the private company adoption date rules for new accounting policies. The Company will remain an emerging growth company
until the earlier of (i) the last day of the Company’s fiscal year following the fifth anniversary of the closing of the Company’s
initial public offering of its securities, (ii) the last day of the fiscal year (a) in which the Company total annual gross revenue of
at least $1.235 billion or (b) in which the Company is deemed to be a large accelerated filer under the rules of the Securities and Exchange
Commission, and (iii) the date on which the Company has issued more than $1.0 billion of non-convertible debt in any three-year period.

Earnings
Per Share

ASC
260, Earnings Per Share, requires dual presentation of basic and diluted earnings per share (“EPS”) with a reconciliation
of the numerator and denominator of the basic EPS computation to the numerator and denominator of the diluted EPS computation. Basic
EPS excludes dilution. Diluted EPS is calculated using the treasury stock method, and reflects the potential dilution that could occur
if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common
stock that then shared in the earnings of the entity.

    F-11

Legacy
Education Inc.

Notes
to Condensed Consolidated Financial Statements

For
The Three and Nine Months ended March 31, 2025 and 2024

(Unaudited)

The
following table provides a reconciliation of the numerators and denominators used to determine basic and diluted net income per common
share for the three and nine months ended March 31, 2025 and 2024:

Schedule of Reconciliation of Basic and Diluted 

    2025  
    2024  
    2025  
    2024 

    For
                                            the Three Months Ended March
                                            31,  
    For
                                            the Nine Months Ended March
                                            31, 

    2025  
    2024  
    2025  
    2024 
  
    Numerator 

    Net
    income 
    $2,817,465  
    $1,793,951  
    $6,307,264