Company: LGCY
Filing Date: 2025-02-13
Form Type: 10-Q
Source: 0001493152-25-006418
Chunk: 182

Company: Legacy Education Inc.
Filing Date: 2025-02-13
Form: 10-Q
Item: Part I, Item 2
Chunk 182
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2024, and approximately $0.3 million
for the six months ended December 31, 2023, an increase of approximately $6.3 million primarily attributed to the acquisition of CCMCC
of $6.1 million.

Financing
activities

Net
cash provided by financing activities was approximately $9.2 million for the six months ended December 31, 2024, and net cash used of
approximately $0.3 million for the six months ended December 31, 2023, an increase of approximately $8.8 million due to the net proceeds
of $9.2 million from our initial public offering (“IPO”).

Financings

    ●
    From
    July 2021 to September 2021, the Company issued 108,333 shares of common stock to investors at a purchase price of $3.00 per share
    for total proceeds of $325,000.

    ●
    From
    July 2022 to June 2023, the Company issued dividends of $929,116

    ●
    From
                                            July 2024 to September 2024, the Company issued 2,500,000 shares of common stock as part
                                            of its IPO at a price of $4.00 per share for gross proceeds of $10,000,000

    ●
    From October 2024 to December 2024, the Company issued 375,000 shares of
common stock pursuant to the exercise of the over-allotment option by the underwriters to the IPO, at a price of $4.00 per share for gross
proceeds of $1,500,000.

8

Impact
of Inflation

We
believe that inflation has not had a material impact on our results of operations for the three or six months ended December 31, 2024,
and 2023. There can be no assurance that future inflation will not have an adverse impact on our operating results and financial condition.

Segment
Information

We
operate in one reportable segment as a single educational delivery operation using a core infrastructure that serves the curriculum and
educational delivery needs of our institution’s students regardless of geography. Our chief operating decision maker, our CEO and
President, manages our operations as a whole, and our chief operating decision maker does not evaluate expenses or operating income information
on a component level.

Recent
Accounting Pronouncements

In
June 2016, the F