Company: LGCY
Filing Date: 2025-02-13
Form Type: 10-Q
Source: 0001493152-25-006418
Chunk: 73

Company: Legacy Education Inc.
Filing Date: 2025-02-13
Form: 10-Q
Item: Part I, Item 8
Chunk 73
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 it occurred on July 1, 2023. These results
do not purport to be indicative of the results of operations had the acquisition occurred on the date indicated above, or that may result
in the future, and do not reflect potential synergies or additional costs following the acquisition.

Note
4 - Intangible Assets

The
intangibles consisted of the following as of December 31, 2024 and June 30, 2024:

 Schedule
of Intangible Assets

    December
    31, 2024  
    June
    30, 2024 
  
    Goodwill 
    $6,625,383  
    $1,929,326 
  
    Trade name 
     2,696,100  
     796,100 
  
    Accreditation 
     288,200  
     88,200 
  
    Course curriculum 
     698,000  
     198,000 
  
    Total cost of intangibles 
    $10,307,683  
    $3,011,626 
  
    Less accumulated amortization 
     (29,859) 
     (27,353)
  
    Intangibles net 
    $10,277,824  
    $2,984,273 

As
of December 31, 2024 and June 30, 2024, no
impairment of the Company’s goodwill, nor other intangibles with an indefinite life was required related to its previous
acquisitions of CCC and Integrity. Although
the ACCET accreditation has an indefinite life, the accreditation requires renewal every five years. CCC’s ACCET accreditation
was most recently renewed in April 2020 and its next renewal is in April 2025. The Company recognized $1,253
and $2,506
in amortization expense for the three and six months ended December 31, 2024. The Company recognized $1,753
and $3,006
in amortization expense for the three and six months ended December 31, 2023. Although
the Accrediting Bureau of Health Education Schools (“ABHES”) has an indefinite life, the accreditation requires renewal
every five years. Integrity’s next ABHES accreditation renewal is in February 2026. 100%
of goodwill is expected to be deductible for federal income tax purposes and will be amortized over 15
years on a straight