Company: LGCY
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010844
Chunk: 59

Company: Legacy Education Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 8
Chunk 59
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Notes
to Condensed Consolidated Financial Statements

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

(Unaudited)

Note
1 - Nature of Business

For
purposes of these financial statements, “Legacy,”, the “Company,” “we,” “our,”
“us,” or similar references refers to Legacy Education Inc. and its consolidated subsidiaries, unless the context
requires otherwise. Legacy Education, LLC was formed on October 19, 2009 in the state of California as a limited liability company.
The Company operates as career institution that focuses on real-life training by utilizing educational practices in different job
markets. The Company offers programs in career paths such as healthcare, veterinary, medical information technology, business
management, and green technology. The Company is accredited by the Accrediting Council for Continuing Education and Training
(“ACCET”), and the Accrediting Bureau of Health Education Schools (“ABHES”) and approved to operate in the
state of California by the Bureau for Private Postsecondary Education (“BPPE”). The consolidated financial statements
include accounts of Legacy Education Inc. d/b/a High Desert Medical College (“HDMC”) and its wholly owned subsidiary,
Legacy Education Monterey LLC (“Monterey”) d/b/a Central Coast College (“CCC”), its wholly owned subsidiary,
Advanced Health Services, LLC d/b/a Integrity College of Health (“Integrity”) and Legacy Education Antioch, LLC (Antioch) d/b/a Contra Costa Medical Career College (“CCMCC”). Pursuant to an Agreement and Plan of
Merger and Reorganization (the “Reorganization Merger”), dated September 1, 2021, effective as of September 3, 2021 (the
“Effective Date”), Legacy Education Merger Sub, LLC, a wholly owned subsidiary of Legacy Education Inc. formed solely
for the purpose of implementing the Reorganization Merger, merged with and into Legacy Education, LLC, with Legacy Education, LLC
surviving the merger and becoming a wholly owned subsidiary of Legacy Education Inc., a corporation formed on March 18, 2020 in the
State of Nevada for the sole purpose of restructuring the Company from a member-owned Limited Liability Corporation to a
shareholder-owned C-Corporation. On
the Effective Date, in exchange for each Class A Unit owned in Legacy Education, LLC, the members of Legacy Education, LLC received
one share of common stock in Legacy Education Inc. in a one for one exchange