Company: LGCY
Filing Date: 2025-02-13
Form Type: 10-Q
Source: 0001493152-25-006418
Chunk: 82

Company: Legacy Education Inc.
Filing Date: 2025-02-13
Form: 10-Q
Item: Part I, Item 8
Chunk 82
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9, 2024. The consolidated
financial statements, and all share and per share information contained herein, have been retroactively adjusted to reflect the reverse
stock split.

As
of December 31, 2024 and June 30, 2024, the Company had 110,000,000 shares of authorized capital, par value $0.001, of which 100,000,000
shares are designated as common stock, and 10,000,000 shares are designated as preferred stock, which have liquidation preference over
the common stock and are non-voting.

Equity
Transactions

In
August 2024, 76,000 stock options were exercised at $0.52 per share of common stock.

On
September 27, 2024, the Company completed its initial public offering of 2,500,000
shares, priced at $4.00
per share. Concurrently the Company issued 2,013 shares as true up shares as a result of the 1-for-2 reverse split.

During
the three months ended December 31, 2024, 10,044 stock options were exercised at $3.74 per share of common stock.

During
the three months ended December 31, 2024, the Company issued 375,000 common shares in respect to the underwriters’ option to purchase
up to an additional 375,000 shares of common stock to cover allotments.

On
December 18, 2024, the Company issued 118,906 common shares pursuant to the terms of the APA.

No
shares were issued during the six months ended December 31, 2023.

As
of December 31, 2024 and June 30, 2024 the Company had 12,373,112 and 9,291,149 shares of common stock outstanding, respectively, and
no shares of preferred stock issued and outstanding.

Note
14 - Share-Based Compensation Plans

Stock
Options

The
Company utilizes ASC 718, Stock Compensation, related to accounting for share-based payments and, accordingly, records compensation
expense for share-based awards based upon an assessment of the grant date fair value for stock options and restricted stock awards. The
Black Scholes option pricing model was used to estimate the fair value of the options granted. This option pricing model requires a number
of assumptions, of which the most significant are: expected stock price volatility, the expected pre-vesting forfeiture rate, and