2024 Q4 Form 10-Q Financial Statement

#000149315224045782 Filed on November 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3 2024 Q2
Revenue $14.01M
YoY Change 35.09%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $81.14K
YoY Change 40.24%
% of Gross Profit
Operating Expenses $11.33M
YoY Change 26.11%
Operating Profit $2.672M
YoY Change 93.57%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $231.5K
YoY Change 101.58%
Pretax Income $2.904M
YoY Change 94.18%
Income Tax $813.1K
% Of Pretax Income 28.0%
Net Earnings $2.091M
YoY Change 95.47%
Net Earnings / Revenue 14.93%
Basic Earnings Per Share $0.22
Diluted Earnings Per Share $0.21
COMMON SHARES
Basic Shares Outstanding 12.24M shares 11.87M shares
Diluted Shares Outstanding 9.818M shares

Balance Sheet

Concept 2024 Q4 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $21.49M $10.38M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses $963.5K $1.032M
Receivables $12.26M $13.04M
Other Receivables $140.9K $140.9K
Total Short-Term Assets $34.85M $24.59M
YoY Change 41.72%
LONG-TERM ASSETS
Property, Plant & Equipment $1.185M $990.0K
YoY Change 45.57%
Goodwill $1.929M $1.929M
YoY Change 0.0%
Intangibles $1.054M $1.055M
YoY Change -0.52%
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $15.73M $10.59M
YoY Change 6.96%
TOTAL ASSETS
Total Short-Term Assets $34.85M $24.59M
Total Long-Term Assets $15.73M $10.59M
Total Assets $50.58M $35.17M
YoY Change 29.1%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $569.0K $574.2K
YoY Change -15.34%
Long-Term Debt Due $619.0K $624.2K
YoY Change
Total Short-Term Liabilities $11.35M $10.47M
YoY Change 23.23%
LONG-TERM LIABILITIES
Long-Term Debt $139.2K $123.9K
YoY Change 173.28%
Other Long-Term Liabilities $89.00 $905.00
YoY Change
Total Long-Term Liabilities $139.3K $123.9K
YoY Change 173.28%
TOTAL LIABILITIES
Total Short-Term Liabilities $11.35M $10.47M
Total Long-Term Liabilities $139.3K $123.9K
Total Liabilities $18.02M $12.75M
YoY Change 7.87%
SHAREHOLDERS EQUITY
Retained Earnings $8.314M $6.223M
YoY Change 461.37%
Common Stock $11.87K $9.291K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $32.56M $22.42M
YoY Change
Total Liabilities & Shareholders Equity $50.58M $35.17M
YoY Change 29.1%

Cashflow Statement

Concept 2024 Q4 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income $2.091M
YoY Change 95.47%
Depreciation, Depletion And Amortization $81.14K
YoY Change 40.24%
Cash From Operating Activities $3.185M
YoY Change 557.27%
INVESTING ACTIVITIES
Capital Expenditures $235.8K
YoY Change 32.93%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$235.8K
YoY Change 32.93%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $8.167M
YoY Change -4069.9%
NET CHANGE
Cash From Operating Activities $3.185M
Cash From Investing Activities -$235.8K
Cash From Financing Activities $8.167M
Net Change In Cash $11.12M
YoY Change 10852.08%
FREE CASH FLOW
Cash From Operating Activities $3.185M
Capital Expenditures $235.8K
Free Cash Flow $2.949M
YoY Change 860.03%

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CY2024Q3 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
7939572 usd
CY2024Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
67031 usd
CY2024Q3 us-gaap Net Income Loss
NetIncomeLoss
2090753 usd
CY2024Q3 us-gaap Stockholders Equity
StockholdersEquity
32555888 usd
CY2023Q2 us-gaap Stockholders Equity
StockholdersEquity
15422084 usd
CY2023Q2 us-gaap Stockholders Equity
StockholdersEquity
15422084 usd
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
1069596 usd
CY2023Q3 us-gaap Stockholders Equity
StockholdersEquity
16491680 usd
CY2023Q3 us-gaap Stockholders Equity
StockholdersEquity
16491680 usd
CY2024Q3 us-gaap Net Income Loss
NetIncomeLoss
2090753 usd
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
1069596 usd
CY2024Q3 us-gaap Share Based Compensation
ShareBasedCompensation
67031 usd
CY2024Q3 us-gaap Depreciation Amortization And Accretion Net
DepreciationAmortizationAndAccretionNet
81137 usd
CY2023Q3 us-gaap Depreciation Amortization And Accretion Net
DepreciationAmortizationAndAccretionNet
57859 usd
CY2024Q3 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
556316 usd
CY2023Q3 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
442641 usd
CY2024Q3 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-82193 usd
CY2023Q3 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
1953326 usd
CY2024Q3 us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
208042 usd
CY2023Q3 us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
208700 usd
CY2024Q3 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
34133 usd
CY2023Q3 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-41805 usd
CY2024Q3 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
490941 usd
CY2023Q3 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
186428 usd
CY2024Q3 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-1147624 usd
CY2023Q3 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
647131 usd
CY2024Q3 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
1206682 usd
CY2023Q3 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
201183 usd
CY2024Q3 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
3185254 usd
CY2023Q3 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
484617 usd
CY2024Q3 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
235816 usd
CY2023Q3 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
177392 usd
CY2024Q3 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-235816 usd
CY2023Q3 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-177392 usd
CY2024Q3 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
8216438 usd
CY2024Q3 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
39520 usd
CY2024Q3 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
56184 usd
CY2023Q3 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
54614 usd
CY2024Q3 us-gaap Repayments Of Debt
RepaymentsOfDebt
32743 usd
CY2023Q3 us-gaap Repayments Of Debt
RepaymentsOfDebt
151110 usd
CY2024Q3 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
8167031 usd
CY2023Q3 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-205724 usd
CY2024Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
11116469 usd
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
101501 usd
CY2024Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
10376149 usd
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
9389606 usd
CY2024Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
21492618 usd
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
9491107 usd
CY2024Q3 us-gaap Interest Paid Net
InterestPaidNet
24052 usd
CY2023Q3 us-gaap Interest Paid Net
InterestPaidNet
27602 usd
CY2024Q3 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
1960693 usd
CY2023Q3 LGCY Noncash Purchase Of Financed Lease Assets
NoncashPurchaseOfFinancedLeaseAssets
340048 usd
CY2024Q3 us-gaap Fair Value Of Assets Acquired
FairValueOfAssetsAcquired
39275 usd
CY2023Q3 us-gaap Fair Value Of Assets Acquired
FairValueOfAssetsAcquired
34580 usd
CY2024Q3 LGCY Prepaid Expense Reclassifies To Offering Cost
PrepaidExpenseReclassifiesToOfferingCost
276866 usd
CY2024Q3 us-gaap Nature Of Operations
NatureOfOperations
<p id="xdx_805_eus-gaap--NatureOfOperations_zovXb1U6lte8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 1 - <span id="xdx_826_z4MaLm6VgoNd">Nature of Business</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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”), and its wholly owned subsidiary, Advanced Health Services, LLC d/b/a Integrity College of Health (“Integrity”). 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. <span id="xdx_90E_eus-gaap--CommonStockConversionBasis_c20210903__20210903__srt--OwnershipAxis__custom--LegacyEducationMergerSubLLCMember_zbJ5ujjq7Azl" title="Common stock, conversion basis">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</span>. The members immediately prior to the Reorganization Merger became the <span id="xdx_904_eus-gaap--MinorityInterestOwnershipPercentageByNoncontrollingOwners_iI_dp_c20210903__srt--OwnershipAxis__custom--LegacyEducationMergerSubLLCMember_zODp9HJkEZS6" title="Ownership percentage">100</span>% owners of Legacy Education Inc. immediately following the Reorganization Merger.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">HDMC offers instruction in twenty nine programs including ultrasound technician, ultrasound technician associate of applied science degree, medical billing and coding, vocational nursing, clinical medical assisting, pharmacy technician, dental assisting, medical administrative vocational nursing associate of applied science degree and registered nursing</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CCC, a wholly-owned subsidiary of HDMC, offers instruction in healthcare career training programs, and veterinary career training.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Integrity, a wholly-owned subsidiary of HDMC, is an accredited college offering instruction in medical assisting, vocational nursing, medical insurance coding and billing, diagnostic medical sonography (ultrasound technician) and Bachelors of Science in nursing (RN to BSN).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The accompanying consolidated financial statements, and all per share information contained herein, have been retroactively adjusted to reflect the reverse stock split described in Note 12.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2024Q3 us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_84D_eus-gaap--UseOfEstimates_z7jhkPrOjHG3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_86E_zPVAkUfLP9nc">Use of Estimates</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include the assumptions used in the evaluation of the Company’s distinct performance obligations, the valuation of equity instruments and allowance for credit losses related to accounts receivable.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2024Q3 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p id="xdx_842_eus-gaap--PriorPeriodReclassificationAdjustmentDescription_zXYSSMEcFmb3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_86A_zvtrIe1h1Xh2">Reclassifications</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain amounts in the prior period financial statements have been reclassified to conform to the current period presentation. These reclassifications had no effect on reported consolidated net income.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2024Q3 us-gaap Lessee Operating Lease Description
LesseeOperatingLeaseDescription
The Company has elected to apply the short-term scope exception for leases with terms of 12 months or less at the inception of the lease and will continue to recognize rent expense on a straight-line basis.
CY2022Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
5700000 usd
CY2022Q3 LGCY Estimated Incremental Borrowing Rate
EstimatedIncrementalBorrowingRate
0.0398 pure
CY2022Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
5300000 usd
CY2024Q3 us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
0 usd
CY2023Q3 us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
0 usd
CY2024Q3 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 usd
CY2023Q3 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 usd
CY2024Q3 us-gaap Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
0 usd
CY2024 us-gaap Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
0 usd
CY2024Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
14005091 usd
CY2023Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
10366934 usd
CY2024Q3 LGCY Minimum Required Attendance Percentage
MinimumRequiredAttendancePercentage
0.60 pure
CY2024Q3 LGCY Minimum Required Attendance Percentage
MinimumRequiredAttendancePercentage
0.60 pure
CY2024Q3 us-gaap Advertising Expense
AdvertisingExpense
1166898 usd
CY2023Q3 us-gaap Advertising Expense
AdvertisingExpense
1093784 usd
CY2024Q3 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_84A_eus-gaap--ConcentrationRiskCreditRisk_zfUArpSa5zr4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_868_zG1ZEHj7Dt16">Concentration of Credit Risk</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A substantial portion of revenues and ending accounts receivable at June 30, 2024 and 2023 are a direct result of the Company’s participation in Financial Student Aid (“FSA”) programs, which represents a primary source of student tuition. The FSA programs are subject to political budgetary considerations. There is no assurance that funding will be maintained at current levels. The FSA programs are subject to significant regulatory requirements. Any regulatory violation could have a material effect on the Company.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company maintains its cash and cash equivalents in various financial institutions. Accounts at these institutions are insured by the Federal Deposit Insurance Corporation up to $<span id="xdx_902_eus-gaap--CashFDICInsuredAmount_iI_c20240930_zIMggkbKknCl" title="FDIC insured amount">250,000</span>. The Company performs ongoing evaluations of these institutions to limit concentration risk exposure. The Company maintains cash balances in excess of these limits from time to time.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of September 30, 2024 and June 30, 2024, $<span id="xdx_90C_eus-gaap--MoneyMarketFundsAtCarryingValue_iI_pn4n6_c20240930_zUG4Yu4gZyHa" title="Cash maintained in redeemable money market">2.18</span> and $<span id="xdx_903_eus-gaap--MoneyMarketFundsAtCarryingValue_iI_pn4n6_c20240630_zAFAvYHNs679" title="Cash maintained in redeemable money market">2.15</span> million, respectively, was maintained in a redeemable money market account bearing interest at approximately <span id="xdx_900_ecustom--PercentageOfInterestBearingDepositsInBanks_iI_pid_dp_c20240930_z1qiOucVIKlh" title="Percentage of interest bearing deposits in banks">4.88</span>% per annum.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2024Q3 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000 usd
CY2024Q3 us-gaap Money Market Funds At Carrying Value
MoneyMarketFundsAtCarryingValue
2180000 usd
CY2024Q2 us-gaap Money Market Funds At Carrying Value
MoneyMarketFundsAtCarryingValue
2150000 usd
CY2024Q3 LGCY Percentage Of Interest Bearing Deposits In Banks
PercentageOfInterestBearingDepositsInBanks
0.0488 pure
CY2024Q3 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2024Q3 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.0884 pure
CY2024Q3 us-gaap Substantial Doubt About Going Concern Conditions Or Events
SubstantialDoubtAboutGoingConcernConditionsOrEvents
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
CY2024Q3 us-gaap Net Income Loss
NetIncomeLoss
2090753 usd
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
1069596 usd
CY2024Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
9320063 shares
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
9291149 shares
CY2024Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
497495 shares
CY2023Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
400000 shares
CY2024Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
9817558 shares
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
9691149 shares
CY2024Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.22
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.12
CY2024Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.21
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.11
CY2024Q3 us-gaap Goodwill
Goodwill
1929326 usd
CY2024Q2 us-gaap Goodwill
Goodwill
1929326 usd
CY2024Q3 us-gaap Finite Lived Trade Names Gross
FiniteLivedTradeNamesGross
796100 usd
CY2024Q2 us-gaap Finite Lived Trade Names Gross
FiniteLivedTradeNamesGross
796100 usd
CY2024Q3 LGCY Finite Lived Accreditation Gross
FiniteLivedAccreditationGross
88200 usd
CY2024Q2 LGCY Finite Lived Accreditation Gross
FiniteLivedAccreditationGross
88200 usd
CY2024Q3 LGCY Finite Lived Course Curriculum Gross
FiniteLivedCourseCurriculumGross
198000 usd
CY2024Q2 LGCY Finite Lived Course Curriculum Gross
FiniteLivedCourseCurriculumGross
198000 usd
CY2024Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
3011626 usd
CY2024Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
3011626 usd
CY2024Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
28606 usd
CY2024Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
27353 usd
CY2024Q3 us-gaap Intangible Assets Net Including Goodwill
IntangibleAssetsNetIncludingGoodwill
2983020 usd
CY2024Q2 us-gaap Intangible Assets Net Including Goodwill
IntangibleAssetsNetIncludingGoodwill
2984273 usd
CY2024Q3 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 usd
CY2024 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 usd
CY2024Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1253 usd
CY2023Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1253 usd
CY2024Q3 LGCY Percentage Of Goodwill Expected To Deducted In Income Tax
PercentageOfGoodwillExpectedToDeductedInIncomeTax
1 pure
CY2024Q3 LGCY Goodwill Amortization Period
GoodwillAmortizationPeriod
P15Y
CY2024Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
2840254 usd
CY2024Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
2565163 usd
CY2024Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1655094 usd
CY2024Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1575211 usd
CY2024Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1185160 usd
CY2024Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
989952 usd
CY2024Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
79883 usd
CY2023Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
56606 usd
CY2024Q3 us-gaap Accounts Receivable Net Noncurrent
AccountsReceivableNetNoncurrent
1525250 usd
CY2024Q2 us-gaap Accounts Receivable Net Noncurrent
AccountsReceivableNetNoncurrent
1381194 usd
CY2024Q3 LGCY Prepaid Books
PrepaidBooks
229549 usd
CY2024Q2 LGCY Prepaid Books
PrepaidBooks
199122 usd
CY2024Q3 us-gaap Other Prepaid Expense Current
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