$LGCY

Legacy Education Inc.

CIK:0001836754|SEC Filings

Consolidated Income Statements - USD ($)	12 Months Ended
Consolidated Income Statements - USD ($)	Jun. 30, 2026	Jun. 30, 2025
Revenue
Tuition and related income, net	$ 80,056,194	$ 64,168,025
Operating expenses
Educational services	42,921,548	34,246,953
General and administrative	24,210,228	19,114,874
General and administrative – related party	469,900	378,154
Depreciation and amortization	644,085	441,718
Total costs and expenses	68,245,761	54,181,699
Operating income	11,810,433	9,986,326
Other income and expense
Loss on disposal of fixed assets	(14,812)
Loss on debt settlement	(333,250)
Interest expenses	(68,150)	(112,731)
Interest income	1,287,800	1,149,234
Total other income	871,588	1,036,503
Income before income tax expenses	12,682,021	11,022,829
Income tax expenses	(3,542,538)	(3,488,597)
Net income	$ 9,139,483	$ 7,534,232
Net income per share
Basic net income per share	$ 0.73	$ 0.65
Diluted net income per share	$ 0.66	$ 0.59
Weighted average number of common stock outstanding
Basic weighted average shares outstanding	12,599,955	11,581,383
Diluted weighted average shares outstanding	13,935,937	12,685,036

Consolidated Statements of Cash Flows - USD ($)

12 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Cash flows provided by (used in) operating activities:

Net income

$ 9,139,483

$ 7,534,232

Adjustments to reconcile net income to net cash provided by operating activities:

Loss on disposal of fixed assets

14,812

Loss on debt settlement

333,250

Non cash compensation

1,170,977

552,800

Depreciation & amortization

644,085

441,718

Deferred income tax

(335,387)

502,454

Provision for credit losses

3,992,359

3,407,275

^[1]

Changes in assets and liabilities:

Accounts receivable, net

(8,985,834)

(3,870,967)

^[2]

Prepaid expenses

(756,209)

(327,148)

Other receivable

(768,517)

(161,530)

Related party receivable

Other assets

(103,500)

(54,293)

Accounts payable and accrued liabilities

69,462

1,056,269

Income tax payable

(215,584)

(847,085)

Deferred unearned tuition

(172,449)

(465,486)

Net cash provided by operating activities

4,026,948

7,768,239

Cash flows used in investing activities:

Cash paid under APA

(6,133,087)

Purchases of property and equipment

(1,345,816)

(844,320)

Net cash used in investing activities

(1,345,816)

(6,977,407)

Cash flows provided by (used in) financing activities:

Proceeds from IPO, net of offering cost

9,162,845

Proceeds from exercise of options

578,226

374,631

Principal payment on finance lease

(63,988)

(57,260)

Principal payments on debt

(780,568)

(330,840)

Net cash provided by (used in) financing activities

(266,330)

9,149,376

Net increase in cash and cash equivalents and restricted cash

2,414,802

9,940,208

Cash and cash equivalents and restricted cash, beginning of year

20,316,357

10,376,149

Cash and cash equivalents and restricted cash, end of year

22,731,159

20,316,357

Supplemental disclosure of cash flow information

Cash paid during the periods for interest

68,150

136,267

Cash paid during the periods for income taxes

3,810,653

3,833,228

Supplemental disclosure of noncash activities

Non-cash purchase of equipment

567,451

Prepaid expense reclassified to offering costs

276,866

Common stock issued as part of APA

1,000,000

Promissory note under APA

400,000

Net identifiable assets acquired under APA

(205,670)

Common stock issued to settle debt

$ 500,000

[1]	Previously captioned “Provision for allowance for doubtful accounts for accounts receivable and contracts receivable.”
[2]	Previously captioned “Accounts receivable.”

Consolidated Balance Sheets - USD ($)	Jun. 30, 2026	Jun. 30, 2025
Current assets
Cash and cash equivalents	$ 22,731,159	$ 20,316,357
Accounts receivable, net of $1,994,492 and $1,641,052 allowance for doubtful accounts as of June 30, 2026 and June 30, 2025, respectively	19,861,938	15,050,841
Prepaid expenses	2,139,614	1,383,405
Other receivables	1,075,269	302,424
Total current assets	45,807,980	37,053,027
Property and equipment, net	3,224,839	2,484,304
Operating lease right-of-use asset	14,988,329	15,781,177
Financing lease right-of-use asset	277,706	311,711
Intangible assets	3,838,416	3,858,027
Goodwill	6,846,911	6,852,076
Accounts receivable, long-term	2,153,680	1,966,137
Deferred income tax assets	730,933	395,546
Security deposits	680,955	503,133
Total assets	78,549,749	69,205,138
Current liabilities
Accounts payable and accrued liabilities	4,998,992	4,929,530
Accrued income tax payable	380,666	596,250
Deferred, unearned tuition	4,783,947	4,956,396
Other current liabilities	3,197	3,197
Current portion of debt	53,351	875,350
Debt owed, related party	50,000	50,000
Current portion of financing lease	71,509	63,989
Current portion of operating lease liability	2,023,088	2,306,061
Total current liabilities	12,364,750	13,780,773
Debt, net of current portion	27,025	481,264
Financing lease, net of current portion	79,912	151,420
Operating lease liability, net of current portion	13,312,606	13,748,161
Total liabilities	25,784,293	28,161,618
Commitments and contingencies
Stockholders’ equity
Preferred stock: $0.001 par value, 10,000,000 shares authorized; no shares issued and outstanding
Common stock: $0.001 par value, 100,000,000 shares authorized, 12,797,221 and 12,452,670 shares issued and outstanding as of June 30, 2026 and June 30, 2025, respectively	12,797	12,453
Additional paid in capital	29,855,474	27,273,365
Retained earnings	22,897,185	13,757,702
Total stockholders’ equity	52,765,456	41,043,520
Total liabilities and stockholders’ equity	$ 78,549,749	$ 69,205,138