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Legacy Education Inc (LGCY-6.88%). has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in revenue to $14,005,091 from $10,366,934 in the same quarter the previous year. The increase is attributed to a rise in enrollment and favorable program mix.
Educational services expenses for the quarter were $7,204,574, compared to $5,732,126 in the same quarter of the previous year, primarily due to increased instructional and staffing costs.
General and administrative expenses increased to $3,966,047 from $3,154,405, with the rise attributed to higher marketing expenses, professional fees, and bad debt expense.
Net income for the quarter was $2,090,753, up from $1,069,596 in the previous year. The increase is primarily due to higher revenue and operating income.
Cash provided by operating activities was $3,185,254, while cash used in investing activities was $235,816.
The company completed its initial public offering, issuing 2,500,000 shares at $4.00 per share, resulting in net proceeds of $7,939,572.
Legacy Education had cash and cash equivalents of $21,492,618 as of September 30, 2024, compared to $10,376,149 at the end of the previous quarter.
The filing details a recent acquisition agreement with Contra Costa Medical Career College, involving a purchase price of $8,000,000.
The company continues to focus on expanding its educational programs and maintaining compliance with regulatory requirements.
Legacy Education does not anticipate significant changes in its operating strategy and financial position in the near future.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Legacy Education Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.