Legacy Education Financials
This page shows Legacy Education (LEAI) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 12 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Legacy Education Alliance is now defined by a liquidity squeeze, with obligations overwhelming a very small asset base.
FY2021's reported net loss was only-$566K , but operating cash flow was-$4.8M , so the business was consuming cash much faster than earnings suggested. By FY2024, cash was down to$43K and current liabilities were about 37x current assets, tying today's squeeze to poor cash conversion as well as to shrinking operations.
External financing kept filling the gap: shares outstanding rose from 38.2M in FY2022 to 48.4M in FY2024, which suggests capital came from issuance rather than from operations. Even with that support, negative equity persisted and liabilities increased to
Some figures from recent filings were inconsistent and were omitted from this summary.
Financial Health Signals
Based on FY2024 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Legacy Education's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Legacy Education's current ratio of 0.03 is below the typical benchmark, resulting in a score of 0/100. This tight liquidity could limit financial flexibility if cash inflows slow.
Legacy Education passes 0 of 9 financial strength tests. No profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).
Key Financial Metrics
Earnings & Revenue
Legacy Education reported -$3.3M in net income in fiscal year 2024. This represents a decrease of 116.9% from the prior year.
Cash & Balance Sheet
Legacy Education held $43K in cash against $758K in long-term debt as of fiscal year 2024.
Legacy Education had 48M shares outstanding in fiscal year 2024. This represents an increase of 26.7% from the prior year.
Margins & Returns
Capital Allocation
LEAI Income Statement
| Metric | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $133K | N/A | N/A | $57K-20.8% | $72K-89.3% | $674K+1082.5% | $57K-16.2% | $68K |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | -$32K | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $436K | N/A | $760K+40.7% | $540K-39.1% | $886K+16.7% | $759K+31.1% | $579K-12.5% | $662K |
| Operating Income | -$786K | N/A | -$824K-31.0% | -$629K+31.6% | -$919K-181.9% | -$326K+46.9% | -$614K+17.9% | -$748K |
| Interest Expense | $1K | N/A | $101K+68.3% | $60K0.0% | $60K+114.3% | $28K-85.1% | $188K+67.9% | $112K |
| Income Tax | N/A | N/A | $0 | $0 | N/A | $194K | $0 | $0 |
| Net Income | -$786K | N/A | -$754K-13.2% | -$666K+24.1% | -$878K-91.7% | -$458K-232.4% | $346K+140.4% | -$856K |
| EPS (Diluted) | $-0.02 | N/A | $-0.03-50.0% | $-0.020.0% | $-0.02 | N/A | $0.01+125.0% | $-0.04 |
LEAI Balance Sheet
| Metric | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $873K+5.8% | $825K-10.3% | $920K+8.6% | $847K-6.3% | $904K+2.7% | $880K+13.1% | $778K-1.5% | $790K |
| Current Assets | $756K+6.8% | $708K-11.8% | $803K+9.8% | $731K-5.1% | $770K+5.6% | $729K-1.5% | $740K-0.8% | $746K |
| Cash & Equivalents | $91K+111.6% | $43K-66.7% | $129K+79.2% | $72K-35.1% | $111K-0.9% | $112K+202.7% | $37K+85.0% | $20K |
| Inventory | $1K0.0% | $1K0.0% | $1K0.0% | $1K0.0% | $1K0.0% | $1K0.0% | $1K0.0% | $1K |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $28.7M+3.0% | $27.8M+1.5% | $27.4M+3.7% | $26.5M+2.4% | $25.8M+8.3% | $23.9M+2.7% | $23.2M-2.0% | $23.7M |
| Current Liabilities | $27.1M+3.2% | $26.3M+1.6% | $25.9M+3.1% | $25.1M+2.6% | $24.4M+8.9% | $22.5M+11.4% | $20.2M+3.2% | $19.5M |
| Long-Term Debt | $758K0.0% | $758K0.0% | $758K+35.8% | $558K0.0% | $558K0.0% | $558K-67.9% | $1.7M-38.7% | $2.8M |
| Total Equity | -$27.8M-2.9% | -$27.0M-2.0% | -$26.5M-3.5% | -$25.6M-2.7% | -$24.9M-8.5% | -$23.0M-2.3% | -$22.5M+2.0% | -$22.9M |
| Retained Earnings | -$41.4M-1.9% | -$40.6M-1.6% | -$40.0M-1.9% | -$39.2M-1.7% | -$38.6M-2.3% | -$37.7M-1.2% | -$37.2M+0.9% | -$37.6M |
LEAI Cash Flow Statement
| Metric | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $23K | N/A | -$498K-99.2% | -$250K-25.0% | -$200K+75.4% | -$813K+3.0% | -$838K+32.3% | -$1.2M |
| Capital Expenditures | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Free Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Investing Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Financing Cash Flow | $25K | N/A | $555K+163.0% | $211K-61.8% | $552K-35.3% | $853K+13.3% | $753K+137.5% | $317K |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
LEAI Financial Ratios
| Metric | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | -44.4% | N/A | N/A | N/A |
| Operating Margin | -591.0% | N/A | N/A | -1103.5%+172.9pp | -1276.4%-1228.0pp | -48.4%+1028.8pp | -1077.2%+22.8pp | -1100.0% |
| Net Margin | -591.0% | N/A | N/A | -1168.4%+51.0pp | -1219.4%-1151.5pp | -68.0%-675.0pp | 607.0%+1865.8pp | -1258.8% |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | -90.0% | N/A | -82.0%-3.3pp | -78.6%+18.5pp | -97.1%-45.1pp | -52.0%-96.5pp | 44.5%+152.8pp | -108.3% |
| Current Ratio | 0.030.0 | 0.030.0 | 0.030.0 | 0.030.0 | 0.030.0 | 0.030.0 | 0.040.0 | 0.04 |
| Debt-to-Equity | -0.030.0 | -0.030.0 | -0.030.0 | -0.020.0 | -0.020.0 | -0.02+0.1 | -0.08+0.0 | -0.12 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
Note: Shareholder equity is negative (-$27.0M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
Note: The current ratio is below 1.0 (0.03), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Frequently Asked Questions
Is Legacy Education profitable?
No, Legacy Education (LEAI) reported a net income of -$3.3M in fiscal year 2024.
How much debt does Legacy Education have?
As of fiscal year 2024, Legacy Education (LEAI) had $43K in cash and equivalents against $758K in long-term debt.
What are Legacy Education's total assets?
Legacy Education (LEAI) had $825K in total assets as of fiscal year 2024, including both current and long-term assets.
What is Legacy Education's current ratio?
Legacy Education (LEAI) had a current ratio of 0.03 as of fiscal year 2024, which is below 1.0, which may suggest potential liquidity concerns.
What is Legacy Education's debt-to-equity ratio?
Legacy Education (LEAI) had a debt-to-equity ratio of -0.03 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Legacy Education's return on assets (ROA)?
Legacy Education (LEAI) had a return on assets of -397.3% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
Why is Legacy Education's debt-to-equity ratio negative or unusual?
Legacy Education (LEAI) has negative shareholder equity of -$27.0M as of fiscal year 2024, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is Legacy Education's Piotroski F-Score?
Legacy Education (LEAI) has a Piotroski F-Score of 0 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
How financially healthy is Legacy Education?
Legacy Education (LEAI) scores 0 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.