Legacy Education Financials

LEAI

FY2023 annual

Revenue Not reported for FY2023

Net Income -$3.3M -116.9% YoY

EPS (Diluted) Not reported for FY2023

Free Cash Flow Not reported for FY2023

Source SEC Filings (10-K/10-Q) Latest period Q1 FY2024, ended Mar 31, 2024 Reported Jul 17, 2024 Currency USD FYE December

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).

Rhea AI LEAI FY2023 2026-08-30

Contraction is the dominant mechanic: a shrinking operating base now sits beneath a liability-heavy, cash-consuming structure.

Revenue fell from $75.5M in FY2019 to $1.1M in FY2022, indicating that the business lost commercial scale rather than merely experiencing a temporary margin setback. Operating cash flow moved from $18K to -$4.0M across the same periods, showing that the smaller revenue base was not funding ongoing operations.

By FY2023, liabilities of $27.8M stood against only $825K of assets, making the balance sheet structurally dependent on obligations rather than owned resources. Negative equity of -$27.0M and a 0.0x current ratio point to severe short-term balance-sheet tightness, not simply elevated long-term leverage.

FY2022 combined a 37.5% gross margin with a -206.8% operating margin, so operating costs overwhelmed gross profit. The contrast with FY2020's 50.9% operating margin indicates highly unstable earnings conversion, rather than a consistent scale benefit.

Financial Health Signals

Financial health score not available

Legacy Education does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The metrics below are current.

Key Financial Metrics

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Earnings & Revenue

Net Income

-$3.3M

YoY-116.9%

Legacy Education reported -$3.3M in net income in fiscal year 2023. This represents a decrease of 116.9% from the prior year.

Revenue

Not reported for fiscal year 2023.

EBITDA

Not reported for fiscal year 2023.

EPS (Diluted)

Not reported for fiscal year 2023.

Cash & Balance Sheet

Cash & Debt

$43K

YoY-61.6%

5Y CAGR-48.3%

10Y CAGR-38.5%

Legacy Education held $43K in cash against $758K in long-term debt as of fiscal year 2023, with $26.3M of liabilities due within a year.

Free Cash Flow

Not reported for fiscal year 2023.

Dividends Per Share

Not reported for fiscal year 2023.

Shares Outstanding

Not reported for fiscal year 2023.

Margins & Returns

None of these metrics is reported for fiscal year 2023.

Capital Allocation

None of these metrics is reported for fiscal year 2023.

LEAI Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

LEAI quarterly income statement

Metric	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12
Revenue	N/A	$1.1M-85.9%	$7.7M-70.2%	$25.9M-65.7%	$75.5M-0.9%	$76.2M-22.1%	$97.7M+9.6%	$89.2M+2.3%	$87.2M-9.7%	$96.5M+13.4%	$85.1M	N/A
Gross Profit	N/A	$406K-89.3%	$3.8M-78.7%	$17.8M+15.1%	$15.4M+95.5%	$7.9M-59.0%	$19.2M+9.7%	$17.5M+32.6%	$13.2M-43.8%	$23.5M+44.9%	$16.2M	N/A
SG&A Expenses	N/A	$2.6M-36.9%	$4.2M-7.9%	$4.6M-66.9%	$13.8M-16.1%	$16.4M-5.6%	$17.4M+15.6%	$15.1M-7.7%	$16.3M-9.0%	$17.9M+29.7%	$13.8M+139407.7%	$10K
Operating Income	N/A	-$2.2M-440.2%	-$415K-103.1%	$13.2M+702.7%	$1.6M+119.2%	-$8.5M-570.8%	$1.8M-26.6%	$2.5M+179.9%	-$3.1M-155.6%	$5.6M+132.2%	$2.4M	N/A
Interest Expense	N/A	$453K-13.5%	$524K+149.5%	$210K	N/A	$40K+344.4%	$9K+80.0%	$5K-28.6%	$7K-81.1%	$37K-79.7%	$182K	N/A
Income Tax	N/A	$58K-91.9%	$716K-75.2%	$2.9M+329.4%	-$1.3M-368.0%	$469K-76.4%	$2.0M+311.4%	-$941K-6373.3%	$15K-75.0%	$60K+113.8%	-$435K	N/A
Net Income	-$3.3M-116.9%	-$1.5M-167.0%	-$566K-103.5%	$16.0M+60.9%	$9.9M+199.9%	-$10.0M-331.8%	$4.3M+10.7%	$3.9M+242.4%	-$2.7M-137.0%	$7.4M+70.1%	$4.3M+43774.3%	-$10K
EPS (Diluted)	N/A	-$0.04-100.0%	-$0.02-102.9%	$0.69+64.3%	$0.42+197.7%	-$0.43-338.9%	$0.18+5.9%	$0.17+230.8%	-$0.13-131.0%	$0.42	N/A	N/A

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
Gross Profit	N/A	N/A	N/A	N/A	-$32K	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%	-$0.02-100.0%	-$0.01-200.0%	$0.01	-$0.04

Not reported in any period shown, so not listed: Cost of Revenue, R&D Expenses.

LEAI Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

LEAI quarterly balance sheet

Metric	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12
Total Assets	$825K-6.3%	$880K-54.2%	$1.9M-69.7%	$6.3M-63.5%	$17.4M-15.6%	$20.6M-23.9%	$27.0M+32.7%	$20.4M-3.6%	$21.1M+19.2%	$17.7M-33.5%	$26.7M	N/A
Current Assets	$708K-2.9%	$729K-60.8%	$1.9M-70.2%	$6.3M-58.7%	$15.2M-17.7%	$18.4M-26.6%	$25.1M+41.3%	$17.7M-10.0%	$19.7M+21.7%	$16.2M-35.6%	$25.1M+61103.1%	$41K
Cash & Equivalents	$43K-61.6%	$112K-80.6%	$576K-61.6%	$1.5M-60.9%	$3.8M+230.7%	$1.2M-80.7%	$6.0M+251.0%	$1.7M-64.9%	$4.9M+66.5%	$2.9M-47.2%	$5.6M+13420.6%	$41K
Inventory	$1K0.0%	$1K0.0%	$1K-90.0%	$10K-78.7%	$47K-14.5%	$55K-83.3%	$330K-5.2%	$348K-29.3%	$492K+205.6%	$161K-20.7%	$203K	N/A
Total Liabilities	$27.8M+16.7%	$23.9M-1.0%	$24.1M-19.6%	$30.0M-47.1%	$56.7M-18.1%	$69.2M+2.1%	$67.8M+8.4%	$62.5M-8.5%	$68.3M+7.0%	$63.9M-21.5%	$81.4M	N/A
Current Liabilities	$26.3M+17.0%	$22.5M+8.6%	$20.7M-25.6%	$27.8M-51.0%	$56.7M-16.5%	$67.9M+2.9%	$66.0M+6.6%	$61.9M-9.2%	$68.2M+7.4%	$63.5M-21.4%	$80.7M+5359461.8%	$2K
Long-Term Debt	$758K+35.8%	$558K-71.1%	$1.9M+1.7%	$1.9M+6937.0%	$27K+237.5%	$8K-60.0%	$20K-35.5%	$31K-26.2%	$42K-19.2%	$52K-87.8%	$427K	N/A
Total Equity	-$27.0M-17.6%	-$23.0M-3.6%	-$22.2M+6.1%	-$23.6M+40.0%	-$39.4M+19.1%	-$48.7M-19.4%	-$40.8M+3.3%	-$42.2M+10.7%	-$47.2M-2.3%	-$46.2M+15.6%	-$54.7M-138369.5%	$40K
Retained Earnings	-$40.6M-7.8%	-$37.7M-4.2%	-$36.2M-1.6%	-$35.6M+31.0%	-$51.6M+16.2%	-$61.6M-19.3%	-$51.6M+7.7%	-$55.9M+6.5%	-$59.8M-4.8%	-$57.1M+11.4%	-$64.4M-617822.9%	-$10K

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
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

Not reported in any period shown, so not listed: Accounts Receivable, Goodwill.

LEAI Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

LEAI quarterly cash flow statement

Metric	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12
Operating Cash Flow	N/A	-$4.0M+16.7%	-$4.8M+30.6%	-$7.0M-38794.4%	$18K+101.3%	-$1.4M-128.1%	$5.1M+424.0%	-$1.6M-156.2%	$2.8M+268.3%	-$1.7M-132.6%	$5.1M+60406.7%	-$8K
Capital Expenditures	N/A	N/A	N/A	N/A	$192K-60.7%	$488K+169.6%	$181K+229.1%	$55K-32.1%	$81K-56.7%	$187K+10.7%	$169K	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	-$174K+90.9%	-$1.9M-139.1%	$4.9M+401.8%	-$1.6M-159.9%	$2.7M+246.8%	-$1.8M-137.5%	$4.9M	N/A
Investing Cash Flow	N/A	N/A	N/A	$2.9M+8360.0%	-$35K+95.7%	-$819K-352.5%	-$181K-229.1%	-$55K+32.1%	-$81K+56.7%	-$187K-11.3%	-$168K	N/A
Financing Cash Flow	N/A	$1.9M-38.2%	$3.1M+121.6%	$1.4M+20100.0%	-$7K-101.4%	$489K+4545.5%	-$11K-10.0%	-$10K-102.2%	$450K+233.1%	-$338K+74.3%	-$1.3M-2757.1%	$49K
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$10K	N/A	N/A

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
Financing Cash Flow	$25K	N/A	$555K+163.0%	$211K-61.8%	$552K-35.3%	$853K+13.3%	$753K+137.5%	$317K

Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow, Investing Cash Flow, Dividends Paid, Share Buybacks.

LEAI Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples.

LEAI quarterly financial ratios

Metric	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14	FY13	FY12
Gross Margin	N/A	37.5%-11.6pp	49.0%-19.5pp	68.5%+48.1pp	20.4%+10.1pp	10.4%-9.3pp	19.7%0.0pp	19.7%+4.5pp	15.2%-9.2pp	24.4%+5.3pp	19.1%	N/A
Operating Margin	N/A	-206.8%	-5.4%-56.3pp	50.9%+48.8pp	2.2%+13.4pp	-11.2%-13.1pp	1.9%-0.9pp	2.8%+6.3pp	-3.5%-9.3pp	5.8%+3.0pp	2.8%	N/A
Net Margin	N/A	-139.4%	-7.3%-69.1pp	61.8%+48.6pp	13.2%+26.3pp	-13.1%-17.5pp	4.4%+0.1pp	4.3%+7.5pp	-3.1%-10.8pp	7.6%+2.5pp	5.1%	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	-25.1%
Return on Assets	-397.3%-225.6pp	-171.7%-142.2pp	-29.5%-281.8pp	252.3%+195.0pp	57.3%+105.7pp	-48.4%-64.3pp	15.9%-3.2pp	19.1%+32.0pp	-12.9%-54.4pp	41.5%+25.3pp	16.2%	N/A
Current Ratio	0.030.0x	0.03-0.1x	0.09-0.1x	0.230.0x	0.270.0x	0.27-0.1x	0.38+0.1x	0.290.0x	0.290.0x	0.26-0.1x	0.31-27.0x	27.28
FCF Margin	N/A	N/A	N/A	N/A	-0.2%+2.3pp	-2.5%-7.5pp	5.0%+6.8pp	-1.8%-4.9pp	3.1%+5.0pp	-1.9%-7.7pp	5.8%	N/A

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%	-1276.4%	-48.4%	-1077.2%	-1100.0%
Net Margin	-591.0%	N/A	N/A	-1168.4%	-1219.4%	-68.0%	607.0%	-1258.8%
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	0.030.0x	0.030.0x	0.030.0x	0.030.0x	0.030.0x	0.030.0x	0.040.0x	0.04

Not reported in any period shown, so not listed: Return on Equity, Debt-to-Equity, FCF Margin.

Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin.

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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Where Legacy Education Ranks

Frequently Asked Questions

Is Legacy Education profitable?

No, Legacy Education (LEAI) reported a net income of -$3.3M in fiscal year 2023.

How much debt does Legacy Education have?

As of fiscal year 2023, 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 2023, 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 2023, which is below 1.0, which may suggest potential liquidity concerns.

What is Legacy Education's return on assets (ROA)?

Legacy Education (LEAI) had a return on assets of -397.3% for fiscal year 2023, measuring how efficiently the company uses its assets to generate profit.

Why is Legacy Education's debt-to-equity ratio negative or not reported?

Legacy Education (LEAI) has negative shareholder equity of -$27.0M as of fiscal year 2023, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. 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.