Mon, Jul 15, 9:33 PM (54 days ago)
Legacy Education Alliance, Inc.'s quarterly report for the period ending March 31, 2024, reveals significant financial challenges. The company's revenue increased to $133,000 from $72,000 in the same period in 2023, but it still reported a net loss of $786,000, slightly improved from a loss of $878,000 the previous year. The company faces a working capital deficit and negative cash flow from operations, raising doubts about its ability to continue as a going concern. Operating expenses decreased slightly to $919,000 from $991,000, mainly due to reduced general and administrative expenses. However, direct course expenses increased significantly. The company has not had its financial statements reviewed or audited due to the termination of its auditors in August 2023 and plans to appoint a new auditor when funds permit. Legacy Education is exploring alternative capital sources but faces uncertainties due to its financial instability and ongoing legal proceedings. The company’s future operations and ability to raise capital are contingent on improving profitability and securing adequate working capital.