0001561880
false
0001561880
2023-08-11
2023-08-11
iso4217:USD
xbrli:shares
iso4217:USD
xbrli:shares
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): August 11, 2023
LEGACY
EDUCATION ALLIANCE, INC.
(Exact
name of registrant as specified in its charter)
| Nevada |
|
000-55790 |
|
39-2079974 |
(State
or other jurisdiction
of
incorporation) |
|
(Commission
File
Number) |
|
(IRS
Employer
Identification
No.) |
1490
N.E. Pine Island Road, Suite 5D
Cape
Coral, Florida |
|
33909 |
| (Address
of principal executive offices) |
|
(Zip
Code) |
Registrant’s
telephone number, including area code: (239) 542-0643
N/A
(Former
name or former address, if changed since last report.)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions (see General Instruction A.2. below):
| ☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| |
|
| ☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a -12) |
| |
|
| ☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d -2(b)) |
| |
|
| ☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e -4(c)) |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Securities
registered pursuant to Section 12(b) of the Act:
| Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
| N/A |
|
N/A |
|
N/A |
Item
7.01 Regulation FD Disclosure.
On
August 11, 2023, Legacy Education Alliance, Inc. (the “Company”) issued a press release announcing that Legacy Live,
a subsidiary of the Company, has launched the first phase of a planned significant development effort to build the database and analytics
infrastructure needed to monetize its database, and transform the company to a community platform at the foundation of its multiple education
business verticals.
The
press release, which is furnished as Exhibit 99.1 to this Current Report on Form 8-K, is incorporated herein by reference. The information
in this report (including Exhibit 99.1) is being furnished pursuant to Item 7.01 and shall not be deemed to be “filed” for
the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section.
This report will not be deemed an admission as to the materiality of any information in this Item 7.01 (including Exhibit 99.1).
Item
9.01 Financial Statements and Exhibits.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
| |
LEGACY
EDUCATION ALLIANCE, INC. |
| |
|
|
| Date:
August 11, 2023 |
By: |
/s/
Barry Kostiner |
| |
Name:
|
Barry
Kostiner |
| |
Title:
|
Chief
Executive Officer |
Exhibit
99.1
Legacy
Live, a Subsidiary of LEAI, Invests in Digital Community Technology
Plan
is to Build an Ecosystem for Digital Content Creation and Community Engagement
CAPE
CORAL, FL – August 11, 2023 — Legacy Education Alliance, Inc. (OTCQB: LEAI) announced today that Legacy Live, a subsidiary
of LEAI, has launched the first phase of a planned significant development effort to build the database and analytics infrastructure
needed to monetize its database, and transform the company to a community platform at the foundation of its multiple education business
verticals.
The
database technology being implemented includes migration to a data lake. This will result in the centralization of data from different
sources, both internal and external, such as accounting, customer interactions and social media, thus enabling predictive analytics,
integration across business verticals and multiple monetization paths. Data lakes help in scaling, adapting to changing data types, and
enabling real-time insights, aiding cost-effective and flexible marketing strategies.
Barry
Kostiner, CEO of LEAI, stated, “As the world continues to embrace digital communities, our goal in transforming Legacy Education
from a traditional live events and mentoring company to a digital community business, that extends and deepens our live event relationships,
is expected to be a significant driver of our future valuation. I believe that our vision of education businesses resting on the foundation
of technology and digital marketing, wrapped by an engaged digital community platform, is a recipe for great success.”
Jessie
Hale, the Founder of Twlv20 and Chief Digital Marketing Officer for Legacy Live, commented, “I have built an impressive team of
digital marketing and technology talent in the US and Philippines. LEAI has invested significant capital in customer acquisition over
its 26-year history, with peak spending of over $500k per week on social media ads before Covid. Using the latest data lake and enterprise
marketing technologies we expect to be able to realize the value of our customer data assets which were generated over Legacy Education’s
long history of live events and mentoring.”
Jerry
Conti, the CEO of Legacy Live, commented “Building a digital community platform on top of our investment in hybrid event technology
is expected to deepen the relationship with our network of existing and former students, mentors and investors. We recently started taking
reservations for our inaugural Legacy Prosperity Cruise, offering a unique experience to our investors, faculty members and Elite students.
Since Covid, live and hybrid events have exploded. Implemented correctly, technology amplifies and deepens the relationships built with
our students and faculty members. We believe that the hybrid business model will improve on the historical business model of Legacy Education
by reducing the cost of fulfilment through digital delivery, while augmenting the Elite student experience of live engagement. Although
highly scalable, we do not believe that pure digital businesses meet the fundamental human needs of in-person connection. The importance
and value of these experiences are only going to increase as the impact of technology continues to accelerate.”
Additional
Information:
| 1. | Legacy Education Corporate Presentation
https://ir.legacyeducationalliance.com/presentations |
| | | |
| 2. | LinkedIn
Posts: https://www.linkedin.com/in/barry-kostiner/recent-activity/shares/ |
Investor Relations Contact:
Barry
Kostiner
(239) 542-0643
info@legacyea.com
Company
Website: www.legacyeducation.com
About
Legacy Education Alliance Inc.
Legacy
Education Alliance, Inc. (OTCQB: LEAI) provides accredited online degree completion programs and practical, high-quality, and value-based
educational training on personal finance, entrepreneurship, trading and real estate investing strategies and techniques. Legacy Education
has transitioned to focusing on impactful investing and providing education and career resources to meet growing needs, in addition to
serving and growing its customer community established over 26 years.
Forward-Looking
Statements
Certain
statements made in this press release may involve known and unknown risks, uncertainties and other factors that may cause our actual
results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied
by such forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “may,” “will,”
“should,” “expect,” “plan,” “anticipate,” “could,” “intend,”
“target,” “project,” “contemplate,” “aim,” “believe,” “estimate,”
“predict,” “potential,” “would” or “continue” or the negative of these terms or other
similar expressions. All statements other than statements of historical facts contained in this press release are forward-looking statements.
Any forward-looking statements are based on current expectations that involve numerous risks and uncertainties. Our plans and objectives
are based, in part, on assumptions and judgments with respect to, among other things, the results projected from the introduction and
roll-out of new brands, products and services, expansion into new geographic markets, and combinations with third parties; our ability
to satisfy Nasdaq listing requirements and otherwise uplist to Nasdaq; the successful acquisition and operation of complementary and
new business lines, the success of entering into, and the success of, joint ventures and other collaborations with third parties on terms
and conditions satisfactory to our company; our success in raising capital for operations and to implement our business plan, strategy
and initiatives, the development of ecommerce capabilities; projections of international growth; projected profitability; our ability
to address or manage corruption concerns in certain locations in which we operate; our ability to address and manage cyber-security risks;
our ability to protect our intellectual property, on which our business is substantially dependent; our ability to manage our relationships
with credit card processors; our expectations regarding the impact of general economic conditions on our business; and the lingering
effects of the COVID-19 pandemic on the global and national economies and on our business operations and financial results. Our assumptions
used for the purposes of the forward-looking statements represent estimates of future events and are subject to uncertainty as to possible
changes in economic, legislative, industry, and other circumstances, including the development, acceptance and sales of our products
and our ability to raise additional funding sufficient to implement our strategy. Such forward-looking statements involve assumptions,
known and unknown risks, uncertainties, and other important factors that could cause the actual results, performance or our achievements,
or industry results, to differ materially from historical results, any future results, or performance or achievements expressed or implied
by such forward-looking statements. There are a number of risks and uncertainties that could cause our actual results to differ materially
from the forward-looking statements contained in this press release. Important factors that could cause our actual results to differ
materially from those expressed as forward-looking statements are also set forth in certain of our filings with the Securities and Exchange
Commission. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained
in this press release, whether as a result of any new information, future events, changed circumstances or otherwise.
v3.23.2
| X |
- DefinitionBoolean flag that is true when the XBRL content amends previously-filed or accepted submission.
| Name: |
dei_AmendmentFlag |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionFor the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.
| Name: |
dei_DocumentPeriodEndDate |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:dateItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.
| Name: |
dei_DocumentType |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:submissionTypeItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionAddress Line 1 such as Attn, Building Name, Street Name
| Name: |
dei_EntityAddressAddressLine1 |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionAddress Line 2 such as Street or Suite number
| Name: |
dei_EntityAddressAddressLine2 |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- Definition
+ References
+ Details
| Name: |
dei_EntityAddressCityOrTown |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionCode for the postal or zip code
| Name: |
dei_EntityAddressPostalZipCode |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionName of the state or province.
| Name: |
dei_EntityAddressStateOrProvince |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:stateOrProvinceItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionA unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityCentralIndexKey |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:centralIndexKeyItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionIndicate if registrant meets the emerging growth company criteria. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityEmergingGrowthCompany |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionCommission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.
| Name: |
dei_EntityFileNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:fileNumberItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTwo-character EDGAR code representing the state or country of incorporation.
| Name: |
dei_EntityIncorporationStateCountryCode |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:edgarStateCountryItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityRegistrantName |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityTaxIdentificationNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:employerIdItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionLocal phone number for entity.
| Name: |
dei_LocalPhoneNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 13e
-Subsection 4c
| Name: |
dei_PreCommencementIssuerTenderOffer |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14d
-Subsection 2b
| Name: |
dei_PreCommencementTenderOffer |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Section 14a
-Number 240
-Subsection 12
| Name: |
dei_SolicitingMaterial |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Securities Act
-Number 230
-Section 425
| Name: |
dei_WrittenCommunications |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
Legacy Education Alliance (QB) (USOTC:LEAI)
Historical Stock Chart
From Mar 2024 to Apr 2024
Legacy Education Alliance (QB) (USOTC:LEAI)
Historical Stock Chart
From Apr 2023 to Apr 2024
