{"schema_version":"secwatch.filing_event.v1","accession":"0001493152-23-031078","form_type":"8-K","ticker":null,"cik":"0001561880","company_name":"Legacy Education Alliance, Inc.","filed_at":"2023-08-31T23:59:59+00:00","discovered_at":"2026-05-14T18:03:34.312209+00:00","generated_at":"2026-06-11T01:11:18.802081+00:00","sec_items":["1.01","2.03","3.02","4.01","9.01"],"event_type":"other_material","sentiment":"negative","materiality_score":0.65,"calibrated_materiality_score":0.65,"confidence":"high","headline":"Legacy Education Alliance dismisses auditor, issues convertible notes and shares for services","bullets":["Dismissed auditor RAM Associates after PCAOB revoked its registration; no replacement identified yet.","Entered $50K convertible note with accredited investor (8% interest, 12-month maturity, conversion at $0.20 or 20% VWAP discount).","Borrowed $130K from affiliate of CEO via 10% convertible debentures with $0.05 conversion price; up to $2.55M more available.","Issued 1.065M shares to consultants for services as compensation."],"urls":{"canonical":"https://secwatch.observer/filing/0001493152-23-031078","json":"https://secwatch.observer/filing/0001493152-23-031078.json","markdown":"https://secwatch.observer/filing/0001493152-23-031078.md","text":"https://secwatch.observer/filing/0001493152-23-031078.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1561880/000149315223031078/0001493152-23-031078-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1561880/000149315223031078/form8-k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-11T01:11:18.802081+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"13d9956d3ede330db0b8c16b446891e4b8389ddb","claim":"Legacy Education Alliance, Inc. dismissed RAM Associates & Company LLC as its auditor.","evidence_excerpt":"the Company’s Board of Directors (the “Board”) formally dismissed RAM as the Company’s independent registered public accounting firm, effective immediately.","evidence_source":"SEC 8-K Item 4.01/4.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1561880/000149315223031078/0001493152-23-031078-index.htm","confidence":0.9,"family_label":"Auditor Changes","details":[{"label":"Action","value":"dismissal"},{"label":"Auditor","value":"RAM Associates & Company LLC"}],"fact_type":"auditor_change"},{"claim_id":"2d0e049c1fecc991ca26a5a4dbde653acf4eff77","claim":"Legacy Education Alliance, Inc. incurred convertible notes of $50,000 with an accredited investor at 8% per annum maturing twelve (12) months from the issue date.","evidence_excerpt":"On August 14, 2023, Legacy Education Alliance, Inc. (the “Company”) entered into a Securities Purchase Agreement (the “Purchase Agreement”) with an accredited investor (the “Investor”), pursuant to which the Company issued to the Investor a Convertible Promissory Note having a principal amount of $50,000 (the “Note”)","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1561880/000149315223031078/0001493152-23-031078-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"convertible notes"},{"label":"Principal","value":"$50,000"},{"label":"Counterparty","value":"an accredited investor"},{"label":"Rate","value":"8% per annum"},{"label":"Maturity","value":"twelve (12) months from the issue date"},{"label":"Event","value":"incurrence"}],"fact_type":"debt_financing"},{"claim_id":"fc0b56acdbc4983d00380eb18d9ad6319a27dbbc","claim":"Legacy Education Alliance, Inc. incurred convertible notes of an aggregate of $130,000 with ABCImpact I, LLC at 10% per annum maturing the earlier of 12 months from the issue date and the date of a Liquidity Event (as defined in the Debentures).","evidence_excerpt":"On August 30, 2023, Legacy Education Alliance, Inc. (the “Company”) borrowed an aggregate of $130,000 (collectively, the “Loan”) from ABCImpact I, LLC, a Delaware limited liability company (the “Lender”), evidenced by one or more 10% Convertible Debentures (the “Debentures”)","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1561880/000149315223031078/0001493152-23-031078-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"convertible notes"},{"label":"Principal","value":"an aggregate of $130,000"},{"label":"Counterparty","value":"ABCImpact I, LLC"},{"label":"Rate","value":"10% per annum"},{"label":"Maturity","value":"the earlier of 12 months from the issue date and the date of a Liquidity Event (as defined in the Debentures)"},{"label":"Event","value":"incurrence"}],"fact_type":"debt_financing"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}