secwatch.observer — SEC 8-K summary
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Issuer:     Legacy Education Alliance, Inc. (—)
CIK:        0001561880
Form:       8-K
Filed at:   2023-08-31T23:59:59+00:00
Accession:  0001493152-23-031078
Event type: other_material
Sentiment:  negative
Materiality: 0.65
Item codes: 1.01, 2.03, 3.02, 4.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Legacy Education Alliance dismisses auditor, issues convertible notes and shares for services
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1561880/000149315223031078/0001493152-23-031078-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1561880/000149315223031078/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-23-031078

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