Company: LGCY
Filing Date: 2025-02-13
Form Type: 10-Q
Source: 0001493152-25-006418
Chunk: 132

Company: Legacy Education Inc.
Filing Date: 2025-02-13
Form: 10-Q
Item: Part II, Item 8
Chunk 132
---
 debt 
     1,138,749 
  
    Less:
    current portion (1) 
     (1,015,546)
  
    Long-term portion of
    debt 
    $123,203 

    (1)
    Includes
    $50,000 related party debt

Note
11 - Related Party Transactions

A
shareholder of the Company was paid $22,500 and $45,000 as consulting fees in each of the three and six months ended December 31, 2024 and 2023.

A
director of the Company was paid $59,700 and $79,200, respectively, as consulting fees in the three and six months ended December 31, 2024 and was paid $19,200 and $39,000, respectively, as consulting fees in the three
and six months ended December 31, 2023.

A
director of the Company was paid $60,495 and $86,445, respectively, in the three and six months ended December 31, 2024 and $37,016 and $76,070,
respectively in the three and six months ended December 31, 2023 as consulting fees.

In
December 2019, the Company received $50,000 of proceeds from a promissory note, entered into with an executive of the Company, which
bears interest at the rate of 12% per annum and matures on the earlier of the nine-month anniversary of the loan or the completion of
an initial public offering. The balance of this note was $50,000 as of December 31, 2024 and June 30, 2024.

    F-16

Legacy
Education Inc.

Notes
to Consolidated Financial Statements

For
The Three and Six Months ended December 31, 2024 and 2023

(Unaudited)

Note
12 – Lease Commitments

Finance
Leases

In
July 2023, the Company entered into an equipment lease for $340,048. The related finance liability has an implied interest rate of 11.16%
per annum and requires 5 equal annual payments due on September 1 of each year. As of December 31, 2024 and June 30, 2024, the balance
of the finance liability was $203,862 and $272,669, respectively.

The
present value of future minimum lease payments due at December 31, 2024, was