Company: LGCY
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010844
Chunk: 28

Company: Legacy Education Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 28
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950 and $102,021, respectively, as consulting fees in the three and
nine months ended March 31, 2024. 

Three
directors of the Company each received $4,500 and $13,500, respectively, in the three and nine months ended March 31, 2025 and
$4,500 and $13,500, respectively in the three and nine months ended March 31, 2024 as directors’ 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 March 31, 2025 and June 30, 2024.

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 March 31, 2025 and June 30, 2024, the balance of
the finance liability was $209,524 and $272,669, respectively.

The
present value of future minimum lease payments due at March 31, 2025, was as follows:

 Schedule
of Future Minimum Capital Lease Payments

    2025 
    $
    - 
  
    2026 
     
    81,459 
  
    2027 
     
    81,459 
  
    2028 
     
    81,458 
  
    Thereafter 
     
    - 
  
    Total
    minimum payments 
     
    244,376 
  
    Less:
    amount representing interest 
     
    (34,852)
  
    Present value of
    minimum payments 
    $
    209,524 
  
    Less:
    current portion 
     
    (62,241)
  
    Long
    term portion 
    $
    147,283 

The
Company has determined to amortize the lease over the useful life of the equipment or ten (10) years and put the equipment into service
in September 2024