Company: LGCY
Filing Date: 2025-02-13
Form Type: 10-Q
Source: 0001493152-25-006418
Chunk: 28

Company: Legacy Education Inc.
Filing Date: 2025-02-13
Form: 10-Q
Item: Part I, Item 1
Chunk 28
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 borrowing rate based on the information available at the commencement to determine the present value of
lease payments over the lease term. As of December 31, 2024, the weighted average incremental borrowing rate used by the Company
was approximately 6.7%, and the weighted average remaining years left on outstanding leases was 7.83 years.

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

 Schedule
of Future Minimum Operating Lease Payments

    2025 
    $1,745,795 
  
    2026 
     3,026,432 
  
    2027 
     2,126,398 
  
    2028 
     1,954,026 
  
    2029 
     1,876,893 
  
    After 2029 
     8,956,056 
  
    Total future minimum operating lease payments 
     19,685,600 
  
    Less: imputed interest 
     (4,717,489)
  
    Total 
     14,968,111 
  
    Current portion of operating
    lease 
     2,512,695 
  
    Long term portion of
    operating lease 
    $12,455,416 

Total
rent expense and related taxes and operating expenses under operating leases for the three and six months ended December 31, 2024 were
$994,159 and $1,993,274, respectively. Total rent expense and related taxes and operating expenses under operating leases for the three
and six months ended December 31, 2023 were 840,026 and $1,707,650, respectively.

    F-17

Legacy
Education Inc.

Notes
to Consolidated Financial Statements

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

(Unaudited)

Supplemental
balance sheet information related to leases was as follows:

 Schedule
of Balance Sheet Information Related to Leases

    December
    31, 2024  
    June
    30, 2024 

    Operating
    lease right-of-use assets 
    $14,721,700  
    $3,575,369 

    Operating lease liability - current 
    $2,512,695  
    $1,868,560 
  
    Operating lease liability
    – non-current 
     12