Company: LGCY
Filing Date: 2025-09-25
Form Type: 10-K
Source: 0001493152-25-014945
Chunk: 944

Company: Legacy Education Inc.
Filing Date: 2025-09-25
Form: 10-K
Item: Item 7
Chunk 944
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 4,459,970  
     2,565,163 

    Less accumulated depreciation and amortization 
     (1,975,666) 
     (1,575,211)
  
    Property and equipment, net 
    $2,484,304  
    $989,952 

Depreciation
and amortization expense associated with property and equipment totaled $400,455 and $260,025 for years ended June 30, 2025 and 2024,
respectively.

Note
6 – Accounts Receivable, Long-Term

TuitionFlex

The
TuitionFlex Program is designed to create a flexible tuition credit program for students and families to help bridge the financial gap,
all in accordance with applicable federal Truth-In-Lending regulations. Through this program, we offer payment plans to all students,
regardless of financial need, for up to 5 years. The long-term portion of student receivables utilizing the TuitionFlex program was $1,966,137
and $1,381,194 as of June 30, 2025 and June 30, 2024, respectively.

Note
7 – Prepaid Expenses

The
prepaid expenses consist of the following as of June 30, 2025 and June 30, 2024:

Schedule
of Prepaid Expenses

    June 30, 2025  
    June 30, 2024 
  
    Books 
    $190,928  
    $199,122 
  
    Supplies and other prepaid expenses 
     1,192,477  
     833,203 
  
    Total prepaid expenses 
    $1,383,405  
    $1,032,325 

Note
8 – Other Receivables

The
other receivables consist of the following as of June 30, 2025 and June 30, 2024:

Schedule
of Other Receivables

    June 30, 2025  
    June 30, 2024 
  
    Other advance 
     94,454  
     94,454 
  
    Receivable from CCMCC Seller 
     170,250  
     - 
  
    Employee retention credit 
     37,720  
     46,440 
  
    Total other receivables 
    $302,424  
    $140,894 

The
Company paid $