Company: LGCY
Filing Date: 2025-02-13
Form Type: 10-Q
Source: 0001493152-25-006418
Chunk: 76

Company: Legacy Education Inc.
Filing Date: 2025-02-13
Form: 10-Q
Item: Part I, Item 8
Chunk 76
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rued payroll and payroll taxes 
     1,011,331  
     641,594 
  
    Accrued vacation 
     465,613  
     447,482 
  
    Accrued bonuses 
     1,940,226  
     1,200,000 
  
    Accrued other expenses 
     100,835  
     41,243 
  
    Total 
    $4,583,748  
    $3,862,895 

Note
10 - Debts and Other Liabilities

    (1)
    Promissory
    Notes and Related Parties Debt

The
Company received $750,000 in proceeds from several creditors, including $150,000 from related parties. Under the unsecured promissory
notes, the principal shall be due and payable on the earlier to occur (i) the 9-month anniversary of the first advance under each promissory
note; or (ii) the completion of an initial public offering by payee (“Maturity Date”), and the promissory note shall bear
interest at a monthly rate of 1% based upon the amount outstanding as of any calculation date. Interest shall be payable monthly commencing
on the 15th day of each calendar month following the date funds are first advanced. The maturity dates on these promissory notes were
extended to March 31, 2021. The noteholders agreed to defer the repayment of the principal balance until the completion of a future Initial
Public Offering.

 Schedule
of Carrying Amount of Promissory Note

    December
    31, 2024  
    June
    30, 2024 
  
    Promissory note issued on November
    12, 2019 
    $500,000  
    $500,000 
  
    Promissory note issued
    on December 30, 2019, related party 
     50,000  
     50,000 
  
    Total other debt 
    $550,000  
    $550,000 

A
further note issued on February 6, 2020 in the amount of $100,000 was repaid in cash in September 2023.

    (2)
    Equipment
    Loan

In
January 2023, the Company entered into an equipment loan for $30,744. The note accrues interest at a rate