Company: LGCY
Filing Date: 2025-02-13
Form Type: 10-Q
Source: 0001493152-25-006418
Chunk: 81

Company: Legacy Education Inc.
Filing Date: 2025-02-13
Form: 10-Q
Item: Part I, Item 8
Chunk 81
---
 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 
     12,455,416  
     1,947,620 
  
    Total operating lease
    liability 
    $14,968,111  
    $3,816,180 

Other
supplemental information:

 Schedule
of Other supplemental Information

    2024  
    2023 

    For
    the six months ended December 31, 

    2024  
    2023 
  
    Cash paid
    for operating lease 
    $1,253,157  
    $1,251,902 

Note
13 – Stockholders’ Equity

Reverse
Stock Split

On
September 9, 2024, our stockholders approved an amendment to our articles of incorporation to effect a 1-for-2 reverse split of our common
stock. The amendment to our certificate of incorporation was filed with the Nevada Secretary of State on September