Company: LGCY
Filing Date: 2025-02-13
Form Type: 10-Q
Source: 0001493152-25-006418
Chunk: 131

Company: Legacy Education Inc.
Filing Date: 2025-02-13
Form: 10-Q
Item: Part II, Item 8
Chunk 131
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31, 2024 and June 30, 2024, the principal balance
of the promissory note was $43,103 and $48,125, respectively.

In
July 2024, the Company entered into an equipment loan for $39,189. The note accrues interest at a rate of 11.15% per annum and requires
48 equal monthly payments. The first payment will be on July 1, 2024. As of December 31, 2024 and June 30, 2024, the principal balance
of the promissory note was $35,191 and $0, respectively.

    (3)
    CCMCC
    acquisition Seller Loan

As
part of the acquisition described in Note 3, the Company entered into a $400,000 promissory note with the seller of CCMCC. Under the
terms of the note, interest shall accrue at 6% and shall be repaid in twelve equal monthly payments of principal and interest. As of
December 31, 2024, the full amount outstanding is presented as current on the accompanying consolidated balance sheet.

    (4)
    Bank
    Loan

On
December 31, 2019, the Company acquired Integrity, assuming its two bank loans, which are secured by all business assets of the Company.

 Schedule
of Bank Loans

    December
    31, 2024  
    June
    30, 2024 
  
    Bank loan #1, monthly payment $803.69,
    due in 110 months, effective interest rate 6.44% 
    $21,188  
    $24,447 
  
    Bank loan #2, monthly
    payment $5,672.86 start on November 23, 2020, due in 48 months 
     1,884  
     21,495 
  
    Total bank loans 
    $23,072  
    $45,942 

Future
maturities over the remaining term of total debt for (1) to (3) are as follows:

 Schedule
of Future Maturities over  Remaining Term of Debt

    2025 (1) 
    $983,943 
  
    2026 
     67,118 
  
    2027 
     60,664 
  
    2028 
     27,024 
  
    Long-term