Company: LGCY
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010844
Chunk: 128

Company: Legacy Education Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part II, Item 8
Chunk 128
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7 – Prepaid Expenses

The
prepaid expenses consist of the following as of March 31, 2025 and June 30, 2024:

 Schedule
of Prepaid Expenses

    March
    31, 2025  
    June
    30, 2024 
  
    Books 
    $194,896  
    $199,122 
  
    Supplies
    and other prepaid expenses 
     1,123,225  
     833,203 
  
    Total
    prepaid expenses 
    $1,318,121  
    $1,032,325 

    F-14

Legacy
Education Inc.

Notes
to Condensed Consolidated Financial Statements

For
The Three and Nine Months ended March 31, 2025 and 2024

(Unaudited)

Note
8 – Other Receivables

The
other receivables consist of the following as of March 31, 2025 and June 30, 2024:

 Schedule
of Other Receivables

    March
    31, 2025  
    June
    30, 2024 
  
    Other
    advance 
     94,454  
     94,454 
  
    Receivable
    from CCMCC Seller 
     665,060  
     - 
  
    Employee
    retention credit 
     37,720  
     46,440 
  
    Total
    other receivables 
    $797,234  
    $140,894 

The
Company paid $106,846 federal
income taxes on behalf of a foreign investor in Legacy in the year ended June 30, 2020, and the amount due back to the Company as of
March 31 2025 and June 30, 2024 was $94,454.

During
the fiscal year ended June 30, 2021, the Company applied for certain Employee Retention Credits (“ERTC”) under the CARES
Act in the approximate amount of $2.9 million. The remaining balance of the ERTC receivable as of March 31, 2025 and June 30, 2024 was
$37,720 and $46,440, respectively.

Note
9 – Accounts Payable and Accrued Liabilities

Accounts
payable and accrued expenses as of March 31, 2025 and June