Company: LGCY
Filing Date: 2025-02-13
Form Type: 10-Q
Source: 0001493152-25-006418
Chunk: 127

Company: Legacy Education Inc.
Filing Date: 2025-02-13
Form: 10-Q
Item: Part II, Item 8
Chunk 127
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-line basis.

    F-13

Legacy
Education Inc.

Notes
to Consolidated Financial Statements

For
The Three and Six Months ended December 31, 2024 and 2023

(Unaudited)

Note
5 - Property and Equipment

Property
and equipment consist of the following:

 Schedule
of Property and Equipment

    December
    31, 2024  
    June
    30, 2024 
  
    Leasehold improvements 
    $1,059,193  
    $561,108 
  
    Machinery and equipment 
     1,262,057  
     1,032,286 
  
    Computer equipment 
     860,078  
     704,846 
  
    Furniture, fixtures and other equipment 
     334,145  
     266,923 
  
    Total 
     3,515,473  
     2,565,163 
  
    Less accumulated depreciation
    and amortization 
     (1,748,253) 
     (1,575,211)
  
    Property and equipment,
    net 
    $1,767,220  
    $989,952 

Depreciation
and amortization expense associated with property and equipment totaled $88,313 and $168,196 for the three and six months ended December
31, 2024, respectively. Depreciation and amortization expense associated with property and equipment totaled $62,050 and $118,656 for
the three and six months ended December 31, 2023, 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 Tuition Flex program was
$1,712,828 and $1,381,194 as of December 31, 2024 and June 30, 2024, respectively.

Note
7 – Prepaid Expenses

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

 Schedule
of Prepaid Expenses

    December
    31,