Company: LGCY
Filing Date: 2025-09-25
Form Type: 10-K
Source: 0001493152-25-014945
Chunk: 762

Company: Legacy Education Inc.
Filing Date: 2025-09-25
Form: 10-K
Item: Item 4
Chunk 762
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 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 June 30, 2025 and June 30, 2024 was
$37,720 and $46,440, respectively.

    F-15

 Legacy
Education Inc.

Notes to Consolidated Financial Statements

For Fiscal Years ended June 30, 2025 and 2024

Note
9 – Accounts Payable and Accrued Liabilities

Accounts
payable and accrued expenses as of June 30, 2025 and June 30, 2024 consist of the following:

Schedule
of Accounts Payable and Accrued Expenses

    June 30, 2025  
    June 30, 2024 
  
    Accounts payable 
    $1,391,620  
    $1,532,576 
  
    Accrued payroll and payroll taxes 
     1,081,600  
     641,594 
  
    Accrued vacation 
     611,136  
     447,482 
  
    Accrued bonuses 
     1,710,204  
     1,200,000 
  
    Accrued other expenses 
     134,970  
     41,243 
  
    Total 
    $4,929,530  
    $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 in the form of unsecured promissory
notes. Under the terms of 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