Company: LGCY
Filing Date: 2025-09-25
Form Type: 10-K
Source: 0001493152-25-014945
Chunk: 765

Company: Legacy Education Inc.
Filing Date: 2025-09-25
Form: 10-K
Item: Item 4
Chunk 765
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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 June 30, 2025, the principal balance of the promissory note of $202,992 is presented as a current liability 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

    June 30, 2025  
    June 30, 2024 
  
    Bank loan #1, monthly payment $803.69, due in 110 months, effective interest rate 6.44% 
    $-  
    $24,447 
  
    Bank loan #2, monthly payment $5,672.86 starting on November 23, 2020, due in 48 months 
     -  
     21,495 
  
    Total bank loans 
    $-  
    $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

    2026 (1) 
    $925,350 
  
    2027 
     178,687 
  
    2028 
     164,600 
  
    2029 
     137,977 
  
    Long-term debt 
     1,406,614 
  
    Less: current portion (1) 
     (925,350)
  
    Long-term portion of debt 
    $481,264 

  (1)
  Includes $50,000 related party debt

Note
11 - Related Party Transactions

A
shareholder of the Company was paid $90,000 and $90,000 as consulting fees in the years ended June 30, 2025 and 2024, respectively.

A
director of the Company was paid $135,875 and $78,000, respectively, as consulting fees in the years ended June 30, 2025 and 2024, respectively.

    F-17

 Legacy
Education Inc.

Notes to Consolidated Financial Statements

For Fiscal Years ended June 30, 2025 and 2024

A
company controlled by a director