Company: LGCY
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001493152-25-022296
Chunk: 128

Company: Legacy Education Inc.
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 8
Chunk 128
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1) 
     (711,944)
  
    Long-term portion of debt 
    $64,912 

    (1)
    Includes
    $50,000 related party debt

Note
11 - Related Party Transactions

A
shareholder of the Company was paid $22,500 and $22,500 as consulting fees in the three months ended September 30, 2025 and 2024, respectively.

A
director of the Company was paid $61,100 and $19,500, respectively, as consulting fees in the three months ended September 30, 2025 and
2024, respectively.

A
company controlled by a director of the Company was paid $25,950 and $25,950, respectively, as consulting fees during the three months
ended September 30, 2025 and 2024, respectively.

Director’s
fees of $17,500, $13,750, and $10,000, respectively, were paid to 3 individual directors in the three months ended September 30, 2025.
During the three months ended September 30, 2024, each director received $4,500 $4,500.

In
December 2019, the Company received $50,000 of proceeds from a promissory note, entered into with an executive of the Company, which
bears interest at the rate of 12% per annum and matures on the earlier of the nine-month anniversary of the loan or the completion of
an initial public offering. The Company completed an initial public offering in September 2024, and the parties agreed to carry the note
as due on demand. The balance of this note was $50,000 and $50,000 as of September 30, 2025 and June 30, 2025, respectively.

Note
12 – Lease Commitments

Finance
Leases

In
July 2023, the Company entered into an equipment lease for $340,048. The related finance liability has an implied interest rate of 11.16%
per annum and requires 5 equal annual payments due on September 1 of each year. As of September 30, 2025 and June 30, 2025, the balance
of the finance liability was $139,346 and $215,409, respectively.

The
present value of future minimum lease payments due at September 30, 2025, was as follows:

Schedule
of Future Minimum Capital Lease