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

Company: Legacy Education Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 25
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 2021. The noteholders agreed to defer the repayment of the principal balance until the completion of a future Initial
Public Offering.

 Schedule
of Carrying Amount of Promissory Note

    March
    31, 2025  
    June
    30, 2024 
  
    Promissory
    note issued on November 12, 2019 
    $500,000  
    $500,000 
  
    Promissory
    note issued on December 30, 2019, related party 
     50,000  
     50,000 
  
    Total
    other debt 
    $550,000  
    $550,000 

A
further note issued on February 6, 2020 in the amount of $100,000 was repaid in cash in September 2023.

    (2)
    Equipment
    Loan

In
January 2023, the Company entered into an equipment loan for $30,744. The note accrues interest at a rate of 6.0% per annum and requires
48 equal monthly payments. As of March 31, 2025 and June 30, 2024, the principal balance of the promissory note was $15,048 and $20,929,
respectively.

    F-15

Legacy
Education Inc.

Notes
to Condensed Consolidated Financial Statements

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

(Unaudited)

In
August 2023, the Company entered into an equipment loan for $35,580. The note accrues interest at a rate of 10.14% per annum and requires
48 equal monthly payments. As of March 31, 2025 and June 30, 2024, the principal balance of the promissory note was $21,755 and $27,723,
respectively.

In
November 2023, the Company entered into an equipment loan for $14,610. The note accrues interest at a rate of 10.72% per annum and requires
48 equal monthly payments. As of March 31 2025 and June 30, 2024, the principal balance of the promissory note was $10,129 and $12,582,
respectively.

In
December 2023, the Company entered into an equipment loan for $11,920.