Company: LGCY
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001493152-25-022296
Chunk: 24

Company: Legacy Education Inc.
Filing Date: 2025-11-13
Form: 10-Q
Item: Part II, Item 8
Chunk 24
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 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 following the date funds are first advanced.
The maturity dates on these promissory notes were extended to March 31, 2021. The noteholders agreed to defer the repayment of the principal
balance until the completion of an initial public offering and subsequently agreed to defer the repayment until demanded or paid.

Schedule
of Carrying Amount of Promissory Note

    September 30,
                                                                               2025  
    June 30,
                                                                               2025 
  
    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 September 30, 2025 and June 30, 2025, the principal balance of the promissory note was $10,943 and $13,015,
respectively.

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 September 30, 2025 and June 30, 2025, the principal balance of the promissory note was $17,519 and $19,660,
respectively.

In
November 2023, the Company entered into an equipment loan for $14,610. The note accrues interest at a rate of 10.