Company: LGCY
Filing Date: 2025-02-13
Form Type: 10-Q
Source: 0001493152-25-006418
Chunk: 75

Company: Legacy Education Inc.
Filing Date: 2025-02-13
Form: 10-Q
Item: Part I, Item 8
Chunk 75
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 2024  
    June
    30, 2024 
  
    Books 
    $221,677  
    $199,122 
  
    Supplies and other prepaid
    expenses 
     1,061,275  
     833,203 
  
    Total prepaid expenses 
    $1,282,952  
    $1,032,325 

Note
8 – Other Receivables

The
other receivables consist of the following as of December 31, 2024 and June 30, 2024:

 Schedule
of Other Receivables

    December
    31, 2024  
    June
    30, 2024 
  
    Other advance 
     94,454  
     94,454 
  
    Receivable from CCMCC Seller 
     24,754  
     - 
  
    Employee retention credit 
     37,720  
     46,440 
  
    Total other receivables 
    $156,928  
    $140,894 

The
Company paid $106,846 federal income taxes on behalf of a foreign investor in Legacy, and the amount due back to the Company was $94,454
as of December 31 2024 and June 30, 2024.

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 December 31, 2024 and June 30, 2024
was $37,720 and $46,440, respectively.

    F-14

Legacy
Education Inc.

Notes
to Consolidated Financial Statements

For
The Three and Six Months ended December 31, 2024 and 2023

(Unaudited)

Note
9 – Accounts Payable and Accrued Liabilities

Accounts
payable and accrued expenses as of December 31, 2024 and June 30, 20234 consist of the following:

 Schedule
of Accounts Payable and Accrued Expenses

    December
    31, 2024  
    June
    30, 2024 
  
    Accounts payable 
    $1,065,743  
    $1,532,576 
  
    Acc