Company: LGCY
Filing Date: 2025-02-13
Form Type: 10-Q
Source: 0001493152-25-006418
Chunk: 24

Company: Legacy Education Inc.
Filing Date: 2025-02-13
Form: 10-Q
Item: Part I, Item 1
Chunk 24
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of Carrying Amount of Promissory Note

    December
    31, 2024  
    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 December 31, 2024 and June 30, 2024, the principal balance of the promissory note was $17,044 and $20,929,
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 December 31, 2024 and June 30, 2024, the principal balance of the promissory note was $23,804 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 December 31 2024 and June 30, 2024, the principal balance of the promissory note was $10,973 and $12,582,
respectively.

In
December 2023, the Company entered into an equipment loan for $11,920. The note accrues interest at a rate of 13.53% per annum and requires
36 equal monthly payments. As of December 31, 2024 and June 30, 2024, the principal balance of the promissory note was $8,070 and $9,853,
respectively.

In
February 2024, the Company entered into